Business Inform

13-20

Authors: Dovgal O. A.

The article generalizes the main approaches to analyzing the nature of global disparities in the development of the global trade system, their negative consequences, and opportunities for regulation. It is proved that global economic disparities have both objective and subjective origin, can be initiated by individual countries, groups of countries and international economic organizations, are closely related to non-economic aspects of the world economy and are clearly manifested not only in the financial sphere, but also in international trade. The article substantiates that, taking into account peculiarities of the current foreign economic policy of sovereign countries, three main tendencies can be distinguished, which are directed towards protecting national interests in the context of the crisis of the global trade system, and which, in fact, represent global disparities in its development: protectionism, regionalism, and transregionalism. It is identified that, speaking in economic terms, the growing external interdependence does not bring together, but, on the contrary, subordinates, turns regions and countries of the world into dependent ones; does not overcome, but fixes the peripheral position of individual countries; does not violate, but strengthens the hierarchicality of the world economy, which is caused by its internal logic. It is concluded that in order to eliminate or mitigate global disparities in the global trade system, it is important to use new institutional mechanisms in the development of which countries with emerging markets should take an active part, which means there is a need for a flexible combination of liberalization with import substitution and elements of protectionism.

28-37

Authors: Yaroshenko I. V., Semyhulina I. B.

Each country at the level of individual territorial units forms its own system of public administration, which is both individual and under the influence of national, historical, geographical, economic and other features. Familiarization with various foreign experience allows allocating a common characteristic in the system of public administration, which is the functioning in the countries of the institute of local self-government. The functioning of a productive system of local self-government is an integral element of any democratic country. The choice in local government for the benefit of either local self-government bodies or public authorities depends on the theory of local self-government prevailing in national politics. At the same time, the choice of theory and model affects the effectiveness of local government, its ability to ensure and guarantee the rights of the community as a whole and the interests of each individual resident in particular. Studying the theoretical principles of public administration at the local level allows not only to get a general vision of this process, but also to allocate its characteristic features. Studying the effectiveness of local self-government activities in different countries and analyzing the possibility of applying modern methods of management in the domestic system of local self-government is relevant for Ukraine in the process of ongoing reform of the public administration system and the search for the optimal model of government organization at the local level. Due to the complexity, importance and interdependence with a whole range of other socio-economic processes, the issues of theoretical principles as to formation and functioning of local self-government, determining the level of decentralization in the system of public administration of territories constantly remain in the field of view of researchers and practitioners of the world, which determines the perspectivity and relevance of researching this topic.

44-49

Authors: Holovnia O. M.

In today’s world, the international community provides significant support in carrying out socio-economic and political reforms to countries that need it. Such support is provided in the form of official aid for the purposes of development, which includes international technical and humanitarian assistance, loans for repayment of foreign debt on preferential terms, financing of project activities. The article analyzes the state of Ukraine’s cooperation with international financial organizations in providing financial and technical assistance for the implementation of projects that are of great importance for structural reforms of the domestic economy. The national economy of Ukraine has been experiencing a lasting shortage of financial resources necessary for innovation and investment development projects, also for current needs of the State. Given the difficulties of mobilizing free cash in the domestic capital market, Ukraine attracts resources in foreign markets. Expanding partnerships with international donor organizations allows not only to find additional sources of funding for projects aimed at socio-economic and humanitarian development, but also to provide real help to those in need. The implementation of joint projects and programs involving communities and local authorities in practice makes it possible to gain useful and important experience based on the best world and European practices. It is examined that in the national economy the urgent problem is the search for new types of interaction between communities to solve socially important issues, including the search for unconventional sources of financing. To a large extent, the search for and involvement of funds in the social sphere is facilitated by innovative technologies for financing social development – fundraising, crowdsourcing and crowdfunding platforms, which are manifestations of social communications and become relevant in the context of decentralization and community development.

59-64

Authors: Andrushkiv I. P.

The article examines the directions of activation of investment activity in the border territories of Ukraine. The problems and obstacles to investment activity in the border regions are identified and directions of its activation are outlined. It is specified that in the process of international cooperation, including the cross-border activities, border territories play an important role and have a specific status. Regions at the present stage of economic development begin to play a significant economic, social and technological role in the formation of the territorial infrastructure of each particular country. The concepts of investment, investment climate, border region are considered. The factors of influence on the level of investment attractiveness of border regions are determined. A characterization of capital investments in the border regions of Ukraine is carried out. It is noted that the border regions have great potential for the development of investment activity, and their geographical location creates additional advantages. Priority directions of activation of investment processes in border regions and priority directions of developoing the investment potential, which would contribute to the increase of investments in border regions, are presented. It is concluded that investment is the dominant factor in the socio-economic growth of the border regions and the State in general. That is why conditions should be created at the State level that will increase investment attractiveness and, as a result, intensify investment activity. This will ensure active participation of the border regions of Ukraine in the processes of integration into the EU.

72-77

Authors: Tymoshenko I. V., Moroz S. E., Kalashnyk O. V.

The article is aimed at studying the peculiarities of commercialization as a modern global trend in the development of higher education and analyzing the main strategies for reforming universities. The relevance of the publication is due to the reform of the sphere of higher education in Ukraine and the need for competent borrowing of best practices of educational systems from the leading foreign countries. It seems important to find answer to the following question: thanks to which educational model western universities have received significant achievements in all directions of activity? Ambiguous evaluation of commercialization processes both among the Western and Ukrainian academic community causes the expediency of this study. As a result of the study, it is defined that commercialization means the transition of the higher education system to market relations on the basis of the introduction of new management methods that change its position in society, contribute to the capitalization of knowledge and research results. The peculiarities of formation and manifestation of the process of commercialization are determined, among which the most significant are the change in the role of the State in the sphere of education financing, transformation processes in the forms and types of provision of educational services, diversification of the funding sources. The essence of the concepts of «commercialization», «comodification» and «managerism» is identified and characterized, their relationship in the approaches of transformation of educational institutions into institutions for educational services, and students into consumers, is substantiated. The detection of commercialization of higher education in the context of «academic capitalism» is considered. The content and forms of «academic entrepreneurship», tasks and functions of the «entrepreneurial university» are analyzed. It is concluded that the entrepreneurial university is the most financially successful model of the educational institution, which combines modern requirements and traditional values of higher education on the basis of innovative activities. The carried out analysis of scientific articles and researches allowed to identify differences in the process of commercialization in American and European educational systems. Prospects for further research are to study the best world practices of commercialization of higher education institutions and determine approaches to their adaptation and directions of efficient implementation in Ukraine.

84-89

Authors: Hutareva Y. V., Didenko I. S., Libenko Y. S.

The article is aimed at describing the formation of a culture of social digital responsibility, taking into account educational inclusion. Statistics and studies on the quantity and quality of personal time spent by the population of the planet on the Internet are analyzed. Analyzing and systematizing the work of various NGOs, scientists and specialists, digital citizenship rules are formed; the issues of digital responsibility, the formation of culture, inclusion in education are considered. In addition, the features that should be taken into account during inclusion in education are defined. The types of personality temperament are also considered; the relationship between the types of tasks for students and the peculiarities of their temperament, world perception and preferences is determined. The means, rules and principles of the culture of social digital responsibility and digital instruments that should be used in educational institutions in conditions of inclusion have been formed, because they help in attracting as many students as possible to the learning process and in easier assimilation of information. It is determined that the modern culture of social digital responsibility in the context of educational inclusion should contain not only the rules of conduct during communication or the use of the world wide web and the means of involving all students in the educational process, but also the basic principles of activity. The main problems of formation of a culture of social digital responsibility in the context of educational inclusion are also specified. The problem of forming a culture of social digital responsibility in the context of educational inclusion contains two components: the problem of digital behavior culture (students/teachers), and the problem of digital learning. The latter outlines the need to create conditions for the conscious perception of educational information by students/pupils, to attract their maximum number to the educational process through the use of effective digital instruments, the development of the authors’ own educational methodological approaches for any form of education (remote/full-time)

100-107

Authors: Tyzhnenko A. G.

The publication considers the features of construction of the so-called «Harrington’s scale», which is widely used for economic research in Ukraine. It is demonstrated that the scale proposed by Harrington cannot be applied for arbitrary economic indicators. For the purposes of this study, an analysis of the applicability of the Harrington’s function for specific economic studies is carried out and it is shown that the «Harrington’s scale» cannot be applied to economic indicators, the increase in the value of which indicates an increase in the «quality» of the functioning of enterprise, for example, such as the «economic potential of the enterprise» or the enterprise’s «level of financial condition» (the latter requires the construction of a verbal scale according to the new probabilistic principle which is considered in this article). The indicator of «level of financial condition» is chosen because, as a rule, the current monitoring of the financial condition of enterprise is to be carried out automatically, by means of the appropriate tools, based on the multi-criteria methods for assessing the level of financial condition. One of these methods is the method of R-assessment of the financial condition of enterprise according to the Sayfullin – Kadykov model, which takes into account five criteria and puts them in line with the R-assessment. The article considers the main provisions of Harrington’s work in order to provide the possibility of correct use of the Harrington’s desirability function for the qualitative assessment of economic indicators, including complex and integral indicators that are used to monitor the financial condition of enterprise. The article proposes another function in place of desirability function, namely the function of distribution of the indicator under research, whether theoretical or empirical. In addition, the limit values that separate the different values of the linguistic variable at the base interval are proposed to be determined according to the statistics of the group of companies to which the enterprise under research belongs, or can be included according to the criterion of homogeneity with any enterprise of the researched group. An example of constructing the correct qualitative scale for a normally distributed variable of «level of financial condition of the enterprise» at the probabilistic level is provided. Attention is drawn to the fact that the boundary values of the qualitative scale significantly depend on the law of distribution of the variable under research.

114-119

Authors: Fomina O. O., Bulhakova O. V.

The article is aimed at researching electronic services and proving the need to standardize their provision in the public administration system. It is found that despite the existence of a large number of studies in the field of implementation of efficient public e-governance, there is a need for detailed coverage of the problems of providing the population with electronic services through the total digitalization of public relations of different levels of interaction, as well as standardization of the provision of electronic services. To obtain the results, general scientific research methods were used. Methods of analysis and synthesis contributed to the detection of problems of excellence, consistency and certainty in the field of electronic administrative services provision, systematization of criteria for assessing the quality of electronic services, formation of principles of digitalization of the public administration system. The statistical method allowed to identify features and gaps in the provision of electronic services in Ukraine. The use of the scientific abstraction method contributed to the formation of certain recommendations for improving the system of electronic services in the context of social transformation, the introduction of standardization of the provision of electronic administrative services at different levels of social interaction, helped to outline the prospects for further research. The main results are reduced to: the need to standardize the provision of electronic administrative services on the basis of standard models of services; to determine the mechanism of providing services by public authorities; the procedure for receiving a response to the request of the administrative service; the presence of tools to measure the level of satisfaction of citizens’ expectations. The conclusion is made about the need for more in-depth study and implementation of foreign experience in transforming social relations and developing the information society in Ukraine.

127-136

Authors: Letunovska N. Y.

The article analyzes Ukraine’s position in a number of international rankings that determine the level of development of region and the quality of well-being of the population. Attention is paid to the analysis of the indicator of health level awareness, which is obtained within the framework of the survey of the opinion of the population of a particular country. A comparison of international welfare ratings by the presence or absence of a component of health in them when calculating the integral indicator is made. Statistical information on the values of this indicator in a number of countries of the European region and in Ukraine has been disclosed. The results of public surveys on the socio-economic situation of Ukrainian regions are presented. The level of health is chosen as a categorical factor, the dependence of which on certain factors is determined in the environment of the Statistica.10 software using the single-factor dispersion analysis alternately for the formed four groups of countries, which are ranked in accordance with the value of the self-conscious health level index. The analysis was conducted from the group of countries with the highest index value to the countries with the lowest values: the relationship between this indicator and the level of consumption of fruits and berries; the amount of organic farms and health care costs in the analyzed country. The statistical target relationship between the level of health awareness and healthy consumption among the population of the country is determined. For the «Number of organic farms» indicator, dependence is made only for groups of countries with lower positions in the health rating. With an increase in positions in the ratings, this factor is not indicative and does not affect the ranking itself. It is concluded that the behavior of the population, motivation for a healthy lifestyle are highly significant for the formation of a healthy environment in a region. The carried out bibliometric analysis identified further scientific developments of the author in determining the role of public health in forming the welfare of the region and the territorial brand.

145-150

Authors: Voroniuk I. V.

The modern stage of the development of the world economy, the level of competition and innovation-technological development significantly affect the economic security of hotel industry enterprises. Today, for the effective and secure economic development of the hotel industry, it is necessary to ensure the safety of guests, employees and others; maintain brand reputation; form an environment of safety and sufficient transparency of the information resources of the enterprise for hotel guests. Modernity constantly forms new requirements for ensuring the economic security of hotel and restaurant industry enterprises, which is due to many aspects of the world economy. Thus, globalization trends, technical and technological development, consequences of COVID-19 coronavirus infection and other circumstances create new risks and threats. The formation of conditions for the secure development of hotel and restaurant industry enterprises is influenced by many factors. The speed of technical and technological development creates new methods of providing services, such as: distribution systems, electronic bookings, rental apartments with a list of services to choose from. As a result, constant changes in the external environment of hotel and restaurant industry enterprises become a source of risks and threats to their economic security. The novel coronavirus infection, pandemic, global lockdowns, quarantine restrictions and insufficient development of the medical sector also affected the functioning and economic security of hotel and restaurant industry enterprises. Effective management of hotel economic security is achieved through a systematic approach to analyzing and assessing possible risks and threats to their safe development. In this process, one of the key aspects is the provision of information security as an element of economic security of hotel and restaurant industry enterprises. Risks and threats are detected at the hotel level through a variety of means, including the collection of operational information, quality audit, risk management assessment and internal audit. Research of risks and threats to economic security helps the enterprise to avoid reducing the efficiency of its economic activity and damage to reputation. An efficient system of economic security plays an important role in the daily activities of hotel industry enterprises. The article examines and characterizes the main risks and threats to the economic security of enterprises in the temporary accommodation sector. Their impact on the level of economic security of hotel industry enterprises is analyzed. The need for systematic analysis and monitoring of risks and threats to the economic security of the enterprise is substantiated.

157-169

Authors: Pokolodna M. M., Polchaninova I. L., Ryabev A. A.

The relevance of searching for new varieties of tourist offers is due to a number of reasons. First, high competition in the market, which encourages entrepreneurs to invent new forms of ensuring the need for rest for their customers; secondly, the growth of consumer whimsy towards the orientation, content and variants of activities that are available during the rest. Both of these reasons, against the background of the growing ecological thinking in society, caused the emergence and rapid development of glamping. The article is aimed at researching the glamping as a new concept of tourist travel and hotel business, analyzing its development in the world and in Ukraine. As a result of the analysis, the article formulated a triune structure of the glamping recreation conception, which consists of the following elements: maximum comfort, natural surroundings (placement of glamps), and minimal impact on the natural environment. Thanks to this, it is possible to classify glamping as one of the varieties of ecological tourism. The main variants of glam designs are provided, in particular: safari tent, tipi, yurt, pop-tent/sphere/capsule/bubble, caravan, houses on wheels, house on a rock. Four categories of consumers of glamping products are also distinguished; the dependence between the target audience, the location of glamping and the formation of its specialization is specified. A brief analysis of the world experience in glamping tourism development and experience along with the geography of glamping in Ukraine are presented. As a result, the following conclusions have been drawn: active glamping exists in different landscape zones of the country; for the most part, glamps have a high level of comfort (they provide all the amenities); the cost of accommodation per night starts from 2500 UAH for double occupancy and reaches 4500 UAH; there are three companies – glamps producers in our country. The article also presents an economic substantiation and a generalization of advantages of glamping as a hotel business, which definitely testify to perspectivity of its development and further possibilities for scientific research.

176-183

Authors: Furdak M. M.

This publication is aimed at studying the processes and defining the main problems in reforming the pension system of Ukraine. The article analyzes the state of functioning and development of three levels of pension provision at the present stage of socio-economic development of the country. It is determined that only level 1 actually works in Ukraine – the solidarity system of compulsory State-controlled pension insurance, while the mandatory accumulation system has not acquired its development, and the voluntary accumulation system has an extremely low share in the general pension system. Some financial results of the Pension Fund of Ukraine for 2020 and the approved budget for 2021 are analyzed. Substantiated conclusions have been drawn about the problems of the solidarity system, such as: the existing budget deficit of the Fund, which leads to the formation of its debts; low, socially unadapted level of pensions; disparities in the size of pensions assigned in different years. The rating of currently operating non-State pension funds of Ukraine (the third level of pension provision) are analyzed according to the criteria of asset value, number of participants, amounts of pension payments and profitability, as well as the dynamics of some basic indicators of their activity. It is determined that the functioning of the non-State pension system in the country is hampered, in particular, for psychological reasons due to the population’s distrust of non-State institutions. Since the second level of pension provision – the mandatory accumulation system – has not yet started working in the country and taking into account the problems of the first and third levels, a reasonable conclusion has been made on the inhibition of the pension reform in Ukraine and the need to intensify the work on the implementation of all three levels of pension provision in order to achieve a sufficient level of social protection of citizens.

190-196

Authors: Burennikova N. V.

The article is aimed at outlining the functions of the theory of the effectiveness of systems (in particular, enterprises) by essence, as well as substantiating the role of indicators of components of effectiveness therein under modern conditions of system development. The article covers some issues of the theory and philosophy of the effectiveness of the functioning of enterprises as systems on the basis of SEE-management as a means of improving the effectiveness of the processes of functioning of complex systems in the context of definitions of «quantity/quality» based on the measurement and assessment of the components of the above-mentioned effectiveness using the criterion of progressive effectiveness. The results of computations according to the models of indicators of components of effectiveness, taking into account the values of the criterion of progressive effectiveness, can contribute to the choice of the appropriate strategy for the development (behavior) of the enterprise (active, passive, active-passive, etc.). It is emphasized that SEE-management, which is based on the author’s concepts of components of effectiveness, is a means of increasing the effectiveness of the functioning of complex dynamic systems (by which we will understand the set of its subprocesses) taking into account risks in the context of the negative impact of the external environment, in particular local and global crises in the economy. The scientific novelty of the results of author’s content analysis and applied explorations of the author for more than 20 years is the description of the essence of axiological and other functions of the theory of effectiveness, as well as the addition of methodological functions of this theory with indicators of constituent effectiveness, which can facilitate the improvement of the management of systems of different types and hierarchical levels. The above indicated management can be carried out using such a modern approach as author’s SEE-management, for the implementation of which certain indicators are presented and the appropriate managerial SEE actions in cases of different situations with respect to various values of performance indicators is proposed.

205-212

Authors: Melnyk V. O.

Drastic changes in the financial services market under the influence of digitalization determine the relevance of research of the modern structure of this market, taking into account the emergence and development of the FinTech innovations. The increase in new investment instruments is attracting the attention of an increasing number of individual investors in the digital finance industry. Considering these tools, the preferences of individual investors require a separate study. The article is aimed at studying the financial market in digital finance and analyzing such types of investments as cryptocurrencies and crowdfunding, as well as the characterizing the online brokerage as a way to obtain investment services among individual investors. As a result of the study, the place and role of cryptocurrencies, crowdfunding and online brokerage in the investment activities of individuals is substantiated; the main mechanisms of work of these financial instruments are allocated and features of their development in Ukraine are characterized. The main disadvantages and advantages of crowdfunding and cryptocurrencies are defined and further steps are proposed regarding the prospects for their development in Ukraine. In addition, the article analyzes the current state of functioning of the online brokerage service in Ukraine and proves the relevance of the allocation of these financial instruments at the legislative level. Prospects for further research in this direction are the analysis of other digital instruments of personal investments, as well as a detailed study of the specifics of functioning of crowdfunding, cryptocurrencies and online brokerage in Ukraine. For the more efficient functioning of investment instruments in the sphere of digital finance, as well as effective use in practical activities, it becomes necessary to closer define these concepts at the legislative level and to substantiate the specifics of their work in detail.

219-228

Authors: Savchenko Y. M.

This article generalizes and systematizes approaches to determining the essence of fiscal imbalances and their types, in particular, taking into account and without taking into account the aspect of possible problems in the sphere of fiscal policy. It is also emphasized that when determining the essence of fiscal imbalances, it is important to realize the difference between accounting and financial terms, since analytics in this terminology is also based on different methods of assessing fiscal imbalance. Such deterministic factors of fiscal imbalances as internal tax competition, tax transfer and tax imbalance in general are analyzed. The conception of marginal expenditures of public funds as a central concept in determining fiscal imbalances is characterized. In addition to the traditional types of fiscal imbalances (vertical and horizontal), there is also an imbalance of justice (according to the research of scientist Dolozina I. L.), which is manifested, in particular, in tax evasion, avoidance of taxation (including aggressive tax planning) and income inequality. The generalized classification of types of fiscal imbalances with the characterizations of causes and manifestations of their occurrence is provided. The results of researches of approaches to assessing fiscal imbalances and indicators used are systematized. It is emphasized that the researchers use most of the indicators to assess fiscal imbalances specified in this article to conduct a panel analysis in order to identify the impact of equalization instruments on different territories and groups of taxpayers.

234-239

Authors: Nechyporenko A. V.

The article is aimed at developing the conceptual approaches to the evolvement of insurance activity in Ukraine. It is defined that insurance is an important source of funds accumulation for their further use in order to compensate for losses caused by insurance events, as well as for protection of business from financial risks. The main components of the conceptual approaches to the evolvement of insurance activity are distinguished as follows: principles, goals, interests, tasks, factors, threats, subjects and objects, collateral, stages, instruments, methods and criteria for evaluating the efficiency of the development of insurance activities in the country. Within the framework of the proposed conceptual approaches to the evolvement of insurance activity in Ukraine, the following stages are allocated: development of methodological principles for the evolvement of insurance activity; analysis of conditions and factors of evolvement of insurance activity; assessment of the state of evolvement of insurance activity: study of the number of insurers, tendencies as to their increase/decrease, demand for insurance products, etc.; assessment of the effectiveness of evolvement of insurance activity in the country. It is concluded that the proposed conceptual approaches involve the development and implementation of a purposeful set of measures that will intensify insurance activities and contribute to the development of a strategy for the evolvement of the insurance market of Ukraine through the introduction of world experience, taking into account national peculiarities for its effective evolvement in the long term, avoiding and minimizing the negative impact in the dynamic environment. The strategic task of the State to evolve insurance activities in modern conditions of management is to implement effective regulation, which will facilitate the intensification of the development of the insurance market.

245-250

Authors: Melnyk A. O.

The article is concerned with substantiating a methodical approach to the assessment of organizational culture. In today’s business environment, organizational culture plays an important role in the successful work of the organization, serves as the basis for the growth and increase of its effectiveness. The article is aimed at the theoretical generalizing the methods of diagnosis, assessment and analysis of organizational culture and substantiating the methodical approach to its assessment. A theoretical generalization of the main approaches to the assessment of organizational culture was carried out and, based upon its results, it was determined that all existing approaches involve either qualitative or quantitative assessment. Taking into account the variety of approaches and the advantages of quantitative methods, it is substantiated that it is advisable to use a formalized approach (quantitative methods) to assess organizational culture. Also the main approaches to the assessment of organizational culture are systematized, with a special emphasis on quantitative methods. The goals, methods and procedures of various approaches are analyzed, as well as the advantages and disadvantages of individual methods of assessment of organizational culture are described. Thus, for a comprehensive analysis and evaluation of organizational culture, it is advisable to conduct a comprehensive assessment, taking into account the internal and external factors of organizational culture. As result of the study, it is generalized that the parameters of the assessment of organizational culture should include the following groups: communications (C); management (M); motivation and morality (M); work (W); adaptability (A); strategy and mission (S). As a result of the research, a methodical approach to the assessment of organizational culture was proposed, which allows determining the level of organizational culture. The advantages of the proposed approach are that it has an applied character, a high degree of formalization, is quite easy to use, takes into account both the internal and the external aspects of organizational culture.

259-264

Authors: Bezghinova L. I., Zabrodska L. D., Zabrodska H. I., Nesterenko O. M.

The article is aimed at substantiating the methodological approach to assessing the investment attractiveness of the food industry enterprise, taking into account its industry characteristics. The article describes the specifics of the activities of food industry enterprises, which can characterize the state of their investment attractiveness. The methodological aspects of assessment of investment attractiveness of enterprise are considered. The assessment of the investment attractiveness of a food industry enterprise is proposed to be carried out from the short- and long-term perspective. The methodology for assessing the investment attractiveness of the food industry enterprise is substantiated according to the following stages: formation of an information base of assessment; assessment of investment attractiveness elements and determination of their normative values by groups of financial coefficients; integral assessment of elements of the state of investment attractiveness; ranking of enterprises based on the results of the investment attractiveness assessment. Four groups of financial coefficients are distinguished in accordance with their economic content: liquidity (absolute liquidity ratio, coverage ratio); negotiability (negotiability ratio of total capital, negotiability ratio of current assets); financial sustainability (coverage structure coefficient, ratio of own and borrowed funds); profitability (return on assets, return on equity). The methodology allows, depending on the priorities and policies of the enterprise, its industry affiliation, investment climate, economic development conditions, to choose other criteria and indicators to assess the level of investment attractiveness. A methodical approach to the construction of an integral indicator of the assessment of investment attractiveness of enterprise and a factor map of its interpretation with the allocation of low, medium and high levels are proposed.

276-282

Authors: Volosnikova N. M.

The article is aimed at examining the peculiarity of a system approach to the strategy of the corporate security system of an industrial enterprise as a significant factor directed towards increasing the economic efficiency of the general system. The peculiarity of the system approach to the strategy of corporate security system is examined and the main stages of its (approach) development are disclosed. It is noted that a system approach can be called the approach, in the presence of which management decisions directed towards the competitive direction of strategic development of corporate security are considered in the form of an interrelated and interdependent holistic complex. The goals of the corporate security strategy of the industrial enterprise, which should be subordinated to the general strategy of economic development, and the implementation of the management strategy for the formation of general corporate security, carried out through decision-making, are substantiated. It is concluded that the mechanism of management of the corporate security system must be realized as an integral organizational and economic system, which is an integral part in the overall structure of the mechanism of an industrial enterprise. The main tasks and components of the general corporate security strategy model are identified. In addition, it is noted that the mechanism should be understood as a sequence of measures that are caused by a set of interdependent elements of economic, logistical, personnel, legal, resource, transactional, informational, technological security that form the state and content of processes in accordance with the defined corporate security strategy.

298-304

Authors: Travkina K. V., Shuba O. А.

The article is aimed at researching the current state and peculiarities of the Ukrainian M&A market. The market of mergers and acquisitions in Ukraine began to form in the 90s of 20th century, that is, the market is relatively young, but already has its own history, which consists of a consistent four stages: privatization; post-privatization; corporate and speculative. The domestic M&A market is characterized by the formation of a tendency to increase the value of agreements. During the research period (2013–2020), the most expensive M&A agreements in Ukraine were most often concluded in such sectors of the economy as communication and media, financial sector, agriculture. The level of transparency remains low, that is, in Ukraine more than 40% of agreements were concluded without disclosing the cost. Ukrainian investors practically do not participate in the purchase of foreign assets within the framework of mergers and acquisitions agreements. Until 2013, the main investor in the Ukrainian M&A market was Europe, now it is the CIS countries, and the participation of American companies is also growing. The COVID-19 pandemic has had a negative impact on all countries of the world. Ukraine’s GDP decreased by 4.4%, which was the largest drop since 2013–2014. Also in Ukraine significantly decreased the number of agreements on the M&A market (decreased by 15%, and the total value of agreements decreased by 62%). A negative characteristic feature of the domestic M&A market is the presence of raider seizures, which hinders the development of this market. Using the data of the Unified State Register of Court Decisions, we determined that from 500 to 700 raider attacks are recorded annually in Ukraine. Thus, during the research period (2013–2020), 3,242 raider seizures were recorded in Ukraine. In this regard, the government of the country has developed measures to overcome this phenomenon. Thus, in 2020, the Law of Ukraine «On Amendments to Certain Legislative Acts of Ukraine on Countering Raiding» came into force, which will contribute to the improvement of the investment attractiveness of the country, will ensure the growth of the domestic market of mergers and acquisitions.