Issue №49 (Part 1) | 2017


Bochan V.


The essence of the money evolution at the appropriate stages of money circulation and its stability are analyzed. Ideas by scholars for creating preconditions for competitive cash are considered. Each improvement of money circulation is focused on improving the speed of cash flow. The importance of money circulation in the evolution of cash system is shown. It was shown, in the works of scientists, that money circulation is not only a catalyst for production, but also the cause of the crisis phenomena in the economy. The conclusion is made that active state policy is needed to ensure cash flow stability. The evolution of money forms takes place in the direction of full inferiors towards half inferiors, which are modern money. The stability of money circulation is considered as an achievement of the term for a sustainable development of the economy as a whole. Sustainability is the ability of the economic system to renew the previous state after some impacts, changes and threats, which are manifested in the deviation of system parameters from the nominal value. However, sustainability should not be defined as stability, which means constancy, immutability, state of equilibrium. Important measures of the monetary circulation sustainability in Ukraine are the following: - streamlining business activities of enterprises irrespective of ownership forms; - ensuring control over cash payments and the elimination of all illegal conversion forms of non-cash money into cash; conduct of a balanced policy of prices and taxes; - sharp reduction of the state budget deficit and the prudent credit policy organisation; a reduction in the number of managerial staff to such limits which correspond to the state of the economy and social life of the country; creation of a favorable investment climate; - maximum suppression and a significant reduction of the shadow economy; - rationalization of foreign trade and foreign economic relations, etc.

Keywords: money, cash flow stability, competitive money, value of money, monetary and credit circulation, risk, government regulation of money circulation.

Hrinchenko R.


The purpose of this article is theoretical and methodical substantiation of methodical approaches to Fourier analysis in the study of cyclical fluctuations in the economy, taking into account their evolution in the modern scientific literature. The methodologies, theoretical and methodological basis of the study are the fundamental principles of modern economic science and scientific works of scientists. Results of the study. Research methods that can be applied in the economy to study the cyclical fluctuations are analysis, synthesis, induction, deduction and analogy. And methods of historical and logical approaches, the method of comparison. Economics frequently uses methods of economic-mathematical modeling as a way of a simplified description of the actual manifestations of cyclical fluctuations. These economic models allow us to identify the causes, factors, and regularities of cyclical fluctuations in the economy. Harmonic analysis for investigation of the regular cyclical fluctuations is used in the economy. In the article, the practical application of Fourier analysis tools to the study of cyclical fluctuations in the economy was described. In the simulation of the seasonal and cyclical fluctuations the approximation of the time series of the Fourier series have been used. The main macroeconomic indicators of the country is the GDP dynamics, which reflects changes in the market and is the simplest measure for the study of cyclical fluctuations in the economy. The article also make the construction of the amplitude and phase spectra changes the dynamics of Ukraine's GDP for the purpose of visual display of the data available for the analysis of cyclical fluctuations in the economy. The scientific novelty of the research results is integrated approach to the analysis of the manifestations of cyclical fluctuations in the economy of Ukraine, with the use of tools of Fourier analysis, carrying out the construction of the amplitude and phase spectra of Ukraine's GDP. The results are aimed at simplifying the procedures for the study of cyclical fluctuations manifestations in all spheres of the economy. The practical value of the research results is aimed at solving problems related to the lack of information in the study of cyclical fluctuations in the economy in order to predict its further development. They can be used in the study of cyclical fluctuations, both in the entire economy and its separate areas, including agro-business.

Keywords: cyclical fluctuations, Fourier analysis, harmonic analysis, amplitude and phase spectra.

Mihaylenko O.


This article discusses the international organizations which have conducted development and gradual implementation of international standards in the trade based on the principles of sustainable development. In particular, International Organization for Standardization (ISO), the International Institute for Sustainable Development (IISD), International Federation of Organic Agriculture Movements (IFOAM). The author has concluded that properly designed and implemented standards can facilitate trade, improve product quality, increase productivity and efficiency. Standards also indicate the characteristics of the product, the use of environmentally friendly technologies. There have been analyzed the problems of standardization and certification in the international agricultural trade, their impact on the agricultural products exchange in the current market conditions. Also, the importance of voluntary standards and their equivalence and harmonization have been considered. The author has codified the data on voluntary standards in several areas in the comparative table - the stages of the production cycle and sustainability assessment methods; the areas of sustainable development; scope for international trade. Above mentioned allows making a convincing conclusion that organic products meet UN Sustainable Development Concept the most. Today the development of organic production is still topical due to a number of obvious environmental, economic and social benefits peculiar to this field.Author’s analysis of the regulation degree of agricultural trade of various types of production shows that the regulatory instruments of market for conventional and transgenic products is under development, because there is no sufficient number of standards, certification, accredited marking and international institutions that have been developing the necessary documentation. Therefore, certification helps to gain consumer confidence in organic management system and its products, emphasizes the distinctive features of organic agriculture by facilitating its access to the world market. The study of standardization gives a reason to state that the system of standards is an extremely important factor in the regulation and coordination of the international markets of agricultural products, both for the economy and for the development of modern society in general.

Keywords: agricultural products, voluntary standards, sustainable development, international trade, organic products.

Smiesova V.


There is an idea that at the present stage of development of economic theory views on the implementation of the economic interests of agents transformed since this process is correlated with a plurality of heterogeneous factors of social, political, economic, cultural, and so on. On the one hand, reproduction of economic interests determine the results and trends in social-economic development, the intensity of transformational changes in the world economy. On the other hand, the development of society requires the evolutionary transformation in the patterns of behavior of economic agents for the reproduction of economic interests. Accordingly, it is stressed that the important and relevant is the study of the main stages of development of the theory of economic interests in each period of development of the economy, the transformation of the views of economists, depending on the existing social-economic conditions. The article investigates the views of economists, of the late XVIII - early XIX century with respect to the theoretical and methodological foundations of economic interests. The strengths and weaknesses of the theoretical views of the representatives of the classical school of political economy, advocates of the utilitarian theory of social harmony and economic interests have substanted. The position of economists regarding the place and role of private and public interests, their relationships, superiority in the activity of economic agents has characterized. The role of the state in the reproduction process of economic interests has been revealed. The basic characteristics of economic interest in the economy of the first half of the XIX century depending on the specifics of formation and realization of subjects and objects, nature, purpose, motivation, incentives, extent, and implementation of the results framework, manifestations and conflicts have been offered. It is concluded that in the process of intensive development of the economy of the late XVIII - early XIX century it comes to the forefront of «homo economicus», the reproduction of the economic interests of which takes place on the basis of the private appropriation. Vector economic interests moved from the sphere of agriculture to industry. The basic economic interests of regulatory mechanisms are competition for property, legal and ethical norms and values, customs and traditions.

Keywords: benefit, reproduction of economic interests, economic thought, economic interest, interest, classical school of political economy, conflicts of interests, personal interests, general interests.

Fedoruk T.


Due to world economic environment instability, issues of the in-time reaction to environment changes become extremely important. The inflation is one of the economic instability factors, but its role in a crises development is not researched fully. Building a system of the inflation processes impact evaluation on the crisis development is a possible way to improve the decision-making process in the crisis management area. The main research goal is to define the identification module position in the evaluation system and define major elements of this module. This evaluation system is based on the anticipative management approach, so it is clear that the basic assessment is required to prove the very next steps. Otherwise, economic diagnosis is needed at the beginning of a research. Diagnosis is the system of retroactive, operative and perspective analysis aimed to a crisis factors definition. That is why the identification module will define some initial point for the further analysis. The factor set reduction should be performed due to the fact that an economic situation can be explained with a lot of different factors. One of the best methods for this is the taxonomy analysis. The main term here is a taxonomy distance. It is the distance between dots-factors in a multivariate environment. So, representative selection methods based on distances are recommended to solve this kind of issues. After that, cluster analysis methods can be used in case when number of factors are manageable. In a conclusion, the identification module is one of the most valuable steps for the anticipative approach. The data given on this stage is the basis for the further analysis.

Keywords: crisis, inflation process, diagnostics, preventive action, flowchart, cluster analysis.


Ganzha B.


In the cause of writing the article the main directions of informal sector legalization of the economy of Ukraine were formed (ISE). Mechanism of state regulation of ISE was worked out, that comprises both normative-legal, economic-organizational, social and information-analytical blocks. The necessity for research of the issues connected with the peculiarities of introducing in domestic practice Concept of the state regulation of ISE legalization (Concept) with the purpose of ISE scales decreasing, for activating investment, innovative, entrepreneurial activity is shown. The author defines the stages of the Concept of ISE legalization as accurately determined sequence of actions on its elaboration, proving and execution that foresee: defining aims and tasks, estimation of prerequisites and circumstances of ISE; creating favorable legal and organizational-economic conditions for legalization of ISE; providing the ISE subjects information concerning losses from informal activity and advantages from participating in ISE; creating measures and economic favorability to ISE legalization on the transition stage; monitoring of tendencies and scales of ISE, indexes of social-economic of the country development. It was based that measures implementation, envisaged by the Concept, will give the possibility to get positive results that lay in the following: by transition from ISE to FSE with constituent change of informal institutions in part of renewability of the population trust to the authorities and management, in financial and credit system renovation of the population in savings in investment resource will take place, that as a final result will favor reorientation of the economy of Ukraine dependence from outer investment sources to the inner market of investments; on account of animation of investment, innovative policy, entrepreneurship activation in FSE will have the tendency to decrease such negative factor of economic growth as using ISE at low qualification, low paid working places with high content of manual work for high intellectual, high qualified workers; step by step profit increase will take place in the budgets of different levels, funds of state social insurance; on account of ISE legalization and stimulating activity in ISE in agriculture, quality improvement of the consumer products for population will take place that will influence the quality and life time; improvement of the environment on account of decreasing ISC volumes and the tendency will be tracked to decrease the economic objects that cannot be controlled from the point of view of subsoil production, exhausts in the environment of toxic waste, etc.; decrease of social pressure in the society. Due to the fact that, the definite part of the population is eugaged in ISE because of the lack of work in the formal sector of the economy , activating of FSE activity will help to reduse income differentiation in in the society because of the ability to receive them in FSE. List of the objects, principles of state regulation of informal sector legalization was formed. Issues on the legalization efficiency in the context of the normative-legal, economic-organizational, informational-analytical blocks of the mechanism of the state regulation of ISE legalization was researched.

Keywords: legalization, state regulation, informal sector of the economy, formal sector of the economy, legalization concept.

Makhonina I.


Increasing importance in the Ukraine's economic relations acquires the institution of emphyteusis in the current conditions of the land moratorium. Landowners consider it as an alternative tool for the land rent, which gives more freedom and prospects for regulating land relations. Lack of analysis and competent authorities explanations, an absence of regulatory framework does not allow landowners to take all advantage of the right. One of the major issues is still refinement of the definition “emphyteusis”. Justification of the term "emphyteusis" will facilitate the research of the formation of land relations and will help to determine the characteristics and directions for its improving in agriculture of Ukraine in the current conditions. A number of important theoretical problems causes the necessity of emphyteusis research, the expediency of its detailed specification and clarification of contentious issues. Solving contradictions in the land relations practice which relate to the right to use an alien land for agricultural needs will facilitate the conduct of a comprehensive study of theoretical problems. We have formulated the importance of сonsolidation in the Ukrainian legislation complete logical definition of emphyteusis. Emphyteusis - a long-term or fixed-term (no more than 50 years for the state and communal land) paid right of use an alien land for agricultural needs with the aim of obtaining economic benefits and income (for business or other activities) with the obligatory effective use of the natural properties of lands in accordance with the purpose: regulated by law and based on an agreement between the landowner and the person who has expressed a desire to use this land for such needs; it may be alienated, transferred as a pledge or by inheritance (by court order or by will) and may be contributed to the statutory fund of another enterprise (with the exception of state and municipal land). The legalization or the definition will allow the landowners to retain ownership of their land and to get income from transferring the right of the land use to another person. The results of the analysis indicate the importance of it for practical application especially for alien land for agricultural needs.

Keywords: emphyteusis, proprietary right, hereditary long-term use, emphyteusis agreement, agricultural land, land legal relations.

Svyatohor V.


The article focuses on the fact that in order to realize the tasks of modernizing the national economy and the state as a whole, it is important to analyze the scientific and technical potential of Ukraine. The scientific and production potential of its national firms and enterprises, their ability to ensure the high level and pace of scientific and technological progress, and their "survival" in conditions of competitive struggle, largely depends on it. Therefore, much attention is focused on the dynamics and distribution of organizations performing scientific and scientific and technical work, in sector of activity, where their analysis indicates the institutional transformation in the economy, a decrease in the interest of representatives of the business environment for research activities. The author drew the main attention to the research of the specific weight of expenses for the performance of scientific and scientific and technical works, the specific weight of the state budget expenditures on science, the specific weight of the volume of scientific and technical works performed in GDP. It was noted that the world's leading states, realizing the tendencies of globalization, actively develop national foreign economic complexes on a high-tech basis, pay special attention to the promotion of science-intensive exports, as well as protection and protection of intellectual property as a system-forming element of the innovation economy. This was taking place against the backdrop of a global increase in demand for intellectual property rights. In addition, the article emphasizes the importance of analyzing the scientific and technological potential for the Ukrainian economy, which should ensure the growth of the effectiveness of scientific research and development, the effective use of budget funds to expand the scope for attracting extra-budgetary sources of funding to the scientific sphere.

Keywords: science, potential, innovation, scientific and technical potential, scientific and technical activity, scientific and technical development, innovative activity.

Slobodyanyuk N.


The relevance of the article is determined by the low competitiveness of agro-industrial complex, which requires a rethinking of the strategic directions of the state agrarian policy, the formation of a new methodology of farming at agricultural enterprises on the basis of the stable growth of the high-tech manufacturing sector. The transition to an innovative path includes not only the modernization of agricultural production technologies but also changes in the sectoral structure, forms of production and management of a company. The aim of the article is to determine the macroeconomic importance of investing in agrobusiness and justification on the basis of this strategic investment and innovation priorities its development policy. Main scientific achievements of the article are to establish a systemic effect on the investment in the agricultural sector due to the diffusion of investment because of the cross-sectorial nature of education. We have identified three strategic priorities for investment and innovation policy of the state in the agricultural sector. On the objects of investment, the focus is on innovative technology resource-saving, ecologically safe nature, which will allow producing the ecologically clean agricultural products competitive in foreign markets, in accordance with EU standards. According to sources of financing investment priority is given to the allocation of budgetary funds on a competitive basis through tenders, tax investment credits, development of guarantee mechanisms by the central and regional authorities on bank loans; generation of agro-financial groups and centralized specialized funds with the participation of state and private structures; attracting foreign capital. As for part of the scientific and infrastructural support important is an essential increase in funding for research and development activities at the expense of different sources, the creation of scientific and technical alliances, cluster structures, agro-science parks and the formation of innovative technology transfer mechanisms.

Keywords: strategic priorities, agriculture, politics, investment, innovation.

Stakhiv I., Stasiuk О.


The virtual role of sport in a social and economic system is not analyzed for a single country or its importance in the global economy. However, without such an analysis it is not possible to assess the future prospects of the functioning and development of sports industry in our country and in the world. It should be noted that today Ukraine has developed a unique, but negative socio-economic situation, which significantly affects the inefficient functioning and development of sports sector. However, it still has not found adequate reflection in scientific research, especially in domestic. Regardless of the specific socio-economic environment in developed countries, there are general laws in force in market-oriented socio-economic systems, and they significantly affect the functioning and development of the sports industry. Despite it, sports and wellness sector in such systems is considered part of the economy. It should be noted that sports and wellness services are offered under well-known brands, which best meet the needs of consumers and have the highest quality. Only rare exceptions confirm the rule. It is confident to say that the brand embodies the positive reputation of sports and wellness organizations. Thus, we can conclude that the reputation of sports and wellness organizations are part of its intangible assets. The major aspects of brands in sports and health services are identified in the paper, as well as the main reasons preventing the emergence of international brands in Ukraine. The characteristic nature of the concept of sports management. It is concluded that the Ukrainian fitness clubs have prospects to become brands and provide quality sports and health services, but there are a number of negative factors that hinder their development in the consumer market that clearly singled out in the study. A competitive economy is able to stay on top for long perfection in some products. We have to give them some personalized value to assign them to various associations and images, they ascribe significance of multi - just so they will be sold well and cause themselves to effective commitment, which is expressed in buyer loyalty particular brand. Sport today is not only a healthy lifestyle but also a huge investment, sophisticated marketing and hundreds of thousands of people involved in the sports industry. WE need competent management of enterprises to work effectively in this sphere, but not just natural. We are convinced that high business reputation of the company may be the least expensive factor in increasing the competitiveness and market development of sports and wellness services in Ukraine. Promotion of sports and wellness services on the market can and should be based on the development of resource potential reputational component of sports and wellness organizations (brand image, business reputation, social recognition, authenticity, service, trust the business community). To strengthen the brand position is to use appropriate strategies of companies merging, organizations related industries such as cluster-based approach, which is important at this difficult and uncertain times for the economy of Ukraine.

Keywords: brand-management, health club services, fitness clubs, sports management, brand, service quality.

Tynsyka I.


The article is devoted to reforming structural and institutional components of the national economy under consideration of fluctuating state business processes. Trajectory tracking of offset of the sectoral presence of the state (as a subject of economic activity) and the possible consequence of such decision for the welfare of society have been positioned as the prerogative of scientific research. It has been hypothesized that the number of state enterprises (or their specific share in the economy), compared with the influence of other factors, is not the determining factor which forms the scale of the public enterprise. Since the public sector is the functional expression of public enterprise, the absolute and relative quantity characteristics of its representation in USREOU including unitary and corporate components were represented in the article. Special attention was focused on the analysis of parameters that the Ministry of Economic Development and Trade uses in evaluating the scale of the public sector as a part of the economy. It allowed to distinguish to disadvantages of the official methodology: the influence of each parameter on the final resultant considered to be equivalent that was not confirmed by their decomposition analysis. For confirmation of the hypothesis, mathematical calculations using the program Mathcad14 were conducted. Namely: an integrated evaluation of 4 parameters that form the basis of the public sector proportion for 2005-2015 by a sectoral component; coefficients of determination that characterize the measure of public enterprise depending factors among themselves. On this basis, the formula for calculating metric of the public sector specific share, which is used by Ministry of Economic Development and Trade has been adjusted. Its new significance (averaged over the last ten years) was founded. The obtained results allowed to: identify sectorial-constant, where specific of public sector for 2005-2015 remained at least 5.36%; set that the number of state enterprises is not a determining factor scale state enterprise. Recommendatory set of proposals to facilitate the restoration public enterprise as a system management tool of the state economy were proposed for consideration.

Keywords: State enterprise, public sector share, restructuring, sectors of the economy.

Cherleniak I., Kurei O.


The results and possibilities of forming the effective industrial policy of Ukraine under the influence of global trends of structural transformations in post-industrial society are analyzed in the article. The relevance of the chosen topic is justified by the fact that the economic policy of Ukraine in terms of association with the EU is gaining binding institutional forms that may positively and negatively affect the process of overcoming the crisis of the Ukrainian economy transformation. The authors outlined the basic requirements for the formation of the effective economic policy and challenges for Ukrainian business and the Ukrainian economy associated with the existence of race-partnership within the EU-Ukraine FTA, namely the need to compete with highly equipped with the latest technical and technological means, financially successful companies and EU corporations; the existence of the asymmetric market information and market incentives; the disparity of the growth factors for the value added component due to the differences in the quality of the financial, infrastructural, social and humanitarian capital and business systems of the developed capitalist countries and Ukraine. It was found that during the designing of the installations of the industrial policy it is necessary to realize in the triad "society-business-government" that an effective competition should be implemented as a dynamic competition and effective structural and industrial policy can only function in a competitive business environment free of corruption, collusion of politicians and oligarchs in "reasonable", liberal in form, but in content - protectionist, technological envelope. The development of the new industries of the highest technological structure, which should ensure the conditions for the capital flow from the field of metallurgy to the high technological structures, the creation of the innovation-oriented production segments of each technological structure based on the strategic objectives of the industrial policy are needed today. Moreover, choosing the following goals it is important that innovative segments, created by the industrial policy, would complement the integrating value-added effect. Business and technical innovations must form gradually a chain of the complementary sources of value added on a foundation of new technological imperatives.

Keywords: structural transformation, industrial policy, technological mode, Free trade zone.


Hapak N.


In terms of decentralization of governance, the important issue is not just the formation of the communities, but the formation of economically capable communities. A major role in this belongs to the business activity that takes place on the territory of the community. The analysis of levels of communities’ business activity attributed to the different clusters and groups is done in this article. A comparative and quantitative ratio of 19 indexes of communities’ business activity was evaluated; also basic social and economic descriptions of communities’ groups are identified. Including this, only 1 community (with the highest business activity) fell into the 1st cluster, into the 2nd cluster - also only 1 community (with business activity above the average), in the 3rd cluster - 2 communities (with the average business activity), in the 4th - 19 communities (with business activity below the average), in the 5th - 28 communities (with the least business activity). The research showed, that only 4 communities of the Transcarpathian region have a high and average level of business activity, and it amount is only 8%. The remaining 92% (47 communities) - are communities with a level of business activity below the average and low. Taking into account the results of the clustering, as well as the administrative and territorial characteristics, the communities were divided into 4 groups. So, the 1st group includes the communities that formed around the 2 largest cities in the region; in the 2nd group - the communities that formed around 2 cities of regional subordination; in the 3rd group - the communities that formed around the city-district centers or the communities of the 1-2 groups; in the 4th group - the communities that belong to the mountainous territories. As practice has shown, appropriate business activity will also be the level of economic development. Coming from this, it is important to develop and form appropriate economic policy tools for different groups of communities, which should contribute to their social and economic development.

Keywords: incorporated territorial communities, decentralization, business activity, cluster, economic capability.

Samofatova V.


The article defines the contents and specified the main stages of the development process of functional-management model for sustainable development of the agri-food sphere (AFS) of the region. The multifunctionality of the agri-food sphere is marked. The AFS is also a very complicated part of the biosphere because it interacts with inanimate nature, and with intellect. It is shown, that when developing a functional-management model of the sustainable development of the agri-food sphere we should also take into account natural resource potential and economic-geographical position of the studied area. It is concluded, that the functional-management model of the agri-food sphere of the region should be based on a systematic approach. Complex multicomponent and multilevel system in the agri-food sphere requires the definition of strategic priorities and its development on a comprehensive basis. The complexity of the agri-food sphere development is in compliance with consistency, balance and harmony of its economic, social and environmental components. It is revealed, that the sustainable development in the agri-food sphere in modern conditions should be based on modern management tools, marketing concept, which allow responding flexibly to the external environment, adapt to it and to create conditions for effective interaction with customers and partners. In this regard, the necessity of forming multi-level governance for sustainable development of the agri-food sphere, which should be based on rational use and building linkages between different types and different levels of activities, the hierarchy of controls, areas of functional responsibility and resources becomes relevant. It is shown, that the proposed functional-management model allows to define and achieve a long-term balance between the main components of sustainable development of the agricultural sphere of the region (economic, environmental and social). It is concluded, that the formation and functioning model of sustainable development of the agri–food region- is a systemic problem and for its solution state administration bodies, scientific institutions, educational institutions, local communities, the subjects of the agri-food business needs to be involved. It is noted, that regional sustainable development policies should develop in the direction of maintaining human capital, innovative entrepreneurship and the intensification of economic ties.

Keywords: agri-food sphere, functional and management model, sustainable development, systematic approach, integration.

Tverdokhlib I., Parasyuk I.


Organizational-methodical aspects of a problem of improvement of program-oriented budgeting of regional prog¬rams of development are considered. Based on the analysis of existing approaches and methodologies of estimation of efficiency of use of budgetary funds allocated for the implementation of state programs in Ukraine the need to improve their distribution between the regional programs is identified. The main drawback of the existing methods of budgeting of state programs in Ukraine is identified as the lack of procedures for quantitative evaluation of the likely impact of highlighted funds for the implementation to achieve their goals.It is proposed to optimize the distribution of budgetary funds between the set of regional development programs with the help of the dynamic matrix-integrated model built on the base of optimal control theory by autonomous multi-dimensional linear objects. The criterion of optimization in proposed dynamic model - is the minimization of budgetary funds for the realization of the set targets regional programs in the context of achieving their goals. As basic limitations of the dynamic model the total volume of budgetary funds and the desired state of the region, in which it goes after performing all the programs are used. Goals for realization regional programs the aggregate, which define the point of the development of the region are set by multidimensional vectors which coordinates define the desired values of selected socio-economic indicators of estimation of the condition in the region at the end of the period of management. The methodology of substantiation of optimal management decisions on the distribution of budgetary funds between the regional programs with the use of complex economic and mathematical models for realization dynamic matrix-integrated model that provides the best achievement of regional development goals are described. The sequence of the performance of the procedures methods, depending on the limitations of the dynamic model is displayed with the help of unit block diagrams. The results of approbation of procedures methods on real data about the implementation of projects medium-term investment program of Lviv region are being discussed. One hundred and one projects of this program, that were realized during the 2005-2011 years, have been integrated into the 5 generalized investment regional programs are discussed. One hundred and one project of this program which was realized during 2005-2011, have been integrated into 5 generalized investment regionnal programs. In order to identify the state of the Lviv region 18 of the most relevant of regional development indicators, from which 12 evaluated the economic aspect of development, and 6 - social were selected. The average annual growth rate values for selected socio-economic indicators for the 2005 year (coefficients of the diagonal matrix A models) and transitional matrix Φ (τ) for the years from 2005 to 2010 are determined. To evaluate the quality of the dynamic matrix-integrated models retrospective forecasts of probable conditions in Lviv region in the time interval 2005-2010 years were made, taking into account the actually allocated volumes of funds for implementation of the 5 generalized invest¬ment programs. Comparison of forecasted and actual dynamic rows values of 18 selected socio-economic indicators testified the feasibility of application of the proposed methodology in the conditions of the fairly stable market environment (in the absence of financial and economic crises on the control interval).

Keywords: Ukraine's economy, economic development, program-targeted management, state target program, the region, optimization, functional analysis, dynamic model, Lviv region program.


Aldokhina N., Komarist O.


Approaches to the internal marketing definition from the period of its origin are analyzed, flaws of this concept essence definitions are identified. The improved definition of the essence of internal marketing is proposed.The importance of internal communication in improving the internal marketing and enterprise operation efficiency is substantiated. Among the internal communication tools, of wich benefits are not used to the full by many enterprises, a tool such as social media is found. This relatively new phenomenon requires additional, more in-depth studies: how can social media be used by the modern businesses to build effective internal communications and, ultimately, to implement the internal marketing strategies successfully. On the basis of companies’ experience with social media in internal communications, their benefits and risks are identified. It is concluded, that the proper use of social media in the internal marketing gives businesses the positive results: increasing the coverage and effectiveness of communication with employees, motivation of employee’ readiness for knowledge sharing and collaboration, generation of the staff’s positive attitude and loyalty to the employer, increased retention, and creation of brand advocates who are enthusiastic in their work. The main problem of the use of social media related to issues of confidentiality, the sensitivity of some questions, unproductive distraction and loss of staff time. To minimize the possible negative consequences of the use of social media and to fully enjoy their positive impact on the internal communications environment, a company should develop and follow an appropriate strategy. Practical recommendations on creation and support of social media at the enterprises are summarized, that enable an enterprise to get a long-lasting effect such as concernment, motivation and employee satisfaction, as well as a better company-employees relationship, that leads to increased efficiency of internal communications, internal marketing, and ultimately, the whole enterprise operation.

Keywords: internal marketing, internal communications, social media, staff, personnel management.

Vedernikov M., Bazaliyska N.


The grandiose personality potential for profitability of the functioning the units of economic is founded in the management of labor behavior. But labor behavior of worker is the complicated category. That is why problem of labor behavior evaluation of worker is appeared. The content of labor behavior of worker, especially evaluation of labor behavior of person is reflected. The essence and expediency of using labor behavior evaluation of worker on enterprise are ranked. The development of guidelines on expert evaluation indicators of labor behavior employee at an engineering company is proposed in the article. To use the method of expert evaluations of all heuristic methods is determined by several factors research: inadequate amounts of information sources; impossibility to use exclusively quantitative or qualitative analysis; the lack of mathematical formalization of investigated problem; a high degree of dependence on unpredictable characteristics; at research of a new object that is not understudied including labour behavior of worker. The feasibility and advantages of the application of expert estimates at the research of indicators of labor behavior of the employee are determined. The approaches to the determine the composition of the expert group determination of indexes of labor behavior are formed. The expert evaluation of indicators of labor behavior of the employee in the enterprise is conducted. The method of statistical equations dependencies for building integral indicator of evaluation of labor behavior of personnel at an engineering company are proposed The practical application set of indicators will enable to analyze results of the qualitative implementation of all components of labor behavior of worker at the individual workplace.

Keywords: labor behavior, evaluation of labor behavior of worker, monitoring of labor behavior, personnel management, expert evaluation, characteristics of labor behavior, statistical equations dependencies.

Velichko V.


The study aims to systematize the existing theoretical and methodological principles to the definition of information and analytical support to counter-raiding at the enterprises of the fuel-energy complex. To achieve this goal the following tasks are solved: summarizes the theoretical and methodological position to determining the information and analytical support to counter-raiding on energy companies; suggested author's definition of information and analytical support to counter-raiding the enterprises of the fuel-energy complex. problematic aspects and features of the functioning of enterprises of the fuel and energy complex, that are characterized by creation of the regulatory framework and economic mechanisms for the formation of information and analytical support are identified; provision of information policy for the characterization of new sources of energy, energy saving technologies, modernization of power plants and electricity grids; the use of modern technologies in coal mining, oil and gas companies; the formation of information on the modernization of gas transportation systems, oil; providing fuel and energy balance between the state and enterprises FEC and other stakeholder groups. The study systematized theoretical and methodical positions on the definition of information and analytical support to counter-raiding (IASCR). The author 's definition IASCR enterprises of fuel and energy complex, which is regarded as a system of interrelated activities aimed at preventing and combating raider attacks, taking into account the peculiarities of business entities, the level of interaction between the various stakeholder groups, the influence of external and internal environment, technological and "power "direction, and it allows to make an assessment of "raiding appeal" for management decisions. Prospective directions of presentation of the study are identified: - Formation of the concept of "raiding appeal" of fuel and energy complex; - Development of an integrated assessment framework "raider appeal" based on the generated information and analytical support; Formation of the algorithm information and analytical support "raider attractiveness" of fuel and energy complex;- Development of measures to counter the raider seizure of enterprises of the fuel and energy complex, based on the relevant information and analytical software and the results of the integrated evaluation of "raiding appeal"; - Improving the regulatory framework of anti-raider grabs enterprises of fuel and energy complex; - Ordering of international experience counteract raider attacks and the creation of opportunities for its implementation at the domestic enterprises of the fuel and energy complex.

Keywords: fuel and energy complex, raiding, counter-raiding, information and analytical support to counter-raiding the enterprises of the fuel-energy complex.

Gogol T.


The problem. Ukraine has perspectives for development of the agro-industrial sector and transforming it into a highly efficient, exportable economic sector. Therefore, every subject of agribusiness has to develop rational conceptions of production and sales. To achieve this, one must approach with more responsibility the production of competitive products and services, strive for the loyalty of customers, create new levels of the market infrastructure and expand the existing ones, especially the own trading network and marketing services. The aim of the article is to explore the activity and to determine the specifics of forming a brand of subjects of agribusiness. Methods of the study: method of the scientific analysis of the theoretical materials, method of statistical analysis and comparison, deductive and inductive method, method of theoretical generalization. Main results of the study. The article presents the results of examining subjects of agribusiness and specifics of forming their brands. The meaning of agro-industrial complex for the socioeconomic development of the country is highlighted in the article. The main sectors of agriculture are characterized. The characteristic features and specific playing field, on which the subjects of agribusiness have to function and form their brands, are shown. The domestic and world markets are analyzed, so are the conditions of productions and sales of agro-industrial production. The main principles of forming the brands are generated and their effectiveness in the improvement of competitiveness of their enterprises is emphasized. The main features of forming the brands of subjects of agribusiness are demonstrated. The scientific novelty is in the specifics of methodological analysis and practical projections on the issues of the forming of brands of the subjects of agribusiness. Conclusions. Forming the brands is an important strategic condition for functioning and development of the subjects of agribusiness, as Ukraine has to improve its competitive position in the world market of agricultural products. To realize this strategy, it is the brand of the enterprise, that functions as an incorporeal asset, allowing to increase the added value of the product and to improve the competitiveness of the enterprise. That is why not only the playing field and forming brands of subjects of agribusiness require the further studying, but also the issues of brand management, its principles and mechanisms.

Keywords: subjects of agribusiness, market, competition, agro-industrial production, marketing, brand, principles of forming a brand.

Holovtchuk O.


The problem of increasing the effectiveness of industrial enterprises' innovative activity in the terms of the world economic area globalization is actualized. On the basis of the results of innovative activity analysis of Ukrainian enterprises, it was proved that they do not ensure significant increasing in sales volume of industrial products. Furthermore, the relative share of industrial products is decreasing from year to year. Meanwhile, the quantity of innovative active enterprises realizing their innovative activity in different spheres is constantly growing during the last 10 years (excepting 2008-2009). All these cause the conclusion that innovative activity of industrial enterprises is insufficiently effective, their tasks and results do not correspond to their strategic aims. Such strategic aims of the enterprise include the purpose to get new markets. Their implementation requires particular attention to the quality issues - especially to the points predominantly influencing the consumer value of the products and ensuring their competitiveness. It is underlined that results of innovative activity must improve the enterprises' ability to create new consumer values that will help them to avoid competition with existing popular forms and to create new market segments. It was made the assumption that this aim could be got through the combination of innovative management principles and approaches and total quality management system (TQM). The author differentiated TQM principles that enable improvement of industrial enterprises' innovative activity, start the mode of self-organization. It was proved that the crucial factor for machine-building plants manufacturing high-technology products is to provide efficient organizational cooperation. The bulk for this is the mutually profitable collaboration of intellectual potential holders which includes their motivation structure and motivation preferences. Such kind of cooperation could prevent opportunist behavior of key competencies bearers, lower the level of resistance to changes in each iteration of the innovative process. Finally, it enables reducing in a number of iterations themselves and increasing the productivity of each one. In this regard, the special attention was paid to such principle of TQM as "total involvement". Based on specific features of innovative activity, it was proved that implementation of this principle as the basic element of enterprise motivating environment facilitates its responsiveness to innovations, enhances the effectiveness of organizational cooperation. It was argued, the principle must be realized in the organizational and economic mechanism of innovative activity management of industrial enterprises.

Keywords: innovative activity, industrial enterprise, consumer value, TQM system, motivation, total involvement.

Kampo G., Dochynets N., Havrylets O.


Effective management of enterprise financial stability helps the company to adapt better to the environment and control the dependence from external funding sources.The purpose of this article is to evaluate the financial stability of Ukraine’s enterprises and to find ways to improve it. We have considered various approaches to the interpretation of financial stability given by Ukrainian and foreign scientists and we can conclude that common in these scientists thoughts is that financial stability - is a liquidity, stocks formation by own sources, reasonable structure of own and borrowed company funds. Also, many authors point out that the company financial stability is characterized by its ability to maintain financial balance in the long run.

We have made an express analysis of Ukraine's enterprise's financial stability indicators for 2012-2015 years, and we found that enterprises lack its own circulating assets. Dynamics of the financial autonomy ratio shows the increasing financial dependence of enterprises from creditors and formation of funding sources by obligations. We also found a high dependence of the Ukrainian enterprises from external funding sources and high risks to financial stability. The negative dynamics of the rate of financial stability indicates a high risk of loss of solvency. Dynamics of the financial stability rate of Ukrainian enterprises for 2012-2015 shows the insecure financial situation and the high level of dependence on external funding sources. The growth of the indicator of debt concentration demonstrates a growing dependence on external funding sources and financial stability reducing. The negative dynamics of the own working capital mobility rate shows a lack of capital for current assets financing. So, we can conclude, that it is difficult to the Ukrainian enterprises to ensure an adequate level of financial stability in the crisis situation. It is necessary to do some actions in order to ensure efficient enterprises capital structure, finding of opportunities for increasing equity capital, first of all, due to the income capitalization and investment resources attracting.

Keywords: financial stability, the stability of enterprises working capital, financial dependence.

Kapustnik S.


Сlarifation of the "strategic decision risk" concept and elaboration of scientific and methodological recommendations to the process of risk identification of engineering companies strategic decisions were purposes of the article. The essence of the "strategic decision risk" concept in the context of strategy creation and company development was formulated in the article. As a result of the research, a number of tasks for determining the internal and external context of the enterprise were formed; a PEST analysis of the Ukraine's engineering industry was carried out. Based on the analysis of some risk management standards and scientific sources, the stages of identification of strategic decisions risk have been proposed. In order to implement the stage of risk factors positioning, a matrix type scheme that will increase the effectiveness of subsequent analysis and assessment of risks of enterprises strategic decisions have been developed by the author. In the further scientific research, developing a methodological approach to risk assessment in the process of strategic management of the Ukraine’s machine-building industry enterprises, it is planned to use obtained results.

Keywords: strategic decisions, risk identification, strategic decision risk, engineering, strategic management, risk management.

Mazur V.


The article deals with the development of an effective system of forming and support of positive image as the important instrument of support for economic and social stability of an enterprise at national and foreign markets. The main stages of forming positive image and a company’s reputation to achieve stable and constant success in an increase of competitiveness and productivity of a company owing to the system of modern marketing characterizing by new tendencies of the influence of global reasons of the first decade of the 21st century have been investigated. The factors, which influenced the evolution of the marketing, the development of its instruments and forming of effective communications with the target audience have been analyzed. New tendencies in the development of marketing have been formulated. The company’s image was suggested to consider as a multi-component symbolic envelope created on the base of basic characteristics of a company: reliability, virtual peculiarities of its product, primary symbols and values. The model of the process for support of a company’s image and the role of its dominant functions was suggested; the model as a balanced volume quadrangle: forming of a good’s image, price image, distribution image and promotion image have been suggested in the article. Many scholars have investigated the problems of forming the positive image of a company. In spite of their considerable research, some issues connected with new technologies of image management and stages of its forming and support need to be investigated. The analysis of special scientific sources showed that among scholars there is no common opinion about the concept of an “image”.Famous international research companies Reputation Institute, Burson Marsteller, Chartered Institute of Public Relations suggest the common definition of an image as an attitude to all interested parties to financial and non-financial aspects of a company’s activity. Scientific investigations in a company’s image and reputation in advertising and marketing technologies before the 90s of the 20th century were represented mainly in foreign literature. Besides, foreign and national scholars have not made a basic scientific development of a marketing model of a company’s image and reputation management taking into account the value consumer’s orientation, problems of forming on their base an optimal image models, use of image business technologies as marketing instruments to increase the volume of sales and have a constant profit. The peculiarities of a company’s image and reputation management on the base of the models of social and ethical marketing have been insufficiently investigated. Nowadays, the urgent need to make such investigations increased because of implementation of civilized, socially oriented and ethical forms of the business making in the modern market economy.

Keywords: system of formation, economic sustainability, image, brand, steps, traditions, influence, reputation, advertising, model.

Maistro R., Miroshnik M., Maistro D.


Innovative development is one of the main prerequisites of creation effective economy of the state, growth of employment and increase level of living of the population of Ukraine. The analysis of the functioning of small enterprises in Ukraine confirms the importance of an entrepreneurship in the economy. The employment figure of the population in small and medium business and products share in the structure of GDP by small enterprises also testifies to it. Innovative development of the entities depends, first of all, on scientific and technical activities (8,5% of small enterprises) and education (only 1% of small enterprises) that speaks about the necessity of stimulation of innovative development of an entrepreneurship.The analysis of the directions of development of small enterprises in regional programs says that approach to the development of these documents is formal. The tasks determined as a priority for regions are general and do not contain any specific information about tools of the problem resolution the development of an entrepreneurship, resources and terms of implementation of an entrepreneurship.It is necessary to realize real steps on support and stimulation of innovative development small enterprises in Ukraine, that consist of enhancement available and adoption of new regulatory legal acts, improvement of strategic planning, a creation of the centers for studying of the internal and external markets, provision of consulting and classroom services. The economy needs to implement the simplified order of registration of small enterprises, the simplified order of accounts presentation and conducting financial accounting; providing with the state order; application of reduced customs tariffs; preferential tax treatment; preferential crediting; leasing, accelerated depreciation, expense recovery for the innovations connected with the core productive and trading activity from the amount of the chargeable income. At the regional level, it is necessary to find an opportunity as much as possible to combine interests of subjects of business activity with interests of administrative and territorial units, to use regional features, natural and resource potential and to stimulate the development of business at the expense of own resources of the region.

Keywords: small enterprise, small enterprises, problems of innovative development, state support, a regional program of development of small business.

Mamonov K., Prunenko D.


To determine directions of capital investment formation to ensure efficient use of intellectual capital in construction enterprises was the aim of the study. To achieve this goal, the following tasks were accomplished: to analyze the state and dynamics of capital investments in the construction industry; to characterize the structure of capital investments; to determine the direction of capital investment in intellectual capital. The importance of increasing the capital investments formation effectiveness for the construction enterprises development in the context of ensuring the realization of the intellectual capital increase was proved. Ambiguous trends in the capital investment area that creates conditions for reducing the efficiency level of intellectual capital formation were discovered. In particular, the dynamics of the volume of capital investments in the construction industry in 2013-2015 had an undulating character, where the periods of the fall changed to growth. Significant changes in the structure of capital investments in intangible assets were identified. They have a negative impact on the development of intellectual capital and require the implementation of the anti-crisis measures. The undulating trends of changes in capital investments in construction were characterized. Capital investments in intangible assets, that are the part of the countries intellectual capital, occupy a small specific share. This indicates a lag behind the development of developed economic systems. Reducing the attractiveness of the represented industry both in domestic and international economic relations has been due to the reduction of software and databases. The volume of investments in intangible assets for 2013 – 2015 has been increased. During the studied period, the increase in specific share of capital investment in intangible assets in their general structure increased in 1.6 times.

Keywords: intellectual capital, capital investments, intangible assets, construction enterprises, software, databases.

Nahornaia I.


In today's economic for the enterprise's potential development improving the effectiveness of the management system of financial stability is acquired. A solution of the problem related to the formation and management of information resources are important in financial stability management. Inadequate information of management system leads to the adoption of wrong management decisions, suboptimal use of internal resources of the enterprise, an increase in business risk, underestimation of the level of demand and supply of goods and services, and others. Consequently, the level of enterprises awareness and the effective and rapid possibility of received information assessment becomes one of the criteria for assessing the enterprise stability, the most important factor for survival in the fight against competitors. Substantiation of the essence and definition of the main components of information management of financial stability of enterprises was the purpose of the article. Content analysis of "accounting and analytical support", "accounting and analytical system", "accounting and information management" was presented in the article. The analysis had led to the conclusion that it advisable to use a single term "information support". Part of the formed system of financial and property information management of the enterprise is accounting and economic analysis, which interacts with each other through information flows and formation of a powerful database for decision making and financial control. Factors that affect the level of information provision were characterized and grouped. The stages of the information base formation, the observance of which will enhance the effectiveness of the information were offered. The requirements to financial information were also presented with taking into account the International Accounting Standards. According to the results of the study, the main aspects of the concept of the financial management information system were identified, a model of information support movement was constructed. The model includes a goal, an object, functions and tasks, as well as principles for building relationships through information flows.

Keywords: information support, financial stability, accounting and analytical support, management, analysis, system, enterprise.

Pisymak V.


Ukraine is in dire need to improve the competitiveness of industrial enterprises in today's globalized market economy. The successful functioning of enterprises and their stable economic growth can be achieved through the creation of clusters for the purpose of production. Cluster - is a legally independent, but connected enterprises within a single economic space, that are focused on the production of a single product under the cooperation terms, that have benefited by specific assets: common territory and economic space. Economic growth and diversification by increasing the competitiveness of companies, suppliers, educational and scientific institutions that take part in the creation of such associations is the main purpose of the formation of clusters. In the context of the cluster, an association is necessary to form a unified system of risk management, that should be incorporated into the business plan at the design stage. The imperfection of managers work methods at all levels with concerning to the organization's corporate culture, managing resources and risk management methods should be taken into account. In the process of development, clusters are being reformed in a cross-sectorial and economic system beyond the functioning of a single economic activity. A successful management concept is necessary to such a complex system has become a source of strategic advantage for the enterprise. The logistics concept is aimed at obtaining a synergistic effect by combining independent objects to solve economic problems. Logistics is one of the most important competencies of business enterprise that plays a huge role in the universal process of formation of the final consumer of goods and services.

Keywords: cluster, cluster formations, logistic approaches, innovation, competitiveness, interfirm interaction.

Strochenko N., Medvidy V., Kutakh K.


The article substantiates the expediency of using outsourcing practices at enterprises of the agro-industrial complex. The essence of theoretical approaches to the definition of the concept of "outsourcing" is revealed and established. It is noted that the most important difference between outsourcing and other types of interaction between business entities (cooperation, capacity management) is its strategic nature. The importance and role of outsourcing in the activities of agricultural enterprises as an effective tool for increasing competitiveness, increasing profitability and reducing costs were identified. It is established that the most popular and effective types of outsourcing for agricultural enterprises are: outsourcing of management functions; management outsourcing; outsourcing enterprise capacity management; outsourcing of business processes; outsourcing of information technologies; logistic outsourcing; production outsourcing; agroindustrial outsourcing; outsourcing of human resources (personnel); outsourcing marketing, etc. The main advantages and disadvantages of using outsourcing in the activities of agricultural enterprises are determined. The model of organization of outsourcing in an agricultural enterprise is substantiated. It is established that the cooperation between the organizations of the agroindustrial complex and outsourcing companies in the context of implementing a single production program allows not only to increase the production of goods and services, but also to reduce the amount of fixed costs per unit of output. In this regard, the activity of each of the outsourcing enterprises is economically profitable, and the cost price of production of goods and services is reduced. We identified, that basic indicators of efficiency of outsourcing introduction in the enterprise activity should include: improvement of technological equipment of production process; growth of a part of innovative products; improvement of product quality; improvement of activities through optimization of the organizational structure and production process.

Keywords: outsourcing, performance, strategy, specialization, management, outsourcer enterprise.

Feshchur R.,Tymoshchuk M.,Kopytko S.


Evaluation of enterprises development is a complex and comprehensive issue. It is comprehensive in view of the dynamic interaction of companies with the external and internal environment, complex in terms of the tasks facing a researcher in the process of development of concepts and methods of assessment, namely the task of constructing a system of indicators, development of appropriate evaluation methods considering the peculiar features of enterprise development under the current market conditions, building a "transparent" quality assessment scale etc. Developed methodological provisions for the principles of constructing the system of development indicators and the vision of a holistic solution to the outlined issue, highlighted in the literature, make the theoretical background, but they need further consideration and study in the area of building adequate assessment methods, by limited number of the most significant (dominant) indicators of business activity in particular. The complexity of the issue of evaluating enterprise development has led to the appearance of a significant number of methodological approaches, each of that can be used under certain conditions. On the basis of research, we found that in assessing the status and dynamics of enterprise development it is necessary to take into account the nature of changes in dominant indicator of business activity – the amount of net income, that directly affects the choice of the evaluation method. The high volatility of market environment can cause fluctuations in net income of enterprises, thus affecting the adequacy of evaluation of their development. Depending on the degree of variation in the index of business activity the following types of development are singled out in the paper: regular, continuous, varying, chaotic. The particular type of company development necessitates the use of appropriate evaluation methods, the most common ones are methods of statistical analysis of time series. And if businesses, which have a regular or continuous nature of development, can be evaluated by the initial time series, the evaluation of companies with varying or chaotic nature of development is more complex because it is necessary to fit time series (setting the length of the time period in which data is averaged, validation of weight coefficients, etc.). Methodological approaches, presented in the paper, partially solve these problems, but they need further research into monitoring and adjusting the limit values of the average coefficient of changes in dominant indicator of business activity and confirming, in a study of empiric evidence, the validity of established limit values of the coefficient of variation, on the basis of which the character of development is determined, and accordingly - evaluation method.

Keywords: enterprise development, dominant indicator, types of development, fitting time series, weight coefficients, assessing the status and trend of development.

Shtal T., Kozub V., Bondarenko L.


The process of forming an investment strategy by domestic enterprises in the context of their participation in international business was studied. The essence of the investment strategy is defined as a component of the overall strategy of the enterprise, which covers the investment activity of the business entity. The features of formation of the investment strategy of the enterprise were considered. The components of the investment strategy are represented by the choice of the form of investment activity (real or financial investment) and the mechanism for their implementation (search for sources of investment resources). The contractual and investment forms of participation of enterprises in international business are analyzed depending on the level of their internationalization and the depth of penetration into the foreign market. The contractual forms of international business include export-import operations, contractual cooperation agreements, economic activities abroad. Investment forms of international business are represented by joint ownership (creation of a joint venture) and full ownership (creation of a subsidiary). The advantages and disadvantages of the main forms of international business are highlighted. The category of joint venture includes such forms of the enterprise's participation in international business, as contract cooperation agreements, economic activities abroad and joint ventures. The possibilities for realizing a certain form of the company's entry into foreign markets are explored. The features of the transformation of the enterprise investment strategy are singled out. The ways of implementing the investment strategy in the context of the participation of domestic enterprises in international business are proposed, namely the organization of a capital transfer in the form of full or partial ownership and the establishment of a joint venture with a foreign partner by making a contribution to the statutory fund in the form of providing intangible assets.

Keywords: investment activity; investment strategy of the enterprise; international business; joint venture; affiliated undertaking.


Bacho R.


In the article the presence of a cause-effect relationship between state indicators of non-banking financial services markets and the Regulator’s activities at these markets is disclosed. According to the tests’ results conducted in the applied packet of data analysis EVIEWS, it was found that the time series of the basic financial markets’ parameters and the Regulator’s measures were dependent on the time factor and cyclical fluctuations, that is non-stationary, excluding permanent parameters. Based on the study results of the Granger test, was formalized and proved the correlation between Regulator’s measures and non-banking financial services markets parameters (time series of which are not stationary). The NFS market’s parameters have their own peculiarities. Namely, the total value of NFS assets is formed by changing revenue from fines and by the number of orders taken by the National Commission for the State Regulation of Financial Services Markets. Change in the total cost of NFS assets by 74% causes a number of inspections from the side of Regulator, licenses stopping and canceling. On the basis of the study and its results a system of indicators of non-banking financial services markets was formed, it considers the cause-effect relationship between Regulator’s measures, impact factors and non-banking financial services markets’ parameters; peculiarities of insurance, credit services and NFS markets’ parameters assessment. Further studies should be directed to the elaboration of scenarios of Ukrainian NFS markets development under the current model of state regulation.

Keywords: non-banking financial institutions, non-banking financial services markets, National Commission for the State Regulation of Financial Services Markets, state regulation.

Bechko P., Barabash L., Popichenko D.


Reform in agriculture, caused by the change of government and economic and political priorities, contributed to the formation of a new private owner of the agrarian enterprise. At the same time at his disposal, there were not only the means of production but also products produced.However, the expected growth spurt of the efficiency of agricultural production management did not happen. As a result of reducing the level of state support and irrational use of current assets stimulated enlarged purchases of production stocks, financed mainly from their own sources, have increased. It became one of the key factors in reducing the competitiveness of agricultural products.It is known that the rational use of own and borrowed funds is the basis for the successful operation of an enterprise, in particular, the agricultural one, which is characterized by seasonal conditions of production. At the same time, foreign experience shows that the achievement of the outlined above is possible if the following two conditions are fulfilled: the choice of a strategy for managing current assets, made by the agricultural enterprise, and the state's formulation of a model for regulating the economy of the agrarian sector.Proceeding from the foregoing, the initial task from the position of the enterprise should be to find some ways to minimize the production cycle of economic entities in the agrarian sector. Taking into consideration the consequences of different strategic approaches to the current assets management, the practice of current assets rationing, using not only own but also borrowed funds is the most appropriate in modern conditions. In particular, the normative part of current assets is financed from the own sources, and attraction of short-term bank loans allows to provide their excess volume.However, increasing the competitiveness of agricultural products is impossible only with the help of the method described above. As agrarian production is the main source of the formation of food security for the state, it is logical that the state will become that concerned party which will establish the key rules of the game.Nowadays the conditions of agrarian activities have only become more complicated as a result of the legislative changes in the sector of agricultural enterprises functioning that came into force on January 1, 2017. In particular, one of the acutest moments now is the increase of tax burden level, which provokes the absorption of small and medium-sized agro-formations by large agricultural enterprises.That is why we should focus on modern models for the state regulating the economy of the agrarian sector, which are being practiced in foreign countries. Besides, it is important to take into account the national characteristics of the economy.

Keyword: current assets, production stocks, the state program of agriculture support, the mechanism of soft crediting, models of the state regulating the economy of the agrarian sector.

Bolgar T.


Economic instability, devaluation of national money and system banking crisis in Ukraine is a source of slowing down economic development, unemployment increase, deepening of poverty and sharpening of social and political risks. Nowadays, the banking system has problems with financial stability and solvency. Every year, more banks feel the negative influence of different reasons causing waves of liquidation and bankruptcy. That is why, today, trust to the banking system is extremely decreases. The main problem is the outflow of deposits from bank establishments, which will be until new banks appear on the market. During the last years, quantity coefficient of banks in the banking system of Ukraine decreased (dates from 1/12/2016 there are 98 banks in Ukraine) and the part of non-performing loans increased. Such dependence causes trouble both at the level of separate bank and at the level of the banking system. Thus, the volume of non-performing loans is 24.2% from common volume dates from 1/12/2016 what three times larger than during 2013. The process of bankruptcy and banks liquidation essentially influences the level of debtor’s fulfillment before creditors. The information of mass media increases this process. In particular, mass media often spreads not checked and false information about the rate of banks, it causes the clients not to fulfill credit agreement conditions. Taking into account these conditions and common financial and economic situation in the country there is a need to protect actively the creditor’s rights as a business entity. Stable increase of national banking system should be owing to ways to improve common macroeconomic reasons, namely: increase of common trust to banking system; costs repaying into banking system from shadow economic sector; increase of guarantee size of repaying deposits of physical persons; increase of stability and trust to national money; decrease of taxation pressure. It is clear that, nowadays, under such conditions, the banking system as the whole can not play its key macroeconomic role – transform savings of the population into investments what is one of the factors of slowing down the economic development of the country.

Keywords: banking system of Ukraine, the Deposit Guarantee Fund of individuals, a process of "purification" deposits, bad loans, insolvency, bankruptcy, credit bureaus.

Voznyak H.


The modern development of Ukrainian society is characterized by the influence of factors of global and regional character, which leads to changes in the economy, modifications of her organization forms, and, from recently times, threaten the territorial integrity and independence. Reducing of the economic activity and decreasing of incentives for efficient self-development are trends which characterized the development of the regions of Ukraine in recent years. On the other hand, permanent lack of financial resources in local governments for the executing of delegated authority and the instability of their own revenue sources, opacity formation of local budgets and allocation of intergovernmental transfers are factors that discourage development of the regions. These trends resulted in launching and executing systematic socio-economic and legal reforms in all policy areas, the key guideline among which is the decentralization of government decision-making budget. In this context, the modernization of budget policy of regional development becomes particularly important. This article is devoted to the study of conceptual approaches to the formation of the budget policy of Ukraine's regions in the frames of fiscal decentralization. The conceptual approach to the formation of the budget policy of regional development in the frames of financial decentralization has been proposed. It is shown that the fiscal policy of regional development should be based on effective management of their own financial potential, on the implementation of endogenously growth model and should consider the risks of fiscal decentralization. It was proved that the implementation of this budget policy should include the modernization of budgetary mechanisms, functions and development criteria. The effectiveness of the fiscal policy of regional development should be provided with a set of interrelated principles, including dominant principles "priority" and "subsidiarity". It is shown, that local budgets should be formed on the participatory basis, as this will improve the transparency and quality of budgeting. The implementation of presented approach to the fiscal policy formation for Ukrainian regions will increase its functional efficiency.

Keywords: regional development, budget decentralization, budget policy, self-development, self-sufficiency.

Hrycak O.


In modern conditions expanding of functions and powers of local self-government management, identification of the features of functioning of local budgets in the context of decentralization, interaction with the state budget and regulation of intergovernmental fiscal relations, identification and substantiation of the main ways and construction of financial foundation for local budgets, improvement of financial support for the regions are the important tasks. In the article, the essence and peculiarities of the functioning of local budgets, their goals, main tasks, the solution of which will contribute to the development of the region, have been considered. Before the changes related to decentralization, the system of formation of revenues of local budgets was characterized by a low level of accumulated revenues, which led to significant amounts of inter-budgetary transfers. The reform is aimed at moving to a new two-level budget system and direct interaction between state and local budgets. In this context, information support, formed in the system of accounting and economic analysis at the enterprise, in terms of determining the taxation system, the tax rate, the specifics of payment, is important, all above mentioned is a significant element for building of the financial system of Ukraine. In addition, taking into account the trends, it is also important to control these transactions, the correctness of their calculation and payment. Decentralization as a measure that is aimed at eliminating of problems and increasing the amount of financial resources accumulated at the local level, looking for the ways to differentiate them and improving the efficiency of the budget mechanism. These areas include clear regulation of taxes, distribution of local and state budgets, accounting for the level of tax revenues, improving the accumulation of revenues to local budgets by simplifying their payment, expanding the list of non-tax payments, forming a fund for financial equalization, etc. Such measures will help differentiate the ways of entering, reduction of subsidized dependence of local budgets from the state, improvement of the financial basis and the possibility of disposition at the discretion of local government for the development of regions. In addition, the use of financial resources is increasing not only for current needs but also for innovative and investment activities.

Keywords: local governments; fiscal decentralization; intergovernmental relations; financial support; budget control; system of financial support; sources of financing; development of territorial communities.

Davydenko N.


The success in the linear and functional managers, equally as professionals, which include accountants, financial managers, economists and others, depend on the different types of a provision of activity: legal, informational, organizational, regulatory, technical, etc. Organizational support undoubtedly is attributed to the basic elements of the system. The article analyzes the organizational support of agroindustrial subsystem of financial management on the basis of complex administrative activities. The essence of the system organizational financial management software presents a coherent set of internal structural services and divisions that provide development and management decisions on specific areas of its financial activities and are responsible for the results of those decisions. It is etablished that the order of financial services company is regulated by its main internal legal document - the charter. The main purpose of the financial department of the enterprise is to identify business needs for financial resources and size necessary to perform the economic development plan of the company; Search for increasing profitability; increase profitability activity. Operational financial work includes a range of measures to mobilize the financial resources necessary for normal functioning of the company, namely the realization of goods, now its financial obligations to the budget, funds, suppliers, workers, businesses, the implementation of timely payments, collection accounts payable; bank loans; transfer payments to the budget; repayment of loans and interest on them. In the article practical recommendations to improve subsystem organizational support and financial management of the enterprise as a whole are developed. Thus, within the limits, finance department proposed management of individual areas of financial activity exercise by isolating the main centers of responsibility. The centers will be able to fully control a direction of financial activity. Within the staff of the finance department of investigational now have two centers of responsibility in the enterprise: cost center and profit center revenues and investment and support. As part of these areas of responsibility center managers take their own management decisions and are responsible for the implementation of regulatory financial indicators.

Keywords: organizational support, financial management subsystem, management activities, financial service, financial work.

Zaika A.


In the article condition of Ukrainian’s income and the problems in this area have been analyzed. The author determined that state policy in the social and fiscal sectors, taxation, employment and pension provision sector influence on the structure and amount of household income. Features and development prospects of the Ukrainian income formation system have been described in this paper. It has been indicated that households income and expenses constantly interrelated. Households buy available goods for the satisfaction of their needs, which in turn requires achieving a certain level of household members’ income. The main factors that significantly affect the household income behavior and the problematic aspects of household income generation have been identified. The household income analysis have been pointed out the existence of problematic aspects of their formation, which determined the necessity of: - development and support of small and family business since they are the basis of the middle-class formation and the presence of which is one of the conditions for the future development of the national economy and for an increase in the material level of citizens; - awareness-raising among the population of the country about possible ways and investment tools in order to obtain an additional income; - establishment of indicators of social standards that correspond to the real needs of households living in order to remove the need for households additional expenses to the satisfaction of essential needs of their participants, which accordingly reduces the household's potential in the human capital development. To improve the situation in this financial area priority measures have been identified. It has been proved that the realization of the entrepreneurial approach by household participants in the direction of receiving profit from using their own ability to work is one of the priority conditions for the possibility of household participation in economic relations.

Keywords: household, income, salary, inflation, real income, social transfers.

Zuieva A.


In conditions of the recent changes in the banking system of Ukraine, banks need to reconsider their approaches to management and to determine the prospects for development. Instrument to solve this issue can be the estimation of a bank's financial potential and, in particular, of its individual parts. The components of the bank's financial potential are a direction of attracting and placing funds. Modern scientific studies offer a wide range of approaches to the optimization of the bank's activities but did not disclose the assessment of each component in detail. Based on the analysis of scientific papers it was found that the basic characteristics of the directions of attracting and placing funds are yields (cost), liquidity (urgency) and riskiness. The weighted average interest rate for each direction of attracting and placing funds was adopted as the indicators of yield and cost. An indicator of the urgency of the directions of attracting financial resources is the average period of storage of assets. For placement directions, the same indicator is the coefficient of elasticity of the average maturity from the change in volume of placed resources. The riskiness of the directions of raising funds has been estimated on the basis of the coefficient of variation, and of the placement directions - on the basis of the weighted average level of non-performing loans. The analysis also has shown that it is expedient to realize the estimation based on an interval scale with uneven intervals. Ranges of selected characteristic values were calculated and divided, on the basis the data of PJSC "PRIVATBANK", PJSC "DIAMANTBANk", PJSC "MEGABANK", PJSC "Bank for investments and savings" and PAT "TASKOMBANK" for the period 2012-2015, by assigning a corresponding point scoring to each range. The exist separate values were used for certain indicators. The scale, obtained as a result of the study, can be used as an instrument of evaluation a priority of directions of attraction and placement of funds by the bank to ensure the optimization of the balance sheet and the implementation of the bank's financial potential.

Keywords: bank financial strength, mobilizing financial resources and allocation of financial resources, profitability, liquidity, risk-taking.

Klapkiv Yu.


The basic category of insurance science, the insurance interest, what is the basis of the theoretical and practical implementation of insurance services, was analyzed. Insurable interest is an element, which allows isolating insurance from gambling. There was a problem of the use of insurance services with the aim of obtaining inappropriate reimbursement in the early stages of development of insurance market. The insurance payment was not to compensate for possible losses, but to gain profit in the case of an insured event. The core of this problem is the similarity of the financial mechanism of insurance and betting. The policyholder, the same like the player, contributes a relatively small amount of money at the beginning of the contract and can expect to receive a substantially higher amount from the insurer or bookmaker, in a case of occurrence of specified events in the future. The first attempts to allocate insurable interest in property insurance are specified. The Marine Insurance Act was adopted in 1746 in Britain. The necessity of its existence as a key element of insurance services is proved. The risks caused in case of its absence in the insurance service are clarified. The purpose of insurable interest principle is to prevent the conclusion of contracts with speculative or gambling nature by individuals, for whom insurance case does not entail any negative consequences. This study has allowed interpreting insurable interest in property insurance as an economic category, that determines the right to property that may be lost due to an accidental case and determines the maximum size of insurance indemnity. A natural person has an insurable interest in a case, when loss or damage will cause a person to obtain a financial or other expressed in financial form losses and is limited to the conditioned amount. 

Keywords: insurable interest, insurance, insurance market, interest rate, betting activities, the insurer, the beneficiary, an economic category.

Minkovych V., Tymchak M.


Over the last few years, the economic structure of many countries was significantly changed under influence of a wide range of crises and the increasing globalization of the world economy. Ukraine also did not remain aloof of these processes, the negative impact of which is intensified by the significant internal problems that cannot be overcome without qualitative structural transformations that should provide: the required level of overall economic growth, overcoming deep stratification of society and creating conditions for a possible European integration. In these conditions, current transformation processes in the domestic economy are lead to a number of socio-economic problems and deterioration of living standards of the citizens. In this article, the theoretical aspects of the essence of the economic transformation, features of the transformation processes in the domestic economy in present conditions are considered and the main socio-economic problems to which the aforecited aspects lead are defined. The study also considers the potential of the development of insurance business in Ukraine in terms of solving the identified problems, as the way to protect citizens from certain financial risks and losses. There is also studied the international experience, that shows that insurance companies may accumulate financial resources several times greater than the average commercial banks under the certain economic conditions with a high level of financial and, above all, the stock market and with the growth of welfare of the citizens. At the same time, the focus in this paper is paid to the perspectives of development of the most social important types of insurance, namely: life insurance, medical insurance, and private pension insurance. Videlicet these types of insurance in developed countries are an important component of the market and an effective complement to the public system of social guarantees, as those which have the greatest effect on the social and economic welfare of the citizens. It is also determined that their development in Ukraine are held back by the similar problems associated with the transformation of the domestic economy. It is a lack of insurance culture in society and distrust of citizens to various financial institutions and insurance companies, in particular, lack of knowledge about the possibilities of the personal insurance and its benefits, the opacity of the domestic insurance market functioning, etc.

Keywords: economy transformation, economic growth, gross domestic product, insurance business, types of insurance, life insurance, medical insurance, private pension insurance.

Рanaseyko I., Novikova L.


The place of the agrarian sector in the economy of Ukraine and the specific share of gross value added that was created by agricultural producers in the country's GDP were defined in the article. Financial results and profitability of operational activities of agriculture, forestry and fisheries business entities in the context of large, medium, small and micro-enterprises were analyzed. It has been determined that the specific nature of internal and external agricultural enterprises cash flows causes the availability of various sources of formation of their capital. Sources of capital formation of agricultural enterprises, in particular, own, borrowed sources and sustainable liabilities were systematized. The technical, technological, natural, economic, organizational factors that affect the activities of agricultural enterprises were described. The dynamics of agriculture, forestry and fisheries large and medium-sized enterprises capital composition and structure were analyzed. It has been revealed that current liabilities and provisions are growing most rapidly in the agricultural enterprises capital and own capital is growing at the lowest rates. The specific share of own equity in the agrarian enterprises capital decreases year by year, they lose their financial stability. Particular attention has been paid to the problems of state budget financing and lending to agrarian enterprises. The mechanism of influence of state financial regulation instruments on the generation of agrarian enterprises of own and borrowed capital was outlined. The types and specific share of expenses for the Ministry of Agrarian Policy and Food of expenditures of the State Budget of Ukraine were analyzed. The conditions and main directions of budget lending to agricultural producers were characterized. It has been established that in comparison with other sectors of the economy agricultural enterprises demonstrate satisfactory results of the activity. At the same time, the functioning of agricultural enterprises is associated with significant risks, that can lead to the loss of their potential. Proposals for improving the formation of own and borrowed capital of agricultural enterprises concern: - expansion of state financial support for the agrarian sector of the economy; - creating favorable conditions for the use of bank loans; - financial management measures to the enterprise. Effective use of own and borrowed sources of financing must create financial leverage effect for increasing of profits and return on equity of agricultural enterprises, improve their financial stability.

Keywords: agrarian sector, agricultural enterprises, sources of capital, equity capital, borrowed capital, budget financing, loans.

Slobodyanyuk O.


The relevance of the article is determined by the fact that in the present conditions of the world economy internationalization the role of reinsurance services is increasing every year as a global mechanism for redistribution of risks in space and time. The proceses of rapprochement reinsurance markets around the world and the unification of the rules of work on them takes place. The domestic insurance market, although it plays an important role in the financial system of Ukraine, a number of objective and subjective reasons for today is underdeveloped. One of the prerequisites for its successful operation is an effective combination of insurance and reinsurance. Therefore, in-depth study of their nature will contribute to the development of relations between the subjects of the insurance market. The article shows that reinsurance is in constant motion. Passing centuries the path of development, it has become a well-tuned a flexible system that can absorb the loss of many contemporary risks. Long-term practice of the functioning of the insurance market has shown that reinsurance is a prerequisite for ensuring the financial stability of any insurance company, regardless of the size of its capital, reserve funds and asset structure. In Ukraine, there is no clear boundary between the insurance and reinsurance as the different types of business activities. Despite this historical and international experience, for the most part, brings the need for a separate regulation of the insurance and reinsurance activities. In most industrialized countries, that occupy leading positions in the global reinsurance market, it introduces the concept of non-proliferation with respect to the relations of reinsurance legislation concerning direct insurance. Main scientific achievements of the article are to identify the dialectical relations between the insurance and reinsurance, that are closely related to each other, share a common set of principles, the risk of transfer of technology and facilities but does not relate as a whole and a part. Reinsurance is a separate kind of business activity, derived from the insurance business. Its result is the provision of financial services to insurance companies. In the process, there is an exchange risk insurance on credit, measured by the probability of default reinsurances their financial obligations to the insurer.

Keywords: insurance, reinsurance, theoretical and legal concept, dialectic, relationship.

Stoika V.


In the current financial conditions, banking institutions activity can be characterized by capital decline, deterioration of credit quality, obtaining of significant losses. Perhaps the national banking sector greatest problem is the outflow of deposit resources, that indicates a significant decline in public confidence in banks. Successful work of banks is possible only if confidence in them by society exist. This issue is especially relevant in crisis, during an aggravation of the necessity to preserve confidence in the financial sector ability to carry out its work efficiently and to intensify investment-saving activities of the people. Prerequisite of the strengthening of the banking sector stability and enhancing the role of the financial and credit system in stimulation balanced development of all economic activities are the development and implementation of concrete practical measures aimed at renewing confidence to the national banking system. Confidence in the banking system of Ukraine is one of the lowest in the world. The main problem is in the fact that ordinary people do not understand all the processes and transformations that take place in the banking sector. Nowadays one of the most important tasks to restore confidence in the national banking system is to increase financial literacy, ensure banking transparency, expand the range of banking services and ensure their availability, active use of marketing technologies and communications, increase of banks image. The National Bank of Ukraine should play an important role in enhancing confidence in banks, first of all, by strengthening supervision of banks to ensure their stability and reliability. Further researches have to be devoted to studying the foreign experience in the formation of confidence in central banks by economic actors.

Keywords: confidence, banking system, commercial banks, social responsibility, financial literacy.

Khutorna M.


This paper is dedicated to the research of the ‘financial stability’, defining approaches and its contest was described in two positions – the financial stability of the macroeconomic systems (e.g. financial system) and microeconomic systems (e.g. bank). While summarizing the results of the theoretical analysis we’ve come to the conclusion that the characteristics of the financial stability that belong to each economic system are as follows: 1) the ability to the firmness development which declining from the confirmed path is in the permissible range, in other words, the ability to be in a dynamic state of the financial equilibrium. And also should be noticed that the system’s development path is to be subordinated to the strategy of the higher level system; 2) the sufficient safety margin for the resistance and adaptation to the negative internal and external shocks; 3) the ability of the uninterrupted and effective basic functions realization in spite of shocks (we mean those functions that define the content of the economic system, its activity purpose); 4) the ability to prevent the internal shocks spreading and impact on the financial stability of the higher level economic system. So, the financial stability of an economic system is its ability to the firmness development in future in a permissible range of the path declining that makes the regular and effective basic functions realization possible, securing the correspondence of the current performance results to the strategic goals of the economic system development by mean of its resistance and adaptability to the negative shocks. At the same time, it’s proposed to define the financial stability of the credit institution as its ability to the predictable development in accordance with the strategic goal during a long time, while being in the dynamic state of the financial equilibrium and securing the regular and effective basic intermediation functions realization, first of all the funding and reallocation of the credit resources and also its ability to the safety margin forming in order to absorb shocks, prevent theirs negative influence on the credit system and economy as well. The author presents the improvement of the financial stability types classification by the implementation of some new criterions: the character and the state of the economy; its reality; the duration period; the reaction on the environment changes; the goal of the providing.

Keywords: financial stability, classification of the financial stability types, financial stability of the credit institution

Chepeliuk H.


Financial instruments used in international practice for industrial parks financing were systematized in the article. Particular attention is paid to debt instruments, important for Ukraine as significantly reduces the cost of finance and facilitates the expansion and diversification of financing options for investors. The article describes the essence of the Project finansing. Also the main features of the Project financing from the other methods of business financing were separeted. The establishment of the industrial parks is a standardized mechanism for the stimulation of the priority sectors of economy and intensification of the efficiency projects’ realization. In Ukraine, the legislative basis for the industrial parks was established as a progressive alternative for free economic zones. According to the world experience, the peak of the industrial park's establishment took place during the economic stagnation overrunning for the depressive territories development. The organization and realization of the production, scientific activity by means of industrial parks are stimulated by the preferences of infrastructural expenses and taxing. What about organization and development of the high-technology, science absorbing industries these stimuli are not enough for the lack of financial resources, that can be solved by financial investment, project financing, investment credit. Working out the mechanisms of previously mentioned banking investment products will assist the development of the progressive technologies and accumulation banks’ profit as well. At the same time, developing the approaches to the organization of the financial mechanism functioning the bank management in Ukraine must take into consideration the corruption that spoils the goal and core designation of the economic agents’ activity in industrial parks.

Keywords: industrial park, banking investment product, project financing, financial mechanism, corruption.


Vygivska I., Makarovich V., Khomenko G.


The problem of transition to an innovative model of economic development becomes more urgent for Ukraine in today's business conditions. The lack of traditional sources of funding due to the high risks, especially, of innovative projects at the early stages of their implementing plays the role of a deterrent to the economic development of the country, including its innovative development. Venture financing, the effectiveness of which has been confirmed by many developed countries, is one of the most perspective ways of implementing the innovative research projects. At the moment, the development of venture financing and direct investing in Ukraine is one of the priorities of the state policy in the field of innovation and is a prerequisite for a promotion of innovative activities and improves the competitiveness of the domestic economy. In general, the principle of venture financing involves the built-in mechanism of selection of innovative projects, i.e. such projects at the early stage get an assessment of their prospects on the market.Prospects for the development of innovative economy in Ukraine and in the world will depend not only on the presence of the latest technologies in the country and available financial resources, but also on the use of risk venture investments, in particular kinds of risks venture financing of innovative projects require deeper research, including the study of their impact on reflection of venture investments transactions in the accounting system and during the analysis of venture activity. Risks in the area of venture financing include the occurrence of certain events, under which the venture capitalist and the recipient company don’t achieve desired results while implementing venture activity and realization of innovative product implementation. Specific characteristics and trends of venture financing in Ukraine have been identified in the study. Risks typical for venture financing, which are due to its specific characteristics and mechanism of such funding have been determined. Ways of minimizing and preventing risks of venture financing for investors and for recipient company have been highlighted. The necessity of developing of accounting and analytical management support of venture financing of innovative enterprises has been found, that is caused by the need of attracting risk investments for the development of innovative projects.

Keywords: accounting, accounting and analytical support, venture financing, venture capital, venture investments, innovative enterprises, risks.

Gorokhovets J.


Intangible assets play a decisive role in the formation of the value of the enterprise and are a source of its competitive advantages; therefore, the creation of effective information prerequisites for the management of intangible assets is one of the priorities of scientists in the field of accounting. An effective way of reforming the current system is to improve the existing accounting model for mapping intangible assets, taking into account the key capabilities and structural features of this object as a factor in creating the value of the enterprise and taking into account the methods, management methods and concepts used in the process of maximizing the value of the enterprise.One of the approaches that provide the improvement of the accounting system for the needs of value-based management with respect to intangible assets is the reform of the current accounting system, which can be implemented using two of its types: cardinal and adaptive. The cardinal reform requires the introduction of a number of proposals to improve the current methodology for accounting reflection and valuation of intangible assets, implemented in the national accounting legislation, and adaptive - the need to clarify certain of its provisions, do not change the general principles of its functioning, but they allow creating the necessary information prerequisites for ensuring effective management of intangible factors of creation of cost of the enterprise.

Keywords: intangibles; accounting system; value-based management.

Dankiv Yо, Ostapyuk M.


At the beginning of the second millennium AD as a result of the Crusades, Europeans were close enough acquainted with the countries of the Eastern Mediterranean Sea. Later, the French people gave these countries a poetic name of Levant and the Arabs Sham. In the broadest sense the Levant countries are: Syria, Lebanon, Israel, Egypt, Turkey, Greece, Cyprus, and in narrow Lebanon and Syria. Formation of these countries as happened in different ways and at different times. Some have been known for thousands of years BC and such as Turkey formed later. Different story, different culture, language, religion unite their common economic interests through trade, close neighbor location. According to scientists and historians writing originated from these lands which was due primarily to the need to account as a result of material production. That is writing and acconting on our planet originated in the ancient Middle East around 5000 BC. Later, with the advent of civilization, the Sumerians there, writing for the sake of assets was improved. So, with high probability, we can assert that writing, accounting appeared in the Mediterranean, which later Europeans called Levant.Over time, emerging new countries and new civilization that will have a direct impact on the Levant, the development of the accounting culture. In particular, this accounting system of the Ancient East as Sumer, Egypt, ancient Babylon, Persia, Judea, Sidon and later ancient Greece with Cyprus, Hellenistic Seleucid Empire, Ptolemy, Perhemuta, Pontus, ancient Rome. In the Middle Ages Europe, especially Venice, established trade links with the Levant. Venetian type of economic organization, particularly account, with deep historical roots, was the most adapted to the requirements of levant trade, which made it possible to thrive Venice. These trade relations have made a significant positive contribution to the development of accounting and culture, improved accounting in general, in Europe and in the Levant. The authors of this paper explore the little-known page of accounting culture, namely the countries of the Levant.

Keywords: Levant, Europe, accounting culture, accounting, accounting systems, papyrus, cuneiform, Venice, remes.

Dolbnieva D.


The need of national accounting system integration in the European has been a painful issue of Ukraine’s economic development and its relations with the European community since the adoption of the Decree of the President of Ukraine “Ukraine's transition to international accounting system and statistics”. The national accounting system is based on current normative and legal acts that govern accounting and financial reporting, and provide an improvement of accounting and financial reporting in Ukraine with the requirements of IFRS and IAS. For the Euro-integration of the national accounting system a number of problem issues should be solved, especially the issue low quality of staffing, normative and legal support. The adoption of "On the strategy of applying IFRS in Ukraine" by Cabinet of Ministers of Ukraine played an important role in this process. This strategy is aimed to adapt an existing national regulatory basis in the field of accounting to international standards and account transformation in Ukraine in accordance with international standards and EU legislation. Reforming of the Ukraine’s accounting system, improvement of legal regulation and improving the professional level of national accountants and their unions involve consideration of the provisions of IFRS, guidance and experience of leading European countries and their professional associations of accountants and auditors. Preconditions for further integration, not only for the national accounting system, but for the whole economy of Ukraine into the European economic community will be established due to this In addition, the integration of the national accounting system should be in close cooperation with public and private institutional agents and their interaction with the Committee on International Standards intergovernmental, professional associations and other concerned community that provide the formation of the modern state policy in the field of accounting .

Keywords: institutional agents, integration, international financial reporting standards, the national accounting system, national regulations (standards) accounting reform, transformation.

Ershovа N.


In the article, the variants of organizational support of functioning of management accounting at the enterprises proposed. Tasks of management accounting are offered. The main factors that can cause problems with the organization of a full-services management accounting at the enterprise are defined. System approach as a methodological approach to the functioning of management accounting in the enterprise management system is justified. Management accounting as a multi-purpose system as part of the overall enterprise management system is described. The need for integration of management accounting into the overall organizational structure of management is proved. Terms of organizational support of functioning of management accounting, that was going on a redistribution of roles between the departments related to the information breakdown of the organizational structure of enterprise management in favor of management accounting are suggested. Types of organizational structures and their compliance with methods and instruments of regulation are presented. Options for the positioning of the Department of management accounting at the enterprises are presented and their characteristics are summarized. The position of accountant management accountant or economist on accounting and analysis of economic activities, who reports to the chief accountant or Deputy Director of Finance to ensure integration of management accounting in planning, analysis and control recommended. The range of issues and the powers of the technician are defined. A possible organization of management accounting in the Department of controlling in large enterprises is engineered. Options for the organization of management accounting in the Department of controlling in the enterprises with different types of management structure is proposed. Recommendations for introducing a comprehensive system of strategic accounting of the company are represented. The benefits of the enterprise management system in the case of a service management accounting in the organizational structure are summarized.

Keywords: organizational structure management, organizational design, managerial accounting organization, experts in management accounting, controlling service.

Melnychuk I.


The necessary condition of running a business, including insurance, is the credibility of accounting data, confirmed by the auditing conclusion. Since external auditing is held at the end of the reporting year, that considerably limits management possibilities, introducing internal auditing system in an insurance company is essential. As the practice shows, insurance activity is quite specific as well as insufficiently legally regulated concerning accounting and auditing, that influences both accounting and analytical procedures quality and report forms indexes completeness. That’s why the study of insurance companies financial results of internal auditing problems has been conducted using a certain model, elements of which reveal its peculiarities. It has been grounded that firstly inner auditing service activity effectiveness depends on set aims and targets, their realization is based on the organization and methodological supply and information base as well. Therefore while building financial results of internal auditing concept model four interim stages have been defined, on each of them a number of questions are being studied the solution of which increases both the service and company activity effectiveness. The built model encompasses the synergy of necessary components: the aim, subject, object, tasks, information sources, auditing organization and methodology and the result. Its use involves substantial evaluation of accounting system state and keeping to legal norms, especially on the part of financial results and defining problem or primary trends of the company development.

Keywords: insurance companies, financial results, inner auditing, auditing model, auditing stages, synergy.

Popovych M.


Accounting is an information system and managers should obtain high-quality and suitable data for decision-making. The purpose of this study is to investigate the impact of human factors. Real-time accounting addresses needs, but it needs new technological answers. In this article, the author presents Near-field communication technologies. It can help the implementation of real-time accounting. Industry experts predict NFC will be the near future. All of the companies will securely integrate the technology. Near-field communication, while not new, is becoming a hot buzzword among tech-savvy consumers and businesses alike. This short-range wireless radio technology can turn a smartphone into a digital wallet or information storage. NFC (near-field communication) allows two devices placed within a few centimeters from each other to exchange data. In order for this to work, both devices must be equipped with an NFC chip. Two-way communication usage: this involves two devices that can both read and write to each other. For example, using NFC, you can touch two Android devices together to transfer data like contacts, links or photos. One-way communication usage: powered device (like a phone, a credit card reader, or a computer) reads and writes to NFC chip, when you tap your computer card to the terminal, the NFC-powered terminal subtracts money from the balance written to the card or more quickly exchange information needed for operational links between the accounting systems in the company, transmission of financial statements to others in one touch.

Keywords: integration, NFC, information technology, innovation, mobility, community, business, economy, Ukraine.

Pryshlyak H., Vagner I.


African countries have strengthened its positions on the political map of the world in recent years. The countries have become more active in international relations both on the continent and beyond. Ukraine would do well to benefit from this fact since the development of trade relations with African countries is one of the areas of Ukraine’s economic policy.The article focuses on this trade opportunity for Ukraine and shows economic development indicators of Ukraine and the Democratic Republic of Congo. It details key corporate taxes of the D.R. of Congo. The article compares main corporation taxes paid by Ukrainian and Congolese enterprises and highlights distinctive and common elements of the two tax systems. The import duties of both countries are also explored in detail. The authors explore key characteristics of the accounting system used in Congo and point out that the main catalyst for the development of the accounting system in Congo as per the international accounting standards was the implementation of the OHADA agreement.The accounting systems of Ukraine and Congo have considerable differences. For example, tax system of Congo begins its development after a tax agreement with Belgium, which ecome to force on 18th July 2012. This was one of the catalysts for improvement of business climate in Congo.The Congolese tax system is characterized by a variety of taxes namely: direct income taxes, indirect taxes on expenses and taxes on capital. To stimulate a certain type of business in Congo, the state can assist in two ways: by way of subsidies and low-interest credit rates, or via tax exemptions or shortening of tax payments. The development of tax and accounting system in the Democratic Republic of Congo opens new horizons for economic cooperation with other countries and helps simplify accounting relationships among the countries, reduces the tax burden on enterprises and supports country’s economic development.In our view, further research in this area should be focused on detailed analysis of tax system of Congo, interest rates, and various taxes as they are set at a lower level than those in Ukraine. One would also have to assess an impact of potentially lower tax rates in Ukraine.

Keywords: accounting, tax system, income tax, value added tax, income tax, import duty.

Tsurcanu V., Golochalova I.


Modern trends identified the need to the implementation of innovative techniques to practice industry. The social and economic development of each country or region depends on its. Most companies which are technical applied innovative are referred to Small and Medium Enterprises. Those companies did not have necessary financial resources to implement their innovation projects and is in need of additional funding. Venture business has arisen influenced by the system of subsidy (grants) for scientific-research work. Major stakeholders in the venture business are Venture Company, State, and Venture Investors. To encourage development of this industry it had evolved a special form of funding. It is venture financing or investment. Venture financing (investment) requires particularly mechanism accounting of operations, its related to the venture industry. This new business line has a number of particularities. The key particularity from standpoint of accounting is the demonstration of fair value concept which is based on trend of the modern methodology of accounting and reporting. In present time in the range of countries Eastern Partner including Republic of Moldova measures are being taken to establish and develop venture business. First and foremost is the formation of the institutional platform. The purpose of the authors research in this work has been: disclosed essence of venture financing and effectiveness it's in Republic Moldova; characterized stages of venture capital business and rounds of funding; attained so as it reflects of current thinking on the mechanism accounting of operations those related with the venture industry off in context methodology of International Financial Reporting Standards (IFRS).

Keywords: innovative, venture business, venture financing (investment), government grant, methodology accounting, mechanism accounting.

Shot A.


The current state of Ukraine's economy is characterized by economic changes in all sectors of the economy based on market relations, that require companies to view and accounting systems, one of the important elements of which are the payments with creditors. Outstanding obligations to creditors leads to overdue and uncollectible accounts receivable, causing any additional costs associated with the payment of fines and breach of payment discipline. The analysis showed that none of those used in the practice of accounting and tax regulations don't contain the specific term "write-off accounts payable" and for management decision on cancellation of payables necessary that such debt gained the status ofhopelessly. We believe that the write-off of accounts payable - an operation with simultaneous recognition of income and the cancellation of the outstanding accounting reliably recognized amount payable. Both for the tax and accounting important features are payables considered hopeless. The study showed that the signs are bad payable only in the GCC, the P (S) are available.Write-off uncollectible accounts payable for which the limitation period has expired and the recording of income made only after the expiry of the limitation period, that begins to be calculated from the day following the last day of his failure. The study showed that default by the debtor to the creditor is often due to the fact that the agreements are not concluded in writing, they have not clearly defined the date of payment of the debt, which in many cases prevents prosecution of the debtor and the accrual of penalties. In our opinion, the company is advisable Order of the accounting policy to put in the work plan accounts analytical accounts for the accounting of overdue payables by type and timing of emergence, make changes to existing accounting records for settlements with creditors or keep records overdue payables alone in the records freeform information on the amount of bad, overdue debts and for which expired limitation period display and in the notes to the financial statements. This would make effective management decisions both internal and external users of accounting information.

Keywords: accounting uncollectible accounts receivable, financial penalties, the statute of limitation, contingent assets and liabilities.