The Problems of Economy

13-19

Authors: Hubarieva I. O., Yaroshenko I. V.

The competitiveness of the timber processing complex (TPC) of Ukraine is the aggregate competitiveness of such sectors as: manufacture of wood and products of wood; manufacture of paper and paper products; manufacture of furniture. It is proposed to assess the competitiveness of the three types of economic activities (manufacture of wood and products of wood; manufacture of paper and paper products; manufacture of furniture), which are part of the processing industry and determine the level of development and effectiveness of the functioning of the TPC as a whole and the timber processing complex of Ukraine and the EU in particular. In the article, a block scheme to study competitiveness of the timber processing complex of a country is developed. The presented scheme implies assessment of such competitiveness parameters as: level of gross value added of production; material consumption of production; energy intensity of production; and import dependence of the domestic market, which allows determining both the composite quantitative characteristic of the phenomenon under study and its components in order to identify the existing problems. An integral assessment of the competitiveness of the TPC of Ukraine and the EU countries by economic activities is carried out. Based on the results obtained, Ukraine takes the 22nd place among the 25 countries studied. Clustering of the EU countries including Ukraine is carried out according to the value of composite indicators for assessing the competitiveness of certain economic activities of the TPC using the k-means method. Ukraine entered the cluster that is characterized by a low level of competitiveness of certain economic activities of the TPC.

27-35

Authors: Kalyuzhna N. G.

The aim of the article is a retrospective analysis of Ukraine’s international trade in goods in the context of deepening interstate economic contradictions and active use of discriminatory tools of international trade policy. A complication of the processes of regional integration of countries due to the intensification of anti-globalization trends in international economic relations is noted. The necessity of studying the integration priorities of Ukraine’s international trade under conditions of intensification of interstate contradictions concerning foreign policy and economic issues is substantiated. A retrospective analysis of the absolute (volume of trade in general and with individual groups of countries) and relative (share of trade with individual groups of countries in the overall structure of trade) indicators of Ukraine’s international trade in goods with countries of Europe and the CIS is carried out. A negative impact of introducing by Russia and Ukraine a system of mutual economic sanctions on the commodity circulation of the state in general and with individual groups of countries is revealed. The hypothesis about the existence of a steady negative trend in the behavior of the absolute and relative indicators of Ukraine’s international trade in goods with the CIS countries is confirmed. The study did not reveal a steady trend towards an increase in the indicators of international trade of Ukraine with European countries in absolute terms. It is proved that the international trade integration of Ukraine into the European space requires a balanced trade policy in order to prevent further escalation of interstate trade conflicts. Prospects for further research in this area are to provide a quantitative assessment of the impact of discriminatory measures on the national economy and develop recommendations on the formation of Ukraine’s integration priorities based on effective interaction with the European and world economic space.

43-51

Authors: Khaustova V. Y., Reshetnyak O. I.

The aim of the study is to determine the impact of training highly qualified personnel on scientific and economic development. To achieve the goal of the study, the methods of logical, statistical, correlation analysis, as well as the matrix approach to positioning countries of the world are used. The article puts forward and proves the hypothesis of a significant positive impact of indicators characterizing the level of training highly qualified personnel on indicators characterizing the condition of scientific sphere and scientific results, as well as economic results of the country for selected advanced nations of the world successfully implementing an innovative model of economic development. For Ukraine, the hypothesis is not confirmed. The results of the correlation analysis of indicators in absolute measurement show that an increase in the number of people with a master’s and doctoral degree has a positive effect, contributing to an increase in the number of researchers, the number of articles in scientific and technical journals, the level of GDP, and research and development expenses. The average positive effect of the number of population with a doctoral degree on the number of patent applications of the corresponding country at the level of high-tech exports and the low positive effect of the population with a master’s degree on the number of patent applications of the corresponding country at the level of high-tech exports are revealed. The results of Ukraine’s positioning relative to other countries of the world, based on the matrix approach, demonstrate that in the plane of coordinates of the number of people who have a master’s and doctoral degree and indicators characterizing the level of economic and scientific development our country is in quadrants that characterize a low level of chances in economic and scientific development. This makes it necessary to improve the system of training highly qualified personnel.

59-67

Authors: Dankevych V. Y., Pyvovar P. V., Dankevych Y. M.

The aim of the article is to study the impact of world trade liberalization on the development of domestic enterprises (using the example of the brewing industry). The conceptual basis for the introduction of liberal regimes for international trade is considered. Modern approaches to simplification of customs barriers to export and import operations are analyzed. The main advantages and disadvantages of liberalization of foreign trade are identified. The beer market in Ukraine and the main trends in it are analyzed. The geographical structure of Ukraine’s beer export and import is investigated. The main stages of the brewing industry entering international markets are considered. The construction of a gravity model makes it possible to make qualitative forecast of the development state of markets for economic agents of the national economy. That is, the gravity model is primarily a tool for modeling trade flows of a particular product among countries. Based on the gravity model, it is possible to assess effectiveness of international trade. In our case, as a result of constructing the gravity model and testing it using forecast indicators, the most promising markets for export activities of brewing enterprises are determined. The gravity model of international trade in beer based on the trade balance is adapted. The constructed model is tested, and potential partner countries for export operations are identified. A set of proposals is worked out for the development of beer export to the recommended countries.

76-88

Authors: Ilyash O. I., Buhaichuk N. V.

The article provides theoretical substantiation and proposes a solution to the scientific problem associated with the elaboration of conceptual, methodological and applied tools for the development of housing and utilities infrastructure, with regard to threats to and opportunities of the economic security system of the state. There determined the influence of the level of development of housing and utilities infrastructure on the realization of national interests and economic security by ensuring high quality of life within the triad of functional components: housing provision; equipment of housing; improvement of outdoor space. An integral assessment of the level of development of housing and utilities infrastructure is carried out; the internal opportunities for the development of housing and utilities infrastructure in the system of ensuring national economic interests with the use of the method of taxonomy are identified. There detected the main threats to the development of housing and utilities infrastructure, in particular, threats to the health and life of the population due to low living standards: low rates of introducing renovation / modernization and reconstruction of outdated housing, low rates of energy efficiency in the housing and utilities sector of Ukraine. Using the method of taxonomy, internal opportunities for the development of housing and utilities infrastructure in the system of ensuring economic security of the state are identified. The main indicators of the level of development of housing and utilities infrastructure, broken down in accordance with the functional components of security of housing and utilities infrastructure, are generalized to a single composite indicator of the level of development. Using multivariate statistical analysis, there established a direct linear relationship between the component of quality of life in Ukraine and the level of development of housing and utilities infrastructure, in particular, equipment of the housing in the country. A forecast model of the level of development of housing and utilities infrastructure is proposed in order to ensure high quality of life of the population and realize the economic interests of the state. The strategic guidelines of the state policy and applied recommendations for ensuring the development of housing and utilities infrastructure in the field of realization of economic interests, which envisage the improvement of the housing provision, equipment of the housing stock, and the improvement of outdoor space, are defined.

98-105

Authors: Prokopchuk O. A., Kutsmus N. M.

The aim of the study is to assess the effectiveness of investments in agriculture and the impact of investment processes on implementing multifunctionality of the industry under globalization. An assessment of the effectiveness of investments through the prism of the results of implementing multifunctionality of agriculture in the context of globalization processes is carried out. It is established that investment processes in agriculture of Ukraine demonstrate positive development trends and, unlike other sectors of the economy, are more resistant to macroeconomic fluctuations, the impact of which is partially offset by global trends in the world agricultural market development. It is proved that investment activity in agriculture is characterized by an increase in the level of economic efficiency, in particular, as concerns the industry performing a globalization function. This is manifested in an increase in the international trade of enterprises and the value of agricultural exports. The social and environmental efficiency of investment processes in agriculture is low and does not meet the needs of rural population and the significance of agricultural production on a global and national scale. It is argued that a growth in the overall efficiency of investment processes in agriculture requires consolidating efforts of government institutions and industrial entities in the direction of increasing the social and environmental responsibility of the latter. The results of the scientific research constitute the methodological basis for developing proposals to improve the efficiency of investments in agricultural production as a tool for the industry to implement its multifunctional public purpose.

113-122

Authors: Patytska K. O., Koval V. M.

The article argues that the issue of effectiveness of forming united territorial communities (UTCs) lies in the plane of ensuring their ability to develop and requires identifying possible risks that arise in the process of community consolidation. In order to achieve this goal, a critical analysis of the formation of united territorial communities in the Carpathian region compared to UTOs in Ukraine in general is carried out in the context of completion of the first stage of administrative and financial decentralization. A comparison of the level of financial capability of UTCs of the region using individual indicators of local budget fulfillment is made, and the composition and structure of expenditures from local budgets per capita are analyzed, which made it possible to establish patterns in the development of the communities and determine the level of their budgetary provision. The study of the inclusion of cities in the formation of the UTCs allowed revealing two opposite trends: association of rural territorial communities in peripheral areas around cities of regional significance; refusal of suburban rural territorial communities to unite with / join cities of regional significance and formation of the UTCs excluding cities. As a result of the study, risks related to the formation of financially capable territorial communities are determined, and the main directions for their mitigation are identified. The main risks related to the formation of financially capable territorial communities under decentralization include: increased influence of local elites; inability of a significant part of the already created communities to ensure development of the territory and an appropriate level of service provision due to the lack of criteria for the formation of UTCs; refusal of suburban rural territorial communities to unite with / join cities of regional significance and formation of UTCs excluding cities due to the threat of loss of financial and managerial independence. It is proved that mitigation of the risks related to the formation of financially capable UTCs is possible in case of completion of the stage of voluntary association of territorial communities and transition to their conglomeration based on economic expediency, correspondence to public needs and financial soundness according to clearly defined criteria.

132-137

Authors: Danilova E. I.

The aim of the study is to justify the appropriateness of using the Harrington’s desirability function as a tool for integral assessment of enterprise economic resilience using the example of domestic air carriers. The article investigates activities of nine air companies in the Ukrainian market: CJSC AC International Airline of Ukraine, JSC Motor Sich, Windrose Aviation Company, YanAir, LLC Meridian Air Company, LLC SkyUp Airlines, LLC Azur Air Ukraine Airlines, Bukovyna Airlines, Bravo Airways. Based on the results of assessing the degree of economic resilience, it is concluded that enterprises engaged in providing freight transportation services, air companies whose main activity is passenger air transportation stayed in the safe profit zone throughout the study period. All other participants in the aviation market suffered losses, respectively, were in the risk zone, given a critical lack of financial resources not only for the expanded provision of services but also for covering the current needs of operating activities, which naturally leads to an increase in short-term indebtedness, and, as a result, to a growth in an air company’s financial expenses for repaying them. Using the Harrington’s scale to identify the degree of economic resilience of the air carriers revealed that the main resource risk for most air companies is a critical lack of highly liquid assets and short-term financial investments, an insufficient net cash flow. Most Ukrainian air carriers operate at risk and critical risk.

144-151

Authors: Korepanov G. S., Chernenko D. I., Chala T. G.

The aim of the article is the justification of the theoretical and methodological backgrounds for and the development of a conceptual model for managing stakeholder interaction. It is determined that, in Ukraine, the use of a modern conceptual model for managing stakeholder interaction requires unifying approaches to the implementation of the stakeholder theory into national management practice. It is found out that more than 60 % of scientists use the term “stakeholder” without reference to a specific version of the stakeholder theory. The study presents the main groups of stakeholders, which comprise, first of all, clients, employees, local communities, suppliers and distributors, shareholders. Related stakeholders include media; the general public; business partners; future generations; past generations (founders of organizations); scientists; competitors; non-governmental organizations or volunteers; stakeholder representatives, e. g., trade unions or trade unions of suppliers or distributors; funders, except for shareholders (owners of deposits, bonds, creditors); competitors; the government, politicians. Based on the mapping of information and analytical, and methodological support, a conceptual model for managing stakeholder interactions is developed. The model covers the accounting of models of interaction between stakeholders and information resources, the role of the community, the nature of relationships with stakeholders, the methodology for system definition of stakeholder groups, the system of international metadata, and the AccountAbility principles. Using the conceptual model for managing stakeholder interaction is a reliable basis for obtaining competitive advantages for those organizations that, together with stakeholders, are able to effectively create added value, improve the overall efficiency of enterprises and contribute to sustainable development of territorial communities.

159-165

Authors: Mushnykova S. A.

The aim of the article is to justify the theoretical and methodological basis of management of enterprise development security. The article determines that, under modern conditions, the complexity of the functioning of all levels of the national economy, including industrial enterprises, requires revolutionary changes in their management system if an enterprise is considered as a complex multi-structural system. The crisis signs observed over the past ten years can have both negative and positive impact on the transformation in activities of individual enterprises, lead to both development and degradation of an enterprise. Therefore, the theoretical and methodological basis of management of enterprise development security is proposed. The fundamental components of the theoretical and methodological basis of management of enterprise development security include: management goal, objectives, management principles, approaches, management methods and tools, which, in turn, is the basis for the formation of a convergent integrated mechanism for managing development security with a synergistic effect. In particular, the choice of a mechanism for managing enterprise development security is based on appropriate approaches. Along with the existing general scientific theoretical approaches to forming an effective enterprise management system, there proposed approaches to creating a system for managing enterprise development security, namely: aspectual, situational, systems, process, synergistic and systems-synergistic ones. The convergent integrated mechanism with a synergistic effect is based on the process of convergence of all methodological bases of security and development of an enterprise with obtaining a synergetic effect on its individual components.

173-189

Authors: Raiko D. V., Podrez O. I.

The aim of the article is generalizing and clarifying the theoretical basis of social responsibility of industrial enterprises, taking into account the modern concept of sustainable development in Ukraine; developing scientific (two-level assessment procedure) and methodological (calculation of the integral index) approaches to assessing corporate social responsibility. A distinctive feature of these approaches is the consistency of indicators of the influence of environmental factors and components of sustainable development of the enterprise. The article analyzes the essence of the notion of social responsibility, its concepts, principles, motives, advantages of and obstacles to its implementation; the notion “corporate social responsibility (CSR)” is highlighted in the framework of sustainable development. A model for the formation of theoretical and methodological approaches is proposed. The difference of the model from previously developed ones is that social responsibility is assessed by management levels (macro, meso and micro level), relationships with stakeholders, enterprise life cycle, etc. A scientific approach and a procedure for assessing corporate social responsibility in the framework of sustainable development are developed. The procedure consists of two levels. The methodological approach to assessing corporate social responsibility in the framework of sustainable development is improved. It comprises indicators for assessing the impact of external stakeholders on the economic component (first level of assessment) and that of the economic component on the environmental, energy and social components (second level). The indicators characterizing activities of an enterprise to improve the living conditions of residents of the region where it functions are identified. The methodological approach is based on the use of the method of index numbers. The presented developments allow building a socially responsible enterprise, whose activities will be aligned with the sustainable development strategy, coordinated with business partners (stakeholders), and will facilitate carrying out measures to ensure social security and energy supplies for workers and residents of the region and reduce emissions of harmful substances.

197-206

Authors: Tsyhanova О. S., Burlan S. A., Katkova N. V.

The article analyzes activities of the engineering industry of Ukraine in terms of their effectiveness. The study considers dynamic patterns of changes in the volumes of production and sales of engineering products, financial results before tax, net profit (loss) and profitability (loss-making) of operating activities of the engineering industry as a whole and in the context of types of production for 2013–2018. It is revealed that in all areas of engineering industry in the period 2013–2017 their share in the total volume of industrial production fell, although, in monetary terms the manufacturing and sales of engineering products has been growing since 2015. The proportion of sold engineering products in the total volume of sold industrial products for 2013–2016 decreased from 8.6 % to 6.1 %, and in 2017–2018 it rose to 6.9 %. It is determined that the 2014 crisis significantly affected the performance of engineering enterprises: financial results sharply decreased to negative values, the net profit value fluctuated depending on the financial results, operating activities were unprofitable. However, starting from 2015, engineering enterprises were able to adapt to the market and political changes, increase their production volumes and profitability, primarily those engaged in the production of computers, electronic and optical products, and electrical equipment. Thus, in 2014, all industrial enterprises including engineering ones suffered losses; in 2015, only enterprises engaged in the production of computers, electronic and optical products gained profit, and, in 2016, enterprises engaged in the production of machinery and equipment joined them; in 2017, enterprises of all areas of engineering gained profit; in 2018, the profit of the entire engineering industry grew by 88.5 %. Accordingly, in 2015–2017, there observed a dynamic growth in the profitability of operating activities to 9.8 %, although in 2018 there was a decrease by 13.3 %. Enterprises engaged in the production of computers, electronic and optical products, and electrical equipment had the highest operating profit.

214-226

Authors: Iastremska O. M., Iastremska O. A.

The aim of the article is to clarify the theoretical principles of industrial enterprise development management. The study sets the tasks of analyzing scientific approaches to the formation of a categorical and conceptual apparatus for managing development of industrial enterprises; defining the theoretical principles of development management by principles, directions, areas and types of management; developing a model of the mechanism for managing development of industrial enterprises. Based on the study, the concept “industrial enterprise development management” is clarified. It is considered as the process of positive changes in an enterprise, arising under the influence of external and internal environment to fulfill the enterprise’s mission and achieve strategic goals of increasing the level of development in all areas of its activity. To define the theoretical principles of industrial enterprise development management, there determined the necessary criteria – features of classification: by scientific approaches, areas of activity, types of potential, life cycle of the enterprise, types of planning and development. All the features are consistent with the management principles and functions. The implementation of theoretical principles is carried out using the control mechanism. The article proposes a model of the mechanism for enterprise development management, the basis of which is represented by its components, namely: analytical, technical and technological, organizational and economic, administrative legal ones. Each of the components of the mechanism uses its own methods, tools and control levers. The classical management methods (economic; administrative legal; organizational) are supplemented by economic and mathematical ones, computer programs and technologies since, under modern economic conditions, it is impossible to carry out management without using the mathematical apparatus and computer technologies. Management tools are grouped by traditional areas of activity – economic, social and environmental. Each group of tools is detailed in terms of type and control levers. Management tools are selected in accordance with international studies conducted annually by Bain & Company. The tools require specification concerning the normative indicators (control levers) established by the state or the enterprise, with the help of which actions aimed at achieving sustainable development by an industrial enterprise are carried out. Thus, the presented developments allow an enterprise to clearly define the goal, principles, functions, approaches, directions, areas and types of management, build an effective management mechanism to achieve sustainable development as most progressive.

234-240

Authors: Chobitok V. I.

The aim of the article is the formation of the methodology of scientific cognition as the basis for intellectualization of management of enterprise holistic development under the current economic conditions. The article establishes that, in the modern business environment, a significant progress in the development of enterprises is provided by specialists that are intelligent. Against this background, resources are of especial importance, primarily those concentrated within intellectual capabilities of man, which are reasonably considered as the intellectual basis for modernizing the economy through innovative solutions. As a result of the study, the main functions of science are considered. The article proposes a methodology of scientific cognition as the basis for intellectualization of management of enterprise holistic development, which solves a number of relevant problems: development and use of research methods; analysis of methodological paradigms in the history of economic thought; study of the stages of economic research, including the disclosure of the mechanisms of “scientific discovery” in intellectualization of management of enterprise holistic development; analysis of the problem of truth, research of its criteria and methods of confirmation; study of the role of the methodology of scientific cognition in the system of the general methodology of social and natural sciences; examination of worldview standards and ideals associated with intellectualization of management of enterprise holistic development.

250-256

Authors: Krasovskyi M. A., Kudrytska Z. V.

The aim of this article is to study and summarize the principles, methods and value characteristics of generally accepted types of analysis of financial instruments and an alternative type of analysis — behavioral finance, which became relevant due to the development of the digital economy. Development of the economy constantly requires mobilization, distribution and redistribution of financial resources among its spheres and sectors. An important role in the implementation of this process is played by financial markets. Financial markets are a means of ensuring the normal functioning of all economic sectors as well as of combining state, institutional and individual interests; protecting the population’s money from inflation; improving their financial situation. As a result of the study, the main aspects of behavioral finance are highlighted, and examples of the most common mistakes of investors are given. It is proposed to use Sentiment Index to assess the state of the market and more effectively forecast financial instruments. Using this index, government agencies can track financial risks that arise from speculations of media and financial analysts. The results of the study can be of importance for both the investment and political sphere. In the political sphere, instability can have a negative impact on the functioning of markets and pricing of assets within the state and in the international market. If financial risks are accompanied with a change in investor sentiment, this leads to an outflow of capital and financial instability in the country, but using only the method based on building Sentiment Index is not recommended.

267-274

Authors: Pilevych D. S.

The aim of the article is to study the theoretical and applied bases of using blockchain technology in the national accounting system. The article proves that digitalization, as one of the main trends in the development of the national economy, causes a change in business models, approaches to organizing, carrying out and managing a business and also modifies the communication channels between enterprises and partners, regulators and consumers. These changes lead to the need for modernization of accounting as a system for collecting, processing and storing information on enterprises’ activities. The author identifies blockchain technology as a prospect instrument for the modernization of an accounting system; blockchain technology is defined as a distributed database of all transactions carried out by enterprises. The article outlines the priority areas of using this technology in accounting (international settlements; accounting of the asset flow within an enterprise; real-time transaction accounting, etc.). The advantages of using blockchain technology in accounting are transparency, security, reliability, speed, saving time and resources, decentralization, increased trust between system participants, improved workflow, advanced training of accountants and auditors. The author concludes that, despite the high requirements for technical support and modernization of enterprises in the context of the digitalization of the national economy, blockchain technology should become one of the priority areas for the development of the accounting system.

283-289

Authors: Zherеbylo І. V.

Modern changes that accompany all spheres of public life exacerbate the problem of resource depletion, intensify the migration of the population, and thus lead to a dilution of socio-cultural identities. In this sense, the social sphere, within which key human needs are fulfilled, is particularly vulnerable. The complexity of its regulation and development is seen in its polysystemic character, as some components ensure the satisfaction of the spiritual and physical needs of man and society as a whole, while others guarantee an increase in the standard of living, the possibility for reproduction of labor-power and improvement of living conditions of the population. The aim of the article is to deepen the theoretical and methodological foundations of the social policy of the state as a regulator of the development of the social sphere in the context of socio-economic progress. The essence of social policy is revealed, the methods of its implementation and its structural components are described. The result is a proposed own vision of the considered concept. On the basis of studying the experience of foreign countries, social policy models are systematized and their peculiarities are determined. It is shown that the object of social policy is social relations, social life processes and social needs, which together make up the social sphere of the country. Emphasis is placed on the practical aspect of social policy implementation, which involves using both methods of market self-regulation and methods of direct and indirect state intervention. It is noted that the concepts of social cohesion and social capital occupy a noticeable, sometimes contradictory place in the social policy of the country, while social capital reduces the structural and mediating dimensions. It is shown that the key objective of social policy in the health care system that takes into consideration social cohesion is the maintenance of relations between citizens and institutions.

298-304

Authors: Holubova H. V.

The growing use of cloud computing, social networks, mobile technologies and big data techniques is leading to increased opportunities for both carrying out scientific research and implementing practical tasks. Researchers are faced with a large amount of data created by social networking platforms, the diversity of which is further enhanced by the mixing of social networking platforms and new features of the Internet. The relevance of big data and social media is growing, but the scientific literature lacks conceptual tools and approaches that would help researchers structure and codify knowledge from big data of social media in various subject areas. Researchers do not have a common plan for understanding data and a complex network of relationships between entities, social networks, social platforms and other third-party databases, systems and objects. This problem is even more complicated when entering spatio-temporal data. The article provides a common framework for studying social media using big data. The author presents five analytical directions: space-time analytics, intranet analytics, internet analytics, platform analytics, and third-party data analysis. In these areas, three perspectives are identified — perspective of the account, perspective of the content, and perspective of the network. This material is intended to help researchers focus their study in a specific area of the discipline, using social media data sequentially.

312-324

Authors: Manoilenko O. V., Sergienko O. A., Gaponenko O. Y.

In the article, models for assessing the innovative potential and results of innovative activity of enterprises in Kharkiv region are built, which makes it possible to classify enterprises according to the degree of development of their innovative potential and results of its use. Innovative potential is considered as an integral characteristic of innovative resource support for a production system, which is the sum of human, industrial, technological, financial, structural, scientific and technical, resources that facilitate innovative activity. A scale is developed for assessing innovation activity and susceptibility of industrial enterprises to innovation (innovatively active enterprises (IAE); susceptible to innovation enterprises (SIE); insusceptible to innovation enterprises (IIE). The presented allows for building a model of innovative activity of enterprises taking into account interaction of enterprises and evaluating the impact of government stimulation of innovation on increase in the number of innovatively active enterprises. Using the panel data analysis, a model of financial effect of the number of innovatively active enterprises is built. The developed model is used to predict the results of stimulating innovation activity in the region and to form scenarios for stimulating innovation in regions. To assess the impact of state stimulation of innovation activity on growth in the number of innovatively active enterprises and to evaluate income from the implementation of innovative activity, a model of innovative activity of enterprises that takes into account the probabilistic nature of the diffusion of innovation as a result of interaction of enterprises is constructed. It is found that as a result of the impact of innovatively active production enterprises and SIEs on an IIE, the probability of diffusion is 0.5; i.e., in 50% of cases, the production system passes into the class of production systems that are susceptible to innovation.

332-339

Authors: Chernova N. L., Poliakova O. Y.

In the modern world, derivatives on leading stock indices are very often the focus of attention of portfolio investors. Inclusion of such tools in a portfolio actually allows investing immediately in the economy of a particular country or its individual sector. The aim of the work is the formation of an optimal investment portfolio containing derivatives on stock indices of countries with mature and emerging stock markets. To achieve this goal, the study solves the following tasks: two optimal portfolios — the portfolio containing indices of developed countries and the portfolio containing indices of emerging countries — are formed; the mixed portfolio containing indices of both sectors is formed; a comparative analysis of the effectiveness of the resulting portfolios is carried out. To obtain an optimal portfolio structure, the Markowitz model is used. The results of applying this model allow to draw the following conclusions regarding the investment attractiveness of the stock market of mature and emerging economies. In terms of portfolio risk level, it is possible to obtain a couple of portfolios, one of which would contain only assets of mature markets, and the other — only assets of emerging ones. However, in this case, the level of profitability will be significantly lower in the portfolio consisting of assets of the mature sector. The mixed portfolio provides a much wider range of alternative investment options based on the efficient frontier, both in terms of the risk and profitability criterion.

374-381

Authors: Chunytska I. I.

The aim of the article is to study the financial market of Ukraine, which has an unrealized infrastructure potential. For its realization, it is necessary to choose an appropriate strategy since constant changes in the development vectors will contribute to further destruction of the infrastructure potential. The weightiness and priority of methodological support in determining the strategic directions of the financial marketdevelopment are proved.Based on defining individual levels of implementation of financial relations and taking into account causal relationships that accompany the functioning and determine cause and effect changes in such relations, it is proved that these determinants form the methodological bases of strategic directions for the financial marketdevelopment. It is proposed that the theoretical and methodological bases of the development of this strategy include provisions reflecting the modern transformation of financial resources in the unity of the aspects of their formation, distribution and redistribution as basic ones.Their subsequent application requires taking into account the level of the financial market in the context of its individual segments with regard to the needs of its self-development and self-regulation.This allows to more objectively reflect the processes occurring in the system of financial relations and to form the basis of strategic directions for the financial market development along with the strategic development of the financial system as a whole. When implementing the essential, quantitative and qualitative transformations of the conditions of individual segments of the financial market, which have their own laws and infrastructure, and combining their potential into an integrated system, there is a real opportunity to direct the infrastructure potential of the market currently ensuring its functioning towards enhancing its strategic power.