Abstract
Strengthening the financial safety of enterprises in resort recreation sphere is an important factor of economic devepopment, taking into account the multiplier effect of employment, generation of income, profits, rents, revenues to the state treasury, and investment in human capital, which is associated with quality of life and health of the nation. The article throws the light upon the question of unstable development of resort recreation sphere in interconnection with the problems of financial security of business, caused by internal and external factors of destabilization of financial and economic situation in Ukraine. It was established that the existing problem of subordination is related to inadequate financial support from producers of resort and recreation services and lack of market incentives to survive.The author analyzed the features of privatization processes in Ukraine and their impact on the economic self-sufficiency and financial security of enterprises in resort recreation sphere. The article highlights conceptual approaches to the assessment of financial security of foreign investments into the development of Ukrainian resorts and formation of corporate structures involving foreign capital.The research outlines two sides of financial security in resort recreation sphere for which enterprises are differentiated. On the one hand, innovation and investment activity is important for building a successful financial development of resort recreation and guarantees financial stability for enterprises. On the other ‒ the lack of systemic measures of fundamental modernization of material-technical base of production and because of market trends discrepancy of resort recreation that causes protracted loss and determine the low level of financial security of enterprises in resort and recreation industry. Diagnosis of financial security of businesses is an important element in public management and administration in resort and recreation field.
Highlights
The resort and recreational sphere can be characterized as the most economically developed economic system in the European economic space
These approaches to the definition of the content of financial security of enterprises complement the institutional concept of analysis of sectorial structure of the economic system, which involves taking into account the regulated norms of state regulation, existing rules of the game on the market, the social and economic environment, globalization tendencies, as well as geopolitical risks that determine the mechanism of financial security and regulation activity of business entities
Taking into account the urgency of the problem and the necessity of its special disclosure in accordance with the specified direction of scientific research, the purpose of our study is to develop conceptual provisions and formulate practical recommendations aimed at the development of applied aspects of financial security management of enterprises in the resort and recreational sphere
Summary
The resort and recreational sphere can be characterized as the most economically developed economic system in the European economic space. The profit remaining at their disposal is a potential source of financial support for the modernization of the material and technical base, innovation development of production, and sustainable growth In this context, the question arises of the depth study of transformational processes that determine the problems, opportunities and prospects of strengthening the financial security of enterprises of resort and recreation sphere. - balance and efficiency of financial instruments used in enterprise management; - stability of enterprise to the threats taking into account technical and technological peculiarities of its functioning in a specific sphere of economic activity; - the capacity of the financial system of enterprise to ensure the formation of sufficient financial resources to achieve its development [2] These approaches to the definition of the content of financial security of enterprises complement the institutional concept of analysis of sectorial structure of the economic system, which involves taking into account the regulated norms of state regulation, existing rules of the game on the market, the social and economic environment, globalization tendencies, as well as geopolitical risks that determine the mechanism of financial security and regulation activity of business entities. Correlation of Continued rate of Unprofitable activity profit to taxation with growth, %
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