Issue №48 | 2016

Bilyk R.


This article examines the strategy of innovative development and identifies the key factors ensuring the competitiveness of innovative economies in a globalizing world, analyzes the efficiency of the national innovation system (NIS). Based on the key results of the study the key principles of effective innovation policy in different countries in the context of strengthening global competition in science and technology field have been identified. It has been proved that at the current stage of development of the world economy with the dramatic transformational changes taking place in the sphere of innovations, virtually for every national economy the issues of the modernization of innovation policy, the choice of effective innovative model, the creation and implementa-tion of a new strategic path of development for the long term period, have a great importance. The focus on innovative development is due to the fact that new technological wave in developed economies in the world is able to provide a consolidation of leadership in the status of EU innovators in the creation of advanced innovative technologies (and thus market positioning of modern high-tech production and finally - getting technology rent) and stimulate the growth of capitalization of technol-ogy companies and formation on this account sustainable development and incentives for innovation in manufacturing, the underlying value of the securities of these companies and corporations. The modern innova-tion processes are characterized by deepening their degree of globaliza-tion and the gradual formation based on national and international NIS of global innovation systems. Therefore, the development of effective innovation strategy must necessarily take into account the significant risks of integration into the global innovation space. Systemic risks of exogenous nature caused by the bifurcation of the world economy and the desire of developed countries to shift the costs of transformation to the economies of imitators with emerging markets. Endogenous risks are associated with the failure of national economies in developing countries become generators of new innovative products and technologies, with the formation of the models of dependent development because of their structural and technological backwardness and institutional weakness. These exogenous and endogenous risks are closely intertwined, reinforcing each other and creating a threat of multiplication of negative trends in the innovation sphere.

Keywords: innovative activity, models of innovative development, innovative environment, global competition.

Zaika S., Gridin A.


Innovation is one of the key categories of modern economic science which displays the properties, connections and relationships between economic entities arising regarding the development and implementation of new scientific and technical ideas, products and technologies and their usage in the economic process in order to improve its efficiency or to obtain a certain result. Innovations are inherent to a reproductive process as a whole and to its individual stages: production, distribution, exchange and consumption, and they are embodied in the activities of any company. The research is dedicated to the genesis of the definition of “Innovation” as one of the most important categories of modern economic science. It reflects the most common properties, connections and relationships between economic agents arising regarding the devel-opment of new scientific and technical ideas, products and technologies and their usage in the economic process in order to improve its effi-ciency or to obtain a particular effect. Despite the importance of the category of "innovation" and its wide usage in economic science and economic practice; a single generally accepted understanding of innova-tion does not exist. Having considered various views of several authors on the definition of "innovation", we can conclude that each one of scientists-economists puts into the concept of "innovation" his vision and opinion on this phenomenon, and therefore, each of these definitions is to some extent correct for understanding. This gave us the opportunity to offer the author's definition of this economic category. We believe that innovation is an invention which, as a result of implementation of innovative idea, is transformed into products which have the latest consumer quality and the production of which involves changing tech-nology and the organization of production with the aim of receiving a particular effect (economic, social, environmental, etc.). The conducted studies indicate that without innovation the economic growth of the country as a whole as well as that of a particular industry or company is impossible. Consequently, the results of the research can be used in the future in the study of the peculiarities of implementation of innovation in agricultural enterprises, since different types of innovations bring different types of expenses on innovation, organizational methods of innovation process and, consequently, the effectiveness of innovation.

Keywords: innovation, scientific and technological progress, innovation activity, production, technology.

Maksymenko A.


Creating favorable conditions for the development and increase of efficiency in innovative activity is a priority of the state innovation policy in developed countries. One of the mechanisms of state support of innovation policy is tax incentives. In turn, the assessment of effective-ness of tax incentives has a contradictory character; on one hand it increases innovation, and on the other hand it takes the form of an aggressive strategy of tax competition, adversely affecting the tax base of other countries. Despite the controversial nature of tax incentives for innovation economically developed countries and developing countries are using tax incentives. The work is dedicated to the definition of the optimal methods of tax incentives on the basis of leading countries experience, taking into account the interaction of the system elements of innovation. The changing contours of stimulating innovation in the context of global transformation processes and the necessity of a shift of emphasis from direct methods of promotion to indirect is analyzed. The link between the tax incentives for innovation and profit tax, income tax and social contributions is accented on. Describing the changing global contours in the tax incentives for innovation found that in 2015 the majority of OECD countries used tax credit or tax allowance that is applicable on the volume of R&D expenditure undertaken. While the United States target tax credit to R&D expenditures over and above of a pre-defined baseline amount. It is proved that substantial tax incentives in innovation are inextricably linked with business characteristics of the object and found that the structure of tax incentives for innovation is rather uneven. In particular, among the countries that provide tax benefits, there is a significant difference in the rates of tax subsidies for companies of different size and profitability. The asymmetry of use of tax incentives within the international innovation core is proven. The directions of tax fostering for innovating companies in Singapore are accented. The strategic orientations of formation and implementation of tax incentives, including tax credits and refunds are determined. Mechanisms of improvement and practical implementation of tax preferences with the aim to stimulate innovation using the experience of developed countries are set.

Keywords: tax incentives, innovation, taxes, R&D.

Ponedilchuk T.


Ensuring a high economic growth is one of the key objectives of any modern country. The experience of recent decades shows that the main driver of economic growth of leading countries is not a financial capital but the knowledge and new ideas that enable the creation of intellectual, competitive, market demanded products. In this paper we have analyzed the importance and role of national intellectual capital and national competitiveness from a methodological point of view. Furthermore, we have determined the level of the relationship between these categories. Thus, in this research we have found that the future of the nation depends on national competitiveness, which in return is based on the national intellectual capital and capabilities to get a benefit from it. In addition, it was found that approximately the same indices and features are used in the study of national intellectual capital research as well as in study of national competitiveness. Therefore, the starting point for the national intellectual capital accumulation and the increase of the national competitiveness level will include the same factors that are drivers of economy based on knowledge. Consequently, the measures system for the promotion of national knowledge based economy still remains with actual issues related to the creation of intellectual property market, the creation of mechanisms for technology transfer ready to use, legal protection of intellectual property, which in return, makes it not possible to use effectively the results of intellectual activity and rely on them as on a key component of economic growth and international exchange. These measures should enhance the competitiveness of products in the international and domestic markets, ensuring national economic security. Based on the above, the intellectual activity becomes the main condition for economic development, as well as intellectual capital becomes the most important and valuable resource for achieving this goal. Ensuring competitive economy is not possible without understanding of post-industrial business, and without understanding of intellectual capital and mastering the skills to control it.

Keywords: intellectual capital, national competitiveness, human capital, structural capital, economic growth.

Svyatohor V.


The article identified and analyzed the conceptual approaches of various scientists to the definition of “innovation”, which is seen in the spatial and temporal sections. As analyzed, innovation is the commercial application of new more efficient technologies that are fundamentally changing the size, structure and quality of production and consumption; it exists in a form of new or improved goods or services (innovation - product) of processes (innovation - the process). Great attention is paid to the study of conceptual approaches to defining the essence of innova-tion through the prism of the historical stages of the formation process of innovation. The first stage (1910 - 1930) was the formation of basic theory of innovation: which dealt with the relationship of innovation and long cycles, proposed "technological" explanation of long waves and formed the core of the theory of innovation. The second stage (1940 – 1960) in the development of innovation issued in the economic literature which characterized the development of the individual, in particular, macroeconomic ideas incorporated in the first stage. In the third phase (mid-1970’s.) was the explosive growth in the number of publications on the subject of innovation, new ideas, associated primarily with the development of evolutionary theory, the concept of innovation manage-ment, consideration of innovation at the firm level. The fourth stage of innovation (mid 90’s- present) investigates the methods of system analy-sis. At this time there is avalanche-like increase in the number of publi-cations, primarily under the auspices of the Organization for Economic Cooperation and Development on innovation policies and developing effective innovation systems. There is a substantial increase of the applied aspects of the innovation theory that is considered extremely complex for the social and economic systems, the activated prediction of individual innovation, markets and technologies. We have consider the definition of innovation and related concepts. The study emphasized the need for knowledge of the essence of innovation in order to effectively control the impact on innovation. The importance of innovation to improve competitiveness for individual companies and for nations in general has been proved. It has bee revealed that conceptual approaches to defining the essence of innovation are as follows. Schumpeter’s Theory of Innovation is a complete and self-sufficient theoretical system, which develops a content category of innovation and examines the basic laws of economic development. It also must state a role in the process of innovation and inventions, entrepreneurs (innovators and imitators) monetary system monopoly as a result of anticipating commercialization of inventions and ideas. The closest parallels to Schumpeter’s concept of innovation are founded within the modern theory of cycles (linking innovation and long waves) as well as Nelson and Winter’s evolutionary theory (evolutionary process of "creative destruction"). Where the aspect of innovation is also central.

Keywords: innovation, novation, invention, discovery.

Cherleniak I., Mashiko K.


In the crucial 1989-1991 Ukrainian society was discussing and evaluating the feasibility of changing the Socialist directive-administra-tive system to a more modern social market system. "The Revolution of Electoral Emotions" in 2004 and "The Revolution of Dignity" show us the deepness of socio-political and socio-economic conflict in Ukraine and that the changes were unsuccessful. In the period of Ukraine`s recent history the reforms were repeatedly declared. However, it is not clear what we have created in the economic and property terms in Ukraine for 25 years: capitalism or feudalism, free society from capital-ist exploitation or a society overloaded with capitalist exploitation. To study the edges of the content of the phase transition from Soviet socialism, that is, state capitalism in the distribution of social and semantic shell, to private entrepreneurship and to search for economic indicators of the quality of transition are the urgent unsolved problems. The aim is to analyze the meaning of the evolutionary challenges of economic, administrative and social measures for the catching up trans-formational Ukrainian economy. The article examines the main charac-teristics of existing basic principles of capitalism in Ukraine: private property, market economy, the propensity for entrepreneurship, personal initiative and entrepreneurship, rational and efficient use of resources and maximization of profits. The analysis of these parameters allowed us to identify the main positive and negative effects of the current economic system in Ukraine. The conclusion is drawn that the nomenclature socialism for the capitalists and the wild feudal-bourgeois political and economic system for employees are cyclically reproduced in Ukraine in the past 25 years. First of all, in terms of public access to government money and resources. There is a low efficiency of the mechanism for informing the market of competing economic agents in Ukraine. The root cause of this situation is that competition and partnership of capitalists (potential producers of goods) tampered with competitive clans for power and access to budgetary resources. Such a "socio-economic" practice was established as an indirect form of feudal and bourgeois nomenclature exploitation by organized clans of their disorganized fellow citizens, which are actually their subjects. Regarding the system of coordinates of the world economy, a third grade peripheral capitalism is formed in Ukraine, at which the amount of external debt will geometrically increase, if a management system in the form of a modern capitalism model won’t be established.

Keywords: capitalism, socialism, economic growth, self-organization, national economy.

Shatnenko K.


This article considers general tendencies of industrial development which can be seen in the developed countries as well as in Ukraine. As a result, we can say that there is the strong tendency to deindustrialization, which can be defined as the declining of the share of value added by manufacturing in GDP. The analysis of different points of view on explanation of these tendencies gives the opportunity to define some main problems of industrial development. Manufacturing is the most important element, which is able to provide economic development. Industrialization should be based on new technologies, but at the same time we should not underestimate the importance of low-technological production. It is important for industrialization to provide development of Small and Medium Enterprises. There was created the idea of Factory of the Future, which includes some social aspects of producing. The consideration of the world practice on holding the industrial policy was helpful for distinguishing the most useful actions, which are able to make a beneficial influence on the industrial development. Some specific problems, which are common for Ukraine, were pointed out as the obstacles for the industrial development. Most of all, it is important to understand that deindustrialization in Ukraine has destructive nature. There have not been created any institutions, which could provide sustainable development of Ukrainian industrial basis. That is why it is more precise to use a term ‘new industrialization’ applying to Ukraine than a term ‘reindustrialisation’, which fits more to developed countries. So Ukraine has quit a lot of problems, which have already been sold by developed countries. The intervention of government is stated to be highly important, because it should provide all the necessary conditions for new industrialization. Because of scarcity of recourses there should be chosen some branches of economy, which can make the most beneficial effect on the economy. So it is important that these branches could produce competitive production, which can be sold on a world market. Ukraine should change its raw materials-oriented export to export based on high-technological production. The numerous problems, which must be solved by our economy, determine the necessity of creating the program of industrial policy. As the result, there were made some recommendations for Ukrainian industrial policy.

Keywords: industrialization, industrial development, institutions, the development of innovations, industrial policy.


Bondaruk Yu.


One important element of the innovative development of enterprise management is to analyze the factors that affect it. Information about the essence of the factors, their nature and the peculiarities of their influence is necessary for the formation and implementation of rational management solutions in the field of innovation. The process of management of innovative development of the enterprise has several levels - enterprise, regional and state level, each one having a set of tasks and functions. Management of innovative development of machine-building enterprises is carried out under the action of a variety of factors, both external and internal, the analysis and research of which should be based both on the analysis of the company’s position on the market, the realization of competitive advantages, and on the domestic analysis, that is, to identify opportunities and threats that can arise for companies in the future, as well as to identify strategic prospects. As a result of the research it can be argued that all the factors affect the company and its innovative development. Thus, the factors of the internal environment of the enterprise are the following: resources, the organizational structure of the enterprise management, leadership style, the purpose of the enterprise, the types of activity of the enterprise, the technology used, the moral and ethical level of social workers and psychological climate in the organization. The factors that influence the innovative development of machine-building enterprises, the technology used and the company goals and positive results occur when technology allows to realize the goals of the enterprise, in particular the goal of innovative development. An effective tool for studying the control system of innovative development is a simulation - the process of developing the model. The model is understood as an analog, a "substitute", a fragment of reality, which, under certain conditions, reproduces the properties of the original, the interest of researchers, with particular formulation of the problem. The most widely used is simulation modelling. The formation of simulation model consists of steps and elements of the process. In this case, we developed 6 stages and elements of a model - the subject, object and building the very innovative development model. This model is a multi-dimensional table of the most important indicators of activity in the dynamics of the object. In the table there are related indicators - basic values, the calculated values which are the predictive values of the factor with the help of trend models and regression equations. The built part of the simulation model of innovative development of machine building enterprise public company "Azovobschemash", pointed out the unfavorable conditions for innovation and further innovative development of the enterprise for 2015.

Keywords: innovative development, modeling, machine building industry, simulation model, innovation, innovative process.

Holubka A., Bilanych L.


The differences of historical, social and economic conditions of formation of the non-profit sector in various countries were analyzed in the article. These conditions have affected the trends forming of the legal framework of EU countries. These investigations represent scientific and practical interest during the solution of the general problems of sustainable development of socially oriented business. The results of a comparative legal study of formation, development and the current state of the legislative and regulatory framework to ensure the functioning of the subjects of social entrepreneurship in Ukraine and the EU were represented. Disclosed prospects improve Ukrainian legal framework for social entrepreneurship, the formation of the basic principles of the practice of social enterprises, providing their state and social support with a focus on the experience of EU countries with different origins of legal models and the specific development of social entrepreneurship - Italy, Great Britain, Germany, Belgium, Greece, Poland, Czech Republic, Latvia. It has been found on the basis of trends in the development of the legal framework of the EU countries that cooperatives or non-profit associations are the main organizational and legal forms of social enterprises in these countries. It was established that the business activity of non-profit or business entities is an essence of modern social enterprise. It is aimed at solving social problems and transformation of the existing infrastructure of the social system. Innovation, the self-sufficient production, the combination of economic efficiency with a focus on the satisfaction of social needs is the characteristic feature of social entrepreneurship. It is noted that Ukraine doesn’t have a basic law on social entrepreneurship, so a special legal framework for social entrepreneurship is practically absent. The basic directions of possible improvement of the Ukrainian legislation and the development of mechanisms of social entrepreneurship development in Ukraine are substantiated. It is shown that for creation of organizational and legal models of social enterprise in Ukraine it is advisable to use a positive European experience of legal regulation of social enterprises. It is shown that the promising trend of creation and development of the legal framework for social entrepreneurship in Ukraine is to improve the legal regulation of the creation, operation and liquidation of social enterprises, as well as consideration of possible non-commercial and commercial status of social enterprises.

Keywords: social entrepreneurship, social enterprise, business, social, cooperative, NGO framework legislation, Ukraine and the European Union.

Hryhorieva S.


To ensure the development of the Ukrainian economy and to increase its competitiveness it is necessary to abandon the model of a closed economy, to create conditions for its further integration into the global and regional markets and to create organizational structures capable to generate processes of concentration and centralization of capital, innovate and act as engines of industrial and regional development. The organizational form that allows simultaneously to redistribute assets in the long term and to focus funds for implementation of current tasks is the modernization of vertically integrated companies (MVIC). Possessing considerable potential for increasing the benefits of the integrated structures, such companies allow to diversify risks which such structures are inevitably faced with due to conjunctural market fluctuations. The solution of problems of national industrial modernization and qualitative recovery of machinery enterprises’ fixed assets can take place only on condition of formation of capital accumulation mechanisms within companies specializing in this sector. Such mechanisms can not be initiated by government authorities. They may just be the result of companies’ response to the opportunities offered by the market to them. In this context, it should be recognized that MVIC can be considered as the institutional framework of their formation, which brings together the structures, with production capacities having the signs of technological homogeneity. As a factor, significantly increasing the effect of the integration, it is necessary to recognize the existence of progressive organizational and technological solutions for the enterprise, which is the initiator of MVIC. Sharing the experience of the enterprise among other structures MVIC is an important incentive for the rest of the vertical integration. The consistent realization of its participants’ economic potential is the driving force of integration. By acquiring in practice the pattern of proportional development of production capacities of participants’ vertical integration, this consistency is a basic condition for the formation of an effective corporate strategy that includes their unisolated, harmonious development.

Keywords: vertical integration, historical foundations, logical foundations, modernization of vertically integrated companies (MVIC), concentration, centralization, capital, innovation, transition economy, transaction costs.

Grigorenko I., Nevelichko T.


The customs authorities of any country are faced with a number of problems that are primarily related to the protection of economic interests of their country. The replenishment of the state budget at the expense of the external economic operations is a priority in their work. The implementation of the system of analysis and management of customs risk into the customs control and customs clearance of any goods plays an important role in reducing the customs offenses and increasing the share of customs payments to the state budget. A rather big share of the budget replenishment occupy semi-finished products and kits for jewelry, so it is necessary to clearly understand the functioning of this system while assessing the risks associated with these products. High duty rates for semi-finished materials and kits for jewelry are often subject to various forms of falsification and therefore pose a great risk to the customs authorities. To increase the efficiency in the work with customs risk there was established an automated system of risk analysis and management (ASRAM), which is based on the work of the electronic risk profiles and ASRAM modules that provide an automated analysis and risk assessment in the implementation of customs control in real time. Using ASRAM modules ensures the implementation of the automatic selection of customs declarations, for which there is a need for strengthened customs control, it enables to analyze customs formalities and to fix the information provided on the results of these formalities. The basic problems of the customs service in the work with risks have been considered in the article, the principles of the functioning of the system of analysis and management of customs risks in Ukraine have been disclosed, and their place at customs control and clearance has been defined. The basic principles of the automated system of risk analysis and management in the system of electronic customs clearance have been analyzed. The main risk indicators for customs control and customs clearance of semi-finished products and kits for jewelry have been considered.

Keywords: risk, customs risk, risk management, the system of risk analysis and management (SRAM), an automated system of risk analysis and management (ASRAM), ASRAM module, ASRAM profile, ASRAM indicator.

Gutorov A.


The main incentive for realization of any economic relations is an economic interest. Development of the quasi-integration relations with-out criterion of efficiency leads to considerable losses not only for participants of contracting, but also for the agrarian sector of the econ-omy and rural areas in general, and then leads to disintegration. The article considers analyses of major factors and mechanisms of efficiency formation of the quasi-integration contract relations in the agrarian sector of the economy. The principles of efficiency formation of the contract relations are defined. The influence of both macro- and microe-conomic factors on efficiency of contracting in the agrarian sector of the economy are investigated, and influence of the contracting on efficiency of agricultural producers’ activity is estimated. Pricing methods on agricultural commodities at production contracting are generalized, price mechanisms of formation efficiency of the contract relations are offered. It is proved that the defining methodological prerequisite of pricing in the course of contracting is understood by the contracting agents, that contractual price has to provide sufficient rate of return for contractors proceeding from which they would not consider option of opportunistic behavior in the form of dissolution and realization of the products made to the third parties. Besides, the price mechanism has to consider proportional distribution of risks between participants of contracting, accurately determine the cost of the material resources provided to the contractor under the signed contract. The other mechanism of efficiency formation of the quasi-integration contract relations is the cost management of contracting agents in the course of implementation of the signed contracts. The comparative analysis of efficiency formation at non-integration, tolling and production contracting are carried out based on the analysis of income and expenses from distribution’s schemes. It is proved that production contracting is the most effective market form of the quasi-integration relations in the agrarian sector of the economy. It is proved that efficiency formation of the quasi-integration contract relations in the agrarian sector of the economy is possible only under conditions of simultaneous using of the expensive price mechanism, which is based on the principle of the maximum interest for all contracting agents, and accurate observance of the principles of partner responsibility, objective interaction, mutual stimulation, information monitoring, statistical display, tax adequacy and stability of tax burden.

Keywords: effect, efficiency, integration relations, quasi-integration, contracting, agrarian sector of the economy.

Kampo G., Dochynets N., Havrylets O.


One of the factors which constrain the enterprise initiative devel-opment and brake economic reforms in Ukraine could be discrepancy of the institutional environment to market conditions. The purpose of this article is to highlight the institutional problems of small business devel-opment and find its solutions. The basic institutions of a modern market economy include property rights, mechanisms for their protection, freedom of economic entities, ways of their interaction, the system of norm and rules regulating economic and social activities in society. In our view, the existence of clear rules laid down in legal acts, effective system for the protection and restoration of violated rights, especially property rights and rules of competition, stability, economic policy promote the increase of economic agents’ positive expectations and investment climate of the country, it creates a basis for economic growth. One of the reasons of a failure of economic reforms in Ukraine of the period of independence could be called the mismatch of market institutions to informal rules and common behaviors that were formed during the time of command economy. Ukraine takes very low positions on development of the institutes which are extremely important for business functioning. The poor quality of state regulation, problems with protection of property rights, ineffective law enforcement and judicial system, corruption are the factors that worsen the business environment in the country. The institutional problems given in the article lead to the fact that the impact of reforms does not meet expectations. Overregula-tion and excessive monopolization of the domestic economy, significant influence of certain financial and industrial groups in the political and economic decisions, corruption and lack of protection of property rights worsen the investment climate in the country. The current state is being preserved and it dramatically increases the likelihood of recurrence of worsening economic crisis in Ukraine. The improvement of the institutional environment will facilitate the reduction of transaction costs, the activation of investment processes and business activities, and it may become the basis for economic growth in the future. In turn, business development leads to institutional reconstruction of society on the basis of expanding economic freedom and the establishment of "middle class" as the basis of social stability.

Keywords: institutions, institutional environment, small business, development.

Kokhan M.


Considering the background of the modern world economy, comprehensive and pervasive extent of globalization, threatening the environment, research and study of the field of alternative energy sources are highly relevant and important. The continuous growth of energy demand in a gradual reduction of existing stocks of traditional energy resources leads to the fact that the governments of many states form and implement policies to attract alternative energy system management. Renewables are hydropower, geothermal energy, solar power, ocean energy, tidal, wind, bioenergy, and energy of pace and recycling energy. Currently, the share of alternative energy sources in world production is not significant, but the potential is several orders higher than the global consumption of energy resources. The use of renewable energy significantly improves the efficiency and security of energy supply, improves the social and economic standards. The use of unconventional energy plays an important role in the development of energy strategies, as well as providing a gradual reduction in imports of traditional energy sources and as a result, leads to a reduction of countries’ dependency on supplying energy. Thus, it can be concluded that in the modern development of humanity, technologies and extent of globalization, the sector of renewable energy due to its diversity and environmental performance is becoming more important for the world economy. One of the most essential components of the global economy, the energy market, is undergoing significant change and transformation over the last decades, in consequence of which the role of renewable energy has become more significant.

Keywords: renewable energy sources, energy commodities, energy branch, mechanisms of renewables implementation.

Steblianko І.


The position of the national economy in global investment ratings is determined. The dynamics of foreign direct investments in Ukraine in 1994-2015 is analyzed. The conclusion about the change of the trend in 2014 from sustainable growth to contraction is given. The investment dynamics based on different types of functions is formalized; we show that a power reflects the nature of the economic process most adequately. Based on the balance-sheet total flow of FDIs, we found that the main reasons for their contraction are the loss of equity value in dollar equivalent, due to the material devaluation of the national currency, and debt repayment. The structure of foreign investments by investment origin, type of business activity and region of Ukraine is analyzed. More than ¾ of foreign direct investments in Ukraine comes from the EU. By industry, the highest proportion is allocated to industrial enterprises, including those belonging to processing sector, as well as to financial and insurance institutions. In regional terms, over a half of FDIs are concentrated in Kyiv. The largest volumes of investments, and most diversified by type of business activity, are reported as coming from Cyprus. Other countries demonstrate significant differences by the industry profile of investments in Ukraine. The Netherlands is the leading investor in the field of information and telecommunication, and Germany invests the most in metal production and manufacture of fabricated metal products, except making of machinery and equipment, while Switzerland has the biggest portfolio of investments in the mining industry and development of quarries. The overwhelming share of investments in the financial and insurance domain comes from Russia, Austria, France and Italy. The priority investment areas for investors from the Virgin Islands, the United Kingdom and Switzerland are wholesale and retail trade, repair of motor vehicles and motorcycles; the United Kingdom and Virgin Islands also largely invest in real estate transactions. Assessing the structure of foreign direct investments in the national economy, we must recognize their predominantly low-technology and raw material-oriented specialization, as well as their intermediary nature both in the financial and the commodity market, and the lack of investment support of knowledge-intensive industries. The dynamization of the foreign direct investment process is understood as boosting the volume of investments and improving their structure, which can be achieved through enhancement of the institutional environment in the investment market, introduction of transparent rules for its functioning, stimulation of foreign investments in highly technological sectors of the national economy, and directing the funds into long-term projects that facilitate productivity growth and higher employment rates.

Keywords: foreign direct investments, national economy, dynamization, structuring, ratings.

Futalo Ju.


In the article the approaches to determining the economic category of "integration" are considered. Proved that the definition as priority economic direction of development of Ukraine's economy its gradual integration into European political, economic and legal space needs to deepen research in this direction. The aim of the article is an analysis of research of domestic and foreign scientists aimed at the definition of the concept of "integration" and, based on this analysis, the justification of author's interpretation of this concept. The methods of historical and retrospective analysis, synthesis, induction and deduction are applied. The necessity to study the concept of "integration as a process" and "integration as a set of relations" is grounded. Proved that key conditions of integration are the level of development of countries, their resource and technological potentials; maturity grade of market relations; the scopes and prospects of development of economic relationships of countries; infrastructure and socio-cultural compatibility. On the results of systematization and analysis of the existing concepts defined that the economic integration is nothing other as a union of states due to limited natural, labor and financial resources in this or other country for creating of goods that are competitive in these markets and overcoming the crisis phenomena in countries such as the impoverishment of nations, unemployment, devaluation of national currencies that providing to social problems in those countries. The basic types of economic integration such as the formation of the global economy principles and the preserving of economic independence of the national economy are analyzed. Determined that the model of European integration processes, which is defined for the economy of Ukraine, focused on the first type of economic integration, which is impossible in conditions of the low level of competitiveness of Ukrainian economic entities. The conclusion about the need to revise the existing principles of economic integration due to the low level of competitiveness of the domestic economy is made. Further studies will be directed to the determination of the effectiveness of the processes of economic integration in Ukraine.

Keywords: integration, integration economic process, the concept of integration of theories, European integration process, the global economy.

Shibaeva N., Tkachenko S., Baban T. 


The article analyzes the main elements of institutional environment and its theoretical coverage in economical research of foreign and domestic experts. The author's vision of basic economic categories that are used in the process of institutional analysis is presented and it allowed to distinguish the characteristics of the institutional environment that have a decisive influence on regulatory policy. The theoretical results are used to analyze mechanisms provision of one of the basic institutions of a market economy - land ownership. We determined the features of market transformation of inversion type for the agricultural sector, which essence is in the need of simultaneously with the transition from collective and state farms method of agricultural production based on state ownership of the means of production, change not only the economic and legal framework of management, but also informal rules on the introduction of private land ownership and representation on relations with the state. On one hand, the luck of informal rules on the need for a mechanism for the imple-mentation of land ownership, and on the other, the presence of groups interested in preserving the existing system affects such features of regulatory policy in the agricultural sector as the existence of formal rules aimed at solving current problems of land reform, and not on regulation of land relations in the market environment. It is proven that such short-term regulatory policy, in the absence of strategic plans, increases uncertainty in the agricultural sector, creates prereq-uisites for the functioning of the illegal land market, including the basis of the illegal change of land purpose, creates conditions for the implementation of speculation on the lease market, as a result population is deprived of the oppor-tunity to rent their allotment at the market prices. It is alleged that the presence of separate institutes and institutions of democracy and the free market is not a guarantee and sufficient precondition for sustainable economic growth. The high-quality institutional environment is required with complementary institutional framework and in line with market economy of mixed type.

Keywords: institutional framework, regulatory policy, the agricultural sector, private ownership of land.


Vatchenko O.


With strengthening of globalization processes in the economy, the requirements for the study of absolutely all the institutional subjects are increased. For a long time the problem of the household as an institution and the subject of the economy was underestimated by scientists. For various reasons the household is one of the least studied economic subjects. As an entity, households are functioning in the labor markets, consumer goods markets, financial markets and other sectors of the economy. Their economic behavior and function contribute to the formation of industrial and economic potential, determine the rate of economic growth and influence the results of economic and social reforms in the country. As households are not only manpower suppliers in the economy, but also one of the main carriers of business, attention is constantly growing to this institute of the economy. The essence of any economic category is revealed in its functions. The author has formed a set of the following functions: production, consumption, savings, reproduction, social harmony, and the demographic reproduction of the human capital. Modern household study theory is formed by the following methodological approaches: neoclassical, Keynesian, a new concept of home economics, organizational, industrial, institutional, neo-institutional, Marxist and neo-Marxist theory and the theory of the school of social development. In order to have a more thorough understanding of all of the phenomena and processes that occur in the household at the present stage of development it is proposed to consider it not only as a social and economic point of view alone, but to use the approach of convergence. The author reveals the concept of «house-hold», namely, that it is, in the first place, an independent economic entity, which consists of a few or just one person, who are or are not in family relations, but not necessarily live in the same room; secondly, it is an independent subject of the market economy, which is a supplier of resources and, at the same time, their consumer in order to meet his own needs; thirdly, it is the basis of the formation of small businesses.

Keywords: market economy, household, essence, approach, function, small business.

Hotko N., Veresh E., Yurchenko T. 


The article deals with theoretical approaches for understanding the essence of rural territories in the context of sustainable development. There are highlighted the basic tenets of sustainable development with distinguishing of its components, including economic, social and environmental. There is outlined the role of government in ensuring the sustainable development of rural areas, which should be based primarily on the basis of the adequacy of legislative support. It is noted that sustainable development of spatial economic systems reflects not only the interdependence of purposes, but complementarity and interdependence of development management. It is determined that achieving of sustainable development of specific territory should not be contrary to the interests of others and first of all national interests. Research confirms that the territory of rural areas plays an important role in ensuring of balanced regional development. They are the complex functional system that are focused not only on the production and marketing of the agricultural sector, efficient development of priority economic activities based on favorable conditions specific to a particular region, but they are also socio-economic and ecological spatial formation with specific features. The expansion of features of modern village is conditioned by the necessity of forming of innovative approaches to the management of rural development, which will promote the diversification of priority economic activities in rural areas, expand areas of socio-economic development of territories due to the alternative employment, multifunctionality of agriculture and most rural areas, the development of new forms of agricultural business. There is indicated the need to develop the conceptual approaches to the sustainable development of spatial economic systems, particularly in rural areas with the formation of strategic directions of growth based on sustainable and ecological use of nature and the potential of rural areas.

Keywords: rural area, sustainable development, economic, social and environmental component, economic development of spatial systems, strategic direction, environmental management.

Dudziak O.


The article defines that the development of Ukrainian rural terrains needs the deep investigation and appropriate approach. It is proved that a lot of factors influence their development. These factors have different positive or negative impact on the development of rural terrains. We have analyzed the effect of rural tourism on the development of rural terrains. Nowadays rural tourism is a positive factor for the development of Ukrainian rural terrains. The welfare of inhabitants, who live on the territories, where the rural tourism proceeds successfully, is enriched greatly and the social infrastructure of those regions is improved. But there is the lack of state support for the development of rural terrains, so there is a necessity to pay more attention to different state projects, which will stimulate the development of rural tourism and rural terrains. Rural tourism is differently developed in various parts of Ukraine. For instance its development is more constant and defined in the west and south, while it is not so popular in the east of Ukraine. The development of rural terrains has the same geography as rural ecotourism. That is why the investigation of the development of rural tourism and rural terrains of Ukraine is a topical question for researchers and economists.

Keywords: rural terrain, rural policy, experience, area, territory, agriculture, rural tourism, improvement, housing fund.

Kutsab-Bonk K.K.


At the present stage of European integration of Ukraine a cross-border cooperation plays an increasingly important role. At the same time the attention is drawn to the continuing discrepancy between the indicators that display the nature of functioning of the economy of neighboring border regions of Ukraine and EU member states. To a large extent this discrepancy is caused by the insufficient level of institutionalization of cross-border area between Ukraine and the EU. As a result, the border regions of Ukraine are developing in the institutional environment limiting the spread of convergent processes in the process of enhancing cross-border cooperation with partners from Poland, Slovakia, Hungary and Romania. First of all, it concerns the insufficient administrative powers and a weak financial base of local authorities of cross-border territorial communities. In addition, the attention is drawn to the low efficiency of functioning of Euro-regions, as well as the actual absence of modern cross-border institutions, in particular: cross-border clusters; cross-border, technological, industrial and science parks; cross-border innovation centers and business incubators. Thus, the cross-border regions integrating bordering territories of Ukraine and the EU member states are unable to use the considerable potential of cross-border convergence, as they are developed in the conditions of significant economic and social imbalances. These imbalances manifest themselves most clearly when comparing the indicators of economic development from different sides of the border between Ukraine and the EU. In order to improve the situation and to solve the existing problems it is necessary to implement a set of measures aimed at raising the level of institutionalization of cross-border area between Ukraine and the EU and spreading there convergent processes. First of all, it concerns the legal and institutional changes aimed at the alignment of the institutional viability of local governments from different sides of the border. In addition, it is necessary to enhance the role of Euro-regions and other cross-border institutions in the development process of cross-border cooperation between Ukraine and the EU. In particular, it is expedient to transform the challenges that Euro-regions are faced with, when it comes to fostering their convergent processes. Special attention should be dedicated to the need for the introduction of modern marketing tools for the development of cross-border regions, integrating border regions of Ukraine and neighboring EU member states via the formation of a common commodity policy, the activation of the exhibition and fair activities, and the usage of trans-regional branding.

Keywords: institutionalization, institutional and organizational support, cross-border cooperation, cross-border region, European integration.

Prokopyuk A.


Conceptual bases of research of the economic structure of the region is proposed. A typology of the economic structure of the region on several criteria is worked out. The directions of forming regional policy and its relationship with structural policies at national and regional levels are grounded. The purpose of the article is the study of the development of conceptual bases of the economic structure of the region, particularly in the determination of the nature and typology of the economic structure of the region. The economy of the region and, consequently, economic development, a multifaceted concept, reveals the position of the different points of view and reflects the relationship at all levels of the economic system. The following types of economic structure are determined: 1. Sectoral structure of economy. Industry structure characterizes relationships and proportions between the different sectors and subsectors in the system of the national economy or the economy of the region. 2. Reproductive structure. This structure reflects the ratio of components of the product based on their functionality. 3. Regional structure is a set of proportions that characterize the distribution of productive forces in the country. It allows to identify the characteristics of the territorial division of labor within a single country. 4. Foreign trade structure is determined by the proportions between the various commodity groups in export and import products. than the economic structure of the region is dynamic and the higher elasticity of social and socio-economic conditions of the region, the effective structure of the economy can be obtained at the output of modernization. Decisive role in the implementation of structural transformation of the economy of the region plays a structural policy, which is a system of measures of state regulation to create the conditions for sustainable long-term economic growth and restructuring of the economy for the protection and promotion of industries competitive in the domestic and foreign markets, or whose development is of national interest. Regulation of structural changes based on the analysis of the existing structure, projections, to determine areas of needed change in the existing structure and value elements of the new structure and to develop methods to promote the guidelines.

Keywords: region, the structure of the regional economy, structural deformation, structural transformation, regional policy, structural policy.


Altman Y., Kubiniy N.


Companies of the Transcarpathian region are increasingly using the mechanisms of social potential to further economic development and strengthening competitiveness. In this environment the role of trust is further enhanced not only as an institution or a moral compass and ethical tools, but also as an economic lever of increased efficiency for business activity. Social potential of enterprise is divided into 'cold', 'warm' and transitional. Cold potential requires a system which is formed by rules and regulations to be followed by all employees of the company. A warm potential is dominated by interpersonal communication. Transitional potential is defined as management awareness of the need to build sustainable institutional rules and pursue a policy of transforming the warm social potential into a cold one. Trust, hence, is not only a recourse to economic growth, but also an indicator of the degree of transformation of potential from 'warm' to 'cold'. It is proposed to divide trust at enterprises on vertical and horizontal parameters. The presence or absence of vertical and horizontal trust at the enterprise can form different institutional combinations, the clustering of which is made by using the trust matrix, in which the following zones are marked: synergy areas, the zone of potential opportunism, social hole and social fiasco zone. The results of a survey of the Transkarpatian enterprises showed the level of vertical trust – 2.98, and of horizontal trust – 3.24, which means that they get into the zone of synergy and indicate the potentiality of future economical growth. This suggests definite possibilities for future social potential transformation to the 'cold' type. 

Keywords: trust, social potential, evaluation, types of trust, confidence matrix, confidence coordinate system

Boiarynova K.


The author has suggested the conceptual approach to formalization of an economically functional enterprise in innovation oriented development in the context of the production and economic system purpose, its ideology, and fulfillment of proper economic interest in the ecosystem of functioning. The author identifies ecosystem stakeholders as subjects of economic functionality of an enterprise, a directly internal environmental system of an enterprise as an object, and fulfillment of a completeinterest as a result. The achievement of functional transformation of complete-interests into a completeresult is based on collaboration economic relations and internal mechanisms of an enterprise in the range “consequence-result” and within the scope of a complex environmental system of an enterprise, which is affected by production, managerial, and financial and investment complete environmental systems. Stages of a procedure of meeting demand on the basis of inter-organizational processes comprise: a) accumulative exploitation of resources; b) transformation of stakeholders’ interests into proper interest; b) functional transformation of income activators into a result; c) transformation of stakeholders’ interests into a completeinterest; d) exteriorization of the result. The author indicates the following determinants of providing functionality on the basis of self-development and self-organizing: a) handling a business model in innovation-oriented development in order to provide effectiveness of an economically functional enterprise; b) management based on a determined target result rather than goals; c) using the methodology of business continuity as the basis for enterprise functioning; d) realization of the enterprise activity with the use of functional elements; e) realization of functional transformation of complete-interests into an enterprise interest and a completeresult; f) handling an innovation ideology and a policy in innovation-oriented development; g) implementation of innovations and intellectualization in production and economic system functioning; h) taking into account a type of enterprise innovativeness in the process of transformation and production. The author explains the essence of the functional model of an economically functional enterprise, which is based on the ideology of a holistic complete-approach, object management, concentration on fulfillment of proper economic interest, and adherence to the economic purpose in an ecosystem of functioning.

Keywords: economically functional industrial enterprise, economic interest, inter-organizational environmental system, functional transformation, innovation-oriented development.

Vasilenko Y.


The composition of intellectual capital structure is the cornerstone of scientific community. Despite hundreds of researches its structure is still not defined clearly, doesn’t have a detailed composition and there is no effective mechanism of intellectual capital structure management developed. The purpose of this article is to define components of the intellectual capital structure. The urgency of defining the structure for intellectual capital management is justified in the article. Some theoretical aspects of "structure" and "intellectual capital structure" are considered. Intellectual capital structure is defined as the internal structure of intellectual capital and a set of stable relations of its elements. Historical and critical analysis of current intellectual capital structure models revealed its imperfection and inadequacy to modern management requirements. A new intellectual capital structure has been formed on the basis of deductive method. Analysis of organizational capital revealed that it is divided into three inherently incompatible subsystems: intellectual property, electronic networks and information systems, organizational and management subsystem. In the market capital it has been justified to merge two subsystems: marketing intellectual capital (serves to attract customers) and consumer capital (needed to maintain existing relationships with market counterparties). It allowed to form a new intellectual capital structure, which includes six elements: human intellectual capital, marketing intellectual capital, consumer intellectual capital, intellectual property, organizational and management subsystem. The established structure is different from the existing one by the uniformity of its components, respectively, it is more suitable for the management of intellectual capital structure. Due to the homogeneity of these elements similar tools may be implemented for intellectual capital structure measurement, planning, organization and control. Next step in the development of intellectual capital structure management is to measure its components.

Keywords: intellectual capital, structure, market capital, human capital, organizational capital, marketing intellectual capital, consumer capital, intellectual property objects, organizational and management subsystems.

Haydaenko O.


The determination of the optimal capital structure is one of the most important financial objectives of any enterprise. One of the methodlogical approaches to the optimization of the capital structure is the usage of the financial leverage effect. The involvement of debt capital is associated with different risks, including industrial ones. The aim of this scientific research was the analysis of the effect of financial leverage in order to substantiate the optimal capital structure of famous enterprises in the metallurgical industry of Ukraine. The article deals with theoretical approaches to the assessment of the effect of financial leverage and the efficiency of resource utilization at the enterprise. The basic criteria of an optimal capital structure of metallurgical enterprises of Ukraine, which allow to manage the enterprise in the conditions of uncertainty and manifestations of the crisis phenomena, have been systematized. For this purpose, the analysis of the influence of factors on the return on equity capital of ten enterprises of the metallurgical industry of Ukraine was carried out, and the results have been summarized in order to identify the factors that have had the biggest influence on the dynamics of financial leverage effect. A predominant influence of the differential of financial leverage has been revealed, which, in turn, is affected by the average level of interest rates for credit resources. It is noted that credit resources in our country are very expensive, it is associated with high risks, which the creditors have to deal with, and Ukrainian banks are practically not able to provide for big business. In addition, it is very difficult to raise money abroad, as the international financial institutions (EBRD, IFC, and others) are now more focused on the development of small and medium businesses. It has been revealed that as a result of the crisis in Ukraine, many companies, including metallurgical ones, have a negative differential of financial leverage. At the same time there is a correlation with respect to the fact that the increase in debt load leads to an acceleration of the fall in return on equity capital, and vice versa. In order to increase the competitiveness of the metallurgical enterprises of Ukraine the recommendations concerning the improvement of the capital structure through the use of financial leverage have been given. The selection of the optimal capital structure will enable enterprises to maximize the return on equity capital as the main indicator for the investors of the enterprise.

Keywords: capital structure, financial leverage effect, financial leverage.

Gamma T.


The author has proposed the definition of the category of "management of integration processes development". The basis of this definition are such theoretical aspects as: the study of current approaches to the definition of the category "management of enterprise development", the problems of integration formations analysis as a new institutional form in agribusiness entrepreneurship and scholarly works on the evaluation and structuring of the enterprise economic potential. The author believes that it is a sphere of practical activity, which is connected with the solution of the problems of the integrated union organizational structure, as well as the regulation of its activities. It is aimed at obtaining competitive advantage through highquality interconnected business that provides a synergistic effect as a result of the sharing of resources, market infrastructure, or spheres of activity. The management of integration processes development algorithm in agrarian and industrial complex was developed. It allows to plan the development of integration processes on the basis of the evaluation of internal and external integration capabilities, taking into account the available financial resources. The proposed procedure makes it possible to compare the expected results with the integration of the various embodiments of the integrated structure formation. Moreover, it allows one to determine the need for the appropriate financing of the internal potential of the company, based on the desired level of production effect. On this basis, it is possible to make a plan of the changes in production, organizational and human resources, investment, financial and other integration potentials and to manage the size of the desired synergies. Further studies are related to the research: how we can integrate to proposed algorithm some methods for predicting and simulating the behavior of complex structures in the face of uncertainty. In particular, we will use methods and tools of quantum physics for the study of the interaction in the economic world, which can lead to greater credibility of forecasting events. However, there are no ways to measure business performance in economic theory, which are adequate this hypothesis. Therefore, further research will be devoted to the development of methods and tools for assessing the effectiveness of the integration processes within the framework of the quantum theory of measurement results.

Keywords: integration processes, agriculture, development management, resource-potential approach, capacity assessment.



The article is devoted to the road passenger transport companies in the Transcarpathian region. The economic role of the transport companies is the delivery of the productive forces to the industrial facilities. Due to the geographical conditions, economic structure and social needs of the population of Transcarpathia, road passenger transport plays a key strategic role in the economic development of the region. The analysis of the Transcarpathian transport companies was conducted based on the information collected from the state bodies of statistics, accounting and statistical reporting of the selected research objects. The efficiency was assessed using the transport companies` technical and economic indicators such as the number of units of the rolling stock, the indicators of mileage, speed, the time on duty, the volume of passengers and passenger turnover. The dynamics and the structure of the regional passenger transport were researched in the context of the selected transport companies, regions and Transcarpathian region as a whole. Based on the technical and operational indicators it has been revealed that the buses of the studied transport companies are generally used inefficiently. The two-thirds of all regional volumes of passenger transportations are carried out by individual entrepreneurs. The evaluation of the selected economic indicators of road transport companies has shown that passenger transportations are characterized by operating profitability and in general are self-sufficient for the carriers. The comprehensive analysis of the results allows to conclude that the market for automotive passenger traffic is quite intense and competitive. Large motor transport companies, in the context of administrative units of their deployment, are mostly local monopolists, therefore through their work they play a significant socio-economic and strategic role in the development of the region. Scientific novelty of the article appears in combined micro- and macro-approaches to the evaluation of motor transport companies and in considering the estimated parameters of the companies in the context of the dynamics of the relevant data at the regional scale. The practical meaning of this article is to identify the main trends of the motor transport companies of Transcarpathian region for the purpose of corporate governance and industry regulations.

Keywords: transport, motor transport company, passenger transportations, transportation volume, passenger turnover, financial and economic performance, efficiency.

Erfan V., Mateleshka N., Voron M.


This article analyzes the current state of motivation of Ukrainian enterprises. Authors draw attention to the methodological basis of motivational process at the enterprise, the definition of "motivation", reveal the role and importance of motivation in the management of personnel. The article gives examples of effective motivational mechanism which could be successfully applied to foreign and domestic companies. The main guarantee of quality of motivational process in the company is an individual approach to each team member. In order to meet the needs of staff they need to be heard. Because for someone motivation is a financial reward, for others - comfortable working conditions, for the rest - informal meetings with the staff and free travel on vacation. The main problem of domestic enterprises is a work collective passivity. The methods of personnel management, which are used in organizations are outdated. They are echoes of the command economy and as for today they are completely ineffective. Unfortunately, in Ukraine, which has great human and intellectual potential, companies are not using enough of the tools which may allow them to increase motivation, they are making the main aspect of the "salary manipulation". The main problems of motivation on the domestic enterprises which are described in the article are: disproportionate dependence between amount of prizes and amount of completed tasks, individuality of each person is neglected by management, there is mostly negative climate inside the enterprises. This article defines motivational incentives, which can be used by management not only to provide a positive climate within the company but also to multiply profit. These includes: flexible working hours, decent wages, direct dependence between amount of prizes and achieving appropriate results, enabling promotion, encouraging creativity and invention, providing employees with social benefits, providing free medical examinations, organizing tours and more.

Keywords: motivation, motivational mechanism, motivational incentives, financial incentives, non-material incentives, collective labor, wages, bonuses, penalties, fines.

Matishchak Y.


Providing the Ukraine's population of high-quality dairy products, expanding their range and reducing dependence on imports – these are the problems that in recent years are becoming increasingly important. Therefore, providing growth in production of milk and milk products as one of the valuable and healthy food groups, improving the quality and reducing the cost of manufacturing are important. However, due to the impact of general economic and internal factors over the past twenty years in the dairy industry there are negative trends: the decrease in dairy production, the growth of the difference between procurement and retail prices because of the lack of market infrastructure and the relation-ship between producers and milk processors, reducing milk and dairy products consumption. In terms of these problems to preserve the viability and competitiveness, companies must create and maintain a constant development. Development is a complex economic category that includes, in our opinion, a range of components: economic and financial, organizational, technical and technological, innovation and investment, marketing, human resources, social, informational, environmental and so on. To evaluate the impact of these components, to determine the future prospects of the company remain extremely important tasks, and this is the purpose of this work. To achieve this the following goal tasks have been set: to analyze the state of the dairy industry in Ukraine, to distinguish positive and negative development trends occurring in this area, to outline the prospects for the development of the dairy market and the ways to improve the sector. In the paper the methods of analysis, synthesis, logic synthesis, causation and group method were used. Scientific novelty and practical significance of the results are to identify the problems and prospects of development of the dairy industry of Ukraine, which can be used in the process of their activities to improve competitiveness on the internal and external markets.

Keywords: development, entrepreneurship, dairy industry, component development, competitiveness, development prospects.

Melnyk V., Pohrishchuk H., Pohrishchuk O.


The paper analyzes the essence and semantic content of innovations and innovation process in order to demonstrate its individual components and to determine their impact on the development of innovation-oriented economy. To achieve this goal the article highlights the position of many academics regarding the content and characteristics of innovations and presents a multi-vectored consideration of innovations from the standpoint of discreteness of innovation process, the phases of life cycle of innovation, the spheres of application and implementation results. The characteristics of innovation as a product (physical form) and as an innovation process (dynamic form) have been defined in their dialectical unity, which gives an idea of innovation as a coherent economic category. An overarching role of the innovation process in the fields of education, science, production, exchange, distribution and consumption has been outlined. The term "innovation" is considered as a result of the learning process embodied in the form of new products, new technology, new method, the introduction of new elements, principles and approaches to the implementation of economic activity in place of or along with existing ones, that is, innovation is created on the basis of scientific knowledge. The scientific approach, according to which the innovation is seen as a process of bringing a scientific discovery or technical invention to the stage of practical use and the acquisition of economic substance, also has been highlighted. The advantages of innovationoriented type of economic development in the concept of advancement, through prerogative of achieving a competitive advantage, owing to the achievement of better results in comparison with the basic analog result, due to the orientation of the system on innovation. In order to form the progressive structural changes in the economy, based on innovative changes, the benefits of the innovative type of development have been highlighted and the factors that hinder the implementation of innovative activity by domestic enterprises, which are conventionally divided into internal and external, have been substantiated. As for the first group, the most significant effect is exercised by low innovative capacity of enterprises, incomplete information on the emergence of new technologies, insufficient information about potential product markets, missed opportunities for the development of integration ties with other producers and organizations, the search for qualified personnel and other. The second group includes: a low capital turnover and the lack of cash flow; insufficient state support (including financial one); the high cost of innovation, which is often exaggerated; a solvent demand for new kinds of products is generally low; a high level of economic risk, a long payback period of innovation.

Keywords: innovation, innovation process, economy, innovative changes, innovation-oriented type of production.

Poyda-Nosyk N., Svadeba V.


The article deals with the existing approaches regarding the interpretation of the essence of solvency. The role of high level solvency of a company in providing the stable functioning and the development of a company has been defined. Typical causes of solvency loss by business entities have been indicated. For example, typical causes of solvency loss include the following elements: the errors in the calculation of the planned volumes of production, sales, and its cost, non-fulfillment of orders; uncontrolled growth of production costs; loss of sales channels and regular customers; insolvency of buyers and customers; lack of proper sources of financing; inflation; significant diversion of funds to accounts receivable in excess inventories; poor quality of financial planning at the enterprise; low turnover of working capital; high tax burden; growing dependence on creditors and falling into the trap; unnecessary, high-risk management decisions that lead to the onset of crisis in the company. Basic features that are unique to a solvent company have been characterized. They include solvent sufficient funds in the current account of the company and the absence of overdue debt. The calculations of current and prospective solvency of the investigated company have been done. Certain solutions to existing problems and restoring the lost solvency have been highlighted. For example, the article suggests the solutions such as a change of managers and management style; inventory of assets; optimizing receivables, reduction of enterprise costs; sale under construction; substantiation of required number of personnel; sale of excess equipment, materials and residual products; restructuring debt conversion of short-term debt into long-term loan or mortgage; the introduction of advanced technology, mechanization and automation of production; improving work organization; overhaul and modernization of fixed assets, replacement of obsolete equipment. The universal system of providing the solvency of a company has been offered. This system provides search and processing of information on the state of solvency, the choice of method and further characterization of solvency and results evaluation, the selection of measures to improve the level of solvency and the gradual recovery of the lost solvency completed subsequent monitoring of solvency.

Keywords: solvency, current solvency, prospective solvency, provision system of company’s solvency.

Popova N.


The article considers the theoretical and methodological aspects of the use of digital communications on the example of the enterprises of transport and logistics system (TLS). The results of the study of con-sumers of transport and logistics services have been presented, which show a change in consumer behavior related to digital technology. Thus, about 80% of respondents have said that before booking transportation and logistics services they carefully study online the information about the company, its website, read reviews and blogs. The manner of reading information has also changed: it is read by headers and sidebars and, if necessary, in detail. The interest for mobile add-ons, that allow one to maintain communication with the company, to track the movement of cargo and to adjust the appropriate action, is also significant. Based on the results of the study, there has been suggested a mechanism of the usage of digital communications tools which will facilitate the develop-ment of the enterprises of transport and logistics system in modern conditions. The mechanism is based on the realization of such areas as the creation and optimization of the web site, communication in social networks, the usage of interactive communication and the availability of information in real time, as well as the optimization of communication tools. The creation and optimization of sites requires a user-friendly functionality, an original infographic, modern trends in design, a quality content, the usage of digital storytelling, video, neuro-marketing and search engine optimization. Communications in social networks involve the creation of pages in social networks and the support of contacts with consumers and other stakeholders, the cooperation with bloggers - opinion leaders in order to create a relationship of trust, the development of loyalty groups and brand communities. The use of interactive com-munication is based on the address communication of the enterprises of transport and logistics system with each client through the use of address subscription for information, interactive dialogue, identification of attitudes, preferences and individual interests of consumers, conducting on-line consultations and polls. Seizing the opportunities for obtaining information in real time includes the monitoring of social networks, blogosphere and publications regarding the company, the analysis of its presence in the social networks, as well as the adoption of the fastest and most flexible solutions regarding communications. The optimization of communication tools is based on the development and implementation of the strategy of the continuous presence of the enterprise in the virtual space and the improvement of the interaction with customers, as well as the use of mobile data, mobile applications and cloud technologies to communicate with customers. The implementation of the mechanism of the use of digital communications will enable the use of opportunities presented by digital communications, including a quick establishment of communication between the enterprise and consumers, making flexible decisions, being constantly in touch, monitoring applications, and will also contribute to the development of trust between businesses and consumers.

Keywords: digital communications, digital marketing communications, enterprises of transport and logistics system, consumer behavior, marketing support.

Pulyanovich O., Dyundin V.


The article proves that achieving competitiveness of enterprises in a globalized economical process ensures their active participation in integration associations. Among modern business integration forms industrial cluster shows the most efficient results. Cluster promotes the mobility of financial, labor, market and other resources, creating better conditions for the members of the cluster in competitive advantage. In addition it is proved in research that the competitiveness of cluster and its participants depends on methodological content. Among methodological factors in the formation of a competitive cluster of great importance is the so called imperative basis. Imperative basis is proposed to be the set of principles that have organizational and functional nature, which ensures compliance with the implementation of goals and objectives of the cluster. The imperative basis contains two groups of principles. Firstly, the group of organizational principles and secondly – the group of imperatives of cluster operation. The group of the organizational principles consists of teleology, causal induction and the principle of consistency. The principle of teleology means that the purpose of the cluster plays a motivation role in the organization of the cluster. The imperative of the causal induction will provide a mechanism by which all organizational actions will be aimed at obtaining a given result. The consistency principle assumes that algorithmic of the cluster formation serves the consistency of cluster member’s resources, time budgets and finances. The second group includes the imperatives of cluster operation. Firstly, it is the imperative of the cluster synergies. This principle means that the combined effect of several factors provides a greater effect than the arithmetic sum of actions of each factor. The second imperative suggests to view cluster as an open system. It means that the cluster must function as a system, which develops, learns and organizes itself. The principle of democracy requires a broad participation of enterprises in the business processes of the cluster, its financing, management and creative activity. The mentioned imperatives are based on the Kant's categorical imperative.

Keywords: enterprise, cluster, competitiveness, imperative, development, system, categorical imperative.

Rudenko A., Mezentseva O., Terekh A., Vozniuk M.


The article is devoted to issues that are related to energy efficiency and fuel economy at the energy enterprises of Ukraine. In the above article the problems that have a negative impact on the economy of the energy industry are considered, and the ways of solving this situation are analyzed. One of these ways is per-unit modernization of generate capacities, which is linked to the physical wear and obsolescence of existing equipment that is one of the causes of large losses of heat energy under rapid growth of fuel prices. The second priority in fuel economy, according to article’s authors, as well as in accordance with other researchers, is considered to be the usage of low-potential heat sources. The article shows the economic expediency of new energy-efficient equipment’s implementation in terms of heat-transfer device with heating surface made of incompletely finned flat-oval tubes. Also, there is given an example of its practical usage as heat utilizer for district boiler station with water-heating boiler PTVM-30M, which is used in the capacity of water heater of line-operated return water based on heat of flue gases. The article presents some technical and economic performance indicators of the heat-transfer device and an assessment of the results of such implementation on municipal heat-energy enterprises.

Keywords: energy saving, energy efficient equipment, natural gas, saving, flat oval tube, transverse finning.

Skitsko V., Ignatova Yu.


There are considered two situations in the logistics of small business: the current technology of the production and sales of goods (with-out the use of 3D-printers) and the innovative one which consists of the use of 3D-printers for the production of goods. Under the existing scheme of production technology and sales, it is common that the full implementation of customer order consists of the following steps: acceptance of the order for execution; the selection of products in stock; checking for damage and functionality; order packaging; preparation of supporting documents; transfer of order to a delivery service; delivery of order to the consumer. The article examines the processing of the order until its transfer to the delivery service. In the situation when 3D-printers are used, the complete service of the client order is different and consists of the previously mentioned steps with an additional step. This step is a production (printing) of the goods with the help of 3D-printers. In addition, the step of the selection of products in stock may be miss-ing. For the first situation, the task and appropriate solution have been formulated using linear programming. For the second situation, the problem is formulated taking into account the impact of the use of 3D-printers on the final result of the activity of small businesses. In order to minimize the time spent on the production and order processing, it is suggested to use the mathematical model of multiobjective optimization of logistic processes of small businesses. The steps for solving the problem are described by using multiobject programming tools. The use of the innovative technologies of production (e.g., 3D-printers) allows to get a greater extent to satisfy consumers in contrast to the use of current technology. But the implementation of such technology in production could affect the financial results of the enterprise. On one hand, the use of 3D-printers leads to a significant reduction of costs for the purchase and storage of the finished product. On the other hand, by increasing the time of printing and processing orders, sales volumes are significantly reduced per day, and hence the profit of the enterprise. Thus, in accord-ance with the terms and conditions considered in the article, the volumes of order processing will be significantly reduced, which consequently will affect the profits of the enterprise. The way of solving this problem is the usage of a big number of 3D-printers, but it is costly. In further studies it is appropriate to explore the different aspects of the target programming for solving multiobjective optimization of small (medium, large) business. In particular, it will be useful to consider the formulation of objectives, the establishment of relations between them, etc.

Keywords: logistics, targeted programming, multiobjective optimization, small business.

Shemaeva L., Borisova E.


Using a systematic approach, methods of statistical and economic analysis, comparison, and expert methods, features of reflexive processes in modern enterprises of restaurant business sphere were investigated. With the help of simulation method a reflexive governance model of customer purchasing behavior at the enterprises of restaurant business was developed. The article reviews the problem of the influence of subjective factors in the development of governance mechanisms in the economic security system at the enterprises of restaurant business. The authors propose the use of reflexive governance in a reflexive marketing to generate customer loyalty by means of the modified marketing tool. The components of reflexive marketing at enterprises of restaurant business were determined: studying consumer preferences, communicating with the external environment, offering innovative products and services, creating opportunities to reduce production costs, increasing profitability and value, developing cooperation and integration activities, producing goods and individual services, communication and positioning, client assessment, creating new needs and demand. The study analyzes and determines reflexive marketing tools in the formation of their economic security. The authors propose directions for the reflexive marketing use at enterprises in the restaurant business: active influence on conscious customers choice regarding the demand formation for innovative products; company’s self-diagnostics and its fast adaptation to the needs of consumers and the formation of customers loyalty; the impact on competitors to create the desired-to-enterprise views on its intentions in the product, price, marketing policy. The article proposes a reflexive governance model of customer purchasing behavior at enterprises in the restaurant business, and the ways of reflexive governance use to develop strategies for the formation of partnerships with customers at those enterprises: relationships strategy, consumer strategy, product strategy, presentation strategies and strategies for building customer needs and demand.

Keywords: reflexive marketing, economic security of enterprises, restaurant business, reflexive governance, partner relationships.

Yarmak M.


The paper is aimed to shape the model of the life cycle of the agri-cultural enterprise and to validate the indicators of its life cycle stages. The generalization of existing models of the organizational life cycle has shown that the number of the life cycle stages varies depending on the degree of detalization, still, almost all models can be represented as having the following stages: creation (formation), growth (expansion), maturity (stabilization) and decline (aging), which corresponds to the development stages of the enterprise. When determining the stage of the enterprise's life cycle it its crucial to build a system of indicators to differentiate one stage from another. The systematization of the life cycle stages suggests that the most commonly used ones include: age (the period of operation) of the enterprise, its size, management system characteristics (the type of organizational structure, the level of regula-tion of processes, management priorities), its sales dynamics, business growth, market share, cash flows, financial and profit performance. A critical analysis of the enterprise's life cycle stages indicators has proven that application of qualitative indices is restricted since they define not the development of the enterprise, but rather the state of development of its management systems, as well as similar constraints in such quantita-tive indices as the age and the size of the enterprise, its financial and cash flow performance indicators. The paper develops a methodical approach to identification of the life cycle stage of the agricultural enterprise based on the aggregated dynamics indicator that consolidates sales growth rate, average annual assets, agricultural area, labor costs. This will make it possible to trace changes in most critical characteristics of the agricultural enterprise as its progresses along the life cycle curve: activity on the market, scale of operations, human resources management policies, as well as to make allowance for the specifics of business in the agricultural sector. The suggested approach was tested on ten local Ukrainian agricultural companies located in Zaporizhzhia, Poltava, Kharkiv and Sumy regions with their core business in grain growing, which are present in the same sales markets.

Keywords: agricultural enterprise, development, life cycle stage, aggregate dynamics indicator.


Bacho R.


Foreign and national literary sources which deal with the term of “non-banking financial services markets” have been analysed in the article. It has been concluded that at present there is a certain merge of this term with the term "financial market". Summarizing the approaches to understand the categories of "financial market" and "financial services markets" we can state that the difference between these concepts is in their tasks and functions, as well as in the objects and subjects of eco-nomic relations. The subjects in both categories are the same but they have different functions and appear in various guises – subjects of finan-cial services markets act as dealers at the financial market with the purpose of performing financial transactions in order to meet the needs of their customers. Financial assets are objects of the financial market, and objects of a financial services market are financial services as an instrument to meet the wants of the consumers of such services. Specific characteristics of financial services are also designated. The author's classification of financial services on economic and legal grounds is made. According to the results of the study of existing approaches to financial services classification it has been proved that properties com-mon for all financial services allow to break down and classify them on economic and legal basis. The developed classification allows to distin-guish clearly one type of financial services from another and apply the relevant legislative rules. Based on facet classification 12 facets and 29 attribute-categories have been defined, which influence the development of non-banking financial services markets. It has been concluded that by means of this classification impact risks can be identified and the qualitative characteristics of their display can be determined.

Keywords: non-banking financial institutions, non-banking financial services markets, classification, influence factors, financial market.

Bochan V.


In this scientific article the author has suggested the approaches to the understanding of the definition of "financial supervision", the study of the major domestic and foreign models of the financial supervision system (institutional, functional, integrated model of "two peaks") is done, a comprehensive description of each of them is conducted, their advantages and disadvantages are identified; it was found that the most effective, and such that meet the modern features of financial market development, are cross sectoral models which include a model for tasks and model of the mega regulator. In particular, it was identified that the institutional model is based on the principles of the business environment which today is barely functioning because most of the modern financial intermediaries support cross sectoral mechanisms to promote financial products instead of monolinear ones. The application of the institutional model for the organization of financial supervision is the most difficult, given the scale of the transformation of the financial market and significant erasing of the boundaries between classical and modern range of financial services offered to different groups of economic relations in this segment. The feature of the integrated model in the current development of financial relationships is that its use is particularly effective and efficient for small financial markets where supervision of the wide range of institutions, that provide financial services, can be carried out only by unified supervisory authority. The main advantage of this model is focusing on the regulation and supervision of all sectors of the financial market without the emergence of confusion and conflict of objectives between different regulatory bodies that are inherent to the institutional and functional models. In addition, the article states that despite the widespread cross sectoral model (the "two peaks" model and the mega regulator), their implementation for the domestic financial system is premature.

Keywords: financial supervision, system, stability, market, model, development, financial sphere, risk, innovations, bank.

Grimaluk A., Gorbachenko S.


In recent years, it becomes clear that private investments are not able to ensure the modernization and restructuring of the Ukrainian economy and its individual sectors. On the other hand, the practice of centralized capital investments was so discredited in Soviet times that the suggestion of returning to it in its earlier form is not considered appropriate. So, neither private nor public investment taken in isolation, nor even their simple mechanical connection is not able by themselves to become the financial basis of structural reforms. The problem, there-fore, is to find a way to more organic compounds that will bind tightly public and private components into a single, continuously running system, capable of ensuring the modernization of the entire national economy. Two-tier system investment can be regarded as a hypothesis, based on the separation of the economic mechanism. The unified system is, on one hand, the development mechanism, and on the other hand the mechanism of functioning of the economy. The system can operate effectively only if it provides a continuous mutual transition of centralized investments into decentralized ones. In Ukraine in this context there has been proposed a centralized creation of new enterprises to be sold to private investors, functioning on market principles. The sale of new or modernized enterprises connects the upper (over entrepreneurial) and lower (entrepreneurial) levels in a single investment system. In such a system over entrepreneurial level provides centralized development, and entrepreneurial – the functioning market economy. The same mechanisms operate at the level of individual industries, particularly in the port sector. Given that all Ukrainian ports are state-owned enterprises, the main lever for the development of the port industry is considered to be a public - private partnership. In this context, the two-tier system of investment can become not only a strategic alternative to the classic privatization, but also a lever for implementation of concession arrangements or joint ventures. Among the areas of port activity, the most promising in terms of future investors are container transportation and processing of plant products and petroleum products.

Keywords: investment, restructuring of the national economy, modernization of fixed assets, enterpreneurship, sea ports, sea freight transportation, concession.

Zaslavska O.


The research goal is an analysis and assessment of household savings as a source of bank resources, and the reasoning of the role of organized savings in investment processes as one of the determining factors of socio-economic development. The article presents analysis of research and publications of the classical scholars of economic theory, modern foreign and domestic researchers about the determination of the content and economic nature of savings. There was discovered that the majority of scientists, while exploring the transformation of household savings in the investment potential of the state, tend to use the term «organized savings». In the article, the proper definition of this term is suggested, based on the study of different views on its interpretation. It was proved that the formation of organized savings of individuals is accompanied by their interaction with financial and credit institutions, public involvement in the investment process and the transformation of households in financial agents. The article assesses the income, expenditure and savings of individuals during 2006-2015. There was revealed that in recent years the Ukrainian tendency to save declined due to increased spending on current consumption. The analysis showed that in 2014-2015 Ukraine's population has withdrawn almost 125 bln. UAH of their savings invested in financial instruments that partly happened due to the decline in bank deposits by 31 bln. UAH. The importance of household organized savings was confirmed, especially term deposits, in order to form the resource base of banks. There was revealed that a quarter of the domestic commercial banks' liabilities are long-term deposits of individuals. There also was found that in recent years many of the funds had been transferred by bank customers from long-term accounts to accounts on demand. We noted that the presence of a large number of deposits on demand does not allow banks for widespread use of these funds in the long run. It is proved that the existence and amount of household organized savings largely depend on the socio-economic and political situation in the country. The article defines that among the tasks aimed at increasing confidence in the financial and credit sector of the economy, the priorities are the following: the stabilization of the the national currency by increasing international reserves and gradual liberalization of exchange restrictions; improving the efficiency of the Deposit Guarantee Fund and gradual increase of the guaranteed amount of deposits; reducing of inflation by minimizing monetary emission, reduction of dollarization in the economy and reduction of the refinancing rate; increasing the statutory fund of commercial banks in order to recapitalization program.

Keywords: household savings; organized savings; investment capital; transformation of savings into investments; resource potential of banks; credit and investment banking.

Kolodiziev O., Beliaieva V., Lesik V.


The aim of the article is to study the nature of the relationship between the level of banking systems' financial stability and banking crises that accompany their development through analyzing the indicators of financial stability of European banks. By theoretical generalization of scientific papers on identificating and forecasting systemic banking crises, the existence of the relationship between the level of banking systems' financial stability and banking crises was established. Existing theoretical approaches to identificating and forecasting banking crises were studied, their strengths and limitations in practical use were identified. The conclusion implies the necessity of using separate financial stability indicators for predicting systemic crisis due to the fact that banking system's financial stability is determined by financial stability of its separate components in terms of a synergistic approach. The results of the analysis of European banks' separate financial stability indicators, which were calculated on the basis of capital, assets, income and expenses during the period of 2005-2015, allowed to confirm the theoretical thesis about the existence of inverse relationship between the level of banking system's financial stability and the crises that accompany its development. According to the results it was concluded that a low level of efficiency of bank activity in Italy and Spain can lead to negative changes in the future. Also it was found that the level of banking systems's financial stability was falling during the pre-crisis period and increasing in times of recovery. As a recommendation to improve the existing methodology for assessing the bank financial stability the author's approach was suggested. It is based on calculating the integral indicator of financial stability by combining individual indicators of its components (the resource stability, liquidity, business activity, profitability). This approach may be characterized as complex and allows comparing the results, which were obtained, with other financial institutions.

Keywords: financial stability indicators, financial stability, banking crisis, the European banking system, the methodology of assessment of the bank financial stability.

Kravchuk I.


It is important to use a paradigm of market liquidity that is actual in the international academic environment to evaluate the present state of the national negotiable financial instruments market and to design arrangements to build effective market mechanism of transformation of savings into investments. A holistic modern paradigm of market liquid-ity is proposed in the paper. It includes the ontological component – definition (market liquidity is a measure of the ability of buyers and sellers of financial instruments and trading and depository-clearing systems quickly execute trade transaction at the consensus price with the lowest cost and with minimal impact on the price changes of the finan-cial instrument) and the scope of the market liquidity concept (search liquidity, system liquidity, endogenous liquidity and exogenous liquidity), its attributes (tightness, immediacy, depth, breadth, resiliency), and a methodological component – quantitative expression of the liquidity attributes, namely transaction cost measures: quoted spread; realized spread; effective spread; Roll`s implicitly spread; Corwin-Schultz`s High-Low spread (expression the tightness and immediacy of the mar-ket), volume-based measure: the Amivest liquidity ratio; the turnover ratio; the index of Martin; the liquidity ratio of Hui and Heubel; the index of illiquidity of Amihud (expression depth and breadth of the market), price-based measures: the market efficiency coefficient; the liquidity ratio of Marsh and Rock, and market-impact measures: the market-adjusted liquidity index (expression of the resiliency of the market). The paradigm of liquidity is dynamic, that is, in terms of time it changes under the influence of endogenous and exogenous factors (for example, monetary liquidity and liquidity funding). In particular, recent progress in academic research on the methodology of calculation of different liquidity indicators is based on interdisciplinary approach. In addition, the revolutionary development of information technology and globalization of the financial instruments markets have a significant impact on market liquidity. The existing paradigm is only partial of a broader paradigm, in particular market liquidity is sine qua non of func-tioning of system of maintenance of the negotiable financial instruments market stability based on the implementation of macroprudential policy.

Keywords: market liquidity, spread, attributes of market liquidity, search liquidity, system liquidity, endogenous liquidity, exogenous liquidity.

Obravit V.


The Ukrainian stock market formally has been existing for 25 years, but is still at the stage of institutional formation and significantly is lagging behind the stock markets of developed countries.

As a result of the research activity of national stock market during the last 10 years it has been found that Ukraine is characterized by substantial predominance of the informal market over the stock ex-change, and the dominance of the secondary market over the primary one. It should be noted that the same situation can be observed in stock markets of developed countries. The stock market of Ukraine is also characterized by a limited number of instruments (a narrow range of securities). It has been established that the most prevalent are operations with deposit certificates, stocks, government bonds of Ukraine. It is necessary to pay attention that in the market trading structure transac-tions with derivative financial instruments are almost absent which reduces the level of risk among participants in the base assets market. So called «centralization» of trade in certain types of instruments leads to the impossibility to diversify the financial risks while investing, which at the same time reduces the desire of the stakeholders to participate in the stock market. According to the reports of the main regulator of the stock market of Ukraine, ten stock exchanges have a license for trading organization. It indicates a high fragmentation of the exchange structure, and leads to the decentralization of the supply and demand for securities, complicates the process of control, slows down distribution of information and promotes the development of fraud. Therefore, it is necessary to consolidate the stock market of Ukraine (to reduce the number of trading platforms). In order to deeper investigate the situation on the Ukrainian stock market forecast indicators of the trading volume have been calculated for the following years of 2016-2018 by the method of statistical relationships of equations that demonstrate positive trends of development of the national stock segment.

Keywords: stock market, securities transactions, financial instruments, stock exchanges.

Pshyk B., Voznyuk M., Karpinets V.


The article is dedicated to the problems of realization of innovative energy efficiency projects at the expense of non-banking financial insti-tutions. The mechanisms of financing the development of energy effi-ciency projects by credit unions, leasing and energy service companies, revolving funds were analyzed. A set of practical recommendations for the strengthening of non-banking financial institutions’ role in the process of financing innovative energy efficiency projects are suggested. Among the main recommendations is the realization of such state regulation measures as: exemption from the income tax which is levied from income earned by credit unions, revolving funds, leasing and energy service companies in the process of long term (over 5 years) crediting of innovative projects in the energy efficiency area (investment loans and financial leasing) and also introduction of individual approach to the taxation of income earned from such medium term (from 3 to 5 years) investment activities; partial (50%) formation of reserves to reimburse possible losses on active operations (primarily investment loans to finance energy efficiency projects, particularly in the housing sector); provision of state guarantees to non-banking financial institutions on credits granted to finance innovative energy efficiency projects and organization of state insurance of such investments; exemption from entry duty and value added tax of energy-saving materials, components and equipment used in financial leasing; introduction of state compensation (partial) of interest rate on loans aimed at financing innovative energy saving projects and foreseeing of these costs in the the State and local budgets. It is proved that in order to solve the problem of financing the innovative energy efficiency projects a complex approach that will combine the interests of state, non-banking institution, organization, households and other subjects connected with the realization of innovative projects in the energy saving area is needed. The important components of such approach are the strengthening of state role in the process of private capital consolidation for the realization of large energy efficiency projects through the combination of bank's and non-banking financial institutions’ capital, industrial capital and research organizations funds, and the creation of favourable conditions in the development of energy efficient state economy.

Keywords: energy efficiency, innovative project, non-banking financial institutions, financing.

Yatsenko A.


Program and target method is one of the most difficult ones in the process of financing of healthcare in Ukraine. Therefore, the financial control of budget funds directed for the realization of healthcare problems in Ukraine, is carried out through the state financial audit of execution of budget programs. The absence of the term “the state financial audit of execution of budget programs” in legislation of Ukraine is one of the first and most important problems. Instead of that, the term “the audit of efficiency” is used in Ukraine. The audit of efficiency is used in the mayority of highly developed countries. The audit of efficiency and financial audit is very different in foreign countries, but in the countries of Eastern Europe, such as Russia, the key tasks of the audit of efficiency and financial audit are very similar. One of the stages of the state financial audit of budget programs - the stage of evaluation of performance of the indicators of the budget program, has been analyzed in the article. The article gives a detailed analysis of performance indicators of budget programs that are used in hospitals, clinics and sanatoria and health resorts. The author comes to the conclusion that the performance indicators of budget programs in the healthcare sector are common to all institutions. These indicators do not reflect the specificity of each healthcare institution. The methodology of the state financial audit of budget programs needs to be improved by the introduction of new performance indicators. The author proposes to introduce new indicators such as the number of cases of refusal of admission, the share of re-hospitalization. The number of indicators of evaluation of personnel management of medical institutions must be augmented, for example, the share of health workers who have a scientific degree and the rank, the number of workers with foreign practice. The author comes to the conclusion that Ukraine needs a clear system of organizational, legal, personnel and methodological provision for carrying out state financial audit in the sphere of healthcare and other spheres.

Keywords: state financial audit of execution of budget programs, the audit of efficiency, healthcare industry, performance indicators of budget programs.


Dankiv Y., Ostapyuk M., Slyvka Y.


In France, research of accounting and economic thought was developed by Pierre de Lenezan de Boisguillebert. For French authors the predominance of the accounts over the balance is characteristic from which they derive a double record. A major achievement in the scientific development after Luca Pacioli’s work was Jacques Savary’s proposal to conduct basic and auxiliary books. Thus J. Savari formulated the concept of synthetic and analytical accounting, and hence the relevant accounts and registers. France is home of the accounting records and on their basis the creation of the three forms of accounting concepts: French, American, Belgian. In France, accounting at the end of XVIIth - beginning of XVIIIth centuries becomes a science. There was already accounting thought, but there was no accounting scientific thought. In the middle of the XIXth century in Italy, France, Switzerland, Germany a true accounting science appeared – account-keeping. All the books on accounting by Luca Pacioli to this period described only accounting procedure, without explaining equality, such as debit and credit records for double record, etc. Science emerged later, when accountants have opened account paradoxes. Historically account-keeping originated from accounting. Italian authors saw the meaning of accounting science in changing the rights and obligations of persons involved in the economic process. Accounting, after Villa, consists of three parts: the theory of accounting - economic and administrative relations; rules of the registers and their practical use; management organization, including audit accounts. A separate position from the Italian and French schools occupied a German school. The concept of the German school was in the approach to accounting not from the outside, that is, in search of the content of the accounting bookkeeping in other sciences. It was searched in accounting itself, in the very procedure of accounting process. Therefore, the direction of the German school is called procedural. England and the entire English-speaking world stood on quite different positions of creating accounting schools. For English accounting school account-keeping was not a science. The English-speaking world in this area stood firmly on the positions of positivism. Accounting theory was actually the technique, rather than a science, and it can not be compared with European studies. In the 20 - 40-s of the 20th century on the achievements of the German school, English-American school taking into account pragmatics and psychology, this school had transformation of accounting to direction tools as its main task. The growth of the level of analytic accounting allowed to develop the costs standards. The merit of the Anglo-American school was the development of a new type of accounting – administrative on the basis of the administrative costs control systems "standard cost" and "direct costing". So, all four schools regardless of the branches, aim of accounting, the subject of the study or method had a great influence on the world accounting science formation and in its opinions, scientific designs, propositions are now in all the countries on the world.

Keywords: accounting and law culture, accounting science, French accounting school, Italian accounting school, German accounting school, Anglo-American accounting school.

Makarovych V., Vyhivska I.


The need to improve the models of accounting process in accordance with IFRS requirements, actualizes the necessity to update theoretical and methodological foundations of the formation of accounting information at Ukrainian enterprises for ensuring the transparency of financial reporting under the conditions of EU integration. The transparency of financial reporting is necessary for attracting a free foreign capital into the country, since a high-quality and comparable accounting information is a necessary condition for improving the investment attractiveness of the companies, helping to reduce business risks and to increase the application of investment projects. The article reveals the essence of the concepts of "transparency" and "transparency of financial reporting". The preconditions of the necessity of formation of a transparent financial reporting have been highlighted (the democratization of the countries of the world, the globalization of economies, scientific and technological progress, the need for public understanding of economic processes, the increase of competitive struggle, accumulated experience in forecasting, analysis and overcoming of economic crises). The principles of forming a transparent financial reporting have been characterized (transparency, accessibility, reliability, quality, comparability, efficiency, rationality, adaptability, representativeness, relevance). The compliance with the above mentioned principles of transparency in the formation of financial reporting will ensure the improvement of the functionality of financial statements. The attention has been drawn to the fact that in the current economic conditions, in the system of accounting and reporting practices in Ukraine there is a low level of transparency of financial reporting. Ensuring a greater transparency of financial reporting and thus enhancing the trust of users to it is possible due to the rational choice of alternatives offered by IFRS and attaching them into the entity's accounting policy. The accounting policy, in turn, establishes a relationship between the selected accounting method of the fact of economic life, and which financial condition of the company, respectively, is reflected in the financial statements. Of considerable importance is not only what kind of accounting method was chosen, but also to what extent is the reporting user informed regarding the selected method of accounting of the accounting objects. It was emphasized that in order to increase the transparency of financial reporting the selected alternatives for the formation of accounting information should be reflected in the notes to the financial statements, in order to ensure the confidence of the user in the selected accounting policy.

Keywords: accounting policy, accounting, principles, transparency, transparency of financial reporting, International Financial Reporting Standards.

Sokolska R., Zelikman V.


One of the main organizational issues of the creation and improvement of the enterprise accounting system is analysis and optimization of the centralization/decentralization level of accounting. A centralized accounting is considered such an organization of the enterprise accounting process wherein only primary documents are prepared in individual departments, meanwhile in decentralized accounting both synthetic and analytical accounting are conducted and financial statements are prepared in the departments of the enterprise. The aim of this paper is to develop the complex approach to the determination of the centralization/decentralization level of accounting on the basis of integrated assessment that takes into account both the level of centralization/decentralization of accounting processes and centralization/decentralization in the organization of accounting staff. For this purpose, when assessing the centralization/decentralization level of accounting the following should be considered: to what extent the decentralization of accounting processes is accompanied by decentralization of power, that is, how the decision-making in accounting and the evaluation of accounting activities are distributed between departments and central accounting office. Thus, there should be carried out a two-criteria assessment of centralization/decentralization level of accounting. To assess the centralization/decentralization level of accounting processes and of accounting organization for each of the areas of these processes and for decision making regarding the organization of accounting staff work a special scale can be used, the quantitative assessments of which are in unambiguous compliance with certain quality characteristics of functions distribution (according to the first criterion) and power distribution (according to the second criterion) between the central accounting and departments. It is clear that in the conditions of certain enterprise the significance of the influence on the overall assessment of centralization/decentralization levels for functions (accounting process) and power (organization of accounting staff) may be different. Therefore, the integrated indicator for a more objective complex two-criteria assessment of centralization/decentralization level of accounting system has been proposed and the technique of its calculation has been developed. The final evaluation by the results of two-criteria assessment of centralization/decentralization level of accounting processes is carried out using a five-level scale ("centralization – incomplete centralization – polycentrism – incomplete decentralization – decentralization") or a three-level scale ("centralization – polycentrism – decentralization"). The compliance scheme for ranges of calculated values of integral two-criteria indicator and centralization/decentralization levels of accounting system by given scales has been proposed. The resulting assessment will characterize the overall level of centralization/decentralization of accounting system of the enterprise quite completely and objectively.

Keywords: accounting, accounting organization, centralization, polycentrism, decentralization, evaluation criteria, integrated indicator.

Usatenko O. 


Nowadays in Ukraine there is a strong interest of potential investors for the functioning of financial institutions and asset management companies (AMC) of venture capital funds, which contributes to the rapid development of the asset management activities. According to the data of the Ukrainian Association of Investment Business in July 2016, there are 304 asset management companies functioning in the country, in the management of which there are 1217 different investment funds. The organization of the accounting of equity capital is important for asset management companies, as a risk investor. On the organization of the system of accounting of equity capital depends not only the effectiveness of management of investment and economic activity of the AMC, but also the prospect of the development strategy. This confirms the importance and urgency of the issue of organization of the system of accounting of equity capital of asset management companies. The purpose of the study, the results of which are proposed in the article, is to improve the organization system of equity capital accounting as the object of management of AMC. In order to achieve this goal the following has been done: the problems of the organization of the accounting system of equity capital in the AMC have been studied; the main tasks of the organization of the accounting system of AMC have been highlighted; specific principles that occur depending on the goals and directions of AMC activity have been defined; the analysis of the size of the charter and reserve capital of the AMC in Dnipropetrovsk region has been conducted; the structure of the reserve capital has been defined; the elements of the order regarding accounting policy have been suggested. The proposed elements of the accounting policy will significantly improve the quality of the accounting process, thanks to the formation in the accounting the information that will allow to monitor the status, movement, change and the financial results of the placement of equity capital that will ensure the asset management company the profit level taking into account the presence of risk of venture activities.

Keywords: equity share capital, reserve capital, asset management company, objectives and principles of accounting elements of the order of accounting policies.

Chik M.


Scientific views of national, foreign scientists and norms of regulations regarding the definition of "consolidated accounting" have been researched. The result of studying the national and foreign literature and regulations showed that the definition of "consolidated accounting of production costs" is treated differently by scientists and practices: consolidated accounting of production costs, summary accounting of the costs of production, the summary of production costs, the generalization of production costs. The organizational and technological features of the forestry enterprises influence the methodology of consolidated accounting of costs. The main organizational and technological features are: forestry activities, which consist of the following stages: the maintenance of immature long-term biological assets, the maintenance of long-term biological assets and logging, for which it is necessary to carry out a generalization of the costs; rerolling-regulatory method of costs accounting inherent to forestry enterprises, as timber production is carried out with regard to allotment rules and regulations cost. The main features of the methodology of consolidated accounting of costs at the forestry enterprises are researched. The research of the methodology of consolidated accounting of costs at the forestry enterprises allows us to claim that consolidated accounting of costs is a process that consists of two steps: accounting of production costs (its generalization); distribution of accumulated production costs between redistributions. The scheme of consolidated accounting of costs at the forestry enterprises is proposed. Authors' view of the consolidated accounting of costs with regard to organizational and technological features of forestry activities of the application in terms of national and international accounting standards (financial statements) is proposed.

Keywords: consolidated accounting, forestry, enterprise, management, information, accounting, peculiarities of the activity.

Yatsko M.


The article investigates various forms of control activities. It elusidates individual components of economic control, in particular with respect to its type. The attention is focused on the non-organized forms of control. Limitations of economic resources is a greater need for implementation of effective economic management. One of the main components of such management is tools of control. Control activities is a key institution of the market economy with the help of which there exists the balance of the participants’ interests. Such an institution should limit the economic powers and prevent from unreasonable increase in prices for products or production costs. Particular attention in its performance should be paid to the transition of one economic system into another, and to the period of the particular case in the national economy. Under modern conditions the system of management and accounting methodology has focused on capital preservation, maximiz-ing profits and display of their performance in the standardized financial statements. So, it is necessary to extend the boundaries of influence of the organization of accounting solutions to users, in particular through the impact of unorganized forms of control methods within the existing legislation. The article makes an attempt to prove that unorganized forms of economic control are efficient components in the implementa-tion of control activities in Ukraine. It demonstrates the cyclical nature of the forms of economic control. The author also has proposed a range of preventive measures to strengthen the non-organized forms of economic control in Ukraine, by means of increasing the level of public financial information, such as financial statements.

Keywords: control, control activities, forms of control, non-organized forms of control.