Bulletin of Taras Shevchenko National University of Kyiv. Economics.

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Authors: T. Zatonatska, Doctor of Sciences (Economics), Associate Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine, H. Tereshchenko, PhD in Economics, Senior Researcer Institute of Educational Analysis, Kyiv, Ukraine

The article covers the problems of financial provision of higher education in Ukraine. The application of credit financing mechanisms for obtaining higher education in Ukraine is analyzed, as well as the schemes of lending in foreign countries have been investigated. Conclusions are made on the necessity of further development of financing mechanisms for financing higher education, as well as relevant recommendations regarding the prospects of transformation of state soft loans into loans under government guarantees.

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Authors: I. Mazur, Doctor of Sciences (Economics), Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine, R. Sazonov, Chairmanofthe Board "GradInvestment", Kyiv, Ukraine

In the conditions of globalization of the economic environment, the integration processes of the international capital markets are intensifying, which envisages the possibility of placing securities in foreign markets. This gives some benefits to national investors and issuers. These benefits include: scaling up the attraction of investors' financial resources; strengthening of the business reputation and issuer's credit rating; Successful placement of shares in the international market contributes to the increase of profits. International listing of shares increases the prestige and image of the issuer. The main motivation of most companies entering the foreign capital markets is only financial - they plan to increase their capital in the markets of highly developed countries and increase the liquidity of their shares. International listing provides new markets for more active securities that do not require detailed reporting and have significant liquidity. In some cases, the introduction of international listing increases the value of the company's shares. As a rule, this happens more often in the US, when the market value of shares is higher than that existing on the issuer's market. Moreover, the fact of an increase in the number of investors who buys company shares increases the liquidity of shares, narrowing the spread. That is, the main motive for stock quotes abroad is to increase the value of its capital and liquidity of shares, which will eventually give an opportunity to attract additional capital. All this contributes to the growth of the number of national companies that market their shares on foreign stock exchanges. Investigated double listingof shares of companies; discloses the conditions under which the international listing of shares of companies becomes one of the most appropriate ways of financing business; the influence of international listing of companies' shares on the liquidity of shares in the domestic market, increase of trading volume of shares of the company was revealed; invited Ukrainian joint-stock companies to use the international listing to increase their capitalization.

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Authors: Z. Varnalii, Doctor of Sceinces (Economics), Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

The study considers the essence and structure of Ukraine's tax system and its institutional architectonics. The paper proves that in the broad sense institutional architectonics is the main principle of structuring, systematization, interconnection, and interdependence of elements of the whole concept. The study explains that the tax system as multisystem formation includes five interacting subsystems (systems) as certain integrity, which is in direct interconnections. The results found that the structure of the tax system includes: taxation system, the system of tax legislation, the system of taxes and fees, the system of relevant executive bodies, the system of taxes and fees administration. The analysis recommends that further reformation of the tax system should be pursued in the directions of congruence of tax system reforms in the system of reforms in other areas of public administration. One of the key factors is taking into account the links between the subjects of tax relations, the validity, and analysis of the relevance of changes that carry tax reforms. The conclusions suggest the main directions of reformation and modernization of Ukraine's tax system with the purpose of its further development.

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Authors: N. Grazhevska, Doctor of Sciences (Economics), Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine, A. Mostepaniuk, PhD in Economics, Associate Professor Girne American University, Turkish Republic of Northern Cyprus

The role and importance of corporate social responsibility (CSR) is highlighted as an important factor of accumulation of intellectual, social, reputational and cultural capital, ensuring the global competitiveness of modern market economies. The world experience of CSR development in the context of increasing the level of trust in society, accumulation and effective implementation of social capital is analyzed. The peculiarities of CSR development in Ukraine are emphasized, and the state priority actions are grounded in order to promote social responsibility of the business as a factor of accumulation of new forms of capital, namely: institutionally-organizational arrangement of effective interaction of private business and state, state encouragement of private business to implement CSR by providing tax privileges and benefits, informational support for CSR development, promotion of corporate social responsibility principles, spreading the ideas of CSR among employees, customers, communities, deepening of business cooperation with universities and research institutions towards adapting international best practices and training in the field of CSR.