Abstract
In the conditions of the transformational processes of the national economy, the problem of ensuring innovation activity is a special place in the issues of ensuring socio-economic development of society. Financial and economic innovations are an effective tool for managing socio-economic processes in the context of the crisis phenomena of economic systems. The article is devoted to the actual problem of finding ways to provide innovative activity in the formation of mechanisms of anti-crisis financial management by subjects of economic activity. The purpose of the article is to improve the economic mechanism of crisis management, in particular, the diagnosis of insolvency of enterprises, which has a preventive nature, the implementation of which provides solvency of domestic business entities. In the article a retrospective analysis of insolvency manifestations of metallurgical enterprises was carried out on the basis of the analysis of theoretical and methodological approaches of foreign and domestic scientists to issues of innovative activity in the conditions of crisis phenomena of national economies and analysis of their influence on financial and economic indicators of activity of business entities. The possibility of introducing financial and economic innovations for improving the mechanism of crisis financial management at the enterprise through the use of the proposed methodical approach to the definition of the threshold values of structural indicators of the balance sheet and the report on financial results, compliance with which will ensure the solvency of metallurgical enterprises. Implementation of the developed methodological approach to the definition of threshold values of structural indicators of the balance sheet and the report on financial results of enterprises, which is an element of financial and economic innovations, can increase the efficiency of crisis management financial management. provide financial stability, liquidity, efficiency of business entities, and opportunities for their economic development. Prospects for further research in this area are improving crisis management financial management at enterprises based on the development of forecast scenarios for the development of industrial enterprises.
Highlights
In view of the statistical data, the problem of the anti-crisis financial management at the enterprise aimed at identifying signs of a crisis situation and timely response to the threats of insolvency in order to ensure financially stable functioning of the enterprise and its economic development is relevant
Given the adverse impact of the external environment and the instability of the internal one, there is an objective need to develop a methodical provision for insolvency diagnostics and justification of the normative values of financial indicators to ensure the solvency of enterprises on the basis of the financial and economic innovations implementation
The purpose of the article is to improve the economic mechanism of anti-crisis management, in particular, enterprises’ insolvency diagnostics, which has a preventive character and implementation of which ensures the solvency of domestic enterprises
Summary
In the studied sample, according to the results of 2001, for 22.45% of enterprises, the value of the net assets to registered capital ratio does not exceed 1, and by the results of 2016 − 37.23%, which indicates the regularity of reducing the amount of registered capital of enterprises and decrease of the financial potential in terms of the availability and possibility of attracting financial resources. The share of enterprises with a negative value in 2001 was 5.88%, in 2016 − 29.37%. The negative value of the indicator, due to the lack of equity capital in the structure of sources of financing of enterprises, indicates a low financial stability, full dependence on external creditors and ineffective activity. Among the profitability indicators the net return on sales is analyzed. The importance of this indicator in assessing the financial condition of enterprises is due to the fact that it characterizes the overall efficiency of the enterprise’s activity, since its calculation is based on the net financial result, and the effectiveness of the sales policy [12]. The dynamics of the net return on sales of enterprises is presented in fig. The dynamics of the net return on sales of enterprises is presented in fig. 2
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