Assets Of Enterprises Research Articles

Стратегії релокації українських high-tech підприємств під час війни

The full-scale war gave impetus to significant migration trends that caused dramatic changes in Ukraine’s economy. Such trends have spread not only to people from the temporarily occupied territories, territories where active hostilities are taking place and there is a threat of shelling, but also intensified the relocation of various enterprises. There was a need to quickly move the assets of enterprises, employees and their families. The nature of such relocation and approaches to its implementation were different, supported by the authorities of Ukraine and other host countries, and depended mainly on the financial capacity of entrepreneurs, readiness to change location and a set of subjective factors, including the type of economic activity. Thus, the article is devoted to the study of the processes of relocation of Ukrainian high-tech companies, most of which are traditionally concentrated in the IT sector. The aim of the article is to study the strategies of relocation of Ukrainian high-tech enterprises during the wartime, to determine the factors influencing the adoption and implementation of decisions on relocation in critical conditions and conditions of uncertainty. The positive trends in the development of the domestic IT sphere before the full-scale invasion are analyzed, including entering the international arena as an outsourcer for Western countries. New challenges, and therefore new opportunities for the development of technologies and the high-tech industry caused by the war, are considered. The concept of relocation, its types and levels are identified. The main difficulties and efficiency of relocation of IT firms are defined, which depend on taking into account localization, the amount of costs, involvement of personnel, customers and partners, time and effort for a relocation, as well as on the reputation of firms and opportunities for their development. Each relocation is a unique economic and social phenomenon, and the impact on an IT firm may vary depending on the specific circumstances. It is quite important to plan and coordinate relocation processes to maximize benefits and reduce possible negative consequences. There is a difference in planning, coordinating, and financing the relocation process between large and small IT companies. The factors influencing the decision-making on relocation are classified. The development and implementation of relocation strategies took various forms. IT companies have demonstrated high adaptability and independence of action in the face of uncertainty and threats. The article conducts a SWOT analysis of Ukrainian high-tech enterprises, proposes typical scenarios for the development of events during relocation in the conditions of wartime in the form of a matrix of strategies. The relocation of Ukrainian IT companies took place on a significant scale, in some cases these processes began to be planned and even implemented even before the full-scale invasion for security reasons. The regional model of relocation was marked by the presence of powerful regional IT ecosystems, a focus on previous business contacts and family ties, relocation mainly to large cities, and the activities of organizations to support Ukrainian businesses during relocation within the borders of Ukraine and abroad.

STATISTICAL ANALYSIS OF ECONOMIC DEVELOPMENT OF UKRAINIAN ENTERPRISES

The article analyzes the economic situation of business entities at the beginning of the full-scale invasion of Ukraine by Russia. The relevance of the study is substantiated by significant changes in the state of socio-economic development of domestic enterprises, which was influenced by a number of external factors (COVID-2019, full-scale invasion of Russia) and affected the performance of their activities. The purpose of the article is to study the actual state of Ukrainian enterprises and to specify the needs of domestic business. Research methods: statistical analysis, generalization. According to the statistical analysis, the number of operating business entities has significantly decreased; the number of people employed in production and hired workers decreased; the negative balance of export-import operations increased; receivables and payables grew; the amount of equity capital of enterprises decreased; capex in tangible and intangible assets of enterprises decreased; the number of loss-making enterprises increased, and overall economic activity of enterprises was unprofitable; the volume of products sold decreased; the level of operating and overall profitability of enterprises decreased. The author suggests that future changes to improve the financial and economic situation should be guided by the principle of Build Back Better, i.e., not to restore existing models of action, but to introduce new, promising solutions.

Intelligent Optimization Model of Enterprise Financial Account Receivable Management

As a key component of enterprise assets, accounts receivable play an important role in enterprise financial management and determine the long‐term development of enterprises in the later period. In order to minimize the financial risk brought by the credit sales of enterprises, this subject studies the intelligent optimization of enterprise financial account receivable management. BP neural network and K‐means clustering algorithm are used to evaluate the risk of account receivable and the owner’s credit, respectively. The account balance accounts for 45.20% of the total amount, and the risk rating of accounts receivable is 4. The training result of BP neural network algorithm has high accuracy. With K‐means clustering algorithm, accurate evaluation of owner’s credit can be achieved, which can provide reference for optimization of enterprise account receivable management mode.

Construction of Enterprise Asset Management Accounting System Based on Blockchain Technology

Abstract With the continuous development of blockchain technology and the capital market, asset management introduced by blockchain has become the focus of enterprises, and this paper studies the enterprise asset management accounting system based on blockchain technology. By using blockchain technology, an asset management accounting system can be built by combining the cost control and responsibility system. Even though the enterprise asset management mode is designed to be efficient, the evaluation index of blockchain is not accurate. The blockchain enterprise asset management mode is analyzed using the DEA effectiveness model combined with the entropy weight method. Combined with the measured data of blockchain technology, the election phase, throughput, and transaction delay are compared, in which the blockchain technology BFT-Raft has a significant improvement in the election phase, the throughput is increased by 101.2TPS, and the transaction delay is reduced by 200~250ms.Through the analysis of the enterprise asset management and the analysis of blockchain de-also asset management efficacy, in which the coverage rate of blockchain technology and the asset yield increase year by year from 2018 to 2021, and reach the highest value of 0.5785 and 0.3612 in 2021, respectively, indicating that M’s overall asset management efficiency of the company has gradually improved with the coverage application of blockchain technology. In summary, the enterprise asset management accounting system based on blockchain technology in this paper can effectively improve the efficiency of enterprise asset management and is of practical significance for the development of enterprise asset management.

ПРОБЛЕМЫ И СТРАТЕГИИ УПРАВЛЕНИЯ АКТИВАМИ ПРЕДПРИЯТИЯ

In the context of globalization, market economy systems are constantly being improved. In this process, it is necessary to constantly develop the asset management of enterprises in order to better provide financial guarantees when adapting to a new situation. In the course of constant changes in the economic situation, the asset management of the enterprise does not go smoothly. There are problems such as the separation of powers and responsibilities. The system is imperfect, and awareness of asset management is low, as is awareness of unmanaged corporate assets. Therefore, enterprises need to pay attention to asset management and find appropriate methods and measures. With this in mind, the article discusses the problems and countermeasures of enterprise asset management.

Construction of Financial Performance Evaluation System based on Principal Component Analysis Algorithm and Its Application in Digital Transformation Enterprises

In the context of a strong national push toward the growth of the ""digital economy"", traditional manufacturing companies are increasingly turning to new digital technologies for their digital transformation. This paper aims to investigate the suitability of using a financial performance evaluation system for assessing the success of digital transformation strategies employed by these enterprises. The application of principal component analysis in digital transformation enterprises involves repeatedly selecting the main indicators in the financial performance evaluation index system of manufacturing enterprises. Finally, a financial performance evaluation index system suitable for analyzing digital transformation enterprises is constructed. The differences in financial performance before and after transformation are analyzed, and a comprehensive evaluation and comparative analysis are conducted on the financial performance of digital transformation enterprises and non-digital transformation enterprises. The experimental results show that the average growth rate of total assets of enterprises is 7.07%. The average growth rate of operating revenue is 20.99%. The standard deviations are 17.42% and 235.9%. There is a significant difference between the maximum and minimum values of these two indicators, indicating that the average dispersion of these two indicators is relatively high. In the initial phases of digital transformation implementation, enterprises that adopt digital technology experience a certain level of profitability improvement, as shown by the results. Compared to businesses that have not undergone a digital transformation, digitally transformed enterprises possess greater advantages and flexibility in digital operations. Digital transformation has important theoretical and practical value in improving the financial management level of digital transformation enterprises.

Moving Beyond Proof of Concept and Pilots to Mainstream: Discovery and Lessons from a Reference Framework and Implementation.

This article presents a practitioner's view of operating in emerging technology, exploring and advancing blockchain-based transformation in healthcare. Blockchain technology is maturing quickly, with financial technology (aka fintech) leading the way with efficient options for moving money, particularly in the public permissionless blockchain segment. The underlying technology allows for a broader set of capabilities, including provenance, data sharing, immutability, non-repudiation, and auditability, which provides for complete rethinking of existing business processes. These features can help to reimagine a more comprehensive set of use cases in many disciplines, including healthcare. However, enterprise adoption needs to catch up.

Развитие рыбохозяйственного комплекса России в рамках концепции «экономики потребления»

Modern aspects of the development of the country's fisheries complex are largely related to the processes of managing domestic demand. Based on the concept of “consumption economy” it is evidently formulated that the economic policy of stimulating fish consumption and fish products should be based on expanding the supply of their quantity, quality, assortment, taking into account the emerging solvent demand. It is shown that the global trend of consumption of fish and fish products directly depends on the level of income of the population. Russia is characterized by consumption at the level of middle-income countries. At the same time, it was found that the consumption of fish and seafood in Russia, unlike other types of food products, in the context of decile groups of the population remains unchanged, but with equal consumption volumes, its quality changes. In these conditions, the main limiting factor for the development of domestic consumption is effective demand, which has been declining in recent years. In turn, fish production and other fishing products made by Russian enterprises in recent years is analyzed, forming the supply of domestic fish products on the consumer market, showed a decrease in the profitability of assets of industry enterprises, the tax burden, which is directly related to the increase in cost (mainly of an inflationary nature) and a certain decrease in sales volumes. As measures to stimulate domestic consumption, it is proposed to use instruments of state support for the population with low incomes, subsidies, the establishment of preferential tariffs for transportation, as well as wider use of the system of state (municipal) ordering.

Research on the Promotion of Brand Value of Commercial Sports Brands Based on Marketing System -Take Under Armour as an Example

The brand is the most valuable intangible asset of enterprises, and a prestigious brand will win a broader space for development. With the development of society, enterprises pay more and more attention to the influence of brand value, strengthen the construction of soft power, and seek a variety of ways or professional institutions to value, add value, and endorse the brand. In the field of sports, sports brands have become an essential condition and driving force for the development of the cultural industry. In the case that the public's pursuit of sports brands has become an average psychological demand, the premium role of brands has become increasingly apparent. How to enhance brand value has become an essential topic of enterprise publicity work exploration and research. The article will take the Under Armour brand as an example through the analysis of the current sports business brand in the market, Under Armour brand, product, marketing strategy, market positioning, and data analysis of five levels, and put forward how to strengthen the brand concept, strengthen brand awareness, firmly grasp the consumer market and other methods to enhance Under Armour brand value.

Assessment of the state of fixed assets of enterprises and organizations in the Arctic zone of the Russian Federation as a factor determining its sustainable development

The analysis of the state of fixed assets is important for determining the production capabilities of the organization and strategic prospects of its development. The value of fixed assets determines the production capacity of the company, timely renewal of fixed assets increases their productivity and operational efficiency, while reducing the probability of losses caused by equipment failure as a result of systemic depreciation. Decrease in the rate of fixed assets reproduction leads to decline in production capacity and productivity level, increase in repair costs, decrease in the quality and competitiveness of products, reduction of income. The condition and degree of efficiency of fixed assets use affect the final results of economic activity of organizations of all forms of ownership and organizational and legal forms. The aim of this study is to assess the condition of fixed assets of enterprises and organizations in the territories of the regions included in the Arctic zone of the Russian Federation, since it is their availability and quality that is the basis for sustainable development and determines the available economic and production potential. Economic and statistical and comparative analysis were chosen as research methods. According to the results of the analysis, it was found out that the state of fixed assets in the Russian Federation as a whole is deteriorating, the measures taken to stimulate entrepreneurs to modernize production facilities, although caused some positive changes, but the expected results have not been achieved. The described situation is typical for the whole territory of the country, but it is especially relevant for the Arctic zone, where the realization of large-scale production and infrastructure projects is planned in the near future. To solve this problem will require joint efforts and interest in the result not only from the state, but also from business.

Organizational and technological predictors of construction development in the context of information environment modeling for the implementation of construction projects

Modern construction projects are defined by complex multifunctional connections, which in turn leads to the need to process a significant amount of information. The main task of the innovative development of construction development is the creation of competitive advantages in a strategic perspective, which form a safe and comfortable environment for human activity that meets high global quality standards to ensure sustainable socio-economic development of the country's construction complex. Achieving competitive advantages should be based on the innovative rearmament of the construction industry, the formation of innovative competencies, engineering schemes for the management of the life cycle of a construction object, the use of information technologies in order to increase labor productivity, reduce the energy intensity, material intensity and cost of construction products. The article analyzes the advantages of using information modeling and the method of integrated project implementation in construction. A mathematical model for choosing the optimal network organizational structure of the project has been developed. Identify the main factors that have an impact on the synergistic effect of construction project implementation (costs for making changes to the project, increasing the time of project implementation, transaction and operational costs). A practical verification of the economic-mathematical model of the assessment of the synergistic effect of the joint implementation of the integrated implementation of the construction project and information modeling in construction was built and carried out. A simulation model has been synthesized, which allows for comprehensive research, as well as optimization of the communication network of the participants in the implementation of the construction project. The obtained results allow the top management of contracting enterprises to carry out effective monitoring, structuring and maneuvering of the assets of contracting construction enterprises in the process of their operational activities, provide a reasonable opportunity to adjust the economic strategy and parameters of the production and economic portfolio of construction enterprises.

Understanding the Dynamics of Employee Commitment in the Relationship with Strategic Human Resource Management Practices

In the contemporary business landscape, I acknowledge human resources as a paramount asset for modern enterprises, capable of elevating organizational performance. This study delves into the intricate dynamics of employee commitment to strategic human resource management within a prominent insurance company in Cagayan de Oro City. Employing a descriptive correlational research design, the investigation utilizes regression analysis to elucidate the variability and inherent relationships between key variables. To encompass insights from a total population of 143 respondents, the study meticulously analyses data through both descriptive and inferential statistics. Additionally, the research employs free Jamovi software to conduct a mediation analysis. The results unveil a notable and affirmative correlation between strategic human resource management (SHRM) practices and employee commitment. Furthermore, the findings underscore significant positive correlations between distinct dimensions of employee commitment and diverse facets of organizational performance. Conclusively, the study accentuates the pivotal role of effective SHRM practices in fostering employee commitment within the foremost insurance companies situated in Cagayan de Oro City. This underscores the strategic importance of aligning human resource management with organizational goals for enhanced performance and overall success in the competitive business environment.

FINANCIAL MANAGEMENT AND ITS PECULIARITIES UNDER THE CONDITIONS OF MARITAL STATE

The purpose of the article is to substantiate the peculiarities of financial management in the conditions of martial law, which is accompanied by a high level of business risk, as well as to outline the priority directions for making managerial decisions of a financial nature based on adaptation to rapidly changing business conditions in order to achieve the set goals.
 Approaches to determining the essence of financial management are distinguished: based on the use of a systemic approach, as a science of financial management, which involves the development of methods to achieve the goals of the enterprise, in particular, ensuring a strong and stable financial position; as a process primarily related to the management of financial resources; from the position of enterprise asset management.
 It is substantiated that in the conditions of martial law, the main goals and tasks of economic activity, traditional approaches to financial management change.
 The peculiarities of the financial management of the enterprise in the conditions of martial law, which is accompanied by a high level of business risk and the need to adapt to new market realities, are outlined.
 Attention is focused on the need to use non-standard solutions for attracting financial resources through state support programs, international financial assistance, etc. The main types of additional financial opportunities for business from the state, which were developed and proposed recently, are presented.
 The directions of digitization of the financial management of the enterprise are outlined, which involves the use of digital technologies and tools to optimize financial processes, increase the efficiency of management decisions of a financial nature. The significance of the introduction of cloud technologies, automated risk management systems, electronic document management, specialized programs for accounting and reporting, financial analytical tools, electronic banking and electronic payments, cyber security measures for increasing the efficiency of financial management at the enterprise is characterized.

STRATEGIC MANAGEMENT OF REPRODUCTION OF FIXED ASSETS OF ENTERPRISES IN THE CONTEXT OF THE DYNAMIC ECONOMIC ENVIRONMENT

The article substantiates key aspects of strategic management of reproduction of fixed assets of enterprises in the context of dynamic economic environment. It is determined that the assessment of the efficiency of reproduction and use of fixed assets of the enterprise in the context of strategic management is important for various reasons: - fixed assets form the material basis of production capacities of enterprises, they are necessary for the implementation of production activities and the creation of goods and services; - fixed assets used in the non-production sphere contribute to the improvement of the level of science, culture, health care and social development of society; - improvement of the quality composition of fixed assets is a prerequisite for increasing labor productivity, modern technological means and equipment can increase production capacity, reduce production costs and improve product quality. The key approaches to the classification of indicators for assessing the efficiency of the use of fixed assets are analyzed, the evaluation of which allows to identify opportunities for optimizing their structure. Reserves for improving the efficiency of the use of fixed assets have been identified, including various opportunities and strategies that an enterprise can use to optimize and improve the management of its assets The features of the formation of the strategy of management of fixed assets are substantiated, which should contribute to increasing the efficiency of use of assets, reducing costs and ensuring the sustainability and competitiveness of the enterprise. It is determined that the strategy of management of fixed assets of enterprises in the modern dynamic economic environment requires an integrated and systematic approach, taking into account many factors and constant adaptation to changes. It is substantiated that strategic management of reproduction of fixed assets becomes a key advantage that helps enterprises to remain stable and competitive in the face of uncertainty, but requires them not only to respond to changes, but also to actively manage them, determine priorities and constant readiness for innovation.

Do cleaner production standards upgrade the global value chain position of manufacturing enterprises? Empirical evidence from China

The harmonious development of trade and environment is extremely crucial for developing countries that face challenges posed by extensive economic models and environmental pollution as they strive to engage more deeply in the global economy. This article utilizes micro-level data from the Chinese Industrial Enterprises Database (CIED) and the Chinese Customs Trade Database (CCTD) from 2000 to 2012. It takes China's implementation of cleaner production standards (CPS) since 2003 as a quasi-natural experiment and applies staggered DID to investigate the impact and mechanisms of exogenous shocks from environmental policies on upgrading and transformation of enterprise value chains. The aim is to provide comprehensive empirical evidence regarding the availability of environmental regulations and the GVC position of Chinese enterprises. Thus, we also offer valuable insights for similar developing countries seeking a path toward high-quality advancement. The research findings are as follows. First, CPS exerts a significant upgrading effect on enterprise value chains, and this conclusion is highly robust. Second, heterogeneity analysis reveals that the upgrading effect of CPS on value chains is predominantly influenced by factors including the enterprise's asset scale, ownership structure, geographical location, trade pattern, as well as the technological level and pollution intensity within its specific industry. Third, further tests through mechanism analysis reveal that CPS expedited the integration of Chinese manufacturing enterprises in GVC by promoting innovation and R&D capabilities, enhancing total factor productivity, and improving labor wages.

МЕТОДИЧНІ ТА ПРАКТИЧНІ АСПЕКТИ КРЕДИТНОЇ ПІДТРИМКИ ОНОВЛЕННЯ ОСНОВНИХ ЗАСОБІВ ПРОМИСЛОВИХ ПІДПРИЄМСТВ

Purpose. In market conditions of business, the competitiveness of enterprises is largely determined by the condition of their fixed assets. The need to replace outdated technologies and equipment with modern ones requires the availability of appropriate financial resources. Inadequacy of own internal sources of investment for the renewal of fixed assets encourages enterprises to widely use external, in particular, credit. At present, in the economic theory and practice of management, there is no clearly developed mechanism for investing in the renewal of fixed assets with the involvement of credit resources. Inadequate development of such issues as the choice of a profitable loan option, the optimal loan rate, the terms and conditions of loan repayment, calls for the development of methodical and practical approaches to effective investment in the renewal of the fixed assets of enterprises. Design/methodology/approach. The article uses the discounting method and the balance sheet method for calculating and analyzing the parameters of the process of attracting credit resources. The method of economic-mathematical modeling was used to study the influence of the use of borrowed funds in investing in the renewal of fixed assets on the pace of development of production potential. Findings. The article considers a number of problems of a methodological and practical nature regarding investment support for the renewal of fixed assets of enterprises, in particular with the involvement of credit resources. The parameters of the loan attraction process, which determine its effectiveness for the enterprise, are analyzed. The most important of these parameters include: the term of the loan; interest rate for the loan; loan payment amounts. To determine the size of the payment for the loan, the appropriate ratio based on the use of compound interest was considered. Derived dependencies for calculating the annual payment for the loan, the annual payment from one monetary unit of the loan, as well as the total amount of funds that must be paid for the entire period of the loan. The values of these parameters are calculated depending on the value of the credit rate and the credit term, which makes it possible to quantitatively assess their trends. The results of the calculations are presented in tabular form. The impact of attracting credit funds in investments for the renewal of fixed assets was studied by modeling this process. An approach to determining the marginal interest rate at which it is still profitable for the enterprise to attract loan funds is proposed. For this purpose, appropriate computer calculations were carried out. Calculations were carried out for the option of fixed assets renewal with own funds, as well as with the involvement of a loan at various interest rates. An important conclusion was made that the dynamics of production development depends on the relationship between the interest rate and the growth rate of capital investments in the basic version, when production development is carried out only at the expense of own investment funds. Practical implications. The methodical and practical results obtained in the research process can be used in the selection of credit support options for the renewal of fixed assets and the development of specific measures aimed at improving the investment activity of industrial enterprises. Originality/value. The article quantitatively evaluates the parameters of credit support for the fixed assets renewal of enterprises. By means of economic-mathematical modeling, the impact of attracting loan funds on the dynamics of changes in the production potential of the enterprise was analyzed.

Model for devising and defining technical development projects of motor transport enterprises

The efficiency of work of a large part of the motor transport enterprises of Ukraine is unsatisfactory. For the most part, this situation is associated with significant wear and tear of the fixed assets of enterprises, both rolling stock and the production and technical base. One of the ways to solve this problem is technical development. Under modern conditions, technical development requires a systemic approach, which involves a comprehensive renewal of rolling stock and the production and technical base, taking into account all the interrelationships between these subsystems. To solve this problem, a model of technical development of motor vehicle enterprises was developed in the work, which allows to identify promising strategies, and for their implementation to form and research technical development projects. To select the optimal technical development project, the objective function is substantiated in the work, which includes a technical indicator – the technical readiness ratio and economic indicators – net present value and the payback period of the project. The selection of the optimal project is proposed to be carried out on the basis of the «worst case method». Using this method, the weighting coefficients of the objective function criteria were determined, which corresponded to: for the coefficient of technical readiness – 0.333, for the net present value – 0.556, for the payback period – 0.111. Based on the developed models and algorithms, strategies were determined and technical development projects of the Vinnytsia branch of the private enterprise «Avtotranskom» were developed. Based on the developed objective function and the «worst case method» the optimal technical development project among the developed ones was determined. Implementation of this project allows to increase the technical level, work efficiency and competitiveness of the enterprise

There Differences in the Operational Efficiency of Emerging Market Companies with and Without ESG Rating?

The issue of socially responsible behavior of companies is becoming more and more relevant at the present stage. At the same time, the actions undertaken by firms in the framework of socially responsible behavior most often go beyond the procedures set by the current legislation and require additional costs and funding. Positive effects are not obvious, including in the long term, which makes the company's management, especially in developing countries, refuse to implement social and environmental measures. The ambiguity of potential economic effects made it possible to formulate a research question related to assessing the similarity/difference in operational efficiency and financial dependence of companies with and without social responsibility embedded in the business model. The social and environmental responsibility of companies in this study is assessed using the ESG rating. For further research, samples were formed by countries and industries grouped by companies with and without an ESG rating.The empirical analysis was based on statistical tests of difference. The put forward hypotheses were tested using the t-test. The study is based on company data for 2018, 2019, and 2020 in countries of Brazil, Russia, India, China, South Africa, Turkey, Indonesia and Mexico, related to emerging capital markets. For the sectoral cross-section, were used aggregated groups (economic sectors) according to the Thomson Reuters Eikon classification.The study revealed, in most cases, a significant excess of the value of financial leverage in companies with an ESG rating over companies without it. The average return on assets of enterprises with a non-zero ESG rating in all sectors is significantly higher than the return on assets without it. Thus, it is proved that implementing socially responsible behavior into a company's financial policy is economically viable, despite the increase in financial leverage. The results are stable over the entire considered interval; the pandemic did not affect the change in the results.

Effect Of Enterprises’ Fundamental Factors And Systematic Risk On Stock Returns

This study aims to determine the influence of fundamental factors of companies and systematic risks on stock returns. The type of data used in this study is secondary data. The data is obtained from annual reports and financial reports sourced from www.idx.co.id. The population used in the study is manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2018 – 2021. The samples used in this study were 42 manufacturing companies listed on the IDX that met the criteria. Data were analyzed using multiple linear regression method. The results of this study indicate that the enterprise's fundamental factors affect stock returns. There are significant differences in the variable size of enterprise asset sizes before and during the Covid-19 pandemic. However, there were no significant differences in liquidity variables, debt to equity ratio, return on equity, earnings per share, price earnings ratio and systematic risk before and during the Covid-19 pandemic.
 Keywords: Fundamental factors; systematic risk; stock return

Changes in the financing of medical institutions of Ukraine and the efficiency of using their assets

The purpose of the study is to analyze the transformational changes that have taken place in the financing of the health care sector and the availability and regional distribution of assets of health care enterprises. The study is based on data from the Ministry of Finance, the Ministry of Health of Ukraine and the National Health Service of Ukraine.The article analyzes the expenditures of the Consolidated Budget of Ukraine and health care expenditures. It was determined that after the start of the medical reform, there was a trend towards an increase in the share of health care costs in the total expenditure part of the Consolidated Budget of Ukraine.Based on the analysis of the data of the National Health Service of Ukraine, the number and distribution of costs among medical providers according to the level of medical care were determined. The presence and distribution of the medical industry’s assets among hospitals in the regions of Ukraine were analyzed. It was found that, during 2022, enterprises in the healthcare sector of Ukraine significantly increased their assets.To assess the effectiveness of the industry’s use of assets, the indicator of “return on assets” of health care facilities based on the amount of payments from the National Health Service of Ukraine for the provided medical services was used. The amount of payment per patient was analyzed based on the number of declarations signed by patients. The influence of the migration factor as a result of the war on the activities of health care institutions was determined.Conclusions were made regarding the need for a more even distribution of assets of the medical industry to increase the efficiency of their use. The city of Kyiv’s medical assets need more complete use.Based on the results of the study, conclusions were made about the positive impact of the implementation of the reform on the financing of the medical industry. It was noted that further research in this area can be aimed at identifying factors influencing the effectiveness of the use of the assets of Ukraine’s medical institutions and finding reserves for increasing the efficiency of their use.It is emphasized that when making calculations, standard approaches to evaluating efficiency should be transformed, taking into account the specifics of the medical field so that they can adequately reflect the industry’s economic situation.
 JEL classification: H51, I18