scholarly journals State regulation of bankruptcy relations in the national economy

2019 ◽  
Vol 3 (4) ◽  
pp. 19-27
Author(s):  
Rima Tamosiuniene ◽  
Maryna Demianchuk ◽  
Viktor Koval
Keyword(s):  
National Economy ◽  
Financial Stability ◽  
Empirical Studies ◽  
State Level ◽  
State Regulation ◽  
Negative Consequences ◽  
Credit Crisis ◽  
Financial Condition ◽  
The Difference ◽  
Business Entities

Introduction The deepening crisis in numerous business entities of various sizes is due to macroeconomic and domestic political instability, complicated by the consumer credit crisis, as well as tax and administrative pressure. Therefore, the acute problem of bankruptcy of business entities of different sizes and the need to regulate this issue at the state level. Unprofitable business entities of various sizes cause negative consequences for the domestic economy. Aim and tasks. The purpose of the work is to study state regulation of relations in the field of bankruptcy in the economy of Ukraine. Results. The factors, internal and external, preceding the bankruptcy of economic entities. Thus, the external preconditions of bankruptcy are international, economic, political, demographic and others. Internal prerequisites include economic, technical, technological, social and others. The characteristic and gradation criteria of business entities in accordance with legislative acts of Ukraine are presented. It was revealed that the proportion of sales of micro-enterprises is unequal to their share in the total number of enterprises, indicating their negligible contribution to the development of the national economy. According to the results of empirical studies, it was found that during the analyzed period the share of unprofitable enterprises of different sizes is at least a 25%. Such a large number entails not only low financial stability, insolvency and efficiency of business entities themselves, but also inhibits the process of economic growth of the whole country. The application of the method of multivariate discriminant analysis will allow us to draw a conclusion about the financial condition with assigning it a class in accordance with the values of the integral indicator and taking into account the probability of non-fulfillment of obligations, that is, to identify the presence of an unprofitable enterprise and the likelihood of bankruptcy. Conclusions. So, an analysis of the criteria for graduation of business entities made it possible to establish the difference between the administrative and accounting interpretation of the criteria for the attitude of enterprises to various sizes. The dynamics of structural statistics indicators of domestic business entities were monitored, suggesting that individual entrepreneurs make an insignificant contribution to the development of the national economy. Since a quarter of business entities still remain unprofitable, it is necessary to take preventive measures to prevent the loss of solvency by enterprises, one of which is to identify the existence of an unprofitable enterprise and the likelihood of bankruptcy.

scholarly journals The Financial Strategy of Anti-Crisis Management for an Entrepreneur in Modern Conditions of Operation

2020 ◽  
Vol 12 (515) ◽  
pp. 465-470
Author(s):  
H. M. Azarenkova ◽  
Keyword(s):  
Crisis Management ◽  
Financial Stability ◽  
Negative Consequences ◽  
Financial Strategy ◽  
Financial Condition ◽  
Significant Damage ◽  
Wide Range ◽  
Modern Economic ◽  
Business Entities ◽  
Key Aspects

The article is aimed at identifying key aspects of anti-crisis management, in particular the choice of its most effective instruments. It is noted that modern economic entities do operate under the conditions of constant impact of crisis factors. Most entrepreneurs suffer the most significant damage as a result of global financial and economic crises, political instability and a new challenge of the present – the COVID-19 pandemic. All these events require business entities to organize a permanent unit of anti-crisis management, the purpose of which is to minimize or eliminate the negative consequences of crisis phenomena. Among the key aspects of anti-crisis management, the leading place is held by the most adequate instruments for overcoming the consequences of the crisis. The article examines a wide range of modern anti-crisis management instruments and determines that one of the most efficient of them be the anti-crisis financial strategy. In this regard, the priority of the financial aspect of anti-crisis management is substantiated and a special place of anti-crisis financial strategy as its key instrument is proved. The «tree of goals» of the anti-crisis financial strategy is built up as a fundamental element in its development. It is specified that in order to build up an efficient anti-crisis financial strategy, first of all, a comprehensive assessment of the valid financial condition of the corresponding entity is required and the most used indicators of such an assessment are proposed in four directions – assessment of financial stability, liquidity, business activity, and profitability.

scholarly journals HISTORICAL AND LEGAL CHARACTERISTICS OF THE DEVELOPMENT OF LEGISLATION ON SELF-REGULATORY ORGANIZATIONS

2020 ◽  
pp. 7-15
Author(s):  
L.M. Parente
Keyword(s):  
Public Relations ◽  
Self Regulation ◽  
State Level ◽  
State Regulation ◽  
The State ◽  
Professional Activity ◽  
Public Authorities ◽  
Business Entities ◽  
The Right ◽  
Delegation Of Powers

The article examines the historical and legal preconditions for the formation of self-regulation in Ukraine and other countries. On the basis of the conducted research, the peculiarities of the development of self-regulation in the territory of Ukraine in different historical periods are determined. The preconditions for the formation of the institution of self-regulation in the field of management and professional activity are described. It is determined that self-regulation has been inherent in society since the beginning of the primary forms of the common cause. The primary forms of SROs developed rules of professional activity, performed the functions of control and supervision due to the vacuum of state regulation in such areas. The peculiarity of such organizations was certain legalization by the state. Such SROs regulated their own activities at the level of development and adoption of local acts. A feature of national self-regulation was the transition from voluntary to compulsory regulation. to distinguish three periods of development of legislative support in the field of self-regulation. Declarative (from 1991 to 1996): this period is characterized by the formal consolidation at the legislative level of the right of participants in public relations to create an SRO. However, the status of SROs was practically not regulated at the legislative level. At the state level, there was no strategy for the development of self-regulation in the field of management and professional activities. Institutional (from 1996 to 2016): during this period the system of delegation of powers from public authorities of the SRO, the system of legalization of the SRO is introduced. However, the rules on SROs are still chaotic, there is no clear mechanism for control and supervision of SRO activities by public authorities, the concept of participation in SROs as business entities and persons of certain professions is not defined. In a number of areas, despite the consolidation of the right to create SROs at the level of laws, SROs have not worked. Reformation (from 2016 to the present): characterized by the development at the legislative level of the Concept of reforming the institution of self-regulation, which outlines the problematic issues of the institution of self-regulation in Ukraine, identifies areas for improvement. Keywords: self-regulation, a self-regulatory organization, the sphere of management, professional activity, a delegation of powers.

scholarly journals MACROECONOMIC CHARACTERISTICS OF FINANCIAL AND ECONOMIC SUSTAINABILITY OF TRADE ENTERPRISES IN UKRAINE

2020 ◽  
Vol 1 (3) ◽  
pp. 16-22
Author(s):  
Oleksandr Gerega
Keyword(s):  
State Policy ◽  
Financial Stability ◽  
Manufacturing Sector ◽  
Structural Characteristics ◽  
State Regulation ◽  
Financial Sustainability ◽  
Economic Sustainability ◽  
Business Results ◽  
Methodical Approach ◽  
Business Entities

The relevance of the researching and ensuring financial and economic sustainability of trade is proved. The essential structural characteristics of financial and economic sustainability are generalized. The specifics of managing the financial and economic sustainability of trade business are indicated. The macroeconomic characteristics of financial and economic sustainability of trade in Ukraine as the volume of equity, balance currency, sales of goods of the trade enterprises, current assets, current liabilities and provision, own current assets of trade enterprises are analysed. The financial and economic sustainability of trade enterprises in Ukraine was assessed using the ratios of provision of current assets to own funds, provision of stocks with own funds, maneuverability of equity, mobility, permanent assets, financial stability and financial dependence. Purpose. The purpose of the research is to analyse the condition and development trends of macroeconomic characteristics of financial and economic sustainability of trade in Ukraine and justification proposals for public policy to stimulate its strengthening. Methodology. The following scientific methods were used during the research: analysis, synthesis and comparison – to research the prerequisites for ensuring the financial and economic sustainability of trade enterprises; statistical analysis – to calculate the key macroeconomic characteristics of financial sustainability and liquidity of trade enterprises; groupings, logical analysis, strategic management – to form priorities and means of state policy to stimulate the strengthening of financial and economic sustainability of trade business. Results. The low level of financial sustainability and liquidity of the trade sector in Ukraine has been empirically proven. It is established that a critical decrease in the financial and economic sustainability of the trade business occurred in 2014-2015. In 2012, the level of financial sustainability and liquidity of trade enterprises was the highest. Since 2016, the gradual restoration of financial and economic sustainability of trade business in Ukraine has begun. However, its level is still insufficient, which requires justification and implementation of effective measures of state regulation in this area. It is proved that strengthening the financial and economic sustainability of trade enterprises in Ukraine requires the formation and implementation of a common (state and business entities) policy aimed at strengthening the financial and economic sustainability of trade enterprises in Ukraine. The policy should be implemented in the following areas: alternative forms of the financial result formation, improvement of financial and economic attractiveness of enterprises, distribution of financial and economic risks with the manufacturing sector, realization of financial potential of domestic market by enterprises. Practical implications. The means of the state policy of stimulation and strengthening of financial and economic sustainability of the trade enterprises in Ukraine are defined. Value/originality. The methodical approach to the formation of tools and means of policy to strengthen the financial and economic sustainability of the country’s trade business has been further developed.

scholarly journals System for evaluation of business entities financial sustainability under global challenges conditions

2021 ◽  
Vol 71 (4) ◽  
pp. 20-32
Author(s):  
M. Tatar ◽  
◽  
O. Hrebenikova ◽  
Keyword(s):  
Financial Stability ◽  
Cash Flows ◽  
Normative Values ◽  
Scoring Method ◽  
Metallurgical Enterprise ◽  
Financial Responsibility ◽  
Integrated Method ◽  
Financial Condition ◽  
Global Challenges ◽  
Business Entities

The need to ensure financial stability of businesses under global challenges conditions is highlighted in this paper. The company financial stability is one of the most important characteristics of the company financial condition, associated with the level of dependence on creditors and investors and is characterized by the ratio of equity and liabilities. The existing methodological approaches for the evaluation of the enterprise financial stability are analyzed. The evaluation of financial stability on the example of metallurgical enterprise by coefficient, score and integrated methods is carried out. The coefficient analysis shows that the most of financial stability coefficients in the dynamics have decreased and are not within the normative values. While analyzing the financial stability type, it is determined that the enterprise in 2018–2020 had unstable financial condition, which indicates solvency violation. The results of the financial stability analysis by scoring method, according to which the coefficients are assigned the appropriate score depending on the approximation to the normative indicator, led to the conclusion that PJSC «AZOVSTAL» in 2018–2020 was included to the fifth class, i.e. crisis enterprise of the highest risk, practically not solvent. The evaluation of financial stability by the integrated method, according to which the value of the integrated indicator should be closer to one, showed that the enterprise financial stability in 2018 was bad, in 2019 very bad, and in 2020 satisfactory. The measures to increase the enterprises financial stability depending on the financial stability level are proposed, particularly, for the investigated enterprise it is proposed to improve financial flow planning, implementation of real payment calendars, creation of financial responsibility centers and strengthening control over them by the holding, which always make it possible to have reliable information about the company's cash flows and increase the controllability of current payments, reduce losses from the funds misuse. It is also proposed to accelerate the turnover of enterprise resources, which will improve the overall efficiency of activities.

ROLE AND FEATURES OF RESOURCE-SAVING PROCESSES IN MODERN CONDITIONS OF NATIONAL ECONOMY MANAGEMENT AND IMPLEMENTATION OF STATE STRATEGIC INITIATIVES

2020 ◽  
Vol 2 (11) ◽  
pp. 4-15
Author(s):  
I. P. BOGOMOLOVA ◽  
◽  
E. I. KRIVENKO ◽  
V. N. POPOV ◽  
◽  
...  
Keyword(s):  
National Economy ◽  
National Level ◽  
State Level ◽  
State Regulation ◽  
The State ◽  
Resource Saving ◽  
Russian Economy ◽  
Strategic Initiatives ◽  
The Subject ◽  
Basic Approaches

The subject of the research is General trends and changes in the field of resource conservation occurring in the economy at the national level, in the aspect of state regulation. The purpose of the work is to determine the level of resource efficiency of the Russian economy, to formulate the key directions of state policy implementation for activating resource-oriented projects. The basic approaches to the interpretation of the category “resource saving” are worked out, the content essence of the definition is established. The analysis of foreign experience in implementing and supporting resource-saving measures at the state level is carried out. Determined main tasks of implementation of resource-saving policy of the state; developed tools to enhance and regulate the resources; formed and grounded conceptual positions of methodical maintenance of transition of the national economy of Russia to the path of sustainable development.

BANKRUPTCY PREVENTION STRATEGY AND ITS PLACE IN THE SYSTEM OF STRATEGIC ENTERPRISE MANAGEMENT

2020 ◽  
Vol 10 (9) ◽  
pp. 2013-2025
Author(s):  
E.A. Leonenko ◽  
◽  
S.V. Kunev ◽  
A.A. Bushova ◽  
◽  
...  
Keyword(s):  
Early Stage ◽  
State Regulation ◽  
Prevention Strategy ◽  
Enterprise Management ◽  
Prevention Measures ◽  
Economic Relations ◽  
Financial Condition ◽  
Stage Of Development ◽  
Business Entities

In the modern market economy, an assessment of the enterprise's financial condition is of great importance for the effective adaptation of the company to a turbulent market environment. This is due to the fact that organizations acquire independence and are fully responsible for the results of their activities to shareholders, suppliers, employees, creditors and banks. At the same time, in the phase of crisis phenomena in the economy, survival in a competitive environment is of particular importance for many enterprises, and therefore the issues of diagnosing the risk of bankruptcy of business entities are more relevant than ever. When identifying signs of bankruptcy, companies' management focuses on the development and implementation of such measures that would avoid it and build the enterprise to a new stage of development. In this regard, one of the most important components of bankruptcy prevention measures is the development of a bankruptcy prevention strategy (anti-crisis management strategy). To overcome the insolvency of ineffectively operating economic entities, at an early stage, the problem of developing an organizational and economic mechanism and measures that will strengthen the position of an enterprise in the market and help to postpone possible bankruptcy becomes dominant. The inclusion of bankruptcy in the mechanism of state regulation, which followed the formation of new economic relations in the Russian Federation, objectively required a rethinking of the previously accumulated theoretical and methodological developments and practical solutions. A bankruptcy prevention strategy is a set of prescribed measures for the long term to get an enterprise out of a crisis situation and prevent bankruptcy. It is such a development as a strategy for preventing bankruptcy that is an algorithm for all personnel of an enterprise to act during a crisis (bankruptcy).

ANTI-CRISIS MANAGEMENT OF THE ENTERPRISE AS A MEANS OF BANKRUPTCY PROTECTION OF THE ENTERPRISE

2019 ◽  
Vol 4 (3) ◽  
pp. 181-187
Author(s):  
Nadiya REZNIK ◽  
Vitalii KOSTYLIANU
Keyword(s):  
Crisis Management ◽  
Financial Stability ◽  
Banking System ◽  
Enterprise Management ◽  
Main Task ◽  
Negative Consequences ◽  
Economic Sectors ◽  
Business Executives ◽  
Financial Condition ◽  
Investment Capital

The functioning of most medium-sized, small and large enterprises in today's realities remains at a low level of professionalism. Many business executives do not pay enough attention to analytical work, do not develop new strategies and do not improve the proposal related to crisis management. Only the enterprise management of the adequate level of qualification can avoid all the negative consequences of the crisis. The main task of enterprises is to comply with the requirements of the enterprise anti-crisis policy, namely the calculation of financial ratios that reflect its financial stability. The coefficients allow to consider the company from different sides, among which the most important in the implementation of anti-crisis management are: the efficiency of current assets using, own and borrowed funds, using of production potential, effective management in the enterprise, the dynamics of production and sales of products, depreciation of fixed assets, using of investment capital. In addition to monitoring indicators, crisis management involves identifying problem areas in the enterprise and developing measures to eliminate them. The final part of the enterprise's anti-crisis policy is the implementation of these measures, which prevents the bankruptcy of the enterprise at the stage of possible threats and problems. Unfortunately, modern entrepreneurs neglect this measure and therefore find themselves in a difficult financial and managerial situation. Another issue of crisis management is the issue of securities, which allows to raise additional funds used by the enterprise as a means of eliminating possible bankruptcy. This process is a means of lending in today's realities that is more effective than loans made through the banking system. In today's market economy, business development is the driving force, so we believe that the topic of crisis management is relevant, because such measures are developing enterprises, which in turn develops the economic sectors and the country's economy. Keywords: crisis management, crisis, bankruptcy, financial instruments, enterprise management, analysis of financial condition.

scholarly journals Theoretical essence and value of the financial stability of the enterprise

2020 ◽  
pp. 25-29
Author(s):  
Oksana VINNYTSKA ◽  
Liudmyla CHVERTKO ◽  
Tetiana KORNIIENKO
Keyword(s):  
Financial Stability ◽  
External Factors ◽  
Theoretical Research ◽  
Financial Condition ◽  
Current Period ◽  
The Future ◽  
Margin Of Safety ◽  
Business Entities ◽  
Definition Of ◽  
Internal And External Factors

Introduction. The solution of modern problems of stabilizing the national economy, ensuring the social development of society is possible only on the basis of positive shifts, primarily in the aspect of strengthening the financial condition of business entities. One of the important components of the analysis and management functions is to ensure the stable development of the enterprise and its financial stability. The concept of financial stability is complex and multifactorial, which is determined by the economic environment in which the enterprise operates, as well as the results of its functioning, the ability to actively and effectively respond to changes in internal and external factors. The purpose of the paper is in the study of the economic essence of financial stability, its determining factors, as well as the development of recommendations for improving the methodology of its management. Results. The financial stability of an enterprise is a complex, multifactorial category. The philosophy of the definition of the economic category “financial stability” provides for consideration as a reproduction process. This category characterizes the economic relations that make up the financial mechanism for ensuring the progressive socio-economic development of the enterprise. The analysis of theoretical research allows us to identify five approaches of scientists to determine the essence of financial stability. These approaches differ in the completeness of the characteristics of the financial condition of the enterprise. The variety of approaches indicates the ambiguity of the authors' definition of the concept of financial stability. Each author interprets this economic category from the standpoint of the goals and objectives of its research. The complexity of the category of financial stability of business entities lies in its essence, displaying the level of the financial condition and financial results of the enterprise, the ability to fulfill its obligations and ensure the development of the enterprise while maintaining credit and solvency, relative independence from changes in internal and external factors. A quantitative characteristic of financial stability is a margin of safety, which is determined by the structure of property and capital and ensures financial independence and solvency in the current period and in the future. It is this definition that determines such a logic for assessing financial stability as a sequence with varying degrees of detail in the consideration of all processes associated with the movement of financial resources, which are expressed in a change in the structure of property and capital. Conclusion. In general, the analysis of theoretical approaches to assessing financial stability and their generalization allows us to conclude that the financial stability of economic entities should be considered as a complex category, reflecting the level and structure of financial condition and financial results, the ability to fulfill their obligations and ensure the development of activities, while maintaining credit and solvency. It is also universal that the quantitative characteristics of financial stability should be considered a margin of safety, which the company, due to the structure of property and capital, and also ensures independence and solvency in the current period and in the future.

scholarly journals Economic Security of Entrepreneurship: Specifics of Management in the Context of Financial Instability

2019 ◽  
Vol 8 (3) ◽  
pp. 1396-1401
Keyword(s):  
National Economy ◽  
International Experience ◽  
Economic Security ◽  
Financial Instability ◽  
National Interests ◽  
Financial Condition ◽  
Expert Opinions ◽  
Theoretical Approaches ◽  
Internal Policy ◽  
Business Entities

The efficient development of the national economy largely depends on the level of support for its economic security (ES) because an independent external and internal policy that meets national interests can be pursued only in this context. The purpose of the study is to analyze the features of managing the ES of a business entity in the context of financial instability (FI). The relevance of solving the problem of ES for entrepreneurship as a factor of the state's ES is revealed in the article; various theoretical approaches to understanding the essence of ES for entrepreneurship, as well as FI of a business entity as a threat to ES for entrepreneurship are analyzed. Expert opinions on priority models for assessing the financial condition of a business entity are generalized on the basis of an expert survey, and international experience in preventing bankruptcy of business entities is analyzed to compass the purpose.

scholarly journals FINANCIAL POLICY IN THE SYSTEM OF STATE REGULATION OF THE NATIONAL ECONOMY

2021 ◽  
pp. 39-48
Author(s):  
A. Luchenok
Keyword(s):  
National Economy ◽  
Financial Stability ◽  
Value Added ◽  
Economic Incentives ◽  
State Regulation ◽  
Financial Policy ◽  
Economic Interests ◽  
The Real ◽  
Economic Agents ◽  
Domestic Producer

The drawbacks of monetarist and fiscal definitions of the terms "finance", "financial system" and "financial policy" are revealed and the author's definitions of these concepts are theoretically s justified. The goal of financial policy is defined as ensuring sustainable balanced socio-economic development of the country based on economic incentives and harmonization of the economic interests of the main social macrogroups. One of the main objectives of financial policy is to ensure the financial stability of all sectors of the national economy (including the real one) while stimulating economic growth by supporting the domestic producer. The author's interpretation of the term "economic intermediaries" is given, which include economic agents that redistribute value added in their own interests to the detriment of the interests of the real sector of the economy.

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