Anti-crisis Financial Management Research Articles

АНТИКРИЗОВЕ УПРАВЛІННЯ ФІНАНСАМИ: СТРАТЕГІЇ ТА ІНСТРУМЕНТИ ДЛЯ ПОДОЛАННЯ КРИЗОВИХ СИТУАЦІЙ

In the article, anti-crisis financial management is singled out as a complex system aimed at preventive activities and active actions to overcome existing financial difficulties or minimize their negative impact. This approach includes interconnected elements of management aimed at using all management capabilities to ensure the stability and development of the company in crisis conditions. The main aspects of anti-crisis financial management include preventive measures, including a detailed analysis of internal strengths and weaknesses, risk assessment, risk management and the introduction of a set of measures to prevent a crisis, as well as active financial intervention to exit a crisis state through rehabilitation or restructuring. An important element is the diagnosis of the financial condition, which allows you to detect early signs of crisis phenomena, analyze market conditions, identify the causes and factors of the development of the crisis, and determine the optimal ways to overcome it. A significant role is also played by the enterprise's ability to self-heal at the expense of internal resources, which help to restore financial stability with minimal costs. It is justified that the anti-crisis management strategy is developed individually for each enterprise, taking into account its specifics, and may include both defensive tactics and offensive strategies, depending on the available opportunities for market expansion or attracting external financing. The basis of effective management is an understanding of the company's mission, a clear definition of its strategic goals and the development of an action plan that allows you to achieve the objectives, minimize risks and use the crisis as an opportunity for development and growth. The study offers a new conceptual model that integrates various aspects of crisis management, including prevention, risk identification, strategic planning and operational actions. This model allows for a systematic approach to solving crisis situations at the enterprise, taking into account its specifics and external environment.

Фінансова стійкість суб’єктів малого підприємництва: особливості та засади збереження в умовах кризи

The article emphasizes the relevance of the formation and implementation of public policy for the development of the small business sector in the conditions of wartime, in particular in the aspect of minimizing the negative impact of existing financial threats to the sustainable functioning of its representatives. The aim of the study is to identify the features and determine the principles of the State policy of maintaining the financial stability of the small business sector in a crisis. The novel problems of guaranteeing the financial stability of small businesses in Ukraine in the conditions of wartime are identified. The essential and semantic characteristics of the concept of «financial sustainability» at the level of the small business sector have been developed. It is asserted and then proved that this is the very state of development of the financial and credit system and the economic environment of entrepreneurial activity, in which the financial threats of deterioration of the financial and economic condition of a critical mass of small businesses are minimized. On this basis, the leading objects of the State policy are: fair competition; absence of the transaction and transformation costs; availability of external investments and loans; acceptable cost of raising and using capital; development of financial and credit infrastructure; an effective system of financial risk insurance. The features of management of financial sustainability of entities of the small business sector are determined by such management functions as analysis, planning and regulation of the financial condition, organization, motivation, and control. The main challenges and threats to the financial stability of Ukrainian business in the conditions of wartime are identified. An instrumentarium for countering the challenges and threats of financial destabilization of the subjects of the small business sector of Ukraine has been elaborated and substantiated, which should be implemented in the following areas: application of progressive methods of anti-crisis financial management; supplementing traditional approaches with progressive levers and mechanisms of financial management; introduction of effective additional financial instruments; development of institutional and legal support for the processes of strengthening financial sustainability; modernization of information and analytical support of financial management in the field of monitoring and development and implementation of policies to guarantee the appropriate level of financial sustainability of business.

ПОБУДОВА СТРУКТУРИ СИСТЕМИ ОЦІНКИ ТА ПІДВИЩЕННЯ ФІНАНСОВОЇ СТІЙКОСТІ ПРОМИСЛОВИХ ПІДПРИЄМСТВ

The model for calculating indicators of financial stability of industrial enterprises, which consists of a number of instrumental and evaluation components, was studied. Such components include: determination of financial stability and balance (on the basis of general indicators of the analysis of the financial condition, the formed structural architecture of indicators of financial stability; determination of the diagnosis of possible bankruptcy, the profitability threshold and the margin of financial stability of machine-building enterprises. In order to achieve financial balance and stability of operations, when forming the structure of the evaluation system and increasing the financial stability of industrial enterprises, it is relevant to substantiate the interrelationships of subsystems in the general structure of financial stability management. The purpose and goals of the structure of the evaluation system and increasing the financial stability of enterprises are determined. The importance of the organizational and methodological subsystem in the structure of the evaluation system and increasing the financial stability of industrial enterprises, which is characterized by the interrelationships of the company's financial and analytical services and structural units. Methodological principles in the structure of the evaluation system and increasing the financial stability of industrial enterprises are singled out. The management and information and analytical subsystems in the management of the financial state of the enterprise are characterized. In the conditions of an increasingly competitive business environment, financial planning and forecasting are of great importance for enterprises in ensuring financial stability and increasing financial stability. The directions for increasing the financial stability of the industrial enterprise have been determined. In the difficult conditions of conducting business by enterprises, there is a need for analytical improvement of anti-crisis financial management as an important subsystem of enterprise management and a toolkit for timely prevention of bankruptcy, insolvency, loss of financial balance, decrease in financial stability.

ПРАКТИЧНІ АСПЕКТИ СУЧАСНОГО АНТИКРИЗОВОГО ФІНАНСОВОГО МЕНЕДЖМЕНТУ

The essence and impact of crises on the activities and future of enterprises are studied, a critical analysis of scientific and applied sources on anti-crisis financial management is conducted, it is found that crises can occur at all stages of the enterprise life cycle. For early recognition of the signs and causes of the crisis in the enterprise, its prevention and elimination, it is necessary to use special methods of comprehensive diagnosis of the state of the enterprise. It is revealed that in the process of anti-crisis financial management a number of tasks are solved: adaptation to the environment; redistribution of resources; strengthening the company’s market position; formation of strategic vision of managers. Measures on anti-crisis financial management are considered on the example of two companies, the common feature of which is that a comprehensive financial analysis of each of them showed very contradictory results. It is proposed to introduce an early warning system in the framework of anti-crisis financial management, as the typical problems of most companies are ineffective risk management because of late detection and neutralization. It is proposed to create an early warning system based on a system of balanced scorecard, supplemented by an innovative component. Based on the developed strategic map of MS Trade Ukraine LLC, the main target indicators were determined, to which the rating method was applied. The analysis showed almost the lowest limit of satisfactory efficiency of MS Trade Ukraine LLC and the fact that the biggest problems are with the financial component. A system of anti-crisis management measures has been developed for NOVA TV and Radio Company LLC: delegation of powers; reporting optimization; detailing information; updating of reporting; reduction of costs, among which it is first proposed to improve the automation of enterprise accounting, as well as to establish a budgeting system and management accounting in general. All standard directories and analysts of the system are set up for management accounting, budgets are developed, the data of which are used to form the main report of the system, which is called «Management balance sheet». Such measures allowed to provide up-to-date information on accounting and management accounting and analysis, as well as significantly reduce the complexity of collecting data required for management, and automatically transform the collected information into the form required by top management. Also, NOVA TV and Radio Company LLC has been offered ways to optimize the budget process, which allows for high-quality modeling and forecasting of business development on the basis of mathematical models. The introduction of a specialized budgeting contour helped to quickly compile the cash flow budget, expenditure and revenue budget, forecast balance, minimize the human factor in the preparation of financial statements, make full use of the strategy (plan the budget based on previous periods, taking into account factors).

FORECASTING BANKRUPTCY OF AGRICULTURAL ENTERPRISES UNDER CURRENT CONDITIONS

This paper is dedicated to the finding out the optimal and objective models for predicting the bankruptcy of agricultural enterprises in the current conditions in Ukraine. The impact of endogenous and exogenous factors on the functioning of enterprises in the agricultural sector is considered. Attention is drawn to indicators of diagnostics of the financial condition of agricultural enterprises. The main reasons that led to the increase in the share of unprofitable enterprises, the deterioration of the indicators of the financial activity of agricultural enterprises and created the prerequisites for the development of crisis phenomena were established. The main reason for the increase in the production cost of agricultural enterprises in the current conditions has been revealed. Emphasis is placed on the importance of timely identification of a financial crisis’ signs and identification of a crisis situation causes through the implementation of anti-crisis financial management at enterprises. The most used methods of determining the integral indicator of the probability of bankruptcy were studied. Emphasis is placed on the use of discriminant models for rapid diagnostics of exiting the financial crisis of enterprises in the process of anti-crisis financial management. The probability of bankruptcy was determined based on the case of the largest agricultural enterprise in Ukraine - PRJSC "MHP" on the basis of foreign and domestic methods of discriminant analysis, namely, the models: Altman, Taffler, determination of the level of viability of the enterprise, Tereshchenko, Matviychuk. Attention is paid to models of discriminant analysis using indicators of profitability level and those where profit is not a primary indicator in calculations. It was found that not all bankruptcy forecasting methods show unequivocal calculations, because they do not take into account industry differences and peculiarities. Based on the research, it was determined that the most objective model for the bankruptcy forecasting of agricultural enterprises is the universal and specific O.Tereshchenko model. It has been proven that these models most objectively demonstrate the reasons that influenced the decrease in the integral indicator of the enterprise under study.

СТРАТЕГІЧНИЙ ПІДХІД В СИСТЕМІ АНТИКРИЗОВОГО ФІНАНСОВОГО МЕНЕДЖМЕНТУ В ЗАКЛАДАХ ОХОРОНИ ЗДОРОВ'Я

The issues of improving the system of anti-crisis financial management in health care institutions of Ukraine are considered in the article taking onto account the strategic approach. The strategic approach gives a competitive advantage and the ability to develop measures to achieve goals in a competitive dynamic space. On the example of the Municipal non-profit Enterprise “Vinnytsia Central District Clinical Hospital” of Vinnytsia District Council, a SWOT analysis has been performed, which revealed the strengths and weaknesses of the medical institution, as well as opportunities and threats. Strengths are the focus on professionalism of staff, quality of management and medical services. Weaknesses are lack of funding, low autonomy in the ability to attract and dispose of funds, low staff remuneration. This, in turn, threatens staff turnover, reduces service delivery due to low solvency and high competition. Based on the results of the SWOT-analysis, the priorities of the institution’s development have been identified and strategic goals have been formulated. For example, improving the quality and expanding the list of medical services, increasing patient satisfaction, strengthening human resources, improving logistics of the medical institution, improving financial management. Specific measures have been developed to implement the goal of improving financial management. Additional sources of financing, formation of contractual relations with clear rules have been offered. The development strategy in 2021 will be largely determined by the further course of the pandemic and the dynamics of morbidity and the subsequent need to use the institution as an infectious disease hospital. All structural subdivisions of the institution are subject to constant development in order to be a leading, competitive, accessible hospital in the medical space and to provide a wide range of quality medical services aimed at improving the health of the population.

Anti-crisis financial management – component of industrial enterprise management

In the course of the study, it was found that the factors of the internal and external environment produce a destabilizing effect on the activities of business entities. It has been established that anti-crisis financial management is a necessary attribute in overcoming the influence of negative factors and stabilizing the financial and economic activities of enterprises. On the basis of the conducted critical review, it was found that scientists consider anti-crisis financial management, on the one hand, as a separate direction of management, which is a set of financial methods for preliminary diagnostics and prevention of a financial crisis and aimed at effectively overcoming it, and on the other hand, as a component of the overall enterprise management. The place of anti-crisis financial management among such components as financial management of an enterprise and financial management of an enterprise is schematically determined, and interrelationships between them are established. A typical graph-tree of enterprise goals has been developed, which reflects the relationship of each stage of enterprise management by dividing them by the goals of the current level and outlined the tasks of anti-crisis financial management, the essence of which is to maintain a high level of liquidity and solvency indicators, ensure financial stability and financial balance of the enterprise, prevention of possible bankruptcy, formation of the structure of borrowed sources, and the like. It is proved that anti-crisis financial management should be considered in the context of a component of the general enterprise management system.

СУЧАСНІ АСПЕКТИ АНТИКРИЗОВОГО ФІНАНСОВОГО УПРАВЛІННЯ ПРОМИСЛОВИМИ ПІДПРИЄМСТВАМИ

Досліджено наявні методики антикризового фінансового управління промисловими підприємствами і розроблено методичне забезпечення до оцінки рівня антикризового фінансового управління підприємством. Зазначено, що промисловість є однією з провідних галузей у національному господарстві України. Усі перетворення, які відбуваються на промислових підприємствах, завжди призводять до суттєвих змін у соціально-економічному становищі країни. Надано авторське визначення антикризового фінансового управління промисловим підприємством, під яким слід розуміти комплексну систему дій, спрямованих на запобігання або усунення негативних явищ для комерційної діяльності та бізнесу. Розроблено алгоритм антикризового фінансового управління, який дає можливість при розробленні системи антикризового фінансового управління промисловим підприємством ураховувати вплив зовнішніх і внутрішніх факторів середовища, у якому функціонує промислове підприємство, з метою своєчасного визначення загроз для їх попередження або усунення з ціллю недопущення чи подолання кризи. Зазначено, що важливу роль в антикризовому фінансовому управлінні відіграють фінансові ризики, які мають місце протягом усього виробничого циклу. Розроблено методичне забезпечення антикризового фінансового управління, яке являє собою оцінку впливу груп показників на розгортання кризових явищ на промисловому підприємстві.
 Зроблено висновок, що використання запропонованого методичного забезпечення антикризового фінансового управління промисловими підприємствами дозволяє знизити ймовірність виникнення кризових ситуацій та значно зменшити розмір можливого збитку. Тобто його застосування надасть можливість промисловим підприємствам швидко реагувати на виникнення кризових явищ і враховувати всі види фінансових ризиків при здійсненні виробничо-господарської та комерційної діяльності.

THE METHOD OF ANALYSIS OF HIERARCHIES AS A TOOL FOR ANTICRISIS FINANCIAL MANAGEMENT OF AN ENTERPRISE

Introduction. Elaboration of anti-crisis measures is an extremely difficult task for any decision-maker due to the need to take into account numerous criteria and establish their priority. The complexity of the tasks to be solved requires a deep understanding of the causes and nature of the crisis, their types, nature of action, consequences and ways to overcome, awareness of prospects for enterprise development provided the adoption of an alternative within crisis management. Based on this, the process of formation of anti-crisis measures appears as a multi-criteria task of decision-making, for which, along with traditional methods, other tools of a systematic approach are used to solve poorly structured and unstructured problems. Goal. The purpose of the study is to substantiate the tools of multi-criteria analysis in crisis management. Based on the purpose, the objectives of the study are to reveal the nature, features and procedure for applying the method of analysis of hierarchies to choose an anti-crisis strategy of the enterprise. Methods (methodology). The main scientific methods used in the research process: a systematic approach, elements of the theory of logic, methods of theoretical generalization, abstract-logical method, synthesis and analysis, methods of comparison. Results. The essential characteristics, the main tasks of the method of analysis of hierarchies are revealed, its scientific substantiation on use as the tool of anti-crisis financial management of the enterprise is carried out. The advantages and disadvantages of the method, the connection with various scientific theories and directions are established. It is determined that the application of the method of hierarchy analysis in anti-crisis financial management provides the decision-maker with opportunities to successfully resolve procedural issues in the process of crisis analysis and the formation of anti-crisis measures. The stages of carrying out the method of analysis of hierarchies and the advantages of its practical implementation for the purposes of anti-crisis financial management of the enterprise are revealed.

CONTROLLING OF CREDIT DEBTS IN THE SYSTEM OF ANTI-CRISIS FINANCIAL MANAGEMENT

The article deals with topical issues of introduction of controlling of credit debts in the system of anti-crisis financial management of the enterprise. It is noted that effective management of credit debts of industrial enterprises in the conditions of working capital deficit taking into account aspects of its strategic development and specific tactical goals is an integrity process in general involving modification and application of alternative concepts of capital management of the enterprise which is adequate to market transformational market economy of Ukraine. It is established that the mechanism of credit debts management is a part of the overall financial strategy, which is providing the most effective forms and conditions for raising borrowed capital from various sources in accordance with the needs of enterprise development. A method of liability analysis is proposed, the main task of which is to identify signs of insolvency of the enterprise and preventing its bankruptcy. The essence of the proposed method is to study the structure of liabilities, their turnover, to determine the degree of solvency and liquidity of the enterprise, as well as to calculate the maximum amount of liabilities under the influence of such factors as profit, of enterprise and circulating expenses assets. It is noted that the optimization of credit debts is an important aspect of the enterprise, as it is an integral part of modern business. Effective management and optimization of credit debts can be a relatively inexpensive and additional source of financial resources, and, consequently, an important element of the system of anticrisis financial management of the enterprise.

Target financial forecasting as an instrument of overcome financial difficulties in present-day global economic environment

Research background: In the present-day global economic environment overcoming financial difficulties and enhance of financial position is an important goal of the anti-crisis financial management of almost any company. This goal is certain to be reached by using target financial forecasting at the company level. Purpose of the article: The paper considers conceptual aspects of the target financial forecasting at the company level, as a new instrument of anticrisis financial management for a company to overcome its financial difficulties and enhance its financial position within a time-period of practically any length. Methods: The methodology of the research, the results being presented in the paper, is based on the concept of the financial ratio analysis, the concept of the company cash flows, and the concept of the balanced scorecard (in terms of its financial score). Findings & Value added: It is depicted that the procedure of the target financial forecasting comprises an appropriate information-accounting support, a target financial forecasting of the company financial position, a target forecasting of the company’s cash flows, a development of the specific events (managements’ decisions) aimed at overcoming the company’s financial difficulties and enhancing its financial position. The author has stated that in the present-day environment the target financial forecasting is an effective instrument of the financial forecasting that enables to set up the base for overcoming the company’s financial difficulties and strengthening its financial position.

Anti-Crisis Financial and Personnel Management as Key Factors to Provide Effective Development of Eastern European Enterprises in the Agricultural Sector

Purpose: The main aim of this research is the development of ways to enhance the efficiency and performance of anti-crisis financial and personnel management at Eastern European agricultural enterprises based on the assessment of the role of such management types and the determination of a set of problems from their implementation. Design/Methodology/Approach: The study has used quantitative analysis, the method of forecasting time series based on the implementation of the regression function, as well as panel data to both estimate anti-crisis financial and personnel management in the agricultural sector of Eastern European countries and find problems in its application. Findings: The study has proved the increase of the role of the agricultural sector in economies of Eastern European countries as well as a significant negative impact of unprofitable agricultural enterprises on it. Besides, the implementation of anti-crisis financial and personnel management in such enterprises and its key problems have been assessed. Practical Implications: The study is important in terms of decreasing a share of unprofitable agricultural enterprises and accelerating the development of the agricultural sector in Eastern European Post-Soviet economies. Originality/Value: The study has developed a set of ways to increase the efficiency and performance of the implementation and application of anti-crisis financial and personnel management in the agricultural sector of Eastern European countries.

Solvency control of the enterprise in the bankruptcy prevention system

Introduction. Recent trends in the economy, in particular the situation with COVID-19 epidemic, will contribute to the deterioration of the level of solvency, financial security of enterprises, and, as consequence, increasing the number of bankruptcies. Constant monitoring of the solvency level is a necessary element of anti-crisis financial management and a tool to prevent bankruptcy. That is why the development of methodological bases and methodological approaches to solvency control is an important area of research.
 Aim and tasks. The aim of the article is to substantiate the solvency control system of the enterprise, which would cover the identification of the main control indicators, methods of control over individual control circuits, the formation of a clear structural and logical sequence of this process.
 Results. The tendency of increasing the share of current liabilities in the total capital of the enterprise, decreasing the value of the financial autonomy ratio and total coverage ratio, which indicates a problematic state of solvency of Ukrainian enterprises was investigated. The solvency control system elements of the enterprise were determined: objects, subject, purpose, functions, functional directions, components of the control according to the management contours. The characteristic of solvency control according to the management contours (strategic, current, operational) was described more detailed. The gradation of the deviation scales in a solvency condition of the enterprise was improved and the matrix of decisions in which directions of the reaction on type and scale of deviations were defined was composed.
 Conclusions. In order to avoid bankruptcy, the enterprise must adhere to the financial discipline, be aware of financial responsibility and constantly improve management mechanisms, especially preventive anti-crisis methods, which should include a solvency control. The proposed approach to controlling is expected to provide a comprehensive nature of solvency control as an important component of preventive anti-crisis management aimed at preventing bankruptcy. Complexity is achieved by the consistency of the control procedures on the control contours, differentiation of the control tools, identification of possible deviations and ways to respond to them.

Контролінг фінансового циклу в системі антикризового фінансового управління підприємством

Контролінг фінансового циклу в системі антикризового фінансового управління підприємством

АНТИКРИЗОВИЙ ФІНАНСОВИЙ МЕНЕДЖМЕНТ НА СУЧАСНИХ ПІДПРИЄМСТВАХ

The financial status in a lot of commercial organizations is getting negative trends in a modern conditions, thus on the first plan the questions of anti-crisis financial management as an effective anti-crisis management mechanism are raised. The critical financial situation that has developed in many domestic enterprises proves the impossibility of their existence without an appropriate management system and, first of all, anti-crisis. Therefore, the implementation of the modern concept of crisis management remains quite relevant. The article states that the usage of anti-crisis financial management of an enterprise is that measures to prevent a crisis should be carried out long before its occurrence. The importance of the anti-crisis manager in the enterprise management system as a tool to prevent or promptly respond to the threat of bankruptcy was investigated. The objective need to implement an anti-crisis strategy at the enterprise was proven. It was also determined that in order to ensure the enterprise continuous development, competitiveness, investment attractiveness and the construction of the right anti-crisis strategy, it is necessary to raise the question of the adequacy of the level of financial potential and its assessment. The financial stability indicators of PJSC "Turboatom": financial stability indicators, liquidity and solvency indicators, profitability indicators was analyzed; the financial potential was assessed using the Altman model, which helps to form an anti-crisis strategy and determine the degree of bankruptcy of the enterprise. In the absence of the anti-crisis management or an improperly formed system of its management, the enterprise is on the verge of bankruptcy: gradually deteriorating enterprise viability, no longer able to stay in balance, resource or enterprise opportunities for further development shortage appears. Thus, the use of an effective risk management system will be conducive to the restoration of solvency at the enterprise, and will also help reduce crisis phenomena at it. REFERENCES:1. Ramazanov S.K., Stepanenko O.P., Tymashova L.A. Metody antykryzovoho upravlinnia. Luhansk, 2004. 192 p. [in Ukrainian].2. Malyi I.I., Radionova I.F., Yemelianenko L.M. Antykryzove upravlinnia natsionalnoiu ekonomikoiu. Kyiv, 2017. 368 p. [in Ukrainian].3. Kovalenko O.V., Hal S.V. Metody antykryzovoho upravlinnia pidpryiemstvom. Ekonomichnyi visnyk Zaporizkoi derzhavnoi inzhenernoi akademii. 2014. No. 8. P. 107-114 [in Ukrainian].4. Ofitsiinyi sait PAT "Turboatom". URL: https://www.turboatom.com.ua/ [in Ukrainian].5. Ekonomichnyi analiz: navch.posib. Za zah. red. B.Ie. Hrabovetskoho. Kyiv, 2009. 256 p. [in Ukrainian].6. Khryniuk O.S., Bova V.A. Modeli rozrakhunku ymovirnosti bankrutstva yak metod otsinky finansovoho potentsialu pidpryiemstva. Efektyvna ekonomika. 2018. No. 2. URL: http://www.economy.nayka.com.ua/?op=1&z=6121 [in Ukrainian].

Structural-functional model of anti-crisis financial management of the enterprise

The article discloses the procedure for the formation of the structural-functional model of anti-crisis financial management at the enterprise. For the purpose of a clearer presentation, the set of works on anti-crisis financial management of the enterprise from the perspective of the process approach has been analyzed. It was determined that the modeling of the anti-crisis financial management process should be carried out using modern analytical technologies, which will allow at the system level to form the necessary solutions taking into account the production features of the enterprise and achieve their effective implementation. It is established that in order to achieve greater efficiency of the management process, it is advisable to develop a structural-functional model of anti-crisis financial management. This allows you to determine the sequence of relevant actions and visualize all participants in the management process, the stages of the simulated process, their relationship, methodological support and results, both intermediate and general. The proposed methodological approach allows us to synthesize, within the framework of a single methodology, the process of developing a set of reasonable anti-crisis measures at the enterprise; provides regulation of management activity parameters at each stage of model development; significantly reduces the influence of uncertainty factors on the accuracy of the choice of anti-crisis measures, creates the prerequisites for improving the formation of an anti-crisis financial management program for the enterprise and further effective activities. Using the proposed methodology will allow us to consistently establish the procedure for conducting anti-crisis financial management, visually present the direct participants in this process, conduct its critical analysis and determine optimization paths, that is, the ability to create an improved model to increase the effectiveness of management decisions.

Дослідження ймовірності настання банкрутства виробничого підприємства

The main aim of this publication is to research and substantiate the possibilities of using traditional methods of analyzing the financial position of entrepreneurial entities in conjunction with the methodology for determining the probability of bankruptcy of enterprise. The country’s economy is characterized by a financial and economic crisis, which caused a powerful wave of bankruptcies, which intensified scientific and applied research directed towards introduction of an effective system of early warning and response to the threat of critical bankruptcy at domestic enterprises. Both foreign and domestic methods of analysis of the probability of bankruptcy of enterprise are researched, their advantages, disadvantages and possibility of application are defined. The reasons for the bankruptcy of domestic economic entities are highlighted and a set of actions within the framework of the anti-crisis financial management to prevent bankruptcy is proposed. Both the Western and domestic models of bankruptcy probability assessment are considered. As an example of the Western model, the Altman’s five-factor model and the Springate model were chosen, as an example of the domestic model – the one by O. Tereshchenko and A. V. Matviychuk. The purpose of use of the models analyzed in the article is to determine the financial stability of enterprise in order to assess its financial potential. Also the benefits of using these models among other existing ones along with the factors that may impact them are highlighted. For the example of application of these models data of PJSC «Kyiv Vitamin Plant» was used. Stabilization of finances of enterprises was and will be a priority direction of financial stabilization of both the individual enterprise and the economic system. A practical solution to this problem is possible only by replacing the existing financial policy with flexible forms of it and ensuring the stability of the enterprise operation. Depending on the probability of bankruptcy, regulatory measures such as entering the voluntary administration or the transition to anti-crisis management be implemented.

FINANCIAL AND ECONOMIC INNOVATIONS AS A TOOL FOR ANTI-CRISIS FINANCIAL MANAGEMENT AT AN ENTERPRISE

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.

SCENARIUM TECHNIQUE IN ANTI-CRISIS FINANCIAL MANAGEMENT SYSTEM OF THE ENTERPRISE

The article describes the features of the essential content of anti-crisis financial management as a system of countermeasures, typifies a set of special measures that are crucial in the activity of an entity. The following key tasks of anti-crisis financial management are formulated: creation and real­ization of the financial potential of the enterprise to ensure the required level of profitability and liquidity of the enterprise, even in the conditions of cyclical development of the economy; ensuring the functioning of an effective system of financial management and financial control of the enter­prise. It is proved that carrying out preventive planning and control measures within the limits of financial management of an enterprise is impossible without The effectiveness of the measures implemented by the enterprise financial crisis management system depends on the following principles being followed by the management of the company: target effective orientation; reliance on the monitoring of financial indicators; benefits of manage­rial influence; financial flexibility; economic management; matching the feedback form. The introduction of systematic and situational approaches to activate the company's ability to identify and solve new financial problems and maintain a dynamic balance of development is sub­stantiated. It is determined that the technique of scenarios, allows to construct alternative variants of possible development of events depending on different combination of the determining factors of them. The composite anti-crisis program can be defined as the following structural blocks: situa­tional actions of financial orientation on adaptation to new conditions; mandatory steps to ensure and improve the security of the production and economic system; compulsory prompt action to overcome the bottlenecks to increase profitability; measures to strengthen controls. solving a complex of financial tasks, namely: optimization of the capital structure by increasing the proceeds from sale and accelerat­ing the turnover of capital by reducing receivables and payables.

Організаційно-економічний механізм антикризового фінансового управління машинобудівними підприємствами

Організаційно-економічний механізм антикризового фінансового управління машинобудівними підприємствами