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The article analyzes the main directions of development of financial autonomy of universities. The alternative sources of funding universities in terms of the lack of funding are determined. It has been found out that the proper organization of financial structure and expansion of the areas of fundraising by universities contributes to their competitiveness.
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The capitalization transactions of state banks in Ukraine are analyzed in the context of the establishment of an additional impact on the growth of the debt burden. It is shown that these operations were carried out in 2009-2016 under the contradictions of financial legislation in terms of lack of transparency, and the absence of clear rules that allow justifying the volumes, mechanism and consequences of state aid to banks in the form of capitalization.Overall during 2008-2016 years (first quarter) state spent about 88 billion UАН for such capitalization.Implementation of the capitalization of state banks at the expense of T-bills is very costly for the state budget.During the period 2008-2016 years (first quarter) state budget expenditures related to T-bills service, through which the capitalization of state banks was held, rich 37 billion UAH, or 15.4 percent of total expenditures made on public service debt over the named period.
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The research subject contains the theoretical and practical questions in the sphere of financial policy formation and implementation as an instrument of social and economic development. The article purpose is to improve statements to financial policy formation under institutional transformations of the economy. Methodology. The author has used a set of scientific methods, namely: systems approach, factor, analysis and synthesis. Results. In the article, approaches to the role of financial policy in the system of state economic regulation were developed. Financial policy priorities in order to stimulate economic growth were proposed. This paper focuses on vital question of implementation the institutional transformation in budgetary and tax policy, the necessity of government financial strategy formation. Practical implications. State financial policy and instruments of its implementation.
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The subject of research is theoretical and practical issues of the financial policy formation of economic growth. The research goal is disclosure for financial policy of economic growth. Research methods. In this paper, a set of scientific methods and approaches used, including systemic, structural, comparative, factorial methods that allowed to realize conceptual integrity of the research. The results of the research. The economic essence of the financial policy of economic growth disclosed. Its essence is to use a set of economic relations in the formation of an effective distribution and redistribution of the gross domestic product and national income between its individual links, which are defined properly structured system of financial institutions and their relationships to create the appropriate conditions for sustainable economic growth. Fiscal policy is an important tool for economic development. Identifying priority areas of financial policy in the medium and long term will increase the impact of structural changes in the economy and the social sphere, development of human capital. A balanced approach to the development and implementation of financial policies require consideration the impact of exogenous and endogenous factors on the economic system. In addition, the state should proceed from the need to ensure financial stability in the development of the main directions of economic policy. It is reasonable to realization prudent financial regulation taking into consideration trends in economic growth, the reduction of the public debt weight to gross domestic product and debt burden on the budget. An important task of the financial system is to ensure optimal redistribution of the gross domestic product, financial and economic resources to stimulate the domestic economy. Dynamic economic system development of the country depends on the quality of the financial policy institutional mechanisms. It is important to improve the efficiency of financial and economic policy, taking into account the cyclical economy at the present stage transformations. Development and implementation of financial policies should be based on evidence-based provisions that will strengthen the financial system balance and effectiveness of the financial regulation of society. Area of the research application. Formation of financial policy. Financial support for economic growth. Conclusions. Fiscal policy is an important tool for regulating economic development. The priority areas of financial policy in the medium term should be the improvement of the institutional framework of financial regulation, improving the effectiveness of fiscal planning and forecasting gradual reasonable growth rate of monetization, development of financial intermediary institutions, improving the effectiveness of currency regulation, strengthening the relationship with financial regulation cyclical economic development , macroeconomic balance. The financial mechanism is an important part of the economy state regulation, which is aimed to ensuring balanced development of economy and social sphere. In the conditions of economic recovery there is strengthening and promoting the role of the state in regulating the production and financial sector, as defined in the support of economic entities, a significant share of the financing of research from the budget, increasing the state's share in the total gross investment , the volume of government contracts. At the current stage of economic development it is important to realize financial incentive policies to restore the positive dynamics of economic growth and welfare. Further research is expedient to direct to deepen the nature and role of the financial component of social development to ensure sustainable economic growth.
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The article investigates and analyzes the financial policy of Ukraine today. The problem of financial policy and defined its basic types. Some measures to improve the financial situation in Ukraine
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The main goal of the article is to provide balanced development of the industrial enterprises according to forming their financial equilibrium. Progressive evolution of national economy gives the requirements of industrial enterprises’ balanced functioning. Providing stream of payments’ balance, their free moving, effective performance, proportionality of their structure forms an important complex category named “financial equilibrium”. In accordance with this critical relations providing of the financial equilibrium are analyzed. The main idea of research is to consider this category as the core of general balanced development of industrial enterprise. Forming financial profile of industrial enterprise gives an opportunity to explore critical points and problems of its economic evolution. Main questions of ensuring the equilibrium development based on financial balance are researched. Critical relations forming the financial equilibrium are analyzed. An industrial enterprise profile of financial equilibrium is formed.
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Relevance of the research topic. The domestic securities market has significant opportunities for money laundering through its underdevelopment, significant level of shadowing and the overall financial and economic situation in the country. In such circumstances, the issue of the effectiveness improvement for financial monitoring as the main tool to counteract the income legalization and the holding of shadow operations on the securities market is relevant. Formulation of the problem. The low efficiency of the stock market of Ukraine, especially with regard to providing protection and transparency of investments, significantly reduces its competitiveness to obtain both foreign and domestic investments. Financial monitoring of securities transactions has key importance for effective development of the stock market in terms of its reliability and safety. Analysis of recent research and publications. Problems of financial monitoring in the aspect of ensuring financial and economic security and counteracting the legalization of illegally obtained proceeds, the financing of terrorism and the proliferation of mass impression weapons were investigated in the works of such scientists as O. Akimova, S. Butkevich, O. Glushchenko, S. Kuznetsov O. Kurishko, L. Klyusko, A. Khmelyuk and others. Selection of unexplored parts of the general problem. Considering the significant results of the research of the mentioned problems, the important object of financial monitoring, such as the securities market, is remained without the attention of the researchers though a considerable amount of shadow financial transactions is going on it. The purpose of the study is to analyze the current realities of financial monitoring in the Ukrainian securities market and to determine its development perspectives. Method or methodology for conducting research. The research was conducted on the basis of a systematic approach using methods of analysis, synthesis, comparison, generalization and extrapolation. Results of work. The peculiarities of primary and state financial monitoring on the securities market of Ukraine are determined. Key performance indicators of professional stock market participants as subjects of primary financial monitoring are analyzed, as well as indicators of activities of the NSSMC and SSFM of Ukraine in the field of financial monitoring on the securities market. The main typical violations of the legislation on financial monitoring in the stock market and the main types of securities used to launder “dirty” funds are highlighted. The field of application of results. The results of the study can be used in the preparation of drafts to the domestic legislation governing the implementation of financial monitoring, as well as in the preparation of state programs for the development of the domestic stock market. Conclusions. According to the results of the research, it is concluded that there are significant perspectives for the development of financial monitoring on the Ukrainian securities market. Considering the common violations in the field of the financial market monitoring legislation, control for customer risk management procedures should be enhanced as well as for procedures to identificate, verificate and clarify information about clients and their representatives. Considering the most common ways for “dirty” funds laundering in the securities market, its professional participants – the subjects of the primary financial monitoring should follow the NSSMC's recommendations for setting high level of risk for clients with certain characteristics.
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Relevance of tresearch topic. In the context of the transition of the national economy to the model of sustainable development, investment and innovation activities should be aimed at solving these problems. Investment and innovation should not only lead to economic growth, but also to sustainability. Therefore, the study of the problems of developing organizational and economic mechanisms to activate the financing of investment and innovation activity of industrial enterprises in the context of transition of the national economy to the model of sustainable development is relevant and significant. Formulation of the problem. The models and methods of stimulating the investment and innovation activity of industrial enterprises in the conditions of the so-called "systemic crisis", which is manifested not only in the system of economic indicators, but also in other elements of the functioning of the state, do not yet have adequate justification. It is necessary to develop scientific and practical recommendations on directions of stimulating financing of investment and innovative activity of industrial enterprises in the conditions of transition of national economy to the model of sustainable development. Analysis of recent research and publications. Some problems of formation and realization of organizational and economic mechanisms of activation of investment and innovative activity of industrial enterprises, as well as the transition of the national economy to the model of sustainable development are covered in scientific works. Some provisions of this problem are covered in scientific papers on structural modernization of the economy, support for economic growth, innovative society, technological modernization of the economy, etc. Selection of unexplored parts of the general problem. In the current context, it is necessary to carry out additional research on perspective mechanisms for financing investment and innovation activities in the context of the transition of the national economy to the sustainable development model. Setting the task, the purpose of the study. The purpose of the study is to develop scientifically sound recommendations for intensifying the financing of investment and innovation activities of industrial enterprises in the context of the transition of the national economy to the model of sustainable development. Method or methodology for conducting research. Methodological basis of the study were general scientific and special methods of knowledge of economic phenomena and processes. In formulating concepts and categories, the method of abstraction was used; methods of analysis, synthesis, induction, deduction; methods of retrospective analysis; logic-analytical method; statistical methods; method of system analysis; economic-statistical and forecast-analytical methods. Presentation of the main material (results of work). The organization of the national economy on the principles of sustainable development implies profound structural changes in management, implementation of innovative approaches in all spheres of economic, social and political life of society. For Ukraine the pressing issue of transition of the national economy to the model of sustainable development is to increase the efficiency of formation and implementation of the state investment and innovation policy. In Ukraine, the level of investment does not ensure the expanded reproduction of fixed assets. Innovation activity in the Ukrainian industry remains traditionally low. In Ukraine, the aging of fixed assets is constantly observed, now the level of deterioration of fixed assets on the average in the economy exceeds 50%. In today's economy, a key element in securing investment through the use of attracted sources is the financial market system. Creation of new and modernization of existing fixed assets is the main direction of investment activity of industrial enterprises. Therefore, the efficiency of the entire investment process is determined not only by the volume and structure of both the sources and the directions of investments, but also by their economic return, which is manifested only as a result of the use of the resulting investment projects. During the crisis in Ukraine, there was a radical change in the structure of the economy in favor of the low-tech and raw material industries, which still remains. In the world markets, Ukraine is represented mainly by raw materials and semi-finished products. The implementation of the sustainable development model is possible on the basis of effective implementation of the state policy of stimulating the financing of investment and innovation activity of industrial enterprises. The use of financial instruments to stimulate investment and innovation activities should provide assistance in solving macroeconomic problems: growth of gross domestic product; improving the competitiveness of the economy; supporting the development of high-tech industries; further formation of institutions of the national innovation system; promotion of high-tech exports; introduction of resource-saving technologies. The directions of further improvement of the state policy aimed at the development of mechanisms for financing the investment and innovation activity of industrial enterprises (including in terms of modernization of the financial system and financial markets) are proposed. It is advisable to take measures to optimize the fiscal (fiscal) policy, which in the conditions of post-crisis development will act as the main stimulator of investment and innovation activity of industrial enterprises. A list of appropriate measures is provided. In the context of the implementation of the strategy of transition of the national economy to the model of sustainable development, the state investment and innovation should provide an orientation to stimulate the so-called "social investment". Key directions of social investment realization: creation of social climate in the country, region; formation of balanced social infrastructure of the country, region, enterprise; support for public health and the level of environmental safety; raising the level of education of the population; promoting the spiritual development of the nation; forming a system of mentoring at the enterprise and ensuring the change of professional generations; development and effective functioning of the labor market. It is advisable to modernize the mechanism of public-private partnership organization. It is necessary to adapt to the best international experience of national IPR instruments. All government programs implemented within the framework of state investment and innovation activities should be cost-effective, and therefore their results should be subject to economic analysis. The field of application of results. The results obtained can be used in the process of formation and implementation of the state investment and innovation policy, as well as in the process of implementation of the strategy for support of sustainable development. Conclusions according to the article. For Ukraine the pressing issue of transition of the national economy to the model of sustainable development is to increase the efficiency of formation and implementation of the state policy of stimulating the financing of investment and innovation activities. This is especially relevant for the industrial sector, as the fixed assets of the industry have a high level of wear. Unfortunately, in Ukraine the efficiency of the implementation of the state investment and innovation policy is insufficient. It is possible to solve the problem of increasing the efficiency of formation and implementation of state support mechanisms for financing the investment and innovation activity of industrial enterprises by improving the appropriate organizational, economic and financial instruments. This task can be solved, in particular, by increasing the efficiency of the formation and implementation of relevant state target programs. The directions of improvement of the state policy aimed at development of mechanisms of financing of investment and innovative activity of industrial enterprises are highlighted, in particular: solving of strategic tasks of development of banking sector and strengthening of its orientation on long-term crediting of industrial enterprises; realization of investment and innovation requests of the national economy; - creation of the State Development Bank (State Investment Bank); support for further development of the stock market and its infrastructure; bringing investment legislation to international standards; expanding the range of financial instruments available to investors. The list of measures to optimize the fiscal policy, which in the conditions of post-crisis development will be the main stimulator of investment and innovation activity of industrial enterprises, is presented. All government programs implemented within the framework of state investment and innovation activities should be cost effective. In the context of the implementation of the strategy of transition of the national economy to the model of sustainable development, it is advisable to take measures to expand the so-called "social investment".
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The aim of the publication is to develop a generalized system of indicators that identify the particular style and culture management of modern manufacturing enterprise. Indicators take into account modern requirements for formulation and implementation of organizational-economic mechanism of growth of productive activity.Problem statement of the research carried out in the form of index – quality cultural identity management.Provided six managerial competencies worker: professional competence, strategic thinking, entrepreneurial skills – the ability to choose the right tactics to achieve goals, organizational skills, high moral character, hard work.
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The aim of the article is to investigate the usage of innovative approaches to organizational structure formation of HR management. The article proves the compelling necessity of the creation of the innovative organizational structure. The author carried out the comparative characteristics between traditional and innovative organizational structures of HR management. Main features of innovative HR Department and the professional qualities for the employees have been determined. Along with this the author analyzes the whole process of creating of the innovative HR Department.New economic conditions require adaptability, rapid response to changes in the environment, and therefore - highly qualified personnel. The innovative HR organizational structure of the enterprise meets the mentioned requirements, which will enable domestic enterprises to operate effectively in the "new" knowledge based economy
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In this item were inspected some questions of forming venchur capital, investigations in early fazes of innovation prosses and classification of venchur invest system.
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The article deals with the formation of the optimal mechanism of economic and legal support of the state innovation policy, the definition of the subject, and would perform a general and leading role for the national innovation system. Determination of the status for other subjects of organizational and economic powers, which will be subordinated to the governing body. The question is that the system of organizational and economic support of innovative relations in Ukraine is not fully developed and requires optimization. So, until about 2010 there was one structure of the system of subjects of organizational and economic powers in the innovation sphere, and in the subsequent period it was subjected to significant transformations, therefore it is important to establish which functions and tasks, means and authorities, and place in the system of executive bodies the power is occupied and executed by each of the subjects of organizational and economic powers, both today and in retrospect, taking into account the assessment of their effectiveness. The purpose of this article is to work out approaches to optimizing organizational and economic support by comparing the structure of the system of subjects of organizational and economic powers in the innovation sphere that operated in the period until 2010 and after 2010, and the development of appropriate conclusions to improve the effectiveness of such a system as a whole. Thus, it seems expedient to distribute the system of public authorities in terms of organizational and economic powers in the innovation sphere for the period until 2010 and after 2010. Thus, the following bodies can be referred to the system that was until 2010: State Agency for Investments and Innovations, Ministry of Industrial Policy, Ministry of Education and Science, Ministry of Education in the field of intellectual property, National Council for Innovative Development, Ministry of Economy of Ukraine. The modern system looks like this now: the State Agency for Investments and Innovations, the Ministry of Education and Science, the Ministry of Economic Development and Trade of Ukraine, the Council for the Development of Innovations. However, even then, this system can not be called optimal. Since, firstly, they do not have a main body that would focus the final powers in themselves and accordingly coordinate these directions in these activities. Secondly, the optimization of the structuring of state bodies subordinate to the main body, depending on two basic criteria: - the elements-blocks of the scientific and innovation system and - the sector and the branch of the national economy. That is, the competence bodies with organizational and economic powers have the subject matter to have basic blocks, such as: scientific and technical activities, a unit for the creation of innovative products, a unit for the introduction of these products, a commercialization unit, and the like. The second criterion is the defense-industrial complex, the pharmaceutical industry, the machinebuilding industry, the agricultural sector, and the like.
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The article is devoted to the development of strategic management accounting to solve problems cost management company. It is noted that scientific and methodological basis to improve the mechanism of enterprise cost management lies in the application of management accounting in the Balanced Scorecard. The paper shows the sequence of development strategies and the management of market capitalization on the basis of strategic management accounting. The authors developed a strategic map, which formalizes the structure of the balanced scorecard as a part of strategic management accounting.
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The subject of research is theoretical and practical issues of formation of the financial regulation of economic development. The study is disclosure of financial system regulation of economic development, the definition of the institutional framework in the process of the financial mechanism of the economy. Research methods. The paper used a set of scientific methods and approaches, including systemic, structural, comparative, factorial methods that allowed to realize conceptual integrity of the study. The results of the work. The essence and role of financial regulation as a tool for economic development. Developed approaches to enhance the efficiency of financial policy as an important economic institution that has a significant influence on economic growth. The ways of improving the efficiency of fiscal policy in terms of institutional reforms, which is to ensure social development, social protection, taking into account the basic principles of program-target method of budget planning aimed at the performance of budgetary funds. Range of application results. The financial policy of economic development. Financial mechanism in the system of economic relations. Conclusions. Currently, the state financial regulation of the country formed in terms of socio -economic policy, which comes from the necessity of state participation in global economic and financial relations , improving the quality of public social services , which requires the implementation of strategies for economic growth to a new institutional level. State financial strategy should be geared primarily to relevant endogenous growth factors. This fiscal policy as an important component of state economic regulation has lean on long-term program of economic and social development country. In modern terms it is appropriate to strengthen the role of financial policy as an important instrument of macroeconomic effective impact on the achievement of financial and economic balance, effectiveness economic.
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In the article the necessity of social capital research is revealed, the sources of social capital are analyzed and stimulating and blocking factors of social capital formation at the enterprise level are selected.The main sources of social capital are trust, mutual solidarity, financial and social support, social norms and shared values, participation in social networks and organizations. In the article the stimulating factors which create motivation for social capital formation and blocking factors which hinder development of social capital at the enterprise are indicated. These factors influence such aspects of the enterprise functioning as reputation, resource access, finance, personnel development and benefit from participation in the networks.Considerable success in solving various problems such as economic, social, technical, technological, environmental and others can be achieved while using the stimulants of social capital.
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The paper investigated the role of fiscal policy as an important component of the system of state regulation of innovative economic development. The analysis of the main aspects of development and implementation of fiscal policy in Ukraine. Identified priority areas for the construction of an effective fiscal policy.
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If the effective use of labor potential in all areas of management at the regional and national levels is regarded as one of the most effective directions to ensure the state economic security, then a priority task to solve is ensuring the quality of its formation based on the integrative coherent interaction of the labor market with the educational market, that actualizes the direction of our research.The subject of research is the formation of labor potential. The object of research is the labor market and the educational market in Ukraine and its regions.In our article research techniques have been used, such as: 1) Internet-Survey of employers for the analysis the labor market in Ukraine and its regions from the point of demand; Internet-Survey of employees (applicants) for the analysis of the labor market in Ukraine and its regions from the point of supply; 3) content analysis of the labor market and the education market; 4) logical methods for the formation of the integrative mechanism of interaction between the labor market and the education market.The experience of developed countries shows that a balance between the educational system and the real needs of the economy can be achieved by only a close cooperation of all stakeholders. We can see from systematic research, the educational doctrine formation and training strategy in EU countries and USA is accompanied by the obligatory participation of employers and business entities. In Ukraine, the business is not interested in the disclosure of reliable information about the need to create new jobs and official support for «innovative» the introduction of new specialties.Reducing the number of jobs by 30%, increased competition in the labor market of Ukraine by 2.5 times from 2 to 5 people per job in terms of satisfaction of demand by 70%, while offers of 35% and a substantial reduction in staff costs, it is prudent policy of pay,reformatting the labor market but three regions shows donor in the labor market (Donetsk, Luhansk oblasts and Crimea) are the defining features of the domestic labor market is estimated to employers. The main criteria for the selection of personnel in 2014 are almost the same as in previous periods: 1) experience (including specialty); 2) functional skills; 3) motivation; 4) salary expectations of the candidate; 5) behavioral characteristics; 6) compliance with the corporate culture. Another characteristic trend of the labor market in 2014 is the work with young specialists, which has undergone significant changes. Program of work with the young specialists were implemented only by 33% of companies.It is proposed to implement the mechanism of integrative interaction the labor market and the education market. Proposed by author mechanism includes three main aspects of the education market and the labor market interaction, «employer – consumer of educational services (student) – higher educational institution». As a result, achieving a positive effect is expected on the basis of authority decentralization in the higher educational sphere in Ukraine and its transformation from the conductor/mediator to the coordinator. Thus, proposed algorithm of integrative mechanism aims at adapting the education system to the labor market needs in Ukraine. It will facilitate the effective communication between employers and graduates, further effective hiring of young professionals and thereby reducing youth unemployment.
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Banks use many and various strategies in their activities. These strategies can be both in the areas of strategic and operational management. The current article examines the strategies which banks apply on three levels when implementing market planning. It is important to differentiate between formulating and executing the strategies. Nowadays banks apply the so-called anti-crisis development strategy. It provides for a system of measures and preparation of a promising action plan in a changing environment in order to optimise the bank's operations.
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The article is a historical and biographical study of the fate of an important Soviet financial official of Latvian origin, who played a crucial role in the formation of the Soviet financial and economic system during the Civil War, directly leading the reconstruction of regional financial systems and financial management bodies in Ukraine and Siberia. The hero of our story had good professional authority among the highest Soviet state and financial figures. F. A. Zemit was acquainted with V. I. Lenin; his close circle included N. N. Krestinskiy, G. Ya. Sokolnikov, A. O. Alskiy, and others. Mass repressions in the 1930s of representatives of the Latvian diaspora and Soviet financial employees foreshadowed Zemita’s tragic fate. The article addresses historical and biographical method used, as well as the general historiography of the issue at hand. The basis for this study was unpublished sources from the 1920s (mainly questionnaires, autobiography, and personnel records) in the Russian State Archive of Economics and the State Archive of the Russian Federation, as well as in five Siberian regional archives and periodicals. These allow the reconstruction of Zemit’s complex life in detail. The article concludes with thoughts about the influence of the Revolution and Civil War on the fate of the hero of this article. This publication may be of interest to a wide range of readers: specialists in the history of the Russian financial system, students of the history of the Latvian diaspora in Russia, and those interested in Soviet pre-war society, repressive policies of the Soviet state, and practical genealogy.
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The study presents the systematic response of fiscal policy to public debt developments, aiming to reveal its crucial importance in determining whether the debt-to-GDP dynamics leads to a desired equilibrium or not. On this basis, we will show that the values of the debt-to-GDP ratio in Bulgaria close to 55-60% are an acceptable boundary where debt can be considered as manageable and sustainable. These calculations contribute as they give new directional ideas when measuring the fiscal effects of fiscal policy, they can also serve as an anchor for various stress testing scenarios as well as an analysis of the social expenditures outweighing in the future.
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