Socio-Economic Research Bulletin

9-19

Authors: Oleksii Sydorenko, Serhii Makukha, Olena Kovalenko

The aim of article is to investigate the modern state of dialectic rationality and economic efficiency. The content of European culture key values without relying on which a person cannot think, learn and act fruitfully, are clarified. This applies to any field of activity: economic, social, political, etc. It is proved that in the economics sphere, rationality is usually characterized by the ability to organize the production process. She is measured by the expenditures required for manufacturing of production unit. It is illustrated that an economic system is considered rational if it operates with the lowest possible expenditure of energy and other resources, and operates on an approved program. The research results showed that rationality and efficiency in economic activity are usually dialectically interconnected and this relationship is contradictory: requirements for production efficiency increasing are constantly ahead of the possibilities for changes in a more conservative rational structure of the system, which raises the contradiction between them. It is proved that it is problematic to achieve a coincidence in time of the optimal level of functioning of the economic system both in a rational plan and in terms of its proper efficiency ensuring, and in the long term. A conceptual approach to the problems further research is proposed, the essence of which is not ignoring the place and role of classical rationality in the modern history of European science and philosophy, but, on the contrary, a more thorough search and use of all the positive that this type of rationality gave for the development of economic science, a fundamental study it’s still unknown heritage and deep understanding of it – all this should remain one of the priority directions of scientific and philosophical research.

29-38

Authors: Oksana Chumak

The article considers a conceptual approach to economic potential managing at the state-owned enterprise by public-private partnerships (PPPs) using. The subject of research is the theoretical and methodological provisions for economic potential management system formation of a state enterprise that cooperates with private sector under PPP conditions. The aim of article is substantiation of economic potential management concept of state-owned commercial enterprises in context of public-private partnership implementation. The basis of research is a systematic approach to the knowledge of enterprise economic potential management, as well as methods of logical generalization, comparison, analysis, synthesis, abstract-logical. At design stage it is recommended to determine the key performance indicators (KPI) of PPP implementation. For sustainability planning, a deeper analysis of the project should be carried out and services should be categorized according to alternative models of cooperation within the project, based on the idea of value-oriented management. The author recommended an economic potential management model by structuring key tools for enterprise management, which will provide a comprehensive understanding of the possibilities for its implementation, risks and problematic issues determination in economic activity aspects. The scope of application of research results are state-owned commercial enterprises. In determining of the state-owned enterprises economic potential for PPP projects, it is important to balance of the potential everything components, an influence calculate on project results its duration and risks, reliable determination of economic potential volume, methods for analyzing and evaluating of efficient use of the economic potential.

54-62

Authors: Igor Abramovich, Serhii Dmytruk

The article determines that the digitalization and informatization trends, the Fourth Industrial Revolution achievements gradual implementation, decarbonization trends, and also social and economic instability on a global scale have a considerable influence on the energy sector development. Further transition to information economy, digitalization, the artificial intelligence implementation in various business processes realization necessitate the improvement of personnel management efficiency, the modern approaches implementation to talent management, the innovative activity development and further of labor harmonization. It is proved that the important directions of personnel management efficiency increasing in the energy sector enterprises, taking into account the particularities of their business processes implementing in the context of a gradual transition to the information society, are: the personnel management information systems development, their integration with a global information systems of enterprises business processes managing; increasing the level of staff involvement with online environment, social networks and digital technologies using, which will be facilitated by the modern communication strategies development for internal and external stakeholders, further digitalization of personnel management processes; using the innovative forms of labor organization for creative workers, which can provide more efficient processes for creating innovations (practices development for distance employment introducing, remote work, information systems for communication and monitoring of key performance indicators achievement); energy enterprises business processes digitalization at all production stages. The features of personnel management determined by the authors at the enterprises of energy sector of Ukraine in the context of national economy digitalization and justified directions for the personnel management efficiency improving will contribute to a more efficient digital transformation of domestic enterprises in the energy sector and innovative solutions implementation in their business processes.

72-80

Authors: Oksana Klimenkova

The article considers the relationship between the elements of human capital and investment in human capital for his potential development and accumulation. An approach to the human capital definition as established or developed as a result of investments and accumulated for targeted use in the field of social production, to promote the growth of labor productivity, is presented. The necessity of regional programs of economic and social development, their directions in the field of human capital management for the country human potential accumulation as a whole is shown. The following types of investments are highlighted: healthcare; education; professional and other types of training; labor motivation; healthy lifestyle promotion; children’s birth expenses, parenting, person development and self-development. It is proved that through an internal regional labor market formation and development, and with its help, the trajectory of human capital accumulation will be realized. It is recommended to use integrated investments for the human capital accumulation from an enterprise, a state (region) and an individual side. The scheme of regional management of human capital development is presented. The directions of the regional labor market development are determined taking into account economic and social directions. An approach to the feasibility in human capital investing by the example of evaluation by appropriate formulas is generalized. The concept of region’s human capital as a resource of its economic development, which is developed taking into account of the territory needs and characteristics on the basis of appropriate conditions creation: economic, social, infrastructural, ethno-cultural and others, is proposed. It is concluded that there is a close relationship between human capital and region’s socio-economic potential formation and its role in the system of regional competitiveness formation.

92-104

Authors: Volodymyr Momot

The article formulates recommendations regarding the general technical policy of domestic industrial enterprises at the present stage of economic development, based on the application of the continuation method with respect to the parameter to a forced-homogeneous and heterogeneous production CES-function in the form of a Cobb-Douglas-Tinbergen. Based on the fact that the cost of labor resources in our country is almost the lowest in the world, we can conclude that the strategic policy in the field of fixed assets of domestic enterprises claiming on full competition in the world market should be focused on replacing obsolete equipment, which significantly reduces their competitiveness. The Cobb-Douglas-Tinbergen-shaped CES-function continuation method using with respect to the parameter to a forced homogeneous production indicates the possibility of an extremely optimistic intensive industry development scenario, which theoretically can grow almost exclusively through the use of skilled highly paid labor with moderate investment activity in the field of basic production funds. The influence of non-stationary processes in the economy on the enterprise development scenario has been identified, due to which the «lag» effect has been revealed when the development trend continues to operate for a certain time despite the fact that the conditions of the economic environment have already changed significantly. Thesis interpretation about decrease of reproductive potential of the national economy on the basis of a mathematical justification for the conclusion that production factors make an ever smaller contribution to the total product as they accelerate the intensity of their use in the production process, is given. Analysis of theoretically possible (limiting) cases of the production system development based on a comparison of changes in the parameters of production function is performed. Recommendations on the technological policy of domestic enterprises at the present stage are given.

118-128

Authors: Yulia Klius, Anzhelika Izhboldina

The article systematizes and provides of «internal control» concept definition (a powerful mechanism of measures or approaches aimed at the of development and implementation effectiveness of management decisions at the enterprise with the purpose of comprehensive and impartial control at a certain level to ensure receipt (increase) of income or improvement (stabilization) of enterprise’s financial condition). The main elements of the current system of internal control (the internal environment, subjects and objects of internal control system, means of internal control, internal control functions) are generalized and such a separate element as an «external environment» is highlighted. A number of factors that influence on internal control of large, medium and small enterprises (the composition of organizational structure, the volume of activity, the attitude of the company’s management to internal control, financial position of the enterprise) are determined. The main functions of internal control (information, diagnostic, communication, evaluation function) are systematized and a combined function of internal control, such as coordination and corrective, is proposed, which will allow for timely and efficient management control at the enterprises. Key tasks (ensuring the legality and reliability of information reflection in accounting, the reasons for deviations identifying and establishing in the process of economic activity, monitoring compliance with the established regulatory support of structural units, assessing the final results of the whole team, making managerial decisions for organization effective work) are defined, which influence at the enterprise management efficiency.

145-156

Authors: Ivan Zhygalo

The article assesses and analyzes the main trends of financial companies development in Ukraine as non-bank financial intermediaries for the period 2012–2018, based on official statistics collected by the National Commission for State Regulation of Financial Services Markets. Attention is focused on the absence of regulatory legal acts, which regulate of the financial companies activity in Ukraine and define those specific characteristics that distinguish them from other non-bank financial institutions. Approaches to the financial companies classification, which presented in scientific sources are systematized. The significant role of financial companies in the financial services market is substantiated by evaluating and comparative analysis of the main performance indicators of non-banking financial institutions listed in the State Register of Financial Institutions of Ukraine, including financial and insurance companies, credit unions, non-government pension funds and pawnshops. For statistical analysis, such indicators of non-banking financial institutions as a number of registered institutions, the volume of their assets and the volume of financial services provided by institutions were selected. Statistical information on the volumes of financial services by types provided by financial companies, which is published by the National Financial Services Commission for the period 2012–2019, is analyzed, namely: lending, housing construction financing, guarantee (surety), factoring and debt management. A comparative statistical analysis of the financial companies activity in the field of financial leasing and legal entities – lessors, which are not financial institutions, but have an ability to provide financial leasing services, determined by laws and regulations. A number of problems that hinder and impede the further development of financial institutions, including financial companies, are identified, and trends in the financial companies development in Ukraine are identified.

170-177

Authors: Oleksandr Syrchyn

The article proposes a scientific and practical approach to the role of management in the modern commercial bank’s activity. The information base of the article was a research results of modern scientists and NBU statistical data. It is shown that the strategic goal of a separate commercial bank activity is to increase its share in the banking services market. It is argued that management is an aggregate of processes of targeted, systematic and continuous influence of a management subject (bank management) on its object (bank team) with a help of certain functions that form a closed and repeating cycle. It is formulated that a management decision is a type of work, where individual or collective leadership (a management subject) provides a creative volitional influence (directive, order) on a bank (management object) with the aim to achieve the planned results of activity. All management decisions are classified into strategic, tactical and operational, depending on the coverage volume of control object and exposure time to the bank: strategic decisions have a long-term influence (5-20 years) on the bank’s activity and cover the main directions of its work in an aggregated form; tactical decisions have a medium-term influence (3-5 years) on the bank’s activity and cover all directions of its work in a detailed form; operational decisions have a short-term effect (up to 1 year) on the bank’s activity and generate a huge number of parameters or goals for achievement. An external (population, GDP volume, investments volume, base and money supply, inflation level) and internal (goals, structure, tasks, technology and people) environment factors that significantly influence on the individual bank’s activity management are generalized. The research results can be used in the practical activity of Ukrainian banks.

189-197

Authors: Anastasiya Berber

The article substantiates the research relevance of the feed market state for unproductive animals, their classification is given, and quality requirements are expounded. The possibility of using a low-value products and waste from the meat-processing industry as a raw material for the feed production has been shown. The rules of certification and quality requirements of the modern domestic market and the European market of industrial feed for unproductive animals are investigated. General norms and determinations are specified for a national food legislation and food legislation of EU, including the goal – achieving free movement of feed in the EU. The national standards of Ukraine and European standards in this activity sphere are analyzed. The ways of rational use of secondary raw materials are substantiated, which ensure the growth of industry production potential and the product assortment expansion. According to expert evaluations, around 10-20% of companies are potentially ready to present their own products on the European market, and the remaining 80-90% is not yet ready. It was noted that the general situation with the availability of raw materials in Ukraine is considered favorable, and the production organization of high-value and original feeds will allow us to develop an existing market for domestic feed for unproductive animals and to create the necessary conditions for their export to the EU countries. It is proposed to adapt domestic quality standards to European ones in order for export expanding of Ukrainian products to the European Union countries. It is recommended to introduce international systems of quality and safety products management at domestic enterprises in order to be able produce a competitive products and present them on the European market.

208-218

Authors: Sergey Kaptalan

The article provides a critical analysis and systematizes modern approaches to the definition of “agro-industrial formations”. So, on the basis of the analysis and genesis of concepts, under agro-industrial formation it is offered to understand set technologically, economically, legally and organizationally connected enterprises and the organizations which are carrying out: providing with resources, production, transportation, storage, processing, marketing and sale of agricultural and agro-industrial production. Following consideration of the historic causes and preconditions of occurrence and development of integration processes in the agricultural sector of the economy, based on the determination of the content of the agricultural sector as a sector of the economy, examines the nature and basic specific features of economic activity of enterprises of agro-industrial sector. Theoretical aspects of economic integration of agro-industrial enterprises are analyzed. Under the integration of enterprises of the agro-industrial complex, it is proposed to understand the process of their unification, deepening of interaction, and such a state of enterprises that provides manageability, integrity, orderliness of their functioning. According to the type of integration processes of agro-industrial formations, it is proposed to distinguish three types of integration into the agro-industrial complex: horizontal, vertical and diversified integration. The essence, as well as positive and negative consequences of each type of integration into the agro-industrial complex are determined. The main positive effect of economic integration is the effect of increasing the scale of activities, as well as the synergistic effect of the unification of economic entities. Also, as a result of consideration of the main theoretical approaches to the classification of AIF, it was systematized representation of scientists about the types of AIF on other various classification features, namely: form of ownership; territorial coverage; industry affiliation; size; method of management; degree of legal independence of subjects; level of economic independence; organizational and legal forms. The classification allows to organize information about agro-industrial formations and is the basis for the development of a systematic idea of the nature of integration in the modern agro-industrial complex.

9-18

Authors: Viktoriya Boiko, Anastasiya Kuimova

On the basis of sustainable development theory and practice generalization, the combination of sustainability factors of motor transport enterprise is systemized and classified in the article. The necessity of taking into account of enterprise’s life cycle stages in shaping of its sustainable development policy is substantiated. The subject of research is the motor transport enterprises sustainability. The purpose of article is to substantiate the main factors influencing of enterprise sustainability and to present their classification based on analysis of modern theoretical approaches and practical experience of providing an economic sustainability for domestic motor transport enterprises. The research methods are generally scientific. After analyzing the state of motor transport enterprises and their development we can conclude that they depend on many factors that affect on sustainability change. Effective management of activity involves the forecasting of these factors and timely response to their action. Thus, in uncertainty conditions, an important task for enterprise becomes the factors identification and analysis, which influence on an activity parameters in order to ensure its long and maximum effective functioning. The factors number and variability, to which an enterprise must respond, depends on the complexity degree of internal and external environment. The concept of «factor», which is considered as a condition and reason for achieving a certain level of enterprise sustainability, is justified in this research. An enterprise’s sustainability depends on the factors combination at different stages of its life cycle: creation, growth, stabilization, reduction. An effective functioning ensuring at each stage involves a balance maintaining with an external environment, i.e. adaptation to external changes. It is noted that various factors play different roles and have different meanings for enterprise’s sustainability ensuring. For individual factors role identifying, it was proposed to group them according to certain characteristics: by place of origin (external and internal), by method of influence (direct and indirect), by duration of action (permanent and temporary), by degree of influence (significant, insignificant), by directionality impact (stabilization, destabilizing), by level of influence (regional, national, international), by spheres of manifestation (economic, social and environmental).

29-39

Authors: Karyna Demchenko

The article analyzes of revenues dynamics to the Pension Fund of Ukraine. An assessment of the pension system sustainability and effectiveness is made. Considerable attention is paid to various factors of the Pension Fund deficit, such as: a low contribution rate, a small number of contributions and part-time wages. Comparison of pension revenues and expenses in different countries of the world is made. The relationship between the coefficient of dependence on old age and pension expenses in different countries of the world is shown. Particular attention is paid to the demographic problem of the pension system. Government pension expenditures are divided into four key elements, such as: replacement rate, coverage ratio, age dependency ratio and inverse labor ratio. The amount of additional annual income of the pension fund is calculated. The dynamics of expenditures on pensions as a percentage of GDP is analyzed. The operations of the Pension Fund of Ukraine for the period from 2012 to 2017 are investigated. The essence of transfers from the state budget to the pension fund is revealed. The ways of increasing revenues to the pension fund of Ukraine and reducing its deficit are proposed in order to reach a stable level of pension system of Ukraine. The necessity of pension policy adjusting with aim of the pension system of Ukraine bringing to a stable level was emphasized. The main factors, which make reform difficult in the pension security sphere, are defined, in particular: the difficult demographic situation, the high level of shadow economy, imbalance of budget and political populism. The ways to increase revenues to the Pension Fund of Ukraine and reduction its deficit are proposed. The main stages of Ukrainian pension system reforming, which are optimization of labor and social pension’s size, compulsory pension contributions of working population schemes development and voluntary pension savings of population in non-state pension funds introduction, are recommended.

48-57

Authors: Ihor Kulyniak, Yurii Dziurakh

The article substantiates the popularity of financial leasing as an alternative form of bank lending. The dynamics and prospects of financial leasing market development in Ukraine are analyzed in accordance with the following indicators: number of financial institutions and legal entities – lessors; the dynamics of the value and number of financial leasing agreements concluded by financial institutions and legal entities – lessors; cost and structural distribution of financial leasing agreements by industry; cost of financial leasing agreements by equipment; the structural division of the value of financial leasing agreements by the term of their operation. Trend models of the number of financial institutions and legal entities ‒ lessors in Ukraine are constructed and their forecast values for 2019 are determined with using correlation and regression analysis according to the data for 2007–2018. An analysis of the value dynamics and number of financial leasing agreements concluded by financial companies and legal entities ‒ lessors that are not financial companies, allowed us allowed to distinguish two periods, which became a critical in the upward trend formation. The changes in the value distribution of financial leasing agreements by branches during the analyzed period of 2008–2018 are revealed and characterized based on the systematization and analysis of statistical data. The trends in the distribution of the cost structure of financial leasing agreements by their validity period and value of financial leasing agreements by equipment are determined. The main restraining factors of leasing industry development in Ukraine are presented.

69-82

Authors: Yaroslav Zhalilo

The research results of decentralization processes in Ukraine as a fundamental institutional change are presented in the article. On the basis of revealed peculiarities of globalization influence and Industrial Revolution 4.0 on the environment of local communities’ activity, the prerequisites for a balanced solution of the global and local dichotomy in communities’ development based on inclusiveness were established. The importance of taking into account the influence of permanent institutional crisis in Ukraine on the decentralization reform deployment is noted and the defining role of this reform in overcoming of institutional crisis is substantiated. The necessity of correcting conceptual approaches to decentralization by including the economically active population (including business representatives) among the reform target groups has been substantiated. The new opportunities, which the community has at this moment for promoting of business development on its territory, instruments, approved in world practice and available in Ukraine are investigated. The separate accent has been done on managing investments from local budgets, as well as encouraging of private business investments in community development projects on the basis of institutional instruments of externalities internalization. The conclusion about the need of significant amplification of competences and practical opportunities of communities in creating of conditions, favorable for local business, is made. The conclusion about concerning the expediency to strengthen the participative institutions of community members’ influence on the local development has been grounded. The insufficient performance of activities coordination between the participants of decentralization process, national and subnational authorities has been shown, and the ways of institutional improvement in this sphere have been suggested.

97-106

Authors: Alina Kodzhebash

The article considers the issues of gradual transformation of the traditional linear economy to circular economy, which require taking into account the role of transport logistics in the waste management system ‒ an intermediary and universal means of activating the real waste management mechanisms based on the innovation and responsibility principles towards sustainable development. The purpose of research is to substantiate and develop proposals for improving approaches to analysis of economic and environmental efficiency of the transport and logistics waste management system in the context of closed-cycle economy development. The comparison of statistical data that was conducted (about the structure of waste, the volume of waste formation by industry, etc.) testifies to the existence of certain problematic issues in the field of waste management in Ukraine and other countries of the world. The organizational and economic content of transport and logistics waste management system concept was further developed, as a combination of organizational, economic, environmental and other components and factors of waste transportation from the points of their formation, collection or sorting in the destination according to the optimal route scheme, which meets the criteria of maximizing income and cargo volume, saving time, costs and minimizing environmental damage. The vectors of economic and environmental development of the transport and logistics system on the efficiency plane of responsible waste management, based on the principles of environmental sustainability and balancing, social responsibility and circularity of production, consumption and waste generation economic cycle, are substantiated. An approach to the transportation task application in the waste management field is proposed, taking into account the total values of supply and demand for them, and also the damage classification, which associated with transportation in the waste management sphere.

118-127

Authors: Olga Katunina

The simulation of dynamic economic systems whose evolution is described by a system of observable variables is considered in the article. Methodology of dynamic factor modeling was used; mathematical model that combines approaches of classical factor and autoregressive analysis was built. It has been established that the systems of dynamic factors describe the general dynamics of the selected group of economic indicators. An algorithm for constructing a dynamic model, in which dynamic factors are determined sequentially in solving special problems of nonlinear programming, is proposed. The first factor describes the movement of entire system as a whole and characterizes the general trend, since a linear combination of original time series is used to find it. Other factors, which built on the basis of residual series take into account the deviations of individual indicators from their regression estimates and describe fluctuations of time series. The main calculated relationships of the constructed model of dynamic factor analysis are given. For estimate the prediction error, the ex-post forecast method was used. Directions for investigating of the forecast quality by the number of factors taken into account, the lag length, and considered nonlinear programming problems parameters are proposed. It was determined that the choice of these parameters in the constructed algorithm allows minimizing the prediction error for a specific time series and obtaining several possible options for the system development. The developed model of dynamic factor analysis can have a wide practical use, because it opens the possibility to evaluate the impact of forcing a change in the predicted values of one or several indicators on the entire system dynamics. The directions for constructing a controlled multidimensional forecasting model for evolution analyzing of economic dynamic systems of various natures are substantiated. Obtaining a multivariate forecast of economic systems evolution is particularly important in strategic planning both at the macroeconomic level and for individual industries and enterprises. The proposed method of dynamic factor analysis of time series systems has certain universality and, together with other econometric methods, can be used, for example, in ecology, medicine, physics and other fields of science.

140-148

Authors: Lyudmyla Vasyutinska

The article analyzes the various approaches to the interpretation of «management effectiveness» concept. It was clarified that the budget expenditures management effectiveness can be evaluated by comparing the effects of using partially withdrawn monetary resources from the economy private sector in favor of the public sector, taking into account that the withdrawn resource should bring greater benefits for society than to the private entity. It is established that the inefficient use of budgetary resources is a consequence of cause’s manifestation, which are determined by the management peculiarities in the public sector of economy. It is substantiated that the dependence of directions choice, volume and budget expenditures structure depends on political decisions. As a result, a conflict of interest arises between the representative and executive branches of government. For evaluation of budget expenditure management effectiveness must take into account the costs and benefits over time. It is substantiated that the lack of incentives for production technology improving and public services provision reduces their quality. It was determined that the existing system of remuneration in the public sector cannot be a priori a stimulant for budget funds managers and budget program implementers. It is proved that an information asymmetry makes it impossible an evaluating of activity effectiveness of budgetary funds management entities and does not allow for activity results monitoring. The current trends in budget programs optimizing in Ukraine are analyzed and the reasons for changes are justified. Recommendations on the incentive tools implementation, which can have a positive influence on stakeholders and thereby increase the effectiveness of budget expenditures management, are formulated.

158-166

Authors: Oleksandr Syrchyn

The article proposes a scientific and practical approach to the planning process organization of Ukrainian bank activity in modern conditions and the contents specifics of the main types of bank plans. It is shown that: bank’s integrated planning system is an aggregate of plans, which aimed at achieving the mission and tasks set for the bank, including the main types of work and characteristic features of their organization; all types of planning are interconnected because, on the one hand, they are integral elements of the development of a single long-term plan for the bank, and, on the other hand, they are integral elements of the current bank management process; bank goals and ways to achieve them for different time periods in practice are most often defined as the following aggregate of plans: strategic, tactical and operational activity plans; core of the whole plans system is a bank’s strategic development plan, based on the strategic vision, which is formed by shareholders and bank management; to bring of the bank activity plans to individual performers or departments, a plan of bank events is being formed. As a result of conducted research were substantiated: the need of bank’s activity plan forming in the form of an aggregate of multi-time plans; the difference in interests of the bank planning subjects, which predetermines in the content difference of certain types of bank plans; the main typical elements of certain types of bank plans; the relationship and interaction of the main types of bank plans, which leads to the need for their constant adjustment in the event of changes in an external or internal of the bank activity environment; the main organizational models for bank budgeting.

179-188

Authors: Inna Kuznetsova, Igor Sokurenko

The article analyzes the scientific approaches to determining the essence of «enterprise life cycle» concept. The inconsistency of approaches that consider of an enterprise life cycle as a specific temporary period for organization’s functioning is substantiated. The concept of «enterprise life cycle» is defined as a sequence of stages, whose change is caused by the parameters transformation of enterprise internal environment in conditions of dynamic changes in the competitive environment, during which an activity orientation, managerial tasks and management decision making methods change. The development of well-known concepts of an enterprise life cycle is summarized and systematized. The characteristic features of concepts are highlighted. It is proved that a life cycle concepts evolution has developed within the framework of process content and universal models. A critical analysis of approaches is carried out and the stages of enterprises life cycle, the crisis phenomena inherent in each of them and enterprises capabilities are systematized. The most popular concepts of L. Greiner and I. Adizes are analyzed in detail. Their advantages and disadvantages from the point of view of practical application are determined. The contradictions of scientific concepts regarding the list of life cycle stages, stages change sequences, internal and external factors affecting the stages change are established. The parameters of organization’s internal environment, which systematically determine the stages of its development, are highlighted and justified. The dependence of changes in the life cycle stages from parameters change of enterprise internal environment is analyzed. It is proved that the sequence of stages is not constant and can vary depending on the specific conditions of enterprise functioning. The requirements of each stage of the life cycle before making the necessary changes to the enterprise management system and the features of management decision-making methods are substantiated.

199-207

Authors: Natalia Priymak

The article determines that a changes implementation depends on an acceptability level of changes of external environment (contact audiences), developed by enterprise’s management system (team of changes). An influence of institutional and macroeconomic factors that are components of an external environment of enterprises functioning is investigated with a help of expert assessment tools. For this purpose, the article presents the rationale for the number, structure and composition of experts ‒ managers at different levels. Taking into account the specifics of Ukrainian mining enterprises functioning, the influence of twelve factors that determine of these enterprises activity and taking into account of the management system specificity, are analyzed. In the research process, a methodological apparatus, which provides for the consistent implementation of the following actions, was implemented: the list of experts determining and their selection justifying; factors identifying to assess their impact on enterprises; factors assessment on the scale: [most significant influence factor; least significant influence factor]; assessment of the consistency level of expert opinions on an influence factors, subject to its acceptability ‒ calculation of influence specific coefficients of macroeconomic and institutional factors on the mining enterprises activity; evaluation of obtained results and factors determination, whose influence on changes is the most significant. The obtained results should be a source of opportunities and threats determining for enterprises strategic changes realization, as well as a basic guideline for directions determining of strategic potential implementation. According to the obtained estimates, the most significant influence on the changes implementation is exerted by market factors, such as a mining technology and enrichment development factors, and also factors that determine an infrastructure component of production provision system. Based on analysis results, it can be argued that these factors are determining of external drivers of change, taking into account the influence of which is mandatory for developing the strategic potential of change program realizing and enterprise development strategy.

219-226

Authors: Svitlana Tkalenko

The article considers the principles of foreign direct investments attraction, the particularities of this process for host countries are determined. The effect is analyzed on the basis of qualitative and quantitative indicators of European investments attracting for economy of Ukraine. The main factors that influence on the foreign investments are identified, and also developed an econometric model of these independent variables influence, such as consumption level, inflation rate, external debt, on the European investments growth, taking into account the current state of domestic economy and European integration development vector. The structural and institutional factors in the national economy that significantly affect on an attracted foreign investment volume are disclosed and analyzed. The reasons for the slow domestic economic growth, such as the political factor, poor development of certain sectors of economy (engineering, mining and others), are summarized, and also delays with the major reforms implementation for further enhance of investors’ confidence. At the same time, it was noted that Ukraine has serious needs in investments and financing of its own needs and this requires of significant international financial resources mobilization for maintaining of macroeconomic stability. It is proved that in the case when economic prospects improving, there is an increase in investment flows in the world market, because demand growth is expected in the future. It is substantiated that investments are cyclical: in conditions of economic recession, investments come and, conversely, with economic growth investments grow. It is proposed to create and implement conditions for macroeconomic stability improving in the state, to facilitate further reforms, to reduce a corruption level, to create a favorable investment and business environment, a stable legal and institutional environment, and competitiveness level increasing.