Indicators Of Financial Security Research Articles

PECULIARITIES OF THE SYSTEM FOR ASSESSING THE FINANCIAL SECURITY OF UKRAINIAN ENTERPRISES

The aim of the study is to improve the system for assessing the level of financial security of an enterprise. The subject of the study is the systemic processes of building and assessing the level of financial security of an enterprise. The study used the methods of theoretical and logical generalization. In the article, it is described the key points which characterize the methods of assessing the financial security of the enterprise. The results of the study consist in the formation of a system of indicators for assessing and managing financial security for a production and trade enterprise. The authors selected a set of indicators used for evaluation, involving an indicator method and visual image in graphic representation. There were analyzed results of the enterprise activity for three years in order to assess financial and property condition and financial security; diagnostic parameters were classified into five groups: assessment of property status, solvency, profitability, business activity (turnover) and financial stability. There are specified the content and problems of determining the indicators of financial security and enterprise operating efficiency on the example of a production and trade enterprise.

The use of an indicative method to identify threats and risks to the financial security of an organization

The article attempts to analyze and evaluate the financial security of an organization using an indicative method. In modern conditions, the stability of the national economy is particularly dependent on the stability of economic entities, therefore, the issue of ensuring the safety of organizations from internal and external adverse factors is particularly acute. Financial security is one of the most important components of the economic security of an organization, for this reason, maintaining the financial security of an enterprise is considered a priority in the field of economic security. One of the most popular methods of assessing the level of financial security is the indicative method,according to which financial security indicators are calculated, and then compared with their threshold values. Using this method, an assessment of the current financial condition of the organization was carried out, the main threats and risks of economic activity were identified. An information and analytical system for ensuring financial security is proposed, which makes it possible to organize an integrated approach to the processes of modeling the development of an organization in all major financial aspects, to minimize risks and threats arising in the process of financial activity.

Комплексна діагностика економічних показників діяльності для забезпечення фінансової безпеки страхових компаній

The development of the insurance market is accompanied by unstable transitional processes that can create threats and risks of worsening the insurer's financial condition. In this regard, an urgent issue is the comprehensive diagnosis of the economic indicators of the activity of insurance companies to ensure their financial security. The insurer's financial security is a set of measures to eliminate the threats of deterioration of the financial condition to achieve an acceptable level of activity risk during a certain period and ensure the insurer's financial stability before the increase of external and internal threats affecting the financial condition. Threats include factors and processes that can negatively affect the interests of owners and clients and the insurer's financial condition. Therefore, indicators of the insurer's financial security are the most significant financial indicators and parameters (factors) that characterize the insurer's financial condition and financial stability concerning parameter changes (factors). The article aims to develop a methodology for comprehensive diagnostics of insurance companies' economic indicators to ensure financial security. The research methodology is based on the use of insurers' microeconomic indicators. The author's proposals are based on two groups of indicators used in financial analysis: 1) indicators of financial condition and 2) indicators of financial stability and security. Each group comprises 7-8 financial indicators, corresponding criteria, and normative values. It is proposed that diagnostics be carried out in two stages. In the first stage, the financial condition is determined according to the indicators of the first group, and then – in the second stage, it is detailed by analyzing the indicators of financial security (indicators of the second group). The application of the approach presented in the article makes it possible to carry out purposeful work on the diagnosis of economic indicators of activity, to form an independent opinion not only about the insurer's financial condition but also to build the fundamental foundations of ensuring its financial security. It is crucial not only to calculate and compare the dynamics of indicators of the financial condition of insurers but also to assess the degree of their readiness to counter threats correctly.

ДІАГНОСТИКА ФІНАНСОВОГО СТАНУ АГРАРНОГО ПІДПРИЄМСТВА ЯК ОСНОВА ЗАБЕЗПЕЧЕННЯ ЙОГО ФІНАНСОВОЇ БЕЗПЕКИ

Diagnostics of the financial condition of an enterprise is a priority for ensuring financial security. The purpose of the article is to study and substantiate the theoretical, methodological, and practical foundations for an integrated assessment of financial security of agricultural enterprises on the basis of an integrated approach. The economic consequences of Russia’s military aggression against Ukraine include not only permanent losses in infrastructure and other economic entities, but also significant risks and destructive processes that have a strong impact on the financial condition of domestic manufacturing enterprises and are already changing management processes. The validity of managerial decisions largely depends on the objectivity of the perception of the real situation, which can only be achieved by using the results of an analytical assessment. The essence of this method is to select such criteria for understanding the object of analysis that would allow timely and proper assessment of actual situations, which is a precondition for managerial influence on their resolution. A special object is the agricultural sector, where efficiency depends on the timely receipt and use of resources, and in a market economy, essentially determined by the availability of financial resources. In these conditions, the value of a qualitative analytical assessment becomes a determining factor in the effective management of enterprises. The article determines the importance of diagnostics of the financial state of an enterprise, considers the issues of essence and necessity of system analysis of the financial state of an enterprise. There are described theoretical, methodological, and practical aspects of applying an integral approach to a comprehensive assessment of the financial security of agricultural enterprises. In the process of the investigation was carried out an assessment of the level of financial security of agricultural enterprises, and allocated groups of indicators of financial security of enterprises. Groups of indicators of financial security of enterprise have been allocated. The conclusion is made that diagnostics of financial security of enterprises is a process of assessing the status of financial security, identifying the impact of factors on its level, as well as existing and potential threats to financial security in order to make effective management decisions in the system of ensuring financial security of enterprises.

Assessing the financial stability of Warsaw-listed transport and logistics firms

Purpose. The primary objective of this paper is to evaluate the financial security of transport and logistics companies listed on the Warsaw Stock Exchange. Methodology. The research employs various financial security indicators such as liquidity, capital coverage of assets, working capital, and others. The study focuses on 11 companies in the transport and logistics sector listed on the Warsaw Stock Exchange in the third quarter of 2023. Results. The findings reveal that companies in the transport and logistics sector are highly diverse and challenging to compare on non-financial security aspects. Average data do not reflect the real situation in the sector, and individual companies significantly influence average results. The importance of maintaining an optimal structure of assets and capital for ensuring financial security is also highlighted. Theoretical contribution. This paper contributes to financial security in the transport and logistics sector by analysing companies listed on the Warsaw Stock Exchange. It offers a new perspective on the financial stability of these companies and the factors influencing it. Practical implications. The research calls for caution when assessing the financial security of enterprises in the transport and logistics sector. It also suggests expanding the research group and checking whether the entire sector has any common patterns regarding financial security. This could provide valuable insights for companies in the sector and policymakers.

Indicative Systems for Assessing the Financial Security of Business Entities: Disadvantages and Development Prospects

The purpose of this article is to analyze the existing indicative systems used to assess financial security in order to identify their inherent shortcomings. To achieve this goal, an assessment of the financial security of two Russian companies was carried out using six systems of indicators developed by various Russian researchers. As a result of comparing the obtained estimates, it was concluded that such estimates are highly correlated due to the use by the authors of the considered approaches of standard financial analysis coefiiients. In conclusion, it was noted that the key drawback of most of the considered systems of financial security indicators is ignoring the industry specifics of the object of assessment.

Загрози фінансовій безпеці України

Abstract. Introduction. In the conditions of deepening financial instability of our country, increasing threats to all levels of security, it is important to constantly analyze the values of the main indicators of the country's financial security and identify potential threats, since in order to implement effective mechanisms for stabilizing the financial system, it is necessary to dynamically assess the most dangerous risks for its functioning. Purpose. The purpose of the study is to identify and analyze potential threats to the country's financial security before and after a full-scale invasion of the Russian Federation through a system of indicators. Results. Based on the analysis of changes in the country's financial security indicators for the period before and after the beginning of the full-scale invasion of the Russian Federation, dangerous zones and threats to the state's financial security were identified: the debt burden on the state budget, the level of inflation, lending by banks to the real sector of the economy, the dependence of the banking system on foreign capital and the level doubtful debt in the credit portfolio of banks. The situation is related to a full-scale war and forces Ukraine to build up debt to finance hostilities and solve important social issues in conditions of uncertainty, which in the long run, without the possibility of debt cancellation, will have a disincentive effect on the economy. The safe zone includes the share of domestic state loan bonds and international reserves. The forecast of indicators of financial security that were in the critical zone for 2023, using analytical alignment of the dynamic series, demonstrated the deterioration of the values of these indicators. Conclusions. 2022 is expected to be a critical year for most indicators of the country's financial security. It is proposed to implement transformational measures that would take into account the changes taking place in the market of financial services due to the emergence of problems, first of all, resource provision. It is recommended to regulate the regulatory and legal field regarding financial security during martial law and detailing the threats that arose during the war.

SYSTEMIC RELATIONSHIPS OF DEBT SECURITY IN THE CONDITIONS OF FINANCIAL GLOBALIZATION

The process of globalization exerts a double influence on the world financial system, causing simultaneous development and emergence of potential threats to the financial security of the country. In the conditions of today's financial globalization and the spread of globalization imbalances, there was an aggravation of problems with servicing and repayment of accumulated debt, which caused significant deformation processes in the system of public finances of Ukraine. Therefore, it is necessary to study in more detail the factors influencing the level of debt security and its interdependence with other indicators of economic security. The purpose of the work is to investigate and analyze the interrelationships of debt security and evaluate its level using retrospective analysis and taking into account the impact of the process of financial globalization. After analyzing the values of economic security indicators, we can come to the conclusion that the highest rate of decline in the level of financial security occurred in 2015 for 14 years. p. to the level of 36% among other indicators of economic security. It was established that this situation is caused by a decrease in the level of income from the main budget-forming taxes due to increased fiscal pressure on the economy, a sharp devaluation of the national currency, a fairly significant increase in the amount of state and state-guaranteed debt with an increase in the probability of default, illiquidity and insolvency of financial institutions, a decrease in the amount of the resource base banks and problems with capitalization. All this is the basis for the critical state of almost all indicators of financial security. An analysis of the current state of debt security indicators was carried out. An assessment of correlations between the integral indicator of the level of debt security and other indicators of economic security is given. Factors and interrelationships influencing the level of debt security are determined. The linear dependence and the most significant influence on the critical level of debt security had the same critical levels of banking and budgetary security. The need for further improvement of methodological approaches to determining the level of debt security is argued, taking into account globalization processes and factors of endogenous and exogenous influence, which include the size of the shadow sector of the economy, banking and currency instability, inflationary processes and other factors that are the basis for the formation of sustainable debt security. The scientific novelty of the research is based on the results of the analytical assessment of the interdependence of the level of debt security, the levers, methods and tools of state regulation of threats and risks were formed, strategic monitoring, forecasting and implementation of preventive measures were carried out in order to ensure the appropriate level of economic and financial security. The practical significance of the obtained results is that the provisions on improving the methodological basis for assessing the level of debt security of the country, taking into account the interdependence of debt security and other indicators of economic security, have been confirmed. These results have an applied value for state administration bodies in the process of drafting programmatic and strategic documentation in order to ensure the appropriate level of economic security of the country.

Механізм управління фінансовою безпекою страхової компанії

The aim of the article is to substantiate the mechanism for managing the financial security of an insurance company in the context of endogenous and exogenous risks, threats and hazards. It is proved that the economic essence of the concept of «financial security of the insurer» can be interpreted on the basis of system, system-activity, state, resource, criterion, indicator, risk- and strategically oriented approaches. It is proposed to consider the financial security of the insurer as a complex characteristic of its activities, which reflects the ability to manage finances, accumulate insurance premiums, fulfill obligations in the face of existing risks, threats and hazards of exogenous and endogenous nature. It is proved that ensuring the financial security of the insurer is based on an effective mechanism specific to each insurance company, depends on the purpose, financial and economic activities of the company, the level of its security and forms, methods and levers of its provision. The mechanism for managing the financial security of an insurance company has been improved, which is based on the definition of targets, forms, methods, levers, management tools, regulatory and information support. An approach to improving the mechanism for managing the insurer’s financial security has been developed, which is based on determining the targets of the insurer’s financial security, analyzing and evaluating the dynamics of the main indicators and activity coefficients, the existing methodological instrumentarium for assessing the level of the insurer’s security and substantiating the most acceptable methods, selecting financial security indicators, calculating the indicators of financial security, determining the level of the insurer’s financial security. Prospects for further research are the development of methodical tools and indicators for assessing the level of financial security of the insurer in the context of existential risks, threats and hazards.

External Debt Management in the System of Financial Security of the State

The article is devoted to the study of the state of the state debt and the state of Ukraine’s debt policy. The relevance of this topic is that during the previous years, the public debt of Ukraine, both external and internal, was constantly growing, creating threats to the country’s debt security and financial stability. Over the last decade, the problem of the growth of Ukraine’s foreign debt continues to worsen. Attracting loan capital is caused by the need to replenish currency reserves in order to increase the resources of the country’s economic development and ensure the stability of the national currency. The purpose of the study is a theoretical generalization of the prerequisites and features of the formation of the national debt of Ukraine and the justification of the policy of management and service of the external debt, which will contribute to ensuring the financial security and economic development of the country. In accordance with the set goal, the work is supposed to solve a number of problems, the main of which are: clarifying the impact of foreign debt on the financial security of the state; clarification of the relationship between the financial and economic development of the state and the state debt; assessment of the state debt of Ukraine and the state of its financial security; development of proposals for improving the management and servicing of public debt in Ukraine. To achieve the goal, the following scientific methods were used in the scientific research: analysis and generalization - to study the current state of debt security in Ukraine; comparison and compilation - for the analysis of world and national experience in calculating the system of indicators of financial security; grouping – for clustering of relevant indicators of the impact of debt on financial security; statistical analysis – to study the dynamics of debt security indicators and calculate an integral index based on them. These methods make it possible to single out the challenges and prospects of the Ukrainian economy on the way to achieving the optimal level of the country’s foreign debt. The structure of the state debt of Ukraine and its optimal limits have been determined. An analysis of the current state and main trends of the state debt of Ukraine was carried out. In particular, the trends of its share in GDP were determined, a thorough structural analysis of the national debt of Ukraine was carried out for the period from 01.01.2013 to 01.01.2022, and an assessment of budget costs for servicing and repayment of the national debt of Ukraine was carried out. An analysis of the state and structure of the state debt of Ukraine makes it possible to identify trends in its volume growth. During the analyzed period, the size of the national debt of Ukraine changed rapidly, which is determined by general factors of economic development. The authors found that in the structure of the state debt, there is a clear tendency towards the predominance of external debt over internal debt. The main causes of the state debt are the state budget deficit and significant amounts of internal and external borrowing. Further growth of the national debt of Ukraine is very dangerous and may lead to the loss of economic independence, the withdrawal of funds from the financial market that could be used for the development of the real sector of the economy, a decrease in competitiveness on domestic and foreign markets, and a decline in the standard of living of the country’s population. But reaching the projected level threatens Ukraine with default. In order to avoid negative consequences, it is proposed to improve the mechanism of public debt management at the institutional level, to improve the legal framework, and also to increase the level of own gross domestic product by modernizing domestic enterprises.

TVAR-MODELS OF FINANCIAL SECURITY INDICATORS FOR MACROECONOMIC SYSTEMS: IMPACT ASSESSMENT OF ENERGY “SHOCK”

The break of connections in economic systems results in imbalance and a theoretical possibility of a threat for their development. This raises the issue of finding an effective mechanism for economic security in general and financial security in particular, which are important elements of how macroeconomic components work. The purpose of the study is to develop models that allow assessing the impact of an energy “shock” on financial security indicators, to identify the threshold values of exogenous variables at which the “shock” has a destructive influence on the level of financial security and can lead to the financial system destabilization. The work uses a branched structure of scientific methods which consist of theoretical and empirical research of the financial security for macroeconomic systems. The main results of this work are devoted to the consideration of the problem of how to design effective mechanisms for ensuring financial security under the conditions of exogenous “shocks” of the global economy. It considers the concept of “shock” and gives the examples of the impact of “shocks” on macroeconomic indicators. The work highlights the energy “shock” as dominant for the analysis and formation of an effective macroeconomic stability policy. The information area of research features is substantiated, including BRENT oil price data and indicators of monetary and currency security, such as the rate of inflation and the exchange rate. Emphasis on subsystems of monetary credit and currency security is made due to the importance of these channels of crisis infection in order to ensure financial security. The value of the lag in the model is substantiated with the help of information criteria; evaluation and testing of the quality of the model have been carried out; system stability has been assessed based on the impulse response function, the TVAR model has been developed. The areas of change of the exogenous variable reflecting the statistically significant impact of the energy “shock” on the rate of inflation are analyzed. Thus, the obtained results made it possible to identify the regimes of energy security, which become a channel of infection of the financial sphere and a significant increase in the level of inflation. Practical significance includes the versatility and applicability of the evaluation approach for research due to the ability to use the entire algorithm as a complete ensemble of models. The results of this material can be used in the formation of government financial security policies and reactions to destabilizing external influences.

ASSESSMENT OF THE IMPACT OF PUBLIC DEBT ON THE FINANCIAL SECURITY OF THE COUNTRY

The article reviewed current trends in the field of external debt, which further exacerbate the problems in the political, economic, financial and monetary spheres of the economy. This is primarily due to the inefficient system of public debt management and leads to exceeding the threshold values ​​of debt security. It was found that the amount of debt in the context of financial security of a country should first be studied in relation to GDP, what fully reflects the real economic situation in the country under the influence of inflation. The share of public debt in recent years has exceeded 60 % of GDP, which requires the government to take measures that would limit the possibility of borrowing in order to reduce public and state-guaranteed debt. Observations of the structure of Ukraine's public debt for the period 2011-2020 show the predominance of external debt and the gradual growth of its share. The peak of the level of public debt of Ukraine beyond the border falls on the period 2014-2017, but as of 2020 this figure was 60.8 %.Ukraine's public debt ratio is estimated in terms of currency structure, which shows that the major's share of debt in 2020 is denominated 46.22 % in US dollars. The threat to financial security for Ukraine remains high, as exchange rate volatility increases the repayment of principal and interest on debt.The analysis of public debt over the past 10 years shows the intensification of threats and risks to financial security by international financial institutions through external lending, as well as the high level of Ukraine's debt to external and domestic creditors. The study of indicators as indicators of financial security over the past 5 years shows the insufficient level of budget security of the country and the presence of internal and external threats to financial security of Ukraine.It is determined that the government's urgent task is to optimize the sources of public debt financing together with the development of clear and transparent rules of debt policy for the assessment of debt security indicators and financial risk management. The result of such changes is expected to reduce the amount of credit borrowing and a positive impact on the level of financial security of the state.

НЕКОТОРЫЕ АСПЕКТЫ ДИАГНОСТИКИ ФИНАНСОВОЙ БЕЗОПАСНОСТИ РЕГИОНА

In modern conditions, the achievement of dynamic growth of the real sector of the economy is a condition for ensuring financial security, both for the state and the region, since it is directly related to filling the budget from the profits of material production industries. The article defines various interpretations of the concept of «financial security» by scientists. Given the theoretical analysis suggested that the financial security of the region should be understood such as financial, budgetary, banking, insurance, currency, tax, investment systems in the region, which creates a high level of protection of all financial interests and minimize external and internal threats with the help of special tools. Indicators of diagnostics of financial security of the region are presented, which will help to identify the most critical threats and develop measures to improve and overcome the current situation, as well as the main directions of assessing the financial security of the region. Scientific studies have shown that certain requirements are necessary for the qualitative characteristics of financial security indicators. The set of indicators should be comprehensive and consistent and should help to analyze the regional financial system from the point of view of its economic security. For these purposes, a block of basic indicators should be formed, which will provide a foundation for conducting an analysis of the financial security of the region, which allows us to formulate that the indicators of financial security indicators should be combined into a two-level system. Based on the study, a system of principles for selecting indicators of financial security in the region is defined.

Financial security of Ukrainian enterprises: current status, main problems and ways to solve them

The existence of an effective financial and economic security system, which will provide the protection of the enterprise from the threats is one of the most important aspect of sustainable business growth providing and formation of positive results of its financial activities in modern conditions of the economic processes imbalance. The protection is conditioned by the ability of the enterprise authorities: to provide sustainable business growth of the enterprise, to neutralize the negative impact of the crisis economy, to form an adequate accounting system of financial flows, to strengthen operating effectiveness of the control system, to provide the protection of the trade secret information confidentiality on appropriate levels. Modern scientific researches indicate there is impossible to find exit from crisis, to stabilize the economic situation, to create an effective mechanism of doing business without unified system of business financial and economic security. The search of the main ways of business acceleration with minimal expenses for forming of effective system of enterprises functioning aimed at maximization of profits and harmonization of relations between business stakeholders is very relevance in the conditions of post-crisis reconstruction. It should be taken into account the fact that production and economic systems, regardless of the form of ownership, are characterized by the presence of constant risk and threats associated with the dynamics of the external and internal environment of their functioning. The financial and economic security of a business depends on the state of the country's monetary security. It should also be noted that at present the financial security of Ukraine is under threat, since all components of ensuring financial and economic security are in danger. The problems of their own economic security arise before each type of business, not only in times of crisis, but also when working in a stable economic environment, the set of targets to be solved in this case has a significant difference. The instability of the economic and political situation in the modern world creates great tensions and serious problems to ensure the financial security of enterprises, which is associated with solving economic and legal problems, as well as protecting economic interests and property rights of economic entities - physical and legal persons. The financial security of the enterprise, as the main economic entity of the modern economy, occupies an important place among the indicators of financial security at other levels, as the security of the enterprise is the basis of both economic security in general and financial security in particular. Financial security plays a significant role in the management of the enterprise, helps protect its financial and economic interests from negative internal and external threats, protects the financial interests of business owners, controls the financial resources of the company, able to withstand existing and emerging risks that cause financial damage change the structure of equity.

ОЦІНКА СТАНУ ФІНАНСОВОЇ БЕЗПЕКИ БАНКУ ЗА ДОПОМОГОЮ КОЕФІЦІЄНТУ ТАКСОНОМІЇ

The article is devoted to assessing the state of financial security of the bank using the taxonomy ratio. The authors present indicators of financial security of the bank in the form of a matrix of observations. In the article the authors formed a matrix of observations using such indicators as profit (loss), return on assets, share of capital in liabilities, overall profitability ratio, efficiency ratio, reliability ratio, capital multiplier, loan-to-liability ratio, profit per employee, authorized capital adequacy ratio, share of capital in liabilities, possibility of using internal bank reserves, financial leverage ratio. In the article, the authors identified indicators-stimulators and indicators-disincentives. In particular, the stimulus indicators included such indicators as profit (loss), return on assets, share of capital in liabilities, total profitability ratio, reliability ratio, loan-to-value ratio, profit per employee, authorized capital adequacy ratio, share capital in liabilities, the possibility of using internal bank reserves, the ratio of financial leverage. The indicators-disincentives included such indicators as the efficiency ratio and the capital multiplier. Among the indicators recognized by the stimulators, the authors chose the highest value – it will be the indicator of the standard vector Among the disincentives, the authors chose the lowest value – it will also be the indicator of the standard vector. To further evaluate the indicators, the authors identified and constructed a standard vector. In the article, the authors calculated the integrated indicator of financial security on the example of Raiffeisen Bank Aval for the last five years, using the bank's statistics and financial statements. In the article the authors draw conclusions based on the calculated integrated indicator of financial security, namely: the taxonomy ratio is higher at high stimulant rates and decreases at low stimulus rates; there are fluctuations, increases and sharply decreases in 2020 to the minimum value for the study period; you need to actively respond to changes that reflect the result. attention should be paid to finding effective management methods to improve financial performance and strengthen the security of the bank in future periods.

Оцінювання фінансової безпеки пріоритетних галузей національної економіки України

The purpose of the article is to develop and approbate a methodical approach to analyzing the financial security of priority sectors of the national economy. The article emphasizes the relevance of considering the issues of economic and, in particular, financial security at the level of the sectoral economic system. The authors’ own methodology of analysis is developed and the weighting factors of indicators of financial security of agriculture, industry, construction and transport, warehousing, postal and courier activities of Ukraine are evaluated. The structure of financial security of priority sectors of the national economy, i. e., the investment, credit, debt, monetary, production and economic, system-structural components is determined and the weighting factors of indicators are evaluated according to these security components. This approach made it possible to identify the indicators with a lesser extent along with the indicators with a greater extent of an impact they have on the general condition of subindexes, and therefore determine the overall level of financial-economic security of priority sectors of the national economy of Ukraine. The integral values of financial security of priority sectors of the national economy of Ukraine for 2010-2020 were computed. The results of the assessment allowed to identify, firstly, the state of financial security of the analyzed industries; secondly, the dynamic characteristics of changes in the level of financial security of priority sectors of the national economy; thirdly, the measure of differentiation in the state of financial security among the analyzed types of economic activity; fourthly, to form conclusions regarding the factors influencing the parameters of financial security of priority sectors of the national economy of Ukraine; fifthly, to determine the strategic directions and develop a set of the State policy instruments focused on strengthening financial security, taking into account the existing specifics for agriculture, industry, construction and transport, warehousing, postal and courier activities of Ukraine. Prospects for further scientific research in the analyzed sphere relate to the formation of recommendations regarding the linking of the results of the accomplished analysis with the formation of actions in the field of strengthening the financial-economic security of priority sectors of the Ukrainian economy.

TRENDS IN THE FORMATION AND EXECUTION OF LOCAL BUDGETS UNDER MARTIAL LAW

Purpose. The aim of the article is to study the structure and volumes of the revenue and expenditure parts of local budgets of Ukraine in the pre-war period and during martial law, with the determination of indicators of financial security of local budgets and the substantiation of measures to strengthen them in the future. Methodology of research. In the process of research, methods of general scientific and empirical techniques based on a systemic approach were used. Such methods as: statistical method of data processing, grouping method - to analyse the dynamics of tax and non-tax revenues of local budgets were also used; system analysis, generalization - to assess the financial capacity of local authorities to fulfil the powers entrusted to them; expert method - for interpreting indicators of financial stability. Findings. It is installed the following: - a positive trend in the dynamics of the coefficient of concentration of own and fixed incomes, which means an increase in the level of independence of local self-government bodies; - a decrease in the ratio of the share of transfers in all revenues of local budgets, which indicates an increase in the independence of local self-government across regions; - normative value of the coefficient of budget coverage, which shows that the local self-government is able to finance its powers at the expense of its own and fixed revenues; - the negative trend of the deficit ratio of the local budget. It is argued that in the conditions of martial law, the current values of such indicators cannot be understood as a positive phenomenon. After all, today they are caused by the following negative factors: the "freezing" of special fund expenditures, the curtailment of infrastructure projects, arrears on a number of payments due to the withdrawal of "protected" budget articles during martial law, non-spending of local budgets in territorial communities located in the territories of hostilities. Focused attention on the possible reserve of local budgets, which can be the volume of reverse subsidies, provided they are directed to energy efficiency measures, including for the restoration of energy infrastructure facilities that were damaged as a result of mass shelling. This will contribute not only to overcoming the current challenges of wartime, but also to the post-war reconstruction of the regions that suffered from the aggression of russia. Originality. Based on the calculated indicators of the financial sustainability of local budgets, steps have been determined that enable local self-government bodies to increase the level of independence of local budgets, improve the quality of provided public services, and accelerate the social and economic development of regions during the war period. Practical value. The results of the study can be used in the process of forming and implementing the budget policy of the state in terms of redistributing financial resources and directing them to energy efficiency measures within territorial communities. Key words: local budgets, revenues of local budgets, expenditures of local budgets, consolidated budget, financial stability of local budgets.

ФІНАНСОВА БЕЗПЕКА ТОРГОВЕЛЬНИХ ПІДПРИЄМСТВ ЯК ВАЖЛИВА СКЛАДОВА ФІНАНСОВОЇ БЕЗПЕКИ ПІДПРИЄМСТВ УКРАЇНИ

The article investigates the essence of the concept of financial security of enterprises for the deepening of the conceptual apparatus of economics. The essence of the definition of "financial security of the enterprise" is considered in view of the interpretations of various scientists. Properties that affect the state of financial security of enterprises are studied. These include ensuring financial balance, stability, solvency and liquidity of the enterprise in the long run; meeting the needs of the enterprise in financial resources for sustainable expanded reproduction of the enterprise; maintaining a high level of financial independence; the ability to resist existing and potential dangers and threats that may cause financial damage to the enterprise and protect the financial interests of business owners. The functional goals and internal components of financial security of business entities are considered. The main internal components of financial security of the enterprise include organizational, managerial, financial and economic components. The level of unprofitable enterprises in recent years in terms of economic sectors is examined. Factors influencing the results of business entities according to the industry in which the company operates are described. The dynamics of sales of goods by retail and wholesale enterprises is analysed. In accordance with the Guidelines for calculating the level of financial security of enterprises of Ukraine calculated indicators of analysis of efficiency and financial security (stability) of enterprises, provides formulas for their calculation, analysed the state of each of the indicators of financial security of economic entities in recent years. Based on them, a general assessment of the state of financial security of trade enterprises of Ukraine at the present stage. According to the analysis the dynamics of the level of financial security of trade enterprises of Ukraine is presented. The main problems and potential threats to the financial security of Ukrainian commercial enterprises are highlighted. Ways to overcome the problems using the proposed priorities to strengthen the policy of financial security management of economic entities have been identified.

Methodical provision of financial security assessment of the state

Purpose of the research. The main purpose of the article is to improve methodological support for the assessment of the financial security of the state, taking into account the impact of budgetary policy. Methodology. During the study the following methods were applied: comparative analysis, integral estimation, normalization of indicators, component analysis, method of principal components, etc. Results. In the course of comparing the existing methodological support for the financial security assessment, it is justified, notwithstanding the existing shortcomings, the expediency of applying in the analytical work the Methodological recommendations for the calculation of the economic security level of Ukraine of the Ministry of Economic Development and Trade of Ukraine (2013) and the necessary calculations of the level of financial security of Ukraine for 2009-2018. Additional financial security indicators are proposed, taking into account the priority of its budget component, in particular, the share of revenues from the National Bank of Ukraine (NBU) in the state budget revenues (for banking security), the ratio of the pension contributions of non-state pension funds to the own income of the Pension Fund of Ukraine (PFU) market), government revenue as a percentage of consolidated budget expenditures and the share of public servicing and debt repayment expenditures in consolidated budget expenditures (for debt security), expenditures and for servicing and repayment of public debt as % of gross domestic product (GDP) (for fiscal security); consolidated budget revenues in USD US (for currency security), consumer loans to households, % of household income, and lending to consolidated budget expenditures (for monetary security). On the basis of regression analysis, where sub-indices of functional constituents are taken by factor signs, and the integral indicator of financial security is obtained as a result sign, the reliability of the calculations is confirmed. Practical meaning. The calculated sub-indices of the functional components of the financial security of Ukraine and the integrated indicator for 2009-2018 can be used in the development of plans, forecasts, strategies for socio-economic development of Ukraine. Prospects for further research of the author are to study the impact of budgetary policy on the state of financial security of Ukraine.

Does the Pandemic Matter? Diagnosing the Immediate Effects of the Covid-19 Pandemic on the Financial Security of Small Enterprises in Poland

The Covid-19 pandemic broke out unexpectedly, and it is difficult to anticipate its future effects. As a result of the lockdowns, many enterprises were forced to curtail their business as early as in the first months of the pandemic. In view of such unprecedented phenomena, a question arises about possible effects of the pandemic on the financial standing of enterprises. The authors of this paper aimed to assess the immediate effects of the Covid-19 pandemic on the financial security of small enterprises in Poland, since the financial security is seen as an important factor influencing organizational resilience. This article applies the desk research and comparative analysis methods, which were conduct based on statistic office data. The studied enterprises were analysed in terms of changes in their liquidity ratios, sales profitability ratios as well as their revenue and profit levels – the results have shown a considerable diversity across sectors. Based on the assessment of changes in the indicators, the analysed sectors were categorised as: resistant sectors, hardly affected sectors, moderately affected sectors, severely affected sectors. The analysis of the selected indicators of financial security has shown that the financial result as well profitability levels were the indicators that deteriorated in the greatest number of sectors. Surprisingly, financial liquidity remained the most stable indicator. The research results can be helpful in proper channelling aid to enterprises to recover from crisis, since in first month of the pandemic most of financial support was not diversified