Financial Stability Indicators Research Articles

Assessment of the Effectiveness of State Support for Insurance in Agriculture in Russia

Introduction. Risk insurance is the most important financial instrument that ensures the sustainable development of agriculture. The specifics of the implementation of agricultural risks (the unpredictable nature of the onset and the significant intensity of the impact on the activities of agricultural producers) determines the increased interest in this area of support for agriculture from the state. The purpose of the article is to assess the effectiveness of state support in the field of agricultural risk insurance in Russia. Materials and Methods. The authors analyzed the reports of the Ministry of Agriculture of the Russian Federation, as well as the National Union of Agricultural Insurers, characterizing the dynamics of development and the effectiveness of state support in the field of insurance of risks in agriculture. To assess the effectiveness of state support for agricultural producers when concluding an insurance contract, the following algorithm was used: first, an analysis of the achievement of planned indicators of agricultural insurance with state support; second, an analysis of the impact of the size of government funding for insurance on the financial results and financial sustainability of agricultural producers; third, the correlation analysis of the closeness of the relationship between the main indicators of insurance with indicators of financial results and financial stability of agricultural producers. Results. The analysis of the dynamics of the development of agricultural insurance with government support in Russia, as well as the contribution of government subsidies to the financial result of agricultural producers is carried out. On the basis of correlation analysis, there is a tight link between insurance indicators such as insurance coverage and insurance indemnity and indicators of financial results and financial sustainability of agriculture. Discussion and Conclusion. The results obtained indicate a significant impact of government financing of insurance risks in agriculture on the development of the industry. The results of the study could be used by public authorities and Governments in formulating development strategies and agricultural insurance programs, developing appropriate financial instruments for State support for agricultural producers.

The Influence of Management Decisions on the Capital Structure Optimization of Ukrainian Agricultural Enterprises

The article defines the influence of management decisions on the capital structure optimization. A statistical analysis of the dynamics and capital structure of Ukrainian agricultural enterprises for 2016–2020 is presented. It is established that effective capital management is aimed at forming its optimal structure. Based on the capital functioning diagnostics, it is determined that despite the increase in the share of the agricultural enterprises’ equity capital in the total capital, the profitability of equity capital decreased significantly. This proves, among other things, ineffective management of the agricultural enterprises’ capital structure. It is shown that increasing the profitability of not only the total capital, but also each of its components (own capital, borrowed capital), is the main indicator of the capital structure optimization, and, accordingly, of the management decision-making appropriateness. It is substantiated that the enterprise’s efficiency activity is determined by the functioning of its capital, and the correctly chosen capital management enterprise’s strategy allows ensuring financial stability and high profitability indicators. It is proven that an effective system of managing the agricultural enterprises’ capital structure is subject to the definition of the hierarchy and sequence of capital management levels. It is established that at the strategic level of capital management, it is very important to define the tools for developing the chosen management strategy, taking into account the specifics of agricultural production; the implementation of capital management tactics is subordinated to the stabilization of the agricultural enterprises’ resource base, including through the marketing policy formation and enterprise policy on the financial market. It is substantiated that operational management decisions are aimed at optimizing the level of financial risk associated with attracting loan funds and increasing their share in the structure of the agricultural enterprises’ aggregate capital.

Applying forecast reporting to assess the probability of financial insolvency (bankruptcy)

Subject. During the pandemic, contacts between many organisations and their business partners were disrupted: their sales volumes and other sources of financing decreased and non-payments became more frequent. These reasons may result in an increased risk of financial insolvency for economic entities and may lead to bankruptcy. In this regard, financial forecasting is a way to avoid negative consequences.Purpose. The development of a universal analytical tool that allows predicting the probability of financial insolvency (bankruptcy) which has been tested within the PROTEK group of companies. Methods. The research results were obtained using analysis, synthesis, analogy, historical and logical approaches, classification, etc. The assessment of the financial insolvency (bankruptcy) risks has been based on several Russian and foreign bankruptcy methods which give contradictory probability estimates for studied organisations. In this regard, an attempt was made to predict the financial stability of an economic entity. Results. The authors propose to make a modified forecast report based on the balance sheet and the financial performance statement which provides in a single form the calculation of absolute and relative indicators of financial stability and solvency. At the same time, these data in combination with the G. G. Kadykov and A. S. Saifulin’s method can be used to assess the probability of bankruptcy. Conclusions. The proposed version of the forecast report allows obtaining a real-time forecast of the probability of bankruptcy and thereby taking timely measures to prevent the deterioration of the financial stability of the organisation.

Методика сравнительного анализа инвестиционной привлекательности организаций

The methods of comparing the organizations in terms of their investment attractiveness in order to choose the best alternative have been developed. The main external and internal factors of the organization's investment attractiveness are selected as the stages of the methodology. Evaluation criteria are defined for each factor, depending on the compliance with which the factor score is determined. To assess the level of investment attractiveness of the country it is proposed to use the Global Attractiveness Index (GAI). The index allows to divide the countries into groups with high attractiveness, medium-high level of attractiveness, medium-low level and low level of attractiveness. In the methodology, the score depends on the group to which the country is assigned according to the GAI index. The assessment of the investment attractiveness of the region is carried out according to the integral indicator of investment attractiveness of the regions, which is calculated by the Expert RA agency. The regions are divided into three groups of investment attractiveness: A, B, C. The score of this factor depends on the group to which the region is assigned. It is proposed to assess the financial well-being of the organization based on the analysis of indicators of financial stability, liquidity, profitability, probability of bankruptcy. The degree of compliance with the standards will determine the score of the factor. The score of the investment experience factor is stipulated by the assessment of the organization’s investments during its operation, their size and effectiveness. It is proposed to evaluate the attitude of the market to the enterprise in accordance with the dynamics of indicators (applying the Golden Rule of Economics). The listed factors are proposed to be considered through the prism of the investor’s goals: minimizing country risks, financial feasibility of projects and dynamic development of the organization. The weight of the factors depends on the choice of the goal. The sum of the products of each factor score on its weight determines the value of the indicator of the organization investment attractiveness, according to which it is possible to compare various alternatives to the investor’s investments, as well as to evaluate the dynamics of the attractiveness of an individual object over time.

Economic assessment of the enterprise performance and competitiveness

The competitiveness of an enterprise is directly related to the quality of its products. Therefore, in the process of production of the relevant assortment of products, it is necessary to optimally adjust the entire production and technological chain, i.e. from the moment of receipt of raw materials to the stage of finished product output. The purpose of the article is to analyze the main economic indicators of competitiveness on the example of “Import Oils” LLP. The subject of the research are organizational and economic relations in the process of increasing the competitiveness of the enterprise. In the process of research, we used methods of differentiated indicators of competitiveness evaluation of enterprise efficiency: liquidity indicators, indicators of financial stability, indicators of enterprise profitability. In this aspect, a special role is played by the process of forming the cost of production, as it forms the basis of pricing of the business entity. Consequently, the enterprise needs discriminatory pricing in those industries where the firm sells its products. In general, along with increasing the competitiveness of the enterprise, improving the quality of products sold and expanding its range, targeted work on the promotion of goods on the market. In this aspect, a special role should be given to issues of improvement of sales channels of the company's products. At the same time competitiveness of economic subjects will allow to form the balanced development of branch markets of separate kinds of production and services.

Financial Stress Index as an Indicator of Financial Stability of Ukraine in War Conditions

The importance of proper statistical support of the financial and banking system of the country is substantiated. It was noted that the statistics of the financial sector forms indicators of monetary and credit statistics, statistics of financial markets, statistics of financial accounts and indicators of financial stability. The criteria of financial stability were described: the financial system is liquidated and capitalized; payments and settlements are studied on time; the financial system effectively transforms free funds of citizens and businesses into loans and investments, etc.
 The goal of macroprudential policy is given and the system of indicators that characterizes the level of financial stability of the country is described. It was defined the key groups of indicators, on the basis of which the models of stress testing of banking systems by the National Bank of Ukraine are implemented. Particular attention was focused on the financial stress index, which covers five sub-indices (banking sector, corporate securities, government securities, foreign exchange market, household behavior) and takes into account the effect of their correlation.The dynamics of the IFS for January - May 2022 were analyzed. It was noted that at the beginning of January, the financial stress index was 0.01, and as of February 24, 2022, it has grown rapidly to 0.466 for all components, which indicates the systemic nature of stress for the financial sector in general. It was noted that the level of the sub-index of household behavior was relatively stable, since there was no significant outflow of deposits due to the preservation of public trust in the banking system. The value of the banking sector sub-index (0.075) improved by the end of May thanks to the improvement in the level of liquidity, while the currency sub-index (0.113) maintains quite high values. In May, the IFS fell to 0.265, but the level of stress in the financial market remains quite high by historical standards.The structure of the money supply was analyzed and it was determined that its share of cash was a third of the entire money supply in circulation. The share of cash in February and March 2022 significantly increased compared to the corresponding months of 2021 - by 3.2 percentage points and by 2.9 percentage points, respectively. The share of deposits in the national currency in March 2022 amounted to 34.7%, which is 6.0 percentage points more than compared to March of the previous year. It was determined that the credit demand of the population decreased significantly during the war, in particular, the attractiveness of long-term deposits decreased. Based on the oscillation coefficient, it was determined that in the first half of 2022, the official exchange rate hryvnia to dollar was more stable than the hryvnia to euro exchange rate.The financial losses of Ukraine as a result of the war were characterized. Thus, losses of physical capital from the destruction of enterprises, housing and infrastructure reached 100 billion dollars of the USA, which is equivalent to 50% of GDP in 2021. It is noted that currently the main source of covering the budget deficit is international aid.

Stability of production and trading companies considering their economic security

The economic security of any company depends on its solvency and financial stability. It is also affected by uneven economic development due to the global financial crises, the impact of the COVID-19 pandemic, increased competition from industrial and commercial companies, and military conflicts. Thus, it is necessary to assess the stability of companies as a basis for their economic security, taking into account the indicators of solvency and financial stability. The paper used systematization, comparative analysis, ranking, expert interview (in-depth interview), and Fishburne’s method. First, the scheme of ensuring the financial stability and solvency of production and trading companies is proposed. Second, the evaluation indicators system is developed, and the rating scale of stability of production and trading companies is determined. According to the results, evaluation indicators were formed; some were calculated according to companies’ financial statements and management accounting. Finally, to increase the efficiency of technical and economic parameters, areas for regulating the activities of companies and ensuring their stability were identified. According to an in-depth interview with experts, the sampled company received 69 points and corresponded to a sufficient level of stability. Factors that negatively affected the stability of companies’ activities include quality indicators, namely compliance with standards, company image, digitalization, compliance with corporate culture, and personnel management policy.

The effectiveness of logical indicators of financial stability in modeling the risk of corporate commitments nonfulfillment insecurities

The effectiveness of logical indicators of financial stability in modeling the risk of corporate commitments nonfulfillment insecurities

Optimization of Credit Activity of a Commercial Bank Based on a Parametric Model

In the past few decades, a line of research focusing on the financial portfolios of banking structures has been actively developed in the world’s economic science. The interest in deposit-and-loan portfolios is caused by the rapid growth of both the banking sector and the entire capital market in the world. This paper presents empirical research in the field of analysis of the credit and investment activities of a commercial bank with an extended set of criteria. The team of authors considered a certain approach to parametric modelling of the optimal banking portfolio taking into account unregulated exogenous (macroeconomic) and endogenous (set by the bank) parameters that affect its structure and composition. As part of the proposed method, a list of monitored parameters of the banking portfolio, which was developed due to financial stability and reliability indicators, was compiled. Accordingly, based on calculations with a modified parametric model and assessment of the level of their financial stability and reliability, shortcomings in the structure and composition of the portfolios of the banking organizations under research were identified with respect to the rationality of resource allocation and the adequacy of equity capital. Thus, it was concluded that taking into account the criteria for managing the banking portfolio, measures of profitability and risk, as well as the reliability of the financial and economic base and financial stability of the bank contributes to the growth of its rating and client base, which is especially important for universal commercial banks.
 
 Received: 4 September 2021 / Accepted: 22 November 2021 / Published: 3 January 2022

НАПРЯМИ ЗМІЦНЕННЯ ФІНАНСОВОЇ СТІЙКОСТІ ВІТЧИЗНЯНИХ ПІДПРИЄМСТВ ЗА УМОВ ФУНКЦІОНУВАННЯ В СОТ

In the article, the author conducts a study of the concept of financial stability of the enterprise and reveals the importance of its analysis for obtaining information data, their processing and making managerial decisions. The level of effectiveness of the enterprise's activity, risklessness in the business environment both in the current period and in the long-term perspective is characterized by the financial condition, which is mostly determined by the economic parameters of financial stability. Indicators by which financial stability is assessed are given. The existence of an algorithm for assessing the financial stability of the subject is proposed. The algorithm for assessing the financial stability of the enterprise should be based on the determination of financial stability directly, that is, absolute and relative indicators, comparison of assets and sources of financing. The basic parameter for assessing the financial condition of an industrial enterprise is the indicators of financial stability, by which other subjects can determine the investment attractiveness, and the management staff will make effective management decisions. There are three groups of methodological approaches to assessing the financial stability of an enterprise, namely integral, coefficient and aggregate. The importance of improving diagnostics and control of the level of financial stability of the enterprise to determine directions for its strengthening is substantiated. The need for organizational changes in the functional elements of the enterprise's management system to strengthen its financial condition, for example, with the possibility of finding and using production reserves, reducing production costs, etc., is revealed. In managing the financial stability of domestic enterprises under the conditions of functioning in the WTO, in addition to the formation of directions for its strengthening, it is important to develop an appropriate strategy and control over its implementation. The main direction of strengthening the financial stability of domestic enterprises under the conditions of functioning in the WTO is the formation and implementation of the finance management mechanism, which involves the definition of subjects, management objects, goals, principles, goals, tools, methods, information support, directions for improving management functions and ensuring their interconnection. What is new is that the author has identified modern aspects of ensuring financial stability under the conditions of strengthening the integration processes of the activities of domestic enterprises in the machine-building industry.

ТЕОРЕТИЧНІ ЗАСАДИ УПРАВЛІННЯ ФІНАНСОВОЮ СТІЙКІСТЮ ПІДПРИЄМСТВА

The article defines the essence, role, and significance of the financial stability of the enterprise and states that it is one of the critical foundations of stable financing of the business entity. The article provides the main factors that affect the financial stability of enterprises, as well as the basic principles of their maintenance. The authors investigated the economic essence of the concept of managing the financial stability of the enterprise. The authors provided their own actual interpretation of the concept of capital, based on the analysis of the essence of this category by various scientists. The authors indicated capital as a set of strategic and operational management decisions regarding the formation and distribution of financial resources in order for the enterprise to achieve the necessary level of financial stability, autonomy, and independence. The article defines the purpose, tasks, and principles of managing the enterprise’s financial stability, as well as provides the main stages of managing it. Such an algorithm of actions allows the timely identification of problematic financial aspects and the development of ways to eliminate them and increase the level of financial stability of the enterprise. The authors noted that an important component in the process of managing the financial stability of the enterprise is the analysis of financial stability itself, which makes it possible to evaluate the ability of the enterprise to adapt to external conditions and determine the degree of its independence from external financial support. The article defines both absolute and relative indicators, which make it possible to assess the financial stability of the enterprise. The system of relative indicators that determine the level of financial stability of the enterprise is divided into groups: capitalization ratios and coverage ratios. The set of indicators of financial stability makes it possible to determine the availability, allocation, and use of the available resources of the business entity as well as its real and potential financial capabilities. The authors carried out an analysis of the relative indicators of the financial stability of domestic enterprises based on statistical information. This, in turn, made it possible to make a conclusion about the insufficiency of their owned capital and a significant amount of loan capital, which negatively affects their financial autonomy, independence, and stability.

Russian and foreign approaches to determining the financial security of enterprises

In the article, the authors analyze Russian and foreign scientific literature dealing with financial security in solving the problems of ensuring the economic security of an enterprise. The aim of the study is to compare Russian and foreign approaches to assessing financial security as one of the components of the economic security of an enterprise. Research methods: information search; systematization; logical, system and content analysis. The authors come to the conclusion, that in foreign scientific literature, “financial security” is understood as “financial stability”, and such a term as “financial management” is also used. At the same time, the indicators used by foreign researchers to assess the financial condition of an enterprise do not differ significantly from those used by Russian scientists, because in fact indicators of both financial security and financial stability are built upon indicators of economic analysis.

АНАЛІЗ ФІНАНСОВОЇ СКЛАДОВОЇ ЕКОНОМІЧНОЇ БЕЗПЕКИ ПІДПРИЄМСТВА

The article determines that the formation of the economic security of each enterprise should be organized and formalized in a certain way, thanks to which the interaction of all elements, means and measures in the system of economic security of the enterprise is achieved. It is argued that it is important to use the algorithm for forming the state of economic security of an enterprise, which should be considered as an element in its management decision-making system, which justifies the procedure for using a certain mechanism to ensure economic security, which is implemented in response to the actual impact of risk factors through a separate functional component of economic security according to certain target direction. In the course of the study, indicators for assessing the level of economic security of an enterprise were determined, in particular, an analysis was made of the financial condition of an agricultural enterprise - ALC "Alkali", engaged in the cultivation of grain crops, legumes and oilseeds. The analysis of the main indicators of the economic security of the enterprise, in particular, indicators of profitability, liquidity (solvency), and financial stability of the enterprise, was carried out. In the course of the analysis of indicators of the economic security of the enterprise, the problematic aspects of financial and economic activity were identified and the main directions for improving the economic security of the enterprise under study were proposed, which can overcome the existing problems in the enterprise.

ЕКОНОМІЧНИЙ АНАЛІЗ ЕФЕКТИВНОСТІ ВИКОРИСТАННЯ ФІНАНСОВИХ РЕСУРСІВ ПІДПРИЄМСТВА

The article considers the methodology for analyzing the efficiency of using financial resources of an enterprise in the implementation of foreign economic activity. It is noted that the achievement of strategic goals of the enterprise significantly depends on the effectiveness of managing the sources of financial resources of the enterprise and their structure, that is, determining the overall need for them, forming the optimal structure, and conditions for attracting them. It is proved that the current economic situation requires owners and financial managers of enterprises to effectively manage, carefully monitor and timely adjust the structure of sources of financial resources of the enterprise, because the optimal structure of sources of financial resources allows you to get maximum profit, profitability, financial stability and high indicators of liquidity and solvency. So, the issue of efficient use of financial resources of the enterprise is quite necessary and appropriate in modern market conditions. It is noted that the timeliness and effectiveness of financial analysis is of great importance. In general, the use of financial resources of the enterprise is carried out in the following areas: current costs for the production and sale of products (works, services); investment of funds in capital investments related to the expansion of production and its technical restoration, the use of intangible assets; investment of financial resources in securities; charitable purposes, sponsorship, etc. Having formed a model for predicting the return on equity, assets and total profitability of LLC products, it was revealed that the forecast profitability at the enterprise has a positive trend. In general, we can draw the following conclusions: it is very difficult to determine the right direction of investing funds, since there are so many variable factors interrelated here. Therefore, the investment activity of an enterprise has a very big impact on the financial stability of the enterprise. And the study of ways to compare investment projects, as it was conducted, has a great practical effect and usefulness.

ПІДВИЩЕННЯ ІННОВАЦІЙНОГО ПОТЕНЦІАЛУ ПРОМИСЛОВОГО ПІДПРИЄМСТВА ЯК КЛЮЧОВИЙ ФАКТОР ЙОГО СТІЙКОГО РОЗВИТКУ

The purpose of scientific research is to clarify the essence of two definitions: "Innovative potential of the enterprise" and "sustainable development of the enterprise", and identification of directions of increasing the innovative potential of an industrial enterprise, which would contribute to ensuring the sustainable development of the enterprise. The article examines the essence of the term "sustainable development", which is a combined system of management of the organization, which is a balanced, harmonious and long -term development of the organization, whose activity is aimed at ensuring a holistic equilibrium, taking into account the variable external conditions of functioning and achieving sustainable effective results of the enterprise. Types of stability at the macro level (sustainable development of the planet, humanity, all spheres of life), mesor (sustainable development of the country or a certain industry) and micro level (sustained development of the individual, enterprise, region, region) are clarified. Approaches to determining the sustainable development of the enterprise, in particular, pragmatic approach, structural and systematic approach, financialoriented approach, threefold approach are determined. The pragmatic approach is to distinguish organizational stability, market stability and production stability. The structural-systematic approach examines the stability of the enterprise on the macro, meso- and micro levels. The financial-oriented approach involves understanding the stability in terms of finance, that is, the development of an enterprise is considered as an opportunity to achieve indicators of financial stability. The triune approach is based on the concept of sustainable development, according to which the stability of the enterprise is ensured by combining economic, environmental and social components. The main characteristics of the sustainable development of a modern industrial enterprise in the context of the concept of sustainable development are outlined. The essence of the innovative potential of an industrial enterprise in accordance with domestic legislation is clarified. Innovation potential is found to be a collection of scientific, technological, financial, economic, production-social and cultural and educational capabilities of the country (industry, region, enterprise, etc.) necessary to ensure innovative development of the economy. The structure of the innovative potential of an industrial enterprise, which is represented by three components: resource, internal and effective, is determined. The directions of activation of the innovative potential of an industrial enterprise are outlined. The conceptual model of the study of the relationship and the impact of innovative potential on the sustainable development of an industrial enterprise is proposed.

Budgetary factors of regional economic growth in the spread of COVID-19 pandemic

Domestic regions with different financial and economic development potential and budget revenues face the negative impact of the COVID-19 pandemic in different ways and demonstrate different opportunities for economic growth. The purpose of the study is to examine the impact of budgetary factors on the economic growth of regions in the context of the COVID-19 pandemic. The following methods were used for the study: abstract-logical, comparative analysis, graphical visualization, statistical. The article analyzes the financial stability of local budgets and identifies its dependence on the financial and economic potential of the regions. There is a clear distance between the oblasts of the western regions (Ternopil, Chernivtsi, Rivne, Ivano-Frankivsk) with weak financial and economic potential and high levels of transfer dependence and Kyiv, Poltava, Dnipropetrovsk regions with opposite development characteristics. The article argues that despite the negative impact of the COVID-19 pandemic on the economy of the regions, there was a positive trend in the main indicators of financial stability of local budgets: reducing transfer dependence and coverage of general expenditures with own revenues of local budgets in all regions. The objective reasons for this trend lie not in the rapid growth of local budget revenues but the relatively higher reduction in transfers from the state budget and the reduction of local budget expenditures. The correlation analysis reveals a close link between economic growth in the regions and the main taxes of local budgets and its absence or weak link between their growth rates in the 2020 crisis due to the growth of tax revenues despite the decline in Gross Regional Product. The elasticity of the main taxes of local incomes (personal income tax, single tax, etc.) to the Gross Regional Product is studied. The influence of budgetary factors on the economic growth of regions and interregional disparities in the conditions of instability is investigated and systematization of the influence of budgetary factors on regional development is carried out.

РОЛЬ АНАЛИТИЧЕСКОЙ СОСТАВЛЯЮЩЕЙ В ФОРМИРОВАНИИ ФИНАНСОВОЙ СТРАТЕГИИ КОРПОРАЦИИ

This article defines the role of the analytical role in the profits of financial corporations. Proposal for the analysis of the conceptual mechanism and theoretical characteristics of the financial strategy: functions, tasks, substantiation, development stages. Special stage of analytical management of financial strategy. PJSC Gazprom reviews analysis of financial statistics and identification of the role of analysis of indicators of financial stability and solvency in its indicators.

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.

Analysis and recommendations for improving the financial stability of agricultural production

Improving the financial stability of enterprises producing agricultural products is a priority direction of activity control. The analysis of financial activity of the enterprise producing agricultural products is presented. To assess the overall dynamics of financial stability, a horizontal and vertical analysis of the analytical balance sheet was carried out. The analysis of the main indicators of financial stability was carried out, the analysis was carried out using absolute indicators based on a comparison of the value of reserves and costs with sources of financing. As a result of the conducted research, it was revealed that the positive results of production and financial activities also contributed to the increase in the well-being of the enterprise owners in 2018-2020. The level of profitability on equity in 2018-2020 increased significantly (by 2.45% and 34.36% points). The only factor that played a negative role in this was the growth of the leverage ratio. Based on the data obtained, recommendations are made to improve the financial stability of the enterprise.

СУЧАСНІ НАПРЯМИ В ОЦІНЦІ ФІНАНСОВО-ГОСПОДАРЧОЇ ДІЯЛЬНОСТІ ПІДПРИЄМСТВА

In today's minds of the state, in the minds of the crisis, the effectiveness is one of the characteristics of the activity of organizations, which ensures their long-term development, satisfaction of the interests of their masters, the workforce, which changes their market positions. Evaluation of performance is a key function of the management of organizations, which allows you to take into account the success of the activities of organizations, reserve and direct the full value of activities. One of the main directions in the assessment of activity is the financial analysis. Financial stability characterizes the financial position of the enterprise from the standpoint of the efficiency of the use of equity capital. If financial stability is lost, then the probability of bankruptcy is high, the enterprise is financially insolvent. Considering the variety of financial processes, the multiplicity of indicators of financial stability, the difference in the level of their critical assessments, the emerging degree of deviation from them of the actual values of the coefficients and the resulting difficulties in the overall assessment of the financial stability of enterprises, there is a need for an integral assessment. The article considers the problems of assessing the activities of a modern enterprise according to the rating system. The article proposes an improved approach to assessing the effectiveness of modern enterprises based on key performance indicators. The given technique allows to compare the enterprises of various branches, organizational and legal forms, the sizes, etc. It is proposed to include the following indicators in the main indicators: absolute liquidity ratio, quick liquidity ratio, current liquidity ratio, autonomy ratio, ratio of own working capital, ratio of own working capital stocks. They are translated into the final indicator according to the score and as a result the company's sustainability rating is determined. Based on this assessment, the efficiency of management is determined, the results can be used in making management and investment decisions. Significantly, that the rating score of a financial institution can characterize a company from the point of view of its investment opportunity, it is clear in the case of a quick analysis, since it does not require significant expenditure of time and resources. It is also assigned to the rating as an important factor in the conduct of inter-state financial analysis and to serve the purposes of internal state financial analysis, acting as an additional tool in predicting the bankruptcy rate.