Financial Results Of Enterprises Research Articles

Облікове забезпечення витрат і доходів надзвичайних подій

The article substantiates the accounting support of income and expenses of extraordinary events and the separation from them of those that arose as a result of extraordinary events. The relevance of the study is due to the importance of accounting for expenses and income in the context of modern economic and regulatory changes, especially in the context of emergencies that have a significant impact on the financial results of enterprises. The authors analyze and systematize the approaches of domestic scholars to the definition and recognition of the concept of «extraordinary events» in the accounting and reporting system available in the legislation of Ukraine and scientific literature. International Financial Reporting Standards (IFRS) and national regulations (NP(S)A) regulating the accounting of such events are analyzed separately. It is found that there is a contradiction between international standards for the reflection of extraordinary events in financial statements, in particular between IAS 1, which prohibits separate reflection of extraordinary income and expenses, and IAS 34, which obliges the disclosure of atypical income and expenses. The study also points out the need to separate the influence of subjective and objective factors that can lead to the occurrence of extraordinary events. The aim, features of the formation and structure of the accounting information system are determined. The criteria for recognition of extraordinary events in accounting and reporting and the main features of the environment for determining the status of an ordinary or extraordinary event (transaction) are substantiated. The authors’ own vision of the classification of extraordinary events is proposed, taking into account the branch of the economy, the geographical location of the business entity and the nature and degree of State regulation. The practical significance of the article lies in the proposals for the classification of extraordinary income and expenses by types of activity: operational, investment, financial, which is important for making managerial decisions along with correct reflection in accounting and reporting. The article will be useful for accountants, auditors, but also for scientists engaged in research in the field of accounting and financial accounting.

Knowledge management in crisis conditions and financial results of enterprises

The article addresses the considerations concerning key issues affecting the proper functioning of enterprises. The global situation related to the COVID-19 pandemic in recent years has contributed to significant changes in terms of management. In this publication, the attention is drawn to a necessary element of the functioning of enterprises, i.e., knowledge management. Actions taken in the field of implementing innovation, implementing IT systems as well as implementing the concepts of sustainable development translate into proper knowledge management in enterprises. The above issues are defined and constantly deepened in literature. However, there are few studies that combine this topic and analyze interrelationships. The review of literature indicates the significance of these issues and confirms the need for further research in this area. In this publication, the issue of innovation is addressed, as a “driving wheel” of enterprises operating in the market environment. The link between the implementation of innovation in enterprises and the development of IT systems, taking into account the idea of sustainable development, is also analyzed. The considerations are deepened by the relations between knowledge management and innovation, IT systems and sustainable development. The article includes the empirical part in which two enterprises from Poland, operating primarily on the domestic market, are subject to the analysis. In the article, a case study has been applied using economic analysis based on two selected enterprises. The objective of the article has been to learn about the components of knowledge management used in crisis conditions. It should be noted that the pandemic period was a crisis situation for enterprises and the conducted research has showed what actions in terms of knowledge management were taken by enterprises to survive on the market. The conducted analyses have proved that enterprises, despite the same industry, took different actions, which translated to the achieved financial results. The functioning of modern enterprises in crisis conditions, taking into account the issues discussed in the article, is the key to their success. Therefore, the topic of the article is up-to-date and relevant.

Раціоналізація структури джерел інвестиційної активності промислових підприємств

It is determined that strategic investment flexibility, taking into account the causal-fractal method, is a potential opportunity for industrial enterprises to quickly adjust or develop new strategic financial and investment decisions under changed external or internal conditions of investment activity. Strategic financial decisions should be based on an investment-active search for alternative options, directions and forms, in particular methods of implementation of investment activities. An important condition for determining the period of formation of the general financial and investment strategy of industrial enterprises is the strategic level of economic development and, in particular, the conjuncture of financial market segments with which future financial risk is associated. The conditions for defining the period of rationalization of the structure of sources of investment activity of industrial enterprises with the help of the causal-fractal method are also the sectoral affiliation of enterprises, the level of development, the stage of the life cycle, and others. The use of methods of rationalization of the structure of sources of investment activity of industrial enterprises with the help of the causal-fractal method is proposed, which will increase the level of validity of investment decisions made at industrial enterprises, that in the future will ensure an efficient ratio between risk and profitability of their activities. This methodology can be applied in a very common case of uncertainty in the financial results of enterprises, or the lack of information about the function of distribution of the probability of profit after the implementation of the investment project (which is the basis for the construction of isovariational ellipses of the mathematical expectation of strategic income) and the efficiency of investment portfolios of industrial enterprises.

FINANCIAL AND ECONOMIC SUPPORT OF THE FUNCTIONING OF ENTERPRISES OF THE MATERIAL SPHERE OF PRODUCTION : A PRACTICAL DIMENSION

There are enterprises of different types of economic activity at the market, which should be classified into tangible and intangible enterprises. The first group includes enterprises in industry, agriculture, forestry and fisheries and construction. The second group consists of companies engaged in trade and providing various services to market participants. In general, 128.9 thousand enterprises operated at the market at the beginning of 2021. With a share of 35.5% of the total number of enterprises, they produced products worth UAH 3.9 trillion, which is almost a third of the market. We consider the financial support of the material sphere enterprise through the prism of planning the needs of production in financial resources directed to its resource provision. If the company lacks its own financial resources, it is forced to look for external sources to cover costs. An important role is played by the imbalance in revenue and expenditure growth, which amounted to -6.4%, the growth of receivables (in industry and construction). The reduction of enterprises' own cash by this amount is caused by a constant increase in energy tariffs, a decrease in the purchasing power of the population, an increase in tax pressure, and other factors. The management of enterprises compensates the shortage of financial resources by attracting bank loans and borrowings (long-term and short-term), issues of shares and bonds. Thus, long-term liabilities and collateral increased (+ 23.2%), especially due to an increase in bond issues (4.8 times). At the same time, the amount of funds raised from the placement of shares decreased significantly (almost 6 times)against the background of uncertainty and instability of the stock market. Even in the conditions of economic instability in 2020, enterprises make capital investments in tangible and intangible assets, although to a much lesser extent than in 2016 (almost a quarter less). The financial results of enterprises are the lowest in 2016-2020, especially in industry and construction, where there is a loss of 43.1%. The situation that arises requires a detailed in-depth study and the formation of appropriate recommendations for enterprises, depending on the type of economic activity.

АМОРТИЗАЦИЯ ОСНОВНЫХ СРЕДСТВ И ЕЕ ВЛИЯНИЕ НА ФИНАНСОВЫЕ РЕЗУЛЬТАТЫ

Enterprises seek to increase the financial result, which is reflected in the form of net profit. They need profit for a stable position in the market and to ensure the development of their financial and economic activities in the conditions of market competition. Therefore, today the question of the depreciation methods chosen by enterprises for depreciable fixed assets in tax and accounting and their impact on financial results is relevant. When acquiring fixed assets, an enterprise transfers their value to the cost of manufactured products, goods, work performed, services rendered as they become obsolete or physically depreciated. From the selected depreciation method, you can write off depreciation charges at different rates, for example, with a non-linear method it happens faster, with a linear one – evenly, but more slowly. Thus, depreciation charges are included in the cost of production, and this is reflected in the financial results of enterprises. In the first years, with the non-linear method, enterprises write off 2-2.5 times more depreciation charges as expenses compared to the linear method. The differences between these methods allow enterprises to apply a more profitable method for themselves, but only everything will depend on the nature of their activities.

ОЦІНЮВАННЯ ДОЦІЛЬНОСТІ ТА ЕФЕКТИВНОСТІ ІНВЕСТУВАННЯ В ОНОВЛЕННЯ ОСНОВНИХ ЗАСОБІВ ПІДПРИЄМСТВ

Currently, for many Ukrainian enterprises, the problem of low competitiveness of their products is relevant. One of the main reasons for the existence of this problem is the significant physical and moral wear and tear of the fixed assets of economic entities. As a result, the products manufactured by these entities are characterized by a high level of production costs. This, in turn, negatively affects the sales opportunities of such products in conditions of a significant degree of competition both in foreign and domestic sales markets. Under such conditions, the renewal of fixed assets, which can take place by replacing existing means of labour and repairing and modernizing them, can be considered a powerful tool for reducing production costs. Also, implementing measures to update fixed assets can lead to an increase in the production potential of enterprises if the new equipment is characterized by greater productivity than the existing one. All this should lead to a significant increase in the financial results of enterprises. At the same time, implementing measures to renew the fixed assets of enterprises often requires the investment of significant amounts of investment resources. The purpose of this study was to improve the methodological principles for assessing the feasibility and economic efficiency of investing in the renewal of fixed assets of enterprises.. The theoretical principles of conducting such an assessment have been improved. In particular, the factors affecting the effectiveness of measures to renew fixed assets have been determined. Indicators have been proposed, with the help of which it is possible to assess the level of economic efficiency of the implementation of measures to replace, repair and modernize physically and morally worn-out fixed assets of enterprises. The criteria of economic expediency of renewing work equipment are considered. An empirical analysis was carried out on a sample of enterprises. Among other things, it was established that the level of wear and tear of the active part of the fixed assets of the studied enterprises has a significant effect on the efficiency of economic activity. The use of the developed theoretical and methodological principles for evaluating the feasibility and efficiency of investing in the renewal of fixed assets in the practice of enterprises will contribute to the timely and full realization of the existing potential of such renewal.

ДОСЛІДЖЕННЯ СУЧАСНИХ ТЕНДЕНЦІЙ ФІНАНСОВИХ РЕЗУЛЬТАТІВ ПІДПРИЄМСТВ УКРАЇНИ ЗА ВИДАМИ ЕКОНОМІЧНОЇ ДІЯЛЬНОСТІ

Effective business is the foundation of every country's economy. One of the most important tasks of enterprises in modern market conditions is to obtain positive financial results (profits), as the value of this indicator is an indicator of the effectiveness of business models and value formation processes. Making a profit provides financial opportunities for business development, contributes to the creation of new jobs, improving the quality of goods and services, increasing the competitiveness of products in national and international markets. Therefore, the formation of a positive financial result is important not only for business owners but also for other participants in market relations. The article examines the dynamics of the net financial result (balance) of Ukrainian enterprises, both in terms of total and by individual types of economic activity during 2010-2021, identified activities with the highest and lowest volumes of net profit, found that during 2013 -2019, domestic enterprises of industry, wholesale and retail trade, transport, warehousing, postal and courier activities developed steadily and increased their profits, the main causes and consequences of the results were revealed. In order to more objectively assess the financial results of enterprises and reduce the impact of inflation, analyzed the value of operating profitability by type of economic activity, assessed the dynamics and identified activities with the highest level of profitability, identified the composition of Ukrainian industries characterized by chronic losses. The study found that the profitability of national enterprises is characterized by dynamism and sensitivity to many factors, including the political and economic crisis of 2014-2015, the annexation by the Russian Federation of the Autonomous Republic of Crimea, the war in Donbass, low purchasing power, relative monetary instability units, rather unfavorable investment climate, etc., special attention is focused on analyzing the impact of the Covid-19 pandemic on the economy of Ukraine through the prism of enterprise profitability. It is established that during 2020, due to the negative impact of quarantine restrictions caused by the pandemic, Ukrainian enterprises received twice less than the total profit compared to the previous 2019. However, in the first half of 2021, net profits increased significantly and amounted to UAH 384,920 million, which is 21% more than in the whole of 2020. That is, Ukrainian enterprises began to adapt to new operating conditions and it was possible to predict the further development and improvement of their performance. However, the Russian aggression in February 2022 and hostilities led to the leveling of positive trends in the dynamics of financial performance of enterprises in our country.

Competency management and the financial results of the foreign subsidiaries of Polish MNCs: The empirical research findings

BACKGROUND: Competency management (CM) is one of the basic subfunctions of HRM, which can significantly affect the results achieved by organizations. This is because the competencies of employees have become the key capital of enterprises and a factor of their success. Research on the relationships between CM and organizational performance results in Polish MNCs creates a research gap due to the object and subject of research. OBJECTIVE: The main goal of the article is to identify the potential regularities that may exist between the advancement level of CM and its composing activities and the company financial performance results. Of particular interest are the relationships that may appear between the studied variables in the context of their relationships with other subfunctions of HRM and the significance of human capital as a competitive factor. METHODS: The research sample includes 200 non-financial business entities with Polish capital, whose headquarters are in Poland, and local subsidiaries are located outside the country. The research was conducted using CATI and CAWI methods. Descriptive and correlation statistics were used to analyze the collected empirical data. RESULTS: Two fundamental regularities are observable. It turns out that the higher the advancement level of activities within CM, and in particular its links with other HRM subfunctions, the better the financial results of enterprises. CONCLUSIONS: The empirical research results lead to the conclusion that human capital is treated as a company’s competitive factor, and CM is of significant meaning to the financial results of the organization.

ШЛЯХИ ДОСЯГНЕННЯ МАКРОЕКОНОМІЧНОЇ СТАБІЛІЗАЦІЇ В УКРАЇНІ

The comprehensive analysis of domestic economy and it’s actual state undoubtedly confirms its steady transformation into a small, resource-based economy. Its also proves the absence of positive trends related to key factors for ensuring financial sustainability and attaining national security. Special attention is paid to factors in the fiscal sector (an increase in budget revenues based on economic growth as the result of changes in the volume of domestic and foreign trade, due to improvement in the financial results of enterprises and an increase in wages, as well as due to changes in direct tax receipts, and a decrease in the budget deficit); it is also analysed the debt sector (management of Ukraine’s sovereign debt); the detailed attention is given to banking sector (overcoming crisis phenomena in the banking system). Revealing the institutional problems, inefficiency of the public administration system we are justifying the implementation the number of measures in the areas of economic growth recovery, development of the internal market as the basis for sustainable growth, changes in the structure and activation of export policy. The expansion of small farming can be a trigger of the Ukrainian economy’s development. A significant part of the world’s natural resources is located in Ukraine. There is a significant increase in the number of populations worldwide, as well as an increase in soil deficiency suitable for agriculture. Since Ukraine is an agricultural country and most of its lands are suitable for the production of agricultural products – it gives it significant advantages for both self-sufficiency and economic development. Ukraine has always been and remains an agrarian country. Most of its’ lands are suitable for the growing of agricultural products and it gives Ukraine the significant self-sustaining advantages for both exponential growth and supporting of country’s economy. Small farming stays the main factor of the agrarian sector’s development, it supports the economy and helps to sustain the natural resources of Ukraine.

Impact of applying the idea of social responsibility on financial results – assessment of statistical significance on the example of enterprises operating in Poland

Currently, the ideas of social responsibility are widely used in business management, and became important criteria of their assessment, at the same time there is a cognitive gap in area of the impact of CSR on the financial results of companies. The purpose of this article is to try to answer the following questions: is the pursuit of companies’ policies focused on corporate social responsibility CSR (Corporate Social Responsibility) influences the financial results CFP (Corporate Financial Performance)? Attempting realization of taken assumption, the following hypothesis is taken, there is a statistically significant relationship between the use of CSR and financial results of enterprises. In the article special attention is given to the impact of CSR on the net result, return on assets and return on sales, because those are the basic indicators identifying the company’s financial condition. The results of the study indicate opublikowathat statistically CSR does not have a significant impact on the value of the financial result, as well as on return on assets and return on sales.

АНАЛІТИЧНЕ ОЦІНЮВАННЯ СОЦІАЛЬНО-ЕКОНОМІЧНОГО РОЗВИТКУ ПРИЧОРНОМОРСЬКОГО РЕГІОНУ

The article analyzes the level of socio-economic development of the Black Sea region, which is determined by the structure of the economy, which has a direct impact on the dominance of a particular type of economic activity. A statistical analysis of the structure of the economy of the Black Sea region on the basis of grouped data by type of economic activity for the period 2013-2019 by indicators: the number of enterprises; number of employees at enterprises; pre-tax financial results; volume of sold products (goods, services) of enterprises. The rating assessment of types of economic activity of the regions of the Black Sea region according to the structure of the Classifier of Types of Economic Activity in 2019 is constructed. The priority types of economic activity of the regions of the region are revealed. Particular attention is paid to cost indicators that characterize the volume of production and income of enterprises in the region, the definition of factors that affect the development of each activity in the region. This is necessary because the description of the structure of the region's economy for each of these indicators will be different, and this necessitates a comparison of the structure of the economy of regions located in the same natural and climatic conditions, similar in historical development with the same administrative-territorial division. The results of the structural analysis showed that the dominant classifiers of economic activity in the Black Sea region are agriculture, forestry and fisheries; wholesale and retail trade and repair of motor vehicles and motorcycles; industry; transport, warehousing, postal and courier activities. At the same time, a significant share of agriculture, forestry and fisheries in Mykolayiv and Kherson oblasts significantly exceeds the rest in terms of the number of enterprises in the industry and employees. Kherson region is also significantly distinguished by the financial results of enterprises in the region, which receive income from agriculture at the level of 67.7%. In the Odessa region, the transport industry prevails, namely logistics and warehousing. Thus, it can be argued that the Black Sea region has significant development potential in priority areas.

Control and analytical aspects of the management of financial results of enterprises

The presence or absence of effective internal control system at the enterprise has a significant impact on the success of business development, competitiveness increase, development of information system, improvement of quality of accounting and analytical support of enterprise management system. With the help of internal control system the directions of improvement of financial and economic activity of the enterprise are defined, the procedures allowing to maximize profit are defined, rational distribution of expenses is provided. The purpose of research - development of theoretical bases and development of recommendations about perfection of methodical maintenance of the internal control of financial results. For development of theoretical bases of internal control the article suggests conceptual model of internal control system of financial results. During the research the procedures which are carried out at internal control of financial results are ranked depending on the control stages. Working documents which promote increase of efficiency of planning of inspection, timely collection of proof and full realization of control measures are offered. The application of the developed working documents in practical activities, will contribute to achieving the goals and solving urgent problems of internal control for effective management of the financial results of the production activities of the enterprise.

Impact of the Covid-19 Pandemic on Entrepreneurial Capacity and Financial Security in Ukraine

The article analyzes the impact of the COVID-19 pandemic on business activities in Ukraine and the world and its financial security. The analysis showed that the economy of Ukraine and most countries of the world suffered significant losses from the introduction of anti-epidemic restrictions on business activity, which turned out to be in the fall of GDP, index of industrial production investment activity. Because of temporary or complete shutdown of business the unemployment rate increased significantly. The pandemic crisis also negatively impacted the financial results of enterprises, which decreased significantly in all kinds of economic activities, especially in industry, transport, temporary accommodation and catering, where the share of unprofitable enterprises reaches 73%. Thus, the problem of ensuring the financial security of business becomes relevant. The aim of the work is to develop methodological approaches to assessing the impact of the pandemic crisis on the financial security of business and to identify effective ways of ensuring such security. In the process of research methods of scientific abstraction, comparative and system analysis and synthesis, systematization and logical generalization were used. It was determined that the pandemic affected small and medium businesses most of all, where a strong negative impact was experienced by more than 60% of entrepreneurs. Large businesses were less affected, but they also suffered significant losses due to the decline in business activity and demand in the domestic and foreign markets. Agriculture was least affected by the pandemic, which suffered the least losses, primarily due to the insignificant impact of restrictions affecting the activities of this business. The paper systematized the risks arising from the factors of the pandemic crisis, identifying their manifestations and financial implications for business. As shown by the research, such consequences are manifested in the form of full or partial loss of profits, problems with debt repayment, reduction of financial stability, liquidity, increase in accounts receivable, increased costs for anti-epidemic measures, etc. Thus, the procedure for assessing the business’s financial security is to take into account all factors that shape the financial situation of business entities during a pandemic crisis in a comprehensive manner.

Sustainable business and financial performance. Evidence from the UK

Purpose: In recent years, there have been growing concerns regarding the sustainable performance of businesses. The difficulties with companies’ inefficient performance, public pressure on firms, government legislation, and environmental changes force companies to operate more sustainably. Moreover, by not performing more sustainably, companies put themselves at high risk of damaging their reputation and respectability, which subsequently impacts their financial situation. Applying sustainability strategies and becoming more sustainable means that a firm is responsible for its actions and decision in terms of envi-ronmental, economic, and social aspects. Although many scholars agree that there is a relationship between sustainability and financial performance, some propose that sustainability has an insignificant effect on a company’s financial situation is. So, the issue of sustainability and a firm’s economic situation is a topic of significant controversy. Furthermore, some authors emphasize the complexity of verifying the connec-tion between sustainability and the financial situation. For this reason, the aim of this paper is to examine the relationship between sustainability and performance within the UK market. Methodology/approach: This work uses linear regression on a sample of 100 companies listed on the FTSE100 to investigate the relationship between reported CSR and profitability. Findings: The outcome of the research highlights that for the specific year under investigation, sustainability reporting does not have an impact on perfor-mance indicators such as ROE, ROA, or profit margin. Originality/value: The article contributes to the discussion on the relationship between sustainable development and the financial results of enterprises.

ANALYSIS OF FIXED ASSETS OF THE ENTERPRISE: PROBLEMATICALLY-PROGNOSTIC APPROACH

Purpose. The aim of the article is substantiation of the content and algorithm of the problematically-prognostic approach to the analysis of fixed assets and its approbation at the enterprises which according to NACE-2010 are included into the section G (wholesale and retail trade, repair of motor vehicles and motorcycles). Methodology of research. General scientific and special methods of cognition in the research are used in the article, such as: methods of theoretical generalization and comparative analysis – for the analysis of relevant scientific literature; systematical approach, methods of analysis and synthesis – for the substantiation of the methods of analysis of fixed assets; ratio analysis – for the analysis of the efficiency of using fixed assets; methods of mathematical statistics – for assessing the risks associated with fixed assets; methods of econometrical analysis – for building models and assessing of the impact of indicators of fixed assets on the financial results of enterprises. Findings. The main contribution of the research consists in the inclusion of such stages in the traditional method of analysis of fixed assets, such as, integral assessment of the efficiency of use, analysis of risk and problematically (econometric) analysis of fixed assets, is substantiated. Empirical results confirm an increase of the information value of such analysis that contributes to the adoption of reasonable and timely management decisions. Originality. A method of analysis of fixed assets is proposed in the research, which includes the definition of the stages of analysis, the formation of a system of indicators, methods and information base for each stage of analysis, and, unlike the existing ones, has a problematically-prognostic focus, which makes it possible to perform a comprehensive analysis of fixed assets, to determine the directions of increasing the efficiency of their use, to assess the impact on the financial results of the enterprise. Practical value. The proposed method of analysis can be used by managers and investors for a deeper understanding of the problems associated with fixed assets of the enterprise. The empirical results of the research are recommended to be used as benchmark indicators in the analysis and development of a policy for the management of fixed assets at the enterprises of section G according to NACE-2010. Key words: fixed assets, ratio analysis, analysis of risks, econometric analysis, enterprises of section G according to NACE-2010.

The impact of the exchange rate on the financial result of enterprises in the transport sector

Motivation: Transport is one of the most important elements that have a major impact on economic development in various countries around the world. Among the main factors that affect the evolution of transport is the development of consumerism, globalization, as well as the modernization of road infrastructure. There are more and more transport companies on the market, which is supported by the dynamic pace of life and the provision of services in the shortest possible time, at the lowest possible price. Therefore, transport companies are a very important economic link. Many factors affect their economic condition, one of them being the exchange rate. Aim: The aim of the article is to show the relationship between exchange rates and financial results of Polish enterprises in the transport sector. The analysis will show the profits and costs in relation to the exchange rates (Zloty to the Euro, US Dollar, British Pound and Swiss Franc). The expected research period will cover the years 2010–2017. Results: The basis of the conducted analyzes will examined the dependence of the financial result (including revenues and costs) on the exchange rates (USD/PLN, EUR/PLN, GBP/PLN, CHF/PLN).

ORGANIZATIONAL AND ECONOMIC MECHANISMS TO SUPPORT INNOVATIVE DEVELOPMENT AT THE REGIONAL LEVEL

Topicality. One of the problems of the state innovation policy in Ukraine is the abolition or suspension of financial privileges for the subjects of innovation activity due to the lack of transparency of the mechanisms of their distribution. However, complete rejection of state financial support o innovation, that is one of the most widespread instruments of innovation policy in the world, does not correspond with the interests of innovative development of the state. As a solution of this problem at the regional level could be the mechanism of financial support for innovative projects on a competitive basis. Aim and tasks. The purpose of the article is to develop organizational and economic mechanisms of innovative development at the regional level and to discover the source of formation of their financial support. Research results. The article proposes a mechanism for competitive selection of innovative projects to receive funding from local budgets, which, unlike the existing ones, is as transparent as possible, ensures competitiveness among applicants and takes into account the priorities of innovative development of a particular region through the following procedure: the committee for selection of innovative projects is formed on the principles of participatory involvement of representatives of all stakeholders - authorities, business, science, education, community, determines the terms of competition and announces the competition; the competition is open to anyone who has ideas on the announced theme; the selection procedure occurs with maximum transparency and the announcement of the criteria, the selected projects receive funding from the local budget at the expense of the development budget; audit. It is envisaged that economic support for the competitive selection of innovative projects is carried out on the basis of partnerships and financial support from local budgets. The following mechanisms have been proposed: public-private partnership financing through equity participation; granting tax exemptions for other taxes paid to regional budgets; investment-oriented tax benefits, which provide for the exemption from income tax on the financial results of enterprises that are not withdrawn from business and reinvested in innovative projects. Conclusion. Implementation of the proposed mechanisms will ensure transparency of the project selection process, competitiveness among applicants, financial support from different sources and taking into account the priorities of innovative development of a particular region.

ОБЛІКОВО-АНАЛІТИЧНЕ ЗАБЕЗПЕЧЕННЯ ЕЛЕКТРОННОЇ КОМЕРЦІЇ В АГРАРНОМУ БІЗНЕСІ

The article is devoted to the problems of accounting and analytical support of e-commerce in agrarian business. The main ways of developing e-commerce at the agricultural enterprise level are considered as one of the ways to increase the efficiency of its operation: providing competitive advantages by reducing the costs of interaction, expanding markets and business areas and identifying new channels of sales, attracting new and improving old customer service, greater mobility and responsiveness in managerial decision-making. Dynamics of modern internet audience from the point of view of the client component of internet users of web resources is analyzed. The e-commerce industry is described; the most popular shopping sites and the structure of online products are identified. Possibilities of conducting transactions on the internet with the help of electronic trading platforms, message boards and online shops are considered. The order of accounting in the system of accounts the creation and use of the website of the enterprise is analyzed taking into account the way of creation of the site – by its own forces or by a specialized institution. In reflecting the business activities of the enterprise, in terms of accounting and analytical support of doing business, the costs and income they receive under traditional and e-commerce were separated, as most farms conduct mixed activities using traditional sales channels and the sale of products via the internet. The methodology accounting of incomes, expenses and financial results of agricultural enterprises in the section of traditional and electronic commerce is described. The system for accounting the income, expenses and financial results is considered taking into account the sphere of activity of the enterprise. The digital data that will be accumulated on the recommended accounts will form additional information about the composition and amount of such income and expenses, their impact on the financial results of the enterprise. The use of the proposed proposals will increase the efficiency of information support of the needs of internal and external users and will facilitate the process of planning, analysis, control and decision-making of optimal management decisions.

СУЧАСНІ ПІДХОДИ ДО ПЛАНУВАННЯ ВИТРАТ ТА ПРИБУТКУ НА ПІДПРИЄМСТВАХ СФЕРИ ТУРОПЕРЕЙТИНГУ

Introduction . The predominant focus of management systems in the sphere of tour operators’ activity on retrospective financial accounting information does not allow tour operators to use the optimization planning function, which negatively affects their economic efficiency. Purpose . The aim of the article is to develop modern methodical approaches to improve the system of cost and profit planning at the enterprises of tour operators on the basis of the margin approach, which involves modeling the causal links between costs, income, profit on the one hand and the relevant factors that determine them – on the other. Results . In the article there is used a systematic approach to determine the place and role of the tour operator in the value chain of the tourism industry, the characteristics of the economic process of the tour operator and its economic relations with the external environment. To plan costs and profits there is used the apparatus of the theory of economic and mathematical modeling. Based on a systematic approach, the author's descriptive model of the tour operator's activity and its relations with counterparties in the market of resources and products is developed and proposed. This model provides classification of incoming resource flows of the tour operator into two types: resources purchased on the side of primary tourist services and resources that are necessary elements to perform various functions within the business process of the tour operator. According to the classification of resource flows, it is proposed to structure the costs of the tour operator into two groups: the cost of purchased primary travel services and conversion costs. In order to identify cost-generating factors, a comprehensive model of the economic process of the tour operator and the universal model of the main process of the enterprise are proposed. It is substantiated that the main economic process of a tour operator by the nature of the relationship between the flow of resources and the flow of products (services) can be defined as convergent. It is substantiated that the activity of the development of a complex of tourism product should be considered not as a separate function within the main process, but as an element of an independent innovative process of the tour operator. It is justified that resources are consumed not in the main economic process as a whole, but during the performance of individual functions within the main process. So the primary is causal link between cost-generating factors and consumed resources at the level of a particular function. For the sphere of tour operating activity, there are substantiated the criteria for identifying variable conversion costs: costs can be proportionally adapted to fluctuations in the volume of activity of a particular function and the volume of activity of the specified function behaves in direct proportion to the volume of the realized tourist services (quantity or cost of the realized tourist packages). It is substantiated that the «standard list» of variable conversion costs for the sphere of tour operators’ activity cannot be given, because variable costs are not an objective empirical phenomenon, and their behavior depends on the subjective management decision of an individual manager, which in turn is made within specific objective circumstances. According to W. Kilger's concept, it is proposed to determine 2 indicators of marginal cost: marginal cost for short-term decisions and marginal cost for long-term decisions, which is especially relevant in the allocation of costs for the situation of purchasing primary travel services on the basis of contracts with a guaranteed amount of capacity reservation. Originality . In the article there is proposed the methodical approach to formation of an indicator of normative marginal cost of a tourist product. Based on the concept of marginal profit, there is suggested the author's approach to planning of the costs and financial results of enterprises in the sphere tour operators’ activity. There is proposed a methodical approach to determine the break-even point of the tour operator based on the comparison of the planned marginal profit and the function of the total fixed and discretionary costs of the tour operator for the planned season. All abovementioned author's methodical approaches make up a scientific novelty, the use of which in the practice of enterprises in the sphere of tour operators’ activity allows to increase the efficiency of the management system and, accordingly, the profitability of enterprises. Conclusion . Thus, the use of the concept of the marginal profit in contrast to existing approaches allows to improve the quality of information support of the management system because within the proposed approach there is a possibility of more accurate modeling of cost and profit behavior at the enterprises of tour operators’ activity compared to the alternative concepts.

Impact of net working capital management strategy on financial results on the example of WIG-food companies

Purpose – The main purpose of the work is to analyse the relationship between the net working capital management strategy and selected financial results of enterprises belonging to the WIG-food index. Research method – As part of the assessment, the financial data of 12 companies belonging to the WIG-food index for the period 2008-2018 were analysed. The dependent variables were the following measures: net profit/loss (NPL), current liquidity ratio (CLR), inventory turnover ratio (ITR), general debt ratio (GDR), return on sales (ROS). To achieve the objective of the research a one-way ANOVA variance was used. Results – The research results indicate that the net working capital management strategy adopted by the companies belonging to the WIG-Food index significantly affects the achieved financial results. Originality/value – The conducted research showed that the most common differences in shaping individual financial results occur between the use of aggressive (A) and conservative (C) strategy, aggressive (A) and moderately conservative (MC) strategy, conservative (C) and moderately aggressive (MA) strategy, as well as moderately aggressive (MA) and moderately conservative (MC) strategy.