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 REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

 FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

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Liburkina L. M.

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Thematic sections of the journal

Proceedings of scientific conferences



Finance, Money Circulation and Credit

BUSINESS INFORM №1-2011

Kosyak A. P., Geleverya Y. M.
Organisational and Financial Aspects of Rehabilitation of Urban Housing Stock of a Region (p. 75 - 79)

Organisational and financial aspects of rehabilitation of urban housing stock have been fully considered. The algorithm of their optimization has been suggested.

Article is written in Ukrainian


Belyi Y. L., Cherep A. G.
Economic Aspects of Pricing in Banking System (p. 79 - 82)

The necessity of the study of methods of pricing in banking sphere, the place of price in the system of commercial bank management has been defined. The methods of formation of price for deposit operations of commercial banks have been studied. It has been suggested to price deposits in modern conditions by the method of «costs plus profit» that will allow to fix interest rates on deposits irrespective of interest rates on credit and prices for other banking services.

Article is written in Russian


BUSINESS INFORM №2-2011, Vol.1

Hubarieva I. O.
Integration of Banks of Ukraine into World Financial System (p. 7 - 8)

Recommendations for improvement of assessment of efficiency of activities of banks in conditions of integration of banking system of Ukraine into the world economic space are presented.

Article is written in Russian


Tsybulskaya E. I.
Institutional Aspects of Balance of World Financial System in Conditions of Globalization (p. 14 - 16)

The article studies the essence of macroeconomic balance, the role of institutional contradiction as a basis of achievement of macroeconomic balance of the world financial system, considers the ways securing the balanced state of world financial system in conditions of globalization.

Article is written in Russian


Chmutova I. M., Azizova K. M., Tysyachnaya Y. S.
Development of Integration and Global-ization Processes in Banking System of Ukraine (p. 17 - 19)

The article generalizes the positive consequences of the presence of branches of foreign banks in the national market and the limitations connected with attraction of foreign funds to the market of banking services.

Article is written in Russian


Glushchenko V. V.
Budget Dominants of Stable Development of Financial System of Ukraine (p. 19 - 21)

The article considers the problems of formation of the budget of Ukraine in conditions of finan-cial crisis. It defines the suggestions as to the solution of deep contradictions which emerge in connection with formation and use of budgets of all levels.

Article is written in Russian


Ponomarenko A. A.
Tendencies and Perspectives of Development of Financial System of Ukraine (p. 25 - 28)

The article studies the processes of formation of national financial system. The priority directions of development have been substantiated on the basis of revealed peculiarities of functioning. The views of leading scientists-economists on the nature of financial system and its role in economic development of society have been analyzed.

Article is written in Russian


Savradym V. N., Balakhnicheva M. N.
Indicators of Control of the Stability of Financial System (p. 28 - 29)

The article considers the theoretic approaches to the essence, bases of formation of the system of indicators of financial stability of the state. The international experience of making stress-testing has been considered.

Article is written in Russian


Slavyuk N. R.
Public Debt: State and Problems of Managing (p. 32 - 34)

The article analyses the condition and problems of management of public debt in various countries.

Article is written in English


Alieksieiev I. V., Alexeeva N. B.
Credit Unions of Ukraine: Nature and Problems (p. 34 - 36)

The article considers the problems of peculiarities of interest of certain participants – members of credit union in its formation and functioning.

Article is written in Russian


Bondarenko L. A.
Perspectives of Development of Bank Crediting of Small and Medium Business (p. 36 - 39)

The essence and priorities of bank crediting of small and medium size business have been revealed, the directions of development of the system of microcrediting in Ukraine have been presented, the ways of improvement of bank crediting of small entrepreneurship have been defined.

Article is written in Russian


Dzenis V. A., Skakovsky V. I.
Identification of Shortcomings in Currency Legislation of Ukraine and Possible Directions to Overcome Them (p. 39 - 41)

The necessity of raising the role of social and moral values in currency regulation at present stage of development of economy has been proved. The basic drawbacks of currency regulation in Ukraine have been defined and the ways of their overcoming have been emphasized. The sug-gestions to improve the acting currency legislation of Ukraine have been given.

Article is written in Russian


Kolesnichenko V. F., Zadneprovskaya A. I.
Tendencies of Development of Credit Market of Ukraine (p. 41 - 44)

The article considers the modern state of credit market of Ukraine, reveals tendencies of its development and basic problems of containing crediting in before and after crisis periods

Article is written in Russian


Kolesnichenko V. F., Ostapenko V. M.
Participation of Credit Organisations in Financing of National Projects (p. 44 - 47)

In conditions of financial and economic crisis the problem of financing of national projects is very critical. That is why there is a necessity of attraction of credit organisations for their investment support. Besides, the article considers the perspectives of the use of mechanisms of public and private partnership when realizing national projects.

Article is written in Russian


Koliada T. A., Prozorov Y. V.
Peculiarities of the Change of Functions of State in Condi-tions of Monetary Liquidation of Sovereignty and Weakening of Confidence in the Banks at Post-Crisis Stage of Development of Economy (p. 48 - 50)

The article is devoted to disclosure of the essence and substantiation of expediency of the change of functions of the state when pursuing monetary and budget policy under conditions of liquidation of sovereignty and distrust of banking system in crisis period of development of economy.

Article is written in Russian


Kholodnaya Y. Y., Latunova K. B.
Minimization of Credit Risks of Commercial Banks in Conditions of Financial Crisis (p. 50 - 52)

The study of risks surrounding banking activities is capable to secure the functional reliability of modern banks. The article is dedicated to generalization of stages of credit risk management and search of perspective methods of assessment and its management.

Article is written in Russian


Dobryn S. V., Chistokolenko V. Y.
Definition and Analysis of Economic Essence of the Concept «Financial Resources» (p. 97 - 100)

The article analyses the evolution of the views as to the definition of the concept «financial resources», reveals its qualitative characteristics and properties. It suggests its own definition of the conception «financial resources».

Article is written in Russian


Butyrina V. N., Zapasnaya L. S., Selezneva K. O.
Methodological Instruments of Assessment of the Level of Financial Security of Banking Institutions (p. 118 - 120)

The system of indicators of assessment of the level of financial security of banking institutions has been suggested, the components of the system have been analyzed.

Article is written in Russian


Hubarieva I. O., Seredina H. V.
Methodological Bases of Scientific Research of Financial Security Management of the Country in Conditions of Crisis (p. 125 - 128)

The article considers methodological bases of scientific research of financial security management of the country in conditions of financial crisis, they are an integral part of any scientific research and contribute to acquisition of new reliable knowledge about knowledge domain under study and effectiveness of solution of indicated scientific problem as well.

Article is written in Russian


Hubarieva I. O., Shtaer O. M.
Mechanism of Management of Economic Security of a Bank (p. 128 - 130)

The article considers urgent matters and problems of formation of the mechanism of management of economic security of a bank in Ukraine in modern conditions.

Article is written in Russian


Vnukova N. M., Rudak S. M.
Estimation of Diversification Level of Portfolio Asset Influence on Results of the Non-state Pension Funds Activity (p. 150 - 153)

The article is concerned with analysis of pension funds investment activity and diversification of portfolio asset in particular. Worldwide as well as Ukrainian experience aimed at regulation of the non-state pension fund scheme is researched. Influence of diversification level on profitability of fund portfolio is studied by means of cluster analysis. Possibility of applying the diversification level indicator for an estimation of fund assets structure is proved.

Article is written in Russian


Krivtsun I. M.
Factors of Influence on Competitiveness of Domestic Insurers (p. 156 - 157)

The analysis of factors of influence on competitiveness of insurance companies and formation of competitive environment in insurance market of Ukraine is suggested. Certain recommendations for solution of the problem of non-transparency of functioning of insurance market and increase of competitiveness of domestic in-surers have been developed.

Article is written in Russian


Neskorodeva I. I., Slutskaya O. V.
Building of Hierarchical Structure of Risks in the Market of Corporate Bonds (p. 158 - 160)

The article considers risks of interest-bearing corporate bonds and defines the interrelations between various types of risks. The hierarchical structure of risks of bonds has been built with the help of the method of directed graphs. The basic risks whose assessment will have a positive effect on the operability of making decisions concerning the investment into definite security have been singled out.

Article is written in Russian


BUSINESS INFORM №2-2011, Vol.2

Babiychuk T. P.
Tax Incentives of Development of Investment Activities of Banks in Modern Conditions (p. 6 - 7)

The increase of the level of efficiency of tax system of Ukraine, the use of tax instruments will result in stimulation of investment activity and, thereby, increase of bank capital, development of its resource base and higher concentration of capital that will contribute to profitability of their activity and competitiveness in financial market.

Article is written in Ukrainian


Vovchak O. D., Pirog V. V.
Increase of Efficiency of Management of Credit Risks of Banks on the Basis of Use of Modern Methods of Assessment of Creditability of Borrowers (p. 7 - 10)

Methodic approaches to assessment of creditability of borrowers have been considered, expediency of improvement of such assessment on the basis of generalization of domestic and world experience of the use of modern methods of study of creditability of clients has been substantiated.

Article is written in Ukrainian


Gulyaev N. P., Slobodyak D. N.
Strategy of Development of Banking System of Ukraine for After-Crisis Period (p. 10 - 12)

The article considers the strategy of development of banking system of Ukraine for after-crisis period.

Article is written in Russian


Yevchenko N. G., Krikliy Y. A.
Restructuring of Credit Debt: Problems and Consequences for Bank Activities (p. 12 - 15)

The article analyses and systematizes approaches to regulation of problem credit debt and studies the consequences of various ways of restructuring for bank activities.

Article is written in Russian


Kolodiziev O. M., Boiko N. O.
Factors that Influence Liquidity and Solvency of a Bank in Conditions of Crisis (p. 15 - 17)

The article considers the factors that influence liquidity and solvency of a bank in conditions of financial crisis and contribute to making decisions for effective management of financial condition of a bank.

Article is written in Russian


Kolodizieva T. O., Kolodizieva S. O.
Bank Logistics as Innovation Technology of Financial Management of a Bank (p. 18 - 19)

The article considers the essence of the conception «banking logistics» and «logistisation of banking activity». General and distinguishing characteristics of these conceptions have been singled out. The definition of banking logistics as innovation technology of financial management of a bank which is the result of the process of logistisation of banking activity has been suggested.

Article is written in Russian


Krukhmal Y. V.
Financial Planning in Commercial Bank in Post-Crisis Conditions (p. 20 - 21)

The article defines the peculiarities of financial planning in conditions of high uncertainty as a consequence of financial crisis and also singles out certain direction of optimization of financial planning in a bank.

Article is written in Russian


Orlova V. O., Shunkina A. A.
Theoretical Aspects of Tax Burden of Commercial Bank (p. 22 - 25)

The article considers methodological principles of control and analysis of accounts receivable. It presents the stages of formation of policy of control of accounts receivable and indicators of its analysis. The measures of improvement of efficiency of control of accounts receivable have been suggested.

Article is written in Russian


Peresunko A. A.
Problems and Stages of Introduction of Budgeting in Banks (p. 25 - 26)

Key problems of introduction of managerial technology of budgeting into practice of financial management of banks have been systematized and structured; the stages of this introduction have been presented.

Article is written in Russian


Kholodnaya Y. Y., Dvoeglazova Y. N.
Stabilization of Banking Sector of Ukraine (p. 26 - 28)

Stable banking system is an inseparable part of the economy of Ukraine. Its stability in significant measure characterizes the condition of the economy as a whole, ability to meet its obligations and ensures profitability at the level which is sufficient for normal functioning in competitive environment.

Article is written in Russian


Kholodnaya Y. Y., Nagay I. V.
Functioning of Banking Institutions in Stock Market in After-Crisis Period (p. 28 - 30)

The article considers the basic problems of domestic stock market which exert qualitative influence on functioning of commercial banks in the given sphere.

Article is written in Russian


Danilov О. D., Paientko T. V.
Income Taxation in Post-Crisis Period: Foreign Experience and Domestic Realities (p. 31 - 33)

The article is dedicated to peculiarities of taxation of income of citizens in Ukraine and abroad in post-crisis period. The advantages of progressive taxation with flexible system of tax deductions were shown. The shortcomings of taxation of income of citizens in Ukraine were presented. The directions of reformation of income taxation in Ukraine were substantiated.

Article is written in Russian


Ivanov Y. B., Chumakova O. A.
Place of National Taxation Strategy in Formation of General Strategy of Development of the State (p. 34 - 37)

The article considers the place of taxation strategy in formation of general strategy of development of Ukraine; the necessity of development of taxation and budget strategy on the assumption of the task of optimization of tax burden was substantiated; the basic shortcomings of development and realization of Conception and Strategy of reformation of tax system of Ukraine were singled out.

Article is written in Russian


Mayburov I. A.
Taxation Stimuli of Anti-Crisis Restoration of Economy of Russia (p. 37 - 40)

The article suggests fundamental tax changes which assume the increase of the role of tax stimuli in the aspect of anti-crisis restoration of the economy of Russia

Article is written in Russian


Zyma O. G., Kostiana O. V.
Role of Tax Policy in Post-Crisis Recovery of Ukraine (p. 41 - 43)

The article considers the approaches to interpretation of modern financial and economic crisis and also the reasons of its appearance in Ukraine, defines the basic measures of tax policy which will contribute to post-crisis recovery of domestic economy.

Article is written in Russian


Ivanov Y. B., Loseva Y. M.
Probabilistic Approach to Assessment of Tax Risk of Financial Security of the State (p. 43 - 46)

The article develops probabilistic approach to assessment of tax risk of financial security of the state. Such an approach may serve as a basis for assessment of efficiency of tax policy of the state.

Article is written in Russian


Orlova V. O., Volkogon Y. G.
Improvement of Information and Analysis System of Tax Administration of Ukraine as a Factor of Development of Tax Management (p. 46 - 48)

The analysis of peculiarities of functioning of information and analysis system of tax administration was made. The necessity of development of measures of optimization and improvement of IAS as a factor of development of tax management was substantiated.

Article is written in Russian


Davyskiba Y. V., Berezhna Y. V.
Fiscal Sovereignty as a Basis of National Tax Security (p. 49 - 51)

The article substantiates the problems of ensuring state sovereignty of Ukraine in the sphere of taxation, formulates the conception «fiscal sovereignty of the state». The bases of guaranteeing and limits of application of fiscal sovereignty of the state to taxpayers and tax bearers and also interstate amalgamations were considered.

Article is written in Russian


Yenina A. O.
Definition of Financial Condition of Enterprise With the Purpose of Subsequent Tax Planning (p. 51 - 53)

The article considers the methodology of determination of financial condition of enterprises of by-product-coking industry using methods of taxonomic analysis with the purpose of subsequent legal tax planning at enterprise depending on its current financial stability.

Article is written in Russian


Zima O. G., Kuzmynchuk N. V.
Analysis of Factors Which Influence Taxpayers’ Decision Making on Paying Taxes and Duties (p. 54 - 56)

The article gives the analysis of factors which may influence taxpayers’ decision making on paying taxes and duties with the purpose of their legalization. It was shown that each factor may be considered separately but they are interrelated in tax treatment and, in some cases, the presence of one factor entails the manifestation of the other one.

Article is written in Russian


Naydenko О. Y.
Problems of Tax Accounting and Reporting Connected with Income Tax of Enterprises (p. 56 - 59)

The article considers problems of tax accounting and reporting connected with income tax of enterprises and suggests the ways of their solution.

Article is written in Russian


Tischenko A. N., Golyakova Y. V.
Problem Aspects of Tax Regulation of Interbudget Relations (p. 59 - 62)

The article considers basic problems in the sphere of tax regulation of interbudget relations and key moments of their solution in conditions of modern development of the economy of Ukraine.

Article is written in Russian


Grachev A. V., Didukh V. V.
Standard Setting of Rating of Subjects of Management as Category of Small Ones as Direction of Improvement of Effectiveness of Regulation of Their Activities (p. 63 - 65)

Foreign experience of standard setting of rating of enterprises as the category of small ones. The domestic practice of legislative definition of the concept of small businesses was analyzed, basic contradictions were revealed and possible ways of their elimination were suggested.

Article is written in Russian


Naydenko О. Y., , Bielosviet O. V.
Study of the Methods of State Stimulation of High-Tech Branches of Economy (p. 66 - 67)

The article considers high-tech sector of economy as a basic factor of economic development. The tax burden on the given branch of economy was analysed and recommendations as to tax policy were developed.

Article is written in Russian


Stasyuk G. A., Shapoval D. Y.
Solution of the Problems of Tax Stimulation of Investments is the Essential Condition of Development of Socio-Economic Processes (p. 68 - 69)

The article analyses the basic instruments of tax regulation of investment activities of enterprises which are used in Ukraine. It suggests the complex of objectives and directions of future tax policy for raising investment activity of enterprises.

Article is written in Russian


Tischenko A. N., Golovnya A. S.
Scientific Preconditions of Development of Instruments of Tax Regulation of Socio-Economic Processes (p. 70 - 71)

The article systematizes and generalizes stages of formation and development of tax regulation of socio-economic development in basic economic theories.

Article is written in Russian


Mykhasiova N. V.
Assessment of Expenses and Losses Connected with Realisation of Social Policy by Means of Taxation (p. 72 - 74)

The article considers the peculiarities of regulation of social processes with the help of taxation instruments.

Article is written in Russian


Nazarenko H. V.
Instruments of Tax Regulation of Provision of Housing for Population (p. 74 - 77)

The article considers the mechanisms of housing policy. Special attention was given to the right of a taxpayer to include part of mortgage interest into tax credit of personal income tax, its virtues and shortcomings were presented. The directions of improvement of tax regulation of provision of the population with housing were suggested.

Article is written in Russian


Naydenko О. Y., Chichkova V. Y.
Regulation of Socio-Economic Development of Ukraine with the Use of Potential of Indirect Taxes (p. 77 - 80)

The problems of socio-economic development of Ukraine were considered; the necessity of its regulation with the use of potential of indirect taxes in the context of consideration of the Draft Tax Code of Ukraine was substantiated.

Article is written in Russian


Revenko O. V., Antonenko S. V.
Problems of Tax Regulation of Environmental Protection (p. 80 - 82)

The article analyses the basic problems of tax regulation of environmental protection and suggests the transition to the use of objective assessment of natural factors.

Article is written in Russian


BUSINESS INFORM №3-2011

Riabushka L. B., Lastovyna Y. V.
Features of Formation and Development of Intergovernmental Relations in Ukraine (p. 95 - 99)

In the article essence the economic nature and value system of intergovernmental relations. The principles of intergovernmental relations. Conceptual foundations of effective management system of intergovernmental relations in order to improve socio-economic status areas.

Article is written in Ukrainian


Goi V. V., Smolyak V. A.
Peculiarities of Pecuniary Valuation of Agricultural Lands in Ukraine (p. 100 - 103)

The total evaluation of exerting methodology for monetary evaluation of farming lands was given in this article. Different methods of soil expert evaluation and their utilization under present stage of farming relations in Ukraine were studied.

Article is written in Ukrainian


Drapikovskii O. I., Ivanova I. B.
Modeling of Cash Flows When Evaluating Land (p. 103 - 106)

Cash flow models for physical and legal constituents real estate, allowing to value land and rights related to it, are offered.

Article is written in Russian


Ponomarenko O. E.
Formation of space indicators to assess the level of external financial safety in the context of improving the investment attractiveness of the industry enterprises (p. 107 - 110)

The article emphasizes the need for research in the sphere of ensuring the financial safety of industrial enterprises to increase their investment attractiveness and formation a system of indicators for assessing the financial security of the industry enterprises.

Article is written in Ukrainian


Serdiukov K. G., Serdiukova I. V.
Stages of Transition to Undocumented Securities Market and Their Peculiarities (p. 110 - 113)

The article analyzes the reorganization of the market certificated securities in uncertificated form on the example of registrars in Kharkov region. Proposed a set of measures for dealing with troubled issuers of securities, ignoring the fulfillment of the requirements of the Companies Act.

Article is written in Russian


Yaremenko N. S.
The main features of the bank valuation of M&A (p. 114 - 117)

The features of the bank as an object of mergers and acquisitions are considered. The major economic and non-economic motives of committing these transactions were analyzed. The main features of the bank valuation of M&A are defined.

Article is written in Ukrainian


Olexich D. V.
Methodical bases of banking business valuation on the approach of market economic value added (p. 117 - 120)

In the article the problem of valuation of the banking business is highlighted, the analysis of the main approaches to business valuation methods and cost approach, the specificity of the method of value added of the specific position of the banking business, the author proposed a method for determining the value of banking business by market economic value added.

Article is written in Ukrainian


BUSINESS INFORM №4-2011

Samorodov B. V.
Analysis of Facilities for Emergence of the Ukrainian Banks to the Foreign Markets for the Purpose of External Holdings (p. 103 - 105)

In the paper the short analysis of substance of the Initial Public Offering (IPO) is represented. The analysis of facilities for emergence of the Ukrainian banks to the foreign markets for the purpose of external holdings is carried out. The conclusions that IPO is the gear of the capital increase at the foreign markets for the purpose of conservation of the control at bank business are purposed.

Article is written in Russian


Demchenko N., Yevtushenko O. A.
Formation of Enterprise Financial Activities Management Organizational Support in Modern Conditions (p. 105 - 109)

The article reviews the theoretical and practical aspects of enterprise financial activities management, as a range of structural services and divisions that ensure the development and effective management decisions on certain aspects of its financial activities. The organizational structure of enterprise financial activities management is improved.

Article is written in Ukrainian


Pshenichna V., Maksetska V., Udovik A.
Problems of Budgetary Process on the Local Level in Ukraine (p. 109 - 112)

In this article we analyzed the features of the budget process in Ukraine at the local level, identifying existing problems and developed a set of measures to overcome them.

Article is written in Ukrainian


, Bielosviet O. V.
Peculiarities of Translation of the Terms of Taxation (p. 113 - 114)

The article reveals the peculiarities of translation of the terms in the sphere of taxation. It considers the basic approaches to their classification. It deals with the most used methods of translation of the words with no direct equivalents in other languages.

Article is written in Ukrainian


Naydenko О. Y.
Tax audit as a form of tax control (p. 114 - 116)

The article describes the features of the tax audit, the form of its implementation, as well as the order of its relationship with the process of fiscal control.

Article is written in Russian


Belikova T. V.
Mortgage Lending Market Analysis Under Crisis Conditions in Ukraine (p. 116 - 119)

In article carry out analysis credit conditions for real estate secondary market with financial crisis.

Article is written in Ukrainian


Kamnieva A.
Methodological Approach to the Choice of Direction of Development of Automobile Liability Insurance (p. 119 - 122)

The article considers the problems of the market of compulsory automobile liability insurance. It suggests the approach to substantiation of the direction of development of compulsory automobile liability insurance.

Article is written in Russian


Zakharchenkov S. P.
Treatment of Finance in Foreign Literature (p. 122 - 128)

The article analyzes interpretations of the term «finance» in foreignliterature over the past hundred and fifty years. Established what extent scientific concept of Soviet finance dominant in modernnational educational literature, consistent with the foreign.

Article is written in Russian


BUSINESS INFORM №5-2011, Vol.2

Vardiashvili N. N.
Modeling of Stability of Financial Market of Kazakhstan (p. 36 - 37)

Economic independence of a state in many respects depends on the state of financial market and its share of foreign capital. The use of mathematical modeling can make positive contribution into ensuring financial stability by way of determination of optimum size and share of foreign capital in financial market.

Article is written in Russian


Vitlinskyi V. V., Luk’yanova E. Y.
Analysis of Program Means of Support of Decision Making in the System of Credit Portfolio Management of Commercial Bank (p. 38 - 40)

The article analyses program products of world producers which ensure support of decision making in commercial bank credit portfolio management and proves the necessity of the use of experience of other countries in the work of banking institutions. The authors emphasize the problems connected with credit portfolio risk management and stress the expediency of introduction of advanced scoring technologies.

Article is written in Ukrainian


Guzhva V. M., Skrypova O. S.
Agent-Oriented System for Management of Insurance Company (p. 40 - 43)

The article suggests the use of agent-oriented system which, while modeling the work of insurance company, contributes to ensuring effective strategic management of such a company.

Article is written in Ukrainian


Kononenko V. V., Pyrkh D. A.
Analysis of Indicators of the Market of Securities On the Basis of Online Models (p. 43 - 46)

The article considers the criteria and method of optimization of the procedure of sequential update of histogram of time series. It presents the example of the use of online models for analysis of dynamics of division of the market of securities in the stock market.

Article is written in Ukrainian


Labsker L. G., Amelina A. V.
Priority Succession of Selection of Corporate Borrower of the Bank on the Basis of Synthetic Criterion of Wald-Savage (p. 46 - 50)

For the solution of the task of identification of priority succession of selection of corporate borrower of a bank in conditions of uncertainty the article develops and applies theoretic and game model «Game with Nature» which defines the optimality of strategies from the common point of view of wins and risks on the basis of a new synthetic criterion of Wald-Savage introduced into consideration.

Article is written in Russian


Luk’yanenko I. G.
Assessment of Probability of Arising Crisis Phenomena in Financial Sector of Ukraine (p. 51 - 54)

The article substantiates the use of probability models for quantitative assessment of arising crisis phenomena, substantiates factors which influence the change of probability, analyses results of calculations using real information with corresponding conclusions and recommendations.

Article is written in Ukrainian


Pelih V. I.
What Sort of Taxes Are Required for the Growth of GDP (p. 54 - 58)

The article builds the mathematical model of abstract state and proves that if the purpose of its economy consists in maximization of GDP and fixed assets then those who get less profit should have higher tax rate.

Article is written in Russian


Prokopovich S. V., Tutova S. A.
Assessment and Forecasting of Influence of Socio-Demographic Factors on Financial Market (p. 58 - 62)

The article presents complex of tasks of the study of financial processes on the basis of assessment, analysis and forecasting of influence of socio-demographic factors in financial market of Ukraine.

Article is written in Ukrainian


Serhiienko O. A., Sagaidachnaya O. S.
Complex of Models of Management of Commercial Bank Economic Security (p. 62 - 68)

The article builds the complex of econometric models of economic security of a bank on the basis of assessment and analysis of the level of bank capital and factors of influence which will allow to tell beforehand about the possibility of arising crisis situations and improve the quality of decisions as to securing its economic security and efficiency of functioning as a whole.

Article is written in Ukrainian


Sokolovskyi D. B.
Approach to Definition of Optimum Parameters of Control of Behavior of a Controller by a Principal in the System of Agency Relationship (p. 68 - 71)

The article considers the model of interrelations between the principal, agent and controller. It suggests the set of parameters which define the remuneration of labor of controller by a principal and, with the help of game-theoretic methods, calculates their values that maximize the profit of a principal in the cases of both presence and absence of pure strategy Nash equilibria in the game.

Article is written in Ukrainian


Stepanenko O. P.
Modeling of Selection of Strategy of Banking System Development (p. 71 - 73)

The article considers the problems connected with modern tendencies of banking system development and approaches to modeling of the selection of strategy of banking system development, gives the model of the strategy selection of banking system development on the basis of indexes of banking activity and with the use of financial instruments of state regulation.

Article is written in Ukrainian


Stryzhychenko K. A., Dmitrusenko K. O.
Study of Currency Market Dynamics with the Help of Wavelet Analysis Method (p. 73 - 76)

The article defines the advantages of the method of wavelet analysis of signal for modeling of dynamics of currency market. It forms and realizes the algorithm of research of currency market dynamics with the help of wavelet analysis.

Article is written in Ukrainian


Ustenko S. V., Makarovskaya N. R.
Analysis of Scoring Systems for Support of Making Credit Decisions (p. 77 - 79)

The article considers technologies of credit scoring that allow banking institutions to take effective decisions as to crediting of borrowers and considers the problems and perspectives of development of methods of assessment of creditworthiness of borrowers. The article emphasizes the necessity of introduction of modern systems of support of decision making in credit activities of Ukrainian banks.

Article is written in Ukrainian


Iastrebova G. S.
Modeling of Consequences of Adoption of Tax Code (p. 79 - 83)

The article develops system-dynamic model of formation of tax proceeds to the budget. It develops scenarios of tax transformations conditional on adoption of Tax Code of Ukraine, reveals the consequences of adoption of tax code by results of imitation experiment and develops the program of compensatory influence of excise duties.

Article is written in Russian


BUSINESS INFORM №6-2011

Burdenko I. N., Kornyeyev M. V., Makarenko I. O.
Financial derivatives market’ grading tools (p. 111 - 114)

The article deals with methodological approaches to the evaluation of stability of financial markets and systems, and underlines their inability to define stability of financial derivatives market. Based on the fractal market hypothesis indicator of financial derivatives market’ crisis was proposed. It allows to describe the state of the market and predict its changes.

Article is written in Ukrainian


Nechaeva I. A., Kaplan J. O.
Theoretical Government Quality of a Credit Portfolio Bases (p. 115 - 118)

The basic concepts of quality management of a credit portfolio are considered. Various variants of classification of a credit portfolio are resulted, also methods of decrease in credit risk are offered.

Article is written in Ukrainian


Irizepova M. S.
Methodological Bases of Calculation of Tariffs in Insurance Against Industrial Accidents and Occupational Diseases (p. 118 - 121)

The article suggests the methods of calculation of insurance tariff in social insurance against industrial accidents and occupational diseases on the basis of analysis of unprofitability index.

Article is written in Russian


BUSINESS INFORM №7-2011, Vol.1

Makarkina H. V., Ivchenkova O. Y.
Assessment of Efficiency of the System of Non-Cash Card Payments in Conditions of Informational Uncertainty  (p. 111 - 114)

The problem of efficiency of the non-cash card-table settlements system under the conditions of informational indeterminacy is discussed in the article. Evaluation of efficiency is based on the fuzzy model of demand on services of card-table pay instruments market of commercial bank.

Article is written in Ukrainian


Andros S. V., Romanek T. V.
Theoretical and Methodological Aspects of Formation of Banking Services (p. 114 - 117)

The article considers the essence of banking service and banking product. It reveals the general characteristics and differences between the categories of banking service and banking product, specifies the definition of banking service and banking product and discloses the general characteristics and peculiarities of these categories.

Article is written in Russian


Davyskiba Y. V., Berezhna Y. V.
Objective Necessity and Perspectives of Tax Incentives of Development of Medicine in Ukraine (p. 117 - 119)

The article considers the problems of health care of Ukraine, substantiates the necessity of state tax incentives for development of medicine in Ukraine

Article is written in Russian


Dubnitskiy V. Y., Yermakov K. V.
Selection of the Method of Forecasting of the Value of Securities with Due Account Taken of Fractal Measurability of a Number of Observations (p. 120 - 121)

It is offered and tested on the real material the methodology of method choice of prognostication of securities value depending upon the Hurst index for the dynamic row of its value.

Article is written in Ukrainian


Zima O. G., Petrenko Y. O.
Evolution of the Procedure of Refund of Value-Added Tax in Ukraine (p. 121 - 123)

The article considers the evolution of refund of value-added tax (VAT) which is considered to be the most perfect form of indirect taxation and plays an important role in the system of state finance of the majority of developed countries and countries with transitional economy

Article is written in Ukrainian


Koliada T. A., Bench L. Y.
Peculiarities of Realization of Budget and Tax Policy of the State in Post-Crisis Period of the Development of Economy (p. 124 - 126)

The article is dedicated to the uncovering of peculiarities of realization of budget and tax policy as an instrument of state regulation of the development of economy in post-crisis period. It suggests the alternative ways of increase of budget income with the purpose of deficit reduction.

Article is written in Russian


Patiuta I. N., Suntsova A. A.
Peculiarities of Organisation of Internal Financial Monitoring in Commercial Banks of Ukraine (p. 127 - 129)

The article studies the peculiarities of organization and legislative principles of regulation of organization of internal financial monitoring of a bank and suggests the optimal system of organization of internal financial monitoring in commercial banks of Ukraine.

Article is written in Russian


Sidorova Y. N., Tatarkin D. A.
Formation of Tax and Budget Conditions of Self-Development of Regions (p. 130 - 131)

The article considers theoretical, methodological and practical problems of formation of financial sources of development of the regions. It defines three groups of factors in the sphere of inter-budget relations on which the success of realization of the policy of incentives for self-development of territorial systems depends.

Article is written in Russian


BUSINESS INFORM №7-2011, Vol.2

Umanets T. V., Pinchuk G. V.
Tax Reform as Instrument of Improvement of the System of Taxation of Ukraine (p. 121 - 122)

Basic negative lines, that were inherent to the tax system of Ukraine for the last decade, are explored. The moments of a new Internal revenue Cjde of Ukraine positive and negative are exposed after the first results since the entry in force.

Article is written in Ukrainian


Grachev A. V.
Information Support of Monitoring of Solvency of Enterprise for Revealing the Sources of Tax Compliance (p. 123 - 125)

The article suggests the criterion of disclosing the sources of redemption of tax obligations of enterprise in conditions of the loss of solvency, develops the information model of monitoring of solvency of enterprise

Article is written in Ukrainian


Danilov О. D., Paientko T. V.
Game Theory in Methodology of Study of Problems of Taxation (p. 126 - 128)

The article considers the problems of modern methodology of economic studies, substantiates the expediency of the use of game theory in methodology of study of problems of taxation

Article is written in Russian


Kvasniy L. G., Scherban O.
Problems of Sindicated Crediting in Ukraine (p. 128 - 130)

The article studies the problems in the sphere of bank crediting, gives recommendations as to practical use of syndicated credits in Ukraine, suggests the methods of giving syndicated credit.

Article is written in Russian


Naydenko О. Y., Chichkova V. Y.
Special Accounts of VAT: Advantages and Disadvantages for the State and Taxpayers (p. 130 - 132)

The article considers the peculiarities of the use of special accounts of VAT in Bulgaria, substantiates their advantages and disadvantages for the state and taxpayers and considers the prospects of their introduction in Ukraine

Article is written in Russian


Reva T. M.
VAT in Foreign Trade: Innovations of the Tax Code (p. 132 - 134)

The article considers the peculiarities of the use of VAT in Export-Import Operations in Conditions when Tax Code is in force and their economic consequences.

Article is written in Russian


Sulima M. O., Andros S. V.
Stages of Development of National Interbank Credit Market (p. 134 - 136)

The article considers the stage-by-stage development of interbank credit market of Ukraine, specifies the main stages which characterize its growth, studies the influence of economic crisis on functioning of interbank credit market of Ukraine.

Article is written in Ukrainian


Uskov I. V.
Financial and investment backing of local authorities funds (p. 137 - 142)

The basic problems of the effective smoothing of profitable potential of territories, providing of rational investment support of local authorities, are considered in the article. The grounded mechanism of forming and distributing of financial and investment backing of territorial educations funds is offered.

Article is written in Russian


Dmitrusenko K. O.
Modelling of the Influence of the World Stock Markets on the Stock Market of Ukraine (p. 142 - 146)

The article emphasized the need for developments in the field of modeling and forecasting stock market trends in Ukraine and the influence of foreign stock markets on it. Keywords: stock market, VEC-model, modeling, forecasting, global financial markets.

Article is written in Ukrainian


BUSINESS INFORM №8-2011

Zakharchenkov S. P.
Soviet theory of finance in the context of world financial science (p. 122 - 129)

In the article examined three scientific concepts of Soviet finance, common in academic literature on post-Soviet space. Revealed their close relationship with the theory of public goods allocation.

Article is written in Russian


Dyba M. I., Yaremenko S. M.
Safety of Bank Activity and Condition of its Organization is in Ukraine (p. 129 - 134)

In the article essence of safety of bank activity and necessity of its providing is grounded in modern terms. Influence of political, legal, economic and social situation is proved on activity of banks, forming for them of additional risks and threats. Drawn conclusion about the obligatory necessity of account of the indicated factors during organization of safety of banks.

Article is written in Ukrainian


Dubnitskiy V. Y., Pohorelenko N. P., Sydorenko O. M.
Estimation of stability of the bank system (p. 134 - 140)

There is for providing the necessity of the use of the modified models of the bank activity’s estimation for stability of the bank system in the article. It is realized the multiplicative estima-tion model of the system state by the example of banks in the Kharkiv region.

Article is written in Russian


Lerner Y. I., Samorodov B. V.
Prediction Technique of Indicators of the Bank Activity on the Basis of Calculation of the CoefFicient of Absolute Indicators Variation (p. 140 - 145)

In the paper the technique of determination of the predicted values of activity of the banks on the basis of the calculation of the coefficient of absolute indicators variation is developed. The technique is checked for adequacy with the fact data activity of the banks. Comparative analysis of the obtained results with the actual data is performed.

Article is written in Ukrainian


Petrykiva O. S., Taranenko Y. O.
Theoretical Aspects of Formation of Profitability and Definition of Approaches to Commercial Bank Profitability Management (p. 145 - 147)

The article examines and analyses the economic aspects of activity of commercial banks in modern operating of the banking system conditions. Actuality of theme is determined the increase of role of management profitability in effective development of domestic banks, that is why yet exactly profitability characterizes effective work of commercial bank.

Article is written in Ukrainian


Uskov I. V.
Market of Loans in the Structure of Local Finance (p. 147 - 151)

The article studies the European practice of effective formation and development of the market of local loans, develops the mechanism of organization of the market of local bonds and credit resources by creation of funds of local development in Ukraine.

Article is written in Russian


Tischenko A. N., Golovnya A. S.
The analysis of the instruments of the tax regulation which influence socio-economic development of the АТU of Ukraine (p. 152 - 154)

The article considers the analysis of the instruments of the tax regulation which influence socio-economic development of the administrative-territorial units (АТU) of Ukraine. The directions of decision of problem of disproportions in the АТU development by facilities of the tax policy were offered.

Article is written in Russian


Tischenko A. N., Sakhno D. V.
Principles of Construction of the Tax System in the Tax Code of Ukraine (p. 155 - 157)

Consider classical and modern principles of tax szstems. Disclosure of their contents and significance to the socio-economic development. The ways of improving the tax system in light of the provisions of the Tax Code of Ukraine.

Article is written in Russian


BUSINESS INFORM №9-2011

Ivanov Y. B., Frankudatis E. S.
Features taxation of investment activity in Ukraine (p. 142 - 144)

In the article explores features of the taxation to investment activity and tax facilities of the stimulation investment activity. Particularities were determined forming tax regulation, theoretic generalization and analysis of the influence of the taxation on development and efficiency of the investment processes at a rate of subject of the management.

Article is written in Russian


Avedyan L. J., Naumik Y. G., Chervaneva E. V.
The budgetary planning of charges is on maintenance of social and cultural sphere (p. 144 - 149)

Analyzed the composition of spending and financing of social and cultural sector at local level. The formula for the distribution of intergovernmental transfers is improved.

Article is written in Ukrainian


Dubnitskiy V. Y., Miroshnik A. Y.
Probability management of the timely credit return with the application of LPt - sequences (p. 150 - 154)

In the article is built the model of logit regression that estimates the probability of the timely credit return by an enterprise-borrower; is calculated the partial elasticity, which allows to range the factors influencing on the solvency of enterprise; is decided the task of the probability management of the timely credit return with the application of LP?–sequence.

Article is written in Russian


Kosareva I. P., Chemchikalenko R. A., Fesenko E. M.
Influence of the new Internal revenue code on the fiscal loading of enterprises (p. 154 - 158)

In the article influence of the new Internal revenue code is analysed on the fiscal loading of enterprises. A conclusion is done that the basic role of the state in a tax policy is creation of the transparent and effective tax system.

Article is written in Russian


Nepochatov S. I., Okhten A. A.
Model of shared service center bandwidth optimization in the system of accounting functions outsourcing (p. 159 - 160)

The paper proposes a model of shared service center bandwidth optimization in the system of accounting functions outsourcing in a corporate structure. Objective function of the model minimizes the number of employees, taking into account the interdependance between the load on employees and the number of mistakes.

Article is written in Russian


Knysh I. V.
Perfection of process of state financial audit on the basis of discriminant analysis (p. 161 - 163)

A mathematical model for classification of enterprises to assess the financial condition based on discriminant analysis. The proposed grouping of enterprises will significantly shorten the time of planning the state financial audit.

Article is written in Russian


Polonskaja Y. N.
Estimation of efficiency of the tax planning (p. 163 - 168)

The article gives further study of theoretical and methodological basis for tax planning, presents comprehensive efficiency evaluation system and improves efficiency evaluation process for tax planning.

Article is written in Ukrainian


BUSINESS INFORM №10-2011

Seredina H. V.
Improvement of Management of Financial Security of the Country on the Basis of Mechanism of Strengthening of Financial Security and Counteraction to Financial Crisis (p. 106 - 109)

The article defines the directions of improvement of management of financial security on the basis of the mechanism of strengthening of financial security of the country and counteraction to financial crisis, defines the system of top priority measures as to increase of effectiveness of legal counteraction to the crisis.

Article is written in Ukrainian


Arkhireiska N. V.
Control Over the Calculation and Payment of Excise Tax by the Customs and Tax Service (p. 109 - 111)

In this article considers theoretical and methodological approaches for controlling charging of excise duty on the part of tax and customs services. Investigated the interaction of state control bodies on taxation of foreign trade and providing suggestions to improve this problem.

Article is written in Ukrainian


Levchenko L. V.
Financial Leasing in the Investment Development System in Ukraine (p. 112 - 115)

The article considered the financial leasing as one of the real areas of intensifying and accelerating the development of investment component of Ukraine's economy. Author's approach is proposed to the further acceleration of the investment process success through the using of lease financing schemes.

Article is written in Ukrainian


Shynder O. V.
Evaluation of the Potential of the Regional Banking Systems with a Glance to the Social and Economic Development of the Region (p. 115 - 119)

The essence of the banking system of the region is defined. Evaluation process stages of the regional banking system potential are considered. Evaluation indicators of the regional banking system potential, which level depends on the regional socioeconomic development level, are proposed.

Article is written in Ukrainian


Fedyshyn N. I.
Tax Planning Instruments of Enterprenual Activity Subjects (p. 119 - 123)

Tax planning businesses instruments are defined as a means, a way to achieve the goals and tasks of this planning. The basic tax planning instruments are described: tax privileges, legal loopholes and tax planning schemes. The essence, characteristics and classification features of tax planning instruments are considered.

Article is written in Ukrainian


Ivakina A. V.
Combination of Banking and Insurance Activity: Foreign Experience and Peculiarities in Ukraine (p. 123 - 125)

In article are considered the basic questions of essence and forms of interaction commercial banks with the insurance companies on the basis of studying foreign experience and the Ukrainian practice.

Article is written in Russian


BUSINESS INFORM №11-2011

Azarenkova H. M., Ivanova M. V.
Assessment of the need for warranty underwriter to place the bond issue in full (p. 150 - 152)

Though corporate obligations are cheaper alternative than bank loans, the total amount of their burden costs can exceed the value of bond loan. The authors suggest the calculation of obligation not allocation risk for the future determination of underwriters’ guarantee services necessity.

Article is written in Ukrainian


Khrushch N. A., Korpan O. S.
Forming of financial strategy as constituent of providing of level of competitiveness of enterprise (p. 152 - 154)

In the article generalization is conducted teoretical and methodological approaches to forming of financial strategy of enterprise. Got subsequent development going near the construction of «tree of aims» of financial strategy of enterprise by systematization and addition of dominant directions of financial strategy of enterprise.

Article is written in Ukrainian


Vereshchagina A. V., Ponomarenko O. E.
Formation of integrated indicators to measure the level of domestic financial security entities Industry of Ukraine (p. 155 - 157)

Calculated weight of quantitative and qualitative internal financial security indicators f of economic entities in Kharkiv region and formed integral indicators assessing the level of security for all areas of financial security strategy formation.

Article is written in Ukrainian


Zaichikova V. V., Grapchev Y. V.
Methodological principles of financial monitoring of local budgets (p. 158 - 160)

The essence of the financial concepts of monitoring methodology, principles of implementation. Based on the analysis, monitoring principles in different fields of scientific and practical activities formed the principles of the methodology of the financial monitoring of local budgets.

Article is written in Ukrainian


Shkaieva T. I., Chekina V. D.
Banking crediting of industries of Ukraine economy: analysis of structure and dynamics (p. 160 - 164)

The situation of bank crediting of the Ukrainian industries for the last nine years analyzed. Particular attention is given to assessing credit crisis in 2008 – 2009. The providing of loans by types of borrowers, types of currencies and maturities ana-lyzed. Expediency of the bank's analysis of industry risks for the elimination the growth of overdue credits justified.

Article is written in Ukrainian


Latisheva I. L., Samoilenko I. V.
Organization of bank financial resources management (p. 164 - 166)

The author proposes a method of organizing the financial management of banking institutions on the basis of methodologically structured analysis and design SADT.

Article is written in Ukrainian


BUSINESS INFORM №12-2011

Dubnitskiy V. Y., Sydorenko O. M., Antonova Y. Y.
Me­thod of sampling and its use in the process of internal bank audit (p. 104 - 109)

In the article is grounded the necessity of the use of modern analytical tool in the process of internal bank audit. It is offered the use of method of sampling, namely the use of attributive sampling in the practical activity of internal bank audits.

Article is written in Russian


Moskalenko O. V.
Methods of Assessment of Effectiveness of Creation of Interbank Market of Investment Projects (p. 109 - 114)

The article suggests the methods of assessment of effectiveness of creation and functioning of interbank market of investment projects with the use of methods of linear programming. It has been proved by imitation modeling that the possibilities of Ukrainian banks are expanding within the framework of the market by accumulating and effective use of available resources in crediting large scale investment projects and programs.

Article is written in Ukrainian


Poltinina O. P.
Analysis of the Level of Financial Security Engineering Enterprises and Ways to Increase (p. 115 - 120)

The level of financial security engineering enterprises of Ukraine was analyzed. The basic risks that arise in the normal course of business entities in the current conditions of the Ukrainian market were considered. Identified the main directions of improving financial security for enterprise engineering.

Article is written in Ukrainian


Stryzhychenko K. A.
Mechanisms of European Financial Market Regulation in the Process of its Evolutionary Development (p. 120 - 122)

The article studies the reasons of existing contradictions in functioning and regulation of modern financial market of Europe. It considers the basic mechanisms of each phase of a new evolutionary process – the process of development of general European financial market.

Article is written in Russian


Berezhna O. V.
Financial Management of Enterprise Reorganisation (p. 123 - 124)

The article does the research of the mechanism of financial management of enterprise reorganization with the purpose of possible directions of solution of this problem.

Article is written in Ukrainian


Litovchenko Y. Y., Likholiot N. I.
Improvement of the Management Deposit Transactions Process of Banks Through the Structural and Functional Simulation (p. 125 - 128)

The administration process of the deposit banking was explored and with the help of modeling AS-IS and TO-BE using software product BPin the improvement proposals were developed.

Article is written in Ukrainian


Fursova V. А.
The improvement of methodology of analysis of the quality of credit portfolio in commercial banks (p. 128 - 131)

The article substantiates the need to improve methods of analysis the quality of loan portfolio. Analyzed existing methods of quality credit portfolio and highlighted their shortcomings. The complex model of analysis the quality of credit portfolio was built using the rules of the theory of fuzzy sets.

Article is written in Ukrainian


Kasyanova L. V.
Methodic Approach to the Choice of the System of Tax Support of Innovations (p. 132 - 134)

In the article the sequence of executions on forming of rational set of tax tools of innovative development adjusting taking into account the type of innovations, stage of life cycle of innovations and subjects of innovative activity is considered.

Article is written in Ukrainian


BUSINESS INFORM №1-2012

Dzhelyalova N. B., Dzhelyalova L. B.
Organization of Activity and Pe­culiarities of General System of Taxation of Natural Persons - Entrepreneurs (p. 115 - 117)

The article considers the stages of organization of activity and pro­cedure of state registration of natural persons - entrepreneurs. It made a comparative analysis of the elements of general system of taxation of entrepreneurs' incomes before and after adoption of the Tax Code of Ukraine.

Article is written in Russian


Gadetska S. V., Sydorenko O. M., Totsenko A. Y.
Use of analysis model in the mechanism of providing of financial bank stability (p. 118 - 121)

In the article is grounded the necessity of optimization of providing mechanism of financial bank stability. The model of analysis is used in the providing mechanism of financial bank stability by the example of CB «Privatbank».

Article is written in Russian


Dubnitskiy V. Y., Pasichnik I. V., Stoykova M. G.
The use of Information about the Bank's State in the Process of Model­ing the Systems of Bank Supervision with the Use of Markov Process (p. 122 - 125)

The Markov model of bank supervision system is made which can estimate the probability of bank stay in the certain state every quarter and at the beginning of new year.

Article is written in Ukrainian


Kosareva I. P., Bondarenko N. V., Sarmatytska N. V.
Features of Development of Non-Cash Settlements' System in Ukraine (p. 125 - 129)

In the article the analysis of non-cash and available settlements was done, proportions are considered between them and basic di­rections of improvement of the banking system are offered.

Article is written in Ukrainian


Panasenko H. O.
Modeling of Bank Financial Activity (p. 129 - 132)

The article studies the basic approaches to modeling of bank finan­cial activity, gives further formalization of the basic stages of model development and description of the modeling process information support system.

Article is written in Russian


Purliev B. K., Annagurbanova B. K.
Estimation Procedure of Credit Portfolio Efficiency of Commercial Bank (p. 132 - 134)

There is contemplated one of the most important tasks of eco­nomic analysis of commercial bank, estimation procedure of credit portfolio efficiency in the research. It is based on a balanced score­card system that allows comprehensively describing the state, the dynamics, and also economically sounding a practical decision of efficient use of credit investments optimum alternative of com­mercial bank.

Article is written in Russian


Klokar O. O.
Peculiarities of Finance and Credit Relations of the Subjects of Agrarian Sector of Economy (p. 135 - 137)

The article defines the main peculiarities of formation of finance and credit relations between subjects of agrarian sector. It give the complex characteristics of each of them and reveals the advantages and drawbacks of their formation, makes an emphasis on the at­tention to complexities of attraction and return of any borrowed resources by agricultural enterprises.

Article is written in Ukrainian


BUSINESS INFORM №2-2012

Dutchenko O., Dutchenko O.
Monitoring of Credit Operation as an Instrument of the Provision to Efficiency of the Bank Lending (p. 173 - 175)

The reasons of the origin to expired credit indebtedness are analyses in the article. The need of improvement of the methodical ensuring the credit monitoring is determined. The approach to organizations of the monitoring to credit operation is offered.

Article is written in Ukrainian


Kotelevskaya Y. V.
Methodical Recommendations to Strengthening of Loyalty of Users in the Process of Advancement of Bank Products (p. 176 - 179)

Approaches are certain on strengthening of loyalty of users of bank products. Factors, which influence on consumer perception of quality of bank products, as bases of forming of loyalty of users, are systematized. The index of perception of quality of bank products is expected. Methodical recommendations are offered on strengthening of loyalty of users of bank products.

Article is written in Ukrainian


BUSINESS INFORM №3-2012

Guzhva V. M., Skrypova O. S.
Intelligent decision support systems for insurance: meeting of ukrainian insurance companies needs (p. 183 - 187)

The main tasks of all levels of the insurance company (IC) management, which comprehensively affect its financial condition, have been identified. The needs of intellectualised decision-making support for Ukrainian IC have been specified. Ability of providing these needs by modern informational systems has been analyzed.

Article is written in Ukrainian


Dubnitskiy V. Y., Shkodinа I. V.
The choice of forecasting approach of basic indicators of stock market taking into account the fractal properties of temporary of supervision’s row (p. 187 - 190)

The methodology of choice of forecasting approach of dynamics of stock market index is offered taking into account the fractal dimension of supervision’s row. The control quality of the offered methodology conducted on the actual material showed the satisfactory coincidence of fact and forecast data.

Article is written in Ukrainian


Kot O. V., Kovalyova Y. G.
The role of the banking sector in the processes of foreign investment (p. 190 - 195)

The issue of the role of the banking sector’s place in the processes of foreign investment, as well as, the necessity of foreign capital attraction into the banking sector of Ukraine was investigated in the article. The most called-up type of foreign investment was determined using a foreign investment’s classifier. The conditions and investment reasons, which direct foreign investors to invest into the banking sector of Ukraine, were proposed.

Article is written in Russian


Sidorovich O. Y.
Analysis of tax methods of neutralization of the financial crisis in the context of the theory of synergetics (p. 195 - 198)

The article outlines the basis of the theory of synergy in the process of taxation, the experience in the use of methods of neutralizing the financial crisis on the example of developed countries and the conditions of achieving resonance effect using tax instruments of influence.

Article is written in Ukrainian


Stepanenko O. P.
Current approaches to the construction of a system of corporate management in bank (p. 198 - 202)

The issues related with modern trends of development of the banking system and approaches to building a system of corporate governance in the bank are investigated in the article; the main components of the corporate governance system of bank are discussed; problems of information support of bank’s corporate governance are described in the article.

Article is written in Ukrainian


Chelombitko T. V.
Management of regional network of banks (p. 202 - 206)

The paper defines the concept and features of banking competition. Analysis of the territorial structure of Ukraine’s banking sector and regional disparities in the concentration of banking institutions. Defined the main trends of rationalization of regional network of national banks.

Article is written in Ukrainian


Omelchenko O. I., Sivolob A. A.
Methodical support for assessment and diagnosis of the bank in the market of payment instruments (p. 206 - 209)

In the article the analysis of theoretical and practical aspects of payment instruments market is examined. Technical approach of appraisal and diagnostics of bank activity, which is based on the integral index and bank clustering calculation, is suggested.

Article is written in Ukrainian


Slutskaya O. V.
Methodical bases of forming the financial covenants of corporate bonds issue (p. 209 - 213)

The article is devoted to the development of the methodical bases of forming the financial covenants of corporate bonds issue. Key financial indices of the debtor’s solvency are determined and the fuzzy scale is built in order to analyze them. The financial criteria of bond’s issuer possibility to pay their debts were determined using the Classification trees methods.

Article is written in Ukrainian


Khodyakova O. V., Lukianienko A. S.
The concept of implementation of effective tax planning for the company (p. 213 - 218)

The authors consider theoretical and practical aspects of tax planning on a micro level and the ways for tax payment optimization are offered. Also the authors offer the concept of tax planninп, which will increase the efficiency of financial and business enterprises and to create an effective mode of payment of taxes.

Article is written in Ukrainian


BUSINESS INFORM №4-2012

Lomakina T. P., Irizepova M. S., Mytareva L. A.
Actuarial Models of Personal Insurance from a Position of the Insured Person (p. 186 - 190)

In article use possibilities actuarial models for an estimation of efficiency of personal insurance directly for the insured person are investigated. The income of the insured persons of insurance policies which within the limits of corporate social programs and social package are given to them free of charge, is considered as the form of investments into the human capital. As the tool of an estimation of efficiency of investments into the human capital in actuarial models of personal insurance the insurance multiplier is used.

Article is written in Russian


Kostyuk O. M., Govorun D. A., Sarkizova O. A., Manzhula I. P., Shablii A. V.
Independent Directors' Remuneration in Various Corporate Governance Systems: Empirical Evidence from Banks (p. 191 - 195)

This paper represents the study of directors' remuneration of banks in various corporate governance systems. One of the main outcomes is that banks still have the practice of «pay for presence» but only in some cases banks try to implement «pay for performance practice» which is comparable to previous researches. It was also found that independent directors' remuneration practice in banks varies from the governance system which is used.

Article is written in English


Halitsyn V. K., Kononenko V. V., Bondarenko O. O.
Methods of Improvement of Model of an Estimation Volatility of the Financial Markets (p. 195 - 197)

In article existing methods of modelling of estimations volatility, characterising dynamics of the financial markets as non-stationary process are considered. Application a spline-functions for model autoregression updating – a moving average for the purpose of its improvement approximative properties is offered.

Article is written in Ukrainian


Kaminskii A. B., Pisanets K. K.
Scoring Technologies in Credit Risk-Management (p. 197 - 201)

The article describes conceptual basis for scoring techniques usage in general system of credit risk-management at financial institutions. It is shown the specificity of scoring techniques usage for all stages of credit risk management cycle – from application stage to collection stage.

Article is written in Ukrainian


Luk’yanenko I. G.
Modelling of Influence of Changes of a Fiscal Policy on Economy of Ukraine (p. 201 - 204)

In article the features of the elaborated and estimated dynamic model of the Ukrainian economy has been analyzed and also the possibility of this model's utilization for the approbation of the different scenarios of the fiscal policy changes has been investigated.

Article is written in Ukrainian


Merkulova T. V., Akulova A. V.
Critical Analysis of Negative and Positive Impact of Tax Competition on the Basis of the Relevant Model (p. 204 - 207)

The paper provides a critical analysis of tax competition on the basis of two models describing this phenomenon with positive and negative sides.

Article is written in Ukrainian


Novak S. M.
Mathematical Model of the Microstruc-ture of the Interbank Currency Market (p. 207 - 209)

In this paper a mathematical model dealing service bank, as a key element of the microstructure of the interbank market. The model establishes the functional relationship of infrastructure dealing service bank parameters, foreign exchange market dynamics parameters of the resulting performance of the front-office.

Article is written in Russian


Nusinova O. V., Mishchuk I. V.
Determination of Size of the Received Less Money Stream Industrial Enterprises (p. 210 - 214)

In the article are offer the methodical going near determination of size of the received less money stream with the use of complex index of express-diagnostics of the crisis state. Their application is considered on the example of industrial enterprises.

Article is written in Ukrainian


Yakimova L. P.
Prognostic Scenarios of Development of Financial Defined Contributions of Obligatory State Pension Insurance (p. 215 - 217)

Prognostication of development of the funded system of mandatory state pension insurance of Ukraine is carried out on developed scenarios to 2050 year on the basis of mathematical model of dynamics of functioning of the story pension system and model of partial equilibrium.

Article is written in Ukrainian


Klunko N. S.
Balanced Scorecard in Ukrainian Pharmaceutical Business: Implementation Problems and Ways of their Solving (p. 218 - 220)

The paper presents one of the most effective tools for assessing the activity of enterprises – Balanced Scorecard. Particular attention is focused on the analysis of problems and solutions for domestic enterprises in developing and implementing balanced scorecards.

Article is written in Ukrainian


BUSINESS INFORM №5-2012

Mulyakova-Bochi A. K., Suntsova A. A.
Capital and Fnancial Account of Balance of Payments in the Post-Crises Development Economy of Ukraine (p. 182 - 184)

The article considers the main risks of capital account and financial transactions and their corresponding solutions in post-crisis economy, factors influence the inflow of foreign investment, the problem of forming a favorable climate for portfolio investment. Particular attention is paid to measures for the liberalization of the account balance.

Article is written in Ukrainian


Аndryushchenko І. Y.
Influence of the Amount of Financial Resources on Commercial Bank Earnings (p. 185 - 187)

In the article a question is considered about that, how market reforms were changed by the macroeconomic terms of development of the banking system in Ukraine. For the study of this situation, it is necessary to take into account essence of price liberalization on free money facilities from point of cost balanced.

Article is written in Ukrainian


Bazhanov O.
Particularly Problematic Management Practices of the Bank Debt (p. 188 - 190)

The article is devoted to the basic features of methods of management the problem debt of banks and practical recommendations to their improvement.

Article is written in Ukrainian


Buhas N. V.
Budgeting as a Tool of Cost Effective (p. 190 - 193)

Article is devoted to current issues of performance budgeting in the enterprise as a tool for cost management. The approach to budgeting model selection, taking into account flexibility and conservatism of the internal environment of the enterprise, and stage of development and stability of its current position.

Article is written in Ukrainian


Oglikh V. V., Artemenko Y. F.
Regional Perspective of Insurance Business in Ukraine (p. 194 - 198)

The paper considers the functioning and development of regional insurance markets in Ukraine. The problems and reasons that slow down their development. Elucidated the ways improve the insurance market in the regional context and suggests a comprehensive approach to solve its adaptation to the specific regional environment.

Article is written in Ukrainian


Gurnak O. V.
Tax Reforms in the Context of Socio-Economic Development (p. 198 - 200)

The article deals with the existing approaches to the study and the justification of tax reforms in the context of their impact on socio-economic development. The needs of the tax reform study on the basis of evolutionary economics are shown.

Article is written in Ukrainian


Zhuravka O. S.
Theoretical Bases of Insurance Portfolio Construction (p. 201 - 204)

In the article basic theoretical principles of forming and management an insurance brief-case open up with the purpose of achievement of his balanced and also providing of financial reliability of insurance company.

Article is written in Ukrainian


Kraus N. M.
Tax Planning at the Micro Level in the National Economy: Innovative Aspect (p. 204 - 207)

Principles of distribution of tax burdens in the theories of tax, forms and methods of tax planning were considered in the article. Necessity of tax planning and directions of its improvement at the stage of innovation development of Ukrainian enterprises was proved.

Article is written in Ukrainian


Lytvynenko Y. V.
The Improvemeht of Regulation of Income tax in Present Conditions of Development of Ukraine Economy (p. 207 - 209)

The article is considered the questions of characteristic and entity of tax function of regularity, its value and place in the present conditions of development of Ukraine economy and also its value for stimulation of businesses activity. The basic directions of improvement of regulative system of business action through the providing of different tax benefits and characteristics of its providing in the present conditions of economy management.

Article is written in Ukrainian


Oglikh V. V., Nikolayev T. G.
Features of Development of the Mortgage Crediting are in Economic Space of Ukraine (p. 209 - 213)

This work is devoted to the features of functioning and progress of market of the mortgage crediting trends in Ukraine during 2009 – 2011 years.

Article is written in Ukrainian


Orlova V. O., Kozak G. O.
Actual Questions of Factor Analysis as a Tool for Regulation Tax Burden of Commercial Bank (p. 213 - 215)

In article studied the factor analysis as a tool for regulation tax burden of commercial banks. The authors identified the main factors which determine the sum of profit before taxation and affect level of tax burden of commercial banks.

Article is written in Ukrainian


Paientko T. V.
Necessity and Opportunity of Optimization of Fiscal Regulation Financial Flows (p. 216 - 219)

The base approaches to fiscal regulation of financial flows in article are considered. The features of fiscal regulation of financial flows at the present stage of development of economy are determined. The necessity of optimization of fiscal regulation of financial flows is proved. The difficulties of its practical realization are revealed.

Article is written in Russian


Pasichnyi M. D.
Fiscal Adjustment Socio-Economic Development of Country During Post Crisis Recovery (p. 219 - 223)

The article considers the approaches to defining the essence of the budget adjustment, highlighted features of the mechanism of fiscal adjustment socio-economic development of country during post-crisis recovery and identified possible implementation of measures to improve the effectiveness of budget regulation in Ukraine.

Article is written in Ukrainian


Sidelnykova L. P.
Fiscal potential of redemption and maintenance of national debt of Ukraine (p. 223 - 227)

The necessity of activation of tax finances as bases of functioning of loan finances is grounded. Correlation of the tax revenues of the State budget of Ukraine and charges on redemption and maintenance of national debt is analysed. The prospects of increase of fiscal potential of financing of the indicated charges are considered in the context of reformation of the tax system of Ukraine as a necessary condition of stabilizing of state finances.

Article is written in Russian


Soslovskiy V. G., Zabashta A. A.
Minimum credit rating of the borrower’s primary indicators (p. 227 - 230)

The methods of rapid and qualitative assessment of creditworthiness on the basis of multi-step ridge regression, have been offered with the help of which the class of the enterprise-borrower’s creditworthiness can be defined, using only the most significant values of financial statements without using the coefficient method, thereby reducing the procedure for calculating the credit either in 2 or 3 times.

Article is written in Russian


Vanin A. О.
Trends in the Development of Mortgage Lending in Ukraine (p. 231 - 233)

The article deals with the formation and the current state of mortgage lending in Ukraine, prospects of development of housing mortgages, especially mortgage lending around the world. The critical factors which are integral factors in determining the risks of insolvency of the borrower.

Article is written in Ukrainian


BUSINESS INFORM №6-2012

Kolodiziev O. M., Popov I. I.
Rating System CAMEL as Instrument of Assessment of the Financial Stability of the Bank (p. 142 - 145)

The article substantiates the basic theoretical and methodic bases as to the use of rating assessments of CAMEL. It gives recommendations as to the use of rating assessments of CAMEL for the assessment of the activity of the banks of Ukraine.

Article is written in Ukrainian


Boronos V. G.
Peculiarities of the Realization of the Budget and Tax Policy of Ukraine and Determination of its Development Directions (p. 145 - 148)

The article considers the basic peculiarities of the budget and tax policy of Ukraine, analyses the execution of the state budget by receipts and expenditures, pays attention at the basic measures which are necessary to implement for achievement of the long term objectives of the state financial policy.

Article is written in Ukrainian


Dubrovina N. A., Dubrovina V. A.
Financing of Higher Educational Institutions in Poland (p. 148 - 151)

The peculiarities of financing of higher education in Poland are considered in the paper and analysis of main indices of different types of HEIs and their incomes are carried out.

Article is written in Ukrainian


Yermoshenko A. N.
Insurers and Banks Mechanism of Integration in the System of Cooperation Between Financial Market Participants (p. 152 - 155)

The article systematizes the notions of mechanism of integration of insurance companies with banks, the author's interpretation of the concept of «integration of insurance companies with banks» and «mechanism of integration of insurance companies with banks» is grounded, the place integration of insurers and banks in the general system of their interaction is displayed.

Article is written in Ukrainian


Zhuravlyova I. V., Mykolaychuk A. B.
Methodological Approach to the Evaluation of the Financial Security of Regions in Ukraine (p. 156 - 159)

The current state of the financial security of Ukraine's regions based on the taxonomic index is defined. Neural networks of financial security of Ukraine's regions with the help of Statistica Neural Networks are built. Potential threats to the financial security of Ukraine's regions based on sensitivity analysis are identified.

Article is written in Ukrainian


Zima O. G., Yershova I. S.
Improvement of the Taxation of Real Estate in View of Foreign Experience (p. 159 - 161)

This article describes the experience of foreign countries in the taxation of real estate on the basis of suggested improvement process in Ukraine real estate tax, which will help to increase revenues to local budgets.

Article is written in Ukrainian


Isaieva N. І.
The Market of Banking Services at the Present Stage of Development (p. 162 - 165)

Growth and diversity needs of businesses and the population in the banking services required by article analysis of the modern development of the market of bank services, identifying its conformity with the qualitative changes that occur in the processes of socio-economic development of the country. The goal of the research of the modern market of banking services to find basic directions of its development in Ukraine.

Article is written in Ukrainian


Kot O. V., Dziubanova N. D.
Applying Foreign Merger & Aquisition Deals Experience by Ukrainian Bank (p. 165 - 168)

The importance of mergers and acquisitions (M&A) processes at the present stage of the global financial system was investigated in the article. Investment was determined using a foreign investment’s classifier. The conditions and investment reasons, which direct foreign investors to invest into the banking sector of Ukraine, were proposed. M&A processes condition in the European Financial Services market was analyzed and the banking sector significance of the impact on the overall index. The key factors of JP Morgan Chase’s successful expansion by dint of M&A were studied, and general strategies of applying this experience for strengthening domestic banks position in the world market were suggested.

Article is written in Ukrainian


Krupka I. M.
Financial and Economic Security of the Banking System of Ukraine and Perspectives of the National Economy Development (p. 168 - 175)

The article is devoted to problems of financial and economic security of the banking system of Ukraine, in particular the nature and its elements, approach and indicators for determination of this safe are proposed. In the article are substantiated the measures to improve financial and economic security of the domestic banking system, which should be directed at the reduction of threats in micro, macro and international levels. Suggestions for widening of possibility of the banking system in the accumulation of financial resources for the development of national economy of Ukraine are formulated.

Article is written in Ukrainian


Poliakova O. Y., Merkho A., Shlykova V. O.
Enhancement of Procedure of Budget Process Informational-Analytic Support (p. 175 - 178)

The article is devoted to analysis of regional peculiarities and development of information file forming procedure and model parametrization in the budget process support project.

Article is written in Ukrainian


Salyga S. Y., Zavadska N. A.
Trend Analysis of Cash Flows as a Tool for Information Management Process of Budgeting in Management Accounting (p. 178 - 187)

In the article by means of analysis of trend on the basis of cash flow movement, to the basic activity, investing activity, financial activity, forecast is made the financial state of machine-building enterprise which it is suggested to examine from position of financial firmness.

Article is written in Ukrainian


Derkach A. N.
Factors of Influence on the Insurance Market Financial Security (p. 187 - 190)

The article studies the basic factors of influence on the level of insurance market financial security, sources of its emergence and their basic interconnections. It characterizes the peculiarities of some determinants of influence on insurance market financial security and suggests its own classification of the basic factors of influence on the state of insurance market financial security.

Article is written in Ukrainian


BUSINESS INFORM №7-2012

Zabarna E. M., Kula M. V.
The Economic Content of Project Financing and Specifics of its Use in Ukraine (p. 121 - 124)

In the article the current approaches to understanding the economic category of «project finance». Analyzed modern methods of financing business-projects in Ukraine. Defined the forms of cooperation of the modern bank and the enterprise to activation system of project finance in Ukraine.

Article is written in Ukrainian


Isaieva N. І.
Development of the Ukrainian Market of Financial Services on the Basis of Electronic Technologies (p. 124 - 126)

Ukraine is quite active in bringing its banking activity in correspondence with European standards. Internet banking, as a market of electronic commerce in Ukraine, in general, is at the stage of formation. That is why issues of development of Internet banking, which have both practical and scientific interests, are considered in the article.

Article is written in Russian


Yermoshenko A. N.
Insurers’ Operational and Credit Risk-Management as the Component of Insurers and Banks Mechanism of Integration in Ukraine (p. 127 - 131)

The article defines and grounds the principles of operational and credit risk-management of insurance companies in the context of the functioning of insurers and banks mechanism of integration in Ukraine.

Article is written in Ukrainian


Prokhorova Y. V., Samoylova M. D.
Trends and Mechanism of Consumer Credit in Ukraine (p. 132 - 135)

Article is devoted to trends and mechanisms of bank consumer lending in the crisis period, during the crisis, when banks face bankruptcy and reduce profits, but also takes time out of domestic banks in crisis.

Article is written in Ukrainian


Sablina N. V., Krivezhenko V. V.
Analysis of Domestic and Foreign Experience of the Bank's Lending Operations (p. 136 - 138)

The paper considers approaches for credit transactions in the domestic credit market. Also identified examples of international experience of lending.

Article is written in Ukrainian


Karaseva Z. N., Shakhova Y. A.
Regional Aspects of the Banking System of Ukraine for Example Kharkiv Region (p. 138 - 140)

In this article the analysis of the development of the banking system of Ukraine by the example of banks Kharkov region. Proposed the following measures to improve the banking system of the region, constantly raise the level of capitalization, lower level of riskiness of transactions, to form the required amount of provisions for risks for active operations, and more.

Article is written in Ukrainian


Kostiana O. V.
Analysis of Influence of Measures of Discretion Tax Policy on the Bases of Taxation of Direct Taxes (p. 141 - 145)

The article contains a comparative analysis of the impact of discretionary fiscal policy on taxable corporate income tax and tax on personal income, estimated internal lag discretionary fiscal policy. Calculations based on figures that were recorded during the tax reform of 2004, when the modified direct taxes.

Article is written in Ukrainian


Pashova S. N.
Formation of Innovation and Investment Share as the Direction of Optimizing of the Bank loan Portfolio (p. 145 - 148)

In the article is analyzed the innovative development of Ukraine with the help of cluster analysis and hierarchical method of Ward. It is characterized the indices of innovation processes in the State. The methodical recommendations for calculation of size of innovation and investment share in the credit bank portfolio are given, the implementation of which will bring the level of innovation development of Ukraine to European standards.

Article is written in Ukrainian


BUSINESS INFORM №8-2012

Buleev I. P., Korytko T. Y., Kruk O. M.
The Role of Financial Control in Preventing Losses of Budget Funds (p. 163 - 166)

In the article the value of financial control is considered in the effective and having a special purpose use of budgetary facilities. Investigational basic problems and reasons of violations of the use of budgetary facilities. The analysis of budgetary violations, ineffective use of budgetary facilities, violations and lacks of administration of profits is conducted. Grounded necessity of perfection of method of estimation of financial control on state and local levels.

Article is written in Ukrainian


Leonov S. V.
Yield curve as an indicator of bonds issuers’ default risk (p. 167 - 169)

The article analyzes the yield curve as a macroeconomic indicators, which enables to estimate the systematic risk of investing in bonds. For the purposes of analysis considered yield to maturity T-bills. It is shown that the type of yield curve to these debt instruments determines the state of the economy and acts as an indicator of bond issuers’ default risk.

Article is written in Ukrainian


Chernyshov S. I.
Financial Flows in the Context of the Objective Laws of the Inherent (p. 170 - 173)

State the reasons that the situation in linear algebra adequate to display the balance of cost flows of the economic system. Depending on its structure and quantitative indicators - the situation is favorable, or the opposite - creates a very negative effects. In other words, the payment has its own laws of motion are determined by the characteristics of the corresponding matrices, and it does not take into account.

Article is written in Russian


Bilashenko O. S.
Evaluation of financial part of corporate governance in bank within Anglo-Saxon model (p. 174 - 177)

The article studies the ways to minimize the costs associated with conflict of interest in the corporation within Anglo-American model. The financial component of corporate governance that stimulates corporate management to act in the interests of suppliers of financial resources is analyzed, namely the concentration of ownership, financial leverage, the market for corporate control, incentive contract of senior management and dividend policy of the corporation.

Article is written in Ukrainian


BUSINESS INFORM №9-2012

Vovk V. Y.
Conceptual Principles Of Banking Competitiveness Strategic Management Organization (p. 237 - 240)

The article suggests theoretical methodological points of banking competitiveness strategic management, proves the system of its realization principles, works out a gnosiological basis that determines the object of the research as initial basis of organization of bank strategic development management in competitive market conditions. In order to increase the efficiency of banking competitiveness strategic management, the position of its integration to the system of bank activities strategic management has been determined.

Article is written in Ukrainian


Rayevnyeva O. V., Bobkova A. Y.
Excise Revenue Forecasting Technique Based on a Differentiated Approach (p. 241 - 243)

The article provides the author's method of excise revenue prediction. The specificity of the method consists in a new approach to forecasting excise revenue to the state budget. The basis of the new approach is based on two sets of mathematical models - decomposition of time series and forecasting structural elements excise revenue.

Article is written in Ukrainian


Hrechana S. I.
Tax Incentives of Enterprise Development in Modern Conditions (p. 244 - 249)

In article were analyzed necessity and possibilities of tax incentives applica-tion in Ukraine for further development of enterprises. It is suggested mechanisms of some preferential tools use. On example of operating enterprises was proved the effi-ciency of its implementation.

Article is written in Ukrainian


Krikliy Y. A., Ryabichenko D. A.
The Comprehensive Approach to the Formation of the Mechanism of Bank’s Liquidity Management Based on an Adaptive Model (p. 250 - 255)

Approaches to the bank’s liquidity management are developed in the article, the necessity of an adaptive model of the mechanism of the bank’s liquidity management is proved.

Article is written in Ukrainian


Lunyakov O. V.
Dynamic Interrelations Between the Key Financial Market Segments of Ukraine (p. 256 - 261)

The key characteristics of the dynamic relationship between the credit market, securities market and foreign exchange market in the emerging of financial cycle in Ukraine have outlined. It is shown that the strong interrelations between the concerned segments of the financial market there strengthen in the expansion phase of credit and boom on asset prices. At the same time the financial intermediaries change the perception of risk on every phase of the cycle, and in the general, euphoria leads to excessive accumulation of systemic financial risk.

Article is written in Russian


Portna O. V.
Programme-Aimed Financing of Health Care in Ukraine (p. 261 - 264)

In the article considered the problems of programme-aimed financing in Ukraine, special attention is paid to the field of health care. Proposed the ways of their solution.

Article is written in Ukrainian


Galushko Y. P.
Monetary Instruments of Post-Crisis Recovery (p. 265 - 268)

Considered and reasonable approaches to monetary policy in the post-crisis conditions. The role of central banks in regulating the financial sector, in particular, highlighted a range of Central banks used methods and tools that eventually should lead to the provision of financial and macroeconomic stability. Pointed out in facilities that use foreign central banks to prevent systemic financial crises in the future.

Article is written in Ukrainian


Gnatyshak O. V.
Formation of the Cost of a Commercial bank in the Process of Mergers and Acquisitions (p. 269 - 271)

The article highlights the stages of value creation in the process of restructuring banks. Traced the effectiveness of synergy effects and singled out the main sources of value creation in a merger or acquisition.

Article is written in Ukrainian


Piskunov R. A., Lazko A. A.
Formalization of Theoretical Approaches to the Definition of Financial Stability of the Banking System (p. 272 - 278)

Based on theoretical analysis, the main risk factors of the influence on the final effective functionality of the bank within the parameters of its financial stability were defined and also practical aspects of regulating the level of riskiness of bank loans were formed.

Article is written in Ukrainian


BUSINESS INFORM №10-2012

Naydenko О. Y., Kostiana O. V.
Toolkit Tax Support Economic Development in a Financial Crisis (p. 199 - 204)

The article deals with analysis tools tax regulation of economic processes. It was found that during the crisis, especially when the company desperately needed additional revenue, government support has not significantly increased and decreased. During the study proved that each country during the financial crisis must apply individually toolkit tax regulations.

Article is written in Ukrainian


Nikitin A. V.
Approaches to Regulatory of Money Flows of Bank Contactors (p. 204 - 208)

It is offered an approach to the estimation of sufficiency of money flows of bank contractors on the basis of integral index that allows controlling the dynamics of sufficiency indexes of money flows and regulating a direction of its development. The open financial reports of industrial enterprise were an infobase for the receipt of this index.

Article is written in Ukrainian


Samorodov B. V.
Conception of the Management of Bank Financial Development through the System of Rating, Prediction and External Holdings (p. 209 - 215)

In the paper the conception of the management of bank financial development through the system of rating, prediction and external holdings is developed and grounded. Conceptually the mentioned subsystems are the tools for the supporting of the continuous system of actions for financial prediction and planning of the bank activity, and of the system of actions for realization of the target project – emergence to the foreign markets for the holdings of additional assets as one of the possible effective mechanisms of the management of bank financial development.

Article is written in Ukrainian


Tkachenko V. V.
Analysis of Methodologies of Estimation of the Tax Loading of Enterprises (p. 215 - 220)

The different methods of determination of the tax loading are considered on a microlevel and the most optimal is select from offered for today, that consists in bringing totality over of taxes to the value added.

Article is written in Ukrainian


Kasiyan Y. V.
Features of the Banking Sector Development in Central and Eastern Europe in Transition (p. 221 - 226)

The article examines the features of the banking system development of Central and Eastern European countries in transition. Also, the structural, the qualitative and the quantitative changes, the effects of financial reforms, that have taken place in the banking sector in these countries and their importance to the financial system, are analyzed.

Article is written in Ukrainian


Shkodkina Y. M.
Structured Financial Mechanism of Environmentally Sustainable Development of Ukraine under Conditions of Globalization (p. 226 - 229)

The article presents structured financial mechanism of environmentally sustainable development of Ukraine. Interrelations among financial mechanisms at different levels are suggested to be analyzed by means of transmission mechanism analysis.

Article is written in Ukrainian


Shcherbina A. G., Parandiy O. V.
The Feasibility and Prospects of Implementing the Settlement Center in the Securities Market in Ukraine (p. 230 - 235)

The article is about clearing and settlement activities in stock market and features of the implementation of clearing and settlement system in Ukraine and the world. The authors assess the possible results of Settlement Centre fulfillment and suggest ways to improve clearing and settlement system performance efficiency in Ukraine.

Article is written in Ukrainian


BUSINESS INFORM №11-2012

Desyatnyuk O. M.
Strategic Goals of Tax Risk Management (p. 248 - 251)

The theoretical and organizational bases of tax risk management are investigated. The essence and principles of tax risk management are determined. On this basis the strategic goals of effective development of tax risk management are distinguished.

Article is written in Ukrainian


BUSINESS INFORM №12-2012

Belousova Y. S.
Monitoring of the Fiscal System and its Role in Ensuring of Financial Stability (p. 262 - 267)

The paper discloses the essence, types and monitoring tasks of the fiscal system. The role of monitoring and means of practical application to ensure financial stability is discussed. A process monitoring and indicator monitoring are distinguished. The appropriateness of their introduction in fiscal legislation is grounded.

Article is written in Ukrainian


Bodrova N. E., Annaorazova S. B.
Organization of the Currency Risk Management System in Commercial Banks (p. 268 - 271)

At the article the risks accompanying realization of currency banking operations are reviewed and also the improved currency risk management system for commercial banks is offered. The large attention is given to problems of limits installation on currency operations and development of internal control system of currency risk’s level in banks.

Article is written in Russian


Zarutskaya Y. P.
Dynamic Modeling of Banks’ Financial Condition in System of Banking Supervision (p. 272 - 275)

The financial analysis of banks and risk management systems’ effectiveness takes significant place in the system of banking supervision. To ensure an adequate remote control it is necessary to use the set of instruments adapted to the structure and profile of risks at certain stages of system developing and separate structural and functional banks’ groups. It was suggested to use differentiated approach to individual structural and functional bank groups and dynamic modeling of banks’ financial condition with the help of Kohonen’s self-organizing map. Financial indicators of a certain bank obtain a new qualitative assessment, taking into account his place in a variable system of banking system indicators.

Article is written in Ukrainian


Iziumtseva N. V., Kalmykova O. N.
Areas of Improvement Model of Corporate Culture in the Bank (p. 275 - 279)

The article analyzes trends improve existing models in modern corporate culture, customer focused and the ways to improve their practical use in the realities of today. Now corporate culture - a system of values and beliefs that divides every employee of the company and includes his behavior, determines the nature of life of any organization. Bank must have a purpose – to determine the scope of the formation of corporate culture, the mechanism of which will work effectively and unite employees around goals. This article also conducted a survey among employees at all outlets of management attention to corporate culture, incentive system employees and the overall assessment of corporate culture institutions. For the successful management of the chosen model (customer oriented), you must enter a transparent assessment of the effectiveness of the organization's culture. Only effective implementation of proper corporate governance model and focused supervision and evaluation of its effectiveness is the key to the successful functioning of the banking institutions in general.

Article is written in Ukrainian


Ashurbekova A. A.
Development of Deposit Management in the Banking Management (p. 280 - 284)

The article examines the nature of deposit management in terms of system and process approaches, and reflects its place in banking management. The features of the main components of deposit management are given, providing attracting sufficient funds on current and term accounts for active operations on favorable conditions for the bank.

Article is written in Ukrainian


Didenko I. S.
On-site Banking Services in Providing Globalization Processes: Theoretical Aspects of Life and Prospects (p. 285 - 288)

The article examines the current state of the market for banking services on a global scale, the correlation between the global financial – economic crisis on the stability and intensity of market globalization. The paper analyzes the main features of the functioning of the banking market and determined its evolutionary transformation along with the features of the modern transformation of the economy. The general problems with the effective functioning of banking services in the domestic market are considered. The urgent ways to improve the competitiveness of banking services is defined. The main route and promising areas of modern banking services in the context of globalization change are discussed. The main prospects of the banking market are are analyzed and the main factors to ensure this process are formed.

Article is written in Ukrainian


Kasiyan Y. V.
Methodological Approaches to Measuring Financial Development of the Country as a Separate Economic Category (p. 289 - 294)

This article analyzes and systematizes basic methodological approaches to measuring financial development of the country as a separate economic category and described the basic concepts of financial development used in contemporary research. Also this article describes the basic indicators used to evaluate the level of financial development and its qualitative characteristics in comparative analysis.

Article is written in Ukrainian


Kuryshko A. A.
Improving the Method Evaluating the Attractiveness of the Financial System for Legalization of Proceeds (p. 294 - 298)

This paper summarizes the current approaches on evaluating the attractiveness of the country for income legalization. Additional indicators for assessing the attractiveness of the country based on consideration of the investment activity and the overall tax burden are proposed. An assessment of the adequacy of the financial system of foreign economic activity has been done.

Article is written in Ukrainian


Zvarych O. I.
Expanding Investment Opportunities Banking System Based on the use of Monetary Instruments (p. 298 - 304)

The paper investigates investment opportunities in the region's banking system and the system of measures of differentiation required reserves, depending on the nature of the transactions carried out by banks. The implementation of this system will improve the efficiency of regional investment policy and thus stimulate significant economic growth while respecting national priorities.

Article is written in Ukrainian


BUSINESS INFORM №1-2013

Anisimova A. V., Golenitskaya N. V.
The Problems of Economic Security of the Banking System of Ukraine (p. 265 - 269)

The article describes the main theoretical and methodological approaches to the definition and evaluation of the banking system economic security of Ukraine. The problems of its ensuring, and factors of types depending on the nature of banking are researched. The analysis of the key indicators of banking activities that reflect its development in Ukraine is implemented; the safety of the banking system for each indicator by comparing the actual values with the limit values according to the method of economic security level estimation of Ukraine is evaluated.

Article is written in Russian


Laktionova O. A., Zhytar M. O.
The Concept of Management of Flexibility of Decision-Making in Banks’ Investment Activities (p. 270 - 276)

The article considers the conceptual aspects of flexibility of decision-making in the banks’ investment activity. Components of flexibility are built into the scheme of decision-making in the banks’ investment activity. The approach to the flexibility of decision-making management in the banks’ investment activity which is based on the optimization of its main components - the institutional, market and administrative flexibility is defined. The defined concept is pointed at the reduction of losses in the banks’ investment activity and the rise of the feasibility of emerging opportunities.

Article is written in Russian


Omelchenko O. I., Kozlova O. A.
Retrospective of Formation and Development of the Securities Market (p. 277 - 281)

The article considers the historical development of the securities market in Ukraine and world. A comparison of the domestic and the world securities market has been done. Main features and characteristics of this are discovered. The author's definition of securities is offered according to the results of the content analysis of the points of scientist’s view to the nature of securities. Also the basic requirements for the securities on the Ukrainian stock market are determined and substantiated.

Article is written in Ukrainian


Nikolaenko S. N.
Health Insurance Mainstream in Ukraine (p. 281 - 287)

The article reveals the current situation with the health insurance market in Ukraine. It shows the health insurance market research made for its primary trends. The inner and outer business environments are SWOT-analyzed for the insurance companies acting on the insurance market. SWOT-analysis matrix is developed for the health insurance market in Ukraine.

Article is written in Ukrainian


Chmutova I. M., Tysyachnaya Y. S.
Theoretical and Methodological Support to the Management of Reproduction in the Bank (p. 287 - 292)

The theoretical and methodological support to the management of reproduction processes in the bank was developed. It allows to determine the position of the bank, depending on the level of profit assets to its total assets and integral components of performance evaluation system of reproduction processes in the bank. It suggests that the sequence of stages formation in the proposed matrix: management of reproduction processes in the bank system components evaluation and determines their level and the level of profit assets to total assets, identifying the impact that sub-system of reproduction processes in the bank, forming a matrix "proportion of profit assets to total assets – an integral indicator estimates subsystems of the management of reproduction processes in the bank system".

Article is written in Ukrainian


BUSINESS INFORM №2-2013

Dovgan Z. N.
Anti-crisis Regulation, Banking Supervision and Monetary Policy in the Mechanism of Ensuring Financial Stability of the Banking System (p. 222 - 227)

The article develops a scheme of correlations of subjects of anti-crisis regulation and tools of support of financial stability of the banking system of Ukraine (FSBS). It analyses instruments of influence of the bodies of state regulation on financial stability of the banking system of Ukraine. It develops proposals with respect to improvement of the banking supervision in the context of ensuring FSBS of Ukraine. It studies interdependence between the type of the mode of national regulatory systems and FSBS in the context of substantiation of efficiency of creation of a mega-regulator of the financial market in Ukraine.

Article is written in Ukrainian


Leonov S. V., Glants V. N.
Special Taxation of Banks: Foreign Experience and Possibilities of Introduction in Ukraine (p. 228 - 231)

The article considers essence and purpose of special banking taxation. It studies establishment of the systems of special taxation of banking activity abroad. It analyses practice of application of special taxes in foreign countries and considers possibilities of their introduction in Ukraine.

Article is written in Ukrainian


Veriga A. V.
Balance of Payments and Exchange Rate: Interrelation Dialectics (p. 231 - 235)

The article systemises principles of levelling the balance of payments stated in IMF Charter and Main Principles of Monetary and Credit Policy of the National Bank of Ukraine. It analyses dynamics of indicators of the state of the balance of payments of Ukraine and official exchange rate of UAH during the period from 1998 till 2011. It studies correlation and regressive links between the following indicators: balance of the current account of the balance of payments, export of goods and services, import of goods and services, gross foreign debt, official reserve assets, and official exchange rate of UAH to USD. It gives economic interpretation of the obtained statistical results. It provides a correlation and regressive model of official exchange rate, which allows identification of quantitative parameters of devaluation of UAH in the event of growth of the foreign debt and revaluation in the event of growth of volumes of reserve assets. It gives recommendations on the use of inter-state methods of regulation of the balance of payments.

Article is written in Ukrainian


Nedodaeva N. L., , Lezhepokova V. G.
World Experience of Real Estate Tax and its Implementation into Ukrainian Legislation (p. 236 - 239)

The article considers world experience of real estate taxation and identifies expediency of its introduction into Ukrainian legislation only on the basis of deep analysis of possibilities and with consideration of economic and organisational and legal environment in the country. It shows prospects but also prematurity and unsoundness of application of the market approach to identification of the taxation base of real estate tax in Ukraine due to imperfection of the domestic real estate market. It substantiates expediency and makes organisational and legal proposals on introduction of separate market elements, such as adjustment of the total area of the object of taxation by a coefficients of territorial location and year of construction, into the taxation base. It shows expediency of division of real estate tax into two components: tax on land plots and tax on buildings, which would allow state bodies and bodies of local authorities to conduct monitoring of quality of cadastre objects more dynamically, efficiently and differentially.

Article is written in Ukrainian


Kovalenko M. M.
Typology of Corruption in the Banking Sector (p. 240 - 245)

The article develops typology of corruption in the banking sector, which is analysed by the author by levels of distribution and forms of manifestation. By levels of distribution the corruption is divided into macro and micro levels. The macro level corruption are ideological, reserve, budget, regulatory and supervisory corruptions. At micro level the corruption is divided into credit and operational, legalisation and administrative. By forms of manifestation the corruption in the banking sector could consist of bribes, kickbacks, favouritism (including nepotism and cronyism) and lobbying.

Article is written in Ukrainian


Oliynyk-Dunn O. O.
Systems of Credit Information Exchange in Ukraine: State and Prospects of Development (p. 246 - 250)

Systems of credit information exchange have strong influence upon development of the credit market, in particular, complete information about a borrower is provided, which allows more accurate assessment of the borrower’s capability to payback the credit, reduction of costs on search for information about the borrower and reduction of payment for the credit, increase of payment discipline of the borrower, reduction of the threat of over-crediting the borrower, demonopolisation of information in the credit market, which makes competition more perfect. There are both state and private systems of exchange of credit information in Ukraine, which started to operate recently and have not acquired significant development yet due to the fact that credit institutions do not realise yet advantages of such systems and absence of desire of major creditors to share this information. It is expedient for the state to initiate popularisation of participation of credit institutions in the bureau of credit history and also introduction of legislative initiatives with respect to mandatory nature of transfer of information of credit establishments into the credit bureaus.

Article is written in Ukrainian


Portna O. V.
Income of Population as a Component of Financial Potential of Ukraine (p. 251 - 254)

The article analyses resources of the population as a component of the aggregate financial potential of the country. Growth of income of the population has significant importance for strengthening the aggregate financial potential. The article specifies reserves of increase of income. It offers to use synergetic indicators, take into account interrelations between components of the income of the population and synergetic effects of their interrelation in order to increase quality and reliability of analysis, diagnosis and forecasting income of the population along with the standard indicators.

Article is written in Ukrainian


Sokol S. V.
Achievement of Real Paying Capacity in the Context of Analysis of Provision of Obligations of an Insurance Company by Means of its Resources (p. 255 - 258)

The article describes requirements to real paying capacity of insurers from the point of view of Ukrainian legislation. It analyses provision of obligations of an insurer by means of its resources. It specifies forms of provision of obligations of an insurance company, which facilitate development of a basis for compensation of losses and satisfaction of creditors’ requirements. It draws a conclusion of a contradiction relevant to paying capacity, which lies in worsening paying capacity in the event of increase of insurance payments and reserves of unearned premiums.

Article is written in Ukrainian


Stryzhychenko K. A.
Study of the Regulatory Model in Europe and Ways of its Transformation (p. 259 - 262)

The existing in Europe regulatory model showed its inability and impossibility to realise traditional mechanisms of regulation of the financial market under conditions of the changing economic paradigm due to the financial crisis. The article studies the principle of partition of the fiscal and credit policy of the European Union and control over performance of banking obligations, which would allow singling out strong and weak sides of the existing regulatory model. It analyses the mechanism of regulation, on the basis of which the ways of change of the structure of the existing system of regulation are formed. Synthesis of the shown ways allowed construction of an organisational model of regulation of the financial market on the basis of the four-peak model.

Article is written in Russian


Timartsev O. Y.
Tax Advantages as a Tool of Regulation and Stimulation of the Economy (p. 262 - 267)

The article identifies the role of tax advantages as tools of regulation and stimulation of economy, their types, and characteristic features and develops a classification of tax advantages. It formalises processes of accounting and reporting about tax advantages of tax payers, mechanisms of their tax control by the state tax inspection. It analyses dynamics and structure of tax advantages of tax payers in Zaporizhzhya oblast in the contexts of individual taxes and types of economic activity. It identifies concentration of tax advantages on individual tax payers. It assesses budget losses incurred in the result of tax advantages on a national scale and Zaporizhzhya oblast scale. It gives recommendations on further development of the system of preferential taxation.

Article is written in Ukrainian


Kolodizieva S. O.
Definition of the Banking Service Notion on the Basis of the System Approach (p. 268 - 272)

The article considers and analyses main theoretic and application aspects of definition of the banking service notion (since scientific literature does not contain unequivocal definition of this notion), and identifies the place of banking activity in the general system of activity in the market of financial services. It uses system approach to establish cause-effect relations of the studied notion with such semantically close notions as banking operation and banking product. Application of the system approach allowed identification of the place of the banking service in the general system of banking activity. In the result of the conducted study the author gives own definition of the banking service notion on the basis of system approach.

Article is written in Ukrainian


Samsonov M. I.
System Risk in the Context of Realisation of Remote Monitoring of Banks Activity (p. 272 - 275)

The article analyses place and role of system risk in the context of realisation of banking supervision and describes meaning of basic approaches to managing system risk within the framework of micro and macro prudential supervision. It specifies three approaches to unpack meaning of the system risk notion, namely, micro and macro economic and combined approaches. It offers to specify system important banks, activity of which influences the general state of the banking system and financial stability in general, and to implement the system of differentiated banking regulation and supervision from the point of view of realisation of remote monitoring.

Article is written in Ukrainian


Khallo V. F.
Perfection of the Legislative Base of Regulation of the Banking Competition in Ukraine (p. 276 - 279)

The article considers contents of regulatory and legal acts that identify banking competition, substantiates the role of the legislative base in development of economic competition in the banking sector and in formation of legal mechanisms of creation of a competitive environment in the banking business in Ukraine. It shows the system of legal regulation of banking competition in foreign countries, conducts a critical analysis of the legislation that regulates competition in the market of banking services in Ukraine, considers legal regulation of competition in the banking sphere in the regional markets, and identifies main tasks of perfection of the banking legislation with respect to regulation of banking competition.

Article is written in Ukrainian


BUSINESS INFORM №3-2013

Papaika O. O., Kosogov V. A.
Assessment of Economic Inclination of Norms of Capital, Liquidity and Bank Risks (p. 293 - 298)

The article gives definition of economic inclination of norms of capital, liquidity and bank risks. It provides statistical assessment of the force of economic inclination on the materials of banks, which represent all groups, on the basis of correlation and regression analysis. It states methodical approaches to calculation of regulatory capital, norms of sufficiency (adequacy) of regulatory capital, immediate and current liquidity, maximal size of the credit risk per one counteragent, studies the character and closeness of their interdependence. It shows a linear bar chart of the specific weight of frequencies of the indicator of statistically important ratios of correlation of pairs of economic indicators. It builds correlation and regression models, which allow determination of the force of economic inclination of indicators and could be used for forecasting and planning banking activity and for making decisions with respect to management of capital, liquidity and bank risks.

Article is written in Ukrainian


Papaika O. O., Nosachova I. V.
Mechanism of Taxation of Bank Operations With Securities (p. 298 - 303)

The article reveals tendencies of the stock market, which determine bank operations with securities. It characterises dynamics bank investments into securities, financial results of operations with them, and devaluation of securities. It analyses relative weight of securities in bank assets and efficiency and risks of bank operations with securities. It generalises forms of scheme operations with securities. It formalises approaches to calculation of financial results from operations with securities in the taxation declaration on the bank profit tax. It gives a critical assessment of the existing mechanism of taxation of bank operations with securities with respect to a negative financial result and formation of reserves. It offers a methodical approach to identification of individual risk of a security on the basis of internal ratings. It determines consequences of new approaches to taxation of financial results of operations with securities and formation of reserves for stock market development.

Article is written in Ukrainian


Kulishov V. V.
Financial Globalisation: Essence and Consequences (p. 303 - 307)

The article considers global economy from the point of view of influence of globalisation processes on economy of individual states; problems, which potentially can result in negative consequences of redistribution of the financial sphere; theoretical basics of institutionalisation of economy as the main regulator of the national economy; financial conditions of formation of the global financial market; mechanisms of interaction of the national and world economies under conditions of financial globalisation.

Article is written in Ukrainian


Pashova S. N.
Specific Features of Performance of Investment Lending of Innovation Activity by Ukrainian Banks (p. 307 - 313)

The article conducts a study of modern state of the banking investment lending of innovation activity in Ukraine. It analyses conditions of granting loans into innovation activity by thirteen banks of Ukraine, which are classified by the National Bank of Ukraine into various groups depending on the volume of their assets. It substantiates specific features of the process of such lending, determines directions of innovation activity, which are the priority ones for investing the banks’ credit resources. It specifies key reference points when performing investment lending of innovation activity by Ukrainian banks.

Article is written in Ukrainian


Bondarenko A. F., Roskoshnaya Y. A., Kosenko V. I.
Modern Aspects of Development of Bank’s Clienting Strategy (p. 313 - 318)

The article describes theoretical approaches to definition of the concept of relations marketing (clienting). It justifies urgency of introduction of client-oriented marketing approach in bank activity for provision of effective interrelation of the bank with its clients, development of long-term relations with the aim of stable economic development of a financial and credit institution. It considers practical possibilities of application of modern innovation technologies of the bank marketing.

Article is written in Ukrainian


Polivantsev A. S.
Comparative Analysis of the Using of Tax Regulation in the Global Market’s Competitive Relations (p. 318 - 322)

The paper examines the main theoretical and methodological approaches to the studies of the effect of external factors on the formation of tax policy in Ukraine. It was identified that the problem of harmonization of taxes on consumption which in most countries account for more than half of budget revenues have ultra-low form of diversification. In general, the integration processes in the tax system have proven the need for an objective and effective as they can to ensure the economic growth and well-being of citizens.

Article is written in Ukrainian


Petrenko M. V.
Theoretical Aspects of the Formation of Financial Solutions in the Current Market Environment (p. 323 - 327)

In the article reasons of necessity of forming of financial decisions of management subjects at the different levels of the financial state are considered. Description of levels of the financial states, which will allow to define strategic aims in the financial states and trajectory of orientation on the maintainance of all of computer-integrated production potential is resulted. The theoretical aspects of forming of financial decisions in the system managements, which will be basis for achievement of desirable results at planning of financially-economic activity, choice of strategic alternatives of development of enterprise, providing of positive results are grounded.

Article is written in Ukrainian


Tkachenko I. V.
Systematisation of Factors of Influence on Components of the Revenue Side of the Pension Fund of Ukraine (p. 327 - 331)

The article considers main components of the revenue side of the Pension Fund and reveals that, under conditions of the existing system of personified accountability, a single social contribution is an important source of revenues. It identifies a number of factors that influence the process of formation of the revenue side of the Pension Fund by means of a single contribution. It also builds a structural and logical model of dependence of the volume of mandatory payments on various factors and performs their subordination by levels of influence on the revenue side of the Pension Fund budget.

Article is written in Ukrainian


Filatov V. M., Pyvavar I. V.
Features of Formation of Tariff Policy in the Sphere of Housing and Communal Services at the Present Stage on an Example of the Kharkiv Region (p. 331 - 336)

The article describes the features of formation of tariff policy in the sphere of housing and communal services of Ukraine. The main directions of state regulation of functioning of housing sector were highlighted. It was theoretically grounded and developed recommendations of the market environment in the reform of the tariff policy in the housing and communal services. The current state of security settlements of Ukraine centralized water supply and the basic problems of development in this field was analysed. The methodical approach to the formation of tariffs for public utilities example of Kharkiv region was offered.

Article is written in Ukrainian


BUSINESS INFORM №4-2013

Yeliseyeva O. K., Garkava Y.
Methodological Aspects of Assessment of Stability of the Ukrainian Banking System (p. 367 - 372)

The article is devoted to development of the methods of assessment of factors that influence stability of Ukrainian banks operation. The article gives a definition of stability of the banking system on the basis of the Lyapunov theory. In accordance with the decree “On Approval of the Methods of Calculation of Economic Norms of Regulation of Banking Activity in Ukraine”, a system of regulatory indicators of banks activity was developed. The article analyses dynamics of main indicators of banks activity for 2006 – 2012. It provides indicators that reflect the state of the banking system, reveals the mechanism or their influence upon stability of the banking system of Ukraine. It provides a developed cognitive model, on the basis of which it studies interrelation of indicators and their synergetic influence upon the state and development of the banking system of Ukraine.

Article is written in Ukrainian


Kaminskii A. B.
Bureau of Credit Histories in the System of Risk Management of Consumer Credits (p. 372 - 376)

The article studies approaches to organisation of the system of credit risk management in the segment of non-target unsecured crediting. It analyses interrelation of the creditor with the bureau of credit histories (BCH) in this system. It studies two models of BCH implementation into the system of risk management and conducts analysis of their advantages and disadvantages.

Article is written in Ukrainian


Guryanova L. S., Nepomnyashchiy V. V.
Methods of Selection of Diagnostic Indicators of Financial Security (p. 377 - 381)

The article provides main approaches to justification of information environment of signs of financial security. It considers the algorithm of analysis of data using the method of canonical correlations, which gives an opportunity to increase the quality of the information model of financial security by means of simultaneous analysis of a set of output indicators and a bigger number of determining factors, their ranging on the basis of analysis of the structure of canonical variables.

Article is written in Russian


Kremen V. M.
Scientific-methodical Approaches to Determination of Essence and Goal of Financial Supervision (p. 381 - 385)

The article analyses existing in international and domestic financial science and practice scientific-methodical approaches to interpretation of the essence of financial supervision. The article studies relations between essence of “financial regulation” and “financial supervision” notions. It studies legislative problems of determination of essence, goals and tasks of financial supervision. It systemises approaches to identification of goals and tasks of financial supervision. It offers to differentiate the general goal of financial supervision – ensuring financial stability, achievement of which requires formation of a multi-criteria system of private goals.

Article is written in Ukrainian


Ilchenko K. O.
Competition in the Banking System: Definition and Types (p. 385 - 389)

The article studies the banking system as the most important part of the financial market of Ukraine. It considers relations in the sphere of financial services and defines banking competition as struggle for consumer of banking services and creation of such conditions for other participants, which do now allow them having decisive influence upon the market. Due to this, it improves typification of banking competition and four types of competition are defined: banking competition, competition between the state and non-state banks, competition between banks and non-banking credit institutions, and competition between banks and non-financial organisations. Concentration ratio and Herfindahl-Hirshman Index were calculated in order to justify the type of the banking market, besides, the first indicator is typical for moderately concentrated markets, and the second – for the competitive environment. Conclusions with respect to the place of the banking system in the financial market are based on relative indicators, calculated with the use of official statistics.

Article is written in Ukrainian


Kornienko N. N.
Analysis of the System of Planning Budget Expenses in Ukraine (p. 389 - 393)

The article conducts analysis of specific features of the structure and dynamics of budget expenses and reveals that the system of budget planning requires realisation of measures of further perfection, directed at establishment of interaction of current and prospective goals of the budget policy. Efficient use of the mechanism of a special purpose method of planning expenses is possible in combination with introduction of a medium term budget planning. It offers innovation ways of development and intensification of the use of the special purpose method of planning in the budget process in Ukraine.

Article is written in Ukrainian


Kovalenko N. I.
Budget Regulation in Ukraine: Regulatory and Legislative Provision and Stages of Formation (p. 394 - 399)

Analysis of theoretical concepts of budget regulation of a number of scientists allowed drawing a conclusion that, despite significant differences of views and opinions, practically all of them envisage participation of the state in managing economy. Strengthening of the regulatory function of the state is topical under modern conditions. In spite of the fact that aggravation of crisis phenomena result in a necessity to search for new levers of economy regulation, it is extremely important to study in more detail formation and development of the budget regulation in Ukraine. Namely this system not only mobilises a certain volume of financial resources, but also uses them effectively, taking into account the current needs of economy and strategic tasks of further development. The article offers periodisation of the process of budget regulation in Ukraine, considers characteristic features of each stage and provides a review of specific instruments of budget regulation.

Article is written in Ukrainian


Oksenyuk O. I.
Place of the Value Added Tax in the System of Indirect Taxation (p. 399 - 404)

The article studies the essence of division of taxes into direct and indirect and a necessity in application of the system of indirect taxation. It analyses the use of taxes on consumption in foreign countries and in Ukraine. It determines dynamics of receipt of indirect taxes into the State Budget of Ukraine and specifically VAT during 2004 – 2011. It identifies the share of VAT, excise tax and import duty in general budget receipts.

Article is written in Ukrainian


BUSINESS INFORM №5-2013

Abakumenko O. V.
Modelling Competition Level in the Ukrainian Financial Market (p. 302 - 310)

Liberalisation of functioning of main segments of the financial market in the majority of developed and developing countries, appearance of new forms of financial mediation and innovation financial instruments contributed to sharpening of competition between recipients of financial assets, which resulted in relevant organisational and integration transformations in the financial market. The article offers a scientific and methodical approach to assessment of the level of competition in the financial market both in general and in its individual segments: deposit, credit, currency market and securities market ones. The offered scientific and methodical approach allows identification of the aggregate level of competition of the financial market of Ukraine, taking into account not only specific features of competitive activity in the currency, deposit, credit and securities markets, but also the degree of influence (priority) of each of these system forming components upon the financial market of Ukraine in general, which significantly increases the level of practical importance and objectivity of obtained results.

Article is written in Ukrainian


Pasichnyi M. D.
Mechanism of Indirect Taxation in Ukraine: Establishment and Development (p. 311 - 318)

The article conducts analysis of foreign experience of the role of indirect taxes in formation of the revenue part of the budget, reveals tendencies of development of indirect taxation in the end of XIX – ХХ centuries, identifies specific features of establishment and development of the domestic mechanism of indirect taxation under conditions of economic transformations and performs assessment of fiscal efficiency of indirect taxes. It reveals approaches to institutional foundations of establishment of the mechanism of indirect taxation, identifies main factors that influence the level of indirect tax proceeds and effectiveness of the budget and taxation policy. It analyses the structure of value added tax proceeds in the context of types of economic activity and excise tax in the context of groups of excisable goods. It identifies priority directions of the taxation system development in the sphere of indirect taxes.

Article is written in Ukrainian


Bazadze K. M.
Quality of Services and Bank Servicing in the System of Managing Competitiveness of Banks (p. 318 - 324)

The article is devoted to study of problems of development of bank services and perfection of bank servicing on the basis of application of information technologies, which should become a strategically important factor of competitiveness of modern commercial banks. Assessment of quality of bank servicing of retail clients, in accordance with the SERVQUAL model, helped to reveal a strategic discrepancy between expectations of the target audience and factual level of the provided banking services, which refers mostly to such components as understanding, assurance and tactfulness. The article proves that constancy of market positions of a bank in competition in the long-term prospect is based on three factors: active marketing support of competitiveness and permanent renovation and expansion of a set of banking services; system increase of personnel potential at a global level and application of interactive forms of bank servicing of clients, which are based on modern information and Internet technologies.

Article is written in Ukrainian


Moskvichova O. S.
Essence of State Regulation of the Market of Credit Services Under Conditions of the Banking Crisis (p. 324 - 328)

The article justifies a necessity of state regulation of the market of credit services both under standard conditions and under crisis conditions, reveals its economic essence, identifies goals, tasks and principles of state regulation of the market of credit services under conditions of the banking crisis. It develops an algorithm of study of the essence of the notion under question and conducts a review of theoretical foundations of the components of this algorithm and also develops a classification of state regulation in the credit market by regulation levels. It considers main indicators of the crisis of the banking system and specific features of state regulation of credit services under conditions of the banking crisis. It formulates definitions of the “market of credit services”, “state regulation of credit services” and “state regulation of credit services under conditions of the banking crisis” notions.

Article is written in Ukrainian


BUSINESS INFORM №6-2013

Zhylinska O. I.
State Financing and Stimulation of Development of Venture Investment into Models of Open Innovations (p. 330 - 336)

The article reveals specific features of overcoming such a disfunction of the market in the sphere of scientific and technical and innovation activity as non-full markets. Result is achieved through mechanisms of state financing and state stimulation of development of venture investment in the context of development of the concept of open innovations. The state will re-orient from the main source of financing venture entrepreneurship to the activator of development of venture investment. The programmes of state support and stimulation of venture entrepreneurship and venture investment give a possibility not only to provide income for venture investors, but to accelerate creation of new markets, which results in structural shifts in production and consumption while realising the function of “constructive destruction”.

Article is written in Ukrainian


Krupka I. M., Pankiv C. P.
Modern International Regulatory Requirements for Bank’s Liquidity (p. 337 - 341)

The article describes new requirements of banking activity regulation to capital and liquidity in the context of the Basel standards. It analyses the state of the Ukrainian banking supervision and readiness of banks to realise renewed standards. It justifies the necessity of introduction of international standards of banking supervision in Ukraine in order to provide financial stability of banking system and integration into the global financial environment. It proposes practical recommendations on reformation of domestic banking regulation in accordance with the Basel III terms.

Article is written in English


Kucherenko S. A., Likhochas Y. V.
Deposit Policy of a Bank and its Main Directions of Reformation (p. 342 - 345)

The article defines the “deposit policy”, “deposit” and “depositor” notions. It systemises internal and external factors that influence the bank’s deposit policy. The conducted systematisation gave a possibility to confirm that the “deposit policy” notion should be considered at two levels: at the level of the state and at the level of the bank. The article identifies types of deposit policy with consideration of the degree of participation of the state, which include: the conservative policy or the policy of strong state regulation of deposit institutions; liberal policy; and mixed policy. It conducts classification of deposits in correspondence with classification features, namely by the: form of money turnover, objects, terms, subjects, sectors of economy, types of entrepreneurship, accumulation of interests and client location. It analyses dynamics of deposits attracted by deposit corporations and studies deposit of residents by sectors of economy. It establishes that the most active sectors of economy by volumes of accumulation of money funds on deposit accounts are households and non-financial corporations. It develops main directions of increase of efficiency of the bank’s deposit policy.

Article is written in Ukrainian


Kozlov V. I.
Interconnection of the Model of Supervision Over the Financial Sector and Stability of the Banking System (p. 346 - 351)

The article uses instruments of statistical methods to make an effort of quantitative analysis of influence of the structure of the bodies of supervision over the financial sector upon stability of development of the banking system. It considers advantages and shortcomings of the main models of supervision over the financial sector. It conducts analysis of influence of each of them upon stability of development of the banking system separately for countries with high, middle and low level of income. Since within each model the functions of supervision over the financial sector could be given to different organisations, the article conducts analysis of expediency of participation of different combinations of supervisory bodies in the process of supervision. While making calculations the article uses data about supervision models from 203 countries of the world. In order to identify influence of different approaches to organisation of supervision, the article studies fluctuations of the indicator that characterises stability of the banking system for the periods from 2006 to 2007 and from 2007 to 2009 in the states with different levels of economic development and different models of supervision over the financial sector. It was identified during the conducted study that the most rational is to give functions of the supervisory body to the central bank, which plays the role of the mega-regulator, or to an ad hoc organisation but with mandatory participation of the central bank in the process of supervision over the banking sphere.

Article is written in Ukrainian


Tsesliv A. S.
Commercial Concession and Adjacent Agreements: Comparative Aspect (p. 351 - 355)

Franchise is considered to be one of the most efficient forms of organisation of business in the world, however, there is no such a notion in Ukrainian legislation. Instead, the term “commercial concession” is used. There is no common opinion in scientific literature regarding correspondence of these civil and legal transactions. That is why, the goal of the article is to reveal the level of correlation of “franchise” and “commercial concession” notions and comparison of these agreements with adjacent agreements. The article analyses “franchise” and “commercial concession” terms, considers main legislative documents that regulate this type of civil and legal relations and marks out factors that hinder development of these relations. The article establishes that these notions are equivalent in the Ukrainian legislation. It specifies main components, on which franchise is based: transfer of commercial experience and (or) rights to use objects of intellectual property; two-way relationship; legal, financial and administrative independence of the parties; payment; consultancy and other support; and availability of a written registered agreement. It compares agreements of commercial concession with licence ones and agreements on joint activity, and marks out their differences.

Article is written in Ukrainian


BUSINESS INFORM №7-2013

Senyshch P. M.
Banking Activity in the Extended Reproduction of Economy: Theoretical Aspects (p. 277 - 282)

The article considers main approaches to identification of the place, role and significance of banking activity in reproduction processes of economy: cash flow, capital, monetary and economic, and also the author’s interpretation of the role and significance of banking activity in ensuring economic growth through the prism of three main products of the banking system: deposit, credit and investment and through the influence on economic development of the deposit, credit and investment systems.

Article is written in Ukrainian


Serdiukov K. G.
Non-standard Approaches to Evaluation of Stock of Ukrainian Joint Stock Companies (p. 282 - 286)

In the course of development of the stock market in Ukraine, evaluation of shares of Ukrainian joint stock companies becomes more and more topical. Motives of investment decision making require strict calculation justification of the price. Specific features of development of the Ukrainian stock market do not give a possibility to use exchange mechanisms of pricing stock and other securities to a full extent. Nevertheless, identification of the cost of securities in a number of cases is extremely topical. The article considers properties of securities that form their demand, provides main methods of identification of the asset price and offers a list of information about the securities issuer, which has to be taken into account in the absence of exchange quotation. The article applied the method of analysis of hierarchies, which allows significant reduction of the costs connected with the stock price in the event of impossibility of its exchange quotation.

Article is written in Russian


Shakura O. O.
Functions of the System of Commercial Insurance (p. 286 - 292)

The article analyses impact of the system of commercial insurance on the most important priorities of development of the national economy, such as formation and distribution of financial resources and services, establishment of socially oriented market economy, ecological security and transition of Ukrainian economy to the innovation type of development. The article justifies a necessity of a study of the essence of the system of commercial insurance through the prism of performed functions. It was established that the system of commercial insurance performs such functions as development of investment potential of the national economy; ensuring of socio-economic stability of the national economy; increase of the ecological safety of the national economy; and activation of innovation development of the national economy. The fact that the system of commercial insurance performs the above functions allows speaking about it as about a factor of development of the national economy, which multiplicatively facilitates provision of its long-term stable economic growth.

Article is written in Russian


Oherchuk M.
Assessment of the State of Activity of Banks with Foreign Capital in the Domestic Market of Banking Services (p. 292 - 298)

Activity of foreign banks, taking into account its specificity and share in the system, is still one of the significant factors of influence upon the further development of the banking system of Ukraine. The article studies the state and effectiveness of activity of banks with the Ukrainian capital and banks that are under control of foreign investors, in the domestic market of financial services in the post-crisis period. It considers distribution of Ukrainian banks by countries of its origin, and establishes the character of distribution of assets of the banks with foreign capital and their grouping by size. It analyses, in accordance with the capital ownership, such indicators as the equity multiplier, return on assets (ROA) and return on equity (ROE) over the banking system in general and for each group of banking establishments, in accordance with the NBU classification, in particular. It offers measures on stabilisation of the banking system.

Article is written in Ukrainian


BUSINESS INFORM №8-2013

Eremeychuk R. A., Bezrodna O. S.
Use of the Balanced Scorecard and SPACE-Analysis for Determining the Bank Strategy (p. 277 - 284)

The article considers essence of the strategic analysis, its place and role in the process of strategic management of the bank and instruments of realisation. It justifies expediency of use of the balanced scorecard for assessment of activity of a banking institution. On the basis of the offered approach to selection of the balanced scorecard (by criteria of absence of a close linear connection between them and selection of the most informative and significant of them) the article carries out assessment of a bank activity by each of the sub-systems. It reveals problem aspects in functioning and formulates strategic goals, which reflect priority directions of its further development. The bank’s strategic position is determined with the help of the use of the matrix method of complex study of factors of external and internal environment of the SPACE-analysis. The article offers the bank development strategy with consideration of results of assessment of its activity on the basis of the balanced scorecard and competitive position.

Article is written in Ukrainian


Melnychenko O. V.
Theoretical Foundations of Electronic Money (p. 284 - 290)

The article is devoted to identification of the place of electronic money in the theory of modern money, specification of functions and assessment of their value in the money circulation of a country. The article analyses approaches to identification of functions of modern money, critically assesses vision of scientists with respect to electronic money functioning, gives its characteristic and provides different and common features with cash and non-cash forms of money. It justifies features of electronic money and a necessity of the state security as of one of the forms of money. Urgency of this study lies in the fact that the modern scientists pay insufficient attention to the theoretical foundations of electronic money. And those of them who study this subject do not describe necessary and important aspects of the theory of electronic money.

Article is written in Ukrainian


Panasenko H. O.
Information Awareness of Depositors in the Deposit Products Market of Ukraine (p. 290 - 295)

The article analyses important and topical for Ukraine issues concerning the level of information awareness of depositors and quality of information distributed in the deposit products market. It defines information asymmetry, the lemon market. It studies specific features of making up ratings on the basis of open and public information and on the basis of internal information that is not publicly available. It conducts comparison of ratings of reliability of bank deposits made up with the use of different sources of information. It marks out main blocks of information about deposit products and services, which are subject to distortion more frequently and to a bigger extent. It reveals specific features and sources of information used by the depositors in the process of selection of a banking institution. Using example of Prominvestbank, the article establishes the reasons that initiate “bank runs”. It marks out factors that cause appearance of the problem of a “free-rider” in the deposit market and its possible consequences.

Article is written in Ukrainian


Stryzhychenko K. A.
Mechanism of Self-Organisation of Segments of the Financial Market of the Country (p. 295 - 300)

The modern turn of economic development allows stating the fact that revolution transformations resulted in establishment of a new form of economy within the framework of the post-industrial society, which was called “evolution economy”, “new economy of growth”. Approaches to construction of regulation mechanisms change under conditions of formation of the new economy. The article builds up a mechanism of self-organisation of segments of the financial market on the basis of the use of the synergetic approach. It develops an instrumental basis of this mechanism, which includes methods of diagnosis and methods of study of sustainability. It build up a synthetic sustainability performance on the basis of combining sustainability indicators by Lagrange and Poisson.

Article is written in Ukrainian


Portna O. V.
Financial Provision of Development of Human Potential as an Important Component of the Aggregate Financial Potential of Ukraine (p. 300 - 305)

The goal of the article lies in identification of the role and significance of human potential within the aggregate financial potential of Ukraine, deepening of the theoretical foundation of financial provision of development of human potential as a component of the aggregate financial potential of the country (AFPC), development of practical recommendations directed at increase of effectiveness of use and strengthening of AFPC with the help of financial provision of development of human potential, which would determine the ways and possibilities of strengthening of the said potentials with consideration of general tendencies and real possibilities. In the result of the study the article identifies a new vector of theoretical grounds and dominating logic of financial provision of human potential as a component of the aggregate financial potential of the country. It grounds the determining significance of development of human potential for strengthening the aggregate financial potential of the country. It offers a definition of the financial provision of human potential within the aggregate financial potential of the country as certain sources, volumes and forms of financing, which are taken in accordance with possible results of the most successful realisation of the said potentials, ensuring increase of their cost, revenue from functioning for achievement of positive socio-economic effects and development both individual subjects of economy and the country in general in the short-term and long-term run. Prospects of further studies in this direction is improvement of the grounds of analysis of interference of financial provision of development of human potential and aggregate financial potential of the country.

Article is written in Ukrainian


Volokhata V. Y.
Factors of Formation of Deposit Resources of the Bank (p. 310 - 316)

The goal of the article is to make a critical review and improvement of approaches of scientists to classification of factors of formation of deposit resources of a bank, to identify their significance in the system of managing them. The article analyses approaches of domestic and foreign scientists on classification of factors of formation of deposit resources of a bank. Their critical analysis is used as a basis for offering a classification of factors of formation of deposit resources of a bank, which differs from the existing with a generalised grouping of its factors. Since factors of formation of deposit resources of a bank are not equal and take different places in the system of managing attracted resources, the article used the method of analysis of hierarchies to identify levels of their significance, which allowed both their ranking and also checking local and global priorities of experts for consistency between each other. The offered classification and levels of significance of factors of formation of deposit resources in the process of banking activity could be used as a basis for development of methodical approaches to planning, forecasting, organisation, regulation, co-ordination, accounting, analysis, stimulation and control over deposit resources of a bank. The prospects of further studies in this direction are a conduct of a deep analysis of the modern system of managing deposit resources of a bank and development of methodical approaches on its perfection.

Article is written in Ukrainian


Kapralov R. О.
Impact of the macro-environment on functioning of the market of bank payment cards in Ukraine (p. 317 - 324)

In order to assess action of factors that influence development of the Ukrainian market of bank payment cards and determine specific features of formation of its infrastructure and interaction of its subjects, the article conducts a marketing study of the market of bank payment cards with the use of factor STEEP and SWOT analyses. In the result of the conducted STEEP analysis, the study of groups of factors showed that the market of bank payment cards in Ukraine is influenced by social, technological, economic and political and legal factors. They form its positive and negative perception. Ecological factors do not exert influence due to poorly developed culture of protection of environment in the country. All the said factors form together the level of trust of the population to the market of bank payment cards and also the readiness to conduct settlements with the use of such a payment instrument as the bank payment card. In order to reveal strengths and weaknesses of the domestic market of bank payment cards, the article conducts SWOT analysis of the market, which allowed making a conclusion that there are more weaknesses than strengths at this stage of development. Two main aspects need to be marked out among strengths: advantages for the market subjects (development of activity of Ukrainian banks, single-emission and multi-emission payment systems, companies – acceptors of payment cards) and advantages for the population of the country (main positive aspects of the market of this type of payment instruments for existing and potential holders of banking payment cards).

Article is written in Ukrainian


BUSINESS INFORM №9-2013

Hubarieva I. O., Ohorodnia Y. M.
Cause-Effect Relations of Instruments of the Monetary Policy and Indicators of Sustainable Development of the Country Economy (Using Example of the NBU Discount Rate) (p. 264 - 273)

The goal of the article is to study impact of the monetary policy on ensuring sustainable development of the country economy and detection of co-integration between the variables of the sustainable development of the country economy and instruments of the monetary policy. Systematisation, analysis and generalisation of scientific works allowed formation of an aggregate of indicators of sustainable development of the country economy for conducting a cause-effect relations analysis of indicators of sustainable development of the country economy and instruments of the monetary policy. The study results were used for identification of basic indicators of sustainable development of the country economy, which are sensitive to the impact of the instruments of the monetary policy. Using the models of mistake correction, the article reveals problem aspects of interaction of the NBU discount rate with capital investments, stimulation of which is one of the basic conditions of sustainable development of the country economy. Prospects of further studies in this direction are identification of interaction and interdependence of other instruments of the monetary policy with indicators of sustainable development of the country economy, building up forecasts and scenarios of ensuring sustainable development of the country economy using instruments of the monetary policy.

Article is written in Ukrainian


Kovalenko Y. M.
Financial Stability and its Support in the Financial Sector of Economy: International and National Context (p. 274 - 279)

The article focuses on an insufficient number of studies of issues of stability of the financial sector of economy. It defines financial stability as a property of this sector to perceive and oppose to exogenous factors through stability with respect to endogenous factors, to maintain its functioning in the dynamic equilibrium and also to fulfil its functions and provide certain parameters of the whole financial system and economy in general. The article defines such a notion as “structural stability” – characteristics of a qualitative similarity of models of the financial sector when changing different parameters. It argues that assessment of its stability should include: observance of international standards in the sphere of functioning of institutional units of the financial sector; macro- and micro-prudential indicators and creation of effective institutional environment through stable functioning of macro-finances. It reveals the reasons of main imbalances in 2007 – 2009. It shows the tasks of the World Council on Financial Stability, shortcomings of which allowed offering of establishment of the Council on Anti-Crisis Regulation. It considers the structure of assessment of stability of the financial sector and also its main macro- and micro-economic indicators.

Article is written in Ukrainian


Kovtun O. A.
Financial Behaviour of Households: Essence, Structure and Classification (p. 280 - 286)

The goal of this study is identification of essence and justification of the structure of financial behaviour of households and also classification of existing models of financial behaviour with consideration of offered features, which would allow clear application of certain strategies and tools with consideration of the state of the market. The article defines the “financial behaviour of households” category, which takes into consideration operational and strategic financial components and also forms the structure of financial behaviour of households with consideration of their interaction with various financial institutions and financial potential. The article offers to differentiate the following economic categories: “financial market”, which is an aggregate of autonomous segments of the financial system, and “market of financial services”, as a unification of specific segments of the financial market. A prospective direction of further studies is analysis of change of financial behaviour of households during the period of transformation of the whole economic system and, in particular, markets of financial services, which would allow future modelling of financial behaviour of households.

Article is written in Ukrainian


Moldavska O. V., Kiyah Y. V.
Analysis of Banks with Foreign Capital (p. 287 - 292)

The article offers a new improved classification of banks by degree of participation of a foreign investor in the charter capital of a banking institution. Using this classification the article conducts an economic and statistical analysis of activity of banks with foreign capital, provides assessment of economic and financial changes caused by appearance of foreign capital in the domestic banking system and economy in general, reveals main advantages and shortcomings of availability of foreign capital in the banking sector. The article analyses dynamics of liabilities of leading banks with West-European capital and major Russian banks in the banking sector of Ukraine. On the basis of the revealed tendencies it analyses main reasons of withdrawal of banks with West-European capital from the Ukrainian market of banking services and studies reasons and consequences of intensive movement of the Russian capital into the Ukrainian banking system.

Article is written in Ukrainian


Portna O. V.
Aggregate Financial Potential of a Country: System Approach (p. 293 - 298)

The goal of the article is to describe essence and specific features of system approach and also possibilities of its use when studying the aggregate financial potential of a country, justify application of this approach for construction of the model of effective functioning of the aggregate financial potential of Ukraine. Analysing and generalising scientific works of scientists the article considers views on the system science and unification of its methodological mechanism with acquisitions of the modern economic thought. In the result of the study the article identifies basic advantages and specific features of the system approach when revealing essence features of the aggregate financial potential of the country. The article identifies a new vector of application of system analysis and dominating logic of the aggregate financial potential of the country as a system-organising category. The prospect of further studies in this direction is application of means and methods of study of a system of the aggregate financial potential of the country.

Article is written in Ukrainian


Vozna L. B.
Assessment of Merges and Acquisitions of Banks Under the Conditions of Increased Competition (p. 299 - 303)

The goal of the article is to study specific features of a bank as an object of merger and acquisition (M&A). The article systemises and generalises scientific works of many scientists and conducts analysis of main economic and non-economic motives of M&A transactions in the domestic market with participation of the foreign capital. The conducted study allowed specification of key specific features of the bank cost estimate in M&A transactions under conditions of increased competition in the market of banking services of Ukraine and the world. The article substantiates modern tendencies of concentration of the domestic bank capital. The prospect of further study in this direction is identification of state measures in the direction of stimulation of mergers and acquisitions of banks for strengthening the competition environment in the market and increase of quality of services provided. It is also necessary to undertake measures on further development of the financial market, which could facilitate the real estimate of the banking business on the basis of its market price.

Article is written in Ukrainian


Katrosha L. V.
Monitoring as a Prospective Method of the State Financial Control in the Sphere of State Purchases (p. 303 - 308)

The article uses the study of scientific literature to systemise approaches of domestic and foreign scientists to identification of the essence of the “monitoring” notion and to improve the scientific and methodical approach to definition of “monitoring” in the sphere of state purchases. It describes the role of monitoring in the system of state financial control in the sphere of state purchases. It grounds structural elements of the mechanism of realisation of monitoring in the system of state purchases, namely: it characterises the object and subject, identifies functions, principles and methods of its realisation. It establishes that provision of monitoring should consist of regulatory and information support. Taking into account foreign experience and domestic achievements in the sphere of the state financial control, the article grounds main specific characteristics of monitoring as a method of state financial control in the system of state purchases.

Article is written in Ukrainian


Maksimovа M. V.
Theoretical Aspects of Determination of the Bank’s Readiness to Introduce Controlling (p. 308 - 314)

The goal of the article is theoretical substantiation of the essence and main features of such notion as the bank’s readiness to introduce controlling. The article generalises approaches to definition of such a notion as readiness to changes. It specifies the essence of the “bank’s readiness to introduce controlling” notion and offers to consider it as such a state of the management system, which testifies to a possibility of conduct of changes with consideration of availability of competences of managerial personnel required for performance of controlling functions. The further studies could be connected with assessment of the level of bank’s readiness to introduce controlling.

Article is written in Ukrainian


Mezina O. Y.
Necessity of Creation and Functioning of an Aviation Insurance Bureau of Ukraine (p. 315 - 319)

The goal of the article is to study the issue of a necessity of creation and functioning of an aviation insurance bureau of Ukraine. Analysing and studying the main functions and activity of certain international and regional unions of insurers that deal with aviation insurance, the article identifies importance and necessity of their activity and also considers participation of insurers from different countries, including Ukraine, in them. Generalising and systemising the world and domestic experience of organisation of the market of aviation insurance and unions of insurers, the article justifies a proposal to come back to the idea of creation of an aviation insurance bureau of Ukraine. The prospect of further studies in this direction is identification of economic foundations and organisational directions of creation of an aviation insurance bureau of Ukraine.

Article is written in Ukrainian


Zaytseva I. P.
Prospects of Use of Modern Models of Budgeting in Domestic Banks (p. 319 - 325)

The goal of the article is to identify prospects of use of modern models of budgeting in domestic banking institutions. Having analysed, systemised and generalised scientific and practical developments on this issue, the article considers evolution of models of budgeting and their strong and weak points. As a result, it identifies an aggregate of factors that influence selection of a specific model of budgeting. It justifies that a correctly selected model increases efficiency of the budget process in a bank, facilitates construction of its financial structure and is a powerful instrument from the point of view of management and motivation of personnel. The prospect of further studies in this direction is an emphasis on non-traditional models of budgeting and specific features of their use in banking institutions in countries with an unstable market economy.

Article is written in Ukrainian


BUSINESS INFORM №10-2013

Mihus I. P., Dudchenko N. V.
Bank Transparency as a Component of the Economic Security Mechanism (p. 322 - 327)

The article studies specific features of formation of effective banking supervision in Ukraine through mechanisms of information transparency of banks. The authors systemised main characteristics of transparency of the domestic banks, which include: accessibility (openness) of information; completeness of information coverage; timeliness; and integrity of information. Study of experience of activity of foreign and domestic rating agencies such as Standard & Poor’s and Credit Rating and also Agency of Financial Initiatives during the period 2006 – 2012 allowed clarification of characteristic features of information policy of banks, which obtained high indicators of transparency, namely: completeness of provision of information about related companies; publication of reports that meet international standards; publication of internal bank documents (Charter, Corporate Code, etc.); publication of information about the dividend policy; publication of a risk management document; publication of information about shareholders meetings; publication of the full version of the audit report; publication of the strategy of development and plans of the bank; publication of information about authorities of corporate bodies; and publication of rating reports. On the basis of the study of reports of rating agencies the article establishes influence of information transparency of the bank upon the state of its economic security and systemises threats of activity of the banking institution from non-disclosure or incomplete disclosure of relevant information.

Article is written in Ukrainian


Yachmenova V. M., Vorobets T. I.
Factors That Influence the Level of Stability of Functioning of the Stock Market (p. 328 - 336)

The article studies factors of influence upon stability of functioning of the stock market. It offers to divide factors of influence on factors of external and internal environment. It presents a multi-level structure of influence of factors upon characteristics of stability of functioning of the stock market. The following conclusions could be made in the result of the study: stability of functioning of the stock market and factors of external and internal environment together form a multi-function complex system. The degree of influence of these factors, which would form the management method, is very important today. The study shows that stability of functioning of the stock market is characterised with the quantitative and qualitative indicators, that requires special mathematical instruments, which would analyse them properly. It is important to study this further in order to develop a complex system of assessment of stability of the stock market, which could become a scientific basis for formation of the concept of the national stock market and its regional branches.

Article is written in Ukrainian


Hrechko A. V.
Study of the Influence of the Tax Factor upon Small Enterprises Activity in Ukraine (p. 336 - 342)

The goal of the article is assessment of influence of the tax factor upon activity of small enterprises under conditions of changing the tax legislation. Analysing, systemising and generalising scientific works of many scientists and also the legislative base on the issues of taxation of small enterprises, the article considers changes that occurred in functioning of small enterprises after adoption of the Tax Code of Ukraine, systemises opinions of researchers on influence of taxes upon subjects of the small business. In the result of the study the article conducts a complex analysis of changes in the tax legislation connected with activity of physical persons – entrepreneurs and legal entities, which have the right to chose a simplified system of taxation. The article reveals specific features of tax regulation of the small business, systemises main advantages and shortcomings of operation of small enterprises that use general and simplified system of taxation. It specifies basic criteria of selection of the taxation system by the subjects of small business. It conducts a comparative analysis of tax pressure on tax payers that use the simplified or general system of taxation and also reveals directions of improvement of the system of payment of a single tax in Ukraine. The prospect of further studies in this direction is development of economically justified ways of improvement of the tax legislation for the small business subjects with the aim to reduce the level of tax pressure on this category of payers and improvement of the procedure of tax administration.

Article is written in Ukrainian


Bets O. I.
State Debt in the Post-crisis Period: Realities and Prospects (p. 342 - 346)

The goal of the article is clarification of the debt problems during the post-crisis period. Irrational debt policy based on considerations of the moment during the crisis and post-crisis periods formed risks of violation of the macro-financial stability in the country. This results in a number of negative tendencies, reduces fiscal environment and forms limitations for restoration of the state economy during the post-crisis period. Results of theoretical and empirical studies testify to the fact that the high state debt negatively influences the rates of economic growth under the influence of the following factors: de-stimulation of private investments, risks of default and financial destabilisation, increase of real interest rates, growth of vulnerability to the impact of external shocks, increase of macro-economic uncertainty and increase of default probability. It is expedient to continue the study of fiscal and budget policy and mechanisms of ensuring the debt stability of the countries with the aim to ensure restoration of economies during the post-crisis period.

Article is written in Ukrainian


Krisovatyy I. A.
Application of the Positive International Experience of Tax Regulation of Investment and Innovation Activity in Ukraine (p. 347 - 350)

The goal of the article is to study the positive international experience in the sphere of tax regulation of investment and innovation activity and a possibility of its use in modern practice. It analyses application of basic instruments of stimulation of investment and innovation activity in foreign countries. Namely: change of the taxation base, tax rate, use of the innovation loan and investment oriented depreciation policy. Using the study of experience of tax regulation in foreign countries, the article formulates proposals on activation of the investment and innovation component in the domestic economy. It offers to introduce changes into existing legislation in the context of taxation of enterprises in special economic zones and territories of priority development. It justifies expediency of differentiation of tax rates and tax privileges for the subjects of innovation activity by main taxes depending on their investment and innovation activity.

Article is written in Ukrainian


BUSINESS INFORM №11-2013

Kozlov V. I.
Impact of Unbalanced Development of Economy on Financial Sector Stability (p. 335 - 342)

The article is devoted to the study of c connection between the stability of development of the financial sector and its share in the aggregate volume of production. The article conducts a comparative study of the countries that suffered the large-scale financial and economic crisis in 2007 (USA and Great Britain) and countries economies of which turned out to be more stable (Czech Republic, Poland and Finland). In the course of the study the article marks out indicators that allow characterisation of the degree of balancing of economic development. The developed approach is applied for analysis of the Ukrainian economy in the pre-crisis period. Results of the study allow assertion that excessive growth of the financial sector increases the risk of realisation of financial and economic crises independent on the level of economic development of a country. The article develops an approach to assessment of the role of the financial sector in economy. It underlines important aspects of its application for analysing economies of developing countries. The article leaves a vast expanse for further studies and focuses on importance of monitoring of the state and development of the financial sector with consideration of the direction and rates of development of other sectors of economy. The obtained results justify the necessity of use of indicators that characterise structure of the national economy by financial sector control bodies.

Article is written in Ukrainian


Kolodiziev O. M., Vlasenko N. M.
Credit and investment banking in Ukraine : current state and prospects of development (p. 342 - 347)

The purpose of this paper is the study of the current state of credit and investment banks in Ukraine, identify gaps of its operation and prospects of further operation. As a result of the analysis, it was found that as of today the scale of investment in bank lending does not meet the needs of the productive sector of the economy in financial resources, despite the rather significant lending capacity of the banking system of Ukraine. The study indicated the main reasons hindering the development of credit and investment banks in Ukraine, which include macroeconomic and individual factors. It has been proposed a number of areas for development, the implementation of which will increase the level of participation of banks in the investment process. Prospects for further research on this subject can act to improve the mechanism of investment lending and development of new models for assessing investment risks in terms of different economic actors.

Article is written in Ukrainian


BUSINESS INFORM №12-2013

Azarenkova H. M.
Ways of Improvement of State Finance Control in Ukraine: Definition and Justification (p. 280 - 283)

The article proves urgency of the issue of improvement of the state finance control. It generalises and systemises shortcomings of the state finance control under modern conditions. It systemises generalised shortcomings and analysis of certain shortcomings with the purpose of identifying their weight. It identifies and justifies ways of improvement of the state finance control in Ukraine. It provides interrelation of the proposed ways of improvement of the state finance control with the specified shortcomings. The scientific novelty of this article lies in identification and justification of the ways of improvement of the state finance control in Ukraine with consideration of systematisation of its shortcomings under modern conditions.

Article is written in Ukrainian


Samorodov B. V., Goykhman M. I.
Analysis and Assessment of Financial Indicators of Banks in the Context of Ensuring Functioning of the Banking System (p. 284 - 291)

The article studies methods of analysis and assessment of financial indicators of activity of banks, which characterise their solvency, keeping which at a relevant level for each bank ensures functioning of the banking system in general. It offers a number of financial indicators, which should be assessed when determining the credit rating of competitor banks. It demonstrates an approach to identification of the degree of influence of indicators upon the solvency level. It reveals a necessity of comparing when conducting analysis of values of financial indicators of bank activity, which are rated, with relevant values by the group of banks and the whole banking system. In the result of application of the proposed methods it seems possible to assess positive and negative sides of activity of a specific bank compared to its competitors. Moreover, rather high values of analysed financial indicators, compared to other studied banks, could be used as weighty information when conducting PR campaigns carried out by the bank. The bank management should pay attention to low values of financial indicators, which are determined through comparison with competitor banks, and build up a relevant strategy of measures on improvement of the bank activity.

Article is written in Ukrainian


Kornyeyev M. V.
Factors of Influence upon Efficiency of Development of the Financial Sector (p. 292 - 296)

The article identifies approaches to classification of factors of influence upon activity of subjects of the financial sector. It systemises factors of influence upon activity of subjects of the financial sector pursuant to certain approaches. It considers specific features of manifestation of these factors upon activity of subjects of the financial sector and their interconnection. It studies influence of the policy of realisation of financial products of high and low quality upon efficiency of activity of subjects of the financial sector. It identifies influence of the investment and financial management upon efficiency of activity of subjects of the financial sector. It justifies the role of the fundamental indicator of efficiency of activity of subjects of the financial sector. It forms a system of requirements to ensuring financial stability of subjects of the financial sector under conditions of relative economic instability. It offers tactical and strategic directions of increase of efficiency of activity of domestic subjects of the financial sector under modern economic conditions.

Article is written in Ukrainian


Kulpinska L. K.
Stimulating Investment Development through Transformation of State Banks Activity (p. 297 - 301)

The article considers significance of state corporations and state financial institutions in stimulation of investments into the fixed capital of the country and considers problems of increase of efficiency of activity of these institutions in the world and Ukraine. It considers the state sector of the developing countries through the prism of activity of state financial and non-financial corporations. It analyses theories of positive and negative features of carrying out state investing through state-owned banks. It analyses the role of state financial corporations in Ukraine, in particular, in crediting and expansion of the portfolio of acquired governmental bonds and offers ways of its increase in the context of necessity of directing funds into investment development.

Article is written in Ukrainian


Melnychenko O. V.
Audit of Systems of Electronic Money on the Basis of Integrated Bank Reporting (p. 301 - 305)

The article is devoted to audit and oversight of systems of electronic money on the basis of integrated reporting of banks as main participants of such systems. The author offers for the first time methods of composition of integrated bank reporting – participants of systems of electronic money by parts, on the basis of which the auditors can assess and form opinions on social responsibility of payment organisations, interests of the society, business and state in the process of the use of an individual payment means. The author analyses definitions of oversight (observation) over payment systems and systems of electronic money. Moreover, it offers methods of carrying out an audit of systems of electronic money by data of integrated bank reporting, on the basis of which assessment of influence of the use of this form of money funds upon bank employees, society in general and upon ensuring observation of rules of the current legislation by participants of systems of electronic money is carried out.

Article is written in Ukrainian


Pohorelenko N. P., Ostroushko M. V.
Ensuring Financial Stability of the Banking Sector of Ukraine under Modern Conditions (p. 306 - 311)

The goal of the article lies in the study of various directions of assessment of financial stability of the banking system of Ukraine and on the basis of its consideration – in justification of a necessity of use of the system, complex approach to analysis of the state of the banking sector. The article justifies that the main stages of development of assessment of stability of the financial system is formation of the information base and system of indicators of stability of the financial system, conduct of its monitoring and analysis, stress-testing, formation of a report on the state of the4 financial system, development of recommendations on adjustment of the policy with the aim of strengthening stability of the financial system and avoidance of financial crises. The article pays a special attention to approaches to calculation of an integral indicator of the financial stability of banks. In the result of the study it identifies directions of the study of assessment of financial stability of banks and develops recommendations on their adjustment with the aim of strengthening stability of the financial system and avoidance of economic disbalances.

Article is written in Ukrainian


Bozhenko A. S.
Analysis of the Reinsurance Market Situation under Conditions of Volatility of the World Economy (p. 312 - 318)

The article conducts analysis of the modern state and prospects of further development of the reinsurance market through identification of prerequisites of establishment and systematisation of main stages of formation of this market situation. It studies main parameters of formation of the studies economic category: volume of the global market of reinsurance, factors of interaction of demand and supply; interconnection of participants of this market under conditions of volatility of the world economy. Results of the study, stated in this article, give a possibility to affirm that analysis and process of formation of the reinsurance market situation is a complex and multi-sided topic for conducting further studies. Using the obtained data, one can forecast future behaviour of the market participants when unfavourable situations occur and find the most optimal ways of their solution.

Article is written in Ukrainian


Leus D. V.
Analysis of Scientific and Methodical Approaches to Portfolio Investment as a Tool of Financial Provision of Sustainable Economic Development (p. 318 - 322)

The article analyses scientific and methodical approaches to portfolio investment. It develops recommendations on specification of the categorical apparatus of portfolio investment in the context of differentiation of strategic (direct) and portfolio investments as alternative approaches to the conduct of investment activity. It identifies the composition and functions of objects and subjects of portfolio investment under conditions of globalisation of the world financial markets. It studies main postulates of the portfolio theory and justifies a necessity of identification of the place, role and functions of subjects of portfolio investment in them for ensuring sustainable development of the economy. It offers to specify, as one of the ways of further development of portfolio theories, a separate direction in the financial provision of economy with consideration of ecologic and social components – socio responsible investment.

Article is written in Ukrainian


Olkhovyk V. V.
Assessing Efficiency of Taxation of Banks and Enterprises of the Real Sector of Economy of Ukraine (p. 322 - 327)

The article analysis the tax load for the banking system in general. Analysis showed the tax load of the banks is rather low and does not reach the fifth part of 1 percent. At the same time, by individual branches of the real sector of economy this indicator is in an average for 5 years 5 – 8 percent, which confirms violation of the principle of proportionality of the taxation system of Ukraine. The ratio of elasticity of taxes of the banks showed unevenness of distribution of taxes if compared with dynamics of change of GDP. However, taxes of the real sector are distributed in proportion to the change of the GDP share. Calculation of the Herfindahl index allowed assessment of efficiency of taxation of banks in the structure of the economy of Ukraine. The index of concentration of taxation of banks had a rather low value during the analysed period (2008 – 2012), which is confirmed by data on a low tax load of the banks if compared to rather high values of tax load at enterprises of the real sector of economy.

Article is written in Russian


Ruzhytskyi A. V., Khrynyuk O. S.
Mutual Payments in Increase of the Level of Economic Security of Energy Generating Enterprises (p. 327 - 332)

The article presents main approaches to the essence of the economic security of an enterprise notion, namely, approach of counter-action to threats, approach of successful market activity and approach of achievement of certain development goals; it identifies the role of economic security of energy generating enterprises in economic security of other subjects and the country in general; it offers definition of the economic security of an enterprise notion as a complex characteristic of the state of the enterprise that reflects the level of the enterprise possibility to ensure functioning and development; it marks out functional components of economic security, which are connected with mutual payments, namely, financial, personnel, technical and technological, political and legal, informational and interface ones; it presents connection of mutual payments with the level of financial component of economic security of enterprises, which envisages financial flow from or to the enterprise for changing the obligation status or its quantitative characteristics.

Article is written in Ukrainian


Tkachyk L. P.
Specific Features of Functioning of the Corporate Tax Management (p. 333 - 338)

The article identifies and reveals the essence of functional elements of corporate tax management, which are tax planning, tax analysis, tax accounting and reporting, tax control and tax monitoring. The article builds a functional model of corporate tax management that reflects interaction of its functional elements in the process of realisation of tax activity of economic subjects. Pursuant to this model, the corporate tax management is conducted in several stages, namely: development of alternative variants of tax activity, analysis of alternative variants of tax activity, selection of the optimal variant of tax activity, realisation of tax activity, control over realisation of tax activity and development of measures of increase of efficiency of tax management. Application of the functional model of corporate tax management, which envisages use of all instruments, allows optimisation of tax payments of economic subjects.

Article is written in Ukrainian


BUSINESS INFORM №1-2014

Doroshenko H. O.
Banking Sector of Ukraine: Realities, Tendencies, Prospects (p. 232 - 236)

The article analyses the modern state of the banking sector of Ukraine, its sources and prospects. It identifies that the main obstacle for stable development is dissociation of banking segments, absence of functional unity and orientation at formation of optimal conditions for satisfaction of financial requirements of the domestic economy. In order to create the efficient banking system it is necessary to introduce new banking supervision standards oriented at specialisation of the banking activity. The banking market should be segmented and both major banks that form the nucleus of the segment and minor ones operating in their niches should co-operate within each segment. Universal banks that have a developed branch network should unite specialised segments. Moreover, it is necessary to introduce changes into the mechanism of application of some instruments of money and loan regulation with respect to specialised banks and introduce some restrictions upon spheres of activity of the foreign capital.

Article is written in Russian


Azizova K. M.
Complex Assessment of Sufficiency of the Bank Resource Potential (p. 236 - 241)

The goal of the article is development of methodical recommendations regarding assessment of sufficiency of the bank resource potential by means of identification and analysis of all its components and use of the method of rating assessment. Analysing, systemising and generalising scientific works of foreign and Ukrainian scientists, the article considers a complex approach to the bank resource potential management. In the result of the study the article identifies specific features of a complex approach in the bank resource potential management. The method of geometric average and normative values of selected ratios for calculation was used for the generalising complex assessment of sufficiency of the bank resource potential. The rating assessment of the Public JSC Mercury Bank resource potential was calculated by such indicators as: debt, loan and own resources. The stated algorithm of the rating assessment of the resource potential could be applied for comparison of banks in dynamics.

Article is written in Ukrainian


Bondarenko O. S.
Justification of Scientific Approaches to Identification of Financial Flows (p. 241 - 248)

The goal of the article is justification of essence of financial flows and expediency of managing them in logistics systems. By the result of the studies the article distinguishes “cash flow” and “financial flow” notions, marks out scientific approaches to determination of the essence of financial flows and justifies their advantages and shortcomings. The article offers determination of essence of financial flows on the basis of content analysis. The prospect of further studies lies in development of mechanisms of financial flows management in logistics systems on the basis of use of concepts of logistics and financial management, which ensure close interaction of elements of the logistics system, types of logistics flows and risk influence accounting.

Article is written in Ukrainian


Bolhar T. M.
Managing Bad Loans of Domestic Banks under Modern Economic Conditions (p. 248 - 255)

The article considers main methods of management of bad bank loans under modern economic conditions, conducts analysis of internal and external banking methods used by Ukrainian banks, and specifies and identifies their advantages and shortcomings. In the result of the study the article analyses in detail the use of the methods of rehabilitation and liquidation of bad loans. It considers organisation of internal and external banking methods of liquidation of bad loans, considers mechanism of their conduct and identifies advantages and shortcomings of their application both for a bank and a borrower. Prospect of further studies in this direction is improvement of methods of assessment of bad loans, in particular, development of methodological approaches to identification of assessment of profitability of bad loans as an important element of the system of management of bad loans of a bank.

Article is written in Ukrainian


Boryshkevych O. V.
Gold in Modern Economy (p. 256 - 261)

The article studies the role of gold in modern economy. It analyses dynamics and modern state of the gold market. It studies volumes of contracts in exchange and off-exchange markets. In order to reveal changes of key features of the gold market, it focuses on the study of gold demand volumes, studies volumes and geographical changes in the world gold mining, and analyses volumes of monetary gold of central banks and its share in gold and currency reserves. It analyses price fluctuations in the gold market during 1968 – 2013 and identifies main factors that determine the gold price. It identifies interconnection between the state of the gold market and financial markets of countries. The study showed that namely geopolitical and economic instability restricts the spectrum of financial assets for investing and gold is not only a safe investment object but also a profitable one.

Article is written in Ukrainian


Paientko T. V.
Reformation of Taxation of Income and Added Value in the Context of Legalisation of Financial Flows (p. 262 - 268)

The article is devoted to the study of the potential of taxation tools of legalisation of financial flows. The goal of the article is justification of directions of reformation of taxation of income and added value in the context of legalisation of financial flows in Ukraine. Pursuant to results of the study the article shows that using taxation tools it is possible to legalise and increase both taxation financial flows and a part of the financial flows earlier moved to the shadow sector of economy. First of all, budget receipts from income tax could be increased by means of reduction of this tax evasion. This could be achieved with the help of the mechanism of differentiation of income taxation, namely: application of a reduced income tax rate, which is directed at investments into the fixed capital, and a standard rate for the income distributed for other purposes. This would create conditions when tax evasion becomes unprofitable for tax payers. Second, reducing VAT evasion would result in its growth in budget receipts. To do this it is recommended to use the reduced rate during taxation of food supplies and public transportation services, which would allow reduction of the VAT evasion degree in the sphere of small and medium businesses (not connected with export) that are engaged in these types of activity. The size of the reduced rate is identified by elasticity of the shadow added value and VAT multiplier. Third, it is possible to increase financial flows by means of attraction of a part of financial flows, earlier moved into the shadow economy, into economy and mobilisation into the budget using the mechanism of tax amnesty. Using foreign experience the article justifies optimal conditions of amnesty and size of the rate of income legalisation.

Article is written in Ukrainian


Pahnenko O. M., Lysenko V. S.
Micro-insurance as the Basis for Development of Voluntary Medical Insurance in Ukraine (p. 268 - 274)

The article analyses the modern state of development of medical insurance in Ukraine and also studies advantages and shortcomings of the use of micro-insurance for popularisation of programmes of voluntary medical insurance and satisfaction of needs in high quality medical services for all layers of the population. It identifies that as of today the Ukrainian healthcare system is at the stage of reformation, mandatory medical insurance is not yet introduced and main consumers of the programmes of voluntary medical insurance are corporate clients. The article considers main constraints of development of medical insurance in Ukraine, including: low level of income of the population; absence of high quality providers of medical services in regions; and insufficient degree of trust of the population to the insurance sphere. The article shows that introduction of micro-insurance would positively influence the development of insurance medicine in the country, would facilitate provision of medical services even for poor citizens and would allow reduction of state budget expenditures on healthcare. The conducted study of restrictions and shortcomings of introduction of micro-insurance allowed identification of the fact that main of them are information asymmetry (unfavourable selection of risks, moral risk and insurance fraud), significant limitation of insurance coverage and difficulties in identifying optimal insurance tariffs.

Article is written in Ukrainian


Skasko O. I.
Improving the System of Risk Management in Ukrainian Banks (p. 274 - 279)

The goal of the article lies in the study of evolution of formation of the risk management system in Ukrainian banks, main instruments, methods of risk management and organisational approaches to formation of subdivisions of risk management and corporate management in banks. Analysing recommendations of the Basel Committee on Banking Supervision, legislative and regulatory acts, which form organisational and methodological requirements by risk management in banks, the article reveals shortcomings of its functioning. The article gives proposals on improvement of riskology in Ukrainian banks, namely: introduction of the requirement for risk assessment and stress testing by banks in the medium-term prospective (up to 3 years), which would reveal risks of realisation of long-term bank programmes, potential losses of receipts and capital due to existing gaps between the terms of performance of obligations by assets and liabilities, etc. In the result of the study the article establishes that in order to realise requirements of the Basel Committee on Banking Supervision on organisation of subdivisions of risk management in banks, it is necessary to introduce qualification requirements to managers of these services and procedures of their assignment/retirement in co-ordination with the banking supervision service, the status of which in the bank is not lower than managers of the internal audit and financial monitoring services, assignment of whom should be mandatory co-ordinated with NBU.

Article is written in Ukrainian


Chmutova I. M., Maksimovа M. V.
Formation of the Project Team on Introduction of Financial Controlling into Banking Activity (p. 279 - 285)

The article identifies order and content of stages of formation of the project team of introduction of financial controlling into banking activity. It offers a procedure of identification of the qualitative team composition, which envisages selection of candidates with the use of rules of fuzzy logical conclusion for assessing three groups of competences: personal (initiative, communication ability, creative ability, purposefulness and responsibility); common managerial (ability to work in a team, ability to manage conflicts, ability to manage, strategic thinking ability, ability to plan team work and distribute rights and obligations and co-ordinate work); special managerial (ability to justify and make decisions under conditions of uncertainty and dynamism, analytical abilities, ability to master new directions and methods of work and use them, skills and ability to form justified recommendations, special knowledge – theoretical grounds and recommendations of modern science with respect to introduction of controlling).

Article is written in Ukrainian


Shevaldina V. H.
Impact of Macro-economic Factors on Deposit Formation by Ukrainian Population (p. 286 - 291)

The goal of the article is detection of interconnections between the common economic processes and formation of bank deposits by population. The article builds a correlation and regression model of complex assessment of interconnection between macro-economic factors, savings behaviour of population and level of deposits of population in banks for two hour horizons: short-term, which is characterised with deployment of crisis phenomena both in global economy and in Ukrainian economy and the medium-term one. The article characterises the most significant common macro-economic factors. In the result of the study the article establishes that Ukrainian population is oriented at short-term horizon when forming savings due to the uncertainty in future. In the medium-term prospective, savings of the population are formed basically under influence of macro-economic factors, while formation of deposits by Ukrainian population is mostly influenced by socio-psychological factors.

Article is written in Ukrainian


Kravchenko M. V.
Theoretical and Practical Problems of Modernisation of the Taxation System and Expansion of the Income Base of the State Budget of Ukraine (p. 292 - 296)

The article briefly reviews the essence of main steps of the tax reform, which were introduced in Ukraine from 2010 until 2012 and dealt with improvement of the tax system and tax administration, reduction of tax load on the population and subjects of economic activity. It analyses the tax reform, which had a number of positive consequences for the Ukrainian financial system. It also characterises a number of shortcomings of the Tax Code, which require immediate solution. Analysing the reform results, the article gives characteristic of influence of tax innovations upon Ukrainian economy in general, economic activity of the population and state of business environment in particular. Moreover, the article studies consequences of changes in formation of the income base of the State Budget of Ukraine. It marks out that practice of changes of tax legislation is characterised with many contradictions, solution of which requires efforts of tax scientists and practitioners.

Article is written in Ukrainian


Urusova S. S.
Competitive Environment of the National Market of Banking Services: Essence and Approaches to Segmentation (p. 296 - 301)

The goal of the article lies in the study of essence of the “competitive environment of the market of banking services” notion and assessment of suitability of modern approaches to its segmentation for justifying the bank competitive strategy. On the basis of analysis and synthesis of theoretical approaches of scientists the article determines essence of competitive environment of the market of banking services and systemises methodical grounds of its structural analysis. The article establishes absence, in scientific literature, of efficient instruments of segmentation of competitive environment of the national market of banking services, capable of ensuring information requirements of formation of the competitive bank strategy on identification of direct and potential bank competitors and identification of their competitive strength. The prospect of further studies in this direction is development if scientific and methodical provisions of segmentation of competitive environment of the national market of banking services, adequate to the requirements of strategic management of bank competitiveness. This would allow increase of justification of the bank competitive strategy and ensure efficiency of its practical realisation.

Article is written in Ukrainian


Kundrya-Vysotska O. P., Kolchar Y. O.
Reasons and Prerequisites of Goodwill Devaluation in the Ukrainian Banking Sector (p. 302 - 306)

The authors conduct studies of economic prerequisites and factors, which resulted in writing-off significant amounts of goodwill value in Ukrainian banking institutions, which are structural parts of international financial institutions. In the result of analysis of main prerequisites the article identifies external and internal reasons of acknowledgement of devaluation of goodwill in the domestic banking sector. In accordance with the results of the study, the article identifies that acknowledgement of devaluation of goodwill testifies to a negative mood of foreign investors with respect to prospects of business development in the domestic banking market. The article justifies expediency of, separate from goodwill, identification of intangible assets, subject to acknowledgement in the result of unification of banks, in particular the client base of a bank, as an intangible asset with a final date of useful use. It proves that acknowledgement of this asset in the result of unification would allow avoiding significant amounts of write-off of goodwill value under unfavourable economic conditions. The prospect of further studies in this direction is justification of an optimal method of identification of the amount of goodwill devaluation, which would allow avoiding manipulations with financial reporting and would improve quality of presented information about the real financial state of banking institutions.

Article is written in Ukrainian


BUSINESS INFORM №2-2014

Alieksieiev I. V., Zhelizniak R. Y.
Importance of Correct Selection of Tax Privileges and Ways of Their Provision at Tax Stimulation of Enterprise Innovation Activity (p. 314 - 320)

The article justifies importance of tax stimulation of innovation activity of enterprises. It provides experience of different countries, which apply different instruments when stimulating innovation activity of enterprises. It shows that the most popular of the said instruments are tax ones, and the most popular ways of provision of tax privileges are a tax loan and special deductions. It offers to distribute tax privileges by different taxes within the cluster of tax stimulation of innovation activity for different types of enterprises and organisations. It analyses ways of provision of tax privileges and identifies the most optimal of them. It offers to introduce special deductions and use of increment and cumulative tax privileges, which would give a possibility to activate innovation activity of already existing enterprises and create favourable conditions for enterprises that only plan to start innovation activity. The article provides illustrative theoretical examples for presentation of the effect from the proposed recommendations due to use of different tax privileges and ways of their use.

Article is written in Ukrainian


Kozmenko S. M., Ruban O. O.
Identification of the Level of Financial Security of an Insurance Company (p. 321 - 326)

The article is devoted to theoretical and practical aspects of identification of financial security of the insurer. The article justifies urgency of identification of the level of financial security of the insurer and its qualitative assessment. It offers a scientific and methodical approach to identification of the level of financial security of the insurer on the basis of the conducted analysis of advantages and shortcomings of the existing approaches. The basis of the developed methods is a generalised assessment of the level of financial security of the insurer, which is offered to be carried out on the basis of calculation of statistical and dynamic integral indicators of financial security of the insurance company. The obtained integral assessments allow making a conclusion about efficiency of the selected strategy of the insurer and its ability to oppose to negative influence of threats to financial security. Results of calculation of integral indicators of financial security of the insurer allow identification of influence of fraud as the main threat to financial security of domestic insurance companies. The proposed approach was realised in practice of Ukrainian insurers and proved its efficiency.

Article is written in English


Humenniy A. А., Paientko T. V.
Factors of Formation of the tax Potential of the Securities Market (p. 327 - 331)

The article is devoted to the problems of identification of factors that influence volumes and dynamics of the tax potential of the securities market. The goal of the article is detection and systematisation of factors of formation and realisation of the tax potential of the securities market. In the result of the conducted study it systemises factors of formation and realisation of the tax potential of the securities market by two groups: economic and legislatory organisational. The main of the economic factors are: state of economic development, degree of the shadow economy, level of savings of the population, level of trust of the population and level of inflation. The article justifies interconnection that exist between the said factors and volumes of the tax potential of the securities market. In particular, it proves that increase of volumes of the shadow economy facilitates reduction of the tax potential of the securities market, since it facilitates outflow of capital from the official sector of economy. Growth of unorganised savings of the population, the volume of which grows proportionally to the growth of the level of distrust of the population to the securities market, has a negative impact on formation of the tax potential of the securities market. Degree of the negative impact of the said factors grows in the event of deterioration of the state of the macro-economic situation and growth of inflation. The legislatory organisational factors are: object, base, rates of taxation of securities trading and the securities market infrastructure. The article proves that low level of infrastructure development could significantly reduce the tax potential of the securities market. The proposed approach to the study of factors of formation of the tax potential gives a possibility to mark out, apart from de-shadowing of operations and expansion of the taxation base, one more direction on increase of the tax potential of the securities market, namely – attraction of free money funds of the population. The prospect of further studies is development of methods of assessment of influence of each of the factors upon dynamics of the tax potential of the securities market.

Article is written in Ukrainian


Paranchuk S. V., Chubka O. M.
Fiscal Policy Impact on the State of Circulating Capital in the Corporate Sector (p. 332 - 335)

The goal of the article lies in identification of impact of the fiscal policy on the state of circulating capital in the corporate sector in Ukraine and in other countries. The article underlines conceptual approaches to improvement of the state tax policy with consideration of a necessity of formation of own financial resources for formation of circulating capital by subjects of the corporate sector. It justifies scientific and practical measures on reduction of the tax load on the production capital, that is, on that part of the fixed and circulating capital, which regularly and directly participates in creation of the added value. It offers a list of tax privileges for subjects of the corporate sector that direct profit into accumulation of the own capital base, including in the part of increase of the circulating capital. Realisation of the proposed recommendations should facilitate fast accumulation of financial resources for further formation of the circulating capital in the corporate sector, since this is an indispensable condition of high efficiency of corporate finance and economic activity in general.

Article is written in Ukrainian


Khorosheva O. I.
Financial Economy and Financial System: Basis of Structural Interconnection (p. 336 - 341)

The goal of the article lies in identification of grounds of interconnection of the financial economy and financial system. The study was conducted with consideration of main provisions of the theory of finance and concept of financial economy, which is a set of means used in the process of reproduction of finance by their owner for formation and / or maintenance of the own system of values in the viable state. For the first time ever the structure of the financial system is identified as an aggregate of financial economies and financial market. The article justifies a necessity of expansion of boundaries of perception of the state financial economy, which is offered to include public financial economy of the state level and the set of financial economies of the state as a subject of economic activity. Such an approach forms a base for justification of the synthesis of participation of the state in financial relations as the owner and as the basic macro-economic regulator. Prospects of further study in this direction are: development of classification of financial economies; revelation of specific features of impact of shadow finance on development of the national financial economy; and assessment of possibilities of inclusion of structured financial products into the system of values of financial economies in Ukraine.

Article is written in Russian


Zhytar M. O.
Selection of the Bank Investment Strategy on the Basis of the Hierarchy Analysis Method (p. 342 - 347)

The goal of the article lies in identification of a methodical approach to selection of the investment strategy of banks on the basis of factors of its formation with the use of the hierarchy analysis method. Factors of formation of the bank’s investment strategy were identified in the result of the study. The article demonstrates that selection of the investment strategy of the bank could be efficiently realised on the basis of the hierarchy analysis method, which is the most popular under conditions of a multi-criteria assessment of the search for optimal solution of the set task. The article offers a hierarchical structure of decision making, which could be a basis of selection of the bank’s investment strategy with consideration of the institutional flexibility. The prospect of further study in this direction is development of an optimisation model of the bank’s investment portfolio with consideration of not only institutional, but also market flexibility of decision making.

Article is written in Ukrainian


Ostapenko V. M.
Public-private Partnership in the Context of Realisation of the State Financial Policy (p. 348 - 356)

In the result of the study the article analyses modern tendencies of development of economy of Ukraine. It marks out problems connected with realisation of the state financial policy. It considers the essence of the state financial policy, its directions (such as budget-tax and monetary-credit), structural components and tasks. It emphasises the place of the public-private partnership as an instrument of realisation of the financial policy. It justifies tasks in the process of realisation of goals of the modern financial policy, which could be carried out with the help of the public-private partnership. The prospect of further studies in this direction is formation of practical recommendations on the use of the public-private partnership in the process of realisation of the state financial policy. Further improvement of the public-private partnership is connected with development of efficient mechanisms of its introduction and optimisation of its financial structure.

Article is written in Ukrainian


BUSINESS INFORM №3-2014

Makarenko M. I., Dmytriev E. E.
International Approach to Structuring Liquidity of Banking Systems (p. 282 - 286)

The goal of the article is analysis of liquidity as a system category and study of essential transformation of liquidity from the purely banking notion to its wider interpretation as a financial system category on the basis of international approaches in this sphere. The article states that the liquidity notion is one of the fundamental ones in the theory of finance and banking business, but, until now, the issue of the nature of liquidity has not been completely developed yet. The article also states that the system nature of liquidity is expressed, in international practice, in availability of interaction of specific forms of its manifestation, such as the Central Bank liquidity (monetary basis of the economy), market liquidity (inter-bank market and asset market) and financing liquidity (liquidity of institutional units). In the result of the study the article offers such interpretation of the banking system liquidity as a complex dynamic interaction of such elements as the Central Bank liquidity, liquidity of individual banking institutions and markets (both at national and international levels), which ensures execution of their obligations by banks, easy flow of financial resources and their efficient re-distribution between economic subjects, ensuring continuous general growth of economy.

Article is written in Russian


Melnychenko O. V.
Methods of Analysis of Electronic Money in Banks (p. 286 - 294)

The article identifies methods of analysis of electronic money, formalises its instruments and offers an integral indicator, which should be calculated by issuing banks and those banks, which carry out operations with electronic money, issued by other banks. Calculation of the integral indicator would allow complex assessment of activity of the studied bank with electronic money and would allow comparison of parameters of different banks by the aggregate of indicators for the study of the electronic money market, its level of development, etc. The article presents methods which envisage economic analysis of electronic money in banks by the following directions: solvency and liquidity, efficiency of electronic money issue, business activity of the bank and social responsibility. Moreover, the proposed indicators by each of the directions are offered to be taken into account when building integral indicators, with the help of which banks are studied: business activity, profitability, solvency, liquidity and so on.

Article is written in Ukrainian


Danilov О. D., Denysenko D. Y.
Capital Taxation Tendencies in Ukraine and in the World (p. 295 - 300)

The goal of the article is analysis of the world and domestic tendencies of capital taxation and justification of directions of improvement of capital taxation in Ukraine. The study was carried out with division of taxation of human and material capital. Taxation of human capital in Ukraine is moderate, compared to OECD countries, however, its main load lies on employers, unlike in OECD countries, where it is distributed proportionally between employers and employees. Taking into account a high level of shadow income of the citizens, it is too early to perform this re-distribution in Ukraine, that is why it is expedient to reduce rates of the single social contribution by employers, at the same time increasing the level of natural resources taxation, which, in Ukraine, is one of the lowest in the world. Ukraine, compared to OECD countries, is characterised with a higher level of profit taxation, which has a negative impact on increasing own capital and restoration of fixed assets. Taking into account tendencies to reduction of both standard and implicit rates of profit tax abroad, we offer to develop a mechanism of reduction of the implicit profit tax rate through improvement of the mechanism of charging depreciation and strengthening regulating effects of the profit tax on profit in the context of restoration of the fixed assets. The prospect of further studies is justification of proposals regarding changing the mechanisms of charging depreciation and profit taxation preferences.

Article is written in Ukrainian


Laktionova O. A.
Financial Flexibility as a Phenomenon of Manifestation of Flexibility of the Financial System at the Micro-level (p. 301 - 310)

The article considers financial flexibility of economic subjects in the context of specific features of manifestation of this property at the micro-level of the financial system. It generalises various theoretical approaches to understanding the essence of the financial flexibility in the context of motives of its formation, sources and instruments of realisation. It specifies criteria of financial flexibility: manoeuvrability, efficiency and economy. It studies interrelation between the financial flexibility and financial restrictions at the micro-level and, consequently, factors that determine them: capital market imperfection, development level and structure of the financial system, cyclicity of economy, and company characteristics (including financial architecture). The article describes their distinguishing features. It states that apart from maintaining the financial flexibility during formation of money reserves and debt load resource the companies can be guided by other motives. It offers classification of types of financial flexibility based on the sources and goals of formation, influence upon the financial potential, stages of reproduction of financial resources, the instruments used, engaged elements of the financial mechanism, stages of the business cycle and types of the used financial resources.

Article is written in Russian


Rohov H. K.
Factors of Selection of the Stock Allocation Method (p. 311 - 316)

The article describes results of the author’s study of factors of making strategic decisions on selection of methods of stock allocation by public joint stock companies in Ukraine. The author used the Random forest mathematical apparatus of classification trees building and also informal methods. The article analyses the reasons that restrain public allocation of stock. It shows significant influence upon selection of a method of stock allocation of such factors as capital concentration, balance rate of corporate rights, sector of economy and significant participation of the institutes of common investment or the state in the authorised capital. The built hierarchical model of classification of factors of the issuing policy of joint stock companies finds logical justification in specific features of the institutional environment, however, it does not fit into the framework of the classical concept of the market economy. The model could be used both for formation of goals of corporate financial strategies and in the process of improvement of state regulation of activity of securities issuers. The prospect of further studies in this direction is identification of transformation of factors of selection of the stock allocation method under conditions of revival of the stock market.

Article is written in Ukrainian


Rudyk V. K.
Dependence of Preservation of Pension Savings of the Second Level on Development of the National Stock Market (p. 316 - 321)

The article speaks about the issues of necessity of development of the domestic stock market for ensuring investment of pension assets of the mandatory state defined contribution pension insurance. It characterises risks that could arise during introduction of the second level and identifies methods of their minimisation. It pays attention to improvement of the stock market and use of reliable financial instruments for investing pension assets with high level of their profitability. It conducts a comparative assessment of the level of average annual real income of mandatory defined contribution pension systems in individual countries for the past 5 – 10 years. It pays significant attention to the use of state securities in investing pension assets of the second level and characterises requirements that should be set for them. It analyses the use of financial instruments of the stock market for investing non-state pension provision. It studies main financial instruments that could be legally used for investing pension assets at the initial stage of introduction of the second level for their protection and preservation.

Article is written in Ukrainian


Tofan I. M.
Prospects of Single Tax Payers (p. 321 - 325)

The article speaks about problem aspects of taxation, which were set by the state for the single tax administering due to permanent and system changes in the tax legislation. It shows the necessity of search for alternative methods of administering in the process of taxation of single tax payers by fiscal services. The goal of the article is the study of prospects of further taxation of entrepreneurs – single tax payers on the basis of analysis of conditions and principles created by the state for the business. The article used methods of system analysis, comparison, forecasting and modelling. It analyses the process of evolution of the simplified taxation system, accounting and reporting from the moment of its adoption until today. The article presents the structure of the quantitative composition of single tax payers depending on the selected groups. It marks out and characterises administrative and fiscal factors that do not facilitate further development of entrepreneurship in Ukraine. In the result of the conducted studies the article outlines problem aspects of organisation of taxation of the small business and offers specific and real ways of their overcoming or partial solution.

Article is written in Ukrainian


Senyshch P. M.
Legal Instruments of Regulation of Development of Banking Activity in Ukraine (p. 325 - 329)

The article considers main approaches to identification of essence of legal instruments of regulation of development of the banking activity, identifies the mechanism of legal regulation of the banking activity and its elements and justifies the system and form of legal regulation of the banking activity in Ukraine. It describes subjects of legal regulation of the banking activity at the international level, which are the Basel Committee on Banking Supervision, European Central Bank, IMF, International Financial Reporting Standards Foundation and others. The article considers specific features of the regulatory requirements of Basel II and Basel III and specific features of their introduction into the banking activity. It describes anti-cyclic measures offered by the Basel Committee, which should facilitate formation of such conditions, under which the banking sector could have a lower level of leverage and stability with respect to influence of system risks. Significant attention is paid to international instruments of regulation of the banking activity, which include the following legal acts: Uniform Rules for Collections, Uniform Customs and Practice for Documentary Credits, and Unified Rules for Loan Guarantees. The article shows that the share of subordinate legal acts is significant in the Ukrainian system of banking regulatory and legal acts since the state cannot operatively react to the changing processes in banking at the legislative level and, that is why, basic provisions on carrying out banking activity should be fixed in law.

Article is written in Ukrainian


Stetsenko T. V.
Safety of Municipal Loan in Ukraine (p. 329 - 333)

The goal of the article is justification of the necessity of legal regulation of actions of the bodies of local self-government when detecting signs of insolvency. Each stage of municipal loans management is analysed from the point of view of availability of legal rules, which do not allow making municipal loans by territorial communities of the cities with weak financial state or regulate sequence of actions of municipalities in default times. The following results were obtained: majority of legal restrictions in the sphere of local finance management are directed at prevention of ungrounded loans or have the form of sanctions, applied to local bodies, which perform their debt obligations with delay; the state formally controls the process of making municipal loans, avoiding financial responsibility; the national legislation does not contain the mechanism of regulation of actions of territorial communities, which experience difficulties when performing debt obligations. The article proves expediency of adoption of a uniform regulatory-legal act in Ukraine, which would regulate all economic relations connected with making municipal loans. This legal document shall contain a section about actions of the municipality-debtor when signs of default start to appear, announcement of default and declaration of the debtor insolvent (bankrupt). The article recommends the following structure of this section: regulation of the procedure of default announcement avoidance; announcement of default with the pre-trial restoration of the debtor’s solvency; and announcement of default with declaring the debtor bankrupt juridically.

Article is written in Ukrainian


Cheberiako O. V., Loboda H. B.
Economic Essence and Function of Financial Intermediaries in Ukraine (p. 334 - 340)

The article studies essence and purpose of activity of financial intermediaries in Ukraine. It analyses scientific works of foreign and Ukrainian scientists, on the basis of which it performs systematisation of views of researchers with respect to the essence of such terms as financial intermediary and financial intermediation. The author offers own interpretation of the financial intermediary notion. It identifies the goal of activity of financial intermediaries at the macro-level and micro-level with the help of consideration of their functions. In the result of the study the article establishes that study of functions of financial intermediaries at the macro-level allows analysis of the general level of the country economy development depending on the level of development of financial intermediaries, and consideration of functions of financial intermediaries at the level of population and individual subjects of economy (individual investors). The article considers functions and conducts classification of financial intermediaries depending on the financial market segment.

Article is written in Ukrainian


Adamenko I. P.
Financial Policy as an Instrument of Socio-economic Development of a Country (p. 341 - 345)

The goal of the article lies in showing the economic essence and identification of directions of increase of efficiency of the financial policy as an instrument of socio-economic development of the country. The article describes theoretical aspects, methodological principles and forms of ordering and improving financial relations. It identifies specific features of formation and realisation of financial policy of foreign countries. It shows that development of the strategy of efficient financial policy in the system of state regulation of economy under conditions of financial globalisation lies in formation of the model of financial relations, which would facilitate realisation of a complex of goals and tasks in the strategy of the society development; priorities of the financial policy should be determined on the basis of a complex approach in the context of formation of the financial policy concept with consideration of detection and analysis of exogenous and endogenous factors, which identify processes of the society development, and consideration of hierarchical components of the state system of priorities.

Article is written in Ukrainian


Kyrkach S. M.
Ensuring the Process of Realisation of Financial Planning of Banking Activity (p. 345 - 350)

The article studies theoretical aspects of the process of realisation of financial planning of the bank’s activity and identifies and justifies its six main stages: 1) goal formation stage; 2) preparation stage; 3) assessment; 4) financial plan approval; 5) financial plan execution, and 6) stage of the financial plan monitoring, control and adjustment. The above sequence of stages of the process of realisation of financial planning of the bank’s activity allows a trustworthy assessment of the bank’s activity environment, formation of specific goals and tasks of the bank’s activity, and also to determine the ways of their achievement, and so on. The result of the process of realisation of financial planning of the bank’s activity is the bank’s financial plan, which is proposed to divide into four sub-sections: plan of the bank’s assets and liabilities; plan of the bank’s receipts and expenditures; plan of the bank’s cash flows; and plan of forecast values of basic financial indicators of the bank’s activity.

Article is written in Ukrainian


Kozlov V. I.
Dominant Indicators of Bank Crises: Comparative Analysis for States with Different Levels of Economic Development (p. 351 - 358)

The article is devoted to identification of common and distinctive regularities of development of banking systems with different levels of development of economy through study of the most important macro-economic and financial indicators. The article uses instruments of the applied statistics. The study is based on comparison of mean values of indicators in two groups of countries (countries with a high level of income and countries with a medium level of income), each of which is divided into two sub-groups based on whether there was banking crisis in 2008 or not. In the result of the study the article shows that there are both common and distinctive features of development of banking systems of countries with different levels of economic development. Thus, a typical scenario, characteristic for countries with developed economy that had banking crisis in 2008, includes availability of a relatively large-scale crediting of the economy under conditions of relatively low rates of economic growth and close connections of the national banking systems with banking systems of other countries. Development of banking systems of developing countries during the pre-crisis period is characterised with the following specific features: relatively high rates of growth of scales of crediting of the economy and high rates of economic growth under conditions of use of significant volumes of resources, borrowed in financial markets, and close connection of the national banking systems with banking systems of other countries. The study allows a more efficient use of experience of states with developed economy, since the described results give a possibility to adjust experience of other states, taking into account characteristic features of banking systems of developing countries. Also the study identified states, experience of which should be studied. The conducted analysis of interrelations of indicators could be used for building models of assessment of sustainability of banking systems. The article is not an exhaustive study, but it shows possibilities for further studies in this direction, outlining the most important and clearly expressed specific features of development of banking systems of states with different level of economic development in the pre-crisis period.

Article is written in Ukrainian


Cherniavskii I. B.
Modern State and Prospects of Development of the Network of Banks Branches in Ukraine (p. 359 - 364)

The article studies the current state of the network of banks branches in Ukraine, identifies main reasons of reduction of the number of branches and branch departments, and identifies positive and negative consequences of this reduction for various subjects. Thus, in the course of recent years the banking system of Ukraine shows gradual reduction of branches and branch departments. Moreover, the number of bank departments reduces faster than the number of bank branches, taking also into account the fact that it is quite popular to transform banks branches into departments on a non-balance basis. In this event the main reasons of reduction of the network of banks branches are the following: tendency to reduce costs and increase the level of profitability of the banking activity, transfer to the remote servicing of clients, which does not require availability of a significant number of structural subdivisions of banks in the territory of the whole country and others. The author formulates consequences of reduction of the number of banks branches and departments with respect to three groups of subjects – for the banks themselves, for the banks’ clients and for the banks’ employees. It should be noted that the process of reduction of the network of banks branches is important and required today, but it brings negative consequences for some of the subjects. The author studies prospects of development of the network of banks branches in Ukraine and underlines the problem of transition of banks to remote servicing of clients. In particular, remote servicing of clients is popular today in the banking practice of developed countries, which requires mandatory introduction of their experience into the domestic practice.

Article is written in Ukrainian


BUSINESS INFORM №4-2014

Ivasiv I. B., Fuksman O. Y.
Integrated Liquidity Management System in Banks (p. 348 - 355)

The goal of this scientific article is justification of the concept of integrated approach to construction of the liquidity management system in banks. The article considers main stages of construction of a relevant system, identifies its elements and formulates key principles. In the result of the study the article holds that the integrated system of bank liquidity management consists of the organisational, methodical, information-analytical and software support and also the internal control system. The article justifies the necessity of attraction of all, without an exception, bank employees to the process of liquidity management and assignment of one of the key roles in this process to employees of corporate and retail businesses. The article identifies the role of the system of transfer price formation in the system of liquidity management. The prospects of further studies in this direction are formalisation of the model of assessment of bank vulnerability under impact of liquidity risk with the help of VaR indicator with consideration of currency and interest components and also providing recommendations with respect to improvement of the mechanism of liquidity management with the help of the transfer price formation. Introduction of the integrated system would help banks to achieve a qualitatively new level of liquidity management, which would allow maximisation of efficiency and reliability of their functioning.

Article is written in Ukrainian


Antonenko S. V.
Tax Stimulation of Environmental Activity (p. 355 - 360)

The goal of the article is identification and classification of main instruments of tax regulation of protection of nature, which are used in foreign countries. The article analyses the world experience of use of tax benefits for stimulation of environmental activity. The article holds that the most popular are benefits introduced into the structure of direct taxes (corporate income tax and individual income tax). The article specifies main types, forms and conditions of granting benefits and the period of their action in various countries of the world. The article identifies directions of stimulating the environmental activity of physical persons, among which observance of environmental standards in the process of construction and reconstruction of habitation, acquisition of new ecologically secure vehicles and popularisation of public transport services take a special place. The obtained results give a possibility to draw a conclusion about expediency of adaptation of positive experience of foreign countries in the sphere of tax stimulation of environmental activity to economic conditions of Ukraine.

Article is written in Russian


Kosova T. D., Timartsev O. Y.
Tax Efficiency of Ukrainian Regions: Problems and Prospects (p. 361 - 365)

The article shows that the principle of tax fairness, which is a mandatory condition of development of a competitive environment, requires levelling of tax efficiency of enterprises of different sizes of different branches of economy and regions. The problems of increase of responsibility of the local power for regional development and decentralisation of the budget system require expansion of authorities of the local power with respect to active influence upon the tax base in regions. The article describes a methodical approach to calculation of tax efficiency of regions. It analyses dynamics and level of the general tax efficiency and income tax efficiency and added value efficiency by the gross regional product. The article reveals similarities and differences of regional and all-Ukrainian tendencies of change of the tax efficiency on the basis of the correlation and regression analysis. It identifies immanent features of the income tax and value added tax based on the regional aspect, which are recommended to take into account when forming local budgets. Taking into account the basic specific weight of the income tax in formation of budget receipts and also detected immanent features of the income tax, the article offers to leave a certain part of tax receipts with local budgets. This would prompt local authorities to stimulate profitable activity of enterprises and would facilitate, on the one hand, growth of receipts of this tax and, on the other hand, reduction of significant regional differentiations.

Article is written in Ukrainian


Kravchuk I. S.
Development of the Market of Bank Bonds in Ukraine (p. 366 - 371)

The article analyses the modern state of issue of bonds by domestic bank institutions and identifies key features of this segment of the stock market, among which there are insufficient share of issued debt securities in the whole volume of bank obligations if compared to international practice, low basic parameters of volumes of bank bonds in circulation, high market concentration with respect to individual bank-issuers, low investment demand and market liquidity, and non-market features in the part of relation of terms of circulation and coupon rates, and terms of circulation of credit ratings and coupon rates. The article characterises main aspects of further development of the market with possible legislative changes of functioning of the market of corporate bonds in Ukraine. It offers directions of increase of liquidity of the corporate debt segment of the stock market on the basis of improvement of the investment climate and also organisational-economical and legislative improvement of operation of institutional investors.

Article is written in Ukrainian


Kremen V. M.
Relation between the «Financial Supervision» Notion and «Financial Regulation» and «Financial Control» Notions (p. 372 - 375)

The goal of the article lies in the study of differences between the “financial supervision” notion and “financial regulation” and “financial control” notions. In the result of the study the article proves that financial supervision is interdependent on financial regulation and is based on the adequate legislative and methodological base of financial regulation. The article shows that financial supervision is a type of control activity of the state and has a partially common goal and common methodical instruments with financial control. The prospect of further studies in this direction is identification of relations of the domestic practice of financial supervision, financial regulation and financial control in the activity of bodies of state power.

Article is written in Ukrainian


Mishchuk H. Y.
Problems of Introduction of Management by Objectives of Budget Planning in Securing Public Needs (p. 376 - 381)

The article analyses the modern state and prospects of introduction of management by objectives of budget planning in Ukraine. It identifies key features of the management by objectives and also requirements to development of budget programmes. On this basis the article holds regarding differences of the Ukrainian experience of budget planning from its theoretical grounds. It shows that consideration of urgent but not satisfied needs of the population should be a pre-requisite of introduction of budget programmes. Using example of Rivne oblast the article conducts rating of public needs established by the author in the process of a sociological questioning of population of the region with participation of Main Department of Statistics in Rivne oblast on the basis of sampling formed for study of living conditions of households, which allows assuming that the obtained results are authentic. The article establishes incorrespondence between the programme measures and needs of the population. And the key pre-requisite of the imbalance of public interests and directions of budget planning is absence of an efficient social dialogue between the power and society. Consequently, shortcomings, formed at the stage of planning, continue at the stage of public control of use of funds, which is restricted in accordance with existing principles of reflection of information at official web-sites of bodies of the regional power. The article gives positive examples of information interaction of the power and civil society with justification of possible ways of its strengthening. It shows that development of partner relations of power and regional communities is impossible without taking into account attitude of the population regarding priorities of regional development, brought to realisation in the form of financing on the basis of management by objectives use of funds of tax payers.

Article is written in Ukrainian


Mysienko O. M., Maslova A. Y.
Assessment of Efficiency of Realisation of Investment Activity of Domestic Banks in the Securities Market of Ukraine (p. 382 - 386)

The article studies indicators of dynamics of the portfolio of securities of Ukrainian banks and analyses its dynamic fluctuations, develops a methodical provision of analysis of dynamics of changes of the structure of the portfolio of securities with the use of the participatory rapid assessment both using the example of the banking sector in general and in the context of the portfolio of securities of the banks of Kharkiv region and offers to use participatory rapid assessment of dynamics of the gain of the portfolio of securities in the context of realisation of investment activity. In the result of the study the article reveals that the situation in the securities market, which developed with direct participation of domestic banks, is explained by an extremely limited position of management of regional banks with respect to investments into existing stock instruments, low level of the securities market development and limitation of functioning of high-profit financial tools.

Article is written in Ukrainian


Omelchenko O. I.
Complex Assessment of Credit Potential of the Banking System under Conditions of Uncertainty (p. 387 - 392)

Increase of competitiveness of the Ukrainian economy in the world market and evening-out consequences of structural disproportions that formed during the crisis are possible by means of optimisation of mechanisms of realisation of crediting, increase of adaptability of the credit market and its ability to adequately react to the growing credit demand. The role of the formed credit potential of the banking system and its methods of assessment and ways of management increases in this context. The article analyses various approaches to structuring of the credit potential and identifies its main components. The article shows a necessity of accounting the degree of uncertainty of external environment in the process of assessment of the credit potential of a bank and the banking system. In this connection the article uses a system approach to form a complex three-level indicator of the credit potential of a bank and the banking system, which is proposed to determine by means of application of the entropy method and which lies in the basis of the methodical approach to assessment of the credit potential. This approach allows an all-sided analysis of components of potential and consider the level of their instability in the result of impact of external environment.

Article is written in Ukrainian


Sosnovska O. O.
Mechanism of Managing Flexibility of the Resource Potential of Insurance Companies (p. 393 - 400)

The article shows urgency of development of a mechanism of managing flexibility of the resource potential of insurance companies, realisation of which would facilitate achievement of their sustainable functioning under conditions of the instable economic environment. Main stages of this mechanism are selection of indicators, integral assessment and monitoring of management of flexibility of the resource potential of insurance companies. Based on specification of factors of communicational, organisational and financial character, the article offers selection of indicators of management of flexibility of the resource potential of insurance companies for obtaining balanced information about achievement of actual values of these indicators and their threshold values. Based of the application of the hierarchy analysis method, the article develops a methodical approach to integral assessment of management of flexibility of the resource potential of insurance companies, which allows identification of the level of management of flexibility of their resource potential. The final stage of the proposed mechanism is monitoring of management of flexibility of the resource potential of insurance companies, which allows identification of changes of indicators of management of flexibility of their communicational, organisational and financial resources for making timely managerial decisions.

Article is written in Ukrainian


Zaharii V. P.
Monetary Tools of Ensuring Financial Security: Experience of Developed Countries (p. 400 - 405)

The article considers in detail specific features of use of monetary tools for ensuring financial security of the developed countries of the world. The article identifies goals, instruments and specific features of the monetary and credit policy of the US Federal Reserve System (FRS) during the crisis and at the initial stage of the rehabilitation period; the article considers the following stabilisation programmes: TSLF (Term Security Lending Facility), PDCF (Primary Dealer Credit Facility) and TARP (Troubled Asset Relief Program); and characterises tools of the FRS monetary policy. The article studies in detail and identifies characteristic features of financial security of Japan and reveals specific features of the country efforts to fight deflation. The article identifies main characteristics, establishes the essence of goals and tasks and considers and characterises monetary tools of the mechanism of ensuring financial security of Germany and England during the crisis and initial rehabilitation periods. The article studies a possibility and justifies a necessity of implementation of the positive experience of ensuring financial security of the studied countries in Ukraine.

Article is written in Ukrainian


Kravchuk V. I.
Place of Technology of Neuro-Fuzzy Modelling in the Bank Risk Management System (p. 405 - 409)

The goal of the article is justification of application of technologies of neuro-fuzzy modelling (NFM) for assessing credit risks of banks. The article reveals advantages of the NFM technology: formalisation of expert knowledge in the form of logical “if-then” constructions, possibility of processing both quantitative and qualitative indicators, and adaptation of the neuro-fuzzy model to variable conditions of the modelled environment. The article studies and analyses a possibility of regulation of factors of credit risks with the help of the NFM technology and offers an approach to classification of credit risks with respect to influence of NFM upon the level of risks.

Article is written in Ukrainian


Pidsosonna Y. H.
Ukrainian Credit Policy: Macro- and Micro-Economic Aspects (p. 410 - 416)

The goal of the article is generalisation of existing approaches to interpretation of the credit policy, specification of its essence and content and the study of links of the credit policy of macro- and micro-levels. The article considers and generalises main approaches to identification of the credit policy at micro- and macro-levels and offers own definitions of these notions. The article considers main instruments of realisation of the credit policy at the macro-level. It analyses influence of the interest rate policy and mandatory reserves policy upon the credit policy of banks. It shows an insufficient connection of the credit policy at macro- and micro-levels. It shows that the credit policy in general is a many-sided economic phenomenon, which, on the one hand, is a component of the economic policy of the state, and, on the other hand is an important component of the banking policy. That is why there is a need in further studies of this definition and its relation with the policy of banking institutions, and monetary and credit policy of the central bank and economic policy of the state. Another prospect of further studies in this direction is improvement of the mechanism of interaction of the credit policy of macro- and micro-levels with the aim of maximum satisfaction of interests and needs of participants of credit relations of all levels.

Article is written in Ukrainian


Kharchenko V. O.
Assessment of Quality of the Loan-investment Portfolio of Ukrainian Banks (p. 417 - 423)

The article is devoted to assessment and methods of minimisation of credit risks of the loan-investment portfolio (LIP) of Ukrainian banks. The article analyses the structure and dynamics of LIP of Ukrainian banks for the recent 7 years. It considers influence of LIP concentration upon the level of credit risks of the Ukrainian banking sector. The article conducts a structural analysis of income of the banking activity and considers dependence between the level of credit risks and shares of the interest income in the total bank income. The article analyses the volume of troubled debts of individual Ukrainian banks. It conducts a comparative analysis of results of activity of Ukrainian banks and also the share of troubled loans in the LIP structure of banks of France, Poland and Russian Federation. The article considers dependence between the quality of financial reports of the borrower and level of credit risks of the bank. It identifies those factors that result in the growth of the level of risks of the banking activity in Ukraine and offers measures for solving existing problems.

Article is written in Ukrainian


BUSINESS INFORM №5-2014

Levytska S. O., Osadcha O. O.
Information Component of tax Management at the Micro-level in the Context of Sustainable National Development (p. 332 - 337)

Urgency of functioning of the system of tax management at an enterprise has strategic importance at the modern stage of socio-economic development, in particular, in issues of information support at stages of making managerial decisions. The goal of the article lies in ensuring methodical, organisational and practical approaches of information support of charging and payment of taxes and dues at the level of the subject of economic activity and also in detection of priority factors of formation of an efficient information resource of tax management. Based on scientific works, regulatory and legislative documents, the article analyses domestic and international practice of information support of settlements with the budget at the level of an enterprise. The article shows that recognition of an information resource of tax management in accounting and reporting is realised through its assessment as an intangible asset – non-monetary asset, which does not have a tangible form and could be identified. The article shows classification of information resources, their main functions and forms an organisational model of information support of tax management. It shows methods of formation of the accounting information resource. It shows that in the event of ensuring information efficiency criteria reflected in work, which is the basis for making weighted decisions on the issues of enterprise settlements with the budget by mandatory payments, the tax management system would ensure economic benefits through optimisation of production resources.

Article is written in Ukrainian


Khomutenko L. I., Mokhammad K. A.
Directions of Improvement of International Leasing Mechanisms in Ukraine (p. 337 - 341)

The goal of the article lies in the study of the market of leasing services in Ukraine and development of practical recommendations on improvement of leasing activity mechanisms in international business. Analysing and generalising results of scientific works of scientists and studies of domestic and foreign companies, the article considers tendencies in the markets of leasing services and identifies main problems of leasing companies and possible ways of their solution. In the result of the study, the article identifies new directions of improvement of mechanisms of leasing activity; in particular, the article identifies main types of risks of leasing activity and offers possible ways of their minimisation. The article shows benefits of application of leasing mechanisms in practice. Scientific novelty of the study lies in development of scientific and practical recommendations regarding directions of improvement of leasing activity in Ukraine in the context of internationalisation of economic links. Practical significance of the obtained results lies in the fact that theoretical and practical developments and conclusions of the article could be used in the process of conduct of leasing activity by Ukrainian enterprises.

Article is written in Ukrainian


Chernychko T. V.
Financial Relations in the System of Economic Relations (p. 342 - 346)

The goal of the article lies in the study of specific features and main principles of formation of financial relations as a part of economic relations in Ukraine and justification of ways of evolution reformation of the model of financial relations, its correspondence with realities of development of the national economy. Analysing, systemising and generalising scientific works of domestic and foreign scientists, the article shows that the goal of optimisation of financial relations is optimisation of main financial proportions at the stage of formation and distribution of income of institutional sectors. In the result of the study the article groups components of financial relations by objects of impact. The article shows that financial relations basically are distribution ones since they appear in the process of distribution and re-distribution of the public product. The prospect of further studies in this direction is identification of optimisation of financial relations especially in the part of financial relations connected with formation and use of centralised finance as a necessary pre-requisite of ensuring sustainable economic development of Ukraine.

Article is written in Ukrainian


Bykhova O. M.
Specific Features of Application of a Marketing Complex in the Banking Sphere (p. 347 - 351)

The article analyses and formulates specific features of application of the marketing complex in the banking sphere. Based on critical analysis, marketing in the banking sphere is defined as a complex approach to management of the banking activity directed at efficient satisfaction of client and public requirements by means of purposeful use of the marketing complex. The article shows that complexity of this approach lies in clear identification of the goal, analysis of internal and external environment of the bank, a necessity of application of specific features of the product, price, sales, and communication policy of the bank and policy of relations. The article holds about expediency of realisation of the marketing concept with consideration of all listed features, which would facilitate increase of efficiency of bank functioning and maintenance of its competitiveness under modern conditions of uncertainty.

Article is written in Ukrainian


Gorbatiuk L. A.
Market of Mergers and Acquisitions in the Banking Sector of Ukraine: Modern State and Prospects of Development (p. 352 - 357)

The article is devoted to analysis of the state, dynamics and prospects of development of the Ukrainian market of mergers and acquisitions in the banking sector. The goal of the article is analysis and assessment of the state of the market of mergers and acquisitions in the banking sector of Ukraine and studies of the domestic practice of mergers and acquisitions and allocations of problems that withhold market development. The article marks out main chronological stages of development of the market of mergers and acquisitions in Ukraine. It describes tendencies and problem issues of development of the market of mergers and acquisitions. It justifies factors of influence upon dynamics of the market of mergers and acquisitions in the banking sector. Prospects of further studies in this direction are analysis of the world tendencies of the market of mergers and acquisitions, study of international experience and identification of advantages and shortcomings of the international practice of mergers and acquisitions in the banking sector.

Article is written in Ukrainian


Piatnytskyi D. V.
International Assessment of Sustainability of the Ukrainian Banking System (p. 357 - 362)

The article considers international ratings as the instrument of assessment of financial sustainability of Ukrainian banks. It justifies the use of aggregated indices developed within the studies of the World Economic Forum for assessing weaknesses that reduce competitiveness of the Ukrainian banking system. It analyses dynamics of the Index of Global Competitiveness for 2005 – 2013 and Index of Financial Development for 2009 – 2012 and shows their structures. Allocation of tendencies in dynamics of indicators of sub-indices, which characterise financial sustainability of banking institutions, proved preservation of the problems that appeared in the time of the crisis. The article shows negative influence of the low level of development of the financial market upon the Ukrainian economy, which in practice means difficulty of access to loans and availability of unsolved issues in the sphere of stability of the banking system of the country. The article underlines significant role of factors of deterioration of the macro-economic environment and political instability when international experts assess vulnerability of Ukrainian banking institutions.

Article is written in Ukrainian


Lavreniuk V. V.
Ontology of the Nature and Essence of the Systemically Important Banks (p. 363 - 369)

The goal of the article is identification of factors of establishment and formation of the essence of the systemically important banks. The article conducts a retrospective analysis of evolution of the systemically important banks. It identifies the consecutive and logical process of genesis of banks from private to national and systemically important banks, which allows determination of the economic nature of systemically important banks, which are highly important today not only for their countries but for the whole global financial system. The article considers approaches of foreign scientists and international organisations on regulation of banking activity in the context of the essence of systemically important banks. The result of the study is identification of main stages of genesis of systemically important banks: origination, establishment and development. The article marks out main features and dominants by each stage of evolution of systemically important banks. The article interprets the essence of systemically important banks from positions of the system risk as a direction, which is alternative to the evolution approach, and shows discordance in the domestic legislation by the topic of the study on the basis of recommendations of such regulatory bodies as the Basel Committee and Financial Stability Board. The article shows that the “system bank” notion reflects national systemically important banks best of all in accordance with international standards. The study is prospective since its problems are new. Namely: securing a single definition of systemically important banks at the legislation level, development of methodology of identification of national systemically important banks, establishment of a specialised department at the level of the central bank for regulating activity of systemically important banks.

Article is written in Ukrainian


Tolstosheieva A. V.
Modern Problems of Crediting by Commercial Banks of Ukraine (p. 370 - 375)

The article considers statistical and analytical data of credit activity of banks. Specific features that were formed in the post-crisis period in the market of bank crediting in Ukraine are described on their basis. The author marks out problem aspects of conduct of credit activity of banks at the national level and level of a commercial bank. Quality of a credit portfolio has both macro- and micro-economic factors in its basis, that is why, approach to its increase should be carried out through the same levels. The author offers elimination of the existing problems in banking crediting through improvement of the legislation base, conduct of the policy of consolidation of the budget, development of the state plan of overcoming the crisis, political and economic orientation of the state, active operation with bad debts, provision of loans into the real sector of economy, attraction of long-term credit resources, etc. Consideration of problems that exist in crediting would allow optimisation of a loan portfolio under conditions of development of Ukraine. Orientation not on the absolute gain of assets but on their qualitative changes would help banks to gain additional profit. And this would increase the level of economic development and investment attractiveness of the country.

Article is written in Ukrainian


Rudevska V. I.
Influence of Concentration and Centralisation of Capital upon Development of Consolidation Processes in the Banking Business (p. 375 - 379)

The article focuses on concentration and centralisation of capital and influence of these processes upon consolidation of banks, studies relations of these notions and shows influence of foreign capital upon the processes of consolidation in the national banking system of Ukraine. Significant attention is focused on identification of tendencies of growth of a number of mergers and acquisitions, expansion and creation of diversity of their forms. The article shows that the tendency of reduction of a number of banks – legal entities – is characteristic for Ukraine. At the same time, concentration of assets and capital in small banks is accompanied with their expansion in regions. Specific national features of consolidation bank processes are connected with attraction of foreign banking capital. The article studies main reasons of movement of foreign banks out of the banking sector of Ukraine in the post-crisis period. It shows specific features of increase of the level of concentration of bank capital by means of capitalisation of profit, attraction of additional joint stock capital by means of emission of ordinary and preference shares and attraction of funds under conditions of a subordinated debt, merger and amalgamation of commercial banks.

Article is written in Ukrainian


BUSINESS INFORM №6-2014

Kondusova L. F., Kipa M. O.
Financial Dependence of Ukraine on Loans from International Organizations (p. 294 - 298)

World financial crisis that began in 2008 has had impact on Ukraine as well. Today, due to political and economic instability, Ukraine needs funding from foreign financial organizations. Therefore it is necessary to consider the question of the functions of international financial and credit institutions to provide loans to countries that need help. The article deals with the nature and role of the IMF, IBRD and EBRD under the modern conditions of international integration. Each credit institution has its own credit terms; this article provides the conditions for granting loans from the IMF. The essence of anti-crisis draft of Law of Ukraine "On Prevention of financial catastrophe and creating prerequisites for economic growth in Ukraine" is also considered. The conditions for Ukraine to obtain loans from international financial organizations were analyzed and the recommendations to improve the financial situation in Ukraine were provided.

Article is written in Ukrainian


Muzhylivskyi V. V.
State-private Partnership in the Insurance Industry (p. 298 - 302)

The purpose of the article is to study the prerequisites and possibilities for introduction and implementation of state-private partnership in the insurance industry. The study emphasized that the main objective of the partnership is to implement national and international, large-scale and local socially significant projects aimed at ensuring the social protection of the population. Highlighted the role of the parties involved in the partnership, proved the effectiveness of the use of public authorities partnerships with insurers. Study of the advantages and disadvantages of state-private partnership in insurance, as well as international experience implementing this partnership, it was concluded that the presence of the government's interest in the partnership, planning, promotion and flexibility of rule-making activities are able to promote economic development and improve the level of social protection of society.

Article is written in Ukrainian


Khokhlov V. Y.
Global Diversification of the Securities Portfolio Using the Exchange-traded Funds (p. 303 - 308)

The article investigates the securities portfolios diversified across asset classes and geographically. The works of researchers who have studied separately the portfolio diversification according to asset classes such as real estate, hedge funds or commodities, as well as geographical diversification in 1990–2004 years were examined. In our study, in contrast to previous authors, to diversify exchange-traded funds (ETF) were used, which are modern and practical way to invest in different countries and asset classes. Diversification across asset classes in 2009–2013 using ETF was investigated, which is traded on the New York Stock Exchange. Also the portfolios were constructed with global diversification by adding funds that invest in the markets of developed and developing countries. Rates of return and risk of diversified portfolios were analyzed and the efficient frontier of Markowitz was constructed. The phenomenon of increased volatility in funds investing in markets outside the U.S. was studied, which is caused by the influence of exchange rate fluctuations, but it is shown that in practice it is impossible to ignore this increase. Conclusions about the feasibility of using ETF for global diversification were made.

Article is written in Ukrainian


Laktionova O. A.
Flexibility of Fiscal Policy in the Context of Cyclical Development of the Economy (p. 308 - 319)

The article discusses the factors of flexibility of fiscal policy in terms of its countercyclical impact. Factors limiting the capacity of building countercyclical fiscal impact in developing countries were examined. Based on ratios of real GDP growth and changes in the cyclically adjusted balance the state budget on the potential GDP, as well as the correlation between real GDP and the adjusted budget deficit is defined degree of counter-or pro-cyclicality of fiscal policy. The essence of flexibility of fiscal policy is disclosed based on the category of fiscal space. Effective potential impact was discussed under three types of fiscal policy: expansive, restriction and consolidation. Factors of flexibility are the characteristics of elasticity of the objects adjustment. The main instruments are the formation of various kinds of flexibility reserve opportunities – debt stock, the surplus of the state budget, state stabilization funds.

Article is written in Ukrainian


Babych I. A.
Formation of Optimal Commercial Bank Loan Portfolio, Taking into Account the Share of Loans to Enterprises of the Agrarian Sector (p. 320 - 324)

The article shows the problem of insufficient supply of credit resources in the agrarian sector of Ukraine. The importance of debt financing for development of the agrarian sector and uninterrupted agricultural production was substantiated. Based on the model of G. Markovits the optimal structure of the loan portfolio of the commercial bank was determined and the main factors influencing its formation were clarified. With the help of the analysis in the share of agricultural loans the generated optimal loan portfolio of commercial banks give reasons for restraining the increase in agricultural lending. The differences in the amount of the share of agricultural loans in the optimal loan portfolio with minimal risk and maximum profitability of the portfolio were examined. It was determined that one of the reasons for the low percentage of agricultural loans in the total loan portfolio of Ukrainian banks is significantly elevated risk of loan defaults agrarian enterprises, due to their specific activities.

Article is written in Ukrainian


Rudevska V. I.
Influence of Concentration and Centralization of Capital on the Development of the Consolidation Process in the Banking Business (p. 325 - 329)

The article focuses on the concentration and centralization of capital and the impact of these processes on the consolidation of banks, the relationship between these concepts is investigated, highlights the impact of foreign capital in the process of consolidation in the national banking system of Ukraine. Considerable attention is focused on determining the amount of growth trends in mergers and acquisitions, expansion and creation of the diversity of their forms. It was found that Ukraine is characterized by a tendency to reduce the number of banks – legal entities. However, the concentration of assets and capital in the largest banks is accompanied by their expansion to the regions. Specific features of a national banking consolidation processes is associated with foreign banking capital. The basic reasons for withdrawal of foreign banks from the banking sector of Ukraine in the post-crisis period. The features enhance the level of concentration of banks' capital by capitalization of profits to raise additional equity capital through the issuance of common and preferred shares, raising funds in the subordinated debt, and mergers of commercial banks.

Article is written in Ukrainian


Sutormina K. M.
Evaluation of Indicators of the Market Structure Concentration of Ukraine’s Banking System (p. 330 - 335)

In modern conditions, the actual problem is the formation of the optimal structure of the banking system. This requires management to react quickly to changes and implement qualitative changes in their operations. Possibility of a monopoly in the banking market as a result of the interaction of banks and competition justifies the importance and relevance of concentration research. The purpose of the article is to assess the level of concentration of the banking system and the process of concentration trends in 2004 – 2013. The article analyzes the concentration indices: the Herfindahl – Hirschman concentration index, the overall index of industry concentration. Scientists’ approaches to the evaluation of concentration of the banking system were examined. For a stable situation in the banking market there should be a limited number of banks that will give them the opportunity to reduce the cost of asset allocation and diversification. Therefore, the concentration of bank capital should be considered as one of the priority directions of development of the banking system. In future research is promising, given that it is fairly new problems. In particular, the establishment of optimal borders of banking capital concentration in order to determine the ratio of the concentration processes of risk and return of banking activities.

Article is written in Ukrainian


Bondarenko O. S.
Background for Introduction of Value-based Management of Financial Flows within Logistics Systems (p. 336 - 343)

The aim of the article is to justify the introduction of value-based prerequisites for management of financial flows in logistics systems of industrial enterprises. The article systematized the current models of corporate financial management in five directions, the comparison matrix was constructed, which allowed to prove the legitimacy of evolutionary hypotheses about a paradigm shift, which should be based on the development of models of management of financial flows in logistics systems of industrial enterprises. The prospect of further research is to develop the concept of value-based management of financial flows in logistics systems of industrial enterprises

Article is written in Ukrainian


Karcheva I. Y.
Theoretical and Practical Aspects of Ensuring the Effectiveness of Innovation Activities of Banks (p. 343 - 347)

The aim of the article is to study the theoretical foundations and development of scientific and practical recommendations to ensure the effectiveness of innovation as a complex multifaceted banks process. The article studies the essence of innovation as a complex banks targeted integrated process covering all stages of the innovation process, types of innovations, functions and activities of banks, which aims at improving the efficiency, stability and competitiveness of banks. The necessity of introduction of the new approaches to information-analytical support of innovation management of banks was grounded. It will enhance the performance and dynamic development of banks on a new innovation basis. The principles of objective evaluation of the effectiveness of innovative banking were defined, the essence of economic, social and strategic innovation effects banks was considered. A comprehensive analysis of the effectiveness of innovation activity of banks was conducted using transaction cost theory and the concept of a single integrated index the need to improve the effectiveness of Ukrainian banks innovation in modern conditions was verified.

Article is written in Ukrainian


Goprynchenko A. Р.
Influence of the Structure of Financial Resources Channels on the Financial Stability of the Trading Enterprises in Ukraine (p. 348 - 354)

The purpose of this article is the study of the dynamics and structure of financial resources channels’ formation of enterprises whose main economic activity is the wholesale and retail trade in Ukraine, study their impact on financial stability, financial stability and balance development of enterprises. The article presents the analysis of the structure of the balance of trade enterprises of Ukraine, which showed a distinct disparity between equity and debt, an extremely low proportion of equity and highly leveraged capital structure formation in general channels of financial resources. The absolute and relative financial stability of the trade using coefficient and aggregate approaches were analyzed. A comparative evaluation of assets and capital positions of its impact on financial stability and the financial equilibrium of enterprises was conducted. Based on the analysis it was concluded that the unstable state of crisis and the vast majority of traders who carry out their financial and economic activity in Ukraine, their high dependence on borrowed funds, financial assets and capital imbalance, commitment to an aggressive strategy of financing its assets, which carries a high risk for sustainable development in the current and long-term periods. The main directions of improving the management of financial resources and to improve the financial sustainability of trade in Ukraine: optimization of the vertical and horizontal structure of the balance of enterprises; the policy of a gradual increase in the share of own financial resources in the total capital and asset finance; minimize the cost and risk of attracting loan capital; an acceptable level of financial strength, liquidity, solvency; implementation of strategies to maximize financial profitability with the influence of macroeconomic factors in the external environment.

Article is written in Ukrainian


BUSINESS INFORM №7-2014

Papaika O. O., Kosova E. V.
Capital of Banks in the Context of the Requirements of Basel III International Standards: Prospects for Ukraine (p. 241 - 246)

The aim of the article is to summarize the requirements of the Basel standards to regulate banks' capital and definition of prospects of their implementation in Ukraine. The relevance of the study is determined by the need to restore the stability of the Ukrainian banking system based on the standards of Basel III, the purpose of which is to increase the stability of banks and the protection of the rights of consumers of financial services. The key provisions of these standards: increasing the minimum requirements for basic capital, capital of the first level and to equity (subject to a protective buffer conservation and countercyclical buffers), the increasing demand for core capital components of the highest quality; the presence of a transition period of five years; reduction in the bank's capital value of investments in subsidiaries and financial institutions, reduce the risk of cross-ownership were summarized. A set of activities that must be implemented in Ukrainian banks on the way to the implementation of the standards of Basel III were defined: reduction of the inefficient capital and increase of liquidity; restructuring of the balance sheet to improve the quality of capital; adjustment of business models to create flexible and efficient operational structures with capital; revision of the banking strategy planning, in particular management strategy and risk management of banks. The changes in the legal acts of the NBU to ensure compliance with the terminology and methodological approaches to Basel III were justified.

Article is written in Ukrainian


Baryliuk I. V., Paitra N. H.
Evolution of Monetary Regulation in the EU Countries (p. 247 - 252)

The aim of the article is to study the evolution of the monetary regulation in the European Union. The history of the formation of the European System of Central Banks and the Eurosystem was analyzed; differences and problems of these structures were identified. Hierarchy of relationships between national monetary regulators and the European Central Bank in the framework of a single supervisory mechanism was defined. The main discussion points inherent in the present stage of monetary regulation in the EU and possible directions for their solution were outlined. Attention is also focused on the analysis of the background of the Banking Association in the Eurozone as the final goal of the implementation of a single supervisory mechanism.

Article is written in Ukrainian


Koliada T. A.
The Genesis of the Methodological Principles of Budget Forecasting (p. 253 - 259)

The aim of the article is the disclosure of the genesis of modern methods of budgetary forecasting and the study of the most promising methodological approach to develop long-term budget predictions. During the analysis and systematization of modern methods of forecasting performance of the revenue and expenditure side of the budget the shortcomings and advantages of the major methods of budgetary forecasting were revealed. The necessity of revision and adaptation of modern methods of budgetary forecasting was outlined, which have been tested in the advanced economies, according to the conditions of countries with developing markets. The study proved that in the face of uncertainty, social tensions, political conditions and other institutional factors that have a significant influence on the formation of macroeconomic trends to increase significantly the role of formalized forecasting methods which are based on experience and intuition of qualified experts. The necessity to complement the classical (formalized) methods of forecasting with expert estimates in order to increase their effectiveness and ease the application in individual cases. The prospect for further research in this area is to bring the need for a genetic approach in the selection of prediction methods, which provides simulation of the transformation taking place in the economy, and reduced to the transference dependency characteristic of the past and the current state of the object of the study, in the future on the basis of established cause-and-effect relations.

Article is written in Ukrainian


Legkostup I. I., Katsuba K. V.
Tax Systems in the Context of Globalization: Problems of Cooperation and Prospects of Development (p. 259 - 264)

The objectives of the paper are to study the theoretical aspects of the organization of national and international tax issues, analyze current trends in international taxation, as well as the identification of the main improvements of the domestic tax policy in the context of globalization. The article studied the main causes of defects and tax competition between states. The basic principles, current trends and prospects of tax harmonization were defined. A comparative analysis of quality indicators of tax harmonization within the framework of integration groupings such as the EU and the CIS was conducted. The prospect for further research in this area is to determine the next steps for improvement of tax harmonization, in particular in the framework of interstate formations such as the EU and the CIS. Also require further research ways to reform the tax system of Ukraine and its tax harmonization in the context of modern integration processes.

Article is written in Ukrainian


Kononenko O. T.
Version of the Calculation Methodology of WACC for Banks in Ukraine (p. 264 - 269)

In the article on the basis of analysis of the goals of functioning of banking institutions the main methods of valuation of banks were highlighted. The most effective methods are to use the income method by calculating the WACC. Using an existing formula for calculating WACC is not possible in the Ukrainian realities. In this connection, a procedure was developed for calculating WACC for banking institutions, adapted to the Ukrainian economy. The proposed method of calculation allows you to display the actual profitability of the bank, taking into account the inflation factor, the risk factor economical development of the country and the capital structure of the institution. The technique involves the assessment of WACC as with regard to the internal capabilities by the bank specialists, and also the calculation for foreign investors. The proposed method of calculating the WACC allows you to compare the results with a lower limit of return on assets and can be the basis for the calculation of the future cash flows of the bank as the main indicator of the goal of the banking institutions.

Article is written in Ukrainian


Orlova V. O., Kozak G. O.
A Procedure for Optimizing the Tax Burden in the Management of the Bank (p. 270 - 276)

The purpose of the article is to develop a methodological approach to optimize the tax burden in the management of the bank. The article presents the author's vision of the essence of tax optimization of the bank as a process of searching for an optimal embodiment of the financial and economic activities of the institution in view of its status in the tax legal relations. Analyzing gradient methods for finding an extremum, found that the most appropriate method to optimize the level of the tax burden is the simulation by using the gradient method. According to a survey of existing methods for determining the performance level of the tax burden of banks and the bank's role in the tax legal substantiated that when doing the calculation of the tax burden it is advisable to perform it in two versions: with the inclusion in the calculation of the tax on personal income and without the inclusion of the tax. The author recommended using software that will facilitate accurate calculation of tax burden indicators in the process of optimizing the level of the tax burden, taking into account all factors of influence, information and visibility options for optimization, reducing time spent on the necessary calculations and labor. The prospect of further research in this direction is to improve the relationship between the banking institution and the tax authorities as a prerequisite for management of the bank tax burden.

Article is written in Ukrainian


Sybirianska Y. V., Kondratenko M. B.
The New Model of the Tax System of Ukraine: the Redistribution of the Tax Burden (p. 276 - 283)

The aim of the article is to provide a structure of the tax system of Ukraine, which will provide a redistribution of the tax burden towards the affluent population layers and will allow through the introduction of a tax on interest income and property to levy the hidden income, on the basis of economic and mathematical modeling. The article analyzes the dynamics of the coefficients of the tax burden and the costs of tax payments, as well as an index of government spending in Ukraine in 2000 – 2012, which made it possible to determine the minimum level of tax burden. According to the results of economic and mathematical modeling a new model of the Ukrainian tax system was built, which will help to increase the share of fiscally secure, stable and easy to control taxes (from 3.7% to 22 - 24%). Justified the optimal level of tax burden on the economy at the level of 41 - 42% of GDP, including USP - 13.6 - 13.8% of GDP, and the possibility of reducing the tax burden on production and people with low incomes (from 8.8% to 6.8% of GDP) without the risk of budgetary losses. Prospects for further research are a comprehensive assessment of innovations in the tax field and the development of proposals for improvement of the administration of existing taxes and fees in Ukraine, taking into account international experience.

Article is written in Ukrainian


Somova V. V.
Analysis of the Uniform Distribution of the Tax Burden on Individuals (p. 284 - 288)

The purpose of this paper is to develop the scientific and methodological support of calculating the distribution of the tax burden on individuals in a separate classification groups and provide suggestions to improve the current fiscal instruments regulating the distribution of the income of individuals. The study proposed the scientific and methodological support for calculating the distribution of the tax burden between different categories of taxpayers and between kinds of income that feature the elimination of the distorting influence of the processes of budgetary redistribution on the tax base, which will contribute to the implementation of the basic principles of taxation in the taxation of the income of individuals. The calculations showed that the distribution of the tax burden on individuals between categories of taxpayers, between kinds of income and the income scale are not consistent with the principle of social justice taxation. The necessity of improving the existing instruments regulating the distribution of income of individuals acting in the design of the tax on income of individuals was reasoned, namely the establishment of progressive rates of income taxation in the form of wages and other similar payments. The prospect for further research is to provide specific recommendations on a progressive scale of tax rates on personal income tax and replacing social benefits with the standard tax credit.

Article is written in Ukrainian


Solodovnik O. O., Dokunina K. I.
Improving the Mechanism for Financing of Infrastructure Projects through the Issuance of Infrastructure Bonds (p. 289 - 293)

The aim of the article is to analyze the state of financing of infrastructure projects in the country and abroad and summarize the international practices on the use of capital market instruments to finance such projects, which will prove the basic directions and opportunities to improve the mechanism for financing infrastructure projects in the country through the issuance of infrastructure bonds. The article analyzes the current state of implementation of infrastructure programs in Ukraine. The necessity of attracting private investment in the implementation of these programs through the issuance of securities was proved. Expediency and the possibility of adapting international practices in the use of infrastructure bonds in domestic practice were reasoned. It was determined that the promising direction of research is to develop a procedure for cooperation of participants of infrastructure bonds issue.

Article is written in Ukrainian


Musii I. M.
Conditions of Merger Processes Control and Acquisitions in the Context of Competitiveness of the Banking Sector in Ukraine (p. 293 - 298)

The article describes the key aspects of the effect of concentration of banks on the competitiveness of the banking sector. The basic principles of the state policy aimed at maintaining the competitiveness of the banking sector through regulation of mergers and acquisitions were defined, the main consequences of changes in the levels of competition for the banking sector as a whole, and for the stability of a single banking institution in particular were justified. The experience of the EU and the United States in the formation of the competition policy of the banking sector was studied. Some elements of the policy, which should be adapted to the corresponding national practice, were identified. The problem of establishment of mega banking institutions was analyzed, as well as the risks of systemic coagulation of competitive processes as a result of government intervention. The directions of adaptation of foreign experience to strengthen the competitive process in the banking sector of Ukraine were formulated.

Article is written in Ukrainian


Naboka T. S.
Problems of Estimation of the Budget Programs in Ukraine (p. 298 - 303)

In order to determine compliance with the requirements of the application of performance budgeting in Ukraine the existing productive performance indicators and quality of budget programs were analyzed. It was found that the vast majority of indicators are not specifically aimed at the final socio-economic results. The essence of the performance criteria was revealed and a list of possible indicators of implementation of the budget of the education program was offered. The technique of estimation of the budget programs was developed on an example of the budget program "Training of Higher Education Institutions of III and IV Levels of Accreditation." This technique can be adapted to assess the performance of any of the budget program, subject to the development of new indicators to measure. Review and reform of evaluation of the budget programs in Ukraine will significantly improve the efficiency of budgetary and management expenditure side of the budget.

Article is written in Ukrainian


Belikova T. V., Lubiannykova V. V., Khizhniak O. S.
Current State and Prospects of Development of Mortgage Lending in Ukraine (p. 304 - 308)

The purpose of this article is to analyze the current state and prospects of development of mortgage lending in Ukraine during the crisis, as well as the definition of the main reasons for the stagnation of mortgage lending. We investigated trends in the development of mortgage lending in Ukraine in the post-crisis period. The analysis of mortgage loans of non-financial corporations and households, depending on the volume of credit, maturity and type of currency was conducted. The analysis of changes in interest rates on mortgage loans in both the primary and secondary markets was held. The conditions of obtaining loans for the purchase of property by individuals were examined. The directions of development of the domestic market of housing loans in future periods were defined. As a result of the study the causes of stagnation of mortgage loans were summarized that were mentioned by various Ukrainian scientists. The factors that adversely affect the development of mortgage lending in the country were outlined. The prospect for further research in this area is to determine the conditions necessary to ensure the rapid and stable development of mortgage lending.

Article is written in Ukrainian


BUSINESS INFORM №8-2014

Voitenko O. M.
Theoretical Aspects of the Essence of the Financial Services Market (p. 233 - 236)

Theoretical aspects of the financial services market in the context of the global economy were studied. Modern research of domestic and foreign researchers and relevant regulations on the designated topic were processed. A critical analysis of some of the basic ideas proposed by scientists on this issue was conducted. The approaches to the interpretation of the concepts of "financial service", "financial transaction", "financial services market" foreign and domestic researchers were analyzed. The attention is focused on the differences of the investigated terms; their features were defined and refined. The article identifies the similarities and differences between the financial services and financial transactions. The author analyzes the particular provision of financial services, as well as the financial services market place in the structure of the financial market. Functions of the financial services market were defined. It was found that the financial services market is a functional subsystem of the financial market.

Article is written in Ukrainian


Paientko T. V., Syrotiuk Y. V.
Accumulation of Financial Resources by Financial Intermediaries and its Impact on the Economic Development (p. 237 - 242)

The article analyzes the effect of the potential of financial intermediaries to provide the economic development with investment resources. The current state of security of financial intermediaries with the necessary resources and the characteristics of their investment activities was analyzed. The study found that modern Ukrainian economy develops in a shortage of investment resources, the minimum required amount of investment resources for economic recovery was defined, and finding the sources of financing was identified as a key factor of economic growth. On the basis of correlation and regression analysis the close linear relationship growth rates of real GDP growth rates of investment in fixed assets and the growth of investment in fixed capital gains assets accumulated by financial intermediaries in Ukraine were revealed. It was proved that in this aspect financial intermediaries have significant potential to provide the economy with investment resources. The directions for enhancing the participation of financial intermediaries in the financial support of economic development were identified, namely, the creation of favorable conditions for increasing the resource base and the establishment of mechanisms for transfer of financial resources between the financial and real sectors of the economy with financial intermediaries.

Article is written in Ukrainian


Kornyeyev M. V.
Improvement of the System of Regulation of the Domestic Financial Sector in the Financialization of the Economy (p. 243 - 247)

In the article the direction of regulation of financialization of the economy (tax policy, budget policy, monetary policy, monetary and exchange rate policies) in the current economic conditions were systematized. The regulatory instruments for the financialization of the economy (in the context of tax policy, fiscalbudget policy, monetary policy, monetary and exchange rate policies) were defined. Foreign experience of regulation of financialization of the economy was studied. The actions of the state in the regulation process of financialization of the economy in particular economic conditions were considered. The relationship between indicators of the individual components of the government's economic policy and an indicator of financialization were established. Checks for the time lag in action tools in the context of financialization of the economy of Ukraine were made. The ways to improve the system of regulation of the financial sector of Ukraine in the conditions of financialization of the economy were identified.

Article is written in Ukrainian


Pistun T. T.
Assessment of Multiplicative Effects in the Context of Analyzing the Impact of Tax Policy on Macroeconomic Processes (p. 247 - 252)

The article explores the advantages and disadvantages of the use of taxes, budget spending to achieve the objectives of fiscal policy at different stages of the economic cycle. Considerable attention is paid to the concept of fiscal consolidation, which became the theoretical foundation for modern fiscal policy of the Western countries, the debatable issue of its possible expansionary effects. The features of the methodology for assessing the size of fiscal multipliers were examined, and also attention was paid to the dependence of the magnitude of fiscal multipliers from different monetary conditions. Importance of the use of tax multiplier in the implementation of fiscal policies, the calculation of its values for the Ukrainian economy for the period 2001-2012 was conducted. Conclusions about the possibilities of using this indicator in the implementation of national tax policies in different macroeconomic conditions were drawn.

Article is written in Ukrainian


Semiv L. K., Kutsenko K. V.
Forming a Control Strategy for Reputational Capital of Banking Institutions (p. 253 - 257)

The purpose of this paper is to study the process of formation of reputational capital of banking institutions as a strategic factor for their development and sustainable operation and also management capabilities of that process. The paper analyzes the main trends in the economic entities at the present stage that made it possible to justify the strategic management of processes related to reputational capital of banks. The main sources of the formation of surplus-value and sustainable competitive advantages of banking institutions due to the high level of reputational capital were identified. A model of strategic management of reputational capital for banking institutions that will help to maintain existing and future increase in the level of reputational capital was suggested. The prospect for further research in this area is to determine the quantitative amounts of reputational capital to enable it to be reflected in the financial or non-financial records of banking institutions.

Article is written in Ukrainian


Marchenko O. V.
Decrease in Liquidity of the Banking System as a Key Problem for Implementing Monetary and Credit Policy (p. 257 - 262)

The purpose of this paper is to review and analyze the main indicators of monetary and credit policy in the dynamics, and the study of changes that have occurred in the country's banking system over the past periods. The paper presents the performance of monetary and credit policy in Ukraine and concluded their significant decrease in the current year. Together with a significant reduction in international reserves and the increase in the public debt of the country there was a rapid depreciation of the national currency, which led to a number of negative consequences, particularly for the banking system. Compliance with the liquidity of banking institutions, taking into account the rapid de-capitalization of the banking system as a whole, is largely supported by loans from the NBU refinancing. Despite this, all the above liquidity tends to decline. Also the external signs that indicate changes in the liquidity position of the banking system were identified and summarized.

Article is written in Ukrainian


Hryschenko T. V., Ivakhnenko I. S.
The Nature and Structure of the Financial Capacity of the Securities Market (p. 263 - 268)

On the basis of summarizing of the existing research entity concepts of "potential", "economic potential", "financial capacity" the economic nature of the financial capacity of the securities market and its main characteristic features was defined. Specifically, the financial potential of the securities market consists of two parts: the implemented or used, and unrealized potential, or unused, financial capacity. The structure of realized and unrealized financial potential of the securities market on individual elements was considered. The mechanism and the sources of the financial capacity of the securities market were characterized. It was determined that the financial capacity of the implementation phase is manifested as financial resources, that is, funds from investors which are used for dealing in securities in the primary and secondary markets. The factors that have a significant impact on the formation and implementation of the financial capacity of the securities market in Ukraine, as well as ways of improving the investment policy of the state with respect to raising funds of economic entities in the securities market and to improve their effectiveness were defined.

Article is written in Ukrainian


Vlasenko M. A.
Prospects for the Development of the Financial Sector of Ukraine in the Context of European Integration and Institutional Convergence (p. 268 - 272)

The article substantiates Ukraine’s need for the gradual adaptation of experience of the financial sector of the EU, as well as a balanced approach to the implementation of European norms and standards in terms of a deep and comprehensive free trade area in the context of policy features external control of the EU. A range of problems was defined, that discourage the development of financial institutions and financial markets in Ukraine, without solving which the harmonization of legislation with the Acquis Communautaire in the financial services industry will not bring Ukraine the comparative advantage, and will lead to a widening of the gap between adaptation and application of standards. The schedule of Ukraine's commitments on adaptation of the financial services industry was generalized. Recommendations to address the development of the financial market of Ukraine and the creation of preconditions for the effective implementation of European norms and standards were given, taking into account the national interests of Ukraine.

Article is written in English


Telyshevska L. I., Ptashchenko O. V., Bielous A. V.
Management of the Financial Resources of an Enterprise as Part of its Investment Activities (p. 273 - 277)

The aim of the article is to study the nature and understanding of the mechanism of managing the formation of financial resources of the enterprise. In modern conditions, one of the important causes of the crisis in many Ukrainian enterprises is wrong or inadequate formation of effective management and use of financial resources, as financial resources are a crucial factor in the functioning of the economic growth and development of enterprises. The article deals with the essence, characteristics and mechanism of formation control of financial resources of the enterprise, as well as a method for the analysis of hierarchies, which allows you to control the selection of the most profitable sources of generating financial resources. Effective management of financial resources, the formation of the company is considered as one of the key drivers of profitability of any industrial activity. On this depends the functioning and development of the enterprise, as well as its competitiveness.

Article is written in Ukrainian


Magdych I. P.
Analysis of the Impact of Changes in the Cash Flow to the Sensitivity of Investment Activity of the Company (p. 277 - 282)

The paper studied and analyzed the impact of changes in the cash flows of the sensitivity of the investment activities of the enterprise. It is proved that the sensitivity of the investment activities of the enterprise when changing cash flows reflect fundamental economic relations between capital and net working capital as related manifestations of a firm's growth, and do not reflect the impact of financial constraints. The analysis revealed a slight effect of the change in working capital of the sensitivity of the investment activities of the enterprise, as opposed to income before depreciation and amortization, while cash flow from operating activities is a source of investment financing. It is proved that the sensitivity of the investment activities of the enterprise when changing cash flow is higher in financially limited companies, while financial companies have unlimited low sensitivity of investment activity when changing cash flows. The need for continued research into the impact of changes in corporate activities that reduce the asymmetry of information or facilitate access to external capital markets, the sensitivity of the investment activities of the enterprise was noted.

Article is written in Ukrainian


Tsyhan R. M.
Analytical Control Indicators of Cash Flows of the Enterprise: a Tactical Level (p. 282 - 286)

The purpose of this paper is to study existing traditional instruments of cash flow analysis and the search for ways to improve them with the management needs of the tactical level. The paper analyzes the classic methodological approaches to the analysis of cash flows of the company that are used in modern management. The urgency of finding new analytical indicators for the tactical level of cash flow management was grounded. It was proposed to complement the existing classification of cash flows on the basis of "the level of influence on the processes of generation," within which active and passive cash flows were distinguished. The components of the incoming and outgoing active and passive cash flows were defined. Also a method of phase analysis of indicators of the generation, transformation and management efficiency were developed. Separation of cash flows into active, passive and proposed analytical indicators will allow the company to identify shortcomings in the management of short-term available cash resources. Interpretation of these indicators will answer the question – how effective management staff and owners of the company used the opportunity to generate passive cash flow. Further studies should be carried out in the direction of the practical application of the results in the management activities of domestic enterprises.

Article is written in Ukrainian


Partyn H. O., Zaderetska R. I.
Formation of the Control Systems over Process of Raising Funds for Engineering Enterprises (p. 287 - 291)

The aim of this study is the disclosure and control problems of the organization and assessment of the effectiveness of raising funds in the machine-building enterprises. Since the machine-building enterprises are among the most vulnerable subjects of the Russian economy, the use of borrowed funds to finance their production and business activities require intensive monitoring. Therefore, control over the operations to raise funds defined as systemically oriented activity that is directed to the formation of a continuous flow of information to make effective management decisions to ensure the full financing of the operation and development of the machine-building enterprise. The article is delimited on the basis of control cycles for its implementation, taking into account the characteristics of each stage and its impact on effective monitoring of raising funds at every stage of the management of this process. Since the resulting control information is the basis for the analysis of the effectiveness of fundraising highlights, the main types of indicators that can significantly affect in the future for the overall management of fundraising for machine-building enterprises.

Article is written in Ukrainian


Popova L. O., Tarasov I. Y.
Banking Competition in the Deposit Market: Evaluation and Impact on the Marketing Mechanism (p. 292 - 297)

The topicality of the research is determined by the importance of banks deposit resources as a source of funding for the national economy, especially in times of crisis. The aim of the article is to assess banking competition in the deposit market and its impact on marketing mechanism. The dynamics of the resource base of banks in Ukraine in the context of legal entities and individuals, the emphasis is on the causes of the outflow of deposits from the banking system in crisis. The estimation of the distribution of individuals' funds by groups of banks and currencies concluded its exponential character. The distribution of banks in Ukraine in terms of retail term deposits of individuals identified certain patterns in separate groups. The indices variations in deposit rates in the classic term deposits of the largest banks as a tool of competition were calculated. The role of assessments of deposits reliability rating agencies as benchmarks select customer of the bank by the ratio of "yield-reliability" were outlined. The factors that strengthen the competitive position of large and smaller banks were systematized and should be considered by the marketing mechanism for the bank.

Article is written in Ukrainian


Berezovska H. I., Kmit V. M.
Foreign Models of Financial Regulation and Feasibility of their Usage in Ukraine (p. 298 - 301)

Small businesses are faced with many challenges in the process of their activity, one of which is the lack of domestic experience in the implementation of the financial regulation of their activities. The only way to solve the latter is the analysis and the positive experience of borrowing from foreign models of financial regulation. The aim of the article is to analyze the international financial regulatory models and their adaptation to domestic small business. The main results of the paper are the discovery of the positive experience of foreign models of financial regulation and the use of the latter in the domestic economy. Based on the analysis of the state support of small business in the leading European countries the recommendations on the European direction of the vector of the domestic economy were made.

Article is written in English


BUSINESS INFORM №9-2014

Tymoshenko O. V.
Influence of the Taxation System on the Economic Security of the State (p. 234 - 240)

The article analyzes the views of economists on the definition of the categories «tax safety» and «taxation system», namely: general and evaluative indicators of the tax security are highlighted. The role and importance of taxes being the important financial category and an indispensable attribute of the economic system of the State. The fiscal, regulatory and stimulating functions of taxes in the activities of the economic entities were considered. The author summarizes the existing methodologies to assess the effectiveness of the tax system's influence to ensure the economic security of the State, in particular its effects on the structure of industry branches, furthermore the topics of how taxes work on economic security components were researched. The complex analysis of tax revenues to the consolidated budget of Ukraine and the calculation of the tax rate level and its dynamics in Ukraine as a whole were carried out, on the basis of which the analysis of structure of the Ukrainian tax system in the context of the individual taxes against the background of the volume of the country budget revenues, was made. Comparative analysis of the tax safety level in Ukraine with the similar indicators in the European Union Member States was carried out, the common taxation trends in the EU Member States were formulated. The determining directions of strengthening the tax security of Ukraine in the modern context were developed.

Article is written in Ukrainian


Hrechko A. V.
Taxation of Dividends as Factor of Influence on Attraction of Investments (p. 241 - 248)

The article is aimed at providing of practical recommendations to improve the system of dividends taxation based on research of the norms of the tax legislation of Ukraine and other countries on the matter. Analysis, systemization and compilation of related works from large number of scientists' publications was concerned with the subject of the dividends taxation in Ukraine as well as its impact on investment. The study analyzed the place of Ukraine in the international ranks «Ease of doing business» with the sub-indices protection of the rights of the investor and the level of development of the tax system; in the rating of investment attractiveness, compiled by the European Business Association, wherein was found that Ukraine has an unfavorable investment climate and weak fiscal institutions; the current tax law of Ukraine on taxation of dividends, embodied in the norms of the Tax Code, was analysed; the comparative analysis of taxation models of dividends in Ukraine and abroad was carried out according to the following criteria: taxpayer, taxation base, way of paying, tax rate, tax incentives; analysis of the size of investment made in the economy of Ukraine for the period 2013-2014 years; practical recommendations for the improvement of the domestic system of dividends taxation using the positive experience of the foreign countries was offered. The prospect of further research in this direction is to determine the impact of the taxation mechanism on the level of investment attractiveness of Ukraine.

Article is written in Ukrainian


Chunytska I. I.
The Infrastructure of the Financial Market of Ukraine: the Concept, Function and Evolution of the Status (p. 248 - 253)

The theoretical bases of infrastructural provision of the development of the financial market of Ukraine were examined. The approaches to the basic notion of "infrastructure", which is the basis of the formation of the concept of "financial market infrastructure”, were considered. It was revealed that the common understanding of the concepts of the nature and content of the market infrastructure is its objective nature, the internal consistency of the structural components defining its role in providing the conditions for the functioning of the market mechanism. The structure and infrastructure elements of specific types of markets, particularly financial, cannot contradict the general status of infrastructure, although in specific markets, they have their own structure and content due to, respectively, the content of relationships of the subjects and objects of such a market, taking into account the realities of present day. Particular influence of the infrastructure on the development of the financial market was found. The need of better reflection of the evolutionary changes in the role of the financial market infrastructure and the use of its potential for solving problems arising in the process of its operation and development were grounded.

Article is written in Ukrainian


Kopylyuk O. I.
The Effect of the Financial and Economic Crisis on the Formation of the Regional Development Strategy of the Banking System of Ukraine (p. 254 - 259)

The effect of the financial crisis on activities of banks in Ukraine is studied. Primary negative factors are presented which destabilize the work of banks at the national and regional levels, namely: a long-term gap between basic indicators in the domestic banking system, significant “dollarization” of the economy, substantial volume of foreign currency loans and consumer lending along with an insufficient volume of individual income, insufficient capitalization of banks, disproportional location of banking establishments in the territory of Ukraine, differentiation in credit and deposit interest rates at the regional level, etc. Analysis and evaluation of the effectiveness of regional banking system functioning are conducted, asymmetries and imbalances in its development are outlined, and regions with high, medium, insignificant, and low concentration of banking establishments and capital are identified. Development lines for conceptual frameworks of regional development strategies of banks are proposed which imply: analysis and reformation of the current legal and regulatory framework; development of recommendations on socioeconomic and cultural development of regions along with identification of mechanisms of attracting the potential of banking establishments to the development of local communities; determination of top-priority areas of attraction and placement of financial resources, meeting various developmental needs at the territorial level; providing of a rationale for instruments of effective functioning of regional banking systems.

Article is written in Ukrainian


Polischuk Y. A.
Evolution and Development Preconditions of the Non-Bank Financial Institutions in Ukraine (p. 260 - 265)

The article studies the evolution of the development of the non-bank financial institutions since their origination on the territory of modern Ukraine until the present time. This study show the possibility of perceiving the population as the main provider of investment resources through non-bank financial intermediaries as well as the other financial institutions, other than banks. Thus, certain non-bank financial institutions in one form or another existed on the territory of modern Ukraine beginning from the 16 century. With the advent of Soviet power the functions of the financial intermediaries were atrophied or twisted, that resulted in the distorted essence of the non-bank financial institutions. The insurance institute still existed and developed in the Soviet era. This explains the fact, that insurance services are the most common among other non-bank financial services. Some agencies (joint investment institutions and non-governmental pension funds) are new to the modern financial market. Their development is slowed down due to macroeconomic instability, which greatly undermines the credibility of the financial institutions on the part of investors. So, users of the financial services in Ukraine are loyal to the emergence of new financial institutions on the market, but they do not tolerate variations in exchange rates, inflation, decline in living standards etc. Therefore the successful functioning of the financial market as a whole requires some other approaches on the part of the public policy aimed at the macroeconomic stabilization.

Article is written in Ukrainian


Pavlovska E. O.
State Bonds Market Trends in the Context of Servicing the Public Debt (p. 266 - 271)

The insufficient development of the securities market of Ukraine leads to a rapid decrease in the competitiveness of the State. It is possible also to cover the budget deficit by using the tools of stock market. The most effective tool can be the government bonds. In the article the main trends of development of the government bond market were explored and the conditions for their use were analyzed. The concept of bonds of the internal state loan includes goals, objectives, functions and optimization criteria, taking into account the influence of endogenous and exogenous factors. When applying the concept of bonds of the internal state loan based on a systematic approach, it should be borne in mind, that the development of the Ukrainian State bonds market is impossible without improving its liquidity. Introduction of the effective economic reforms, reduction of the tax burden and the investments received from the international capital markets will contribute to the development of the market of government securities.

Article is written in Ukrainian


Diadiuk M. A., Kruhlova O. A., Foshchan V. V.
Financial Leverage as a Tool to Assess the Risk of Formation of Financial Capital Structure of Commercial Enterprise (p. 272 - 278)

The purpose of this paper is to study financial leverage in terms of its possibilities for evaluating and predicting the risk of formation of financial capital structure of commercial enterprise. The problems associated with the definition of the essence of the optimal capital structure, the ordering of optimality criteria, risk assessment during the formation of the financial structure of the company's capital were highlighted. The features of the formation of performance, material and financial resources in the trade that should be considered when using the financial leverage on the industry were identified. An improved model for calculating the net operating result of investments in the trade was suggested. The methodological tools of risk evaluation of formation of financial capital structure that takes into account the peculiarities of the industry trade enterprises were presented.

Article is written in Russian


Shmichkova I. Y.
Taxation of Profits of Companies: Analysis of the Application in Ukraine (p. 278 - 285)

The article analyzes the current state of corporate taxation on the basis of the Tax Code, in particular, highlighted the advantages and disadvantages of the administration system. The system of potentials of corporate income tax, which are incorporated in its essence, the effective implementation of which will contribute to a much greater impact on its administration. Characterizing the potentials described as a system is possible not only by the increase of the effect that they perform to each other, but also the direction of the impact that can be achieved from their complex. A retrospective analysis of the tax base income of enterprises, which were applied during the period of independent Ukraine, and established the specificity of each of the six stages was conducted. Analyzing the use of "tax base" in the legislation, highlighted typical methods of expansion (reduction) through the use of incentives as a general nature and relate to specific sectors, in order to achieve goals such as innovation, social services, environment, support for entrepreneurship.

Article is written in Ukrainian


Balakina I. S.
Classification of Payment Systems Based on Their Oversight (p. 286 - 291)

The question of payment systems classification is studied due to the increase in their economic weight and the necessity of ensuring their safety and effectiveness through oversight of their operations by the central bank. Characteristic features of each type of payment systems are established which in the aggregate determine special properties associated with realization of their oversight. Classification criteria are grouped into those pointing out the distinctions and special properties of the organizational and legal form of the payment organization of the payment system and those concerning settlement within the payment system. Depending on the organizational and legal form, payment systems are classified by the form of ownership and proprietor type, participant residence and participation structures. Depending on the settlement characteristics, the following classification criteria are identified: the form and time frame of settlement, the scale of activities, the credit mechanism, the funds reservation procedure, an average payment sum and service segment, performance of settlement by the payment organization. Besides, the author proposes a classification of payment systems based on their role (or importance) in the economy.

Article is written in Ukrainian


Leonov D. A.
Nonstate Pension Savings: Discussion Issues of the Tax Incentives and Disincentives in Ukraine (p. 292 - 297)

The aim of the article is to evaluate the impact of taxation on the activities of the nonstate pension funds (NPF), the behavior of their depositors and participants, to ground the possible ways of reforming the tax law of Ukraine concerning taxation of the pension savings in the NPF and the users of their financial services. In the article the current stage of taxation in the field of the financial services of the NPF in Ukraine is analyzed. It was reasoned, that the introduction of the defined contribution pension systems in the different countries is always accompanied by establishing of a comprehensive balanced system of taxation of both offerers and consumers of the financial services. It was determined that tax innovations have the ambiguous impact on activities of the NPF in Ukraine. The most destructive norms are: «special tax» on securities trading, which discourages the active management of the investment portfolio of the NPF and leads to additional costs in the operations with a large part of the active assets of the NPF; the execution of the general charging order on the tax and other mandatory payments for the NPF; tax regime of the personal income set for the retirement savings at the stage of the outpayments and inheritance. The necessity of the subsequent changes in the tax laws were proved: removal of mechanisms for the indirect seizure of the pension savings of citizens through the «special tax» on securities trading; exclusion of the possibility of blocking the activity of NPF and of the endamagement from the stop of their performance by the tax authorities; regulation of the legal norms concerning the taxation regime of the personal income tax on the pension payments to the nonstate pension system and the rules governing such payments in special legislation; application of the preferential tax regimes only to persons who have reached State pension age or are incapacitated according to the law; application of the reduced (concessionary) rates of taxation on the inherited nonstate pension savings only if the target destination remains unchanged.

Article is written in Ukrainian


Kvitka E. Y.
Restrictions In the Monetary And Financial Relations As a Sign of Protectionism Policy By Subjects of IECO (p. 297 - 301)

The aim of this article is to examine the forms of foreign exchange restrictions, its targets and effects, as well as the manifestations of the policy of protectionism (or liberalism) in the context of its use. It was found during research, that in the limits of the exchange control a series of measures take place in the form of prohibition, restriction, regulation, delay of the operations with currency values or dispositions, which takes the form of currency restrictions. The prospect of the further research in this area is the development of a mechanism for the formation of an effective monetary policy, by analogy with the trade policy of the reasonable protectionism in the field of monetary and financial relations.

Article is written in Russian


BUSINESS INFORM №10-2014

Yaroshenko I. V., Kostiana O. V.
The Economic Crisis of 2014 and Ukraine's Anti-Crisis Tax Policy (p. 318 - 323)

The purpose of this paper is to study the economic crisis in 2014 in Ukraine and the anti-crisis measures in the tax policy that were introduced during this period. The main trends in the development of the crisis in various segments of the domestic economy in 2014 were identified. The role of tax instruments, among other measures of anti-crisis policy was described, the anti-crisis tax policy tools that have been used in our country with respect to value added tax, excise tax, corporate income tax, tax on personal income were analyzed in the period of the current economic crisis, and also possible consequences of such measures for economic and social development were identified. The nature of the anti-crisis tax policy was justified; the impact of the used measures of the anti-crisis tax policy on tax revenues from direct and indirect taxes was analyzed.

Article is written in Ukrainian


Stryzhychenko K. A.
Formation of the Conception of Regulation of the Financial Market of Ukraine (p. 324 - 330)

This article focuses on the solution of a topical issue in the context of the new world economy, the problem of formation of the regulation conception for the financial market of Ukraine. The theoretical and methodological basis for the formation of the conception are hypotheses, principles and approaches. The article presents a set of hypotheses, which under the existing contradictions of development of both the financial market and the national economy determines the basic conditions for the formation of a management concept. Groups of principles for the formation of the conception of regulation were researched, basic or general scientific principles were identified, including the principles of dialectics, determinism, isomorphism, supplement. There are three main approaches to formation of the conception, that were combined in one synergistic approach. Elaborating of hypotheses, principles and approaches has allowed to build a number of concepts that make up the conception of regulation. The combination of the theoretical and methodological framework and the concepts has allowed to build a general scheme of conception for regulating the market of Ukraine.

Article is written in Ukrainian


Dyeyeva N. E., Mashchenko K. S.
Evaluation of Holdings of Securities of the Depository Corporations of Ukraine (p. 331 - 336)

The article assesses the level, dynamics, structure and composition of the holdings of securities in the context of the corporate management of depository corporations. A clear trend of the polynomial growth of holdings of securities with the highest pace in 2013, that shows the general trend of the stock market of Ukraine, was identified. It was displayed that the fixed nature of the obligations of depository corporations makes a great attraction of investment in debt securities, the share of equity securities varies cyclically, and their sharp decline coincides in time with the deterioration of the investment climate in the country. It is determined that the largest share in the structure of securities other than shares issued by non-residents of Ukraine, are debt securities of Central Government, having the attractiveness of the lesser risk and profitable conditions for formation of reserves. Negative characteristics of the holdings of debt securities of depository corporations are: speculative short-term nature, scarcity and decline in the share of securities of non-financial corporations. It is shown that in the structure of holdings of equity securities for nearly half the shares belong to the private non-financial corporations, which reflects the support of the banks of the economy real sector.

Article is written in Ukrainian


Ryazanova N. S.
Information Function of Finance: Understanding of its Nature in the Light of Modern Information Paradigm (p. 337 - 344)

The article is aimed to study the information function of finance, based on considerations of modern information paradigm. The article concluded that not only distributive function but also information function is inherent in finance, and the both functions are implemented in close interacting. The substance of the information function of finance is that financial relations always include information about the monetary value of the object of these relations. Because the financial relations include the information about the cost (monetary) cross-section of the social product, processes as to product's distribution and redistribution can arise between the parties to those relations (economic agents, users of information). For distribution and redistribution of the social product, the corresponding information is needed, and thus the information function allows the society to evaluate the values flows, to plan and control them. A problem (challenge) for the society is that the information used does not reflect to the full extent the information which the financial relations bring along. Because understanding the information function lies in the ideological plane, a study of financial relations through the prism of the informational paradigm, in the time of the information society and its innovative economy, opens up new perspectives for the worldwide using of finance. Awareness of immanence of the information function in relation to the financing sets an important basis for effective targeted search for ways to maximum (extraction) financial relationships. This approach will contribute to building of more effective economic relations in the modern information society, it will also contribute to the minimization of information asymmetry in financial relations, and, consequently, of the associated risks.

Article is written in English


Melnychenko O. V.
Globalization Backgrounds for the Emergence and Development of Electronic Money (p. 345 - 352)

The article studies the globalization backgrounds for the emergence and development of electronic money. It is proved that these backgrounds are social and economic factors that lead to transfer of values from the material and household into the socio-economic planes, where the actual gains turned out to be convenience, quickness of payments and faster obtention of benefits as well as the moral satisfaction of participants of the economic relations. Technological factors contribute to the development of technics and technologies that help to achieve a higher level of the social reproduction due to the availability of services that were not available previously. Political backgrounds are associated with the intentions of the authorities of states to unite with other countries for the new achievements in business, safety and social standards. Also the group of factors of influence on the environment was highlighted, which aim to save the natural resources, to implement the energy-saving technologies and to invent the alternative resources and means to ensure a safe and comfortable living of society.

Article is written in Ukrainian


Muzhylivskyi V. V.
Outsourcing of the Business Processes in the Field of Insurance (p. 353 - 357)

The article studies the preconditions and opportunities for use of outsourcing in the field of insurance. The necessity of the use of outsourcing in the insurance business being the progressive form of the relationships, that are established when insurer delegates a number of elements of the business insurance to the outsourcing companies, is grounded. It is found, that the main objective of the business process outsourcing in the field of insurance is to provide opportunities for the insurer to focus solely on the substantive aspects of the insurance business. The contents of the insurer's key functions which can be outsourced, was revealed. Methods of reducing the expenditures of the insurance business as result of the transfer of several functions of the insurer to an outsourcing company were discussed. It was determined on the basis of generalized worldwide experience, that outsourcing companies in the process of development take on the increasingly complex functions of insurance companies, which allows insurers to free up the available resources to meet the main business objectives. It was concluded that the main advantage of the outsourcing of business processes in the field of insurance is to reduce the internal pressures on the insurer, to lower costs, to gain more of time and resources.

Article is written in Ukrainian


Kondratenko D. V.
Influence of The Market Outlets of Insurance Services on the Consumer Choice (p. 358 - 361)

The influence of the market outlets of insurance services on consumer choice was studied. It was identified that the number of the outlets that consumers of the insurance services use to receive the information about insurance is growing. It was found that social networks are used as a contact channel to interact with customers in a variety of ways: from an analysis of their relations to the insurance services up to the customer satisfaction or evaluation of the demand for insurance products. Thus the question regarding the aggregators, which create the demand for insurance services by using the simultaneous comparison and a range of insurers' proposals to choose from, is updated in the article. The need for use of the aggregators as an effective marketing strategy element by insurers, since they can handle much more everyday potential customers than usual insurance companies, is proven. It is concluded, that the State regulator of the financial services market should monitor the reliability of the information provided by the customers of the insurance companies. Engaging of the self-regulatory organizations, with taking into account the practical aspects of the international experience, is proposed.

Article is written in Ukrainian


Kharkavyi M. O.
Post-Clearance Audit as a Tool to Ensure the Effective Customs Control (p. 362 - 368)

The article is aimed at studying of post-clearance audit as a tool for customs control and the means for implementation of the State customs policy. The current situation of practice of audit after release of goods in free circulation, as abroad, so in Ukraine, was analyzed. This allowed to highlight the most common violations of tax and customs legislation concerning the release of goods in free circulation into the customs territory of the State. Methods to select entities of foreign economic activity to carry out control measures based on audit techniques were grounded, organizational approaches to the implementation of post-clearance audit were identified. Selection of the phases of post-clearance audit allowed to determine this form of customs control as a complex process characterized by clearly defined procedures in the planning, preparation and conduct of the audit. The study has allowed to outline the priorities of the implementation of post-clearance audit at the fiscal authorities level with a view to the implementation of an integrated approach to the identification of possible violations of tax and customs legislation when transferring goods across the customs border of Ukraine.

Article is written in Ukrainian


BUSINESS INFORM №11-2014

Dmytryshyn L. I., Blahun I. I.
Development of a Mechanism of the Formation of Strategies for Management of the Banking System in Ukraine (p. 238 - 245)

The article is aimed at necessary substantiation of concept of mechanism of the formation of strategies for management of banking system, definition of its component elements, principles and basic principles of functioning. A mechanism of the formation of strategies for management of the banking system is to be understood as totality of objectives, subjects, objects, methods, and tools for the strategic management of banking system, directed to making of complementary decisions related to selection of norms, guides, trends, tools, and rules that ensure effective management of backbone and interrelated components of the system. The following main structural components of a mechanism of the formation of strategies for management of the banking system were determined: objectives, subjects, objects, methods, tools, and the relationships between them as well as level of interaction that forms the mechanism as a holistic model which includes the ability to maintain its properties and the continuity of operations, despite external and internal changes. Basic principles of a mechanism of the formation of strategies for management of the banking system were defined. For the purpose of clear division of responsibilities in developing a mechanism of the formation of strategies for management of the banking system blocks with the corresponding structural elements were allocated in the proposed mechanism. Each block of the mechanism consists of particular elements, which, in turn, subordinate to and determine the content of a given block.

Article is written in Ukrainian


Shablista L. M.
Concentration of Equity Capital of Enterprises as a Necessary Precondition to Financial Ensuring of Modernization of Structure of the Real Sector of the Economy (p. 246 - 252)

Considering that the limiting factor of modernization of the real sector of the economy in Ukraine is the need of long-term funding for investment, particularly lack of equity capital of enterprises, whose role in the reproduction process is decreasing in the past seven years (2007-2013), aim of the article is to explore the role of concentration of equity capital of enterprises as to financial ensuring of modernization of structure of the real sector of the economy, identify the factors that impede this process and reduce its effectiveness. The essence and forms of concentration of equity capital were disclosed, trends were analyzed and characteristics of developing of this process in Ukraine were defined. The role of vertically integrated unions in both the accumulation of capital and the capital flow into priority areas («drivers of growth») was explored. The main factors that impede the process of concentration of equity capital and affect its efficiency are: divergence of corporative interests of the oligarchical capital with the public interests; weak institutions of transformation of private capital into productive capital; the conglomerate character of unions that do not have any connection with the basic branch of economy – the integrator; lack of priorities for the development of large business on the part of economy policy; inflexibility of the anti-monopoly law. Conclusion is made about necessarily enhancing the role of the State in regulating the concentration processes, using the whole arsenal of economic and administrative levers of influence, which proved to be effective in the developed countries during the periods of structural adjustment of the economy.

Article is written in Ukrainian


Vatamaniuk O. S.
Large Taxpayers: the Nature of Economic Activity and the Prospects for Development (p. 252 - 257)

Large taxpayers represent a special segment of national business with high financial and investment potential, activity of which not only directly, but also indirectly affects formation of revenues to the State budget. The article is aimed at determining the specifics of functioning of the large tax payers in Ukraine as well as main directions of their development. The study presents the criteria and characteristics of the largest taxpayers in Ukraine, their concentration in the regional terms and background for the establishment of specialized State tax inspectorates for servicing them. The analytical component of the article also includes information on the role of large taxpayers in filling the State budget of Ukraine and the structure of the taxes paid. According to the results of the study, the author highlights the individual institutional obstacles to the development of large business in Ukraine; the author's definition of the concept «large taxpayer» is proposed.

Article is written in English


Skok I. M., Sholomytskyi Y. V.
Characteristics of Value Formation of the Interbank Credits in Ukraine (p. 257 - 262)

The article is aimed at an integrated evaluation of the factors' influence on price formation at the micro level of the interbank credit market. According to the article's objective the relationship between the number of factors and dynamics of the average weighted interest rate on overnight credits of the micro level of the interbank credit market of Ukraine in national currency was analyzed and the major factors were allocated (cost variation of the interbank credits on the foreign markets, volume of monetary liquidity, risks and market conjuncture). On this basis a model of evaluation of the factors' influence on the dynamics of interest rate on overnight interbank credits in the national currency (the main tool of the micro level of the interbank credit market) on a monthly basis was elaborated. Its implementation made it possible to quantify the weight of each factor in a separate period of development of the interbank credit market of Ukraine on the market's price formation.

Article is written in Ukrainian


Maslova A. Y., Mysienko O. M., Miagkyi R. H.
Budgeting as a Tool to Enhance the Efficiency of Bank Management (p. 263 - 268)

In the article the urgency of implementing and improving the technology of bank budgeting is substantiated. Justifiability of the incurred costs with regard to the future impact of the introduction of innovative technologies of budgeting was determined, the contemporary understanding of bank budgeting was disclosed, an analysis of process of budgeting on example of banks from the groups I, II, III, IV in terms of assets was carried out. The authors reasoned that selection of the budgeting model and the appropriate software occurs solely on an individual basis, depending on the specialization of the bank, its general characteristics or particular features. The article contains a number of advantages and disadvantages of implementation of budgeting in the bank. Methodology of evaluation of efficiency of the budgeting implementation through adaptation to the conditions of functioning of the domestic banks has undergone further elaboration. It was specified, that introduction of budgeting should play a crucial part in the financial recovery of the banking sector of Ukraine's economy in the period of instability.

Article is written in Ukrainian


Tymoshenko I. V.
Process of Demutualization of Mutual Insurance Societies and Insurance Cooperatives in the International Market of Insurance Services (p. 269 - 273)

The article is aimed at identifying of general trends and factors that predetermine the process of demutualization, the study of transformation of the mutual and cooperative insurance organizations into the joint-stock structures and substantiating of future prospects for the development of non-commercial forms of insurance in the international markets of insurance services. Analysis of trends of development of the mutual insurance societies and insurance cooperatives creates background for stating, that an important topic for the above organizations is to find alternative sources of funding in order to maintain competitiveness and to increase their share in the market of insurance services in circumstances of the increasingly competitive and globalized market relations. This leads to demutualization, which is determined by the majority of scientists as a process of sharing, based on the change in ownership form of the non-profit societies as well as departure of the property from the control of the co-owners. While implementing new strategies, organizations operating on the principles of mutuality, are forced to adapt to market conditions through the establishment of new organizational and legal forms of insurance: joint-stock or mutual holding companies. One of the specific features of these structures is the attempt to derive advantages from the companies targeting investors, primarily in the sphere of attracting capital, while preserving the mutual or cooperative status. According to the analytical review of international insurance markets, most non-profit insurance organizations have managed to overcome the crisis of sharing. Dynamics and development trends of mutual insurance societies and insurance cooperatives witness their competitiveness in the market of insurance services, which allows to speak of the prospect for further development of the non-commercial forms of insurance. The possibilities of introducing them into the Ukrainian practice require further scientific research.

Article is written in Ukrainian


Yukhymenko T. V.
Principles and Criteria for the Innovative Development of Banking Sector of the Economy (p. 274 - 279)

The aim of the study is allocation of the main criteria of innovative development of the banking system, as well as determination of the principles and factors of the development. The problem of developing criteria for innovative development requires special attention in terms of crisis, because they provide for the introduction of modern tools intended to prevent banks from high-risk activities. The author explored the main approaches to the definition of criteria and the principles of innovative development, on the basis of which it was proposed to draw an analogy between financial and environmental systems. Relating to the numerous common features, it can be asserted that use of well-known laws and principles of ecology in the financial sector will reverse the negative effects of the crisis disturbances of balance, and will be able to ensure sustainable innovative development of both the financial system and the economy as a whole. Use of this approach by regulators as well as observance of the principles should become one of the priorities in the development of new standards, because it allows to make the long term predictions and to identify weaknesses.

Article is written in Ukrainian


Vorotyntsev M. M.
Analysis of Dynamics and Relevance of Research in the Field of Estimation of Risks of Extending Credits to Financial Institutions (p. 280 - 286)

In the article relevance of research in the field of finance as well as dynamics of the research development is analyzed by means of an appropriate framework of categories and concepts, within the research area of Ukraine, on the basis of the method of web analysis. The area of «Estimation of risks of extending credits to financial institutions» was defragmented into the relevant conceptual categories: risks of of extending credits, credit risk, estimation of risks, extending credits to financial institutions, estimation of risks of extending credits. Thereby a base for the framework of categories and concepts for estimation of risks of extending credits was prepared. A certain stability in the field of estimation of risks over the time of the study was observed, though in comparison with the beginning of the century a sharp decline in the number of research activities was obvious. Main trends of changes in this area as well as the factors that caused them are presented. Relevance of the selected research areas for the contemporary economic conditions and the need for further research, development of new (current) methods to estimate the risk of extending credits generally and particularly, to financial institutions, was proven.

Article is written in Ukrainian


Dankanich O. M.
Financial Support in Terms of Regionalization of Higher Education (p. 286 - 289)

The aim of the article is to study the modern trends in higher education. Relevance of use of innovative methods for improving the process of financial security by creating the regional investment (endowment) funds is substantiated. Researching of the local specifics of financing the functioning of the higher education sector, which was conducted by the method of comparison, allowed to analyze and synthesize the theoretical foundations of the modern trends of development, namely of regionalization. The article analyzes the current state of trends that determine the need to improve the efficiency of the higher education sector as a determining factor in the formation and growth of the socio-economic potential. The author has allocated the tools of funding and proposed measures (mixed education) that will potentially contribute to the development of higher education in view of modern trends.

Article is written in English


BUSINESS INFORM №12-2014

Pikhotskiy V. F.
Establishing of a Uniform System of State Financial Control – the Way to Unification and Coherence of Public Finance Control (p. 388 - 393)

The article is aimed to study the integrity of the State financial control system in the country, the theoretical and practical aspects of efficiency, optimization and its development, proposing ways to harmonize its components, as well as upgrading in the today's circumstances. The relevance of the topic and the legal aspects of ensuring the activities of the State financial control system were considered, comparative analysis of the advanced world experience in this area was carried out. The conceptual ways of system-based reforming of the State financial control were identified, conclusions were drawn and proposals for the unification of public finance control system with European standards were made.

Article is written in Ukrainian


Nakonechna A. S.
Features of Influence of Cyclic Economy Development on the Financial Architecture of Economic Entities (p. 393 - 399)

The article is aimed to explore the relationship and influence of cyclic development of today's economy on the financial architecture of economic entities. In the article essence and content of the categories of «business cycle» and «credit cycle» are substantiated, different points of view on the interpretation of such notions are considered. Introduced and explained is mechanism of the financial accelerator as embodiment of relationship of the financial and real economy sectors, working by means of transmission of shocks and financial market imperfections. Effect of such a mechanism in the context of Ukraine's economy in recent years was analyzed, nature of crisis developments has been explained. With this in mind, in the framework of crisis management has been proposed to take measures for adapting the financial architecture of enterprises focused on the cyclic nature of the economy. Level of adaptability of various structural elements of the enterprise's financial architecture was analyzed, priorities have been set regarding the sequence of events for adaptation of the financial architecture, practical recommendations in the context of such activities were elaborated.

Article is written in Ukrainian


Osadchyi I. A.
Directions for Ensuring the Financial Recovery of Banks (p. 400 - 404)

The article is aimed to study the contemporary aspects of financial recovery of the domestic banks, which is related to a system of activities targeted at improving the financial condition of banks by increasing their capitalization, using of forms of State supporting the banks, and attracting of external resources. With the aim of identifying the specific areas of the financial recovery of banks, analysis of the capital and the deposit base of domestic banking institutions for 2009-2013 was carried out, reflecting the causes and trends of negative processes regarding the capitalization of domestic banks and the rapid reduction of retail deposits. The basic ways to increase the level of concentration of banking capital during the restructuring of banks were substantiated and sources for increasing their capital were defined as reinvestment of banking profits, additional investments in the authorized capital of the Bank or the additional issue of shares, as well as increase of additional share capital by searching for new domestic and foreign private investors-owners. Ways for return of the confidence in banks and possibilities for the growth of deposits were considered. The main measures for financial recovery of banks in the current conditions have been proposed, the promising areas of restructuring of domestic banks have been identified.

Article is written in Ukrainian


Brychko M. M.
Methodical Approaches to the Formation of System of the Bank's Financial Relations with Stakeholders (p. 405 - 410)

The article is aimed at improving the scientific and methodical approach to establishing priorities in forming the system of financial relations with stakeholders of a bank, based on the level of their influence on the efficiency of management of the bank's activities. The article analyzes and summarizes the evolution of scientific theories and schools who explored the relations between the participants in the banking business. It has been suggested that system of criteria for the identification of the bank's stakeholders is complemented with an additional criterion – presence of financial relations between the Bank and a member of the banking business in the process of distribution and exchange operations, including the delegation of powers, which has a direct influence on the efficiency of the bank's management. This allowed to work out an hierarchic arranging of the base of bank's stakeholders, depending on the criteria for their selection, and to clarify the role of the public authorities, including the National Bank of Ukraine as a stakeholder, according to each of the criteria. Proposed modification of a classical model of the "principal-agent" m. Jensen. As result of the study a map of financial relations of the bank's stakeholders was designed, allowing to determine their relations depending on: 1) cycle phase of the circulation of financial resources in the bank (formation of own, borrowed and attracted funds, allocation and use of financial resources); 2) stage of managing the financial results of the bank (income, expenditure, distribution of financial results); 3) controllability of the financial relations with stakeholders by the bank's management; 4) effects of the financial relations with stakeholders on increase of the added value of the banking business; 5) ownership of stakeholders on the bank's financial resources and their management.

Article is written in Ukrainian


Kramarenko I. S.
Inter-Sectoral Asymmetries of Crediting the National Enterprises (p. 411 - 415)

The article is aimed to study the inter-sectoral asymmetries of crediting the national enterprises in terms of political and economic instability. Recommendations for further improvement of credit relations in Ukraine have been provided. Based on the analysis, systematizing and synthesis of scientific works of many scientists, the problems of bank crediting the enterprises in various sectors of the economy were considered. A regularity, which directly links the crediting volumes and development of enterprises in each individual sector of the economy has been disclosed. It has been substantiated, that Ukrainian banks when lending credits provide benefits only to the developed sectors of the national economy. Prospect for further research in this area is elaborating of enterprise crediting programs on all types of economic activities that will increase the volumes of crediting of the least attractive industries and raise the awareness of borrowers on existing crediting products (including the non-traditional bank crediting), methods and tools of credit process.

Article is written in Ukrainian


Lysiak L. V., Dubovs’ka O. V.
Characteristics of Planning of Estimated Costs in the Institutions of Compulsory Education and Directions for its Improvement (p. 416 - 420)

The article is aimed at summarizing of characteristics of planning of estimated costs for institutions of compulsory education and substantiation of directions for its improvement. Relevance of defining the optimal amounts of financial resources, to ensure not only the current maintenance of institutions but also their maximum performance, high efficiency of implementation of educational activities and provision of quality educational services for the users, was substantiated. Characteristics of planning of estimated costs for institutions of compulsory education were considered. Composition and structure of the estimates of income of compulsory education institutions have been described. The main indicators for costs planning of an institution as well as payment terms in the expenditures section of an estimate, according to codes of the economic classification on both current and capital expenditures, were considered. Special attention was given to calculation of labor costs for an institution of compulsory education. Peculiarities of composing a tariff list and a staffing were also considered. Problematic issues of implementing the planning of estimated costs for compulsory education institutions have been allocated. Directions for improving the costs planning on the basis of performance indicators of institution of compulsory education have been proposed.

Article is written in Ukrainian


Volkovskyi I. I., Kotina H. M., Stepura M. M.
The Basic Component of Budget Capacity of Capital City (p. 421 - 429)

The article is aimed to define the basic component and fiscal contradictions of budget potential of a capital city. In the article, the basic components of formation a profitable part of budget of the city of Kiev are analyzed, percentage of revenues remaining at the disposal of the local authorities from the amount of the budget generating revenues of the city of Kiev is determined. The capacity of budget of the city of Kyiv has been estimated, and separately influence of fiscal instruments on formation of different types of income to the city budget has been explored. On the basis of economic and statistical analysis of the main indicators of the budget potential of the territory, the deficiencies and fiscal contradictions in the existing system of budget management have been disclosed. During the research, necessity of reviewing the parameters of redistribution of the budget generating taxes between different levels of budgets was substantiated, taking into account the latest changes in the tax legislation and the positive experience of European countries as a basis for strengthening the budget capacity of the city of Kiev.

Article is written in Ukrainian


Kudlyak Y. V.
Evaluation of Strategies for Transformation of Financial Resources of Banks in Ukraine (p. 430 - 435)

The article is aimed at evaluation of features of implementation the banks' strategies for transformation of the financial resources for 2009-2013. Main characteristics of the formed groups of banks (in terms of the «deposits-credits» proportion of private and corporate legal persons) have been allocated according to parameters such as return on assets, risk, quality of the credit portfolio, indicator of multiplier of capital, as well as banks' proportions in each of the formed groups in total assets, deposits, credits, formed reserves of the banking system of Ukraine. As result of the carried out research has been proposed for banking institutions in the formation of strategies to use the approach to assessment of priorities and strategies for transformation of resources as result of selecting the appropriate types of deposit or credit strategies that made possible to develop a system of recommendations to control the deposit and credit portfolios of banks in the post-crisis period of development: 1) to accomplish a grouping of banking institutions on the basis of selected indicators for elaboration of common financial development strategies; 2) to identify opportunities and mobility factors for banks in between clusters; 3) to define the main priorities of banks' resource policy in the period of crisis; 4) to work out recommendations to address gaps, risks, weaknesses as to strategies of resources transformation for both the particular bank and the country's banking system as a whole.

Article is written in Ukrainian


BUSINESS INFORM №1-2015

Pidkhomnyi O. M.
Classification of Factors of Financial Security of Ukraine: Theoretical and Practical Aspect (p. 284 - 290)

In the article factors of financial security of Ukraine are considered. Taking into account their diversity and complexity, a number of criteria of classification has been proposed. The most important are the following criteria when classifying the factors of financial security of Ukraine: area, subject characteristics, resource discrepancy, stability of existence, level of distribution, range of effect, elements of financial system, reflecting forms of conflict in the legislation, severity of effect, relationship with other factors, relevancy. The main reasons of the financial threats include conflicts and incompetence. Three groups of strategic trends for the financial security are allocated: targets; essential threats; solutions to the problems of financial security. The current threats to the financial security of Ukraine are indicated as: corruption, manipulation of prices, level of public debt, systemic bankruptcy of business entities, proliferation of scams and pyramid schemes in the investment markets, offshorization and evading taxes, laundering of the proceeds of illicit origin and financing of terrorism. A structure of concept of financial security of Ukraine on the basis of the anthropocentric institutional principle has been proposed.

Article is written in Ukrainian


Shvarts O. V.
Liquidity of the Bank System of Ukraine in the Context of Economic Crisis (p. 291 - 297)

The article is aimed to study the level of liquidity in the bank system of Ukraine and elaborate the adequate tools to ensure its sufficient level. In the article the current state of liquidity of the bank system of Ukraine is analyzed. A significant shortage of liquidity in the bank system is determined, as evidenced by the lack of funds on the corresponding accounts to cover the formed required reserves. Reasons for reducing liquidity of the bank system were studied – massive outflow of deposits, inefficient administrative decisions, increase of non-confidence towards the bank system, devaluation of the national currency, rise in problem loans, inefficient management of the assets and liabilities of individual banking institutions. As result of the study, dependence of the NBU refinancing volumes and liquidity level of the bank system are disclosed and the further need for the provision of such loans is reasoned. Recommendations to improve liquidity of the bank system of Ukraine and ensure its normal functioning have been given.

Article is written in Ukrainian


Cherevatenko V. A.
Ukrainian Banks' Credit Policies and Scoring Technology: Current State and Prospects of Development (p. 297 - 301)

The current state of the credit policies of the Ukrainian banks is analyzed. It has been concluded that there is a need to improve and implement scoring technologies in the Ukrainian banks. Scoring technologies will minimize the number of unpaid loans, overcome credit fraud, reduce the interest on the loans. Banking institutions prefer to only one form of scoring – application scoring, while ignoring its such important kinds as the behavioral and credit collection scoring. Constant use of scoring models for the duration of the loan cycle would prevent the likelihood of defaults of loans. The Ukrainian specialists face a number of challenges – drafting and constant updating of scoring forms for financial institutions, taking into account the specifics of Ukrainian society, including regional differences and the high level of credit fraud. Improvement of banking systems for estimation of borrowers risk is the guaranty to the further development of the financial market in Ukraine.

Article is written in Ukrainian


Diakonova I. І., Mordan Y. Y.
Study on Estimating the Level of Financial Stability as Component of the Mechanism for State Regulation of Banking System (p. 302 - 306)

The article is aimed to develop a methodological approach to estimating the level of financial stability of banking system, helping to identify trends in the growth of the risk level of banking system and to predict the occurrence of systemic crises in the future. The necessity of establishing the function of macroprudential supervision to ensure systemic stability of banking system as a whole, i.e. not in terms of a single bank, has been substantiated. To estimate the level of financial stability of banking system is proposed to use an aggregate indicator of financial stability of banking system (AIFS), which is based on calculating sub-indices of financial stability, financial vulnerability and sub-indices of economic climate. The article presents a step-by-step technology for determining the aggregated indicator of financial stability of banking system, its calculations and conclusion about the level of financial stability of banking system of Ukraine for the time span of 2007-2013.

Article is written in Ukrainian


Alilujko M. S.
Theoretical Aspects of Evaluating the Efficiency of Crisis Management of Bank Resources (p. 307 - 312)

The article is aimed at determination of theoretical approaches to evaluating the efficiency of crisis management of bank resources. In the article, the characteristic features of crisis management of bank resources and dependence of the level of efficient performance of bank together with the bank resources crisis management from the cumulative impact of factors are substantiated. The main objects for evaluating the efficiency of crisis management of bank resources base have been identified, among them evaluating the efficiency of forming the banks resources base, evaluating the efficiency and completeness when using the banks resource base, estimating the profitability of bank, which are of the most important criteria when evaluating the efficiency of the banks resources base and the completeness of its use. The indicators, which are used to determine the efficiency of crisis management of the bank resources, are considered; the scientific and methodical approaches to such evaluation are disclosed. The necessity of implementation of integral estimating the efficiency of crisis management of bank resources on the basis of complex of indicators that display various symptoms of the crisis, taking into account the level of dangers generation. Re-engineering of financial business processes of bank, its essence and functional purpose as an important tool for crisis management, are considered; the main stages of its implementation are characterized.

Article is written in Ukrainian


Bondarenko O. S.
Influence of the Logistization of Economy on Managing the Financial Flows of Industrial Enterprises (p. 312 - 317)

The article is aimed at substantiating the feasibility of introducing the financial and logistical approach to the management of financial flows of industrial enterprises. The role of logistization of economy for modern industrial enterprises is disclosed, the need for integration of financial management and logistics to improve the management of financial flows is proven, an algorithm for management of financial flows in the logistics systems of industrial enterprises is proposed. Prospect of further research is the development of methodological bases of financial and logistical management of financial flows at the industrial enterprises of Ukraine.

Article is written in Ukrainian


Oliynyk-Dunn O. O., Adamenko V. V.
Evaluating the Role of Financial Markets in the Financing of Enterprises of the Agricultural Sector of Economy of Ukraine (p. 318 - 323)

The article is aimed to study the role and structure of placing of securities by Ukrainian agricultural enterprises in the foreign financial markets and estimate the influence of foreign stock market on development of the agrarian sector of Ukrainian economy. The volumes of external funds, raised by enterprises of the agricultural sector of Ukrainian economy at foreign stock markets during 2006-2013, has been analyzed in terms of the world stock exchanges, such as Warsaw Stock Exchange, London Stock Exchange, Frankfurt Stock Exchange, stock exchange Euronext, and the forms of placement (PP, IPO, PPO, SPO) and Eurobonds. The role of foreign stock market in the financial support of enterprises of the agricultural sector of Ukraine was evaluated on the basis of comparison with the long-term concessional credits and building a linear regression model, which showed a statistical dependency of the annual volume of gross agricultural production volume to the volume of raised funds by placing shares and Eurobonds in this market for the preceding year (i.e. with a 1-year lag).

Article is written in Ukrainian


Strilets V. Y.
Influence of Tax Reform on the Efficient Functioning of the Budget System of Ukraine (p. 323 - 330)

The article is aimed at studying the specifics of influence of tax reform on the efficient functioning of the budget system of Ukraine. As result of the study, influence of changes in the tax laws on the amount of the Consolidated budget in recent years has been quantitative computed. Positive effects of the tax system reforming have been determined and the necessity of further improvement has been substantiated. It has been proven that some aspects of the «Concept for reforming the tax system of Ukraine» may adversely affect the accretion of public sector revenues, slow down the development of businesses and the national economy. Prospect of further development of the reforms is to adjust the legislative framework in Ukraine towards the European directives and principles. In terms of the task of raising the fiscal efficiency of the tax system, further research should be aimed at identifying additional measures to increase budget revenues that will not increase the fiscal burden on high-tech and the priority sectors of the economy.

Article is written in Ukrainian


Lyubenko A. M.
Current Issues of Standardization of Financial Control (p. 331 - 336)

The article is aimed at extension of the theoretical, methodological, and organizational theses on development of state financial control, based on the standardized approach. Accordingly, the objective of the study is to substantiate the need for a system of standardization of state financial control, determine the contents of the methodological unification for ensuring the activity of the control subjects, applying a systematic approach. The relevance of development and implementation of the national provisions (standards) of financial control over the public sector entities is substantiated. The author believes that the emphasis of the supreme bodies of state financial control should be given to monitoring the activities of the internal organs of state financial control, evaluation of indicators underlying the making of authoritative decisions. Considering that international standards of financial control reflect the best world experience and tendencies of its development, it would be appropriate to use the theses of these standards when developing national standards for assessing activities of the bodies for internal control (for example, in terms of the performance audit). Also possible is the direct application of international standards of financial control in the work of the monitoring bodies of external control in terms of: verification of efficiency of activity in accordance with the appropriate principles, managerial practices and policies, as well as the efficient use of labour, financial and other resources; the annual audit of the state budget for the last year to generate proposals for optimization of accounting operations, conducted by the Ministry of finance (or relevant financial bodies) based on internal orders; use as sources of information the databases of third parties, including the bodies of the state treasury service.

Article is written in Ukrainian


BUSINESS INFORM №2-2015

Shkolnyk I. O., Kravchenko E. O.
The Dependence of Economic Growth and the Depth of the Financial Market (p. 190 - 195)

The article studies the meaning of development of the financial market and its effect on economic growth. The authors analyzed the current financial market development status by world regions. While assessing the mutual dependence of development of the financial market and revival of the country’s economy, it is necessary to take into account basic financial development indicators. Analysis of financial depth suggests that developed countries have the largest bond markets, stocks, and the market of securitized instruments. If there is volatility in the capital flows in an insufficiently developed infrastructure of the securities market, even with a high global index of financial depth this may seriously affect the stability of the country’s pay balance. The analysis allowed concluding that there is a connection between the level of development of the financial market based on the dynamics of volumes of financial assets and the economic growth rate due to the Gross domestic product dynamics.

Article is written in English


Bril M. S.
Methodology of Forming Strategic Alternatives in Management of Economic Security of Commercial Bank (p. 196 - 203)

The basic strategies of economic security of commercial bank in an unsteady economic environment are considered. The bank's level of economic security at the present stage of development of the national economy has been analyzed. A method of forming strategic alternatives in management of economic security of commercial bank has been proposed, based on the three-component model of the situations cube, taking in consideration the following components: state of the level of reliability of commercial bank, state of the level of development of the competitive environment and economic security of the bank system amid threats of external and internal environment. The proposed approach allows to comprehensively map the elements that define the level of economic security of commercial bank and performs two main tasks: firstly, positioning the state of economic security of commercial bank based on a three-tier assessment determined by structural elements; secondly, identifying possible and prospective transitions in those quadrants of the situations cube that allow achieving the objectives of strategic management of economic security of commercial bank.

Article is written in Ukrainian


Kudlyak Y. V.
Characteristics of Implementing the Regulatory Financial Strategies for Bank System Recovery (p. 203 - 210)

The article is aimed at estimating the characteristics of implementation of regulatory strategies through the Central Bank for recovery of bank system. In the terms of the selected indicators for estimating strategic positions of banks a criteria system of «4S» is proposed: Capital Safety – the amount of registered capital (the security level); Liabilities Structure – the level of confidence in the bank (share of deposits in the banks' liabilities); Client Segment – the prevalence of legal entities deposits in deposit portfolio; Deposit Sensibility – the share of demand deposits in the deposit portfolio of bank, i.e. sensitivity to changes in the behavior of depositors) to define the prospects and regulatory actions of NBU towards the potentially problem bank institutions. By that, not only criteria for determining the «bottlenecks» in the banks' activities have been proposed, but also has been focused on the optimization of structure of the bank system as well as improving its competitiveness. Within measures for crisis management of bank has been proposed to implement using appropriate algorithm of diagnosing the financial sustainability of bank taking into account duration of problem period, systemacity of bank, amount of capital, investment attraction of bank institution. A list of measures has been defined, providing immunization of balance, consolidation of capital, restoring confidence, dedollarization of operations, recovery of institution, – all that will allow an optimizing of the decision-making process about prospects for addressing financial problems in the bank institutions through the application of the proposed recommendations of both market and regulatory nature.

Article is written in Ukrainian


Vyshnevska O. O.
Economic Content of Mortgage Insurance (p. 210 - 214)

As the foreign experience shows, insurance, along with other methods of credit risk management plays an important role and could be a catalyst for development of mortgage lending. For the effective functioning of the mortgage lending market, as well as for the establishment and implementation of integrated programs of mortgage loans insurance, the content of insurance of mortgage loans and their place in the system of mortgage lending must be explored. The article researches the content of the similar in functional loads, while also different insurance products: mortgaging insurance, mortgage lending insurance and mortgage insurance. A number of differences between these types of insurance has been disclosed in the context of subjects and risks that arise in the relationships of the parties and are related to their proprietary interests. According to results of the research, the author formulated definition of the concept of «mortgage insurance», functions of mortgage lending insurance and its features have been substantiated.

Article is written in Ukrainian


Koliada T. A.
Sources of Financing the Budget Deficit: Trends in the Application and Challenges to the Stability of Ukrainian Public Finance (p. 215 - 222)

The article is aimed to study the composition and structure of sources for financing the budget deficit, reveal trends in their application and identify possible risks to the stability of public finance in the short-and long-term perspectives. Based on the analysis of reasons and factors of occurrence of the budget deficit and directions of use the funds for its covering, the challenges for the financial security of the State have been identified. As result of the study, it was proven that none of the sources for financing of the budget deficit does not have absolute advantage over others and is not completely non-inflationary. The Government, in deciding on the choice of the mode of financing the budget deficit, must proceed from the position of economic feasibility of each source of financing, combining them and minimizing the possible negative consequences for both the budget and the economy as a whole in the short and long run. Summing up the modern conceptual approaches to balancing the budget, the expedience of choosing for Ukraine strategies to stabilize public finances on the basis of the functioning of finance, taking into account the influence of the internal (institutional and macroeconomic) and the external (global) factors, has been substantiated. Prospect of further research in this area is to give reasons for necessity of focusing on activities to support long-term economic growth when projecting future financial plans of the State, taking into consideration the possible reduction of the budget deficit that can require a finer balance between fiscal policy and reforms of expenditures.

Article is written in Ukrainian


Babets I. H., Zhabynets O. Y.
Integrated Estimation of the Security of Insurance Market in Ukraine (p. 223 - 228)

The article presents the authors' definition of the category of «insurance market security», taking into account the interaction of development processes at the micro and macro levels of the management hierarchy system. An estimation of the security level of the insurance market of Ukraine has been carried out with revealing the most significant threats to the development of the insurance sector of the national economy. The basic directions of strengthening the domestic insurance market security in the current conditions of transformation of the economy of Ukraine have been substantiated. Results of the study showed improved security of the insurance market of Ukraine for the time span of 2009-2013. At the same time, the statistical values of the indicators, which are stimulants of the insurance market security, during this period did not meet the criteria of safety and were significantly below the mandatory threshold values. This shows that the domestic insurance market is not able to fully perform their functions related to compensation of losses of economic agents, is used to launder funds, reduce the tax burden, and does not play a prominent role in the terms of the national economy. As for the indicators-disincentives, their changes were not relevant and within the normal range, which can be seen as positive factor. The integrated indicator of insurance market security has proven to be the most sensitive to changes in the long-term insurance share in the total volume the of collected insurance premiums and very sensitive to the change of the indicator of premium rate, belonging to the non-resident re-insurers. The authors believe that the main directions of improving security of the Ukrainian insurance market should focus on optimizing these indicators.

Article is written in Ukrainian


Feshchenko O. Р.
Calculating the Indicators of the Financial State of Economic Enterprises, Taking into Account the New Forms of Financial Reporting (p. 229 - 236)

Results of the work of any economic entity depend on the availability and effective use of financial resources. Rational use of financial resources reflect the financial state of enterprise. Of special importance in this regard is a credible assessment of the financial state of enterprise. Despite considerable amount of research by scientists of methods for analyzing financial state of enterprise, with the change of forms of financial reporting becomes necessary to adjust the algorithms for calculating the financial indicators. Given that currently no common approaches are present in this sphere, the aim of this paper was to elaborate proposals on algorithms for calculating the basic indicators (ratios) of the financial status of enterprises, taking into account the specific characteristics of financial reporting since 2013. On the basis of comparative analysis the author has identified the main differences between the forms of financial reporting before and after the introduction of National Regulation (Standard) of Accounting 1 (NR(S)A 1) and has given proposals as to the algorithm for calculation of the basic indicators (ratios) of the financial state in view of the practical needs of economic enterprises. The use in the practice of enterprises of algorithms for calculating the indicators, proposed in this paper, will help to evaluate the financial health of enterprises, which implement the reporting forms, regulated by the NR(S)A 1.

Article is written in Ukrainian


BUSINESS INFORM №3-2015

Bacho R. Y.
Financial Arbitration as Promising Direction of Improving the State Regulation of Financial Services Markets in Ukraine (on Materials of the Financial Arbitration Board of Hungary) (p. 204 - 208)

The article discloses the principle of function of the Financial Arbitration Board of Hungary, which is established in 2011. While displaying the specifics of admission and processing complaints from the consumer of financial services, attention has been focused on the correctness requirements of the law regarding the submission of claims of consumer rights infringement. It is specified that the Financial Arbitration Board does not protect the particular rights of consumers, and is an instrument for protection of infringed rights as such. Statistical analysis of activities of the Board during the studied period allows to conclude about its efficient assistance in the settlement of disputes between the parties, as evidenced by the growing share of the cases, which have resulted in concluding settlement agreements by the parties. Adoption of the Hungarian experience of financial arbitration in the current realities of Ukraine will contribute to integration of the State in the European economic area through the implementation of the European Commission Recommendations 98/257/EU. The conclusions, which the article makes on the need for implementation of this mechanism for the settlement of disputes between consumers and financial institutions, will enhance confidence in the financial market and provide an additional mechanism for protection of the legitimate rights of consumers of these services.

Article is written in Ukrainian


Volga V. A.
International Models and Technologies of Microfinance for Small and Medium-Sized Businesses (p. 209 - 216)

The article is aimed at comparative analysis of the internationally recognized models as well as tested, modified and adapted to national circumstances technologies of microfinance, identification of opportunities for using them in developing a national model. In the analysis, systematizing and synthesis of scientists' works on issues of developing and establishing the small and medium-sized businesses (SMB) in Ukraine, possibilities of interaction of commercial banks and microfinance institutions (MFI) in the terms of individual national microfinance models («american», «german» and mixed), systems and methods of evaluation and risk management in the implementation of microcredit, features of transformation of MFI with various ownership forms, were disclosed. As result of the study has been proven that among the countries of Central and Eastern Europe, the most effective (and acceptable for Ukraine) are the models of microcrediting SMB in Poland and Hungary. Special attention deserves as well the Bolivian model, individual parts of which can be used both in terms of inclusive national financial sector restructuring, and for the forms and methods of State regulation of microfinance institutions. Also has been proven that though nowadays for many Ukrainian investors microcredit and micro-investment are not the primary alternatives to the classic forms of investment, priorities for the state and regulatory bodies of Ukraine in the near future will be balancing the financial sector and improvement of legislation. Further development of the research in the field of simulating the State support for the microfinance sector in Ukraine is connected with the structuring of SMB microcredit risks, implementation of targeted financing to develop the infrastructure of financial market, removal of barriers to microfinance for organizations with various ownership forms.

Article is written in Ukrainian


Vyadrova N. G., Nagay I. V.
Financial Sustainability of the Banking Sector under Influence of the Structure of Owner Capital and Macroeconomic Factors (p. 217 - 225)

The article details the theoretical-methodological approaches to determine the most significant factors of influence on the financial sustainability of banks and the banking sector in a whole, as well as elaborates managerial interventions for reducing their negative effect. In the research process the works, aimed at the issue of banks' capitalization, liquidity support and improving their financial sustainability, were considered. The multifactor models options related to dependence of actual values of capital and bank liquidity norms on external and internal factors have been calculated. A study on influence of each factor on the financial sustainability of a particular bank has been carried out on example of the PAT CB «PrivatBank», also taking into consideration the banking sector as a whole, that allowed to identify the most important internal and external factors of influence. The result of research in this area are the elaborated recommendations for maintaining and improving the financial sustainability, ensuring sufficient level of capital, maintenance of the existing level of liquidity, minimizing the effects of internal and external factors. A promising direction is to study the influence of macro-economic factors on the bank's financial sustainability (in view of the obligatory norms of the credit risk and investment), as well as internal factors, particularly structure of the investment and crediting portfolios of both individual bank and banking sector.

Article is written in Ukrainian


Gula A. S.
Foreign Experience in Using Cooperative Banks for Ukraine (p. 226 - 230)

The article is aimed at the actual topic of researching the main trends in the development of cooperative banks in the agrarian sector of Ukrainian economy. Problems of the agricultural sector, as one of the most risky industries, which requires permanent financing by the State, have been considered. As the main sources of financing the enterprises have been considered the non-traditional banking operations and services. The article examines the specifics of the agricultural cooperative system, related to the agrarian sector in the foreign countries, whereby their basic common features are disclosed. Role of the specialized cooperative financial institutions, particularly the cooperative banks, has been characterized. Considering the practice of Germany, France and Poland, the outstanding role of cooperative banks for development of the agrarian sector of economy in these countries has been emphasized. On the basis of studying the international experience of countries with different levels of economic development, conditions of formation and activities of cooperative bank institutions in the domestic practice have been determined.

Article is written in Ukrainian


Prokopenko V. Y.
Distinctions of Determining the Value of Real Estate for Taxation Purposes: International Experience and Conclusions for Ukraine (p. 231 - 236)

The article considers the world practice of valuation of real estate for taxation purposes. The methodological approaches to valuation of real estate used in overseas economies have been analyzed. The factors that cause influence on the value of established estate, which must be considered when choosing a methodological approach to determine the value of real estate for taxation purposes, has been allocated. The basic methodologies for valuating the real estate for taxation purposes on the basis of its market value have been described. Value models of real estate item have been considered. In addition, existing approaches when using the sales comparison method have been analyzed. Also advantages and disadvantages of the model of mass valuation of real estate have been considered. Scientific views of Ukrainian scientists as to implementing the model of mass valuation of real property have been analyzed.

Article is written in Ukrainian


BUSINESS INFORM №4-2015

Herus Y. V.
Foreign Experience of Financial Support of Health Insurance, Possibilities of its Implementation in Ukraine (p. 224 - 232)

The article examines the two groups of countries, namely the European countries and the former USSR republics, experience of which Ukraine should draw on in the sphere of financial support of medical insurance. Both the centralized approach (mobilization of funds into the budget, special fund, national fund) and the decentralized approach (mobilization of funds into private institutions) of financial support of health insurance have been considered. The key tools (financial, institutional, organizational) of the countries in question, by means of which success had been achieved in the establishment of a more effective and equitable financial support of health insurance, were characterized. On the basis of inter-country comparisons has been proven that there is no «universal» model of health insurance in practice, so that development of public policy in this area should take into account the socio-political, socio-economic and socio-geographical characteristics of each country.

Article is written in Ukrainian


Melnychenko O. V.
Accounting-Analytical Aspect of Functioning of Financial Pyramid Schemes (p. 232 - 238)

The article is aimed at a topical problem of contemporary social relations in the field of finance. With the proliferation of unethical organizations, which take hold of people's possessions, also by using fraudulent mechanisms, the traditional and secure financial operations often become discredited, too. The loss of confidence among the population, in particular to banks, is often a misunderstanding of the nature of operations and bases of the activities of various financial institutions. Aiming to regain or increase confidence, various measures should be taken, including increasing people's financial literacy, special actions for prevention of frauds and so forth. In this article, using the methods of accounting and economic analysis, the difference between financial pyramid schemes and the regular banks is displayed. Also, keeping in mind research interests of the author concerning the functioning of electronic money systems, the conclusions in the article should be considered as a scientific basis to enhance the credibility towards this mean of payment, understanding that the right to issue electronic money in Ukraine is exclusive to banks, and the principles of constructing the financial pyramid schemes and the electronic money systems differ fundamentally.

Article is written in Ukrainian


Kostiana O. V.
Specifics of Implementing Tax Policy in the Ukrainian Territories with Special Status (p. 238 - 243)

The article is aimed to determine the special features of tax policy in the regions of Ukraine, which received special status as result of the military and political events in 2014. The main trends in development of the economies of AR Crimea, Lugansk and Donetsk regions in the period up to 2014, when the indicated territories were entirely controlled by the Government of Ukraine, have been determined. The tools of fiscal policy that have been imposed on the territories with special status in 2014-2015 have been analyzed. Features of the free economic zone «Krym», as well as taxation of entities receiving income or carrying out economic activity on its territory, have been determined. The nature of tools for tax regulation applicable in the area, where the anti-terrorist operation is executed, has been substantiated. A comparative analysis of the tax policy measures, which were implemented in the territories of FEZ «Krym» and in the temporarily occupied territories of Lugansk and Donetsk regions, has been conducted.

Article is written in Ukrainian


Ryazanova N. S.
A New Insight into Financial Accounting of Information Society (p. 244 - 254)

The article is aimed at studying the financial accounting as an institution of disclosure of financial information, oriented towards external users, i.e. sustainable activity implementing the informational function of finance. Effective development of such activities and the proper use of its results by the society are possible subject to understanding of essence of financial accounting, its differences from the book-keeping, specifics of its users and information products. In the today's society an institution of disclosure of information is being gradually established and this is an objective process, indispensable to the formation of such important manifestations of the information age, as innovation economy and civil society. The article studies the difference of accounting as an institution of disclosure of information from the book-keeping; also the user group for financial accounting services as well as specific features of the information products are explored. At the beginning of the ХХІ century, financial accounting has become a topical theme not only for corporate finance and financial markets, but also for State finance and local government authorities.

Article is written in Russian


Synyutka N. H.
Fiscal and Debt Policy of Ukrainian Municipalities: Shift of Priorities (p. 255 - 262)

Statistical data on the local finance as a part of the government sector of Ukraine have been generalized, an integrated estimate of their current state has been given, dynamics of development and structure of the sector have been considered. Systemic nature of scarcity of local budgets has been proven. An attempt was made to an integrated scientific substantiation of the necessity and feasibility of local loans as an alternative source of financing. Shift of priorities in fiscal and debt policies of the municipalities of Ukraine has been proposed. Positive aspects of subnational borrowing as a driver of regional economic development has been emphasized.

Article is written in Ukrainian


BUSINESS INFORM №5-2015

Shkodinа I. V.
Percolation of the World Stock Market in the Face of Global Uncertainty (p. 221 - 225)

The article considers stock market as a complex system that passes the critical point at which it is undergoing qualitative changes, modifying its structure, properties, number of elements and behavior (percolation). Allocated and examined are the basic phenomena, fundamentally changing the system properties of stock market as a complex system (quantitative easing policy, high frequency trading, alternative trading platforms, operations in «dark pools», securitization of assets) and influencing the increased uncertainty of its development. It has been determined that the reluctance of the world's financial community to radically reform the system to obtain short-term profits could in the most unexpected way backfire in the long run. Rising of interest rates, continued economic problems in the Eurozone and Asia, Russia's geopolitical challenge towards Ukraine and all the world can also have certain negative impacts on the economies of many countries and, as a consequence, on the stock market.

Article is written in Ukrainian


Prokopenko V. Y., Dubyna M. V., Kovalenko K. O.
Features of Functioning of Pyramid Schemes and their Impact on Development of the Financial Services Market of Ukraine (p. 226 - 232)

The article explores essence of category of «pyramid scheme» using basic scientific approaches to its understanding. In particular, has been proposed to consider the indicated category as follows: pyramid scheme is a form of business organization, which does not provide for neither production of goods nor provision of services, maintains its existence by means of the mandatory, permanent membership fees or other charges which are not used for the production of legal, legislation-based, financial activities to generate income, but to enrich, first and foremost, the founders of such schemes through the redeployment of funds accumulated in the course of operation of a financial pyramid in favor of the small number of participants, which is accompanied by existence of a large number of defrauded clients of financial services by such structures. Also identified and systematized are the basic characteristic features of pyramid schemes, which include the following: absence of licensing for implementation of the relevant activities at the financial services market, mandatory paying the registration fee, absence of any kind of refunding in the contract, psychological influencing by the owners of financial pyramid on their potential customers, aggressive marketing policy to attract financial resources, creating complex organizational structures of management of financial pyramid, the clients of pyramid schemes must become its members and employees, extremely high payments are made to benefit of the initial clients, amount of these payments does not correspond to the real situation on the market of financial services. On the basis of results of the study, mechanism for operation of financial pyramids has been described and a retrospective analysis of their development in Ukraine has been conducted.

Article is written in Ukrainian


Dolinskyi L. B., Piershyn D. O.
Evaluation of the Financial Sustainability of Banking Institutions in Terms of Reliability of Deposits (p. 233 - 239)

This scientific work is aimed at building and implementing methodological approaches to determining the reliability of deposits in banking institutions. Theoretical-methodological approaches of domestic and foreign scientists to the definition of the financial sustainability of bank have been considered. Financial-economic key indicators has been identified, specific qualitative indicators has been provided, a comprehensive analysis of which determines the level of financial sustainability of banking institutions and allows to evaluate the level of reliability of deposits. The calculation order and boundary values of financial-economic key indicators that were used in the study are presented. It has been found that, even with accomplishment of an integrated analysis of financial position of bank in compliance with the best principles of ranking, final result of the scoring model may be incorrect, because the calculation of coefficients is performed using the data of the forms of statistical reporting. In turn, statistical reports can be deliberately significantly contorted, so that assistance by highly skilled analysts to estimate the real financial condition of bank will be required.

Article is written in Ukrainian


Kravchonok S. V.
Studying the Theoretical Foundations of Functioning of the Monetary Market of Ukraine (p. 239 - 243)

In the article, problematics of theoretical principles concerning the concept of «monetary-credit market» is considered. Well-being and prosperity of the State depends on the efficiency of financial sector, thus, it is important to improve the functioning of financial market, especially its certain segments. Because one of the biggest segments is monetary-credit market, it must be considered in the first order, what is reflected in the article. Theoretical basis, namely, definition of monetary market has been considered; the tools used by monetary market has been analyzed. On the basis of the examined material, the author has proposed an extended and expanded version of the concept of monetary-credit market. As for the further step, it is planned to review the monetary regulation of the monetary-credit market of Ukraine.

Article is written in Ukrainian


BUSINESS INFORM №6-2015

Bielova I. V.
Scientific-Methodical Bases of Formation of the System of Indicators for Monitoring of the Accumulation of Systemic Financial Risk in the Economy of Ukraine (p. 169 - 173)

Both the absence of universal set of indicators and the diversity of existing approaches, arising from the need to take into account the specific characteristics of the country, postulated relevance of this research and the need to establish a system of indicators to identify the level of systemic financial risk. The article estimates interconnections between the indicators of functioning of the institutional sectors of the Ukrainian economy and the options of the onset of financial crisis in various economic spheres. As result of the carried out calculations, a system of relevant indicators of the systemic financial risk accumulation in the institutional sectors of the economy in the context of their time monitoring terms has been formed. The carried out research provides a basis for developing measures to manage systemic financial risks in the domestic economy.

Article is written in Ukrainian


Kulchytskyy M. I.
Theoretical and Methodological Bases of Inter-Budgetary Relations: Issues, Trends and Prospects of Development (p. 174 - 181)

The article considers conceptual approaches of different economic schools to establishment of inter-budgetary relations, principles of their building in terms of the national economy of Ukraine have been analyzed. Classifying the inter-budgetary relations according to different criteria has been carried out and the functions of inter-budgetary relations in the domestic economy, which are aimed to provision of the self-contained territorial communities, have been determined. Based on analysis of statistical and financial indicators, the main problems of inter-budgetary relations in Ukraine has been considered, the main causes for territorial differences in the income generation as well as in the composition and volumes of costs of the local budgets have been identified. It has been determined that high degree of centralization of budgetary resources at the central Government level, underdevelopment of local self-government, imperfection of the theoretic-methodological and organizational principles of formation of the inter-budgetary relations are inherent for Ukraine. As result of the study, a strong tendency to increase donations, subventions and other transfers from the State budget to the local, in both absolute and relative terms, has been revealed. Mechanisms for improvement of the domestic budgetary system and for enhancing the financial autonomy of local authorities have been proposed. Prospects of the further research in this direction are conducting an in-depth analysis of the experience of the European countries regarding the mechanisms for generation of the local budgets income and capabilities for examination of their elements in the domestic economy, substantiation of economically viable level of the income part of the local authorities in the GDP of Ukraine.

Article is written in Ukrainian


Ivanenko I. A.
Theoretical Aspects of Monetary-Financial Relations (p. 182 - 187)

In recent years, the role of monetary-financial relations in the development of both the world economy in a whole and economies of individual countries is increasing. The increase in the number of forms, kinds, methods and mechanisms of modern currency and monetary operations requires clarification of their essence, structure and participants. Therefore, the aim of the article is studying and substantiation of the concept and the structure of monetary-financial relations and operations, as well as classification of their actors. The essence of the monetary-financial relations is disclosed through classification of their concrete forms – financial-monetary operations. The latter should be differentiated as currency operations and financial operations. Monetary-financial relations and operations are implemented by parties, which should be merged into the following groups: operating nationally and internationally, regulatory and subordinate, professional and unprofessional. The influence of individual categories of participants is permanently changing, that is one of the causes of financial instability in the world market. Thus, a national monetary-financial mechanism should be flexible enough to take into account contemporary requirements of the world market, ensuring the optimum market integration of the country.

Article is written in Ukrainian


Zhovtanetska Y. V.
The Mechanism of Crisis Management of Banks (p. 187 - 192)

The article is aimed to deepen the theoretical framework of crisis management in banks and to elaborate recommendations on improvement of the mechanism of crisis management in the banking sector. Developed on the basis of existing scientific approaches, the author's definition of the economic term «crisis management of bank» has been presented. Based on results of research by the author, components of the mechanism of crisis management of banks activities have been proposed, its forms, methods, leverages and tools have been specified at the macro and micro levels, with allocating the subject-object relations. This approach enables to use appropriate measures of crisis management with a view to the detection, prevention, neutralization and minimizing crisis developments and crisis situations, it can be used as both preventive and reactive form of crisis management. Prospect of further research in this area is the need to substantiate the specifics of impact of financial tools on activities of banking institutions, taking into account particularities of the transfer of assets and liabilities of troubled financial institutions, their capitalization and reorganization using forms of integration and separation, as well as by means of purchase and sale.

Article is written in Ukrainian


Stetsenko T. V.
The Post-Documentary Stage in the Development of Securities Market in Ukraine (p. 193 - 198)

The article was written with aim of implementation of periodization of development of securities market in Ukraine, which depends on the dominant forms of existence of securities as well as estimation of depository institutions' activities at the post-documentary stage of development. A periodization of development of the securities market in Ukraine has been carried out on the basis of allocation of three following stages in its development: documentary (1991-1996); transitional (1997 – October of 2013); post-documentary (October of 2013 – present). The results of the study provided the following conclusions: depository system of the transitional stage, taking into account all deficiencies, had not been a factor in reducing trading volumes in the domestic securities market, its throughput for processing operations with securities was in line with needs of the market. The reformed depository system was built in accordance with international rules and standards, and its throughput for servicing operations with securities exceeds the requirements of the current securities market of Ukraine. Expedience of the further operationalization of the updated depository system has been proved, since there are non-compliances of performance indicators of depository institutions with the prudential standards, issues of both accounting of securities of «dormant shareholders» and increasing the level of competition between depository institutions.

Article is written in Ukrainian


Khmeliuk A. A.
Efficiency of Financial Monitoring (p. 199 - 203)

The study is aimed at theoretical substantiation of the notion of «efficiency of financial monitoring» (based on an analysis of indicators of financial monitoring), identifying indicators that characterize as well as the factors that affect this efficiency. As an indicator for efficiency of financial monitoring has been proposed to calculate the proportion of total costs for maintenance of the State financial monitoring service of Ukraine to the value of the exempt property and assets. It has been proven that an integral characteristic of financial monitoring is its efficiency, the latter should be considered in two aspects: social and economic. The social efficiency depends on the amount of funds which, based on the results of financial monitoring, has been returned to the State budget of Ukraine and is aimed at social spending. Economic efficiency is characterized by the quality of the use of resources (material, labor, financial). The principles, on which an effective financial monitoring should be based are determined as: comprehensiveness, universality, accessibility. The author's method of determining the indicators for efficiency of financial monitoring on the basis of the theory of additive value, which synthesizes key performance indicators for all its actors, has been proposed. The proposed method of determining the efficiency of financial monitoring not only helps to identify the real status on the basis of direct indicators, but also, through the quantitative and qualitative factors, – to find reserves for increasing this efficiency.

Article is written in Ukrainian


Kremen V. M., Ogol D. O.
Improving the Methodical Bases for Prognosticating the Money-and-Credit Indicators (p. 204 - 209)

The article is aimed to develop a scientific-practical improvement of methodical bases for prognosticating the money-and-credit indicators, based on the method of statistical equations of dependencies. It has been proved that prognosticating of the money-and-credit indicators such as money supply, monetary base and level of monetization should be scientifically substantiated and resulted from the planned economic dynamics. In this publication, the unifactor statistical equations of dependencies between GDP (as effective sign) and the amount of the money supply, monetary base volume and level of monetization (as factor signs), have been built. Study of the basic documents for the strategic development of Ukraine together with expert vision of economic development allowed to identify the Ukraine's GDP targets for the short, medium and long perspectives. Based on these values, making use of scientific tools of statistical equations of dependencies, prognostic indicators of the money supply, monetary base and level of monetization have been calculated. Prospect of further research, in the context of completion of the transition of money-and-credit policy in Ukraine into the regime of inflation targeting, is to determine the effect of money supply, monetary base and level of monetization on the inflationary targets, in particular the consumer price index and the GDP deflator.

Article is written in Ukrainian


BUSINESS INFORM №7-2015

Makarenko M. I., Gordieieva D. V.
Evaluation of Sufficiency of the International Reserves of Ukraine and Possible Sources for Replenishment (p. 235 - 240)

The article is aimed to evaluate the sufficiency level of the international reserves of Ukraine, analyze the main ways of preserving the reserve assets as well as identifying possible sources for replenishment during the crisis period. The authors suggested to differentiate between the concepts of «sufficiency» of international reserves and their «optimality». The article analyzes the main advantages and disadvantages of current approaches to substantiation of sufficiency and optimality of reserve assets. The level of sufficiency of the international reserves of Ukraine has been calculated, using traditional criteria (covering the import, short-term debt, money supply) together with the combined criterion of the IMF. It has been concluded that at the end of the first quarter of 2015 reserve assets were not sufficient for all the considered criteria, aside from the monetary coverage criterion, not so much because of their growth, as because of reduction in the money supply in US-dollar terms owing to the devaluation of hryvnia. To locate possible sources for replenishment of the international reserves, the data of balance-of-payments of Ukraine as well as dynamics of reserve assets of several countries with transition economies in the period of the global crisis have been analyzed. It has been concluded that, at the present moment, the only source of external foreign currency resources is financial assistance, which is provided in terms of the program of cooperation with the IMF. To save the reserves, relationships with the countries-importers of Ukrainian goods need to be expanded as well as swap agreements should be concluded. Among the domestic sources of foreign currency resources, the currency and deposits of the non-bank economy sector can be considered as well, though the use of this resource is complicated by the mistrust in the Government and the banking system, significant devaluation and inflationary risks.

Article is written in Russian


Didenko O. M.
Evaluation of the Relationship Between the Intensity of the Banking Activities Regulation and the Profitability of Individual Banks (p. 241 - 247)

The article carries out an evaluation of the relationship between the intensity of regulation of banking activities and the profitability of individual banks. The survey included 110 banks from 6 countries (Ukraine, Poland, Kazakhstan, Georgia, Estonia, Belarus), allowing to take into account differences in the regulation of banking systems between countries, as well as specific features of operation for individual banks. The study was carried out in the interim of 2001-2013. In conducting the assessment, the bank's return on assets was selected as an effective characteristic, which is calculated with use of profit after taxation. This indicator allows to not only detect the presence of a positive financial result of operation, but also to examine its level as to the extent of the banking system, reflects the degree of satisfaction of interests of the bank's owners. An evaluation is based on the profit after taxation, which helps to reflect the net economic effect of the bank's activities. Accordingly, the option that reflects the level of regulation is represented by the integrated indicator of intensity of banking activities regulation, calculated in terms of the countries, the banks of which were included in the survey. On the basis of the carried out calculations, the author has come to the conclusion that intensity of banking activities regulation has an important relationship with dynamics of the profitability of banks. Regarding this, attention should be drawn to the fact that individual banks show positive impacts of intensive regulation of banking activities, maintaining their stable profit in crisis conditions. Further research by the author will be aimed at the impact of the intensity and the directions of banking regulation on stability of the banking system in Ukraine and other world countries.

Article is written in Ukrainian


Zavadska D. V., Pelivan D. A.
A Study on Features of Competitive Conditions of Regional Bank (p. 247 - 253)

The article is aimed to study the conditions of competitive environment of the regional market of the banking services, whose status affects the possibilities for determining strategic alternatives as to coverage of the market share by the niche banks. As result of the study, the competitive positions of banks by the sectors of market of the banking services in Odessa region has been determined. The choice of strategy while entering new markets, making use of the analysis according to the integrated approach to positioning, has been substantiated. The method of SWOT-analysis was used, and, as result, four alternatives for the development of Mykolaiv region have been formulated, taking into account the inherent strengths and weaknesses, prospects and threats. It has been proved that when entering a new regional market, priority areas of the product range of bank should be formed, thus the information obtained by conducting a SWOT-analysis provides an important analytical tool for choosing the optimal strategy and making effective managerial decisions regarding the successful development of bank. Prospect of further research on the chosen topic is to deepen the study of the theoretical-methodological provisions regarding the implementation of practical aspects of operation and development of bank in the context of regional economic disparities.

Article is written in English


Ostapyshyn T. P., Melnichuk N. O.
The Mortgage Lending Tools a Bank Can Choose as Preventive Way to Minimize Credit Risk (p. 254 - 260)

The article is aimed to determine the advantages and disadvantages of different types of banking mortgage loan, taking into account the minimization of credit risk on the basis of detailed analyzing of each type, and also to elaborate recommendations regarding the appropriateness of selected types in a particular setting. An analysis of tools of mortgage lending, which can be used by bank, has been conducted. Differences in calculating the monthly payment for different types of mortgage loan have been determined. The graphs concerning depreciation of certain types of mortgage loans have been built. Some expedient adjustments of banks' mortgage lending instruments are proposed: reduced payments on the loan in the first years of lending; granting of a grace period to pay the principal debt to attract more borrowers; adjustment for inflation using the integrated mechanism for indexing the amounts owed; implementation in the beginning of lending of capitalization of the lost payments on the loan.

Article is written in Ukrainian


Shpygotska N. O.
Role of Large Domestic Banks in Crediting the National Economy (p. 260 - 268)

Against the background of a low development level of financial markets, the banking system in Ukraine at present remains a key part of the financial sector and the main creditor of the real sector of national economy. This article is aimed to analyse the current trends in the structure of assets and liabilities of the banking sector of Ukraine in the context of major groups of banks and in accordance with the size of their assets and crediting the real sector of national economy. The author proposes his classification of banks according to the origin of their capital (private, public, State-owned domestic banks, foreign banks) to more detailed research of participation of certain categories of banks in crediting the non-financial corporations in Ukraine. The basic features of implementation of active operations for each of the categories of banks according to their propensity to risk have been disclosed. In the future, there is necessity for more detailed studying the advantages and disadvantages of the most active crediting of domestic enterprises by banks, which are members of the financial and industrial groups is needed, as well as for enhancing competition in the domestic banking sector.

Article is written in Ukrainian


Pronoza P. V.
Methodical Aspects of Planning the Tax Revenues (p. 268 - 276)

The article is aimed to analyze the effectiveness of planning the tax revenues in Ukraine and to elaborate proposals for improving this process. The conducted analysis revealed that there were significant discrepancies between the actual and planned indicators of revenues to the Consolidated budget that allowed to contend about imperfection of the tax revenue planning process in Ukraine. A synthesis of approaches of scientists has helped to allocate five main factors that may impact the effectiveness of tax revenue planning. As the priority direction was identified the improving methodological and information support of the tax revenues planning process through the use of multiple regression procedure. As result of the analysis of existing approaches, four key factors that impact the volume of tax revenues have been identified. The main parameters of the regression equation, which describes the dependence of the volume of tax revenues on these factors, have been determined.

Article is written in Ukrainian


BUSINESS INFORM №8-2015

Kucher G. V.
The Debt Mechanism for Financing Public Expenditures (p. 207 - 214)

Theoretical and practical aspects of functioning of the debt mechanism for financing public expenditures have been disclosed. A theoretical generalization of its essence and structure has been suggested, features of its functioning in Ukraine have been determined. Specifity of implementation of the State debt policy through the debt mechanism for financing public expenditure has been detalized. Characteristics of the implementing principles of crediting in the system of public credit have been defined. Special attention is paid to the expediency of implementing the debt mechanism for financing public expenditures on development and the integrated approach to financing of public projects. Importance of taking into account the specifity of risk management of public debt has been determined, which, in conjunction with the planning and forecasting of trends of public debt as well as the structure of the debt portfolio, ensures the timeliness and completeness of financing the budgetary expenditures, minimizing cost of the means borrowing and to improve efficiency of the management of public debt. Trends of financing a budgetary deficit, quantitative and qualitative parameters of its effect on the accumulation of public debt have been disclosed.

Article is written in Ukrainian


Portna O. V.
Process Form of Reproduction of the Aggregate Financial Potential of Ukraine (p. 215 - 220)

Stabilization of the economy of Ukraine largely depends not only on the resource capabilities, but also on their materialization. The article is aimed to examine the essence of process form of reproduction of the aggregate financial potential of country. It has been proven that resumption of an appropriate attention to unification of the processes of economic reproduction and the reproduction of aggregate financial potential of country is a prerequisite for enhanced social reproduction, stable functioning of the national economy and finance. The basis for an expanded reproduction of the aggregate financial potential of Ukraine is its orientation towards the real sector of economy, fuller involvement in creating added value, income, GDP. It has been proposed to explore the process form of reproduction of the aggregate financial potential of Ukraine through indicators of the consistent and interlinked description of crucial processes and phenomena of economy: production, income, consumption, capital accumulation and finance. Prospect of further research in this direction is consideration of an effective form of reproduction of the aggregate financial potential of Ukraine.

Article is written in Ukrainian


Sheludko S. A.
Efficiency of Currency Interventions: Estimation Criteria and the Results of Analysis of the NBU Interventions in the Internal Currency Market (p. 220 - 224)

The article is aimed to study the theoretical-methodological framework for estimation of efficiency of currency interventions by the Central Bank and analyze the efficiency of interventions by the National Bank of Ukraine. Basis of the study are the scientific publications by both Ukrainian and foreign authors (first and foremost by specialists of the International Monetary Fund as well as the World Bank). Results of a critical review of the specialized literature suggest applying in the world practice three basic criteria of efficiency of currency interventions by the Central Bank: «direction», «smoothing» and «reversal». The author was offered an additional criterion of «compensation» in order to improve the shortcomings of the other criteria. Based on this criterion, an analyzis of effectiveness of currency interventions in the foreign exchange market of Ukraine has been conducted, which led to the conclusion of a low level of efficiency of such activities. The purposes of the future researches are found in the area of finding and implementing ways to improve the mechanism for implementing by the National Bank of Ukraine currency interventions at the internal currency market of the country. The practical value of this research work is determined by the need of a scientific substantiation of currency interventions during the transition to a market-based exchange rate. The scientific value of the research consists in validation and testing of the criterion of efficiency of currency interventions, proposed by the author.

Article is written in Russian


Bacho R. Y.
Condition of the Market of Insurance Services of the Autonomous Republic of Crimea and the City of Sevastopol in the New Conditions of Operation (p. 225 - 231)

The article provides an estimation of condition of functioning of the non-bank financial services market of the Autonomous Republic of Crimea under the annexation of the latter. The main trends in the insurance markets of the AR of Crimea and the city of Sevastopol have been displayed. Information about functioning of this market, as for reportable data from the National Commission on Financial Services Markets of Ukraine and according to the Central Bank of Russia, has been summarized to be concluded that the reduction of the insurance market in 2014 makes up almost two times compared to the previous years. The main reason for this reduction is seen in a substantial narrowing of the analyzed market because of withdrawal of all domestic participants, as well as the lack of motivation for worldwide brands in entering the insurance market of the peninsula because of the sanctions by the International Community. It has been concluded about impossibility of quick adaptation to the new realities of other non-bank financial services market participants (pawnshops, credit unions and finance companies), indicating limited consumer access to non-bank financial services.

Article is written in Ukrainian


Bilous N. M.
Integrated Score for Sustainability of Insurance Companies at the Regional Level (p. 232 - 237)

The article considers features of integrated assessment of life insurance activities by insurance companies. To improve the process of sustainability assessment, it is necessary to examine various methods for calculating the integral index, disclose their advantages and disadvantages. The research is focused on formation of sustainability of insurance companies providing life insurance services at the regional level. Life insurance is one of the fastest growing economic branches in our country, but a significant imbalance, which is seen in the regional context, prevents the full development and reduces the sustainability of companies. Integrated assessment of company status extends the economic substance of the concept of sustainability and can be used to characterize the ability of companies to return to equilibrium, preserve their settings, and move on to a new stage of development at the regional level, in the context of random changes in the external and internal environment when assessing the life insurance market.

Article is written in Ukrainian


BUSINESS INFORM №9-2015

Kasych A. O.
Results-Based Budgeting as a Management Tool for a Sustainable Development of Economy (p. 276 - 281)

The article is aimed at studying the issues of direction of the budgetary process towards a sustainable development of country. A study of theoretical provisions related to the existing linkages between economic growth and public spending was carried out. It has been specified that public expenditures, which is calculated as a percentage of GDP%, can provide either accelerating of economic dynamics, or its deceleration. On the basis of generalization of world experience of transforming the public expenditures into a lever for sustainable development, the basic principles to ensure effective management under current conditions have been formulated. A study of the major indicators of the State budget of Ukraine highlighted the main problems, which require the application of contemporary management tools. Application of the results-based approach in the process of forming the budget of Ukraine was considered in the context of the accelerated economic growth orientation. Among other effective tools of the results-based approach, the use of budgetary consolidation, which objective is substantiated in the light of both medium- and long-term goals of sustainable development, can be reasoned. Prospect of further research in this area will be development of scenarios of economic development in the context of implementation of various objectives of the budget process.

Article is written in Ukrainian


Yenina A. O.
Issues of Interaction of Principles for Establishing Both Fiscal and Tax Systems when Implementing the Fiscal-Budget Policy (p. 282 - 288)

The article is aimed at studying the interaction of principles for establishing two interrelated systems: fiscal and taxation. It has been found that, in order to ensure effective implementation of fiscal policy, a harmonious performance of both fiscal and tax systems is required in the State. Principles for budget system, tax system and establishing tax legislation have been analyzed. The conducted analysis provided for consideration of: instability of both fiscal and budgetary rules; inconsistency of individual laws, their self-contradictory; difference in terminology, which raises a lot of questions and causes ambiguous interpretation of conceptual framework of legislation; an excessive fiscal direction; insufficiency of the enabling factors that would guarantee implementation of principles for both budget system and tax legislation.

Article is written in Ukrainian


Rudyk N. V.
The Monetary Component of the System of Macro-Financial Indicators (p. 288 - 295)

The article is aimed at formation of the monetary component of the system of macro-financial indicators, which will provide comprehensive information on the status of the money-and-credit sphere, existing threats and trends of development for use in the management of the public finances of Ukraine. The use of monetary indicators as part of a system of macro-financial indicators in the process of management of public finances has been examined. In the analysis and systematization of existing practical and theoretical bases a number of aspects has been identified, which were not considered in the current practice of monitoring monetary indicators comprising the economic security of the country. Empirical studies of dependency between the money supply, the volume of gold and foreign currency reserves, the proportion of cash in circulation and dynamics of real GDP were carried out. Both the optimum and the safe ranges have been determined. Recommendations for using the monetary macro-financial indicators when calculating the integral indicator of the economic security of Ukraine have been generated. Risks by the directions that were not included in the existing methodology have been identified, indicators for their evaluation have been selected, as well as related rationing and prioritization have been carried out. Further research in this area will be developing a methodology for the practical implementation of the proposed integrated indicator as a component of system of the macro-financial indicators in the process of management of the public finances of Ukraine.

Article is written in Ukrainian


Yavorska T. V.
Strategy of the State Regulation of Insurance Business in Ukraine – the Answer to Current Challenges and Threats (p. 296 - 301)

The article is aimed at substantiation of the basic strategic directions of the State regulation of insurance business in Ukraine. Based on an analysis of the existing strategic documents and on summarizing their main destinations the following strategic priorities have been proposed: reforming the system of the State registration, licensing and organization of insurance actors; improvement of the legislative framework in action and adoption of several legal documents regulating the insurance legal relationships; improving the fiscal management of insurance business for the purpose of proper payment of the established tax deductions and minimizing the tax optimization schemes; stimulating the development of competitive relations in the domestic insurance business; attraction of SROs to the formation of the basic principles of the State regulation of insurance business; improving the efficiency of the insurance supervision; development of a public economic security system of insurance business; formation of informational transparency of insurance business. Prospects for further research consist in uncovering the specific ways of implementation and compliance of the domestic insurance companies with the new requirements of the Solvency II, as well as with the new quality requirements for the provision of insurance services for both individuals and legal entities.

Article is written in Ukrainian


Viadrova I. M., Dobrovolska I. O.
Formation of the Resource Base of Banks on the Basis of Household Savings: Theoretical Aspects and Ukrainian Realities (p. 301 - 307)

The article is aimed to examine both the basic theory and the current Ukrainian practice of forming the resource base of banks on the basis of household savings. The article discloses the significance of household savings in the formation of the resource base of banks; uncovers a complex of the internal and external factors, underlying the dependence of both resources and resource potential of banks on savings. In the course of the studies, an analysis of the role of deposits of physical persons in the asset formation of Ukrainian banks was conducted, the pivotal contradictions in this process were identified. It has been proved that harmonization of interests of both banks and savers can contribute to solving the problem of formation of the resource potential of the banking system at the expense of savings, though without elimination of the obstacles that create the nonspecific factors of general impact as well as factors of sustainability of the banking system no such harmonization is possible.

Article is written in Ukrainian


Karcheva G. T.
System Analysis of the Profitability of Banks in Ukraine (p. 308 - 313)

The article is aimed at improving the methodological and scientific-practical approaches to the system analysis of the profitability of banks. The developed methodological approaches are based on the international standards and the use of economic-statistical methods. The multi-factor regression models, which have been built, have enabled a quantification of impact of the factor indicators on the outcome indicators of banks in Ukraine, establishing the similarity of behavior of banks during financial crises in different periods, as well as disclosing the relationship between the level of profitability and the liquidity of banks. The proposed model of the system analysis of the return on assets provides for the ability to quantitatively measure the impact of factor indicators on the profitability of assets, determine the causes of the growth or the deteriorating of the indicator of the profitability of assets. The developed approach is based on the use of the effective indicators – return on assets (ROA) and return on equity (ROE) in complex with the factor indicators. The use of the proposed approach in practice allows to identify trends and the main factors affecting the profitability, compare the results of the operation between the Ukrainian banks as well as with international banks and identify ways of enhancing their efficiency.

Article is written in Ukrainian


Biliaieva V. Y.
Determining the Level of Financial Sustainability of the Ukrainian Banks (p. 314 - 319)

The article is aimed to develop a methodical approach to determining the level of financial sustainability of the Ukrainian banks using the integral taxonomic indicator. A set of financial indicators to assess the level of financial sustainability by the components of financial sustainability has been composed, including: resource sustainability, liquidity, business activity, profitability by the method of ranking based on the results of an analysis of literature sources. The selected financial indicators were grouped by the components of financial sustainability, integral indicators for each group were calculated. The Ukrainian banks were grouped in clusters according to the calculated taxonomic indicators. The level of banks' financial sustainability in each cluster has been determined. Prospects of further researches in this area will be identification and analysis of the relationships between the level of financial sustainability for each cluster and the efficiency of certain banking operations with a view to determine the range of operations that have the greatest impact on the level of financial sustainability of the domestic banks.

Article is written in Ukrainian


Portna O. V.
Indicators of the Aggregate Financial Potential of Ukraine (p. 320 - 324)

The article is aimed to suggest and substantiate both the indicators of the aggregate financial potential of the country and the approaches to their definition and calculation. The article examines and proves importance of the indicator approach to analysis of the aggregate financial potential of Ukraine. The principles of building a system of indicators of the aggregate financial potential of country have been identified as: completeness, minimality, content-richness, measurability, consistency. The most representative resource-realizable indicators, through the values of which one can monitor the aggregate financial potential of country, have been proposed. Indicators have been calculated and, on this basis, the total financial potential of Ukraine has been analyzed. Summing up the estimates of the aggregate financial potential of Ukraine on the basis of the proposed indicators, the article determines that its growth occurs with decreasing dynamics, while the use of the financial capacities of components of the aggregate financial potential of country as resources has considerable reserves. The presented system of indicators of the aggregate financial potential of Ukraine will provide an opportunity to expeditious, thorough and systematic evaluation of the potential, identifying the main problems, prognosticating and identifying trends in proper time.

Article is written in Ukrainian


Stepanova G. M.
Features of Development of the Domestic Mechanism for Monetary Regulation (p. 325 - 330)

The article is aimed at studying features of functioning and development of the domestic mechanism for monetary regulation of economy. Role of the National Bank as an institution that determines the domestic monetary system has been analyzed, strengthening of this role in the modernization of the national economy of the State has been substantiated. Dynamics of both the annual average NBU refinancing rate and the interest rates on deposits and loans in national currency have been examined. An analysis of operations on purchase and sale of Government securities at the open market was conducted and the structure of owners of the government debt securities was determined. Actuality of the indicator of economy monetization has been substantiated, changes in the structure of money supply, associated with objective processes in the domestic economy, have been examined. The mechanism for regulation of reserve requirement has been disclosed, a gradual reduction of this instrument's role in the monetary market regulation has been proven. Prospect of further research in this area is improving the management system of the monetary market, a thoroughgoing introduction of the mechanism for inflation targeting, limiting the National Bank's share in the ownership of bonds of internal state loan, lowering the level of cash in the structure of money supply and creating incentives to restore the positive dynamics of economic growth.

Article is written in Ukrainian


Nikitan N. O.
Improvement of Performance Indicators of the State Target Programs for the Control of Expenditure Budget (p. 331 - 336)

The article is aimed at studying the system of control of expenditure budget, determining its deficiencies and elaborating proposals to improve the performance of State target programs. The existing system for monitoring the execution of State budget together with its expenditure component have been analyzed, clear methods for monitoring the execution of budgetary programs on the systematic base have been elaborated along with formulation of a system of criteria for achieving the performance indicators. Author's suggestions on how to improve the classification signs and characteristics of effective indicators for budget programs were elaborated. Efficiency is divided into resource and target, executive and overall efficiency. This approach provides for a complete estimation of both the process and the results of a budget program by the scientifically sound criteria, a comprehensive evaluation of both the process and the results of execution of a budget program through the institutions, belonging to the network of chief administrator of the budget funds, thus representing an efficient mechanism for introduction of the internal estimates for programs execution and self-assessment, determining dynamics of of its successful performance for the fiscal year and a several years period. In order to determine the results of activity of the program performers, as well as the degree of achievement of the program objectives and the tasks of its execution, use of differentiated scoring rating has been proposed, which will help to assess the execution of budget programs, both by the specific performers and by the result of implementing a program.

Article is written in Ukrainian


Blуznіuk О. P., Ivanyuta O. М.
Trends in the Use of Borrowed Financial Resources in the Activities of Trading Enterprises in Ukraine, Methodical Aspects of their Long Term Planning (p. 337 - 346)

Objectives of article are: a study on the main trends, established in the process of generating and use of borrowed resources in the activities of domestic trade enterprises over the past five years; a comparative analysis of both dynamics and structure of the main sources of capital generating for enterprises of Ukraine in the context of major economic activities; development of methodical tools for planning both volume and maturity of long-term loans as well as its testing in order to assess the effectiveness and impact of using long-term borrowings in the activities of retail trade enterprises. Features of the use of borrowed financial resources by trading enterprises of Ukraine in modern context have been determined, both dynamics and structure of main sources for capital formation of enterprises of Ukraine have been analyzed in terms of the major economic activities. On the basis of the conducted analysis has been discovered that the highest level of borrowing in the overall structure of the generated financial resources was recorded for enterprises of wholesale and retail trade, reflecting their high financial dependence on borrowed capital. The proposed methodical tools for planning and evaluation of efficiency of the use of long-term loan at retail trade enterprises provided for determining the optimal time and cost parameters for attraction of the long-term credit resources as well as allowed to prognosticate the timing of their profitability along with the indicators of performance efficiency, taking into account possible limitations and risks.

Article is written in Ukrainian


Pedchenko N. S., Duda M. O.
A Functional Model of Financial Securing the Activities of Institutions of Joint Investment (p. 346 - 352)

The article is aimed at developing a functional model for the effective financial securing the activities of institutions of joint investment (IJI) and determining their major constituents. Content of the financial securing the functioning of IJI has been disclosed, correlations between the indicated elements have been identified and a functional model of financial securing the activities of IJI has been built, which reflect an enhanced and holistic view on the effective conceptual bases of securing their function. It should be noted that functions of the financial securing of activities are a fundamental element in the definition of the conceptual framework of financial securing the activities of IJI, this component and its constituents are based on implementation of financial methods, leverages and tools. Prospects of further research are formation of an effective concept of financial securing the activities of ISI, which will include strategic objectives and priorities of financial securing the activities of IJI; mechanism for financial securing and the constituents, on basis of which it is formed; measures to attract financial resources and revitalization of activity; main results of the activity of IJI.

Article is written in Ukrainian


Lototsky V. A.
Evaluating Capability of an Airline Company to Develop Partnerships with Banks (p. 352 - 358)

The article is aimed at developing methodical approaches to integrated evaluation of capability of an airline company to develop partnerships of the existing forms and types with the banks of Ukraine. The methods proposed by the author are based on the process approach to studying economic phenomena, systematization of functional areas of activity, which determine potential capabilities of an airline company for long-term collaboration, as well as the appropriate indicators and characteristics for their evaluation. The article provides a classification of forms and types of interaction that forms basis for allocation of various requirements for an airline company in its creditworthiness in the process of interaction with bank and, respectively, for various methods of evaluating capability of airline companies to cooperate with banks. It has been found that high requirements to the airline's creditworthiness would be put forward in the case of strategic and project partnerships, based on the conditions of mutual interest in the development of its participants. Unlike the existing methods, the presented method for evaluating capability of airlines to partnership with bank is based on a comprehensive diagnostics of all directions of the airline's activities, which provide the potential for its development. Integral evaluation of all quantitative and qualitative characteristics of the airline's potential is carried out on the basis of scoring method.

Article is written in Ukrainian


BUSINESS INFORM №10-2015

Vlasenko T. A.
The Public Debt Management: Essence of the Concept, Substantiation of the Methods for Restructuring (p. 310 - 317)

Essence of the concept of «public debt management» has been generalized. A morphological decomposition of the researched concept has been conducted through allocation of its components: content, essence, objective and the authoritative bodies that implement it. Thus, management of public debt is seen as a system of measures, implemented by the State government together with the competent authorities, which includes: study of conditions in the market of credit capitals; issuance of loans and development of conditions of the loans issue, placement and refund (repayment); payment of interest; carrying out the loans conversion and consolidation; fulfillment of the obligations arising for public borrowing, guarantees to commitments made by third parties and assumed by the State; management of external assets; defining the sites for accommodation, conditions and repayment of government loans. The objectives of this system of measures are the impact on the structure of public debt, ensuring the solvency of the State, harmonization of interests of borrowers, investors and lenders, optimization of expenses related to the financing of the budget deficit. Using the hierarchy analysis method, a comparison of methods for restructuring public debt at regression ratios was carried out according to the following criteria: complexity of implementation, costs of implementation, effectiveness of implementation and duration of deployment. Use of the hierarchy analysis method allowed to reveal that debt policy should be based on debt conversion and consolidation, all other methods should be supplementary.

Article is written in Ukrainian


Hanusyk Y. B.
Problems and Prospects of Introduction of the Inflation Targeting in Ukraine (p. 318 - 323)

The article is aimed at studying the practices of using the mode of inflation targeting by the developed world countries, defining the advantages and disadvantages of its use. Possibilities of introducing the inflation targeting mode in Ukraine and the order of necessary measures that would provide introducing a «simplified mode» of inflation targeting have been determined. The author substantiates that targeting the exchange rate by the National Bank of Ukraine (in the late 2014 or early 2015) has showed its ineffectiveness, in particular, the impossibility of achieving price stability, interest rates, rise of inflation expectations, increasing instability of the economy as a whole. With the benefit of international experience in this regard, the author points out that it is important to not only learn, but also to modernize the inflation targeting mode, adapting it to the domestic circumstances. For the introduction of inflation targeting is necessary to improve the mechanism for fixation of inflation, that is, to abandon the fixation of other indicators, in particular exchange rate, as well as introduce appropriate monetary instruments, foremost among which is the short-term interest rate. In the publication is proved that the move to a new strategy of monetary policy should be carried out gradually, i.e., first by entering the «simple» mode, and subsequently implementing the full-scale inflation targeting.

Article is written in Ukrainian


Glushchenko O. V.
Financial Architectonics of the Public Finance Sector of Ukraine: Mutual Influence of Expenditures and Public Debt (p. 324 - 334)

The article is aimed at disclosure of the forms of socio-economic crisis of the financial system in the public finances of Ukraine with identification of strains as well as their financial architectonics. The main purposes of the article are: disclosure of essence of the manifestations of crisis phenomena in the economic system, analysis of dynamics of the major indicators in the functioning of public finances and their ratio to GDP; examining the changes in the structure of expenditures of the public budget and a comparison with the costs for servicing the public debt; determination of deformation of the architectonics of public finances, contributing to the rising inflationary burden on economic system. The article proves formation of the phenomenon of debt trap and identifies that it manifests itself in the increasing amounts of internal public debt that raises the inflationary devaluation of the money supply, as well as in deformation of the architectonics of financial flows in the financial system between public finances and financial markets. It has been substantiated that one of the factors, contributing to the increasing nature of the counter-cyclical trend of inflation index, is the increase in the volumes of emission of government borrowings in the domestic financial market of Ukraine and growth of the rate of return on them. Prospects for further research in this area are formulation of a categorical definition for the identified phenomenon of debt trap; further development of the theory of financial architectonics, which should disclose the patterns of movement of the public financial flows.

Article is written in Ukrainian


Sidelnykova L. P.
The Organizational-Legal Principles of Establishing the State Budgetary Resources (p. 335 - 340)

The article is aimed at studying the status of the legal regulation of the mechanism for establishing the budgetary resources of Ukraine as well as development of proposals for its improvement. The features of the legislative and normative-legal support of the tax and debt sources related to the accumulation of the budget resources have been determined. On the basis of a study of dynamics of changes in the domestic legislative basis to implement the establishing of the budgetary resources, has been proven that, over the period of Ukraine's independence, legislation in the spheres of taxation and of public debt varied haphazardly and chaotically. It has been determined that positive development was the elimination of scatteredness in terms of legislative acts that took place before the adoption of the budget and tax codes, however, numerous corrections of these basic documents indicate the extremely low level of legislative drafting in the budgetary-fiscal direction. Efficiency of the organizational-legal mechanism for establishing the State budgetary resources has been reviewed from the standpoint of the quality of budget planning, which primarily depends on the adequacy of forecasting the macroeconomic indicators. Some directions of optimization for national legislation in the sphere of regulation of establishing the budgetary resources of the State have been proposed.

Article is written in Ukrainian


Duhina I. V., Luchko H. Y.
Economic Characteristics of the Ukrainian Consumer Crediting Market (p. 341 - 347)

On the basis of an analysis of the data by both NBU and the State statistics service of Ukraine, conditions of the banking system have been characterized and the economic characteristics of consumer crediting have been determined. It has been identified that the potential of consumer crediting in Ukraine has been insufficiently used, which limits opportunities for economic development of the country. As to the structure of credit portfolio, predominance of the share of loans to households on consumer goods over the credits for the construction and renovation of real estate has been revealed. The unsustainable structure of consumer loans by the kinds of currencies has been recognized, which, in the face of the devaluation of the national currency, significantly increases the payment and currency risks of banks. The need for enhanced consumer crediting market has been determined a prerequisite for the development of the internal market and the real sector of economy.

Article is written in Ukrainian


Storonyanska I. Z., Voznyak H. V., Pelekhatyy A. O.
Budgetary Policy for Development of Regions of Ukraine: Features of Establishing and Implementing (p. 348 - 353)

The article substantiates the process of establishing the budget policy for regional development. Weaknesses of national budgetary resolutions over the recent years have been specified. The evolutionary aspect of generation of incomes to the local budgets in Ukraine and their legal basis from 1990 to 2015 have been considered. Key principles for implementing the budgetary policy of regional development of Ukraine have been identified. The budget for development of the local budgets has been characterized, which is a component of the special fund of the local budgets and an important tool for the implementation of budgetary policy at the regional level. A scheme of establishing and implementing the budgetary policy for regional development together with the basic requirements, in accordance with which the budgetary policy for regional development should be established, have been proposed. It has been proven that the ultimate goal of the budgetary strategy in the region is to achieve the long-term sustainability and balancing of the regional budgets and is to be aimed at ensuring the socio-economic development of region.

Article is written in Ukrainian


Borzenkova O. D.
Tax Reform in Ukraine: International Experience, Reviewing the Prospective Changes (p. 354 - 358)

The article is aimed at determining the characteristics of both the tax system of Ukraine and expected developments, taking into consideration the international experience in taxation. Both retrospective and current status of taxation have been considered, relevance of carrying out a tax reform has been substantiated and parameters of a new system have been defined. Directions of improvements in line with the proposals by the Government have been identified, comments and issues requiring clarification and refinement, in particular the exclusion of legal persons from the Group B, which prevents possible use of a simplified system of taxation, have been determined; restriction of the threshold of income for economic entities, which can lead to transition to the general system of taxation; use of PPO; monitoring of income and tax audits. Prospects for further research in this direction are estimating the impact of tax reform in Ukraine for small and large businesses, analysis of changes and evaluation of the feasibility of implementing.

Article is written in Ukrainian


Humenniy A. А.
Efficiency of the Mechanism for Implementing the Tax Potential of the Securities Market and the Ways of its Improvement (p. 359 - 366)

The purpose of the article is defined as a substantiation of essence of efficiency of a mechanism for implementing the tax capacity of the securities market, assessment of its fiscal and regulatory effectiveness, and the a substantiation of the ways of its improvement. It has been proved that efficiency of the mechanism for implementing the tax potential of the securities market must be analyzed in terms of two components – the fiscal and the regulatory. The article defines efficiency criteria for each component. The fiscal efficiency of the mechanism for implementing the tax potential of securities market was estimated on the basis of the fiscal efficiency of the special tax on operations with securities. The results of the conducted analysis showed that the number of payers of the tax specified as well as its income levels were small, which testifies to its low fiscal efficiency. The fiscal efficiency mechanism for implementing the tax potential of the securities market is closely linked to regulatory efficiency. Low regulatory efficiency will block up the fiscal efficiency. The article substantiates that the regulatory efficiency of the mechanism for implementing the tax potential of the securities market is also low. Ways of enhancing the efficiency of the mechanism for implementing the tax potential of the securities market have been substantiated. Among them: reduction of shadow economy and use of operations with securities in the schemes of minimizing taxes, as well as a return to the practice of taxation of operations with securities, with a justification of both the best rates and the mechanisms for payment of such tax.

Article is written in Ukrainian


Sokyrynska I. H.
Cash Flow as an Important Factor in Managerial Decision-Making (p. 366 - 372)

The article is aimed at studying the money flow as a basis for managerial decision-making from the perspective of providing the dynamic financial balance of enterprise. Focus on the cash flow management significantly increases the ability of business to «generate money». The publication proposes a cash flow matrix approach to estimation of the proportion of cash flows of enterprise and its operating, investing and financing activities, which provides for diagnosing the quality of net cash flow of enterprise depending on the level and volume of cash flows by the individual activities. It has been substantiated that the underlying liquidity of an enterprise depends on the quality of the cash flows from operating and investing activities, and the cash flow from financing activities must perform an equilibrating role in ensuring the dynamic balance in the process of enterprise development. A classification field of possible situations to determine the status of the underlying liquidity of an enterprise has been developed; an example of describing the situations that characterize the company's ability to generate net cash flow, depending on the results of each of the activities, has been provided. The proposed cash flow matrix approach allows to estimate the nature of formation of net cash flow at a specific enterprise and improve management efficiency through the use of appropriate financial mechanisms.

Article is written in Ukrainian


Kotliarov Y. I.
Directions of Increase of Influence of Property Taxes on the Establishing of Local Budgets (p. 372 - 377)

The article analyzes the composition of property taxes, provided in the tax legislation of Ukraine. The advantages of property taxation are the order of registration of the taxable property ownership, long time ownership pattern and stability of the taxation base. Among the disadvantages of the existing property taxation as the major have been selected the order of object determination and bases of these taxes. As disadvantage of the procedure of land value taxation is considered that their normative value was set more than 20 years ago, and the provided procedure of its indexation against the inflation rate does not take into account changes that the grain markets have undergone. As the disadvantages of real estate taxation, other than land value, can be classified the order of setting the tax rates as a percentage of the minimum wage, which is not related to the object of taxation. In determining the tax base, it is proposed to take into consideration the market value of property, as is customary in most countries. To improve the taxation of vehicles, it is proposed to expand the list of related tax payers, and to consider as objects of taxation not only land transport, but also vessels and aircraft.

Article is written in Ukrainian


Viadrova I. M., Gadetska S. V., Sydorenko O. M.
Methodical Approaches to Estimating the Cost of Bank's Troubled Loan Portfolio (p. 378 - 382)

Methodical approaches to estimating the cost of troubled loan portfolio have been proposed, the main factors influencing the cost of non-performing loan have been identified. A model for non-performing loan cost estimation in the conditions of uncertainty in terms of future payments on example of consumer loan has been presented. The proposed model can be used in the practical activities of banks to ensure the effective management of non-performing liabilities. Additional research is required for issues of determining the dependency of the volume of overdue debts from the macro-economic indicators and indicators of banking activities.

Article is written in Ukrainian


Vladimirova N. P.
A Conceptual Framework for Diagnosing the Financial Security of Economic Entities (p. 383 - 388)

The article is aimed at substantiation of conceptual bases for diagnosing financial security of economic entities. Some conceptual provisions of diagnosis of the level of financial security related to economic entities have been proposed, the main issues of evaluating the level of their financial security have been summarized. The main criteria and indicators for evaluating the level of financial security of economic entities have been allocated. It also have been specified that, to provide relevance of the process of enterprise development to the provision of a sufficient level of financial security, a clear position regarding the nature of the engagement and use of borrowed capital should be developed in the management system of enterprise. For this purpose, the importance of both the loan and the investment components in evaluating the level of financial security has been determined. Also, necessity for continuous monitoring of the investment security at the State level has been specified.

Article is written in Ukrainian


Shevchenko I. O.
Theoretical Foundations of Public Financial Audit of the Execution of Budgetary Programs (p. 388 - 395)

The article is aimed at substantiation of theoretical foundations of public financial audit of the execution of budgetary programs. Approaches to the interpretation of the concept of «public financial audit» have been examined. An gnosiological analysis of the notion of «public financial audit of the execution of budgetary programs» has been conducted, allowing to define the essence of this concept. A scientific novelty lies in the interpretation of the public financial audit of the execution of budgetary programs from the standpoint of system-process approach, resulting in inseparability of the audit studies from the process of implementation of a budgetary program. Approaches to the definition of the purpose of public financial audit of the execution of budgetary programs have been generalized. Also, tasks of public financial audit of the execution of budgetary programs have been identified. It has been proposed to divide the tasks of public financial audit of the execution of budgetary programs into the tasks, associated with support of a budgetary program, and the tasks of evaluation of the effectiveness of budgetary programs. In addition, the publication summarizes the principles of public financial audit of the execution of budgetary programs and determines that the most thorough for the public financial audit of the execution of budgetary programs are the principles, based on independence, legality, efficiency, responsibility, planning, professionalism, transparency and objectivity.

Article is written in Ukrainian


BUSINESS INFORM №11-2015

Bacho R. Y.
State Regulation of the Markets of Financial Services in the Context of Virtual Currencies (Crypto-Currencies) Availability (p. 294 - 298)

The article is concerned with a generalized comparison of electronic and virtual currencies (crypto-currencies) in the face of widespread distribution of Internet services. The advantages and disadvantages of using crypto-currencies for commercial purposes have been allocated. Special attention is paid to the fact that most regulators of the market of financial services propose to refrain from crypto-currencies because they do not have collateral and are not controlled by State regulators of countries. The carried out operations with virtual currencies are not subject to State regulation to prevent abuse and legalization (laundering) of incomes received through criminal way as well as terrorism financing. It has been proven that nascency of virtual currencies is a consequence of the negative impact of the financial and economic crisis of 2008-2009. The purpose of crypto-currencies is to create an alternative to existing legal payment means, which are circulating in the banking system. It has been concluded that availability of crypto-currencies as pseudo-monetary means is the newest challenge for the authorities of the State regulation of the markets of financial services at both the national and supranational levels. However, it should be noted that with the creation of e-money the people, which hadn't been secured with financial services before, were included within the scope of the formal financial system afterwards.

Article is written in Ukrainian


Matselukh N. P.
Securities Market and the Need for its Balanced Development in the Current Context (p. 299 - 305)

The article is concerned with the problems of balanced development of securities market. In the study of nature of securities market were applied several approaches: identification of securities market with stock market; interpretation of the nature of securities market as a sphere of sale and purchase of securities; definition of securities market as a specific sphere of financial relations in terms of redistribution of financial resources through securities. It has been substantiated that development of securities market depends on a number of assumptions, including the development and performance of its own infrastructure, which in Ukraine is characterized by fragmentariness and unsystematic character. Disadvantages of the development of securities market are attributable to different factors, which have led to imbalances in its development. The balanced development of the securities market is defined as a vector, which involves enhancing the role of the securities markets in the accelerating their distribution to increase capitals as sources for financial support to enterprises in the non-financial sector. Tasks and priorities have been substantiated, as well as principles of the balanced development of securities market. It has been specified, which preconditions for a balanced development of securities market should be ensured at the present stage of development of the Ukrainian economy.

Article is written in Ukrainian


Tokar V. V.
Threats to the Economic Security of the State in the Cases of Readjustment and Liquidation of Commercial Banks in Ukraine (p. 306 - 313)

The article is aimed at identifying threats to the economic security of the State and developing recommendations to improve the level of protection of the interests of economic entities, as well as natural and juridical persons when conducting cash transactions in the cases of readjustment and liquidation of commercial banks in Ukraine. The article analyzes efficiency of keeping price stability in Ukraine by the NBU, a criterion for evaluating this efficiency has been suggested. Strengthening the oligopolistic trends; unemployment of bank specialists; bankruptcy of economic entities – customers of commercial banks; loss of funds by individuals when conducting cash transactions; impunity and the excretion of funds from troubled banks by the owners, associated persons and managers have been identified as the major threats to the economic security of the State in the cases of readjustment and liquidation of commercial banks in Ukraine. Relevance of transformation of the system for guaranteeing of individuals' deposits into the system for protection of interests of the banks clientele has been substantiated, which also provides for: equation in the rights of individuals and legal entities – customers of banks; changing the order of creditors in the liquidation of commercial banks; extraordinary payments to natural persons and legal entities when blocking payments from and to their names.

Article is written in Russian


Cherep A. V., Osypenko S. О.
Communal Bank as an Investment Component of the Socio-Economic Development of Territorial Communities (p. 314 - 319)

The article is concerned with substantiation of feasibility of establishing a communal bank, and determination of organizational-functional framework of its activities in the context of power decentralization in Ukraine. It has been determined that in Ukraine has been experience of participating in the formation of capital of banking institutions by the local self-governing authorities along with utility enterprises, nevertheless, given the best practices of domestic scientists, considering such institutions as communal banks is not realistic. Taking into account the changes in the legislative framework to strengthen financial decentralization, the article proposes the organizational-functional framework for a communal bank. The expediency of participation by local self-governing authorities together with utility enterprises in the formation of the equity capital of communal bank in the amount of 50% has been substantiated. Presence of a large potential of local self-governing authorities as well as utility enterprises, institutions and organizations in the formation of attracted funds of communal bank has been determined. Some priority directions of activity of communal bank have been suggested.

Article is written in Ukrainian


Hniedkov A. V.
The Accounting Features of Factoring Operations in the Bank (p. 320 - 324)

The article analyzes the theoretical and practical aspects of accounting for factoring operations. Results of theoretical studies have been summarized, scientifically substantiated recommendations on accounting for the factoring transactions in banks have been developed. Four groups of factoring services have been identified: classic factoring services; factoring services without prior funding; international factoring services; additional factoring products. The main benefits of using factoring for enterprises have been identified: gaining additional profits, saving on unnecessary costs, saving in the procurement of goods, protection from losses upon untimely paying by debtors, possibility of management of accounts receivable. In addition, advantages of providing factoring services for banks have been identified. An own vision of the accounting for factoring operations has been offered.

Article is written in Ukrainian


Zemlyachev S. V., Zemlyacheva O. А.
Influence of Bank Risks Insurance on the Financial Stability of Banks and Insurance Companies (p. 325 - 333)

The article is aimed at studying the influence of bank risks insurance on the financial stability of banks and insurance companies. New benefits of bank insurance for both insurance companies and banks have been presented. It has been proposed to apply system approach to integrated evaluation of financial stability of the banking system of Ukraine, result of which is a Report on financial stability. When considering the process of constructing a model for evaluation of the financial stability of bank, selection of tools for evaluation has been reviewed. Based on the analysis of economic literature, research methods have been identified, which are used to implement an integrated evaluation of the financial sustainability of insurance companies. To assess the sustainability of behavior of insurance company, a model for determining the level of required financial sustainability of insurer has been suggested, with the consideration of the dynamics of operating conditions.

Article is written in Ukrainian


Chernomor V. O.
Optimizing ATM-Network as a Factor for Increasing the Efficiency of Bank Activities in the Sphere of Payment Systems (p. 333 - 338)

In the current context, which is characterized by a high level of competition in the market of bank services, increasing the efficiency of the bank activities in the sphere of payment systems acts as a priority task. To the promising directions for increasing efficiency of bank activities in the sphere of payment systems belongs optimization of ATM-network, aimed at reducing costs on maintenance, increase of temporal and territorial availability of banking services for customers. The article examines the following directions for increasing efficiency of ATM-network: improving location of ATMs, cash collection, as well as optimizing the placement of banknotes in the ATMs. In order to optimize location of ATMs, is practicable to use prognostic models of calculation of income, rating based models or map services that allow to visualize the geography of use of payment cards and places of customers concentration. In addition, it is determined that, due to security requirements, optimization of cash collection should be aimed at maximizing the number of concurrent collections. Improving the placement of banknotes in the ATMs involves determining the amount that must be loaded into an ATM, to prevent untimely running out of banknotes or loading excessive cash.

Article is written in Ukrainian


Syrotiuk Y. V.
Place of Financial Intermediaries in the System for Allocating Financial Resources in the Economy (p. 338 - 345)

The article evaluates the role of financial intermediation in the system for allocating financial resources in the economy through the establishment of basic relationships and determining the characteristics of their interaction with other participants of financial market in the process of redistribution of financial resources. It is determined that financial intermediaries have the ability to cause corrective influence on the allocation of financial resources in the economy at the expense of changing the direction of financial flows. This influence can be both positive and negative – depending on the direction of flows of funds, terms of their involvement and redistribution, selected tools for moving resources, etc. A study on the characteristics of resources and their allocation among financial intermediaries and other allocation subjects helped to assess the current status and the extent of impact of financial intermediaries in the development of the economy. It has been found that contemporary financial intermediation activity are focused mainly on profit in the short term and does not take enough effective participation in the allocation of financial resources in the economy, operating mainly within the limits of financial sector. A promising direction for increase of the positive role of financial intermediaries in the context of allocating financial resources will be a departure from the financialization of the economy and shifting towards close cooperation with different sectors of the real economy.

Article is written in Ukrainian


Tarangul L. L., Kramarenko O. A.
Budgetary Policy to Ensure Local Innovation Programs (p. 346 - 351)

The article is aimed at studying the role and place of local innovation programs in the development of local self-government bodies. The basic directions of budgetary policy at the level of both the State and regions have been determined. As the main tools for a forward-looking management of public finances and for economic growth at the regional level have been identified the local innovation programs. The national practice of evaluation, development and execution of innovative programs has been studied. Shortcomings of the existing approaches to the formation and implementation of local innovative programmes has been identified, in particular, expediency of engaging their actors at all stages of development and implementation has been substantiated. Prospect of further research in this area is to determine the level of influence of budgetary policy by the Government on the local authorities, and also, at the conceptual level – search for methods of improving the mechanism for financing the local innovation programs.

Article is written in Ukrainian


Zamaslo O. T., Boichuk O. I.
An Analysis of the Current Status of Tax Culture in Ukraine (p. 351 - 357)

The article examines the processes of formation of tax culture together with its constituent parts. The article evaluates the level of influence of various factors on the current status of tax culture in Ukraine, it has been determined that one of the main problems of formation and development of tax culture is the low level of awareness by tax payers of the need to pay taxes. One of the objectives of the study is to evaluate the impact of actions by regulatory bodies on the relationship between them and the taxpayers in the State. Efficiency of controlling bodies has been analyzed and the main directions of their activities to improve the level of tax culture in Ukraine have been expounded. It has been concluded that the formation and development of tax culture is one of the directions for reforming the tax system.

Article is written in Ukrainian


Tarangul L. L., Melnyk A. M.
Preconditions of the Real Estate Taxation in Ukraine (p. 358 - 365)

The article is concerned with evaluating preconditions for the development of real estate taxation and substantiation of prospects for modernization of the taxes on real estate in Ukraine. It has been substantiated that an examination of the preconditions for development of the taxation on real estate in Ukraine should be carried out separately for land estate and for property other than land estate. The structure of Land Fund in Ukraine has been analyzed; it has been determined, what percentage of the land and in which regions requires a normative monetary valuation. It has been determined that much of the land is leased. Most lease agreements are being concluded for a period from 3 to 6 years with the rate of rent in the amount of 3%. Because of changes in the tax legislation, increase in the rent rates is expected, which may lead to termination of the lease agreements previously concluded. Such is the negative precondition for the development of real estate taxation. It has been substantiated that in Ukraine there is a sufficient framework for taxation of real property other than land estate. There are also preconditions for both residential and commercial property taxation, though the tax base should be not the real estate area, but its estimated value. In general, there are sufficient preconditions for taxation of both components of real estate, provided that gradual transition from taxation of the real estate area to its value will be implemented.

Article is written in Ukrainian


Rybachuk I. О.
Using the Periodic Quantity-Value Model to Forecast the Value of Financial Market Tools (p. 366 - 372)

The article is aimed at improving the theoretical and methodological approaches to forecasting the value of financial market tools, making use of the developed periodic quantity-value model, which is a reflection of the price formation process in a rectangular Cartesian coordinate system in the space, which includes time periods axes, and the amount of supply and demand with their scaling entered. Possible ways to apply the periodic quantity-value model in the analysis of various segments of financial market with a view to forecasting the value of its tools were considered. On the basis of the periodic quantity-value model, an universal scientific approach to forecasting the value of financial tools has been proposed. Taking into account possibilities of the periodic quantity-value model to generalize and display the effect of a number of economic laws, as well as organizing and grouping a large number of economic indicators, prospects for further research towards the integration of the periodic quantity-value model into the contemporary economic theory have been identified.

Article is written in Ukrainian


Samusieva L. Y., Kropivtsova N. I.
A Comprehensive Approach to Evaluating Financial Threats to Financial Security of Enterprise (p. 373 - 377)

The article is concerned with identification and evaluation of the main indicators that characterize the level of financial threats with a view to ensuring the financial security of enterprise. The main threats to the financial security of enterprise have been allocated. Influence of various factors threatening the financial development of enterprise have been examined. A number of the main internal factors of dangers and threats affecting the financial security of enterprise has been identified. A complex of managerial decisions has been suggested, which should help to determine the most effective ways to improvement (stabilization) of financial security of enterprise. A mechanism to identify potential threats to the financial activity of enterprise has been developed, its tasks have been determined. The main external threats to the financial security of enterprise have been examined. A number of tasks that need to be addressed to ensure an appropriate level of financial security of enterprise have been identified.

Article is written in Ukrainian


Lachkova L. I., Lachkova V. М., Sidorova T. O.
Developing a System to Diagnose the Financial Security of Trade Enterprises (p. 378 - 383)

The article is aimed at identifying the structural-logical progression of building a system to diagnose the financial security of trade enterprises with a view to improve the efficiency of its management. A structural-logical progression of diagnosing the financial security of trade enterprise has been elaborated, indicators for all phases of the study has been substantiated to provide full and complete information to users, on the basis of which managerial decisions can be given in order to improve the financial security of trade enterprise. The proposed development of a system to diagnose the financial security is fundamentally different from the existing approaches in the literature, particularly through taking into consideration features of commercial activities of trade enterprises. The proposed diagnostic steps specify the management tasks in terms of the financial security of enterprise, provide the ability to decompose a complex system into separate interrelated elements, and then install the logic of development and implementation of management process. The formulated provisions provide a further step in developing the theoretical foundations of financial management of enterprise security of enterprise, expand its methodological and practical tools. Together, they solve to some extent the tasks of financial security of trade enterprises.

Article is written in Ukrainian


BUSINESS INFORM №12-2015

Dunas N. V.
Features of Developing the System of Management of Bank's Troubled Assets During the Economic Crisis (p. 269 - 275)

The article is aimed at deepening the theoretical and methodical approaches to developing the system of management of bank's troubled assets taking into account peculiarities of the deepening economic crisis in Ukraine today. Contemporary features of troubled assets in the functioning banking system have been characterized in the light of new trends in legal regulation of banking activities. The Ukrainian banks' compliance with credit risk standards, the level of non-performing loans in loan portfolios, creation of insurance reserves under the lending operations of banks were analyzed. The basic principles and methods for developing an effective system of management of bank's troubled assets in response to the deepening economic crisis have been elaborated. The proposed recommendations reflect current legal and regulatory changes in the processes of regulation of bank activities, provide an opportunity for a comprehensive and phased addressing the issue of managing the bank's troubled assets, taking into consideration the socio-economic transformation of banks' functions in the national economy.

Article is written in Ukrainian


Melnyk L. M., Duma V. L.
Substance, Nature and Features of Establishing the Budget Potential at the Regional Level (p. 276 - 281)

The methodical approaches concerning the substance of budget potential of region have been systematized. The analysis of scientific developments concerned with the category of «budget potential» has been conducted. Budget potential has been defined as a major component of financial capacity, which provides a real opportunity for revenue of financial resources into the region's budget under the existing legislation. Structural elements of budget potential have been determined as tax and non-tax potentials. A characteristic of tax, resource, transfer, investment, loan potentials as components of region's budget potential has been given. A model of establishing the total budget potential of region has been built. Structure of budget potential of region has been analyzed depending on the sources of establishing of budgetary resources. Both own and attracted budget potential have been characterized. The constituents, which develop both their own and attracted budgetary resources, have been identified. Tools that can be useful to increase revenues to the local budget have been suggested.

Article is written in Ukrainian


Kuzenko O. L.
Financial Mechanism of the Financial Security of Machine-Building Enterprises (p. 282 - 287)

The article suggests the financial mechanism of the financial security of economic entities in the system of financial relations, which is a holistic system of individual interconnected components of financial security at each level of management. These components, in turn, comprise financial mechanisms with a particular combination of systemic financial methods, leverages and tools, application of which will provide increasing the level of financial security for each economic entity, taking into consideration their financial interests. Against the background of today's economic crisis, formation of a financial mechanism for the financial security of economic entities on a macro level, with bearing in mind the need to ensure a sufficient level of financial stability of enterprises, has great prospects.

Article is written in Ukrainian


Rekova N. Y., Kozlova V. A.
Scientific-Methodical Approach to Forecasting Yield on Stocks, Taking into Account Investment Risks (p. 288 - 292)

The article determines that forecasting yield on stock transactions should be understood as such that by investing some money in the shares of another enterprise, the new shareholder acquires the right to part of the joint stock company assets, in proportion to the purchased shares in the authorized capital. Additionally, with getting hold of common shares, the issuer expects to receive part of the profits of a joint-stock company in the form of dividends, if the results of the financial year are positive and a decision about the size and order of dividends payment has been made at the shareholders' general meeting. It is emphasized that possibility of receiving income is expected in the future, while the investment is being made at the present moment. As a result, using the postulate of «money today are more expensive than money tomorrow», the investor needs to mathematically calculate the economic efficiency of his investments. A calculation of settlement (real) value, based on the theory of simple and compound interests in the relevant section of financial mathematics, has been proposed; possibilities of adjustment with due regard to investment risks have been considered.

Article is written in Russian


Shvarts O. V.
A Ranking System for Evaluating the Reliability of Commercial Bank (p. 293 - 298)

The article is aimed at studying the substance of bank reliability and developing a rating methodology for evaluating the reliability of banking institution, which will be comparable to the current economic situation. The article proposes a ranking system for evaluating the reliability of banks, based on estimation of score values of indicators of financial performance, which then are multiplied by the weighting factor. An algorithm for calculating such a reliability rating of bank, consisting of seven stages, has been determined. A bank reliability rating is calculated on the basis of 20 quantitative plus 1 qualitative indicators, by means of which are evaluated: liquidity and solvency of bank; financial stability; profitability; capital adequacy; quality of risk management and quality of the loan portfolio. The weighing coefficients are determined on the basis of importance of an indicator while ensuring bank stability and ability to fulfill its obligations towards depositors, lenders or investors. It has been found that for evaluating the reliability of banks the further four quality indicators will be required, which have a negative impact on the reliability and liquidity of bank. On the results of the calculation of reliability rating, the author has suggested to group the largest banks of Ukraine according to the following 4 classes: class «А» – the most reliable banks; class «В» – trusted banks; class «С» – less reliable banks; class «D» – unreliable banks. The proposed methodology allows to neutralize the influence of certain factors on the reliability of bank and gives the mobility to the rating management when external conditions are changed.

Article is written in Ukrainian


BUSINESS INFORM №1-2016

Bohatyriov I. I.
Essence, Nature and Motivation Value of Finance in the Context of Globalization (p. 258 - 262)

The article is aimed at studying the problems of corporate finance. Estimation of global financial markets has been carried out, which is an important task for the research of evolution directions as to their forms, models and systems. The concept of «finance» in the system of modern economics has been clarified. Important elements of identification of international finance have been identified. The main blocks, of which the international financial system is built, have been analyzed. Functions of finance in the context of globalization have been clarified. Approaches to analyzing the impacts of globalization in the contemporary models have been characterized. The article determines the effects that arise in the course of enhancement of globalization and necessarily affect the multi-assets market, as well as the relevant institutional changes that can at maximum activate the process of transferring new technologies, their commercialization, and appropriate reimbursement of costs incurred.

Article is written in Ukrainian


Makogon I. I.
Institutional Framework for the Development of a Financial Mechanism For Management of the Public Sector of Economy (p. 262 - 266)

The article is concerned with disclosing the institutional framework for the development of a financial mechanism for management of the public sector of economy. Both the theoretical aspects of development of the indicated financial mechanism and its substance have been disclosed. It has been substantiated that transformation of the public sector of economy should be based on finding the most effective financial mechanism for its management. In the current terms, on the basis of transformation of the public sector, the following main results must be achieved: optimizing the management of public property; improving the efficiency of monitoring of both use and preservation of the State property; provision of additional revenue from the more efficient use of the public assets. When assessing the feasibility of taking concrete decisions on the management of the State property objects, first and foremost should be estimated the means to provide the following: optimizing the structure of public property; minimizing costs of the public budget for the management of public property; improving the quality of financial management and the efficiency of management of the public enterprises; enhancing responsibility of the new owners and their interest in the results of financial activity of economic entities of the public sector; creating a favorable economic environment for business development, as well as attracting investments to it.

Article is written in Ukrainian


Tomniuk T. L.
Tax Reform in Ukraine: Major Achievements and Directions of Increasing the Efficiency (p. 267 - 271)

The article is aimed at studying the status of the reform of Ukrainian tax system and setting strategic directions for increasing the efficiency of tax reforms. As result of research, a critical analysis of the main taxation changes during the contemporary history of Ukraine's tax system from the adoption of the Tax code of Ukraine and up to the present has been conducted. Absence of real tax transformations during the period of 2014-2015 has been proven. A reduction in the number of mandatory payments by means of their regrouping, as well as covert charging as part of other obligatory payments, has been displayed. In order to achieve effective progress in the implementing tax reform, necessity of using an integrated approach has been reasoned, based on the principles of liberalization of taxation, stability and unification of tax rules, improving the tax control system, countering corruption and improving the effectiveness of public expenditures. Prospect of further research in this direction is specification of measures to reform tax policy in order to ease the tax burden and improve the procedures for tax administration.

Article is written in Ukrainian


Zachosova N. V.
Determining the Strategic Guidelines for Strengthening the Economic Security of Financial Institutions as a Necessary Stage in the Establishing the Economic Security Strategy of Ukraine (p. 272 - 276)

The article is aimed at determining the strategic guidelines for ensuring the economic security of financial institutions as one of the stages of establishing the economic security strategy of Ukraine. It is found that the strategic guidelines for ensuring the economic security and the cost-effective activity, which are recognized as generic to all types of financial institutions, can be the following: retention of existing customers and expansion of customer base at the cost of new users of financial services; stimulating the level of financial literacy of the population; formation of a personnel reserve; increasing the level of information transparency; periodic monitoring of status of the own economic security with mandatory presentation of results to the State controller; transition to remote on-line servicing; expansion of the range of financial products and services; formation of a package of documentary supporting of establishment, evaluation and monitoring of functioning of the integrated systems for the economic security of financial institutions. It has been assumed that the strategic guidelines for ensuring the economic security of financial institutions should be reflected in the overall economic security strategy of Ukraine as part of the strategy to ensure the financial security of the State.

Article is written in Ukrainian


Klimenko V. I.
Self-Regulatory Organization of Credit Unions as a Keystone of Efficient Developing the Credit-Cooperative Sector of the National Economy (p. 277 - 281)

The article is aimed at substantiation of the necessity of establishing a mechanism for self-regulatory organization of credit unions on the basis of parity representation in its governing bodies of representatives from both the National Association of Credit Unions of Ukraine and the Ukrainian Association of Credit Unions, making use of German experience. The current status together with development characteristics of the credit-cooperative sector of the Ukrainian economy have been examined. It was found that an imperfect State regulation, in the financial sector of economy as a whole as well as in the credit-cooperative sector in particular, has given rise to a number of problems that hinder their efficient performance. The crucial one among these concerns is the institutional failure of credit unions to regulate themselves. Considering the international experience (Germany) in the regulation of activities of the credit-cooperative sector, introduction of the self-regulatory organization of the credit unions sector has been proposed. It should provide cooperation of the public regulator and the market representatives, as well as perform the extremely relevant in modern conditions of development of Ukrainian economy function of indirect supervision, which will significantly reduce the risks, contributing to strengthening and supporting liquidity. In the long run this will ensure stability in the functioning of the credit cooperatives system in Ukraine.

Article is written in Ukrainian


Kolodizieva S. O.
Development of the Factoring Services Market in Ukraine in the Context of European Integration (p. 282 - 287)

The article is concerned with researching the status, problems and prospects of development of the factoring services market in Ukraine in the context of European integration, as well as identification of directions in terms of solution to the problems of functioning of national factoring market with a view to ensuring its integration into the European financial space. The article substantiates actuality of using the European experience in the sphere of management of factoring services for the development of the domestic financial services market under the conditions of economic globalization. Based on the results of an analysis of the prospects for management of financial services by the domestic banks in the context of the world's leading trends as to development of factoring services market, key problem groups that are directly related to the development of factoring in Ukraine have been identified. Use of the European experience in the field of management of factoring service in the banks has been proposed with a view to solving development problems of the domestic factoring market and intensification of integration processes in the financial services market of Ukraine. The prospect of further research is improving the management of factoring services of banks with the purpose of bringing the quality of factoring services in line with the European and international standards.

Article is written in Ukrainian


Kurdydyk N. I.
Current Status and Trends of Syndicated Crediting Banks (p. 287 - 293)

The article analyzes the substance of syndicated crediting and trends of this type of crediting among the Ukrainian commercial banks. The economic substance, the main administrative and economic risks of syndicated crediting have been examined. When assessing the trends of syndicated crediting in Ukraine, the general volumes of the syndicated credits received by all enterprises together with the general volumes of syndicated credits obtained by commercial banks have been analyzed. Also, in order to estimate the place of commercial banks at the syndicated crediting market in Ukraine, dynamics of the number of syndicated credits received by the economy branches has been researched. Based on the data regarding the credits obtained by commercial banks of Ukraine, the main objectives of syndicated credits have been defined. To estimate the degree of influence of syndicated crediting on the activities of commercial banks, dynamics of the major indicators of commercial banks' performance through the quarter, two quarters and a year after receiving a syndicated credit have been analyzed.

Article is written in Ukrainian


Slobodianiuk N. O.
Formation of Data Array Using the MS EXCEL to Create a Budgeting System for Insurance Company (p. 293 - 298)

The article is aimed at the theoretical substantiation of the need for practical use of MS EXCEL spreadsheets when forming an array of management data in order to create an effective system for budgeting the activities of insurance company. In the working process, issues of automation of budgeting processes of insurance company activities were examined, basis of which constitute MS EXCEL spreadsheets. Advantages and disadvantages of using spreadsheets in the budgeting systems of companies have been allocated. Layouts of major operating budgets have been substantiated and proposed to introducing into practice of insurer. The article considers the main characteristics of budgets that should be considered when modeling budgets in the MS EXCEL environment. The economic effect of the introducing is improved efficiency and operability of managerial decisions in all directions of activity of insurer with minimal expenditure on using a simple effective tool for financial planning. Prospect of further scientific research is developing of a manager's screen for the head of an insurance company with purpose of providing simplicity and availability of building managerial reports.

Article is written in Ukrainian


BUSINESS INFORM №2-2016

Pikhotskiy V. F.
The External State Financial Control over the Activities of the Executive Power – an Important Factor in the Protection of Society (p. 300 - 305)

The article is concerned with studying the role of budget in the economic system of the State, increase in efficiency of using budgetary funds, and implementation of financial control. Nowadays, one observes changes in the nature of management of socio-economic development. These changes have involved the State finance system in all its major aspects, such as macroeconomic stabilization, strengthening of financial discipline, active investment activity by the State, openness of the financial markets, development of joint investment by business and the State. In this connection, establishing an effective system of control on the part of the State is going on. Of particular importance in this period becomes the State financial audit of activities by the executive power, as the form of control, which is recognized in the international practice.

Article is written in Ukrainian


Pikhotskiy Y. V.
Further Development of the Public Financial Control through the Public Audit (p. 306 - 311)

The article highlights the author's own view on improving the current system of financial control, focusing on changing the ideology of control, particularly in the transition from the purely fiscal measures to the safety-control measures that is embodied in the audit studies on efficiency of management of the State resources. The study was conducted through the analysis of the basic norms of the Budgetary code of Ukraine, the Lima Declaration on the exercise of the State control, as well as other legislative and normative legal acts, regulating the activity of the public financial control. The international experience in establishing institutions of financial control at both the State and the local levels has been considered. Absence of a unified system-legal regulation of the public financial control has been specified. The article points out to the need to revise the methodology of control activities, normative acts, which define and classify financial irregularities. Practical experience has been studied, conclusions regarding the normative-legal ensuring of the public financial control have been drawn.

Article is written in Ukrainian


Burdenko I. N.
Modernization of the International-Legal Regulation of the Derivatives Market (p. 311 - 318)

The article is aimed to review the achievements of reforming the international-legal regulation of the derivatives market together with chances for modernization of regulation of the DFIs market in Ukraine. Results of the study indicate significant achievements in the development of architecture of the DFIs market, in particular development of trade repositories and central counterparties to OTC derivatives. Both shortcomings and further steps to modernize infrastructure of the world market for financial derivatives have been identified. Prospect for further research is studying the implementation of international requirements for trade reporting, transparency and centralized clearing in the practice of regulating the domestic market for financial derivatives, which would guarantee the further development of this market as a segment of the financial market of Ukraine.

Article is written in Russian


Kozarezenko L. V.
Role of Non-State Pension Funds and Life Insurance Companies in the Development of Human Potential (p. 319 - 328)

The article analyzes both international and domestic experience as to practical functioning of non-State pension funds and life insurance companies from the view of opportunities to provide additional sources of income and coping with challenges, which are inherent to functioning of the financial market of Ukraine. Taking into consideration experience of the EU, elaboration of a set of measures has been proposed, aimed at enhancing the reliability and efficiency of management of non-State pension funds, increasing the level of confidence of citizens therein. It is proved that non-State pension funds have the potential to become in Ukraine not only leading institutional investors, but financial instruments for development of human potential, too. It is concluded that an important aspect of economic reforms is establishment of a non-State pension system, capable to not only provide the proper level of human existence, but also to develop human potential. It is proved that establishment of a system of non-State pension funds should be carried out taking into consideration interests of all market participants, while the enabling mechanisms for non-State pension funds should neither be harmful to other participants in the financial sector, nor be destructive towards principles of competition.

Article is written in Ukrainian


Klokar O. O.
Characterization of the Main Types of Financial Controlling and their Impact on Constructing Efficient Controlling System for an Economic Entity (p. 329 - 333)

The article is aimed at characterization of the main types of financial controlling and their impact on constructing efficient controlling system for an economic entity. Evolution of the concepts of financial controlling has been considered, views of researchers on the definition of its basic components have been systematized. A unified approach to the interpretation of financial controlling has been developed. Two main types of financial controlling: strategic and operational (tactical) have been defined. It is substantiated that efficiency of implementation of a controlling system depends on systematic quantitative and qualitative measuring of its general economic and expert indicators. Prospect for further research in this area is to identify measures to improve assessing and forecasting an efficient activity of economic entities at the macro and micro levels.

Article is written in Ukrainian


Matselukh N. P.
Place of Financial Intermediation in the Pricing Process at Securities Market (p. 334 - 339)

The article is aimed at defining the role of financial intermediation in the pricing processes at securities market. Based on results of the study of modern theories of financial intermediary, functional logistics approach to studying the role of financial intermediation has been selected, which focuses on the process of the treatment of financial instruments in the securities market. Role of both banking and non-banking financial intermediaries has been analyzed in the operations' dynamics in the securities market. It has been substantiated that excessive bank-centricity of financial market of Ukraine distorts information flows and can be an additional source of risk, certain level of which puts pressure on the prices of financial instruments and distorts their dynamics. It is found that role of financial intermediation in pricing at securities market is to optimize information, infrastructural and commercial functions, coordination of which ensures an optimal risk-return ratio that prevents pressure on the prices of financial instruments and their distortion.

Article is written in Ukrainian


Pavlovsky S. V.
Risks and Costs to Attract Investment Capital by Enterprises during Financial Crisis (p. 340 - 346)

The proposed article is aimed at disclosing the complex of factors, which influence the price of attracting capital by enterprises in crisis, and substantiating the recommendations concerning the possibilities to mobilize investment capital by economic entities operating in emerging markets during the global financial-economic crisis. Role of rate of expenditure on attracting capital in determining the treatment capacity as well as adopting financial-investment decisions at enterprises in financial crisis has been examined. It has been substantiated that rate of expenditure on capital is a criterion for strategic financial decisions at both financially stable enterprises and those that are in crisis. The main factors influencing the costs of attracting capital by enterprises during financial crisis have been highlighted. It has been proven that most of the indicators, which determine the rate of expenditure on capital of enterprises when using traditional methods of calculating them in times of financial crisis, are somewhat distorted. The need to take into consideration bankruptcy risk premium in the process of determining expenditure on capital has been proven. Ways of solving problems, related to assessment of costs for attracting financial resources by enterprises in crisis or functioning in the conditions of crisis environment, have been determined.

Article is written in Ukrainian


Ryazanova N. S.
The Conception of Cost of Information Product in Terms of Financial Accounting (p. 347 - 355)

The article is aimed at defining the bases of establishing the cost of information products by the Institute for financial accounting. Such products are represented by different analytical, forecasting and reference materials on corporate finance, economy sectors, stock market and other financial market segments, economies of local communities, local and the State authorities, as well as other components of the market economy at the national, international and global levels. Existing approaches by representatives of both foreign and Ukrainian economic science to cognition of the process of establishing the cost (price) of products, which is created by human knowledge (intellect, mental activity), have been explored. It has been substantiated that in the structure of information product by the Institute for financial accounting there are three organically associated constituents, which are perceived by users as a single unit: 1) content; 2) human factor; 3) various kinds of instrumentarium, equipment, information technology and other components, costs of which are classified in finance as costs of fixed assets, materials and operating expenses.

Article is written in Russian


BUSINESS INFORM №3-2016

Adamenko I. P.
Financial Policy in the System of Socio-Economic Development of Society (p. 188 - 192)

The article is concerned with disclosing the essence and identifying areas for improving the efficiency of financial policy in the system of socio-economic development of society. Economic essence of financial policy and the fundamental factors, determining its development, have been disclosed. With a view to the efficient implementation of financial policy, the article stipulates the importance of consistency of the proposed financial measures with the level of development of financial relations in the society, peculiarities of stages of economic development, external financial environment, and state of the market. Scientific approaches to the formulation and implementation of financial policy in the light of experience of the developed countries have been disclosed. It is substantiated that the financial component of socio-economic development of society requires institutional changes, an enhancement of its efficiency is possible through introduction of an effective mechanism for the management of public finances, including the public debt, defining strategic goals for development of the State, taking into account possibilities of the budget, both the medium- and long-term, provision of transparency, predictability and consistency of fiscal and monetary-credit policy.

Article is written in Ukrainian


Shatkovska-Shmorgay V. B.
Approaches to Determining the Sufficiency of the Gold and Currency Reserves of the State (p. 193 - 198)

The article is aimed at substantiation of approaches to determining the sufficiency of the gold and currency reserves of the State, taking into account the existing regime of floating exchange rate in Ukraine. A comparative analysis of the known approaches to determining the sufficiency of the gold and currency reserves of the State has been done (criteria by V. Reddy, Guidotti-Greenspan, Wijnholds-Kapteyn, traditional and new approaches of the IMF). The article has determined the satisfactory efficiency in the management of gold and currency reserves of Ukraine according to the criterion of the coverage of sufficiency with the gold and currency reserves of the State in terms of import of goods and services at the end of the third quarter of 2015. It has been calculated that, in order to cover all sources of risk, the National Bank of Ukraine should build a volume of the Ukrainian gold and currency reserves at a level of 16.5 billion US-dollars. Prospect of further research in this direction is to carry out a comparative analysis of the sufficiency of the volume of gold and currency reserves in the world countries that are different in the modes of functioning of exchange rate, with a view to indicate the probability of currency crises.

Article is written in Ukrainian


Halitsyn V. K., Bondarenko O. O.
The Applied Aspects of Monitoring the Variability of Stock Markets (p. 199 - 204)

The article is concerned with substantiation of the need to improve existing approaches to the evaluation of risks in the process of monitoring markets, which today is insufficiently widely used in practice of the domestic financial management, and which, in addition, is based on the technique, unable to promptly and adequately respond to events that occur within the framework of the existing global financial systems. The article proposes and describes an alternative technique for determining the indicators used in such procedures, which is based on a complex of modern structural-analytic models, as well as is implemented in the composition of the developed system for monitoring the dynamics of stock markets. The article also presents the results of practical use and efficacy of implementing this system on example of banking organization. As to the further researches is planned the expansion and improvement of software complex of the developed monitoring system by the addition of models for forecasting the dynamics of stock markets, as well as consideration of additional factors when building volatility models, with a view to enhancing their versatility and possibility for application in terms of all possible actors of stock markets.

Article is written in Russian


Korkach І. V.
The Information-Analytical Provision of the Public Financial Management in Ukraine (p. 204 - 208)

The article is aimed at studying the information-analytical provision of the public finance management in Ukraine. Analyzing the scientific works of numerous scientists, essence of the concept of «management of public finance» has been examined and described. It has been specified that for the public administrations within the system of public finance is important to identify and expand their knowledge base. Three schools in knowledge management have been analyzed. It has been found, in which way to achieve informatization of public authorities as a technological basis for provision of electronic government; what should serve as an orientation for the strategy of modernization of the system for management of public finances. The main objective at the current stage of development of the system of public finance has been substantiated as well.

Article is written in Ukrainian


Kolodiziev O. M., Biliaieva V. Y.
Establishing Customer Relations with Bank on the Basis of Marketing in the Current Conditions (p. 209 - 213)

The article is aimed at developing recommendations on establishing an efficient system of customer relations with bank on the basis of marketing with use of financial innovation. An analysis of the leading world experience for development and implementation of financial innovation in banking practices has been conducted, the most efficient financial innovation of technological, production, process and organizational nature have been identified. The role and benefits of various financial innovations for establishing customer relations on the principles of marketing have been examined, the most feasible of such innovations for implementation into practice of the domestic banking institutions have been identified. Prospects for further researches in this direction could be recommendations on improving the working methods of banks in the direction of developing customer relations on the basis of marketing approach, as well as establishing marketing strategies for promoting innovative financial products and services.

Article is written in Ukrainian


Rekova N. Y., Melnyk S. V.
Features of VAT in Ukraine in the Context of Convergence with the European Legislation (p. 214 - 219)

The article is aimed to identify the characteristics of VAT and substantiate its rate in Ukraine from the positions of convergence of national legislation with the EU tax legislation. An analysis of VAT as the main indirect budgetary revenue generating tax in both the EU Member States and Ukraine has been carried out. It has been found that the VAT rate, equal to 20% and 21%, is the most prevalent in the EU. In addition to the general VAT rate, in the EU Member States are also used reduced, super-reduced and zero rates. It has been determined that reducing the overall VAT rates in the EU is inappropriate, because this can lead to budgetary losses and administrative costs overspending. It has been substantiated that in the conditions of social-economic instability using the legally established in Ukraine overall and reduced VAT rate contributes to decreasing the risk of a shortfall in budgetary revenues and does not contradict the process of gradual convergence of the national legislation with the EU requirements. Increased implicit VAT rate contributes to rising tax revenues, aided by changes in tax administration in the context of implementation of the EU directives. Prospect of further research in this direction is substantiation of the ways to improve the tax administration of VAT tax.

Article is written in Ukrainian


Kozarezenko L. V.
Fiscal Decentralization in the Structure of the Strategic Directions for Developing the Human Potential (p. 220 - 226)

The article is concerned with substantiation of the strategic directions for developing the human potential in the direction of fiscal decentralization. It has been proven that the necessary conditions for the efficient decentralization of the State administrating are provided by creating a legal framework for decentralization, which clearly defines the rights and responsibilities of the various levels of power. A conclusion has been formulated, according to which priority for use of institutional regulation is that each one of the directions for establishing conditions of stable human development does not develop spontaneously, but is clearly and purposefully guided – with appropriate performance indicators. It is characteristic that the management process is organized vertically and hierarchically, while basis of such relations is seen as paternalism of the subsequent towards the preceding hierarchy elements. A similar structure can be defined as a system, which is not conducive to manifestation of conscious society initiatives in any area in particular and in the State as a whole. Opposition of the institutional regulation to the so-called «manual» regulation is the opposition of the hierarchically single-centre management verticals to the vertically decentralized block management systems together with the decentralized network management systems, which are more relevant to objectives of human development in the face of contemporary challenges.

Article is written in Ukrainian


Vasylieva T. A.
Peculiarities of Development of Automobile Insurance Market in the Conditions of Financial Instability (p. 227 - 232)

The article is aimed at identifying the trends and peculiarities of the automobile insurance market development in the conditions of financial instability. Dynamics of the major indicators of development of motor insurance market in Ukraine have been analyzed. The market buildup for the period analyzed has been specified by the compulsory types of insurance. The dynamics of hull insurance (CASCO) remains instable. It is revealed that in terms of premiums and payments this segment has the largest share in the structure of the insurance market. High operation efficiency of companies that provide services in automobile insurance has been specified. The major constraints as to the full and comprehensive implementation of financial potential of the automobile insurance segment have been analyzed. The article proposes an improvement for the system of the State supervision over insurance activities, formation of conception of sustainable market development, use of foreign experience of introduction of innovative technologies in the sphere of automobile insurance services, increasing insurance culture and financial literacy of citizens as well as insurance market participants.

Article is written in Ukrainian


BUSINESS INFORM №4-2016

Onyshko S. V., Paientko T. V.
Turnover of Government Securities and Growth of Public Debt in the Context of Balancing the Interests of the State and Society (p. 213 - 219)

The article is aimed to analyze the dynamics of public debt, issuance of government securities, and prospects of balancing interests of the State and society in the process of the growing debt burden on society. Results of an analysis of the dynamics of public debt together with issue of government debt securities showed that they tend to grow correspondingly with rise in the budget deficit, narrowing the tax base while increasing financing needs of the government's activities. Alone, the process of growth of deficit financing cannot lead to deregulation of the interests of the State and society, causes of deregulation are hidden in the mechanisms for use of debt financing and responsibility for their inefficient use. Lack of strategy in the attracting debt financing, inadequate currency regulation deepen the imbalance in the interests of the State and society, which has a negative impact on the image of the State and is one of the reasons for the opportunistic behavior of society members. It is found out that the solution to the problems identified lies in the improving the regulation of public debt securities, primarily through the identification of strategic priorities for the development of society, formulation of strategy of debt policy and increased transparency of information on attracting and using borrowed funds through the mechanism for issuance of government debt securities.

Article is written in Ukrainian


Otkalenko O. M.
Methods for Analysis of Efficiency of Use of Financial Resources by Higher Education Institutions in the Public Sector (p. 220 - 225)

The article is concerned with developing methods for analyzing the financial resources by the public higher education institutions, thus giving possibility for improving the results of the activities of educational institutions. All the components of methods for analyzing financial resources of the higher education institutions in the public sector have been provided, analysis indicators (income and use of financial resources) have been identified, an analysis of efficiency of using the available financial resources of a higher education institution has been carried out. The provided methods have been tested using the credentials of one contemporary institution of higher education in the public sector. Application of these methods creates the opportunity to carry out a thorough analysis of efficiency of use of financial resources by higher education institutions. The use of findings by managers of higher education institution will contribute to effective decision-making, as well as management and reasonable expenditure of budgetary funds.

Article is written in Ukrainian


Karpinskyi B. A., Horbachevska O. V.
Synergistic Effect in the System of Financial Mechanism for Establishing the Integrated Entrepreneurial Structures (p. 226 - 231)

An integrated research on the terminological essence and on the characteristics of manifestation of synergistic effect in the system of financial mechanism for the establishing the integrated entrepreneurial structures (IES) has been conducted. A definition of this effect has been formulated. It is substantiated that this effect, and skill to produce it, forms one of the most important competitive aspects of joint activities of the participants of IES and demonstrates efficiency of the financial mechanism for the establishing the IES, as well as management of its finances. A staffing-financial instrumentarium has been worked out and a scientific position on the effectiveness of the synergistic approach in making financial and managerial decisions in these structures has been allocated. An integrated approach to evaluation of the synergistic effect in the IES has been proposed, its stages have been disclosed. Based on an analysis of the integration interaction of business entities in the national economy, the main manifestation forms of this effect according to both the sectoral principle and the activity directions has been identified. Factors of manifestations of negative synergy in the financial mechanism for establishing the integrated entrepreneurial structures have been allocated.

Article is written in Ukrainian


Chernenko D. D.
The Concept of Capital Structure in the Modern Finance Theory (p. 232 - 238)

The article offers a critical look at the usage of notion of capital structure in the post-Soviet countries. This notion was adopted in formalistic manner, without full understanding of the ideas and conceptions, on which it is based. As a consequence, the notion of structure of capital is often confused with the structure of assets or the financial structure. The article systematizes key features of the conception of structure of capital, relevant to empirical studies, and shows the relationship of the specified notion with the financial conception of capital. Importance of considering capital from an investor perspective has been determined, because this is consistent with theories of valuation of company and the capital value. Impossibility of simplifying the optimization of structure capital down to calculation of a set of accounting ratios has been substantiated. The conclusions of the article also support the idea of simultaneous use of balance and market indicators of structure of capital that can provide more reliable research results and ease comparison of them with other findings.

Article is written in Russian


Marhvinska S. M.
The Underlying Causes of Imbalances in the National Economy in the Context of Development of the Domestic Banking Sector (p. 239 - 243)

The worsening financial crisis in Ukraine and laborious work to overcome its effects have heightened relevance of studying the imbalances that have arisen in the national economy. Today, an especially topical focus of scientific research is the search for effective financial tools for the State regulation of the financial market and economy of the country in general. The domestic banking sector is the most vulnerable institution in case of imbalances arising in the economy. Therefore, particularly relevant is studying the issue of increasing the efficiency of banks' activities in the domestic financial market and accomplishing the functions of agents of the integrated system for both the currency regulation and the currency control. With this in mind, the author of the article analyzes the economic and political causes of devaluation of the national currency in 2014-2016, imbalances in the national economy and their impact on the currency fluctuations and on crediting by Ukrainian banks. The actions, taken by the NBU to overcome devaluation, were examined, among which the stabilization of the exchange rate fluctuations, the capitalization of banks and the creation of conditions for investing in Ukraine. A substantiation for practical recommendations on improving the functioning and efficiency of the activities by banks in the currency market of Ukraine to ensure financial stability in the country has been carried out.

Article is written in Ukrainian


BUSINESS INFORM №5-2016

Stryzhychenko K. A.
The Change of the Economic Paradigm: Is There a Possibility to Resist Crisis while Remaining within the Neoclassical Paradigm? (p. 170 - 175)

The article is aimed at proving the need for revision of the neoclassical paradigm concerning the regulation of the financial world market in the context of transformational changes in the world economy. The conceptual question about the possibility of preventing the global financial crisis 2007-2009 has been considered in terms of the existing neoclassical paradigm. Studying the problems of regulation of the financial market has shown the inevitability of the most recent economic crisis and the need to review its causes. To analyze the causes of the crisis, a study on the financial bubbles was undertaken, whereby the need to concentrate on the endogenous causes of the crisis, rather than on the consequences of poor management of financial market, was identified. A detailed analysis of provisions of the neoclassical paradigm has displayed its ineffectiveness in the face of emergence of the new economy and the inability to ensure sustainable development in the context of globalization and the internationalization of the economy.

Article is written in Ukrainian


Mostenets A. V.
Evaluating the Quality of Bank Assets (p. 175 - 180)

The article is concerned with examining the quality of bank assets and determining prospects for development of the banking sector. The main tasks in terms of the aim indicated is characterizing the bank assets, assessment of the assets quality, a detailed considering of assets and liquidity. The major methodical approaches to the assessment of assets have been considered and the main factors impacting the quality of bank assets have been identified. Verification and analysis of bank assets appertain to the most prolonged and important stage of the activity consideration. Using the statistical material, the share of bank assets has been determined. A graphical rating of bank assets as of January 1st, 2014-2016 has been built, changes in assets that affect the grade of reliability and efficiency of the bank activities have been displayed by means of percentage.

Article is written in Ukrainian


Kovalyuk A. O.
Features of Establishing the Institution of Financial Intermediation in Ukraine (p. 180 - 184)

The author considers the theoretical foundations for defining the substance of financial intermediation in Ukraine, namely the meaning of the term of «intermediation» provided in the explanatory dictionary, the term of «financial intermediation» provided in the Commercial code of Ukraine, laws of Ukraine, other regulatory legal acts. Also in the publication definitions for finance and financial services are compared. Definitions of intermediation services in the markets for financial services have been presented. On the basis of the above indicated, substance of financial intermediation has been determined. Financial intermediaries have been classified in accordance with their activities, by the model of cooperation with other financial institutions, and by the functions that they perform. Features of financial intermediation for the different categories of participants in the market have been provided. The advantages and disadvantages of the institution of financial intermediation in Ukraine have been identified.

Article is written in Ukrainian


Volvenkova M. M.
The Credit Activities of the Bank and the Formation of Interest Rates (p. 185 - 189)

The paper reveals the essence of the interest rate, which is a certain amount paid to the creditor (the banking institution) by the borrower for the temporary use of credit resources. There have been identified and summarizes the main types of interest rates on credits used in banking practice. In the course of the study it was determined that the formation of the interest rate is a multi-factorial process. It is demonstrated that the given process is defined by a number of factors, which can be arbitrarily divided into two groups: macro- and microeconomic. It has been proved that the main factor affecting the level of the interest rate is the cost of attracting by the bank credit funds (usually the amounts of deposit rates). On the basis of the conducted research there has been proposed a number of directions to improve the process of crediting the bank borrowers in view of existing risks.

Article is written in English


BUSINESS INFORM №6-2016

Kitz R. R., Mizjuk B. M.
A Comparison of Mechanisms for Ensuring Financial Stability Both in Ukraine and in the Developed Countries in the Context of Crisis (p. 186 - 191)

The article is aimed at studying differences in the mechanisms for surmounting the financial-economic crisis of 2008-2009 for both the developing and the developed countries. This will provide for evaluating the efficiency of the anti-crisis measures, which are introduced in the macro-economic systems with different levels of development. The article compares the mechanisms for macroeconomic regulation in Ukraine and in Switzerland during the crisis of 2008 and in the post-crisis period. It has been found that both countries used the Keynesian concept of anti-crisis measures. However, in the post-crisis period Switzerland managed to reach the macroeconomic and financial stability, while the Ukrainian economy has moved into the phase of stagflation. Evolution of stagflation processes in the 2014-2015 timeframe in Ukraine prompted the Government's move to the monetary policy of anti-crisis actions. It is concluded that the Keynesian concept of surmounting the crisis has justified itself in the developed countries, while the developing countries are forced to move to monetary financial stabilization mechanisms. Further research should detect the specific factors and differences between Switzerland and Ukraine, which lead to different results when implementing an essentially identical anti-crisis mechanism for ensuring financial stability.

Article is written in Ukrainian


Kostiuk B. V.
Effectiveness and Efficiency of Implementing Audit for the Economic Stabilization of the State (p. 192 - 196)

The article is aimed at studying the theoretical aspects of audit of expending the budgetary means. The main directions of implementing the performance audit into practice of the public financial control have been allocated. The main components of the performance audit such as the principles, elements, and functions have been identified. The article considers relevance of the methodology of auditing, as well as the need to develop a system of criteria for validation and an integrated approach to practical auditing. Thus, as a result, the main directions for implementing of the performance audit into practice of the public financial control have been allocated. Prospect for further research in this direction is identifying ways of improving the public financial control practices with a view to achieving a higher level in accordance with the EU quality standards. With this in mind, on the basis of the INTOSAI standards for performance audit, can be advisable to develop a single unified methodology, which would equally be perceived and, within the limits of competences, applied by the domestic parties in the budgetary process.

Article is written in Ukrainian


Antonov M. S.
Introducing Fiscal Rules as the Basis for Managing the Debt Sustainability in Ukraine in Terms of Procyclicality of the Fiscal Policy (p. 197 - 203)

The article is aimed at developing the conceptual foundations for implementing the fiscal (debt) rules in Ukraine taking into account the world experience and directing towards rebuilding its debt sustainability in the face of significant procyclicality of the domestic economy and fiscal policy. Nature, goals and tasks of the fiscal (debt) rules have been considered. The article determines the role of a debt rule, rules of the balanced budget, income and expenses in the formation of the procyclical fiscal policy. It has been found that a rule for balancing a budget in accordance with cycle or using the structural balance brings the greatest acyclic effect. On the basis of comparison with both the developed countries and the developing countries, significant procyclicality of the fiscal policy of Ukraine has been proved, the necessity of introducing a mechanism of fiscal rules to enhance its debt sustainability has been substantiated. It has been proposed that its detailization should go along with the consideration of specific fiscal (debt) targets and together with the related activities to implement fiscal rules. Prospect for further research in this direction is to carry out mathematical modeling of the influence of certain fiscal (debt) targets on both the economic growth and the debt sustainability of Ukraine.

Article is written in Ukrainian


Prymostka O. O.
The Strategy of Development of the Banking System of Ukraine (p. 204 - 209)

The article is concerned with an analytical overview and analysis of strategies for developing both the financial and the banking sectors for the period up to 2020 in the system of economic science. The article analyzes the vectors of development identified in the Integrated program for the development of Ukraine's financial sector up to 2020 (the Program) and the Draft of Strategy for development of the banking system of Ukraine in the 2016-2020 timeframe. The strategic documents, presented by the Government, provide to assert that, in order to create an effective model for the development of financial institutions in Ukraine, the priorities in the coming years must consist in changing the monetary policy towards the promoting economic growth; conversion of banks into the tools of economic development; changing the structure of economy and encouraging exports of the technological products and advanced services; attracting foreign capital within the terms of the national economic policies; improved utilization of the international assistance. To implement the objectives of development of the financial sector, is important to consider both the constraints and the enabling factors of its development, as well as to identify the multitude of possible variations of the banking system development under the conditions of uncertainty.

Article is written in Ukrainian


Ostapyshyn T. P.
Restructuring the Debts on Mortgage Loans in Foreign Currency: Realities and Ways to Solutions (p. 210 - 214)

The article is concerned with searching possible solutions (in the context of devaluation of the national currency) to the problem of settlement of mortgage loans provided to natural persons by banks of Ukraine in foreign currency. The major trends of development of the bank mortgage lending to natural persons for the purchase of housing in Ukraine have been analyzed. Reasons for the increase in outstanding debt on these credits has been substantiated, as well as the need for the debt restructuring, involving three parties: banks – lenders, borrowers – natural persons, and the State, represented by the National Bank of Ukraine. The basic parameters of such restructuring have been determined. The article proposes a debt restructuring mechanism by means of changing the currency of commitments and partial cancellation of debt of natural person that has arisen due to devaluation of the national currency. It is recommended to minimize the losses on the part of creditor at the expense of soft refinancing by the National Bank the banks – lenders; to use on the part of banks – lenders the reserves on loans in proportion to the maturity of the restructured loan, and selling the national currency to the banks – lenders at a fair rate, which is used for the restructuring.

Article is written in Ukrainian


BUSINESS INFORM №7-2016

Zveruk L. А.
Financial Security as the Basis for Stable Development of Ukraine (p. 131 - 135)

An important component of the financial policy are measures to ensure the financial security of the State, which are particularly being impacted by the level of integration of the national economy in the global financial market and the conditions for transformation of both the political and the economic systems. Under the current terms of the challenges facing Ukraine, a clear identification of financial risks as well as searching for new tools to achieve the financial security is required. The article is aimed at analyzing the current problems of the economic security of Ukraine and identifying ways to prevent the negative influence of financial factors on the economic development of the country. The article analyzes the current status of the financial security in Ukraine, reveals the relevant constituents and interpretation, allocates both the internal and the external threats that undermine the financial stability of the State. Issues of securing the State in the financial sector, impact of financial markets on the economy and problems of the debt security are subject to an analysis. In particular, the indicators of the debt, banking, currency and monetary-credit security have been analyzed.

Article is written in Ukrainian


Dolinskyi L. B.
Analyzing Statistics of Defaults of Ukrainian Banks in Terms of Credit Ratings (p. 136 - 146)

The article analyzes the current approaches to evaluating the quality of work of rating agencies in the banking sphere and defines features of assessing the ratings quality in Ukraine according to the statistics of defaults. With a view to establishing criteria for assessing quality of work of rating agencies, adequate to the current status of the economy and of the rating services market, key trends of development of the banking system of Ukraine in 2014-2015 has been analyzed and the author's own approaches to estimating quality of ratings for commercial banks have been proposed. Both background and directions of perfection of rating practices in Ukraine have been determined on the basis of use of credit ratings in the banking sector, including the further development of the statistical base of defaults of banking institutions, introduction of obtaining ratings simultaneously from several national agencies and a comprehensive introduction of monitoring of the financial and economic status of the object rated.

Article is written in Ukrainian


Krutova A. S., Nesterenko O. O.
The Accounting and Reporting Aspects of Monetization of the Gaming Industry Products with the Use of Electronic Money (p. 147 - 152)

The article is aimed at elaborating theoretical foundations and developing the practical instrumentarium for accounting and reporting treatment of monetization of the gaming industry products with the use of electronic money. Both the current status and the development prospects of the gaming cyberindustry in the world and in Ukraine have been analyzed. The topicality of such means of monetizing the gaming industry products as progaming, commenting and analytical reviewing, streaming, creating in-game content and movie making, selling artifacts and characters, organizing betting and tournaments. It has been proven that in circumstances where proceeds by the computer games developers mainly are not expressed in the usual monetary form but in the form of non-fiat electronic money, the issue of developing an accounting and reporting methodology for such calculations become especially relevant. An algorithm of using electronic money as means of enterprise's settlements with users and contractors has been developed, which meets the needs of the accounting treatment of the transactions with electronic money, as well as takes into account type of issuer (bank or non-bank financial institution) and type of user (physical or legal person). The article proposes developed methods for accounting the payments for sold products of the gaming industry by using modern electronic payment tools, and suggestions as for treatment of electronic money in the reporting by enterprises, which will provide the opportunity to treat the transactions within the system of cyberbusiness according to the law regulations and requirements of the practice.

Article is written in Ukrainian


BUSINESS INFORM №9-2016

Tkachenko Y. V., Zveruk L. А.
The Issues of the Financial Security of Ukraine and Analytical Instrumentarium for Its Evaluation (p. 163 - 168)

A strategic objective nowadays is focusing the fiscal policy on a stable build-up of financial resources of our country, which in turn depends largely on the timely response to internal and external threats. To adequately identify them, analytical instrumentarium for evaluation of the status of financial security is necessary. The special topicality of this issue is related to the need for a scientifically based forecasting the level of financial security of our country in the medium-and long-term prospects. This requires continuous evaluation of the current status and development of predictive macro indicators for the calculation of further indicators, according to which planning the strategic level of both the financial and the economic security as a whole is carried out. This article presents the main approaches to estimation of the indicators of financial security, their level of thresholds, methods of the international rating agencies for determining sovereign credit ratings of countries have been analyzed, analytics for the current level of financial security have been generalized, and ways to overcome crises have been provided. The authors also suggest use of a credit rating as an indicator of the financial markets of Ukraine.

Article is written in Ukrainian


Kikot O. Y.
Revenue Efficiency Evaluation of IGB Auctions Held by the Ministry of Finance of Ukraine (p. 169 - 177)

The article studies revenue efficiency of the internal government bond auctions held by the Ministry of Finance of Ukraine. In the article, a definition and an «ideal» index of revenue efficiency of the government securities auction are developed. Evaluation of this index requires knowledge of confidential information, which belongs to the bidders. Therefore, for the empirical research, а set of alternative indices that can be evaluated based on public data only is suggested. This set of indices includes premium for volume, competitive discount, maximal premium for volume, minimal competitive discount, relative weighted-average yield and relative threshold yield. Using these indices, the author evaluated the level and dynamics of revenue efficiency of the short-term IGB auctions held by the Ministry of Finance from January 2010 to July 2015. The evaluation revealed that at least beginning from 2013 efficiency of the analyzed auctions was rapidly decreasing. Moreover, it turned out that revenue efficiency of the short-term IGB auctions was largely determined by characteristics of the auctioned securities, state of financial markets, and level of competition among primary dealers.

Article is written in Ukrainian


Andrushchak Y. М., Shchurevych O. І.
The Efficient Banking Supervision as a Precondition for the Restoration of Sustainable Development of the Banking System of Ukraine (p. 178 - 183)

The article proves the need to implement the efficient banking supervision. Its main elements have been considered, namely: strategic objectives, means of implementation, as well as indicators that help to evaluate efficiency of banking supervision. An authors' own definition of concept of «efficient banking supervision» has been formulated as a set of measures, which includes controling and monitoring the situation in the banking sector; based on normative, organizational, methodological, informational, and financial ensuring; involves the use of permanent, on-site supervision and public scrutiny oversight to achieve systemic stability, dynamic development of the banking system, protection of the interests of creditors, investors, shareholders, customers, as well as qualitative risk management. Along with traditional methods of banking supervision, a new one – public control of banks' activities – has been allocated. Its major components have been characterized as: subjects of implementation, principles, tools of implementation, as well as strategic objectives of the public control.

Article is written in Ukrainian


Deineko E. V.
Analysis and Prospects of Organizing the State Internal Financial Control in the Context of Reforming the State Financial Control of Ukraine (p. 184 - 191)

The article is aimed at analyzing and substantiating prospects of the State internal financial control in the context of reforming the State financial control of Ukraine. To achieve this, retrospective reports by the State Finance Inspectorate, which are in the public domain, were examined to provide reveal of some trends characterizing the status of the State internal financial control and to determine prospects for its development. Fragmentariness and inconsistency of implementation of the declared activities have been specified. Prospective directions of research are theoretical elaborations of detailed organizational structures and control activities in budgetary institutions, according to the goal of the State internal financial control.

Article is written in Ukrainian


Vladimirova N. P.
The Scientific-Methodical Approach to Integration of the Internal Audit into the System of Financial Security of Economic Entities (p. 191 - 197)

The article is aimed at substantiation of the scientific-methodical approach to integration of the internal audit into the system for financial security of economic entities, allowing to diagnose threats to their financial security and contributing to the economical, effective and efficient management of public finances. The author’s position regarding the feasibility of implementing internal audit with the purpose of providing financial security at the enterprises of the public and communal sectors (the vast majority of which are using a system of corporate governance) has been defined. The scientific-methodical approach to integration of the internal audit into the system of financial security has been proposed. Prospect for further research in this direction will be a substantiation of methodical recommendations on integration of the internal audit into activities of economic entities, according to their level of financial security for an optimization of financial flows of the latter as well improving the management of public finances.

Article is written in Ukrainian


Hniedkov A. V., Puzatkova Y. Y.
Determining the Fair Value of Credit as a Guarantee of Its Profitability (p. 197 - 200)

The article is aimed at finding ways and learning from the experience of Western European and American banks as to establishing fair prices for the crediting service. It has been determined that, as a result of deregulation of the banking sector, which is the case in many countries, and of a corresponding increase in competition the margin of banking profits from deposits and credits has been significantly reduced. The correct setting of the interest rate on credits becomes even more urgent. Ukraine still doesn’t have a full-fledged market for credits. This is primarily because of the fact that many companies that need credit resources are virtually insolvent. When using existing methods to assess the creditworthiness of borrowers on the part of banks, is considered that most of them have high levels of debt due to non-payment. Thus, some of the variants for determining interest rates while crediting companies and organizations are discussed. The method that gives banks greater yield at the lowest basic rate, as well as solid justification for bringing to the attention of customer equity in those or other components of the fees, have been identified.

Article is written in Ukrainian


Filin O. S.
The Problems of Crediting Small and Medium-Sized Businesses During the Economic Crisis (p. 201 - 205)

The article provides analysis of crediting small and medium-sized businesses as a necessary component of recovery process of Ukraine's economic growth. The article examines the impact of the economic crisis on enterprises depending on the volume of the credits received by them. A decrease of 30% for the first year of the crisis in the number of borrowers with credit debt in 100 thousand. UAH at relatively constant rates of other segments has been identified. The article determines obstacles to recovery of the market of crediting small and medium-sized enterprises: reduction of the deposit base, necessity to build reserves, high inflation expectations, economic risks associated with the magnitude of the activities of SMEs, vulnerability of the interests of creditors in bankruptcy of a borrower, underdeveloped non-banking sector of the financial market. As a way of reducing the price and risk constraints, the mechanism of functioning of the instruments for guaranteeing crediting small and medium-sized enterprises (LGF) in the European Union Member States has been considered.

Article is written in Ukrainian


Kasych A. O., Chernova H. Y.
The Accounting-Analytical Provision of Strategic Financial Management (p. 206 - 211)

The article is concerned with a comprehensive study of topical to date issue of strategic financial management at the enterprises of Ukraine. The publication is of interdisciplinary nature, written with overlapping the strategic planning, enterprise management and finance. An attempt has been made to disclose the process of use of the strategic financial management as a method for optimizing cash flows management at enterprise in accordance with the current and strategic goals of the enterprise. The substance of strategic financial management is disclosed. The necessity of developing the accounting-analytical provision in the financial decision-making process has been substantiated. The mechanism for strategic management of finance of enterprise has been described in detail. On the basis of this, a development sequence for accounting-analytical provision for the needs of accounting services has been proposed.

Article is written in Ukrainian


Zvarych M. S.
The Status of Household Financial Security in Ukraine in Conditions of Economic Instability (p. 212 - 217)

The article is concerned with studying the status of financial security of the domestic households in the period of economic instability and its impacts on the well-being of the population of Ukraine. In the analysis and generalization of statistic data has been revealed that currently a considerable part of Ukrainian households live below the poverty threshold, which results in social tension and instability in the society, growth of emigration, deterioration of health and strengthening the processes of depopulation. It has been determined that the problem of increasing financial literacy can be attributed to the nation-wide problems because it is directly linked to the growth of competitiveness of the State as well as its financial security. The article substantiates the necessity of fixing the minimum wage through the orientation on the dynamics of average wages that would allow the use of a minimum wage in the role of protection against the fall of purchasing power as result of inflation. Prospect for further research is analyzing foreign experience as to ensuring the financial well-being of households, where great attention is paid to planning personal finance as one of the most effective methods to ensure financial security.

Article is written in Ukrainian


BUSINESS INFORM №10-2016

Parieva O. O.
Techniques for Budgeting the Innovation Activity of Enterprises: National and Foreign Experience (p. 266 - 270)

The article considers techniques for budgeting the innovation activity of enterprises. It is displayed that the budgeting system is almost not used in the domestic enterprises, advantage goes to the cost accounting and tax accounting rather than management accounting, a part of which is budgeting. Four main techniques of budgeting are presented. Traditional and project-oriented techniques are used in Ukrainian enterprises, but have many shortcomings. The special-purpose-program technique and zero base budgeting are relevant to foreign countries and result-oriented, but their use in Ukraine presently is doubtful. The special-purpose-program technique is difficult to implement due to lack of appropriate legislative frameworks and specialists in this sphere. The zero base budgeting can be introduced into practice of domestic enterprises, but it should be implemented gradually.

Article is written in Ukrainian


Zveruk L. А., Kurynska V. I.
The Management of Resource Base of Banks: Methodical Foundations and Mechanism of Implementation (p. 271 - 276)

Resource base of commercial banks is essential to stabilize the banking system, increase liquidity and manageability of commercial banks. Resources of commercial banks in Ukraine are important, if not the major, source of investment in the economy. Therefore, development of conceptual foundations for effective resource management policy provides for harmonization of interests of banking institution, clients and staff, and is able to achieve an optimal balance of liquidity, profitability and risk. The mechanism for management of bank resources, i.e., the resource policy, is a key part of banking policy and represents a combination of economic, legal and organizational measures carried out by bank to generate resources. An important component of policy of the resource management of bank should be considered definition of basic criteria for its optimality. Formation of an optimal resource policy requires a clear definition of its goals and tasks of implementation of them. The process of formation of a resource policy involves structuring the policy of resource management by items and creation of its methodological base, as well as creation of conditions for effective mobilization of the temporarily free funds.

Article is written in Ukrainian


Demchenko O. P.
The Financial Services Market of Ukraine: Problematic Aspects and Development Trends (p. 277 - 283)

The aim of the article is to assess the current state of the financial services market of Ukraine, justify the directions of its development and define its problematic aspects. As a result of the study peculiarities in the formation of the financial services market of Ukraine as an integral segment of the economy have been identified. There analyzed the level of development of the domestic financial services market on the basis of quantitative and qualitative characteristics of rendering financial services, which allowed to systematize the basic trends in its modern development. The problematic aspects of the functioning, in particular the asymmetry in development, credit-orientation and fragmentariness of the state regulation, have been revealed. There determined basic directions in the development of the domestic financial services market in order to elaborate a unified long-term development strategy. The practical implementation of the proposed measures will improve the efficiency of the market functions of the financial services market: directing temporarily free funds to the investment attractive areas, reducing the risk of lenders and borrowers. Within the outlined directions in the development of the financial services market prospects for further research are considered searching for ways of the development (improvement mechanisms) of the infrastructure of the financial services market and optimizing investment portfolios of financial institutions.

Article is written in English


Krasnova I. V.
The Tendencies and Contradictions of Development of the Financial Market in the Conditions of Integration (p. 284 - 290)

The tendencies of functioning of the global financial market are studied with a view to identifying structural and functional deformities in its development and commitment to them in substantiating and conducting the economic policy of the State towards the financial integration. The main regularities in the development of the world market have been systematized and generalized, among which the following have been allocated: deformity of economic role; growing importance; structural changes; development of speculative operations; transformation of market to an epicenter of instability, disturbances, and crises. It has been displayed that the problem of detachment of the financial market from the real sector of economy consists in a shifting its functional direction from servicing the real economy in the direction of forming an autonomous sphere, which produces unproductive (fake) capital. The article provides statistics on the extent of financial assets that are traded at the world's financial market and serve as the object of speculative transactions. It is specified that their volume and dynamics have provoked emerging of a new type of economy, in which a dominant position is taken by the financial market. The financial imbalances have been allocated, which were created under the influence of integration processes in the financial markets. The changes in the structure of the market regarding the financial intermediaries and the market microstructure have been considered.

Article is written in Ukrainian


Naydenko О. Y., Yenina A. O.
Substantiation of Principles of Taxation as the Basis for Increasing Competitiveness of the National Economy (p. 291 - 303)

The article is aimed at studying the principles of taxation as the basis for increasing competitiveness of economy of country. Their emergence, evolution, enshrining in the domestic legislation have been examined. It has been substantiated that the tax system of each country should be based on the fundamental principles that will describe the basic rules, characteristics and priorities of tax regulation in the country. It is found that, for the coherent and efficient operation of a public tax system, it is necessary to implement the basic, enshrined at the legislative level, principles of building a tax system. It has been specified that taxes are one of the main factors of influence on competitiveness of the economy of the country. The Ukraine's place among other countries in the international rankings, reflecting competitiveness of the State, has been identified. It has been proven that increasing competitiveness of economy and improving its position in the rankings may be subject to implementation of the principles such as the rule of law, stability, social justice, promoting entrepreneurship, innovation and investment activity, fiscal decentralization.

Article is written in Ukrainian


Kovtunenko K. V., Nesterenko O. V.
Financing the Activities of Domestic Enterprises in the Current Conditions: Types and Features of the Structure of Sources (p. 303 - 308)

The article considers types and features of the structure of sources for financing domestic enterprises; types of sources for financing companies and varieties of bank loans are listed; an analysis of capital investments in fixed capital of enterprises by sources of financing has been carried out; structure of the credit and investment portfolio of commercial banks has been examined, and information on short-term bank loans by economic directions has been analyzed. A number of risks that hinder enterprises in receiving a bank loan together with reasons for slowing down the loaning have been identified. Some suggestions for choosing efficient sources for financing enterprises have been provided.

Article is written in Ukrainian


Voskresenska T. І., Olshanska M. V.
The Financial-Economic Prospects of the Territorial Association of Communities (p. 308 - 313)

The article analyzes, systematizes and generalizes the financial-economic prospects of association of territorial communities, the main sources of revenues and expenses together with directions of spending financial resources have been determined on the basis of the mechanism, which is proposed in the legislation. The possible directions of increasing revenues and reducing expenses of a associated territorial society have been analyzed. It has been substantiated that delegation of the budgetary authority to the community level will provide an opportunity to consider its features when selecting relevant development programs and to transmit the available funds to the real needs of the relevant territorial unit. Prospects for further research have been formulated, relating to accounting the individual infrastructural and production-economical, territorial characteristics of potential communities when associating them, in order to prevent «dead zones».

Article is written in Ukrainian


Lomeiko Y. A.
The Directions for Improving the Types and Forms of Customs Control in Ukraine, the Need for Their Implementation (p. 313 - 324)

The article is aimed at studying the types and forms of customs control in the context of permanent change of customs risks, depending on both the external and the internal factors. It is found that customs control must be separated subject to the moment of its implementing into the preliminary, current and further (customs post audit). Carrying out documentary checks of compliance with customs as well as tax legislation by the Audit Head Office and by its departments consisting of the Head Department of the State Fiscal Service of Ukraine (GU GFSU) and the Central Office for Servicing Large Taxpayers (COOBPN) is provisioned. It is advisable to carry out unified documentary checks on issues of the customs and tax legislation simultaneously. At the same time, the existing procedure for the formation of a plan-schedule of documentary checks provides such an approach only for subjects of FEA – self-employed persons. The subjects of FEA – legal entities – are treated as a separate category of payers, as part of the legal entities as a whole. Authority of structural divisions of the GFSU for carrying out by customs and customs posts of preliminary and current control, and GU GFSU along with COOBPN – of further control, pose risks of disinterest on the part of employees at the customs and customs posts in the results of the customs post audit. Prospect for further research will be developing graduated measures to improve planning of documentary control of compliance with tax and customs legislation in general, incl. the customs cross-checks.

Article is written in Ukrainian


Andrushchenko V. I.
The Essence and Functions of Underwriting in the Reinsurance (p. 325 - 329)

The article is aimed at defining the essence and basic functions of underwriting in the reinsurance, providing to disclose a system of economic relations in the implementation of underwriting and examine interests of the parties in organizing the reinsurance protection. The article substantiates the author's definition of underwriting in the reinsurance as a set of interrelated activities of insurer, which includes risk assessment, its quoting, choice of optimal reinsurance cover and, in appropriate cases, participating the reinsurer in the settlement of claims. A conclusion has been made about the role of underwriting in the reinsurance as an important factor in deciding by reinsurer as for a reinsurance protection. Functions of reinsurance in the underwriting have been identified, which disclose its economic nature: analytical, calculating, methodical, regulatory, and also a principally new function – balancing (distributing) has been defined.

Article is written in Ukrainian


BUSINESS INFORM №11-2016

Markuts Y. I.
The Formation of the State Budget in the Developed countries and in Ukraine (p. 222 - 227)

The article is aimed at analysis and comparison of the domestic practice of budgeting with budgeting practices in the most developed world countries such as the United States, Britain and Australia. The dynamics of amounts of revenues and expenditures of the State budgets in the developed world countries has been disclosed, structure of budget revenues and directions of budget expenditures have been considered, ratios of budget revenues and budget expenditures in GDP has been determined. As a result, the experience of the developed world countries provides for a balanced budget, gradual reduction of its deficit, and orientation of budget towards the efficient solution of nationwide problems as well as achieving of actual results of development of the State through the efficient functioning of the real sector of economy.

Article is written in Ukrainian


Nikitan N. O.
Evaluating the Status of the State Budget Execution by Expenditures (p. 227 - 235)

The Article analyzes the current status of execution of the State budget by expenditures, proposals to improve the evaluation of both the status and the dynamics of execution of the State expenditure budget have been developed. It has been suggested to clarify the system of indices and indicators, characterizing both the volume and the dynamics of budget expenditures in the context of economic development. Taking into consideration price trends, it has been suggested to monitor the prices, aiming at strengthening control over the expenditures of budgetary funds to prevent abuses in the process of procurement of goods and services for the budgetary means. The enhanced monitoring by the Treasury bodies is directed towards the correctness of remittance of the funds, credited to the relevant funds of institutions, and their use in accordance with directions of the use of funds for each source of covering expenditures.

Article is written in Ukrainian


Rekova N. Y., Chystyuhyna Y. A.
The Formations of Imperatives of the Concept of Fiscal Decentralization in Ukraine (p. 235 - 240)

The article is concerned with substantiation of imperatives of the fiscal decentralization in Ukraine, taking into consideration determinants of its contemporary politico-economic development. For determinants of the economic development of Ukraine, given its current economic and political situation, it appears practicable to apply imperatives of concept of the fiscal decentralization of the first generation, taking account of the provisions of theories of the fiscal decentralization, aimed at economic growth of the State through the institutional framework. It has been proven that for Ukraine in the context of decentralization of power is necessary to unite the efforts aimed at: achieving the macroeconomic stabilization; resolving the political and ethnic inter-regional conflicts; raising the level of competence of the public officials; reducing the risk of corruption and opportunistic conduct at various levels of Government while maintaining control over the State expenditures and inter-budgetary transfers; enhancing the responsibility of the local self-government bodies for the development of territorial entities. The successful implementation of the fiscal decentralization in Ukraine requires a comprehensive institutional framework which should be the prospect for further research.

Article is written in Ukrainian


Chunytska I. I.
The Development of Both the Organizational and Information Components of the Infrastructure Potential of Financial Market (p. 240 - 246)

The article is concerned with problems of development of both the organizational and the information components of the infrastructure potential of financial market, identifying problems and substantiating ways to overcome them. The organizational component is responsible for balancing supply and demand on the resources of financial market. The information component reflects the grade of availability and transparency of information about participants of the market. Development of the organizational component of the infrastructural potential of the market is characterized by positive trends, however, it is insufficient to implement the potential of financial market. The information component requires active development in order to ensure fuller disclosure of information about the market participants and activities of the regulator. In particular, it is necessary to ensure both the availability and the transparency of information about violations in the financial market, and on the measures taken to prevent them in the future. Coordination of development of both the organizational and the information component of financial market is the basis for a stable economic development.

Article is written in Ukrainian


Karpinskyi B. A., Kaplenko H. V.
On the Statistical Aspect of Evaluating the State Efforts of Nation through the Prism of the Tax Factor of Development of the State (p. 247 - 252)

The article is concerned with the statistical aspect of evaluating the State efforts of nation through the prism of the tax factor of development of the State. Using the method of stepwise regression, coefficient of elasticity of revenues in the consolidated budget of Ukraine regarding the tax on the income of natural persons from the number of officially employed population has been determined. On the basis of the index factor analysis, an estimate of size of the contribution of this factor in the growth of the amount of revenues in the consolidated budget of Ukraine regarding the tax on the income of natural persons has been received. Contribution of individual economic areas in the consolidated budget of the current taxes on income, property, etc. in 2002-2013 has been displayed. On the basis of the data for the same period for each economic area, lead ratios of revenues to the consolidated budget of the current taxes on income, property, etc. have been determined. The variable multiplier of taxes has been calculated. Availability of reserves of reduction of the marginal propensity to imports has been displayed, which is one of the factors of growth of value of the tax multiplier.

Article is written in Ukrainian


Bondarenko A. I.
Studying the Currency Risk: the Conceptions of VaR and CFaR (p. 253 - 261)

The article is aimed at studying the theoretical-methodological and practical aspects of the currency risk in the banking sphere. Studying the currency risk in the context of political and economic crisis and the high volatility of financial tools is extremely important from the practical point of view. The study results provide relevant information material, an analytical assessment of the currency risk in the selected banks on the basis of which can be correctly identified, analyzed and prognosed the size of financial losses arising from the volatility of currency exchange rates. However, there is a necessity along with a problem of such innovations in the risk management, which would help more selectively and closely explore the risks. This is precisely why it is proposed to extend the standard risk assessment instrumentarium (VaR) with calculations of the currency risk based on cash flows (SFaR). A model of currency risk calculation has been developed according to the SFaR. Prospect for further research in this direction to identifying opportunities for effective accounting of currency risks in the pricing of banking products and creating a conception of accounting currency risks in the process of pricing.

Article is written in Ukrainian


Baryliuk M. R.
The Organizational-Economic Mechanism for Ensuring the Financial Security of Commercial Bank (p. 261 - 269)

In the article, the author’s own approach to development of the organizational-economic mechanism for ensuring the financial security of commercial bank (OEMEFSCB) is proposed. It has been determined that a system for ensuring the financial security represents an environment for functioning of the corresponding OEMEFSCB. Components of ensuring the management of FS together with components of implementation of management of FS of CB as structural elements of OEMEFSCB have been allocated. In turn, the components of ensuring the management of FS of CB are: regulatory, informational-methodological, analytical, and technical-technological support. The components of implementing the management of FS of CB is the complex of instrumental apparatus together with the functionally-process and organizational mechanisms for ensuring FS of CB. The instrumentarium of formation of the resource base of CB along with directions of use of financial resources of CB have been analyzed. The process of ensuring the FS of CB in terms of management functions has been analyzed, the organizational structure of management of the bank’s activities by the responsibility centers (expenses and revenues) has been examined.

Article is written in Ukrainian


Alieksieiev I. V., Chubka O. M., Lyvdar M. V.
The Strategic Orientations of the State Financial Policy in Respect of Working Capital of Industrial Enterprises (p. 270 - 275)

The article is aimed at developing proposals for improving the tools of implementation of the State financial policy, directed towards formation of working capital in the industry. Causes of the unsatisfactory structure of working capital together with unprofitableness of industrial enterprises have been determined. Problems of implementation of the State financial policy of Ukraine have been identified, including support for the functioning and development of industrial enterprises, areas for improvement in both the fiscal and the monetary policies in respect of working capital in the industry have been outlined. Development and introduction of the State target program for supporting the formation of working capital of industrial enterprises has been proposed, which should provide for implementation of a number of complex and interrelated activities, aimed at achieving the key objective: increasing volumes, improving structure, and enhancing efficiency in the use of working capital.

Article is written in Ukrainian


Bilomistiy O. M., Bilomistna I. I., Bardakova A. V.
The Features of Crediting the Innovation Activity of Enterprises (p. 276 - 280)

The constancy of the functioning and development of enterprises, engaged in the innovation activity, as well as any other subjects of market relations, largely depends on the sufficiency of own resource base and the abilities to be refilled, if necessary, from the external sources. The article is aimed at highlighting the role of various sources of crediting the innovation activity of enterprises of Ukraine. Financing the innovation activity of enterprises is one of the most important conditions for the innovative activity, since an effective innovation activity requires some significant financial investment. Constancy of crediting the enterprises engaged in the innovation activity, as well as their development are impossible without taking account of the existing plenitude of sources for attracting the necessary resources. However, among such sources the dominant position of the banking sector of economy is manifest. This is determined by the fact that banks act either as the main source of the available credit resources, or as their mediators.

Article is written in Ukrainian


Grygorash T. F.
The Weighted Average Cost of Capital: the Calculation Peculiarities in Ukraine and in the World (p. 281 - 286)

The article analyzes the methods for evaluating the weighted average cost of capital. It has been substantiated that implementation of the precise calculating of indicator according to the standard methods is not possible due to lack of all required components of the aggregate indicator in the official reporting. It is proposed to apply the methods by the EY company that allows to perform more precise calculations, the sources of statistical reporting with the available official information are provided. The simplified methods for calculating the cost of capital of domestic enterprises by the types economic activity has been applied. An analysis of the cost of capital of the companies in Europe, the United States, and developing countries has been carried out. It has been determined that the average cost of capital is within inverse proportion to the country’s level of economic development.

Article is written in Ukrainian


Mozgovyi I. V.
The Formation of the Tariff Policy in the Housing and Communal Services of Ukraine (p. 287 - 291)

The article is aimed at substantiation of the tariff policy in the system of housing and communal services of Ukraine. The theoretical and methodical foundations of evaluation and analysis of the status of housing and communal services have been considered, trends of relations between producers and consumers of the services have been analyzed. An approach to introduce the private-public partnership at the enterprises of the housing and communal services has been formulated. The researched material as to the selected issues has been generalized, and the author’s own approach has been provided. The problems of the lacking legislative regulation on the tariff policy in the area of housing and communal services have been highlighted, especially in the presence of large State-owned monopolies. The theoretical basis of the RAB-regulation have been analyzed and a methodical approach regarding the necessity to introduce the stimulating tariff setting has been formed.

Article is written in Ukrainian


Kornivska V. О.
The Transformation of the Financial Conduct of Households (p. 292 - 300)

The article generalizes factors of the contemporary transformations of the financial conduct of households, the institutional impact of the State policy on these processes has been displayed. The credit activity of the Ukrainian population in the context of establishing the financially oriented patterns of conduct has been characterized. A characterization of impact of the debt crisis on the financial conduct of households on the example of the United States has been provided. The processes of transformation of the financial culture have been substantiated in the context of reformatting the underlying financial market institutions, in particular mortgage. It is shown that in the basis of mortgage lies the base institution of trust, which contains the personal responsibility as its constituent. It is been determined that inclusion of mortgage into the securitization schemes has led to diversification of responsibility down to its gradual leveling in the securitization mechanism. It has been proved that the pre-crisis mechanisms for implementation of mortgage are contrary to the cultural and institutional conditions of its formation.

Article is written in Ukrainian


Paientko T. V., Proskura K. P.
The Essence and Principles of Budgeting Taxes (p. 300 - 304)

The article is concerned with the essence and role of budgeting taxes for the contemporary enterprise. Such principles of budgeting taxes as consistency, information, flexibility have been substantiated; practical recommendations on how to use them have been provided. The tax budget provides the ability to forecast the future cash outflow in connection with the payment of taxes. This allows to pro-actively provide the necessary amount of monetary means and, in the case of their insufficiency – to find additional sources for covering the temporary cash gaps and thereby avoid penalties. Technology of budgeting at the researched enterprise has been developed taking into consideration the allocated principles. Observance of them enables company to manage taxes timely, even in the case of some radical changes in its activities. The effect of introducing the budgeting system at enterprise has been calculated.

Article is written in Russian


Horban V. B.
The Particularities of Using the Financial Resources of Cities for the Sustainable Energy Development Based on the Project-Oriented Management (p. 305 - 312)

The article discloses importance of the resources provision of the local self-administration bodies in the way of achieving the goals of sustainable energy-efficient development. The status of energy saving in the territorial communities of Ukraine has been outlined from the position of the analysis of the infrastructure sectors of urban economy. Particularities of using the means of municipal budgets for implementing the activities on energy efficiency and the acquisition of fuel and energy resources have been analyzed. A detailed analysis of the process of accumulation and use of financial resources of the local self-government bodies for the sustainable energy-efficient development in the city of Rivne has been conducted. The necessity of grouping activities on energy efficiency in sectoral packages of projects’ portfolios in order to improve the overall efficiency of the energy saving projects has been substantiated. The article considers ways to activate the municipal potential of energy saving based on the project-oriented management. The obtained results of research can be used to develop local programs on energy efficiency and in planning the budgetary appropriations for the energy saving activities.

Article is written in Ukrainian


BUSINESS INFORM №12-2016

Stetsko M. V.
On the Issue of Formation of the Capital Market in Ukraine (p. 193 - 199)

The article is aimed at determining the major causes of the extremely unsatisfactory functioning of the capital market in Ukraine and substantiating the necessary conditions for its launch. It has been determined that functioning of the capital market should be researched through the prism of the informational efficiency (in the perception of E. Fama). It has been proven that since the time point of the formal establishment of the national stock market it was characterized by the complete information inefficiency and the actual refusal of functioning of the market mechanisms. The cause leading to its actual destruction is the functional inconsistency of institutions of the market infrastructure along with the State regulator. The article defines priorities that should be addressed for formation of the effective capital market: launch of the full-fledged activities by the regulator (National Securities and Stock Market Commission), which implies bringing its competences in line with the IOSCO principles, and the appropriate legislative provision; reforming the legislation in the sphere of joint-stock companies and securities towards adapting it to the requirements of the European directives; clearing the stock market infrastructure from the unscrupulous offerers of services; cleaning the market from the fictitious securities. A sine qua non for implementing these tasks is reducing the information asymmetry at all levels of functioning of the market and ensuring the informational transparency for all market participants.

Article is written in Ukrainian


Lapko O. O., Demchenko A. M.
The Foreign Banks in the Market of Banking Services of Ukraine and Problems of the State Regulation (p. 200 - 205)

The influence of foreign banks on functioning of the banking market of Ukraine has been considered. In view of entrance of the foreign capital to the banking market, the National Bank of Ukraine has changed the classification of banks. The single criterion – by the asset value – was changed to the following three: banks with the State share in the capital, banks of the foreign banking groups, and two groups of banks were classified by the asset value. Presence of foreign banks in the Ukrainian market has been analyzed and it has been displayed that, despite significant inflows of foreign investment capital, expectations about the positive impact on reducing the cost of crediting in the country did not materialize. On the one hand, there have been certain positive developments, which partly heightened competition in the market of banking services. On the other hand, the foreign control over the national banking system has enhanced, competition between the national and the foreign capital has increased, likelihood of speculative operations has grown, volumes of crediting small and medium-sized businesses have decreased. Therefore, the State regulation of processes of integration of the national and the foreign bank capital should be based on protection of the national bank capital at the State level, which provides more stringent requirements when licensing the doubtful foreign banks.

Article is written in Ukrainian


Diakonova I. І., Sheliuk A. A.
The Comprehensive Approach to Formation of System for Deposit Management at Bank on the Basis of the Adaptive Model (p. 206 - 214)

Today’s finance-economic environment is characterized by significant growth of dynamism of processes at the macro level that determines variability of parameters of the individual subsystems of bank. Taking into consideration the number of aspects concerning the deposit activity, it should be admitted that currently there is an objective necessity to conceptualize the basic principles of management of the deposit activity in the context of accounting of the negative impact of a wide range of external factors along with the rapid adaptation to new conditions. Considering the results of reviewing the contemporary researches in the field of formation of the resource base of bank, it has been determined that organization of the deposit management in bank should take account of the existing concepts of banking business. Because the deposit activity of bank is a part of the bank activity, the deposit management is a part of the bank management and takes a subordinate role – both in terms of its goals and objectives, and in part of the complex of activities that ensure achieving them.

Article is written in Ukrainian


Paientko T. V.
The Theoretical and Organizational Foundations of the Tax Controlling (p. 214 - 221)

The article is aimed at substantiation of essence, principles, functions, and tasks of the tax controlling at the macro level. It has been found that the tax controlling is a system of informational support and coordination of the decision-making process. It includes forecasting and planning, tax accounting, financial diagnosis, budgeting, risk management, exchange of financial information between the central body of the executive power, providing the State tax and customs policy, other organizations participating in the system of controlling, and tax payers. It has been determined that purpose of the tax controlling is the integrated development of the fiscal technologies and solutions in the area of taxes on the basis of knowledge, focused on the civilized cooperation between taxpayers and the central body of the executive power. Principles, functions, and tasks of the tax controlling at the macro level have been substantiated.

Article is written in Ukrainian


Chornous G. O., Iarmolenko I. A.
Forecasting Stock Prices Based on the Data from Social Networking (p. 222 - 228)

The article explores the possibility of implementing models of computer-assisted learning for the forecasting stock prices of foreign companies on the basis of data from social networking. Because the traditional forecasting methods are ineffective in the short term, the article is aimed at proving the available connection between the text-based content of social networking concerning activities of companies and dynamics of their respective financial tools at the exchange. Using the tools for processing human speech, the emotional component of messages on Twitter about Google company’s activities for one week has been explored. It has been displayed how emotions can be transferred to the quantitative characteristics and how further this value can be used to build a mathematical model of fluctuations of the shares. This model has been implemented using the method of neural networks. The authors of the article have concluded that for the present moment the question about use of the proposed methodology to forecast stock prices of Ukrainian companies remains irrelevant, but similar text data analysis would be appropriate to carry out sociological, political and other economic studies.

Article is written in Ukrainian


BUSINESS INFORM №1-2017

Skorobogatova N. Y., Tkach V. V.
Evaluating the Impact of the Tax Burden on the Economy of Country Depending on the Level of its Economic Development (p. 186 - 192)

The article is aimed at exploring the sensitivity of the economic development of country towards the level of the tax burden and developing a methodological approach to evaluation of the level of interdependence of well-being in the country and the extent of the tax burden. Absence of a single indicator which would determine the level of the tax burden has been proved. The carried out factor analysis provided to determine the main factors impacting the level of the tax burden in the country. A methodical approach to evaluating the level of the tax burden on the country’s economy, based on the quantitative and the qualitative indicators expressing the costs of enterprises for the tax accounting and taxes, has been proposed. Using a developed model, extent of impact of the level of the tax burden on the economy of country depending on the level of its economic development has been evaluated and the following tendency has been identified: the countries with above-average well-being are significantly less susceptible to the impact of tax burden. The basic direction for future research can be improving the methodical approaches to determining the factors and risks impacting the tax system of country, as well as finding ways to prevent them.

Article is written in Ukrainian


Soboliev V. M., Kolomiyets G. M., Sobolieva M. V.
The State Financial Control in Ukraine: Efficiency of the Institutional Design (p. 193 - 199)

The article is aimed at fulfillment of potential of the current achievements in the methodology of economic analysis for the identification of institutional anomalies of development of the State financial control system (SFC) in Ukraine. To do this, the authors propose to apply the three components of the modern methodological system: the theory of institutional design, the concept of narrative analysis, and the behavioral finance theory. This kind of approach enables to identify some essential features of the actual system of SFC in Ukraine, which from the view of traditional approaches remain «in the shadows» and cannot be detected, even though they in certain periods have a strong influence on the development of this system. Identification of these features allows for a new approach to solving the problems of increase of efficiency of the system of SFC, in particular, by focusing the main attention of society not at the formal perfection of the normative-legal base, but on such improvement, which will be able to block these mechanisms «in the shadows». The content of this particular improvement is the subject of further study on the issue.

Article is written in Ukrainian


Kovalenko M. O.
The Cyclicity of the Economic Development of Ukraine and the Deposit Resources of Banks in these Circumstances (p. 199 - 204)

The article is aimed at studying the cyclicity of the economic development of Ukraine. Stages of development of economy in Ukraine have been provided. The role of the deposit resources of the banking system in the circumstances of cyclical development has been analyzed. A clear dependency between the general economic development indicators and the volumes and structure of the deposit resources in the banking system has been identified. Peculiarities of the process of formation of deposit resources at all stages of economic development have been identified and schematically presented as well. Recommendations to commercial banks have been substantiated, with consideration of which the process of formation and usage of deposit resources in the conditions of cyclicity will be more efficient. Prospect for further research in this direction will be studying the external and internal factors of influence on the formation and usage of deposit resources, taking account of the cyclicity of economic development. Also interesting is the issue of a comparative analysis of the cyclic development of Ukrainian economy and the economies of other countries, which are similar to the domestic.

Article is written in Ukrainian


Grinko A. P., Bochulia T. V., Voloshenyuk I. Y.
The Conceptual Directions of Formation of the Tax Policy in Ukraine (p. 205 - 211)

The article is aimed at developing recommendations on optimization of tax policy with the efficient steering effect on the tax system, which corresponds to the economic realities of social development. On the basis of generalization and systematization of the proposed conceptual-categorical apparatus for determining tax policy, the focused, the functional and target oriented, and the strategically oriented approaches have been allocated, according to which the essence of taxation policy varies, and, therefore, different mechanisms for regulation of the taxation system can be applied. On results of the study, binarity in the developing tax policy has been allocated, which consists in balancing the interests of the State and taxpayers. It has been substantiated that the level of efficiency of tax policy will increase after introducing both the basic and the alternative tax principles to minimize the negativity on the tax calculations. Prospect for further research in this direction will be determining the extent of influence of the institutional factors on actualizing the tax policy with minimization of the formal tax regulation.

Article is written in Ukrainian


Rakhman M. S., Mangushev D. V.
Research of Banking Services in the Sphere of Foreign Economic Activity (p. 211 - 217)

The article is dedicated to studying theoretical foundations and current state of foreign economic activity in banking and financial institutions and its improving by the example of PJSC CB “PrivatBank”. In the course of the research the main development directions and types of banking services in the sphere of foreign economic activity are determined, the causes of the instability in the functioning of the banking system of Ukraine and the impact of exchange rate fluctuations on the activity of the banking sector and the economy in general are revealed. The paper analyzes the services rendered in the sphere of export-import operations and currency risk management using the example of the commercial bank “PrivatBank”. Furthermore, the recommendations for the improvements in the banking system are provided.

Article is written in English


Versal N. I.
Financial System as Producer of Financial Shocks (p. 218 - 223)

The article is aimed at determining the prerequisites for transformation of financial system into producer of financial shocks. In view of the fact that financial shocks can occur only upon condition of unpredictability of the future, the basis for this study was the post-Keynesian theory of monetary economy. As result of the study was found that the basic preconditions for the transformation of financial system into the destabilizing factor of economy are: the significant increase of proportion of the «too big to fail» financial corporations in the financial system; the whipping up a spiral of speculative demand and the emergence of «price bubbles» in the markets for financial assets because of the emergence of new types of financial corporations, the further complexity of structure of financial tools, in particular as a result of securitization, and expectation of super-profits; the inadequate level of the State regulation of financial corporations; the globalization of financial markets and the possibility of rapid cross-border transmission of financial shocks.

Article is written in Ukrainian


Amalyan N. D.
Global Saving Glut and Monetary Policy: Cause-and-Effect Relations (p. 224 - 228)

The global financial crisis became a landmark both in everyday life of the population of all developed countries, engendering the Great Recession, and in the economic theory, demonstrating the maladjustment of traditional tools of monetary policy. Causes of financial crisis, measures for its mitigation, actual and forthcoming aftermaths of the crisis became the most discussed issues in problem-oriented literature as well as in consumer magazines. Federal Reserve System Chairman Ben Bernanke put the blame for the crisis on external factors, namely global saving glut, while other researchers pointed out internal factors. The article presents an analysis of both approaches and put in doubt the validity of Ben Bernanke’s interpretation of the causes and effects of global saving glut, affords proofs that it is the monetary policy of FRS, ECB and Bank of England that is inflating global saving glut and detects risks of the expansive unorthodox monetary policy in Eurozone and in the USA.

Article is written in Ukrainian


Volokhata V. Y.
The Non-Price Methods in Managing the Attracted Resources of Bank (p. 229 - 234)

The article is aimed to deepen the theoretical and methodical provisions regarding use of the non-price methods of management of attracted resources of bank. Both advantages and disadvantages of the price and the non-price methods of managing the attracted resources have been determined. The feasibility and need for their broader use in the management of attracted resources in the context of globalization, crises, and the increased competition in the banking sector have been proved. A thorough analysis of the existing approaches to determine essence of methods of the categorical apparatus of the non-price management of attracted resources of bank was carried out, on results of which the author’s own definition of essence of the notion of the «non-price methods of management of the attracted resources of bank» was proposed. Prospects for future directions of research will be developments in the sphere of classification of the non-price methods of managing the attracted resources. A clarification will be required as to principles, tools, and peculiarities of their use, the process of managing the attracted resources based on the non-price methods, and the methodical approaches to formation of the bank’s strategy in the market of financial resources, etc.

Article is written in Ukrainian


Zakharov V. S.
The Current Approaches to the Financial Ensuring of Development of Enterprises in the Energy Sector of Ukraine (p. 235 - 240)

The international experience as to the financial ensuring the development of energy enterprises has been researched; it has been determined that issuing the «green» (climatic) bonds, as a separate type of the debt financial tools, is an effective contemporary mechanism for attracting financial resources to the enterprises of energy sector. Advantages of the «green» bonds were analyzed both in terms of their environmental and economic efficiency, and in terms of possibility of bringing the liquid financial resources to the energy enterprises, forming a positive image of a socially responsible company. The article proves the need to improve the domestic legislation with a view to activating processes aimed at attracting the necessary financing volumes for enterprises in the energy sector of Ukraine, where the State regulation must play a decisive role.

Article is written in Ukrainian


Dorokhova L. M., Nedilska L. V.
Evaluating the Efficiency of Use of the Financial Resources of Agricultural Enterprises (p. 241 - 246)

The article is aimed at an objective comprehensive evaluation of the efficiency of use of the financial resources of agricultural enterprises and identification of reserves for its increase. A qualitative analysis of the efficiency of management of the financial resources of agricultural enterprises for the period of 2011-2015 was carried out by: a number of the effective indicators of profitability, dynamics of development, liquidity, financial and business activity. An interrelation between the amount of resources used, profitability, and efficiency of using assets has been determined. On the basis of the identified positive values of indicator of the total effect of the financial leverage has been proven that agricultural enterprises, regardless of the size of their advanced resources, have the potential possibilities to increase the profitability of assets through the efficient use of borrowed funds. It has been substantiated that regardless of the size of the advanced capital and the amount of resource endowment agricultural enterprises, using the qualified management, are able to generate profits and to ensure positive economic effect of the economic activities. Prospect for further research will be substantiating the theoretical-methodical and practical foundations of formation of the managerial levers towards optimizing and effective use of the financial resources of the enterprises of agrarian sector.

Article is written in Ukrainian


Lobozynska S. M., Yavorska T. V.
The Economic and Legal Foundations of Protection of the Rights of Consumers of the Insurance Services in Ukraine (p. 247 - 251)

The article is aimed at allocating the basic legal foundations of protection of the rights of consumers of the insurance services on the basis of analysis of the norms of domestic legislation as well as developing proposals for their improvement. The national legislation on protection of the rights of consumers of the insurance services was analyzed. The grounds for which licenses of insurance companies must be suspended or revoked in the part of violations of the rights of consumers of the insurance services were defined. The authors propose new approaches to improving the system of protection of the rights of consumers of the insurance services in Ukraine, in particular: improving the mechanism for controlling by the State regulators on advertising; defining a clear responsibility for violation of the rights of consumers of the insurance services; strengthening the consumer protection as to the insurance services which are offered via the Internet. Prospects for further research in this direction will be development and implementation of an effective mechanism for pretrial settlement of disputes on provision of the insurance services in Ukraine, techniques for evaluating and processing of complaints against violations of the rights of consumers of the insurance services.

Article is written in Ukrainian


BUSINESS INFORM №2-2017

Portna O. V.
Improving the Methods for Quantitative Estimation of the Aggregate Financial Potential of Ukraine (p. 215 - 219)

The article is aimed at considering advantages and disadvantages of the existing quantitative estimation, determining problematic aspects and, on this basis, improving the methods for calculating the aggregate financial potential of Ukraine. On the basis of an analysis of existing methods for quantifying the financial potential of Ukraine has been determined that they contain a number of discussion issues and problematic aspects. It has been suggested to consider within the composition of the aggregate financial capacity of country: the financial resources of enterprises as the total value of assets from the balance sheets of enterprises; the financial resources of the population as the total value of incomes of the population. Accounting the balance-of-payments data is not only a factor of formation and implementation of the aggregate financial potential of country, but also, in addition to the existing methods, is the analytical basis for accounting all international transfers, leakages and injections of resources both in terms of all components and in the aggregate financial potential of country as a whole. Prospects for further research in this direction will be more accurate and complete calculation of the financial possibilities of country, working out practical measures to enhance efficiency of the aggregate financial potential of Ukraine.

Article is written in Ukrainian


Onufriichuk O. P.
The Sustainability of the Public Finances in the Long Term Perspective (p. 220 - 225)

The article is aimed at studying the influence of factors on the sustainability of system of the public finances in the long term perspective, using the fiscal indicators of sustainability. Among the basic factors were considered the population aging and the public debt indicator. Studying the indicator of S2 until 2065 helped to define the medium risk of the public finances of Ukraine in the long term. It has been found that changing the costs associated with the population aging has less influence than the indicator, which includes the public debt indicator together with the primary balance of the State administration sector. Prospect for further research is to explore approaches to reduce the risks associated with the growth of public debt.

Article is written in Ukrainian


Husarevych N. V.
The Management of Budget Deficit as a Tool of Financial Policy (p. 225 - 230)

The article is aimed at disclosing the essence of the State budget deficit, as well as the methods for managing the budget deficit at the present stage of the economic development of country. Economic essence of the budget deficit along with the main criteria for determining the efficiency of management of deficit have been disclosed. It has been determined that of importance when developing and implementing an effective State policy in the sphere of public finances, as well as the economic security of country, is to take into consideration the impact on economic growth of the tools for regulating the budget deficit, including both the revenues and the expenditures budget, and public debt. Some approaches to managing the budget deficit in the medium term perspective have been provided. The necessity of improving the mechanism for financing of the budget deficit in the current conditions of economic transformations has been substantiated.

Article is written in Ukrainian


Stepanova G. M.
The Budgetary Regulation of the Socio-Economic Development of Ukraine (p. 231 - 237)

The article is aimed at defining the peculiarities of implementing measures for budgetary regulation of the socio-economic development of Ukraine, evaluating possibilities to enhance their efficiency, taking account of tasks of the structural transforming of financial system. Measures of the budgetary regulation in the sphere of revenue, expenditure, as well as budget deficit, have been analyzed. The mutual relationship of indicators of gain on the expenditure part of the consolidated budget and the consumer prices index has been defined, the impact of costs on the economic situation and social stability has been estimated. A characterization of tools for further development of the mechanism for budgetary and tax regulation of the economy has been provided. The indicators of relative share of the primary budget balance in the gross domestic product have been analyzed. The necessity of applying the efficient tools for budgetary and tax regulation in order to ensure macroeconomic stabilization, as well as activating of processes of economic growth, has been substantiated.

Article is written in Ukrainian


Soboliev V. M., Sobolieva O. P.
The Modern Banking System of Ukraine: Effectiveness of the Institutional Design (p. 237 - 241)

The purpose of the article is to reveal the potential of modern achievements of the methodology of economic science for forecasting the development trends of the banking system of Ukraine after the nationalization of Privatbank. For this purpose, it is proposed to apply three components of the modern methodological system: the theory of behavioral finance, the theory of institutional design, and the concept of narrative analysis. This approach allows to identify some of the features of the modern state-controlled banking system of Ukraine, which can not be detected applying traditional approaches, although they at certain periods of time have the strongest impact on the development of this system. The identification of these features allows to take a new approach to solving the problem of increasing the effectiveness of institutional construction in the banking sector of the country. In particular, the promising way of forecasting the development trend of the banking system can be a comprehensive analysis of the conflict of the interests of the state in its performing various functions in the banking market. Such an analysis is a subject of further research on this problem.

Article is written in English


Skirka A. S.
The Analysis of Activity of the Deposit Guarantee Fund in the Crisis Period of 2014-2016 (p. 242 - 252)

In today’s crisis circumstances especially topical becomes the issue of recognition of bank’s insolvency as a result of exercising its functions by the Deposit Guarantee Fund (DGF). The article is aimed at extended analyzing the activities of the DGF, payment of the guaranteed amount, and the sales indicators concerning assets of the insolvent banks in crisis time-frame of 2014-2016. Both the dynamics of participants in the Fund and the payment of the guaranteed amount were analyzed. The level of financial resources and their reduction when using the provided scheme of payments have been reflected. Attention has been drawn to the use of credit resources, amounts and maturities of the issued credits to the Fund have been examined as well. The Fund's dependence in the monetary and economic space has been specified. Attention has been focused on the indicators of sales of assets of the bankrupt banks and their efficiency. Recommendations as to improving formation and use of funds have been given, the need for further improvement of the system of guarantee of deposits, which is the top priority in today’s complex circumstances, has been specified as well.

Article is written in Ukrainian


Kikot O. Y.
The Management of the Securities Auction Trade Mechanism (p. 253 - 263)

The article outlines foundations of management of the securities auction trade mechanism. In particular, its nature is studied and a definition of management of the securities auction trade mechanism is provided. Principles of management of the securities auction trade mechanism are proposed and substantiated. A procedure for managing the securities auction trade mechanism, consisting of four stages, has been developed. The key management tools are identified and classified according to the area of influence on the securities auction trade mechanism. Each tool is sortied into one of the four groups: tools of general impact, tools of auction competition management, tools of auction revenue management; tools of management of post auction resale opportunities. Furthermore, peculiarities of applying each classified management tool are examined.

Article is written in Ukrainian


Purdenko O. A.
Pragmatics of the Unified Social Tax (p. 263 - 268)

The aim of the article is to conduct a detailed analysis of UST receipts to centralized funds in the aspect of the reforms introduced in terms of deshadowing wages and assess the prospects of this fee through the prism of modern integration. The article analyzes the indicators of payment of the Unified Social Tax and the distribution of its receipts between centralized funds. The atypical functions of state insurers accompanied by abuses in the aspect of using insurance payments are singled out. Significant shortcomings in the administration of UST in terms of non-insurance principles inherent in state insurers, including the existence of non-insurance payments, are identified. Examples of abuses of imperfections in the norms of the current legislation and social insurance funds in favor of commercial structures are given. There analyzed main indicators of payment of the Unified Social Tax for the last years according to the data of the SFS of Ukraine, taking into account the changes in its rates.

Article is written in English


Shvets O. V.
The Methodical Approaches to Evaluating the Quality of the Bank’s Credit Risk Control (p. 269 - 274)

The article is aimed at improving the methodical approaches to evaluating the credit risk control and substantiating the need to use an integrated indicator for determining the quality of the credit risk control. A methodical approach to evaluating quality of the credit risk control has been proposed, which, unlike the available ones, provides an evaluating of quality of the risk control from two perspectives: evaluating efficiency of the credit risk control and efficiency of the bank’s performance, which is related to the credit activity. Such an approach provides to evaluate both the actual and the potential financial impacts from implementation of the credit risk control. It has been suggested that the integral estimation be used, based on the multi-criteria approach, which allows to comprehensively evaluate the effectiveness of the credit risk control. The suggested scientific-methodical approach to evaluating quality of the credit risk control provides banks to evaluate this type of managerial activities with the aim of improving its efficiency, ensures the methods for monitoring implementation of the decisions made.

Article is written in Ukrainian


BUSINESS INFORM №3-2017

Bazhenova O. V., Chernysh I. M.
The Accumulation of the Foreign Debt of Ukraine: Hope for Economy Growth, or Decline (Empirical Aspects) (p. 237 - 242)

The article is concerned with influence of the external public debt of Ukraine on the country’s basic macroeconomic indicators. An analysis was carried out using the impulse response of the specified indicators and the external public debt on the basis of building the vector autoregressive models (VAR). A comparison of the results obtained with the results of the computer simulations of the dynamic stochastic general equilibrium model of effect of the external public debt has been done. It has been determined that a positive shock of the external public debt can affect the growth of public expenditures. It has been proven that the most significant is the interference of the external public debt, volume of foreign investment, and the total consumption expenditures. However, interdependence between the external public debt, inflation and the rate of the national currency is insignificant. This is confirmed by the real trends in the Ukrainian economy in recent years, when both the significant inflation and the devaluation of the national currency in any way do not reduce demand of the State on external borrowings. These results correspond with the findings obtained on the basis of building a dynamical stochastic general equilibrium model.

Article is written in Ukrainian


Pasichnyi M. D.
The Fundamentals of Formation of the State Budget and Tax Policy (p. 243 - 248)

The article is aimed at substantiation and development of the theoretical and methodological definitions as to formation of the State budget and tax policy in the current conditions of economic transformations. The issues of developing the directions and measures of fiscal policy in line with the priorities of social and economic development of the country and its administrative-territorial units have been explored. Attention has been focused on the importance of assessing the impacting of the economic growth by not the tax burden only, but the tax structure as well, in the context of the major classifications. The article substantiates the importance of enhancing the efficiency of use of budgetary funds, separation of social and economic efficiency of the budget expenditures. Of particular interest are the issues relating to strengthening of the institutional foundations of the budget and tax policy, implementation of measures for introduction of the medium-term budget planning. Priorities of the budget policy in the sphere of the inter-budgetary relations and regulation of the budget deficit have been allocated.

Article is written in Russian


Synyutka N. H., Synyutka O. M.
The Historical Perspective of Formation of Offshore Jurisdictions as the Global System of Tax Evasion (p. 249 - 253)

The aim of this publication is improving the knowledge about the genesis of formation of offshore jurisdictions. The article characterizes the historical stages of origination of tax havens on the basis of theoretical generalizations and comparing the results of studies and publications on the specified issues. The article identifies the main groups of tax havens: offshores of the colonies of the former British Empire; the European havens; the group of simulators (such as Panama, Uruguay, Dubai), new havens in the countries with transition economy and in African countries. A comprehensive list of offshores in terms of actors by the domestic classification has been provided. The authors suggest, as a timely measures, establishing a coordinated international campaign to counter the aggressive tax planning. For the purpose of stabilization of the internal capital markets, as well as success of the fiscal control, the main directions of the anti-offshore policy have been proposed as follows: unification of the taxation rules for residents and non-residents within the offshore countries; global limitation of the bank secrecy along with transparency of information for the taxation purposes, ensuring transparency of ownership and tracing of end the beneficiaries of assets; changing the model convention for the avoidance of double taxation and the data exchange.

Article is written in Ukrainian


Garlytska D. A., Suschenko O. M.
The Prospects for Reforming the Tax System of Ukraine in Accordance with the Requirements of the Association Agreement with the EU in the Sphere of Environmental Protection (p. 254 - 258)

The article is aimed at studying the prospects for reforming the tax system of Ukraine in accordance with the requirements of the Association Agreement with the EU in the sphere of environmental protection. The current status of the environmental taxation both in the European Union and in Ukraine, as well as the necessary steps to meet the requirements and commitments made under the Agreement, have been analyzed. In particular, the article analyzes prospects of entry of Ukrainian enterprises to the emissions market according to the System of emissions trade in the European Union. The relevance of implementing the financial tools in general and reforming the tax system in particular for the purpose of environmental protection and in the context of compliance with the requirements of the Association Agreement between Ukraine and the EU, based on the interests of each key player in the management of sustainable development (the State, enterprises, economic entities or households), has been substantiated.

Article is written in Ukrainian


Kostiana O. V.
The Features of Development of the Excise Taxation in Ukraine (p. 259 - 266)

The article analyzes the main tendencies of the excise taxation in Ukraine. The features of the excise taxation of alcoholic beverages have been determined. A comparing of rates of the excise tax on certain types of alcoholic drinks in Ukraine and the EU Member States has been done, an analysis of the dynamics of rates of the excise duty on the ethyl alcohol in Ukraine has been carried out. The dynamics of the volumes of consumption of alcoholic drinks in Ukraine have been analyzed. The relationship between the volumes of consumption and the size of the rates of excise duty on alcohol has been defined. The fiscal importance of the excise taxation in Ukraine during the period of 1998-2016 has been analyzed. It has been determined that for Ukrainian economy is characteristic an increase of the fiscal significance of excise tax in the periods of crisis developments. The article considers the directions for further development of the excise taxation in Ukraine, analyzes the prospects of implementing an automated system for monitoring the turnover of alcoholic beverages, as well as use of the electronic excise stamps.

Article is written in Ukrainian


Matsuk Z. A.
The Financial Service as an Economic Category (p. 267 - 273)

The article is aimed at: systematization of the existing provisions of research on financial service; allocation of the primary, the secondary, and the auxiliary financial services; analysis of the material basis of financial service and its consideration as the sum total of the high and the low material shares; exploration of the issue of cost of financial services. A definition of financial service as the possibility for implementation of a financial interest of market participant has been suggested. In the composition of financial service, the article allocates the primary service (operation on trade in financial assets), the secondary (service for the benefit of a third party and at his expense), and the auxiliary (service in the sphere of trade in financial assets). The material basis for financial service has been explored, a systematization of financial services by the level of their separation from the material basis has been suggested. Prospect for further research will be consideration of the institutional and infrastructural ensuring the development of financial services in the context of the national economy.

Article is written in Ukrainian


Bacho R. Y.
The Formation of the Boundaries of Sustainability of Indicators for Development of the Domestic Markets for the Non-Bank Financial Services, Using the Scaling Method (p. 274 - 282)

The article is concerned with studying the condition of markets for financial services by building interval scales of the insurance market, the market for credit services, and the market for the non-government pension provision, based on the «three-sigma rule». This provided a possibility to determine the condition of markets for the non-bank financial services by means of determining the possible allowable limit values. It has been concluded that application of the developed diagnostic instrumentarium is necessary in order to mitigate the negative impact of external factors on the condition of markets for the non-bank financial services.

Article is written in Ukrainian


Voytovych L. M.
The Structural Analysis of the Insurance System of Ukraine (p. 283 - 287)

The article is aimed, proceeding from the theoretical research and studies, at analyzing the content of the concept of «insurance system» and its structure, providing characterizations of the elements included in it. In the working process, the methodological approach to the structural analysis of insurance system was used and the system method was applied in order to define its essence and elements, which allowed studying the insurance system as a whole. The system method was applied for the generalizing, systematizing, and interpretation of results of the study on the insurance system of Ukraine, in combination with critical analysis. The obtained results allow to submit that an insurance system is a complex, which includes five main elements (insurance companies, reinsurance companies, branches of the non-resident insurers, mutual insurance societies, insurance and reinsurance pools). A methodology of determining the essence and structure of an insurance system has been elaborated that has provided the basic criteria (legislative origin, operating in the insurance market and purchasing risks with the subsequent insurance of these, «production» of the insurance products that can be sold to the insurance intermediaries), using of which can be reasonable in the assigning elements to an insurance system. Further theoretical studies of insurance system and its elements will contribute to the harmonization of the existing concepts and actualization of the new scientific issues, as well as development of new approaches in terms of the methodology of studying the insurance activity.

Article is written in Ukrainian


Zveruk L. А., Boyeva S. К.
The Conceptual Foundations for the Studying Management of the Financial Sustainability of Banking Institutions (p. 288 - 293)

The article analyzes various scientific and methodical approaches to definition of the concept of «financial sustainability of commercial bank» and attributes of mechanism for its management. The factors impacting the financial sustainability of banks have been delineated. It has been determined that the financial sustainability of banking institutions is their ability to neutralize the internal development imbalances and overcome the external perturbations, which violate the equilibrium status, along with performing their functions to the full extent. The article specifies the need to consider the mechanism for management of the financial sustainability of commercial banks as an integrated system. The methods and tools for management of the financial sustainability of banks have been characterized, advantages of applying the rating evaluation of their activities have been determined. It has been determined that efficiency of functioning of the mechanism for management of the financial sustainability largely depends on the compliance of banks with a complex of principles. It has been allocated that the principle of innovation suggests that bank’s activity will be directed towards use of the latest tools for financial management. The use of means of the financial engineering in the management of the financial sustainability of bank has been considered.

Article is written in Ukrainian


Lesik V. O.
Evaluating the Financial Stability of Banking System, Considering the Emergence Property (p. 294 - 301)

The article is concerned with analyzing the existing approaches to evaluation of the financial stability of banking system, substantiating the expedience of accounting, and generalizing the characteristics of the emergence property to determine its level. The article considers the interrelation of concepts of «financial stability» and «financial sustainability», the necessity of their correlation, taking account of the time factor, has been substantiated. A critical analysis of the approaches to evaluating the financial stability of banking system has been carried out, their eligibility according to the criteria of accounting of the identification attributes of systemacity and the analytical data aggregation has been examined. To determine the status of banking system as a system phenomenon, the necessity of carrying out an evaluation of its financial stability on the basis of the emergence approach has been substantiated, including the following directions: intensity of credit and financial interaction in the interbank market; functional load of the banking system as to ensuring the macroeconomic development; structural changes and financial disparities in the banking system; scale effects that arise as a consequence of change in the main financial parameters of the system banks.

Article is written in Ukrainian


Bagmet K. V.
The Financing of Social Investments: Prospects and Risks (p. 302 - 306)

The article analyzes the innovative types of financing the social investments and explores the key risks arising in the course of their practical implementation in the context of the domestic economy. The major differences in the interpretation of the concepts of «social investments» and «socially responsible investing» have been defined and characterized. The basic characteristics common to the social investment have been substantiated. Types of social investments, their advantages and disadvantages has been considered in the context of implementation of the conception of functioning of the social State. It has been found that using the innovative types of financing will expand the range of social services and attract businesses to the financial support of social projects. Prospect for further research will be determining the economic impact of implementing the socially oriented innovative projects within terms of the State.

Article is written in Ukrainian


Reshetnyak O. I., Zaika Y. A.
Choosing the Sources for Financing Educational Programs in Terms of Cluster (p. 307 - 311)

The article is aimed at defining the basic approaches to substantiation of choice of sources for financing educational programs in terms of cluster. An approach to determining the economic efficiency of the State incentives for the development of education through the establishment of educational clusters has been suggested. The provided method for evaluation of efficiency takes into consideration both the budgetary and the economic effects, arising for recipients in the financing educational programs. The authors’ own model for determining the economic efficiency of the State incentives for financing educational programs and projects through the introduction of public-private partnership has been considered. Using this method provides for the economic substantiating the use of tools of the State regulation in the sphere of education. The main aspects of evaluation of the socio-economic efficiency of implementing the educational cluster policy have been considered. Efficiency of the established educational cluster in the IT industry sector has been evaluated.

Article is written in Ukrainian


Adamenko N. I., Vasilkova C. Y., Yantsevich A. A.
The Internal and External Factors of the Financial Sustainability of Monoproduct Company (p. 312 - 319)

The article is written with the aim to highlight the possibility of using economic methods in management of monoproduct company, reducing its risks of bankruptcy as low as practicable. The key problems in the activities of such enterprises have been determined, their detailed characteristics has been provided, potential risks have been evaluated, and recommendations to minimize them have been proposed. Ensuring an integrated and one-time implementation of the activities referred to in the article will provide an opportunity for a significant improvement in the real state of affairs at enterprises. It is specified that using the methods for system analysis can give considerable impetus in preserving or even enhancing the financial stability of any enterprise.

Article is written in Ukrainian


BUSINESS INFORM №4-2017

Diachek O. Y., Sardak Y. I.
Bitcoin as an Efficient Method for the International Contract Settlement (p. 269 - 273)

The article is aimed to study the functioning of Bitcoin in today’s world. The issue of the nature of Bitcoin and tendencies in its development have been considered. Given the growing spread of Bitcoin, the number of transactions and the size of the blocks in the system will but increase. In order to maintain correct work, according to progressive growth, consideration is given to the dynamics of the increasing role of the virtual currency, the payment channels through digital coins, and the importance of assimilating such platforms. An analysis of the methods for international contract settlements was carried out. The relevance of implementation of cryptocurrency has been substantiated. The features of functioning of Bitcoin compared to the world currencies were considered. The economic properties of the block chain were studied. In turn, cryptocurrency suggests that the true value of technology lies in its growing potential. In order to develop a complete picture of the effect and scope of Bitcoin, stages of its development and the current status both in Ukraine and the world as a whole were examined. Accordingly, recommendations have been made to improve the status of Bitcoin in Ukraine.

Article is written in Ukrainian


Kolomiyets G. M., Soboliev V. M., Melentsova O. V.
Hedging Financial Risks in the Economic Practices of Small Business: Current Imperatives (p. 274 - 278)

The article considers the need to update approaches to hedging the financial risks of small businesses. Reducing the probability of financial costs and losses is of continuing relevance. It appears to be especially critical for small businesses. Small business plays a significant role in the country’s economic system as creator of jobs and as a producer of goods and services that adapts quickly to changing consumer requirements. However, its access to credit resources has certain limitations. The instability of the economic environment by individual factors can affect small businesses not less, and sometimes even more than large and medium-sized businesses. Design of the risk-management in terms of small business needs to be updated. In the current context, there is a need in re-evaluating that the efficient financial risk management can only be carried out in a complex of all the enterprise’s risks, with an increase in the planning horizon and the identification of obstacles to achieving the objective set.

Article is written in Ukrainian


Zveruk L. А., Ivanyuk S. O.
The Foundations of Developing a Bank’s Credit Risk Management Strategy (p. 279 - 284)

The issue of credit risk management becomes especially relevant for the banking system of Ukraine nowadays, in the context of opening up the worldwide economic space. The objective need to improve the efficiency of bank’s credit risk management requires improvement of the legal, methodological, and organizational foundations of banking activity. The carried out research discloses the nature and place of credit risk among bank risks, its specific characteristics, and the factors of influence upon. The article emphasizes that, in order to make the functioning of bank efficient, credit risk should not be perceived as the probability of a negative event or danger, but rather as the income-generating activity. The main elements of the credit risk management system have been provided. The types and levels of credit risk have been distributed by the classification attributes. The role of internal and external environment factors influencing the bank lending policy has been explored. The role of the credit risk management strategy and tactics has been emphasized. The stages of the credit risk management strategy, its main methods and tools have been disclosed. Ways to successfully implement the credit risk management strategy for contemporary banks have been determined.

Article is written in Ukrainian


Mostenets A. V., Petrenkov V. E.
The Investment Management of Bank (p. 284 - 288)

The article is aimed at studying the theoretical value of bank investment and the investment activities of bank, as well as improving the investment management of bank. The main task under this objective is to characterize the investment activities of bank and to consider in detail its credit and investment portfolio. An analysis of the credit and investment portfolio of 10 domestic banks of Ukraine was carried out. Structure of their credit and investment portfolio was studied in detail. A graphic of the credit and investment portfolio of banks, which were the most active in the investment activities as of 1 January 2015-2017, has been provided. Changes in the credit and investment portfolio that impact the performance of bank have been displayed.

Article is written in Ukrainian


Eremeychuk R. A., Us Y. V.
The Strategic-Renovation Banks’ Risks Management (p. 289 - 297)

The article is aimed at developing approaches to implementation of the strategic-renovation risk management. Essence of risk theories was researched, the concept of «risk» in the bank’s management system were analyzed. On the basis of a theoretical generalization of scientific literature and the carried out analysis of existing risk management strategies to ensure the security of banking business, the strategy of renovation management has been selected. Because bank risks are part of the economic risk system, they are complex in their nature. However, given the importance of bank risks, the interpretation of their essence is still a debating matter. In a certain number of cases, their essence is replaced by the cause of occurrence, that is, all the different circumstances, factors that lead to the losses. So today, banks are considering risks, in particular, not only as a source of possible losses, but also as an opportunity to generate additional profits. An algorithm for taking a strategic-renovation decision on the banks’ risks management system has been proposed.

Article is written in Ukrainian


Zamaslo O. T., Oliinyk I. O.
Organization of Tax Control in Ukraine (p. 297 - 301)

The article researches the essence and characteristics of tax control as an important element of the State regulation of economy. The main directions and modalities of tax control are considered in detail. The main tendencies and problem points of tax control in Ukraine have been studied. Efficiency of the controlling bodies has been analyzed, the main directions of their activities in the sphere of tax enforcement have been provided. Directions for improving the organization of tax control in the context of overcoming the existing deficiencies in the controlling and inspecting activities of the tax authorities have been determined. It has been concluded that the improvement of tax control is one of the key directions of reforming the Ukrainian tax system.

Article is written in Ukrainian


BUSINESS INFORM №5-2017

Koverninska Y. V.
The Factors for Placement of Financial Resources by Financial Intermediaries in the Ukrainian Economy (p. 165 - 169)

The article discloses the essence of factors that are defined as phenomena or processes that result in changes in the quantity and/or quality parameters of financial resources placed by financial intermediaries in Ukraine's economy. An analysis of the most common approaches to classifying the factors influencing on various aspects of activity by financial intermediaries has led to allocation of an authorized approach to the systematization of factors for placement of financial resources by financial intermediaries. Two groups of key factors have been defined and their relationship has been determined. According to the source of their origin, the external ones and the internal ones have been allocated. According to the contents, the external group includes the economic, legal, political, and socio-demographic factors, the internal group includes financial basis, credit and investment policy of intermediary. An analysis of the factors, their effects, and the impact of influence has shown that they have the ability to stimulate, deter, channel the placement of financial resources by financial intermediaries in the economy.

Article is written in Ukrainian


Bazhenova O. V.
Evaluating the Sustainability of the Current Account Deficits of Ukraine: the Modern Trends (p. 170 - 177)

The article analyzes the dynamics of the current account of the balance of payments of Ukraine, which indicates the persistence of its imbalances. The accumulated current account deficits preceded economic crises, confirming the hypothesis that the countries that demonstrate sustained current account deficits on the eve of crises suffer significant losses as a result of their occurrence. The main tendencies in Ukraine in the context of imbalances in investment and savings were analyzed. It has been shown that GDP growth was not accompanied by an increase in the current account deficits, which also signals its volatility. The current account deficit is attributable mainly to the negative net export balance that shows a decline in the foreign exchange earnings to resettle and service the previously accumulated external debt, which became especially actual in the last three years. The calculation of balance of the current account of Ukraine on the basis of its components and in accordance with the financial and capital accounts data has revealed a significant volume of hidden exports. Moreover, in recent years, the deterioration of situation in the context of external sustainability is determined by a combination of current account deficits and a rapid increase in the debt burden on the economy.

Article is written in Ukrainian


Slobodianiuk N. O., Naumenko O. D.
The Financial Investment in the Conditions of a Volatile National Economy (p. 177 - 184)

The article is aimed at analyzing the investment activity of the banking sector in Ukraine, assessing the structure of financial investment of banks, identifying the problems of the banking investment sector, and substantiating the authors’ proposals for solutions. The definition of «bank investment» has been analyzed. Types of bank investment have been considered, and the regulatory framework as to the investment activities of banks in the territory of Ukraine has been explored. The structure and dynamics of investments of the largest banks in Ukraine were analyzed. The problems of low investment activity of banks have been systematized, it has been suggested that banks should establish collaboration and pay attention to small investment projects, all this should be based on reforming the regulatory framework and organizing a clear mechanism for investment process. Further research directions will be determination of criteria for selection of investment projects for banks, development of proposals on changes in the tax incentives for investment processes, and determination of proportions for the contents of investment portfolio for banks.

Article is written in Ukrainian


Ivchenko V. V.
The Transparency of Reporting Information as a Guarantee to the Sustainable Development of Corporate Structures (p. 184 - 190)

In the article, the author substantiates the view that one of the problematic aspects of the modern corporate reporting model is its low transparency, imperfection of the methods for generating indicators, which in turn does not allow for a comprehensive analysis of the activity of corporate structure. As a possible variant to improve the existing reporting model, it has been suggested to consider the basic concepts of sustainable development when disclosing information. In this context, corporate structures should also disclose the social and environmental aspects for a wide range of users – stakeholders. In the process of research, direct correlation between the transparency of banking information and the achievement of sustainable development has been substantiated; cautions regarding the asymmetry in information of banking institutions have been considered. Directions for further scientific research could be a study on the two-way communication system between the corporate structure and users of information; developing an integrated system of assessments of transparency and its impact on the sustainable development of corporate structure.

Article is written in Ukrainian


Koptiukh O. G.
The Impact of Refinancing on the Bank’s Credit Portfolio: Theoretical Aspects and Modelling (p. 190 - 195)

The article for the first time proposes a theoretical-predictive mathematical model of the impact of refinancing on the banks’ credit portfolio in Ukraine from 2006 to 2016. The study is based on the theoretical assumptions about the use of the banks’ free reserve as an indicator to attract refinancing both in the interbank credit market and on the part of the central bank, followed by its impact on the credit portfolio. Based on the results obtained, conclusions have been made on the evaluation of actions of the National Bank of Ukraine, using refinancing as a tool for stabilizing bank liquidity; a number of concrete proposals in order to improve this process has been elaborated. Using the regression-correlative multi-factor and pair analysis, reliable estimates of the impact of refinancing on the credit portfolio of banks have been calculated, as well as the predictive trends until 2018.

Article is written in Ukrainian


Fursova V. А., Rashchenko V. O.
The Impact of Refinancing on the Financial Sustainability of Banking Institutions (p. 196 - 202)

The article analyzes and generalizes contemporary techniques for assessing the financial sustainability of commercial banks. It has been identified that none of the techniques considered takes in full account of the bank’s debt level to the National Bank of Ukraine, despite the large role of the regulator in maintaining liquidity and solvency of banking institutions during the crisis. The necessity to consider, in terms of the rating techniques for assessment of the financial sustainability of commercial banks, the refinancing indicator that can be useful to calculate the ratio of the credit means of the National Bank of Ukraine to the equity capital, has been substantiated. Improving the existing rating techniques by including this indicator will enhance their efficiency and provide possibility to develop timely recommendations for regulating crisis developments in a banking institution.

Article is written in Russian


Antonenko S. V.
The Environmental Taxation as a Means of Promoting Energy Efficiency (p. 202 - 209)

The article is aimed at studying the current status and development tendencies in the environmental taxation both in the European Union Member States and in Ukraine. The essential attributes of environmental taxes and the nature of their impact on reducing the environmental pollution as well as improving energy efficiency have been clarified. An analysis of the classification of environmental taxes and their income structure in the EU countries has been carried out. The dynamics of the implicit rate of the energy taxation (real and nominal) has been studied. A list of the main activities that were undertaken as part of the reform of environmental taxation in the EU countries during 2015-2017 was determined. A comparative analysis of the level of the main energy tax rates both in the EU and in Ukraine has been carried out.

Article is written in Ukrainian


Zamaslo O. T., Kaminska O. A.
The Features of Functioning of VAT in Ukraine (p. 210 - 215)

The article explores the essence and features of value-added tax (VAT), the leading indirect tax in Ukraine, a part of which is the highest revenue to the State budget among all tax payments. The main advantages and disadvantages of functioning of VAT in the current management conditions have been determined. The chronology of appearance, the features of existence of VAT in different stages, and the evolution of legal and regulatory support for administration of the tax were researched. The mechanism for the VAT calculation, the current tax rates, features of functioning of the Single tax invoice register, and the tax reporting periods for VAT were considered in detail. The procedure of electronic administration of the value-added tax has been disclosed. The efficiency of the system of e-administration of VAT has been defined in the context of introduction of tax payer’s personal account. It has been concluded that the domestic taxation system requires further reforming, but a significant number of the mechanisms introduced are a positive step in the sphere of VAT administration.

Article is written in Ukrainian


Nazarova K. O., Nezhyva M. O.
Analyzing and Controlling the Efficiency of Use of the Enterprise’s Financial Resources (p. 216 - 220)

The article is aimed at analysis of the features of formation of the enterprise’s financial resources and proposal of an evaluation of efficiency as to their use. The relevance of the topic is based on the need to find a mechanism for evaluation of efficiency of the financial resources of enterprise. Ways of dealing with problems related to the use of financial resources were explored. Characteristic features of the financial resources of enterprises have been provided. The system of management of financial resources, as well as the management practices (traditional and progressive), have been reflected. It is known that a rational, economical use of available financial resources is necessary to improve the financial well-being of an enterprise. For this reason, the article focuses on the concept of «efficient use of financial resources». A generalizing indicator of the efficiency of use of the enterprise’s financial resources has been proposed.

Article is written in Ukrainian


BUSINESS INFORM №6-2017

Duna N. G., Sokolan D. S.
The Latest Trends in the Development of the World Financial Centers (p. 181 - 186)

The article is aimed at determining the contemporary trends in the development of leading financial centres and analyzing the prospects of Asian centers in the context of globalization. A classification of the world financial centers (WFC) is provided. Results of the Global Financial Centers Index in 2017 were analyzed. A comparative analysis of the four major world financial centers (London, New York, Hong Kong, Singapore) was carried out by the major economic ratings. It was assumed that the gap between the classical world financial centers and the new Asian ones would be further narrowed. It has been determined that the growing influence of Asian financial centers is linked to positive trends in economic growth, favorable fiscal policies, and dynamic investment activities. It has been concluded that there may be increased competition of the WFC within the Asian region, especially with the Chinese financial centers.

Article is written in Ukrainian


Bovsunovska H. S.
The Management of the Economic Security of Business Entities in Uncertain Conditions (on Example of Insurance Companies) (p. 186 - 191)

The article is aimed at evaluating the level of uncertainty and researching the specifics of management of the economic security of business entities on example of insurance companies. The indicators that can be used to evaluate the volatility and the level of uncertainty of both the economic processes and the external environment of an organization have been considered. A general scheme of management of the economic security of insurance company has been developed, which consists of three levels: preparatory-organizational, functional, and final. The impact of the high level of uncertainty on the management of the system of economic security of insurance company has been noted. Emphasis has been placed on the need to account the uncertainty parameter in the management of the economic security system. The proposed scheme can be adapted and applied by different types of enterprises, as it takes into account the conceptual foundations of building an appropriate system to achieve the highest possible level of economic security.

Article is written in Ukrainian


Baryliuk M. R.
The Methodical Approach to Formation of the Economic-Social Provision of the Financial Security Management of Commercial Bank (p. 191 - 200)

The article defines that the impact of threats on a commercial bank as an open socio-economic system results in losses that can be classified as financial, personnel, informational, and reputational. In terms of temporal horizons, losses are defined as tactical and strategic. Possible losses from external and internal threat implications have been determined, which have resulted in the development of a four-level structure of total losses from threat implications for the financial security of commercial bank. The proposed sequence of calculations for integrated assessment of threats impact provides an information basis for the development and introducing a set of interrelated organizational-economic measures to implement changes in the subsystem of financial security of commercial bank. The level of threats identified, the nature and extent of financial, personnel, information, and reputational losses are the basis for more efficient use of available resources and for improving the financial security management of commercial bank.

Article is written in Ukrainian


Ivanova O. Y., Malyshko Y. M., , Laptiev V. I.
The Place of Tax Control in the System of the State Financial Control in Ukraine (p. 201 - 206)

The article analyzes the essence of the notion of «the State financial control». The elements inherent in the system of financial control in Ukraine have been allocated. The place of tax control in the system of the State financial control has been determined. It has been substantiated that, through implementation of control measures, the State fiscal authorities are not only enforcing tax laws but also directly attracting financial resources to the State budget. With the use of instrumentarium of factor analysis, the aggregate factors influencing the efficiency of tax control: «productivity of performing the tax control» and «tax administration organization» have been substantiated. The analysis of factor loads has led to the conclusion that the most influential factors for the efficiency of tax control in Ukraine are the costs of maintaining the control authorities and the number of tax consultations conducted.

Article is written in Ukrainian


Pidvysotska L. J., Khytrin O. I.
Evaluating the Level of Internal Control System in the Management of Financial Security of Bank (p. 207 - 214)

The article is aimed at studying the organization and technology of evaluation process of the internal control system of bank in order to ensure financial security management of its activities. The work of the internal audit service on monitoring and evaluating the performance of the bank’s internal control system was analyzed. It has been found that improving the level of financial security of commercial banks is conditional upon improvements in the quality of audits and the provision of sound and objective conclusions. The interrelation of the tasks of internal audit service and the tasks of bank’s financial security management has been determined. Methodological recommendations on evaluation of the bank’s internal control system on the basis of results of audit have been proposed.

Article is written in Ukrainian


Tanklevska N. S.
The Basics of the Money Flow Management of Enterprise (p. 215 - 219)

Essence of the definition of «money flow» of enterprise has been researched. The theoretical basis for the formation of money flows of enterprise, including the developments by mercantilists, marxists, monetarists, and contemporaries has been systematized. Cycles of the money flow and its relationship to the circulation of economic means have been characterized. The money flow discounting factors have been determined, which include inflation, risk, and alternativeness of investment process. The economic, political, social, and techno-economic risks that impact the management of money flows of enterprise have been allocated. The classification of money flows of enterprises by various attributes has been provided. The main sources of formation and modalities of the optimal money flow structure of enterprise have been determined. The advantages and disadvantages of using financial resources to generate money flows of enterprise have been characterized.

Article is written in Ukrainian


Pasichnyi M. D.
The Strategy of Excise Taxation of Tobacco Products in Ukraine (p. 220 - 226)

The article is aimed at disclosing and improving approaches to the development of a strategy of excise tax policy in Ukraine, taking into account the foreign experience of harmonizing tax legislation in this sphere. An analysis of the implementation of the EU directives on the regulation of the minimum excise tax liability for the payment of excise taxes on tobacco products in the countries with transformational economies has been carried out. It has been found that, in cases of excessive tax pressure, the equilibrium of the market is disrupted, its shadow component is growing, and the overall economic efficiency level decreases. It has been determined that for the period of 2007-2016 the availability index for cigarettes in Ukraine decreased 2,3 times, which in some way demotivated their consumption. However, the change in the approach of calculation of ad valorem rate for the excise tax and introduction of the excise tax on the sub-excise goods sold by the retailers led to manipulative actions by the major actors in the market concerning the price of cigarettes, which impacted both the increase in the availability of cigarettes in 2016 and the decline in budget revenues. Regulation of the minimum excise duty is the most effective instrument of fiscal policy to achieve goals in the area of limitation of smoking.

Article is written in Ukrainian


BUSINESS INFORM №7-2017

Krasnova I. V., Kot V. V.
Evaluating the Impact of Macroeconomic Factors on the Level of Dollarization in Ukraine (p. 196 - 203)

The objectives of the article are identifying causal relationships between the macroeconomic determinants and the level of dollarization in Ukraine, as well as determining the activities for de-dollarization. The prerequisites, causes and consequences of dollarization have been covered. On the external grounds, dollarization is recognized as a manifestation of financial integration, on internal grounds, as a consequence of financial instability. The main types and forms of dollarization have been allocated. Forms of financial dollarization have been considered as: deposit, credit and monetary. The determinants that potentially impact the dollarization level have been allocated. According to the results of a correlation analysis, the thesis of direct strong connection between dollarization and currency deposits, i.e. the dominance of deposit dollarization, has been confirmed. In order to determine the causal nature of the interdependencies between variables and the level of dollarization, a Granger causality test was carried out, which confirmed the hypothesis of the significant influence of psychological attitudes and the distrust of economic agents towards the policies of government and monetary authorities. A set of macroeconomic, market and incentive de-dollarization activities have been proposed.

Article is written in Ukrainian


Hladkykh D. M.
Preconditions for Introduction and Prospects for Implementation of the Inflation Targeting Regime in Ukraine (p. 204 - 208)

The article is aimed at studying the preconditions for introduction, the main problems and prospects for implementation of the inflation targeting regime in Ukraine. In 2014, the country got into a crisis that affected at once the currency market, the banking system and the real sector, resulting in devaluations, bank failures, decreasing GDP, growing prices. One of the responses to the financial challenges was the transition to inflationary targeting, which led to a slowdown in inflation in 2016-2017. Goals of an inflation targeting are both price growth and international reserves. Achieving these goals implies a policy of «expensive money», exclusive smoothing by interventions of excessive fluctuations, lack of fiscal dominance, prudent fiscal policies, and elimination of quasi-fiscal imbalances. The risks of current monetary policy are the slow implementation of reforms, which can stop external lending, «pre-election» increases in social spending, debt burden growth, and the escalation of hostilities in the east of the country. Further actions by the State should include: minimization of monetary emissions, further reduction of the interest rate, providing the positive level of rates by the National Bank of Ukraine in terms of inflation, increased use of compulsory reservation of the funds involved, restriction of sales of domestic bonds and the NBU certificates to banks.

Article is written in Ukrainian


Chugunov О. I.
The Local Budgets in the System of Financial-Economic Management (p. 209 - 213)

The article is aimed at disclosure of the economic essence and the role of local budgets in the system of financial-economic regulation. The theoretical aspects of local budgeting system have been covered. It has been substantiated that the main challenges in the context of economic transformations are the following: improving the local budgeting system in view of European standards; applying contemporary financial-budgetary methods and instruments; creating effective incentives to ensure that local governments are motivated to increase their own income base as well as their responsibility level for the use of budgetary resources; ensuring that local budgets are adequately income-based, and improving the efficiency of use of available budgetary resources. The strategic planning of indicators of local budgets is increasingly important as a lever for the influence of local government bodies on the processes of balanced reproduction of priority sectors of the economy. One of the effective instruments for strategic planning is elaboration of a budget strategy for development of territorial units.

Article is written in Ukrainian


Synyutka N. H., Yastrubskyy M. Y.
The Fiscal Stimuli for the Implementing Ukraine’s Energy Policy and Reforming Higher Education (p. 214 - 219)

The article attempts to revise the issue of the State regulation of the macroeconomic processes associated with the economic, energy, fiscal, and educational reforms that are being carried out in Ukraine. In order to implement the State energy policy, fiscal approaches have been emphasized. The use of the fiscal stimulus of «carbon tax» can be seen as an effective measure for implementation of the existing State energy strategy. A review of introduction of such a tax in the developed countries confirms the expediency of applying fiscal mechanism in order to encourage investment in energy-efficient technologies. Prospects for introduction of this tax in Ukraine were considered. To this end, actual CO2 emissions have been generalized and prediction calculations for the energy sector have been accomplished. The calculated estimates of possible tax revenues have been provided. For further studies on the outlined topic, there is an impelling need to detalize the financial statistics of the ecologic tax revenues in terms of sources.

Article is written in Ukrainian


Abakumenko O. V., Lukiashko P. O.
Evaluating the Indicators of Financial Status of the Enterprises of Thermal Power Industry in Ukraine (p. 220 - 229)

The article is aimed at identifying general trends and problems in the development of part of the energy generating segment of the electric power sector of Ukraine, namely – thermal power generation companies. Changes in the energy sector of Ukraine, as a result of the political developments of 2013-2015, increased the relevance of modernization in electric power generation. However, the elaboration of proposals for improving the energy sector in Ukraine should be based on an understanding of the existing characteristics and problems of its functioning. In the publications of recent years, the problems of micro-level have been overlooked by researchers, although characteristics and problems of the enterprises’ activities are being largely embossed by the industry-wide turmoil. The data of financial statements of the domestic thermal power industry indicate heterogeneity of their development. The carried out analysis allows to make findings of the general problem as to development of Ukrainian thermal power generation enterprises, which is inefficient management, resulting in a gradual loss of the industry’s productive capacity of the industry sector in the face of high production costs for the population.

Article is written in Ukrainian


Havlovska N. I., Rudnichenko Y. M.
The Economic Security of Bank: Theoretical Basis and Systemic Approach (p. 230 - 236)

The article analyzes the existing approaches to interpreting the category of «economic security of bank». A author’s own definition of the concept of «economic security of bank» has been proposed, which should be understood as condition of protecting the vital interests of bank, achieved by harmonizing relationships with the entities of external influence and optimizing the internal system processes, thus enabling efficient function as well as development by means of an adaptation mechanism. A number of approaches to understanding the substance of the above concept has been allocated and their main characteristics have been provided. The need to study the specifics of interaction of banking institutions with the external environment in the context of interaction between the State agents and market actors has been underlined. Features of formation of the term of «system» have been defined, three main groups of approaches to interpretation of the term have been provided. A author’s own definition of the concept of «economic security system of bank» has been proposed. A concrete definition of principles for building an economic security system of bank has been provided.

Article is written in Ukrainian


Onopriienko Y. Y.
Systematizing Approaches to Definition of Essence of the Categories of «Bank Finance» and «Bank Financial Resources» (p. 236 - 240)

The article considers the basic approaches, used by both domestic and foreign scientists, to interpretation of the concepts of «enterprise (company) finance», «corporate finance» and «bank finance». The basic characteristics of the latter concept have been defined, in this context, the nature of a bank as an enterprise, a financial intermediary and a banking system element has been specified. It was also noted that the material manifestation of the concept of «bank finance» was the financial resources without which a bank would not be fully functional as an intermediary in the financial market. On this basis, an in-depth analysis of the scientific literature on the interpretation of the concept of «financial resource» was carried out. The conducted study has allowed to formulate an own definition of the concept of «bank finance».

Article is written in Ukrainian


BUSINESS INFORM №8-2017

Tanchak Y. A.
The Current Status and Realities of the Banking System of Ukraine (p. 219 - 224)

The article is aimed at examining the current status of the banking system of Ukraine and forecasting tendencies in its development in the near future. The role of banks together with the efficient functioning of the banking system for the economy of the State has been studied. The realities of the domestic banking system have been examined, it has also been defined how political developments in the State had influenced the activities of banking institutions. In addition, the number of operating banks and banks with foreign capital has been detailed, and a comparative assessment of the revenues and costs of banks in Ukraine at the beginning of 2013-2017 has been done. A detailed analysis of the credit portfolio and the troubled debt of the banking system of Ukraine in 2013-2016 has been provided. The structure of the commitments has been explored, the dynamics of the gross domestic debt of the banks of Ukraine have been displayed. Forward-looking ways of efficient developing of the banking system of Ukraine have been proposed. Prospect for further research in this direction is development of a strategy for overcoming the pre-crisis conditions by the domestic banks and the world-wide recognition of the Ukrainian banking system.

Article is written in Ukrainian


Kaneva T. V., Ruban M. O.
The Tax Regulation in the Context of Improving the Inter-Budgetary Relations (p. 225 - 230)

The article is aimed at developing theoretical and methodological provisions for the formation and implementation of measures of fiscal regulation for the socio-economic development of administrative and territorial units, taking account of the tendencies of improvement of inter-budgetary relations. The article substantiates the basic principles for the formation of a tax management system, which are focused on providing harmonization of the interests of participants in tax relations at different levels of the budget system hierarchy. An analysis of the factors influencing decisions of the institutions of power as to withholding taxes or their share in favor of local budgets has been carried out. The degree of absolute and relative tax decentralization in Ukraine in 2007-2016 has been determined. Priority directions for improving the mechanism for levying property tax in the part of the property tax on real estate and land charges have been suggested. The feasibility of further transforming the excise tax on the excise goods sold by economic entities in the retail trade has been substantiated.

Article is written in Ukrainian


Pohorielov V. S.
The Tax Autonomy of Local Government Bodies in the Context of Fiscal Authority (p. 231 - 236)

The article is aimed at clarifying the characteristics of tax autonomy of local government bodies in accordance with the fiscal authority assigned to them. It has been determined that the expected tax autonomy of local government bodies indicates the relationship of amount of taxes collected in the territory of the community under study and the amount of income to the local budget excluding the transfers during the reporting period. Under the fiscal authority of local government bodies, the author understands the possibilities of certain levels of the State government to levy certain types of taxes, determine the tax base, establish the rates of certain types of taxes, administer certain types of taxes, and ensure that certain types of taxes are fully received in the relevant budget. The carried out study provided to determine the characteristics of tax autonomy of local government bodies in accordance with the matrix of delineation of fiscal authorities between levels of the State government in Ukraine.

Article is written in Ukrainian


Melnykova K. V.
The Financial Component of a Strategy for the Development of Logistical Systems (p. 237 - 241)

The article analyzes the current scientific approaches to defining the essence of financial strategy as one of the most important components of a strategy for the development of logistical systems. Both the external and the internal environment factors that influence the development of logistical systems have been summarized. In the course of the analysis of current financial management theory and practice, the author identifies the characteristics of formation of an integrated financial-logistical strategy together with the factors that are responsible for possible financial risks in designing a strategy for the development of logistical system. The stages of formation of an integrated financial-logistical strategy and ways to improve the practice of strategic planning of logistical activities have been proposed.

Article is written in Ukrainian


Lukiashko P. O.
The Potential of Using the Financial Instruments of Accumulation of the Fund for Modernization of Electroenergetics of Ukraine (p. 241 - 246)

The article is aimed at substantiating the efficient financial instruments for the formation of of the fund of financial resources for modernization of electroenergetics of Ukraine and evaluating the potential impact of applying them. Results of an assessment of the prospects of attracting financial resources for modernization of the electroenergetic sector from outside Ukraine urge to look for the available inland possibilities for financing (depreciation fund of enterprises of the industry sector, means of the banking system, resources of private investors). The article proposes a financial instrument for attracting investments for each of the indicated sources and assesses the potential for their use. The carried out study suggests the ability of Ukraine to provide the initial stages of modernization of the electroenergetic sector by means of the domestic sources, which can further become a significant incentive for inflow of foreign investment.

Article is written in Ukrainian


Chumak O. V.
Analyzing the Financial Indicators for the Development of the State-Owned Enterprises (p. 247 - 253)

The article is aimed at determining the level of efficiency in the use of the State property and allocating the major shortcomings and threats by analyzing regularities and tendencies in the financial indicators of the State-owned enterprises. A retrospective analysis of the process of development of the public sector together with the efficiency of its management in Ukraine has been presented. There is a tendency towards improving the financial indicators of performance of the State-owned enterprises while reducing their number. At the same time, there is a high rate of unprofitableness of the State-owned enterprises, large amounts of unliquidated obligations, a relatively low income in the budget compared with the indicators of financing and maintaining these enterprises. A parallel with the world practice has been drawn to discover that world-wide a large number of enterprises with the State share in the administration have fairly high dynamics of of financial performance. The main problems that cause the unsatisfactory status of property and the functioning of the State-owned enterprises have been identified.

Article is written in Ukrainian


Hladkykh D. M.
The Problems and Prospects for Developing the Cryptocurrency Market in Ukraine (p. 254 - 258)

The article is aimed at studying the history of origins, the preconditions for development, the main problems of functioning, and the prospects of legalizing the cryptocurrency market in Ukraine. One of the key risks when implementing advances of the IT in the financial sphere is the possibility of physical disappearance of banking system in its classical form because of its inability to compete with new technologies. The most troubling, versus the classical banks, may be considered such new technologies as credit electronic platforms and blockchain. In the recent time the bitcoin course has been growing rapidly, giving all the reasons to consider it primarily a classical «pyramid scheme». The cryptocurrency market may also be characterized a «pyramid scheme» because of the fact that the course of such a currency has not any coverage except increase in the number of participants and investors. Ukraine is not a leader in the international cryptocurrency market, albeit not an outsider. In order to secure a reliable State control of the «gray» cryptocurrency market, which is actually present in Ukraine, the article suggests some necessary actions directed towards legalizing and ordering this phenomenon.

Article is written in Ukrainian


BUSINESS INFORM №9-2017

Hrebenyk K. V.
The Budget Policy as a Component of the State Regulation of Economy (p. 193 - 198)

The article is aimed at defining tendencies in budget policy as an instrument for the economic growth of country and substantiating the importance of a coherent budgeting system in the current conditions of European integration. The volumes of budget expenses for economic activities with their share of the gross domestic product and the total expenditure of the consolidated budget for 2010-2016 were analyzed. Both the characteristics of formation of the consolidated budget expences and their impact on economic activities have been defined. The reserves for improved efficiency of budget policy have been substantiated. The article takes a further step in developing the ideas of the need for financial provision for national production, support for leading industry sectors and financing of scientific innovation research, which altogether should be directed towards stimulating the economic development of country and improving the welfare of citizens. Conclusions were reached on the need for structural changes in the sphere of the State regulation of the country’s economic growth.

Article is written in Ukrainian


Hanusyk Y. B.
The Instrumentarium of Anti-Inflation Management in Cyclical Fluctuations (p. 199 - 205)

The article is aimed at studying the use of anti-inflation regulation measures to eliminate the negative and increase the positive effects of cyclical fluctuations. The approaches to the theoretical substantiation of cyclicality of economy and its regulation have been generalized. The Keynesian methods for managing the economic cycle and inflation have been explored in the context of solving problems in the short term period. The monetarist approaches to the regulation of economic cycle and their impact on the stability of economic system have been considered. An analysis of the counter-cyclical management in the system of directions, means and methods of influencing economic conjuncture and activities aimed at reducing cyclical fluctuations, was carried out. Building on the experience of developed countries in using different options for income policy, the specific opportunities of its implementation and the poor efficiency have been concretized. The publication proves that, in circumstances of cyclical fluctuations, the instrumentarium of the anti-inflation policy should be mixed, i.e., should provide measures of both the monetary and the non-monetary influence, depending on the form and type of inflation, the characteristics of its manifestation, and the corresponding phase of the cycle.

Article is written in Ukrainian


Lukiashko P. O.
The Experience of Use of Financial Instruments by the Enterprises of Thermoelectrical Energy Industry in Ukraine (p. 206 - 214)

The article is aimed at identifying the characteristics and tendencies of the practical use of financial instruments by thermal power plants from the viewpoint of its relevance to the needs of the renewal and expansion of Ukraine’s power generation capacities. The unsatisfactory status of the electric power generation capacities in Ukraine makes it necessary to substantiate the instruments for financing the process of their renewal. However, despite the keen interest of scientists towards the electrical energy sector in general and some aspects of its development in particular, the issue of substantiating financial instruments for modernization of the industry sector has not been adequately addressed yet. An assessment of current practices in the use of financial instruments by enterprises in the electrical energy industry should be considered as an important basis for developing proposals in this direction. The indicated institutions are sufficiently extensively operated by the State to fill the budget and by private owners for their personal enrichment. An important factor in the conduct of owners is obviously the specificity of the technology used, which, given the poor state of the production capacities of thermal generation of electrical energy, determines the lack of prospects as to investments in the renewal of equipment of the enterprises concerned.

Article is written in Ukrainian


Kuznyetsova A. Y., Misiats N. O.
The Conceptual Bases for the Formation of a Mechanism for Currency Regulation in Ukraine (p. 215 - 220)

The article is aimed at developing the theoretical-methodological bases for the formation of a currency regulation mechanism in Ukraine at the current stage of economic development. An authors’ own definition of the concept of «mechanism for currency regulation» has been suggested and the relationships between its structural elements have been illustrated. The basic principles for the use of currency restraints for countries with transformational market relations have been defined, the implementation of which should enhance their efficiency. It was clarified that devaluation and revaluation should be considered in terms of the administrative instrument for currency regulation. Emphasis is placed on the need to respect mutual consistency between the chosen exchange rate regime and the declared monetary policy orientation in the country. The authors have proposed a periodization of the interbank currency market of Ukraine by the criterion of level of economic development, which would reflect the characteristics of the current cyclical nature of its functioning. Prospect of further research in this direction is identification of the characteristics and effects of the use of the mechanism for currency regulation, depending on the stage of operation of currency market.

Article is written in Ukrainian


Obykhod K. O.
The Control of Activities of the Public Sector Institutions in Ukraine (p. 221 - 227)

The article is aimed at illuminating the reform of public financial management in Ukraine. The author reviews changes in legislation on a coherent system of the State control and on the operation of electronic platforms with free access to information on the distribution of public funds. The feasibility of adopting supplements to the law «On the system of the State financial control in Ukraine» has been substantiated to end with discussions on the conception of the State financial control, the functions and responsibilities of the inspection structures, the distinction of their powers, as well as harmonizing cooperation and reducing duplication of inspections. The volumes of financing for the National Academy of Agrarian Sciences of Ukraine during the period of 2010-2016 were analyzed. The suggested definition of the financial control of scientific institutions in the public sector reveals the purpose of the activity, namely: to respect the prudent budgeting and efficient use of the own incomes from delivery of services in order to achieve the planned results. The feasibility of virtual control forms has been considered. Monitoring individual services delivered by institutions through electronic portals, electronic documents and a well-functioning financial control system at the external and internal levels will facilitate to prevent inefficiencies in spending the budgetary resources.

Article is written in Ukrainian


Feofanova I. V., Feofanov L. K.
The Financial Flexibility as a Factor of Financial Security (p. 228 - 232)

The article is aimed at researching the approaches to assessing financial flexibility and the ways to improve it as a constituent part of financial security. Both the external and the internal threats to financial security have been defined. The indicators of assessment of the financial status of enterprise that are being calculated on the basis of value of equity were analyzed. It has been determined that the growth of equity has a positive impact on all coefficients, with the exception of the ratio of non-negotiable assets and the equity funds. It has been suggested that the ratio of non-negotiable assets to equity funds should be used as an indicator of the sufficiency of own capital gains. The relationship between the maneuverability coefficient of the own negotiable capital and the ratio of non-negotiable assets to the equity funds has been considered. It has been found that formation of the own financial resources is one of the main ways of increasing the financial flexibility of enterprises and organizations. A number of measures to increase equity have been proposed; the sources of the equity funds and the factors influencing the money flows have been defined.

Article is written in Ukrainian


Kornivska V. О.
The Information Asymmetry as a Basic Factor in the Institutionalizing Financial Intermediation (p. 233 - 239)

The article substantiates the fundamental impact of information asymmetry on the emergence and development of financial intermediation, the historical significance of uncertainty for the creation of an operational space for a financial intermediary is demonstrated. Features of the performance of a financial intermediary in the context of optimizing information asymmetries to ensure its complementary interaction with the client have been defined. It has been proven that the factor of historical institutionalization of financial intermediary is the market communication of the actors in the international exchanges in a state of shortage of information and liquidity, under circumstances of the full professional closure of the space for financial activities. The processes of transformation of financial intermediation in the context of current information surplus and liquidity have been displayed.

Article is written in Ukrainian


Nikitishin A. О.
The Tax Regulation as a Component of Social Development of Society (p. 240 - 250)

The economic essence of the contemporary tax regulation as part of the social development of society has been disclosed, and its importance in the strategy of socio-economic development of society has been demonstrated. Directions, typical instruments and elements of the national tax regulation of the social sphere have been allocated. The main financial instruments for family support in the European Union Member States are presented and systematized, their multidirectedness and absence of a unified approach have been identified. It has been found that the result of tax reforms in the OECD countries in the early XXIst century is reducing the average rates of income tax on individuals and the social security contributions for employees and employers. Methodical and practical recommendations have been developed to assess the effectiveness of implementation of the social content of tax and budget policy on the basis of the maximum potential social tax quota in the current institutional conditions that will facilitate the enhancement of their role, synchronicity of implementation, and synergistic effects in the social development of society. An analysis of the indicators of implementation of the social content of tax policy in Ukraine in 2014-2016 has been carried out, its main tendencies have been defined.

Article is written in Ukrainian


BUSINESS INFORM №10-2017

Bondarenko O. S., Seliverstova L. S., Adamenko I. P.
The Features of the Architectonic of Financial System (p. 301 - 305)

The article is aimed at substantiating the features of function of a contemporary financial system of the State together with the need to develop its architectonic, taking into consideration the functions and objectives of socio-economic development. The features of function of the current financial system of Ukraine have been disclosed. The main factors of influence have been defined and the need to develop new approaches to the management of the components of financial system has been proven. The essence and feasibility of building the architectonic of financial system have been substantiated, the main directions of practical implementation have been characterized. Prospects for further research are developing a mechanism for building the architectonic of financial system and creating an efficient management instrumentarium for managing its components.

Article is written in Ukrainian


Karpets O. S., Serhiienko O. A., Babenko M. V.
The Analytical-Practical Instrumentarium for Assessing and Forecasting the Liquidity of Banking Institutions (p. 306 - 313)

The article is concerned with development of a complex of economic-mathematical methods and models for assessing and forecasting the level of liquidity of banks. In order to achieve this objective, a cluster analysis of the banks of Ukraine by the liquidity level has been carried out; a correlation analysis has been applied to identify the factors that impact the level of bank liquidity the most; with use of the correlative regression analysis techniques the model of dependence of bank’s liquidity from the adequacy of capital and the ratio of credits to deposits, dynamic models for forecasting assets and the bank’s lending volumes have been built. As a result of applying these methods and the models built, a forecast of assets and bank lending volumes has been completed, and the liquidity forecasting values have been calculated. Based on the forecast, the bank can make decisions whether it is feasible to implement certain measures to improve its liquidity and, ultimately, to ensure its financial sustainability and stability.

Article is written in Ukrainian


Makogon V. D.
The Budget Forecasting as a Tool for the State Regulation of Economic Processes (p. 314 - 318)

The article discloses the essence of budget forecasting and defines its role in ensuring the State regulation of economic processes. It has been substantiated that budget forecasting, on the one hand, is the basis for the preparation of a forecast of the socio-economic development of the administrative-territorial units and the country as a whole, also for the timely and substantiated composition of projects of the State and local budgets for the planned budget period and for the medium term for the adoption of economic, social and political decisions in the process of implementing the relevant budgets. On the other hand, budget forecasting is based on the forecast of socio-economic indicators of the country’s development. The main objective of the budget forecast is to determine the scientific assumptions that include: substantiation of the sources and directions of use of the budgetary means; scientific analysis of the economically based income in the relevant budget; provision for future development of income and the directions of utilization of budgetary means; assessment of the possible impact of decisions made in the budget sphere.

Article is written in Ukrainian


BUSINESS INFORM №11-2017

Makogon V. D.
The Budget Policy in Conditions of Strengthening of Integration Processes (p. 323 - 327)

The article discloses the essence of budget policy and defines its features in conditions of strengthening of integration processes. The analysis and assessment the share of the public debt and the budget deficit in the GDP of the European Union Member States for 2007 – 2016 were carried out. The approaches to ensure the balance of budget in the conditions of transformational changes have been defined. It has been substantiated that measures on reduction of budget deficit should be carried out in stages with simultaneous increase of efficiency of public production, provision of recovery of national economy, that is a guarantee of the financial-budgetary stability of the country and a source of growth of financial resources; an important strategic objective of budget policy is to optimize and restructure expenditures of budgets of different levels, including by directing them towards solving the problems of structural adjustment of economy and concentration in its prospective sectors.

Article is written in Ukrainian


Dolbneva D. V.
The Current Status of the State Financial Audit in Ukraine and Prospects of its Development (p. 328 - 334)

The article is aimed at studying the current status and determining the main results of conducting the State financial audit by the State audit service in Ukraine, as well as developing proposals as to ways of its improvement in view of the experience of the world’s leading countries and the requirements of international standards in this sphere of relations. The main indicators and results, which characterize the status of conducting by bodies of the State Audit Service of the State financial audit on key directions, were considered. The obtained data indicate that the State financial audit is taking place in the direction corresponding to international practice. Today, however, because of a number of problems and declarative provisions related to the organization and conduct of the State financial audit, it cannot fully implement all its functional capabilities and tasks. Directions of improvement and transformation of the State financial audit have been proposed. The prospect for further research is development of a holistic mechanism for the functioning of the State financial audit, which will unite all its directions at different levels and its participants.

Article is written in Ukrainian


Kucher G. V.
The Budget Deficit in the System of the Financial and Credit Development of Economy (p. 335 - 340)

Scientific approaches to the role, influence and peculiarities of usage of budget deficit as an instrument for ensuring social development both in Ukraine and in the EU countries have been disclosed. Influence of certain types of budget deficit on the economic system has been explained and expediency of considering the fluctuations of exchange rate, along with conditions of attraction of credit resources for definition of the operational budget deficit, has been substantiated. The practical results include the analysis of budget deficit indicators in Ukraine and in the EU countries, as well as the factors that determined their change. Both the national and the international experience, cyclical economic development, crisis events in the economy have demonstrated that the budget deficit is an important instrument of financial policy. Its usage helps to reduce the negative impact and to ensure a way out of the economic crisis. The budget deficit is an effective lever for macroeconomic management, which should be actively used to accelerate economic growth in the developing countries in the context of globalization.

Article is written in Ukrainian


Gavrilova L. V.
The Budget Mechanism for the Socio-Economic Development of Country (p. 341 - 345)

The article is aimed at studying the relationships between the efficiency of the budget policy and the socio-economic development of country, assessment of the implementation of expenditures of the consolidated budget of Ukraine for financing certain programs of social development. It has been found that economic growth is possible due to the development of both the real sector of the economy and the budgetary support of projects in the sphere of health, education and culture. An important criterion for the success of the budget policy is also the level of accessibility of the public services contributing to the productive economic activity. A systemic instrument for implementation of budget policy is the program-target method, which allows to assess achievements of concrete results at all stages of budget process. It is based on the budget programs, which represent a complex of interrelated tasks and activities aimed at solving the most important problems of development of the State, individual branches of economy, and administrative-territorial units.

Article is written in Ukrainian


Pidkhomnyi O. M., Zhurba O. Y.
The Prospects of Modernization of the Mechanism for Budgetary Regulation of the Socio-Economic Development of Lviv City (p. 346 - 354)

The socio-economic development of country and its individual territories depends on the efficiency of both accumulation and allocation of financial resources, which is determined by the effectiveness of budget process. Therefore the purpose of the article is theoretical and practical substantiation of prospects for modernization of the mechanism for budgetary regulation of the socio-economic development on the example of Lviv. Features and the main instruments of budgetary regulation of the socio-economic development of the city were researched. The efficiency of allocation and accumulation of budgetary funds, including through tax policy and the inter-budget transfers, was analyzed. Tendencies of changes of indicators of the socio-economic condition of Lviv and influence on them of three main elements of the budget regulation mechanism have been determined. Shortcomings of the existing mechanism for budgetary regulation of socio-economic development of the city have been defined, prospective directions of its modernization have been suggested.

Article is written in Ukrainian


Solovarov A. V.
The Components of the Banking Sector Debt Security (p. 355 - 361)

The article substantiates the theoretical aspects of determining the components of the banking sector debt security of the national economy. The necessity of separation of: debt obligations of the banking sector; direct borrowing of commercial banks in domestic and foreign markets; debt securities issued by banks on the domestic and foreign markets; debt obligations of economic agents to banks; servicing and repayment of government securities acquired by the banking sector; return of loans provided by the banking sector to clients and counterparties and factoring; as well as bank guarantees have been considered. The relationship between debt security and other components of financial security of the banking sector has been determined. The place of debt security of the banking sector of the national economy in the security of the country’s debt area has been determined.

Article is written in Ukrainian


Balakina I. S.
The Development of the Theory of Oversight of Payment Systems and Definition of Its Essence (p. 362 - 371)

The article is aimed at deepening the theoretical foundations of oversight payment systems together with the main directions of its implementation. Development of the theory of oversight payment systems from the foundation of the Committee on the schemes of interbank netting and to the contemporary understanding of the term was investigated. Theoretical approaches to definition of the essence of oversight payment systems have been deepened by allocating two of its main directions: monitoring and bringing the payment systems into line with international standards. It is suggested to classify the approaches of central banks to the implementation of oversight in accordance with the nature, levels, orientation of implementation, as well as with the legislative right to the implementation of oversight by the central bank. In addition, the relationship has been determined and it has been differentiated between the concepts and activities concerning the «oversight payment systems» and «regulation of payment systems». The main steps, taken by the National Bank of Ukraine to implement the function of oversight payment systems, have been defined.

Article is written in Ukrainian


Mazuruk G. I.
The Competitiveness of the Insurance Sector: Essence and Peculiarities (p. 372 - 379)

The article is aimed at theoretical substantiating the essence of competitiveness of the insurance sector. Etymology of the words «competition» and «competitiveness» was researched; assessment of the interpretation of the concepts of «competitiveness of country», «competitiveness of the national economy», «competitiveness of branch», «competitiveness of insurance company», «competitiveness of insurance service» in domestic science was carried out. The author’s own explanation of the concept of «competitiveness of the insurance sector» has been substantiated, defined as the ability of representatives of the insurance sector to participate in competition between sectors providing the same services at both the national and the foreign markets. Prospect for further research in the development of insurance relations is to deepen research on the competitiveness of the insurance sector in order to determine its peculiarities and directions of improvement.

Article is written in Ukrainian


Shot A. P., Sivak A. S.
The Changes in the Legislation on Taxation and Accounting in Ukraine (p. 380 - 388)

The article is aimed at analyzing and systematizing changes in the national legislation on accounting and taxation, which have been made since the beginning of 2017, and determining their impact on the further activity of enterprises in Ukraine in the conditions of the European integration. On the basis of research on the provisions of several laws of Ukraine, a more detailed analysis of the changes on taxation of economic entities was carried out. New approaches to accounting and financial reporting of economic entities in Ukraine have been systematized. The carried out analysis displays that today an active and purposeful legislative work is in progress in the direction of liberalization and modification of tax legislation, as well as bringing the legislation in the sphere of accountance in compliance with the requirements of the EU directives and international standards. Prospect for further research is studying of the results of implementation of these changes, beginning with 01.01.2018, and their impact on the activities of enterprises in Ukraine.

Article is written in Ukrainian


Sokolovska A. M., Petrakov I. V.
Harmonizing the Administration of Excise Tax in Ukraine in the Process of Implementation of the Association Agreement (p. 389 - 394)

Ukraine is going through the stage of complex structural-sectoral reforms directed towards increasing the competitiveness and attractiveness of the national economy, as well as improving the social welfare and living standards of the population. The issue of harmonization of taxation in Ukraine with the EU norms is rather sensitive and debatable, considering the potential effects and consequences of taxation impact on the real sector of economy. The article is aimed at defining features of administration of excise tax within the terms of harmonization of tax legislation of Ukraine with the EU norms. Features of administration of excise tax in Ukraine and possibility of its improvement by implementation of the 118-th Directive of the Council of the EU were considered, in particular: activity of excise warehouses for all kinds of the harmonized excisable goods; production of excisable goods at excise warehouses in the mode of suspension of taxation and transition to payment of excise tax while issuing the excisable goods for consumption; introduction of the unified automated system of controlling the turnover of all excisable goods, similar to the system of electronic administration of fuel sales.

Article is written in Ukrainian


Baraniuk Y. R.
Assessing the Approaches to Classification of the State Financial Control (p. 395 - 401)

The article is aimed at assessing the approaches to classification of the State financial control, as well as disclosing the relationship and differences between its forms, types and methods. The results of comparative analysis of existing classifications of the State financial control have been covered. The substantiation of its identification by forms, types and methods of control was explored. Clarification of the interpretation of the concepts of «form of control», «type of control», «subtype of control», «method of control», «methodical reception of control» has been provided. It has been determined that the form of the State financial control is a manifestation of the internal organization of control and the methods of its carrying out; a model of classification of the State financial control has been substantiated; attributes of the first and second order have been allocated; substantiation of methods and techniques has been improved; their composition and structure have been identified. This approach allows to divide general questions of the State financial control into theoretical and practical and, taking into consideration the expansion of the list of objects of the State financial control, will help to improve its methodology.

Article is written in Ukrainian


Kotlyarevskyy Y. V., Kolosova V. P., Maksymenko L. P.
Development of Well-Balanced Regulation in the Sphere of Innovative Financial Technologies for Digitalization of the Common Measure of Value (p. 402 - 417)

The article focuses on the modern financial technologies in the sphere of monetary and credit circulation, in particular, the ontology of so-called virtual currencies is investigated, theoretical, methodological and practical aspects of their implementation are defined both in the retrospective and in modern contexts. Along with the analysis of theoretical developments of domestic and foreign scholars, a comparative analysis of the international financial and economic issues of establishing effective regulation was conducted, the main provisions for further improving the coordination of the monetary, financial and economic policies in the mentioned sphere with regard to aspects of sustainable development, institutional economy, tax policy and counteracting the money laundering have been expounded.

Article is written in Ukrainian


Shuba O. А., Honcharova Y. Y., Bulygina A. V.
Bitcoin – the World-Wide Currency (p. 418 - 423)

The article is aimed at researching bitcoin, the digital currency. It has been found that Bitcoin is a cryptocurrency, that is, the virtual money, which has no material equivalent. The history of creation and development of cryptocurrency was reviewed. There is a reduction in volatility, which guarantees the security of currency, as well as the increase in currency volume and the inability to estimate the profitability of bitcoins. The dynamics of the value of digital currency in US dollars over recent years has been analyzed. Improvement of attitude of many countries to the considered cryptocurrency, in particular the USA, Germany, Spain, Canada, Australia, Israel and Scandinavian countries has been identified. The reasons of Ukraine’s interest in Bitcoin have been considered. Possibilities of creation of cryptocurrency on the territory of Ukraine have been analyzed, i.e. cost of electricity for mining, the legal status of mining firms, and the attitude of the National Bank of Ukraine to the digital currency. It has been concluded that the recognition of Bitcoin by the world countries in the future will allow it to be granted the status of world-wide currency.

Article is written in Ukrainian


BUSINESS INFORM №12-2017

Teres Y. S.
The Policy in the Sphere of Public Debt in the Face of Global Economic Crisis (p. 370 - 374)

The fundamentals of formation of the State debt policy under the influence of the global economic crisis were considered. It has been determined that the debt policy in Ukraine does not take into consideration the systemic influence of the internal and external factors, which represent significant risks for the country’s financial system. The level of debt burden on the economy of Ukraine necessitates further scientific research with the purpose of formation of an efficient economic and financial policy. The influence of Ukraine’s cooperation in the sphere of public debt with international financial organizations in the conditions of crisis has been characterized. The main factors of existence of the public debt in foreign currency and the tendencies of development of the world economy in the future have been defined. The macroeconomic factors of influence on the debt sphere of the certain low-income countries were researched. The principles of debt policy in the conditions of the global economic crisis and aggravation of economic challenges have been formulated.

Article is written in Ukrainian


Davydova I. I.
The Financial Regulation of the Country’s Economic Development (p. 375 - 379)

The article is aimed at disclosing the essence of the system of financial regulation of economic development of the country, defining institutional foundations in the process of development of financial mechanism. Approaches to strengthening the efficiency of financial policy as an important economic institution, which should significantly influence economic growth, have been developed. The directions of increase of efficiency of budget policy in conditions of institutional changes have been defined. Currently, financial regulation of the country is being formed in the context of socio-economic policy, which is resulting from the need for the State participation in the world economic and financial relations, for improving the quality of public services on the part of the State, which requires the implementation of a strategy of economic growth at a qualitatively new institutional level. The State financial policy should ultimately focus on the appropriate endogenous factors of economic growth. In modern conditions it is expedient to strengthen the role of financial policy as a significant macro-economic instrument, which provides an effective influence on achievement of financial and economic balance, efficiency of economic transformations.

Article is written in Ukrainian


Yeliseyeva O. K., Simon H. S.
Analyzing the Company’s Money Flows as a Component of Formation of the Sustainable Development Strategy (p. 380 - 384)

The article provides examples of existing approaches to analyzing the money flows of enterprises. The necessity and expediency of various methodical approaches to carrying out of analysis of money flows have been substantiated. The recommended list of methods of analysis has been determined, which consists of three blocks: determination of liquidity of the enterprise’s balance and analysis of the obtained results; assessment of the input and output gross net money flows; calculation and analysis of financial rates according to the determined criteria. The received conception is implemented on the example of the OOO «MEGA LINK», according to the data of its financial statements for the period of 2012–2016. Carrying out an analysis in such a sequence not only provides a complete picture of the company’s financial condition, but also serves as an integral part of the development of a sustainable development strategy. At the same time the proposed list is not overloaded with superfluous calculations which, basically, bring insignificant information for the user.

Article is written in Ukrainian


Rudyk V. K., Semenets I. V.
The Features of Financing the System of Compulsory State Pension Insurance in the Conditions of Financial Crisis (p. 385 - 390)

The article covers the issues of financial provision of the system of compulsory State pension insurance in the conditions of financial crisis. The financial status of the solidarity pension system, constituting the first level of the national pension system was analyzed. The article researches the financial failure of the solidarity pension system to confront the challenges of the financial crisis in the society, the absence of mechanisms of prompt response to it. It has been determined that a multilevel pension systems can react more quickly to the manifestation of financial crises. Attention is drawn to the fact that accumulative pension programs have considerable financial potential and thus are an important source of raising pension amounts for citizens of retirement age. The necessity of introduction of the second level of the national pension system, i.e. the compulsory State accumulative pension insurance, has been substantiated. The model of financial provision of the system of compulsory State pension insurance in the conditions of financial crisis has been proposed.

Article is written in Ukrainian


Nadievets L. M.
The Economic and Legal Status of Cryptocurrency Both in Ukraine and Abroad (p. 390 - 396)

The article is aimed at disclosing the economic essence of cryptocurrency, researching the foreign experience in the use of digital currency in market economies and the possibilities of its adaptation to the conditions of Ukraine. Attention is focused on the advantages and disadvantages of using cryptocurrency in the development of the modern economy. Definitions of the category of «cryptocurrency» from different literary sources have been generalized. It has been defined that the first and most widespread cryptocurrency in different countries of the world is the Bitcoin. The features of issue and circulation of cryptocurrency both in Ukraine and abroad have been clarified. The international experience of work with cryptocurrency was considered and its potential influence on development of the national economy was determined. The economic and legal status of national and foreign cryptocurrencies was researched. The ways of overcoming the legal vacuum of the mode of work with national and foreign cryptocurrencies have been proposed.

Article is written in Ukrainian


BUSINESS INFORM №1-2018

Lukiashko P. O.
Analyzing the Plans for Renewal of Ukrainian Electricity Industry Within the Framework of International Technical Assistance Projects (p. 266 - 272)

The article is aimed at assessing the practice of providing the Ukrainian electricity industry sector with funds within the framework of international technical assistance projects (ITA) and trying to predict the further efficiency of this financial instrument for financing the electricity industry modernization projects. International technical assistance is a potentially powerful source of financial resources for the renewal of the industry. However, an analysis of the practice of its provision according to two sectors, adjacent to the electricity industry, – «nuclear safety» and «energy and power efficiency» – does not allow to predict the efficiency of the international assistance as a source for modernization of the industry. The results of the analysis show that the ITA is closely linked to the interests and objectives of donors, and the modernization of electricity industry is a business project, the main result of which should be profit. The latter fact shifts the focus of the search for funding towards investments rather than donor infusions.

Article is written in Ukrainian


Yaroshevska O. V.
The Technical Analysis of the Impact of Circuit of Financial Capital on the Currency Stability in Ukraine (p. 273 - 279)

The relevance of the article’s topic is determined by the aggravation of the monetary and financial crisis in Ukraine and the need to overcome imbalances arising from the complications of circuit of financial capital and its involvement by economic entities. The article is aimed at researching on the basis of technical analysis the influence of exchange rate factor on the formation of capital in the country. The general and distinctive features of technical and fundamental analysis of currency markets are defined. It is shown that despite the difference of views, technical analysis is an integral stage of forecasting the exchange rate. The main scientific result of the article is substantiating the temporary lags of fractals, which explain the change in the dynamics of the exchange rate and their impact on the circuit of financial capital. It has been proved that the systemic crisis in the currency market of Ukraine arose during 2012–2014, with its peak at the end of the specified period. To stop devaluation processes and to provide measures on regulation of the foreign exchange market it has been proposed to soften the conditions of doing business, to improve the methodology of quantitative and qualitative forecasting of the NBU exchange rates, to form system of foreign exchange risk insurance instruments, to increase international reserves to a secure level, etc. Prospect for further research is determining the impact of currency fluctuations on the financial performance of the use of capital of Ukrainian economic entities.

Article is written in Ukrainian


Zaіtseva L. O.
The Banking System of Ukraine: Status, Problems of Development (p. 280 - 285)

The article is aimed at researching the current status of the banking system of Ukraine and identifying obstacles to its successful development. The current status of the banking system of Ukraine is analyzed and peculiarities of its development are determined. Both the positive and the negative consequences of the presence of foreign banks for the status of the banking system of Ukraine are substantiated. The status of bank liabilities, volume of general assets of banks, including credit portfolio, as well as dynamics of financial results of banking institutions of Ukraine are analyzed. The necessity of increase in the absolute measurement of the authorized capital of banks in order to raise the level of their capitalization has been determined. The problems hindering successful development of national banking institutions have been identified, in particular: outflow of deposits of population, losses as result of military actions in the east of Ukraine and annexation of Crimea, growth of overdue loans, insider credits, violations in the bank activities, low level of capitalization of commercial banks. The need to change the NBU’s approaches to understanding the function of protecting the interests of depositors and creditors through the development of an instrumentarium for restructuring, professional management of banks, has been indicated.

Article is written in Ukrainian


Dominova I. V.
Assessing Reputation Risk in the Conditions of Operation of Electronic Banking (p. 286 - 295)

The article is aimed at researching the main features of manifestation of risk to the bank’s reputation in the conditions of electronic banking and implementing an qualitative assessment of the reputation risk of the 20 largest banks of Ukraine (by the volume of assets) as the main participants in the implementation of electronic banking service in the national banking services market. The basic sources, which provoke occurrence of a reputation risk in conditions of operation of electronic banking, have been formulated. A comprehensive approach to assessing the reputation risk of banks offering electronic banking services has been formed and the reputation risk assessment of the 20 largest banks in Ukraine has been carried out, resulting in a generalized rating of their reputation level. Prospect for further researches in this direction is development of methods for leveling of reputation risk in conditions of operation of electronic banking.

Article is written in Ukrainian


BUSINESS INFORM №2-2018

Portna O. V.
The Influence of Institutional Factors on Quantitative Changes of the Aggregate Financial Potential of Ukraine (p. 224 - 229)

The article is aimed at considering the influence of institutional factors on quantitative changes in the aggregate financial potential of Ukraine and its components, and on this basis – delineating directions of increasing the efficiency of the processes of formation and functioning of the aggregate financial potential of the country and its constituents. It is specified that the aggregate financial potential of the country and the processes that characterize it depend on the system of both financial and economic-social relations, which should be considered in direct relationship with all the financial, economic, political, and social phenomena and processes. On the example of activity of the banking system of the country the institutional factors which have led to unprofitable activity of banks are considered. On this basis, the interrelation and mutual influence as financial institutions exclusively (banks, money, credit etc.), so the general informal institutions (trust, stability, expectations, etc.) on quantitative changes of the aggregate financial potential of the country are disclosed. The influence of institutional factors on the processes of formation and functioning of the aggregate financial potential of the country and its components is characterized. Prospect for further research in this direction is the definition of measures to reduce and neutralize the negative impact of institutions on the processes of formation and functioning of the aggregate financial potential of Ukraine and its constituents.

Article is written in Ukrainian


Khutorna M. Е.
The Methodological Peculiarities of Assessing the Efficiency of the System of Ensuring Financial Stability of Credit Institutions (p. 230 - 239)

The article is aimed at substantiating methodological aspects of assessing the efficiency of the system of ensuring financial stability of credit institutions (SEFSCI). Complexity and multidimensionality of issues of ensuring financial stability of credit institutions allowed to allocate a number of requirements. This, in turn, led to the development of methodology to assess the efficiency of SEFSCI, using axiological, system-functional approaches and the theory of stakeholders. As a result the author describes the basic criteria of efficiency of functioning of the researched system in the context of groups of stakeholders and their basic values, to satisfaction of which should be directed measures on the part of subjects of SEFSCI. The system’s efficiency criteria were also considered in the context of the economic, social, organizational, managerial, and institutional efficiency. The latter describe the attributes of internal efficiency of SEFSCI, and the first group of criteria is more valuable in the aspect of the external efficiency diagnostics. However, both approaches are universal, concerning the possibility of their use for assessment of this system both on micro- and meso-level. Also, both approaches are complementary, and only their simultaneous use can provide a comprehensive diagnosis of the system, and hence the effectiveness of identifying both its shortcomings and the reserves of efficiency gains.

Article is written in Ukrainian


Kravchuk I. S.
The Directions of Development of Primary Public Offering of Shares in Ukraine (p. 240 - 246)

A balanced corporate financing plays an important role in maintaining financial stability, and it is therefore advisable to focus on reducing existing imbalances regarding the significant predominance of banking crediting compared to market financing. In terms of this direction of modernization of financial system it is very important to implement measures to create an effective system of primary public offering of shares and their further circulation in the market. The development of public market of shares of large companies may include the following stages: 1) placement of small stocks of shares of public banks; 2) public offering of shares of large State-owned companies; 3) placement of shares of large private companies. To maintain the secondary market of shares it is expedient to define the criteria of listing of shares at the stock exchange, which should not be too rigoristic and should conform to international norms taking account of the domestic corporate realities. In order to increase the protection against possible corporate raiding, it is necessary to review the legal rules on the procedure for acquiring large stocks of shares. The second direction of IPO development is the creation of an alternative trading platform for small and medium-sized companies. To reduce the costs of issuers in this segment of the market it is expedient to introduce the information document reduced by volume, rather than the norm on disclosure of the not wide prospectus of issue.

Article is written in Ukrainian


Fedorenko I. A., Zas D. S.
The Budgeting as an Instrument of the Financial Planning System of Industrial Enterprises (p. 247 - 252)

The article is concerned with generalization of conceptual aspects of budgeting at industrial enterprise. The existing approaches of researchers to the essence of the concept of «budgeting» have been systematized. The subject, object, purpose, tasks, principles, and functions of the budgeting process have been defined. As a result of the research, the budgeting system and the stages of budgetary planning at the industrial enterprise have been structured in detail. The role and possibilities of budgeting for effective management of financial and economic activity of industrial enterprises have been clarified. Also the negative features of budgeting are described, which can affect the efficiency of its implementation in the practice of industrial enterprises. Directions for improvement of budgeting system at industrial enterprises have been defined.

Article is written in Ukrainian


Abramova I. V.
The Agrarian Receipts as an Instrument of Financial-Credit Support for Small and Medium-Sized Agricultural Producers (p. 253 - 258)

The article is aimed at a theoretical substantiation and development of practical recommendations on the financial-credit support for small and medium-sized agricultural producers using agrarian receipts. It is determined that Ukrainian farmers are in permanent search for sources of financing of own business. Nowadays bank lending is the most popular among farmers. It has been proved that the system of financing under the pledge of the future harvest with use of agrarian receipts can become an effective instrument of attraction of credit resources by small and average agricultural producers. The comparative analysis of bank lending and crediting using agrarian receipts have showed that the latter are more adapted to the needs of agricultural producers, because of taking into account the seasonal nature of agricultural production, also they are a fairly transparent tool. In case of non-fulfillment of obligations on agrarian receipts, the legislation provides a simple and clear procedure of collection without court proceedings. Despite the obvious advantages of agrarian receipts, the process of their spread in the agrarian sector of the country’s economy is hampered by low awareness of agricultural producers with the mechanism of their use, lack of proper registration of lands in some farmers, insufficient work-out of issues related to repayment of loans, and other problems.

Article is written in Ukrainian


Nikitishin A. О.
The Formation and Development of the Institutional Architectonics of Tax Regulation (p. 259 - 265)

The formation and development of the institutional architectonics of tax regulation as a component of the institutional development of the country’s socio-economic system is disclosed. The current institutional architectonics of tax regulation of socio-economic development of the State is defined. The institutional interrelations in the tax regulation are analyzed taking into consideration the changes in the financial-economic situation and the geopolitical situation of Ukraine. It is proved that formation and development of the institutional architectonics of tax regulation should be based on adaptability and coherence with all components of the institutional system of socio-economic development of the country. The current national tax regulation is seen as an important element of supranational and international regulation, an integral instrument of the policy of the institutional regulation of socio-economic development of the country as a constituent part of the international institutional regulation. An analysis of institutional trends of development of regulatory potential of tax and customs payments at formation of revenues to the consolidated budget of Ukraine and to the State budget of Ukraine in 2015–2017 was carried out.

Article is written in Ukrainian


BUSINESS INFORM №3-2018

Pikhotskiy A. V.
Assessing the Level of Financial Security of Ukraine (p. 276 - 280)

The author presents his own view on improving the assessment of the level of financial security of Ukraine, methods of detection of threats to national security and search for effective mechanism for ensuring financial security, ways of modernization of solving tasks of national security of the country. The research was carried out by analyzing the main official measures of the level of financial security of Ukraine – indicators and the threshold values of economic security indicators for the last decade; negative factors debilitating financial security of Ukraine have been highlighted. The need to ensure an acceptable level of economic security, structural adjustment and enhancing the competitiveness of the national economy is indicated.

Article is written in Ukrainian


Hrabchuk O. M.
The Financial Potential: Nature and Properties in Terms of Synergistic Approach (p. 280 - 284)

Renewal of understanding of nature and structure of financial potential is topical, considering the introduction of indeterministic paradigm of scientific thinking in economic researches. The article is aimed at improving the theoretical bases of understanding financial potential in the changing conditions of the economy environment. The methodological bases of the research are represented by methods of abstraction, analysis, and classification. The nature of financial potential is proposed to be understood as a trinity of «beginning ? ability to action ? unrealized ability to action», where the beginning is a set of current resources (financial resources), and their transformation does mean involvement in the reproductive system of society. Financial potential is defined as a synergistic system with the properties of self-organization, reflection, heterarcy, emergence, openness, multi-levels, relativism, a combination of dissipativity and entropicity in development. The structural organization of financial potential is the unity of component, functional, territorial, and organizational structures. The potential development is cyclical, with periodic changes in patterns.

Article is written in Ukrainian


Tarasyuk M. V., Timoshenko N. M.
The System of Budget Deficit Management (p. 285 - 290)

The article is aimed at studying the views of scientists on the concept of budget deficit management and determining the main elements of system of budget management of the negative budget balance. According to the considered positions of scientists together with own researches, the own interpretation of the concept of budget deficit management has been proposed. The system of budget deficit management is proposed in the form of three main blocks – spheres, links, and methods of management. All elements of the system are interrelated and lead to the main goal of budget deficit management, which is the optimal size of the budget deficit. The methods of budget financing are considered: emission, fiscal, and debt sources. The main advantages and disadvantages of each of them have been determined, it has been concluded about the safest source of fund-raising – the market of government securities.

Article is written in Ukrainian


Parfentii L. A.
The Tax Evasion in Ukraine: Causes and Methods of Countering (p. 290 - 295)

The essence of the concept of tax evasion is researched; reasons of occurrence and development of this phenomenon are analyzed; proposals on the main directions of prevention and countering tax evasion have been developed. Analyzing, systematizing and generalizing the scientific works of many scholars, it was found that there is no unified approach to interpretation of the essence of this phenomenon in the context of legality and awareness of relevant actions in the scientific literature. As a result of the research the factors of tax evasion with the allocation of moral, political, economic, technical, and legal reasons have been systematized. The preconditions of tax evasion in Ukraine are analyzed, the most common schemes are indicated, resulting from which the budget of Ukraine suffers the greatest losses. Methods of countering tax offenses have been researched and necessity of development and implementation of measures on prevention and countering tax evasion at the State level has been substantiated. Prospects for further researches in this direction are studying of foreign experience of countering tax evasion and detailed analyzing of the tax minimization schemes prevalent in Ukraine with the purpose of identifying ways of elimination of possibility of their use.

Article is written in Ukrainian


Filimoshkina I. O.
The Fiscal Effects of the Functioning of the Enterprises with Communal Form of Ownership (p. 295 - 303)

The article is aimed at identifying peculiarities of functioning of communal enterprises and to assess their impact on the formation and use of financial resources of local authorities. The place of communal enterprises in the general system of enterprises of the communal sector of economy has been defined and the factors, complicating the procedure of analysis of activity of communal enterprises together with estimation of their influence on both profitable and expense parts of local budgets, have been allocated. The changes in the quantitative composition of communal enterprises and employees to them have were analyzed, the tendency of growth of loss-making activity of such enterprises, as well as the significant increase of local budgets expenses for covering losses of such enterprises, has been identified. The fiscal effects of functioning of communal enterprises for local budgets of different levels have been assessed. The presence of a clear tendency to increase the load on the expenditure part of local budgets in terms of financing of communal enterprises in view of the practically absent positive fiscal effects from them has been identified. It has been determined that the distribution of income tax revenues from enterprises with communal form of ownership between the levels of budgets is uneven. The basic principles which should become the basis of functioning of communal enterprises and their management in Ukraine have been indicated.

Article is written in Ukrainian


Kyrylieva L. O., Shekhovtsova D. D.
The Methodical Approach to Accounting of Settlement Operations when Using Cryptocurrency (p. 304 - 308)

The innovative form of settlements in the information society is considered – the payment instrument of «cryptocurrency», which is being identified as a new kind of electronic money. The most popular cryptocurrencies in the world economic practice have been defined. The dynamics of the bitcoin course, which explains the rapid interest in this type of cryptocurrency, is considered. On the basis of the analysis of scientific works of both the domestic and the foreign authors, examining the process of implementation of cryptocurrency into settlement operations, a generalization of the essence of «cryptocurrency» from economic and accounting point of view has been made. It is determined that cryptocurrency is a program code which is the object of the right of ownership. The process of extraction (emission) of cryptocurrency and process of its obtaining are clarified. The authors analyze the most common in economic literature methodical approaches to the accounting of cryptocurrency as a tool of expansion of possibilities of information technologies for realization of changes in the financial-credit mechanism where a system of non-cash payments can be relevant. The own methodical approach to accounting of reflection of payments with cryptocurrency which will provide to receive the information on condition and change of the sum of cryptocurrency by its kinds, and to control process of implementation of new payment systems in the economic activity of the enterprise.

Article is written in Ukrainian


Perepolkina O. О., Sukhyi O. O.
The Monetary Policy of the NBU and its Impact on the Placement of Households’ Savings (p. 309 - 314)

The article researches the efficiency of implementation of monetary policy in Ukraine in the context of determining the optimal ways to place households’ savings. The prospects of making deposits in both national and foreign currency as the most common directions of savings placement are considered. The research has identified that the main risks in the placement of savings by households as deposits in the national currency are the likelihood of bankruptcy of financial institutions, imperfection of the functioning of deposit guarantee system, inflationary fluctuations, and devaluation processes of the national monetary unit. Significant deterrents to the placement of foreign currency deposits are low interest rates, a large number of restrictions in the currency regulation, and a general low level of trust in the banking system. The directions of increasing the efficiency of monetary policy are proposed, that not only will increase the attractiveness of deposits for households, but also will create the basis for macroeconomic stabilization in Ukraine.

Article is written in Ukrainian


Shkolnyk I. O., Malysh D. O., Kozmenko Y. S.
The Structure of the Enterprise Capital: a Systematization of Theoretical Approaches in the Context of Financial Architecture of Enterprise (p. 315 - 322)

The basic element of the financial architecture of enterprise is the structure of capital along with the structure of ownership and corporate management. The article is aimed at systematizing the theories of capital structure in the context of their use as a methodological base for the formation of financial architecture of enterprise. Analyzing the fundamental theory of the structure of capital by Modigliani-Miller, it is determined, what restrictions have formed the basis for the development of modern theories. The static and the dynamic theories have been allocated. Within terms of each group of the systematized theories, their key limitations and arguments on formation of the optimal structure of capital have been defined. On the basis of the carried out systematization, the factors influencing the formation of structure of capital of enterprise have been grouped as: static – external and internal, dynamic – external and internal. The considered theories have been grouped on the basis of how they are consistent with the key elements of the financial architecture of enterprise – capital structure and corporate management. The results of this research form the methodological basis for analyzing the formation of financial architecture of enterprises of the national economy.

Article is written in Ukrainian


Valuiskyi I. A.
Improving the Conceptual Bases of the Policy of Ukraine’s Budget Security in Crisis Conditions (p. 323 - 328)

The research is aimed at developing the conceptual bases for the policy of ensuring the budget security of Ukraine in relation to the crisis conditions of its implementation. The theoretical ground of the research consists of the current developments of financial science concerning understanding of the essence of budget security, quantitative and qualitative parameters of its estimation, and ways of its ensuring. Methods of abstraction, analysis, synthesis on the basis of system approach are used. As result of the research, content of the basic idea of Ukraine’s budget security policy is defined, which consists in stabilization of public finances by gradual reduction of the State budget deficit and reduction of the State debt relative to gross domestic product in conditions of uncertainty and risks. The main groups of risks and threats to the budget security existing in Ukraine are defined. The sequence of elaborating the conceptual bases for the policy of ensuring budget security is presented. The conditions of application of the basic forms of the policy of budget security (stabilization policy, adaptation policy, protection policy) are allocated, and the ways of ensuring budget security within each of the indicated forms are developed.

Article is written in Ukrainian


BUSINESS INFORM №4-2018

Koliada T. A.
The State Budget of Ukraine for 2018: Peculiarities of Formation and Prospects for Implementation (p. 267 - 274)

The article is aimed at assessing the reliability of planning and realistic implementing of indicators of the State budget of Ukraine for 2018 with the identification of emerging risks and available opportunities to achieve the goals of the socio-economic development of the country. Based on the study of the dynamics of actual indicators of implementation of the budget for previous years, it has been proved that there is a high probability of fulfillment of the planned indicators of the State budget for 2018 at the expense of inflationary tax. The main macroeconomic and institutional factors regarding the emergence of threats to the stability of public finances are identified. It is proved that the use of different types of budget classification of expenditures and crediting of budget for planning the budget expenditures for the current, average and long-term perspective, causes an inconsistency of budget policy in the timed period. Prospect for further research in this direction, considering the development of drafts of future financial plans of the State, is to draw attention to the activities regarding the legislative recognition of the procedure of development of budget strategy, raising of citizens’ awareness and civil responsibility of government officials, ensuring transparency of the budget process.

Article is written in Ukrainian


Kotina H. M., Skrypka N. Y., Stepura M. M.
The External State Loans in Ukraine: Policy of Formation and Threats of Use (p. 275 - 285)

The article is aimed at researching the external public borrowings, external public debt and the related consequences. The current status of both the external State debt and the debt security of Ukraine is analyzed. The results of the research identified strengths and weaknesses in the use of external public borrowing; conclusions on the efficiency of the implementation of debt policy in Ukraine are formulated, as well as the ways of increasing the efficiency of the public debt management are proposed. The obtained results can be used as a theoretical and methodical basis for practical improvement of approaches to the implementation of external public borrowings and the public debt management.

Article is written in Ukrainian


Krupka I. M.
The Theoretical-Methodological Foundations of the Financial Market Research (p. 286 - 296)

The article is aimed at identifying the essence, clarifying the tasks and place of market in the financial system of the country, analyzing and deepening the existing approaches to the allocation of its infrastructure and segments, as well as generalization of the concept of their classification. The financial market is analyzed as an important component of the financial system together with its impact on economic growth. Approaches of researchers to definition of essence, tasks, infrastructure and structure of segments of financial market are considered. Both functional and institutional approaches to identifying the essence of the financial market have been allocated, both the system and the structural analysis have been carried out, the basic principles of functioning and the determinants of development have been allocated. The classification of the structure and segmentation of the financial market are researched, the author’s interpretation of the essence of financial market is provided, the own concept of its segmentation is developed from the standpoint of financial instruments. On this basis the necessity of further deep theoretical-methodological improvement of the strategy of reforming of the whole financial sector of the State is substantiated.

Article is written in Ukrainian


Sus L. V., Sus Y. Y.
The Problems of Formation of the NBU Gold and Foreign Currency Reserves (p. 296 - 302)

The article is aimed at studying tendencies and identifying features of Ukraine’s gold and foreign currency reserves, together with improving the theoretical and applied bases of their formation in the conditions of economic crisis. The theoretical and methodical issues of the process of formation of the NBU gold and foreign currency reserves are analyzed. The determined factors of influence on the structure of the gold and foreign currency reserves are classified into general and specific. The main tendencies in the dynamics of volumes of the NBU gold and foreign currency reserves, their composition, and currency structure in the period of 2013–2018 are considered. The probability of replenishment of reserves at the expense of various sources of their formation is substantiated. It has been suggested to increase the reserves not at the expense of own and borrowed sources of formation, but due to an efficient management of them, stipulating the necessity of determination of an optimum volume of the gold and foreign currency reserves fund of Ukraine.

Article is written in Ukrainian


Belikova T. V., Marchenko O. V., Stohantseva Y. O.
The Regulation of Credit Activity in Ukraine (p. 303 - 308)

The article is aimed at analyzing the current status and prospects of crediting development in Ukraine. The analysis of volumes of the given credits and the attracted deposits of non-financial corporations and households, depending on the volumes of crediting, is carried out. The average probability of default of natural persons according to the results of the NBU survey on 30 largest banks is presented. Also the comparison of volumes of credits and deposits depending on terms of repayment is carried out, determining that the main share of credits falls for the term from 1 year, deposits – up to 1 year. The reasons for these discrepancies are defined. The share of non-working loans in the credit portfolios of natural persons is analyzed and it is determined that almost all foreign currency loans to households are problematic. The reasons of low quality of both the credit and the deposit portfolios of commercial banks are generalized. The directions of improvement of quality of credit portfolios are provided, that should facilitate the development of economy of the country, stimulation of small and average business, construction of habitation. Prospect for further research in this direction is to determine the conditions necessary to ensure the stable development of crediting.

Article is written in Ukrainian


Panura Y. V.
Improving the Efficiency of Tax Administration in the Context of Reforming the Financial System (p. 309 - 313)

It is concluded that ensuring the efficiency of the tax administration system depends to a large extent on the general strategy and tactics in the sphere of taxation, which, in turn, depend on the specific tasks of the socio-economic policy. It is indicated that the strategy and tactics of development of the tax administration system are influenced by the level of professional training of the tax service staff, their ability to fulfill the actual tasks of tax policy within the limits of legal requirements. It is displayed that at the applied level the efficiency of tax administration is understood in the context of the possibility of fiscal authorities to warn and expose tax offenses, ensuring receipt of tax payments to the budget. It is suggested to take measures on «unshadowing of employment», further modernization of tax control, strengthening of countering the tax evasion (including the use of the «offshore» instruments).

Article is written in Ukrainian


Kovalenko S. O., Boieva A. L.
The Ways to Improve Performance of Local Budgets (p. 314 - 321)

The article is aimed at researching the income and expenditure of the country’s local budgets with a view to presenting the main conclusions on the ways to improve performance of local budgets. The authors analyze the current status of revenues and expenditures of the consolidated, State, and local budgets for 2012–2016, identifying the key factors of the forecast data for 2018–2020. The urgency of the budget reform to improve the efficiency of local budgets in the context of budgetary decentralization, as well as the ways to improve the efficiency of local budgets, have been substantiated. The main ways of improving the performance of local budgets are allocated. The first criterion is characterized by improvement of the process of income generation in terms of local budgets. The second criterion focuses on ways to improve the implementation of local budget expenditures. The main directions of decentralization for 2018–2020 include the increasing of local budget resources and increasing the taxability of local budgets.

Article is written in Ukrainian


Dunas N. V.
The Modern Approaches to Estimating of Collateral in the Market of Mortgage Bank Crediting (p. 322 - 330)

The article considers the modern approaches to applying methods of estimation of collateral at implementation of mortgage crediting by banks of Ukraine in comparison with the European initiatives on carrying out of such estimation; the content of political and regulatory obstacles concerning the implementation of foreign experience in the domestic practice of banking in terms of estimation of collateral property is disclosed; an analysis of the current status of the mortgage crediting market of the Ukrainian banks is carried out on the basis of analysis of dynamics of volumes of mortgage credits by types of currencies, also the main types of bank risks in the market of mortgage crediting are identified; peculiarities of the accounting-financial and legal functions of collateral, which determine the market estimation of the cost of collateral when issuing mortgage credits to bank borrowers, are disclosed; prospective directions of improvement of estimation of collateral property in the market of mortgage crediting by banks of Ukraine are proposed on the basis of application of innovations from foreign regulatory practice at organization of credit process in banks.

Article is written in Ukrainian


Kopylyuk O. I., Muzychka O. М., Tymchyshyn J. V.
The Security of Formation and Use of Means of the Deposit Guarantee Fund (p. 331 - 337)

The article is aimed at improving the theoretical and methodical approaches to the formation and use of DGF resources in the context of compliance with financial security. On the basis of the analysis and evaluation of the existing tendencies of development of the system of deposit guarantee in Ukraine, the basic principles and problematic aspects of its functioning are allocated. The features of formation of financial resources of DGF are disclosed, estimation of the level of their sufficiency for covering of existing needs of investors of insolvent banks is substantiated. The directions of use of means of the Deposit Guarantee Fund are analyzed, the main problematic aspects in its activity are allocated. Prospect for further research in this direction is development of conceptual approaches to the reform of the system of guarantee of individuals’ deposits in Ukraine according to the European approaches and recommendations of the International System of Insurance of Deposits.

Article is written in Ukrainian


Kornieieva I. V.
The Adaptation of Mezzanine Financing to the Needs of the State-Owned Enterprises (p. 337 - 343)

The article is aimed at researching the features of mezzanine financing of the State-owned enterprises in Ukraine. The analysis of mechanisms for attraction of investment resources in the public sector is presented. The importance of development and introduction of alternative innovative mechanisms for attraction of financial resources by the State-owned enterprises in the international capital markets is reasoned. It is specified that implementation of the criteria of the IMF program by the indicator of the State budget deficit does not allow Ukraine to actively use the State guarantees to attract debt financing of the State-owned enterprises. It is underlined that the strategic State-owned enterprises are to a certain extent limited in the right to freely attract long-term capital through primary public offering. Under these conditions, mezzanine financing is seen as an alternative mechanism for attracting private capital to the State-owned companies and is a form of financial collateral that provides a combination of debt financing and financing on the basis of participation in equity. The author presents the mechanism for mezzanine financing of a State-owned enterprise. The role of international financial organizations (IFO) in adaptation of mezzanine financing for implementation of investment projects to the needs of enterprises belonging to the public sector is indicated.

Article is written in Ukrainian


Rakhman M. S., Mangushev D. V.
Analyzing the Competitive Advantages of the PJSC CB «PrivatBank» among the Banks with the State-Owned Capital (p. 344 - 350)

The article defines the concept of «competitiveness of bank» and provides a system of ways to ensure competitive advantages of bank in the market of banking and financial-credit services. The status of the banking market as a result of cleaning of the banking system of Ukraine is analyzed, structural changes in financial assets and competitive positions of the PJSC CB «PrivatBank» in the group of banks with the State-owned capital are considered. The influence of the nationalization of «PrivatBank» on the status of the banking IT infrastructure and the dynamics of transactions with the use of payment cards issued by Ukrainian banks are identified. The positions of banks with the State-owned capital in the annual rating «Top-50» of the banks of Ukraine for 2016 are analyzed.

Article is written in Ukrainian


Kotliarov Y. I., Karpova V. V., Yenina A. O.
The Problematic Aspects of Assessment of Goods for Taxation Purposes, Customs Clearance, and Preparation of Financial Statements (p. 351 - 358)

The article is aimed at researching the problematic aspects in the application of approaches and methods to the valuation of goods for tax purposes, customs clearance and preparation of financial statements, as well as developing recommendations for their solution. Features of valuation of goods and articles of own production at customs registration, taxation and preparation of financial reporting are identified. The most regulated should appear the area of customs clearance and accountance, in which the methods of valuation are based on international practice. The researching of valuation methods used in taxation has identified a number of problems related, first of all, to the insufficient normative regulation of use of the standard price mechanism for taxation purposes. This leads to problems in the sphere of tax administration and negatively affects the financial condition of both individual economic entities and the State as a whole. Suggestions on expansion of the field of application of transfer prices for the purposes of taxation on the operations not connected with foreign economic activity are presented. Further researches should be directed to the development of recommendations on improvement of the tax legislation concerning the definition of the standard price mechanism and expansion of the list of operations, which can be defined as controlled.

Article is written in Ukrainian


Havrylchenko O. V.
The Management of Procedures for Restoration of Solvency in Ukraine (p. 359 - 363)

The article is aimed at considering problems of management of procedures for restoration of solvency in Ukraine. Relevance of regulatory activity on the part of the State in terms of organization and carrying out of competitive procedures in Ukraine is substantiated, their essence and content are considered. The legal nature of the concept of «insolvency» is researched, its signs are summarized. It is proved that studying of organization and peculiarities of the State management of bankruptcy and rehabilitation processes will ensure the formation of an effective mechanism for real withdrawal of numerical number of debtor enterprises from the status of insolvency. The main shortcomings of the State management in the sphere of insolvency of business entities are analyzed, their legal consequences are determined. According to the results of researches, the shortcomings of procedural character are reduced to separate groups: balance of interests in favor of the debtor; liquidation of business dominates over the recovery; wide-spreading of fictitious bankruptcy. Prospects for further research are to substantiate the directions to solving the problems identified.

Article is written in English


BUSINESS INFORM №5-2018

Brychko M. M.
Confidence as a Way to Synchronize Both the Financial and the Business Cycles (p. 281 - 286)

The article is aimed at substantiating, defining and analyzing the synchronization of both the financial and the business cycles by forming an appropriate level of public confidence. The retrospective analysis of development and interconnection of financial and business cycles is carried out with attention to formation of a corresponding level of public confidence. It is substantiated that confidence is the only instrument of synchronization of both the financial and the business cycles. As a result of research of tendencies of development of financial markets of the USA, EU and Ukraine in pre-crisis, crisis and crisis periods, taking into consideration high level of financial integration and financialization of world economies, it is reasoned that financial Instability is a major factor in the erosion and crisis of public confidence. The article considers the situations of irrational behavior of economic agents as result of formation and accumulation of imbalances in the financial market and their negative consequences for economic security of the country. It is proved that confidence is a procyclical indicator that determines the cycle of economic development with a certain time lag. With a view to the turmoil in the financial market forming the corresponding cyclical fluctuations of public confidence, the necessity of research of business cycle through the prism of public confidence (established in accordance with the financial cycle), but with lagging in terms of synchronization, is substantiated.

Article is written in Ukrainian


Dobrovolska O. V.
The «Green Finance» as a Component of the Paradigm of Sustainable Development (p. 287 - 294)

One of the main issues of implementation of the concept of sustainable development is the financing of relevant projects, so in modern conditions, along with the three basic elements – economic, environmental and sociological – is also allocated the financial element. The development of the «green economy» has led to the emergence of «green finance». However, there is no single established understanding of the definition of «green finance», thus analyzing existing approaches is the purpose of this research. As a result of the analysis the key approaches to understanding «green finance» are systematized as follows: 1) process; 2) financial investments in various forms of manifestation; 3) financial flows; 4) sustainable financial system. The last approach is determined as the most system-related. The definition of «green finance» via financial system is provided. The subject-object characterization of the financial system of sustainable development, which includes regulators of direct and indirect influence, and also objects, subjects (investors and recipients) is presented. The subjects and objects are coordinated with the spheres and links of financial system. The obtained results become the basis for further studies on systematization of specific financial instruments and their characteristics.

Article is written in Ukrainian


Drepin A. V.
The Formation of Local Budgets on the Basis of Decentralization (p. 295 - 302)

It is determined that the process of formation of local budgets is fundamentally improved and acquires new traits under conditions of enhancing fiscal decentralization. The experience of the countries with market and transformational economy as to implementing of decentralization processes in the financial sphere is analyzed, subject to existence of objective institutional barriers and restrictions. The basic principles of the fiscal decentralization in Ukraine are delineated, taking into consideration the principles of unity and balance, independence, completeness and validity, efficiency and effectiveness, subsidiarity, target use of resources, fairness and impartiality, publicity and transparency. The theoretical and methodological principles of assessing the level of fiscal decentralization at both the macro- and the micro-levels have been generalized and improved. The role of local government bodies in the implementation of financial policy at the level of administrative-territorial units is outlined. The basic regularities of decentralization are formulated. The features of implementation of tax policy at the regional level are defined. The importance of public initiatives and control in the formation of budget policy in the field of expenditure has been identified. The main endogenous factors influencing the process of formation of local budgets are characterized, taking account of the strategic goal of ensuring their constant economic growth.

Article is written in Ukrainian


Adamenko I. P., Sobchuk S. I.
The Formation of Budget Expenditures in Conditions of Institutional Modernization of Economy (p. 303 - 312)

The article is aimed at disclosing the methodological and practical provisions of formation of budget expenditures in the conditions of institutional modernization of the country’s economy together with developing recommendations for their improvement. The basic principles of institutional transformation of the system of budgetary financing of socio-economic development are defined. An analysis of the budget policy of Ukraine in the sphere of expenses is carried out. The features of the budget expenditures structure according to their functional and economic classification are disclosed. The expediency of use of the program-target method of management of expenses on planning and performance of the budget for the medium-term perspective is substantiated. The features of formation of budget deficit and the structure of sources of its financing are characterized. The basic approaches to improvement of the mechanism of formation of expenditure part of local budgets through decentralization of the budget funds management are developed.

Article is written in Ukrainian


Nazarova K. O., Nezhyva M. O.
Analyzing and Controlling the Provision of Budgetary Institution with Financial Resources (p. 313 - 317)

The article is aimed at covering the scientific and practical aspects of analysis and control of the peculiarities of financial resources formation, as well as developing proposals as to assessing the provision of budget institution with financial resources. The relevance of the topic is stipulated by the need to analyze and search for a mechanism for assessing the provision of budget institution with financial resources. The characteristic features of financial resources of budget institutions are provided. It is emphasized that, in terms of analysis of the provision of budget institution with financial resources, the following kinds of resources should be considered: labor resources, fixed assets, and material circulating resources. The peculiarities of functioning of budget institutions necessitate researching of new methodological and organizational approaches to analysis and control, as the specifics of their activities include special requirements for the formation of information, necessary for accounting and control purposes. The article considers tasks of analysis and control of financial resources of budget institutions.

Article is written in Ukrainian


Romashko O. M., Roshko Y. D.
The Practical Aspects of Assessment of the Financial Potential of Enterprise (p. 318 - 323)

The article is aimed at substantiation and approbation on the example of gas transportation enterprise the methodical approach to estimation of the level of financial potential. Several approaches to the assessment of financial potential are considered: on the basis of a complex analysis of indicators of financial status of enterprise without bringing to the single indicator; by means of a single integrated indicator; by determining the score of system of indicators. Each of these approaches to assess the financial potential of enterprise has certain advantages and disadvantages. On the basis of retrospective analysis of PJSC «Ukrtransgas» is determined that the enterprise has low level of financial potential, therefore the reorganized on its assets PJSC «Mahistralni hazoprovody» has necessity to carry out measures on improvement of financial status of the enterprise, taking account of the influence of both external and internal factors.

Article is written in Ukrainian


Ischenko N. A.
The Formation of Financial Strategy of Enterprise Development (p. 324 - 328)

The article is aimed at highlighting features of formation of financial strategy of enterprise. Approaches to the definition of essence of the concept of «financial strategy of enterprise» are considered and generalized. It is determined that the financial strategy determines the long-term goal of the financial activity of enterprise, depends on its financial policy, choice of efficient directions of its achievement. Features of formation of financial strategy are considered on the basis of the data of agricultural enterprise. Four stages, according to which the process of formation of the financial strategy of agricultural enterprise should be carried out, are defined. On the results of the research is identified that, in the case of an agricultural enterprise, it is expedient to apply the strategy of gradual development, which foresees a gradual enhance of activity volumes, increase of profitability, and provision of a stable financial condition. Ways of implementing the financial strategy of agricultural enterprise are substantiated.

Article is written in Ukrainian


Shulha K. D.
The Main Tendencies and Details of Consolidation Processes in the International Banking Market (p. 329 - 333)

Consolidation processes in the banking sector are actively developing in different regions of the world, but each region is characterized by its own peculiarities of the process behavior. Europe is characterized mainly by internal consolidated agreements. The consolidation of medium-sized banks is more common than agreements concluded among large banks. As far as international consolidation is concerned, the number of these agreements remains at a very low level. The United States is developing local and regional consolidation, which has a clear upward trend in 2018 in view of factors such as high fixed regulatory costs, low growth due to low interest rates, rapidly changing technology, and financial innovation. These factors caused a structural decrease in the profitability of banks. In the case of Asia, the region has different tendencies depending on the specific country. For example, China is dominated by consolidation transactions in the domestic market. The China’s banks are focusing on growth through diversification and the introduction of other financial services. In contrast, Japan is dominated by consolidation with international financial institutions against a background of slow economic growth and declining population in the domestic market. The main areas of Japan’s consolidation are the United States and the ASEAN countries.

Article is written in Ukrainian


Mynenko L. M.
Modeling the Efficiency of Banking Groups in the Context of Improvement of Consolidated Supervision (p. 334 - 342)

The starting point of the research is the inefficiency of reactive approach in the practice of consolidated supervision over the long time lag and the shortcomings of the organizational mechanism for its implementation. The author proposes proactive approach to the definition of problematic banking groups on the basis of a mathematical study of their financial models together with timely adoption of preventive measures. The article explores the specifics of financial models of banking groups in the national market during 2012–2016. The applied multiple regression model of bank’s net financial result is statistically reliable, distinctly variative within one year period, determined by three factors: liabilities, assets, size of share capital. The parallel forecasting of the financial result of bank groups according to the consolidated reporting shows a similar weakened effect related to the intra-group competition for resources and/or compensation of losses, negative influence of banks – participants of banking groups considering the results of NBU diagnostics and/or the exogenous non-financial factors.

Article is written in Ukrainian


Krasnova I. V., Hromnytska I. Y.
The Process of Deployment of Banking System’s Liquidity Crisis in Cyclical Conditions (p. 343 - 350)

The article is aimed at identifying indicators of the identification and the process of liquidity crisis deployment, determining ways to prevent crisis phenomena of liquidity in conditions of cyclical market development. The scientific approaches to definition of essence of the concept of «liquidity of commercial bank» and the related concepts are generalized, the hierarchical levels of liquidity of the economy are delineated, and the authors’ own interpretation of the concept of «liquidity of banking system in whole» as a qualitatively new level of economic relations is formulated. The concept and types of «structural position» of liquidity of banking system are formed in accordance with the structure of assets and liabilities, its autonomous factors are allocated. A new approach to consideration of the process of liquidity crisis deployment is proposed, in particular on the basis of «liquidity spirals». Attention is focused on the difference between «liquidity spirals» and credit cycle. The authors’ own understanding of «black holes of liquidity» as the most complex manifestation of liquidity crisis has been formed. The reasons, forms of their manifestation and possible consequences are determined. Panic behavior and loss of confidence are allocated among the main reasons for the appearance of «black holes of liquidity». It is proved that the central bank should apply certain regulatory measures in order to eliminate and prevent liquidity crisis.

Article is written in Ukrainian


Shlonchak V. V.
The Directions of Increase of Efficiency of Investment Activity of Banks of Ukraine (p. 351 - 357)

The article is aimed at improving the methodology of evaluating the efficiency of investment activities of banks in accordance with the risk inherent in the capital investment process. The basic recommendations on improvement of regulatory activity of the State with the purpose of increase of efficiency of investment activity of banks are analyzed. The analysis helped to determine that the researchers are mainly focusing on improving the general economic conditions of the country in which the bank operates, and partly – on developing practical recommendations to improve the approach to investment activities. In addition, scholars pay insufficient attention to the process of regulating the structure of investment portfolio. With a view of the determined shortcomings, the approach of «efficient placement of securities» has been developed, allowing to get maximal efficiency of investment activity even at the stage of initial formation of the portfolio. The approach also helps to adjust the structure of portfolio in accordance with the changes in the investment market in order to obtain maximum efficiency of investment activity taking account of the indicators of the bank’s resource base and the possibility of forming reserves to secure losses from active operations.

Article is written in Ukrainian


Shkolnyk I. O., Didenko I. V., Havryshenko O. S.
The Taxonometric Approach in Estimation of Financial Stability of Sugar Industry Enterprises (p. 358 - 366)

The article is aimed at studying the existing methodical approaches to estimation of financial stability, and also developing and approbation of taxonomic indicator of its estimation at the enterprises of sugar industry of Ukraine. The basic scientific-methodical approaches to estimation of financial stability of enterprises are analyzed and their characteristic features are defined. The taxonomic approach has been applied to carry out an integrated estimation of financial stability. The article defines the groups of indicators, on the basis of which the integral estimation of financial stability of enterprises is carried out: solvency, profitability, production stability, and financial stability indicators as such. The taxonomic indicator of financial stability of sugar industry enterprises of Ukraine was calculated and the dynamics of its change for the period of 2009–2016 was analyzed. The main factors having direct influence on the level of financial stability of the enterprises of the researched industry are defined.

Article is written in Ukrainian


Gromova A. Y., Bondar V. O., Dubinina K. V.
The Monitoring of Indicators of Formation and Use of Financial Resources of Industrial Enterprises (p. 367 - 371)

The article is aimed at researching the main aspects of monitoring the indicators of financial performance of enterprise. The importance of analyzing and monitoring the financial status of production enterprises in favor of their economic development and stability has been proved. The stages of financial monitoring process are analyzed, a list of its tasks on estimation of the financial condition of enterprise, development of its model and measures on effective use of its resources is defined. The indicators of profitability analysis are considered and the essence of both horizontal and vertical directions of analysis of financial activity of enterprise is disclosed. The importance of determining the financial status of enterprise for the financial management based on the use of financial statements is indicated. The necessity of research on the process of formation and use of profit is substantiated, proposals as to improvement of financial activity management with the purpose of its normalization and efficiency increase are presented.

Article is written in Ukrainian


Makki L. M., Goroshanskaya E. A.
The Methodical Instrumentarium of Estimation of Enterprise’s Financial Potential (p. 372 - 377)

The article is aimed at a critical analysis of the existing methodical instrumentarium of estimation of financial potential of enterprise and development of recommendations on its improvement. The necessity of development of the methodology of complex estimation of enterprise’s financial potential is substantiated. It is determined that existing methodical approaches to estimation of financial potential of enterprise can be combined into two groups: the estimation of level of potential on the basis of use of financial indicators and the cost estimation of enterprise’s financial potential. The main problems of using methodical instrumentarium of estimation of financial potential of enterprise are defined. A system of estimation indicators is proposed, considering the structural components of financial potential of enterprise. The methodology of estimation of enterprise’s financial potential is developed, allowing, on the basis of the method of taxonomy, to define weak places in its formation.

Article is written in Ukrainian


Parkhomenko E. Y.
The Institutional Status of Pawnshops and Its Impact on the Audit of Financial Reporting (p. 377 - 383)

The article is concerned with definition of the institutional status of pawnshops, research on the development tendencies of pawnshops as actors of the market of financial services, substantiation of influence of peculiarities of pawnshops’ activity on the audit of financial statements. Based on the examination of the essence of the concept of «pawnshop», the economic content of the term is defined and an author’s own definition is proposed. According to the results of an analysis of the status and dynamics of pawnshops’ activity in the financial market, it is noted that the increase in the number of pawnshops and significant dynamics of income growth from their activities can be explained by the increase of the population’s demand in small-size short-term loans, as well as the increase in the number of participants in the pawnshop services market. On the basis of studying the peculiarities of pawnshops’ activity, the key factors influencing the audit of financial statements of pawnshops as a mechanism to confirm the reliability of the information provided to interested users are defined. It is proved that consideration of influence of systematized factors will facilitate to improvement of organizational-methodical foundations of audit of the annual financial statements of pawnshops.

Article is written in Ukrainian


Nedbalyuk I. R.
The Strategic Guidelines for Modernization of Budget Control System (p. 384 - 388)

The key problems of functioning of budget control system in Ukraine are explored, taking into consideration imperfection of the legal and regulatory provision of budget control and incoherence of functions of the bodies responsible for implementation of external and internal budget control. It is recommended to improve the institutional-organizational system of budget control by means of: creation of the supreme body and the subdivisions reporting to it; reinforcement of both vertical and horizontal cooperation between the budget control bodies of different levels; implementation of the world standards of budget control and decentralization of local authorities in matters of budgetary control. A mechanism for implementing the internal and external budget control in Ukraine is proposed.

Article is written in Ukrainian


BUSINESS INFORM №6-2018

Melnychuk N. Y.
The State Budget Administration: Problems and Prospects (p. 275 - 284)

The article is aimed at researching the theoretical foundations of the State administration of budgetary funds, allocating its problems, and developing proposals for their solution. Scientific approaches to the essence of the concept of «the State administration» are considered, the author’s own approach to its interpretation is suggested (set of economic relations which is formed under influence of activity of the State authorities along with normative-legal factors, and ensures the formation and use of budgetary funds through the application of certain forms, methods and levers, which allows creating appropriate conditions for improving efficiency of the administration of budgetary funds of the State). It is substantiated, that under the State administration of budgetary funds in Ukraine, the mechanism is being launched, which allocates a group of private actors which, in turn, use their status in the State for securing personal benefits. As a result of research the main problems and perspective directions of improvement of the State administration of budgetary funds are allocated.

Article is written in Ukrainian


Pasichnik I. V., Molodoria T. S., Viazovyi S. M.
The Prospects for Development of Modern Payment Technologies in Ukraine (p. 285 - 289)

The article is aimed at researching the status of modern payment technologies and determining the prospects for their development in Ukraine on the basis of foreign experience. The status of introduction of modern payment technologies in Ukraine is considered; information on banks that provide clients with maximum possibilities of remote account management is systematized; status of payment acceptance infrastructure in the regions of the country is characterized. The factors limiting development of the market of non-cash payments are defined, the necessity of further improvement of the payment acceptance infrastructure in Ukraine is indicated. A more active promotion of Direct Debit method for regular payments of clients is suggested; dynamic implementation of secure service Android Pay, contactless system of payment, also the virtual POS-terminals for small business. The proposed measures will help to optimize banks’ activities by refusing cash and cards, improve safety and convenience of settlements for clients.

Article is written in Ukrainian


Kuzkin Y. Y.
The Methodical Aspects of Implementation of the Program-Target Approach in Formation of Local Budgets in Conditions of Decentralization of the State Finances (p. 290 - 296)

The article is aimed at improving and further developing the methodical provisions on the use of program-target approach in the formation of local budgets in the context of decentralization of the State finances. The article defines advantages and limitations on the use of the program-target approach in the sphere of development of programs and projects of regional socio-economic development, financing of which are supposed to be realized at the expense of local budget. The sequence of stages of strategic planning of socio-economic development of the region is generalized. The approach to development and implementation of target projects and programs of regional socio-economic development, based on the integration of provisions of the program-target approach and the concept of fiscal space, is proposed. It is proved that in distribution of budget financing the potential of expansion of fiscal space should be considered as one of the key criteria of structuring and ranking of target programs, display of ability of local budget to mobilize additional sources of funding and raise funds to meet the requirements of maintaining financial stability.

Article is written in Ukrainian


Prymak J. R.
The Operational-Technological Risk and its Impact on the Status of a Contemporary Banking Institution (p. 297 - 306)

The article is aimed at identifying peculiarities of the concept of «risk of banking activity» and classification of threats to a banking institution in the context of a group of the operational-technological risks, which are able to actively influence the financial condition and business reputation of a bank. An analysis and an evaluation of the classification of risks of banking activity in accordance with international and national regulations are carried out. The recommendations on optimization of determination of the risks which are assigned to the operational-technological group are elaborated. A characterization of the basic factors influencing operational-technological risks of activity of financial institution is presented. The dynamics and main types of control over cyber threats are described. The basic types and components of cybernetic attacks on the software of organization are defined. The main directions on improvement of detection and estimation of operational-technological risks on the basis of methods of stress-testing of banks are allocated. The value of the article consists in updating the approaches to classifying risks and finding ways to obtain more accurate results regarding the bank’s financial condition.

Article is written in Ukrainian


Zveruk L. А.
The Fundamentals of the Bank’s Asset and Liability Management Strategies (p. 307 - 313)

The article analyzes methodological approaches and key characteristics of the essence of the process of managing the assets and liabilities of banks; the reasons of necessity of complex character of management are determined, which is directed towards balance of basic characteristics of activity of bank, estimation of its market position, formation of an uniform information-analytical and automated management system. The concept of «asset and liability management strategy», which includes a set of principles, tools and methods, is characterized. Components of the mechanism of complex asset and liability management are considered, groups of management methods are provided. Current strategies of asset and liability management of national banks are explored: strategy of integrated management, strategy of combined management, and strategic management using economic-mathematical methods and forecasting. On the example of Ukreximbank, application of strategic management using risk management, models of planning and forecasting, development of crisis scenarios are analyzed.

Article is written in Ukrainian


Drozdova O. G., Ivanenko V. O., Olkhovskiy O. A.
The Factoring as an Effective Mechanism for Receivables Management: the Accounting-Analytical Aspect (p. 314 - 322)

The article is aimed at substantiating the expediency of using factoring as an efficient instrument for managing accounts receivable and business financing. The article is concerned with the theoretic-methodical bases of factoring application, in particular: the approaches to interpretation of factoring are considered, the specificity of factoring mechanism is defined and the key aspects, which characterize it, are allocated; advantages of factoring application are proved; the types of factoring that have a direct impact on the accounting-analytical support are allocated; the main objects of accountance and economic analysis of factoring are identified; the general directions of analytical provision of factoring usage in activity of both factor and faktorant are suggested.

Article is written in Ukrainian


BUSINESS INFORM №7-2018

Onyshko S. V., Chunytska I. I.
The Strategic Trajectory of the Financial Market Development in the Format of Interaction of Components of its Infrastructural Potential (p. 194 - 201)

The article discloses importance of tapping potential of the financial market in determining the ways of its strategic development. It is noted that constant transformations (in accordance with the challenges of real financial practice) of characteristic features, segmentation, regulation of the financial market lead to changes not only of quantitative, but also of the essential characteristics of its Infrastructure support, to the lack of coherence of such provision in relation to the individual segments of financial market. It is substantiated, that at formation of strategic trajectory of development of financial market the decisive role belongs to search of conditions and mechanisms for observance of balance: 1) between own purposes and public needs; 2) between the stability and flexibility of the market; 3) between its existing and necessary infrastructure. The main reasons of lack of coherence in infrastructure provision of the individual segments of financial market are identified. It is substantiated, that the interaction of processes of formation and implementation of infrastructural potential in each of segments of financial market is also important for strategic trajectory of development of financial market.

Article is written in Ukrainian


Farion M. M.
The Transformational Realities of the Budget Policy of Ukraine in Accordance with the Latent Desiderata of the European Union (p. 202 - 210)

The article is concerned with consideration of specific features of formation of budgetary policy of Ukraine and the EU in the sphere of income and expenditure parts, as budget policy is a key component of the State financial policy. The constituent elements, main differences and common features of the income and expenditure parts, as well as the possible influence of the national budget system on the efficiency of formation of economic relations with the Member States of the European Union are considered. The main stages of transformation of the national budget system are analyzed taking into account realities of economic and political condition, as well as the requirements on formation of effective budget provision for creation of favorable investment environment of the national economy. Possible measures to improve the existing budget policy in order to improve the economic condition of the country and further integration processes at the level of international programs, organizational associations to create a competing internal business environment are substantiated.

Article is written in Ukrainian


Kovalova O. M.
The Priorities of Reforming the Professional Activity in the Stock Market of Ukraine (p. 211 - 215)

The article is aimed at researching the peculiarities of activities of professional participants at the stock market, identifying shortcomings and developing proposals as to improving organizational work in order to achieve objectives of the mechanism for protection of interests of investors. The modern tendencies of reforming of professional activity in the stock market in the context of provision of financial services by securities traders, depository institutions and organizers of securities trading are analyzed. The theoretic-methodical aspects of performance of regulatory functions by the State authorities are explored. The expediency of revision of the question of additional capitalization of commercial banks as the main participants of the depositary system of Ukraine is substantiated. The features of transition from the model of the exclusive role of the State in reforming, attestation and certification of experts in the stock market to attraction in discussion of professional community and self-regulating non-governmental organizations are summarized. The directions of reforming of professional activity in the stock market of Ukraine are defined with the purpose of creation of the basis for development of efficient economic relations at the level of the providing sphere of financial system that will facilitate intensification of investment and innovation processes in the national economy and is a prospect for further research.

Article is written in Ukrainian


Piekhota A. V.
The Exchange Trade as a Priority Direction of Modernization of the Securities Market of Ukraine (p. 216 - 220)

The article considers the main problems that inhibit the development of stock exchange trading with the help of stock markets in Ukraine. Among such problems are: low capitalization and liquidity of stock market; predominance of OTC market over exchange; weak protection of investors’ rights; scarcity of institutional investors’ assets; lack of consolidation among Ukrainian exchanges; low population activity. It is indicated that further priority directions of modernization of exchange trade of Ukraine should be accompanied by: introduction of modern trading, settlement and information technologies; creation of an effective consolidated model of clearing and settlements; expansion of the range of financial instruments, in particular derivatives; improvement of the legal and regulatory framework; creation of conditions for circulation of foreign securities; improving the depository system and clearing and settlement system; combination of measures to strengthen the system of the State supervision and control with the development of self-regulation processes. The preconditions of formation and development of the Ukrainian stock market of securities are considered in the context of European integration processes.

Article is written in Ukrainian


Korotun V. I., Novytska N. V., Khlebnikova I. I.
Harmonizing the Classification of Alcohol and Alcoholic Beverages in the Context of Implementing the Provisions of the EU-Ukraine Association Agreement (p. 221 - 228)

The article is concerned with comparative analysis of the compliance of the Ukrainian practice of taxation of excise duty of alcohol and alcoholic beverages with the mandatory requirements of Directive 92/83 / EEC On the Harmonization of The Structures of Excise Duties on Alcohol and Alcoholic Beverages to comply with the requirements of the EU-Ukraine Association Agreement. In order to create a level playing field on the common European market and to implement the provisions of Directive 92/83 / EEC, the author team developed and harmonized the classification of alcohol and alcoholic beverages and generalized the requirements for their excise taxation. First, it is substantiated to amend Article 215 of the Tax Code of Ukraine regarding the division of alcohol and alcohol into four categories, such as beer, wine, fermented beverages other than wine and beer, intermediate products and ethyl alcohol. Secondly, the definition of the concepts of «ethyl alcohol» and «beer» has been clarified and it is suggested instead of the concept of «wine products» to use the following: wine: still and sparkling, fermented beverages except for wine and beer: still and sparkling, intermediate products that are in line with European practice. A draft amendment has also been prepared to clarify the existing and introduce new definitions in the Article 14 of the Tax Code of Ukraine.

Article is written in Ukrainian


Pavlova K. I.
The Advantages and Risks of Using Cryptocurrency in the Modern Digital Economy (p. 229 - 233)

The article is concerned with actual issues of virtual money functioning in the global and national financial markets. The article is aimed at researching the main advantages and disadvantages of cryptocurrency, as well as its role in the modern economy on the basis of analysis of the cryptocurrency market development in Ukraine and world-wide. It is determined that today there is no generally recognized definition of cryptocurrency in connection with the complexity and innovativeness of this economic phenomenon. The specific signs of cryptocurrency, which determine the advantages of their use for investors, are analyzed. At the same time, the presence of risks of legal, economic and technological nature is emphasized. The further prospects of use of cryptocurrency in conditions of development of the digital economy are substantiated, and also the necessity of legal and market institutionalization of cryptocurrency sphere is considered.

Article is written in Ukrainian


Zhuribida N. R.
Systematizing Dangers and Threats to Economic Security of Banks (p. 234 - 239)

The article is aimed at improving the theoretical and applied aspects of systematization of dangers and threats to economic security of banks on the basis of further development of criterial features and characteristics. The author’s own approach to systematization of dangers and threats to economic security of banks is proposed. Dangers and threats to banking activity are systematized not only according to the sources of occurrence (internal and external), but also depending on the level structure and levels of management with allocation of dangers and threats of mega-, macro-, meso-and microlevels. It is proved expedient to allocate as a new criterion of classification of dangers and threats in activity of banks a sign of forms of ownership and system importance, in particular – dangers and threats to banks with the State form of property, with foreign and domestic capital. As the newest criterion is also allocated the degree of influence on economic security of the banking activity which can be significant, permissible or minimal. Prospects for further research in this direction are the development of appropriate mechanisms to ensure the economic security of banks, taking account of the impact of real and potential dangers and threats, as well as substantiation of methodical approaches to both quantitative and qualitative evaluation of its level.

Article is written in Ukrainian


Yuvzhenko N. M.
The Traditional and Modern Budgeting Methods: Advantages and Disadvantages (p. 239 - 245)

The article is aimed at studying and disclosing the traditional and the modern concepts of budgeting, applied both at the state level and at the level of economic entities, for effective management and planning of financial resources. The essence of budgeting methods is disclosed: traditional, incremental, programmatic, result-oriented budgeting, budgeting from scratch and process-oriented budgeting, their advantages and disadvantages are allocated. Applying the right budgeting method will increase the efficiency of organization management by creating additional values and improving the quality of control. Prospect for further research in this direction is the application of methods in practice to assess their effectiveness and effectiveness.

Article is written in Ukrainian


Kovalenko S. O., Yartseva Y. I.
Improving the Cost-Efficiency of Local Budgets in Today’s Environment (p. 245 - 250)

The article is aimed at analyzing the expenses of local budgets, their dynamics and specificity in the consolidated budget and developing recommendations to improve their efficiency in the modern conditions of financial decentralization. The necessity of increase of efficiency of expenses of local budgets is substantiated, an analysis of dynamics of their expenses is carried out and their specific weight in expenses of the Consolidated budget of Ukraine is analyzed according to each kind of budget expenditures depending on functions. The structure of expenditures of local budgets is also analyzed and priority directions of expenditure of the funds are defined, which are education, health care, and social protection of the population. It is specified that expenditure policy should play a key role in the conduct of the financial activities of the State. It is proposed to improve the system of the State financial and public control, to direct budget funds for the financing of actors in the production sector in order to stimulate the receipt of additional own income of local budgets.

Article is written in Ukrainian


Sokolovska I. P.
The Competitive Advantages of Small Banks for Development of National Economy (p. 251 - 256)

The article is aimed at researching the competitive advantages and significance of small banks for regional development of the national economy in the context of studying world experience. The role of local banks for lending to small businesses is generalized. It is proved that the combination of different in size competitive banks has a significant synergistic effect for the sustainability of not only the financial market, but the economy as a whole. The basic principles of activity and competitive advantages of the European cooperative banks are analyzed. It is determined that their implementation provides a high level of competitiveness, minimizes the consequences of bankruptcy of such banks for clients and society, allows to harmonize the priorities of private business with socio-economic development of territorial communities. The economic and regulatory factors of deterioration of the institutional structure of the banking system of Ukraine were explored. The negative consequences of sharp increase of minimum requirements to bank capital and displacement of small banks are determined. It is substantiated that artificial consolidation of the banking system worsened the financial condition of enterprises, complicated lending to small business entities. The differentiated approach to absolute capital size depending on the size and specialization of banking institutions is proposed.

Article is written in Ukrainian


BUSINESS INFORM №8-2018

Molchanova E. Y., Kovtoniuk K. V.
The Configuration of Forces in the World Currency System: a Historical Retrospective (p. 137 - 145)

The article is aimed at studying the process of formation and development of monetary circulation in historical retrospective in the context of search for optimal variants of transformation of the contemporary world monetary system. It has been proved that the first priority of introducing national and then collective monetary units is to find optimal forms and models of monetary circulation in order to promote international trade, to rationalize both handicraft and industrial production. As a result of the research, change of the mechanism for determination of the money carriers on the basis of international multilateral agreements, which have been officially approved at the international currency conferences, is analyzed. The main provisions and peculiarities of functioning of the Paris, Genoa, Bretton Woods and Jamaican currency systems are considered in the context of definition of proposals on reforming the existing monetary system and organization of an efficient currency space. Prospects of further research in this direction, provided that the leading positions of the American currency are maintained, is the creation and development of currency zones; strengthening of currency integration; binding own national currency to cryptocurrencies. Further development of alternative currency units may lead to the formation of a poly-currency system.

Article is written in Ukrainian


Shirinyan L. V., Rohanova H. O.
The Features of Functioning of Cryptocurrency «Bitcoin» (p. 145 - 152)

The features of functioning of the innovative currency «bitcoin» in different world countries, methods of its extraction and storage are researched. The possibility of using bitcoin by Ukrainian consumers of services is considered. Advantages and disadvantages of its use in comparison with fiat money are identified. The possibility of outflow of fiat money from the real sector of economy into the shadow sector due to interaction and exchange of fiat money for non-fiat money is substantiated. The dynamics of value of bitcoin and capitalization of the market by years in the timespan of 2015–2018 are disclosed. The value of bitcoin is predicted using the polynomial function of the fifth order trend. The forecast value of the value of bitcoin as to September 2018 is received at the level of 7528–8285 USD.

Article is written in Ukrainian


Bondarets O. M., Bondarenko L. F., Vodolazska N. V., Khyl L. P.
The Status, Problems and Prospects of Development of the Market of Payment Cards in Ukraine (p. 153 - 157)

The role of payment cards in the system of non-cash payments in Ukraine is researched. The market of payment cards of Ukraine is analyzed. The advantages of using a payment card are allocated. The main problems of development of the Ukrainian market of payment cards are considered, defining and characterizing the possible ways of their solution with the help of marketing policy, expansion of the number of bonus programs, provision of greater availability of the trade acquiring services for small business enterprises, including the additional stimulation of clients by means of monthly accrual of interests on the balance on the card for prospective development of this payment form.

Article is written in Ukrainian


Prokopenko V. Y., Dubyna M. V., Mekshun O. O.
The Informational Transparency of Credit Unions and Its Influence on Formation of the Depositary Behavior of Citizens (p. 158 - 164)

The article is aimed at analyzing the level of informational transparency of credit unions’ activities in Ukraine, developing measures to increase its level and studying its influence on the process of formation of the deposit behavior of citizens. The essence of the category of «informational transparency» is substantiated, the latter is proposed to be considered as an adequate level of availability of reliable information about the main aspects of activity of an economic entity. After analyzing the essence of informational transparency and its role in improving the efficiency of financial institutions, It is concluded that their activities are transparent subject to implementation of the list of conditions that have been defined. The level of informational transparency of credit unions is also analyzed, using the methodology developed by the author. Taking attenion of the results of the research, measures to increase the openness of information on the functioning of the mentioned institutions have been developed, the implementation of which will increase the level of trust of households to the activities of these institutions.

Article is written in Ukrainian


Hrabchuk O. M., Lysiak L. V.
The Sources of Formation of Financial Resources of the State Sector of Ukrainian Economy (p. 165 - 170)

The relevance of the article is determined by the backbone importance of the State sector of economy in ensuring functioning of the country’s economy as an integrity. The article is aimed at considering the basic regularities of generation of financial resources in the State sector of Ukrainian economy and identifying the most significant aspects of its public purpose, with attention to the current conditions of crisis. In the terms of research the importance of the State sector of Ukrainian economy for the economy as a whole is analyzed. It is justified that the generation of financial resources in the State sector of the economy is carried out in the volume, insufficient for simultaneous reproduction of capital, performance of public purpose and financing of wages. The results of estimation of the long-term tendencies of sources of financial resources of the State sector of economy of Ukraine are presented. The uncertainty of the dynamics of sources of financial resources is calculated in view of the influence of inflation. The results of research allowed to make prognosis as to sources of financial resources in the State sector of Ukrainian economy and to define the potential moment of its bifurcation.

Article is written in Ukrainian


Pasichnyi M. D.
The Formation and Implementation of Budget Policy in Conditions of Crisis Transformations of Economy (p. 171 - 177)

The article is aimed at developing of theoretical and methodological foundations of formation and implementation of budget policy of the country in conditions of crisis transformations of economy. The author’s attention is focused on transformation of approaches to the deficitary financing of economy. It is defined that the groundlessness of decisions and fiscal policy measures in the sphere of budget deficit management leads to worsening of the economic situation and undermining the financial stability. An analysis of correlation of the consumer price index and the State budget deficit is carried out, risks of unbalanced budget policy for economy are identified. The directions of funds that involved to finance the budget deficit in the period of 2001–2017 are examined. The fiscal rules functioning in the countries of the European Union are characterized, peculiarities of their application are determined. The expediency of introduction of the Institute of long-term budget strategy and medium-term budget planning is substantiated that will help to limit budget deficit and public debt, to achieve financial stability in society.

Article is written in Ukrainian


Zhavoronok A. V.
The Theoretical Foundations of Development of the Mechanism for Activation of the Market of Non-Traditional Banking Services in Ukraine (p. 178 - 184)

The article is aimed at researching the theoretical foundations of development of the mechanism for activating the market of non-traditional banking services in Ukraine. In order to realize the indicated aim, peculiarities of functioning of the mechanism for activation of the market of non-traditional banking services are substantiated, which is fulfilled through definition and specification of its structural components: objective, principles of formation, basic functions, blocks of resource provision (legal, economic, financial, informational, human, organizational, material), methods and instruments that can be used to activate the development of the specified market. The use of this approach has allowed to form the main determinants of development of the indicated market in Ukraine. It is determined that the market of non-traditional banking services is a space of interaction between producers and consumers of such services, and, therefore, the mechanism for increasing the number of the related services should facilitate the improvement of quality of such relationships.

Article is written in Ukrainian


BUSINESS INFORM №9-2018

Pashchenko Y. P.
Improving the Mechanism for Bank Reorganization (p. 149 - 156)

The article is aimed at deepening the theoretical bases of the bank reorganization processes in Ukraine and determining practical recommendations on improving the mechanism for their implementation. The approaches to definition of the concept of «reorganization of bank» are considered and systematized; the author’s own definition of the concept of «reorganization of bank» is highlighted. The carried out economic-mathematical modeling has allowed to estimate the value of transactions of mergers and acquisitions and has caused possibility to make forecast of further situation in the market of mergers and acquisitions of banks of Ukraine. Ways of improvement of banks reorganization processes as to their financial recovery and entering the European and global markets are suggested. The issues of diagnosing the status of reorganization of banks in the context of developing practical recommendations for managerial decision-making require further research.

Article is written in Ukrainian


Mynenko L. M.
The Improvement of Identification Mechanism оf Groups by Participants of Banks (p. 157 - 165)

The identification and recognition by the NBU of bank groups (BG) operating on the territory of Ukraine is the starting point for forecasting, estimation and risk management of the banking system. This issue becomes particularly topical during the aggravation of crisis phenomena caused by both internal and external processes. In view of the ongoing process of identification and recognition of bank groups in Ukraine, the list of the groups identified by the NBU is still incomplete. The article also contains information on identified (recognized) banking groups for the period of 2011–2018. The author analyzes the legal field for the identification and recognition of banking groups. It is proved that the current process of identification and recognition of bank group by the National Bank of Ukraine is quite complicated, laborious and requires improvement. The article also introduces an alternative approach to the identification of BG. The result of its approbation is identification of the new BG, previously not identified. In addition, it has been determined that the new BG is part of a much larger non-statutory business structure (financial and industrial group).

Article is written in Ukrainian


Oleksandrenko I. V., Nikolaieva A. M., Pyrih S. O.
The Diagnostics of Financial Capital of Enterprise: the Methodical Aspect (p. 166 - 174)

On the basis of analysis of scientific approaches the concept of «financial capital of enterprise» is clarified, under which usually is understood the capitalized sum of financial resources of enterprise, being the sources of formation of its assets and received by means of financial instruments and efficient work. The functional characteristics of financial capital are reflected, allowing to a deeper understanding of its content and role in the activity of an economic entity. The main stages of financial capital diagnostics are presented, which makes possible to carry out its analytical research comprehensively and logically. The approach to allocation of components of financial capital according to separate classification characteristics is deepened that allows to approach in detail to its diagnostics in the context of various sources of formation and directions of use. The methodical approach to analysis of use of financial capital by separate directions is developed and the basic indicators characterizing efficiency of its use in activity of enterprise are reflected. The methodology of carrying out factoring analysis of the profitability indices of financial capital is substantiated, which can provide the results for further identifying of the influence of internal factors on the change of efficiency of its use. Application of the developed methodology of financial capital diagnostics will allow enterprises to evaluate the results of financial activity in detail and comprehensively, to approach on a reasonable basis the process of decision-making in the direction of formation and use of capital.

Article is written in Ukrainian


Hladkova O. V., Svynarenko T. I.
The Budget Security of Region as a Factor of Its Sustainable Socio-Economic Development (p. 174 - 181)

The article is aimed at defining the essence and current status of regional budget security of regions. The existing approaches to the definition of «budget security» are considered; the authors’ point of view on understanding of this concept is presented. On the basis of the related theoretical review, a definition of the concept of «budget security of region» is suggested as financial autonomy of a territorial unit, which would provide local authorities with autonomy in the formation and distribution of financial resources in order to implement the functions assigned to them. The authors analyzed the current status of the budget security of regions of Ukraine for 2014–2016. It is concluded that the budget security of regions of the country should be strengthened by forming an effective budget policy and the corresponding budgetary mechanism, while taking into consideration the modern normative-legal provision.

Article is written in Ukrainian


Kozarezenko L. V., Tochylina I. V.
The Instruments for Evaluating the Efficiency of Tax Administration in Ukraine (p. 182 - 188)

One of the main priorities of tax reform in Ukraine is the reform of bodies of the State fiscal service, because they are dealing with significant amounts of funds, which constitute a significant share of the country’s GDP. The fiscal service as such is one of the largest organizations in the public sector, which most often contacts the business and, accordingly, more often becomes the object of complaints on the part of the latter. The structure and subordination of tax services may differ significantly depending on the State system, the level of development of the country and other factors. Accordingly, instruments for evaluating and comparing the efficiency of their performance can also differ. The publication carries out a comparative analysis of the instruments used to diagnose the status and tendencies of development of tax administration in Ukraine and the world-wide, as well as te system of indicators that is used by the SFS for planning and evaluation of efficiency of the own work. A comparison with the system of indicators of the diagnostic instrument TADAT (Tax Administration Diagnostic Assessment Tool) and the indicators used in informational and analytical materials of the Organisation for Economic Cooperation and Development is carried out. Distinctions of national practice of evaluation from the world analogues are allocated.

Article is written in Ukrainian


BUSINESS INFORM №10-2018

Kozarezenko L. V.
The Mechanism for the State Financial Regulation of Sustainable Human Development (p. 278 - 284)

In conditions of instability of development of the world economy the issues of activization of the role of the State financial policy as to creation of favorable conditions for human development and restoration of positive economic dynamics acquire significant importance. The preconditions for a long-term economic growth are competitiveness of economy, improvement of production, and institutional environment. Dynamic transformations of the economic model of the country require the application of a balanced approach to the definition of rational methods of financial regulation of the branches of social production. The financial component of human development should ensure gradual improvement of the level and quality of life, promote improvement of the institutional structure of social sphere, increase of the level of labor productivity, increase of the share of production of high technology and high-tech products in the gross national product. The important thing is to implement the systemic and balanced State policy in the sphere of financial support for human development, using a complex of budget, tax, credit, and insurance instruments. Of relevance is an adaptive improvement of institutional bases of financial regulation of human development, including in terms of education, science, health, social sphere, labor market.

Article is written in Ukrainian


Gudzovata O. О., Samura Y. O., Shekhlovych A. M.
Substantiating the Instruments of the State Regulation of Unshadowing of the Monetary and Crediting Sector in the System of Financial-Economic Security of the State (p. 285 - 290)

The status of financial-economic security of Ukraine at the present stage of development of the State is unstable and is characterized by significant crisis processes and phenomena, in particular-the high level of shadowing of the financial-economic relations. Counteraction to financial crimes, «laundering» of illegal means, crimes in cross-border and international spheres is a key component of strengthening of the financial-economic security of the State, therefore only introduction of a comprehensive system of minimizing the manifestations of shadowing in the monetary sphere will yield positive results in the context of strengthening the financial-economic security of Ukraine. The article is aimed at substantiating the instruments of the State regulation of the monetary and crediting sector in the system of financial-economic security of the State. The basic systemic factors of high level of the financial-credit sector are identified as prerequisites for increasing the threats to the State’s financial-economic security. The shortcomings of the State regulation of unshadowing of the monetary and crediting sector are determined. Effective instruments of unshadowing the monetary and crediting sector have been developed in the context of strengthening the financial-economic security of Ukraine.

Article is written in Ukrainian


Havrylchenko O. V.
The Modern Methods and Instruments of Financing the Development of Export Potential of Ukraine (p. 290 - 295)

The article is aimed at studying the modern effective instruments of export financing, determining the possibilities of their use by Ukrainian enterprises in order to increase their competitiveness in the world market. According to the results of theoretical researches the basic methods of financing of exports in the context of short-term, medium and long-term financing are generalized. The analysis and assessment of the export potential of Ukraine were carried out on the basis of the World Bank data. The author considers activity of the Export-credit agency, opportunities for Ukrainian exporters to use such export financing instruments as letter of credit, factoring, «green basket» method. The main problems of the current Ukrainian exports development are determined. The necessity of creation of the institutional basis for implementation of the State support for introduction of financial instruments of export development is substantiated that will ensure further development, increase and build-up of national economic potential in both traditional and new sales markets.

Article is written in Ukrainian


Kopylyuk O. I., Husar U. Y., Muzychka O. М.
The Systemic Approach to the Formation of Security of Insurance Business in Ukraine (p. 296 - 301)

The article is aimed at improving the conceptual framework and developing a systemic approach to the formation of insurance business security in Ukraine. The authors’ approach to interpretation of the concept of security of insurance business, definition of its structure and elements is proposed. The methodological basis of formation of insurance business security system is substantiated with attention to the unity of interrelated elements; its key features are identified. It has been proved that efficiency of the insurance business security system is determined by its ability to withstand the factors of external and internal threats with the greatest efficiency, thus avoiding losses, preventing Insurance claims, minimize insurance indemnity and maximize the business profitability. Prospects for further researches in this direction are analysis and estimation of safety of the insurance market, improvement of both the indicator and another approaches to determination of the security level of insurance business on the basis of maximal congruence of insurance interests.

Article is written in Ukrainian


Kryvytska O. R.
The Analytical Study on Incomes of the Life Insurance Companies in Ukraine (p. 302 - 308)

The article researches modern approaches to classification of the incomes of insurance companies. Incomes are systematized and characterized as a result of receipt of funds from various types of activity: operating, investment, financial. The structure of incomes of the companies-leaders at the market of life insurance of Ukraine, in particular "Grave Ukraina", TAS and MetLife is explored and analyzed. On the basis of determination of the aggregate share of the studied companies in the income structure of the life insurance market, the author confirms the status of the companies as market leaders. More than 60% of the income of the life insurance market has been formed in recent years precisely by these companies. The allocated general regularity for all researched companies is the annual increase of incomes from the basic operating activity, that is the incomes from realization of life insurance service. Further analytical research of incomes from realization of life insurance service in the context of types of life insurance contracts will provide an opportunity to define priority reserves for increase of incomes both of the companies-leaders in particular, and the life insurance market in general.

Article is written in Ukrainian


Kruk O. M.
Analyzing the Credit Portfolio of Commercial Bank (p. 309 - 314)

The article is aimed at analyzing the credit portfolio of commercial bank and developing recommendations to improve its management efficiency. The place and role of credit operations in the structure of commercial bank assets is determined. Features of analysis of credit portfolio of commercial bank are considered. The analysis of credit activity of the PJSC CB «PrivatBank» in dynamics is carried out. It is determined that the indicator of credit activity, which shows the share of credit investments in the bank’s total assets, is reduced in view of significant deductions to the bank reserves. The composition and structure of credit portfolio of the PJSC CB «PrivatBank» for the period of 2015 – 2017 is analyzed according to different economic characteristics: in the context of customers of crediting (by types of borrowers), concentration of the clients’ portfolio by branches of economy and directions of commercial activity. Measures to increase efficiency of the bank’s credit portfolio management and to improve the quality of its structure are proposed.

Article is written in Ukrainian


Buriak A. V., Kryvych Y. M., Serdechna V. V.
The Current Status of Trust in the Financial Sector: International and National Review (p. 314 - 320)

The article is aimed at exploring the existing approaches to measurement of trust and carrying out an analytical review of trust in the financial sector of the world countries. Among the available to exploring approaches to trust measurement are both foreign and national indicators of trust measurement. The article provides an analytical review of the status of trust in the financial sector world-wide and the status of trust in banks in individual world countries. The level of trust among the population is also considered in terms of attributes of age and of financial literacy. The level of trust is determined on the basis of world studies, such as Edelman Trust Barometer, World Values Survey (WVS), Statista and national researches carried out by the Kyiv International Institute of Sociology (KMIS) and the Institute of Sociology of the National Academy of Sciences of Ukraine (Institute of Sociology NANU).

Article is written in Ukrainian


Glushchenko V. V., Sadova H. O.
The Modern Tendencies of Bank Crediting in Ukraine (p. 321 - 326)

The article defines dynamics of bank crediting of individuals and legal entities for the period of 2013–2017. The article is aimed at defining and substantiating the reasons of the newest tendencies in bank crediting. The credits granted to individuals in various aspects, namely: on the target directions, mortgage credits on terms of repayment are considered. The credits granted to non-financial corporations are analyzed in the following sections: by maturity, by size of enterprises. The percentage of credits granted to individuals and legal entities is also analyzed. The current status of bank crediting is characterized by increase of volumes due to improvement of financial condition of households and favorable macro-economic conditions. The reduction of volumes occurs only in the sphere of mortgage crediting. Among the problems of crediting can be called concealment of real incomes of individuals and inability of banks to correctly assess the credit risk of borrowers – legal entities which is caused by lack of transparent reporting and a low level of centralized tracking of credit histories of organizations.

Article is written in Ukrainian


Semenog A. Y., Tsyrulyk S. V.
The Tendencies in the Development of Fintech Services in Both the Global and the National Financial Services Markets (p. 327 - 334)

The article is aimed at defining and analyzing the general status, role, value and tendencies in the development of Fintech services in both the global and national financial services markets. According to the findings of the carried out analysis, an active increase in the number of Fintech companies in the world is identified, which is ensured by a high level of investment, especially in the sphere of remittances, payments, savings, investments, and crediting. The composition and structure of the Fintech industry in Ukraine are presented, the main directions of which are payment services, mobile purses, retail banking, credits and financing, crowdfunding. It is proved that the tendency of development of Fintech in Ukraine is caused by growth of number of Internet users and a degree of Internet connectivity, growth of number of active users of smartphones, computers and tablets, development of e-commerce, including mobile.

Article is written in Ukrainian


Verkhoturova A. V., Doroshenko N. O.
The Analysis and Prospects of Crediting of Small and Medium-Sized Business Entities (p. 335 - 340)

The article is aimed at identifying ways to improve the crediting process for small and medium-sized businesses in the current economic and political conditions in Ukraine. The status of crediting of the sector of small and medium-sized business is considered, a statistical data analysis is carried out and a forecast of their change up to 2022 year is made. Programs of crediting and supporting of small and medium-sized business are considered in comparison with similar programs of the neighboring countries. Ways and directions of achievement of rapid development in the crediting of small and medium-sized businesses by banks are identified. It is proved that to improve the status of crediting of this sphere, there is a need to support on the part of not only foreign countries, but also on the part of Ukraine, also recommendations are proposed to simplify the process of crediting small and medium-sized businesses. The prospect for further consideration of the topic of crediting of small and medium-sized businesses is to develop preferential programs for crediting enterprises by the State.

Article is written in Ukrainian


Sytnik N. I.
The ІCO as an Instrument for Financing Ukrainian Startups (p. 341 - 346)

The article considers features of financing of national sector of startups and, in particular, ІCO. The factors of development of ІCO investment are identified. A comparative analysis of alternative sources of financing of startups, such as ІCO, ІPO and crowdfunding, is carried out. The advantages and limitations of ІCO financing for developers of startups and investors are determined. Tendencies of development of ІCO financing both world-wide and in Ukraine are identified. It is determined that in recent years the total volume of financing of national startups shows steady growth. If in 2010–2016 the main source of financing was venture capital, then in 2017 there was a differentiation of sources of financing for venture capital, private capital and ICO. In this case, in terms of volume, the ICO investments came to the second place after the venture capital. In addition, Ukraine, at the State level, makes the first steps to legalize the market of cryptocurrencies and blockchain technology. Developing of an appropriate legislative framework can be a significant impetus for the growth of ICO investments.

Article is written in Ukrainian


BUSINESS INFORM №11-2018

Pikhotskiy V. F., Kucyk M. R.
The State Financial Control in the Conditions of Budget Decentralization Policy (p. 375 - 379)

The article discloses the essence of the State financial control and the need to conduct it in the context of the budget decentralization policy. The efficiency of the budget decentralization at the local level is determined. It is important to create efficient and capable communities that will influence the country’s economic development. Conclusions have been drawn as to the role of the State financial control in the context of budget decentralization policy, which will consist in identifying additional sources of filling the local budgets. It is proposed to decide on the strategy of the State financial control of local budgets and the stages of its implementation in specific periods.

Article is written in Ukrainian


Slobodianiuk N. O., Yankovskyi V. A.
The Capital Adequacy of Banking Institutions: Ukrainian Realities and International Regulatory Control (p. 380 - 387)

The article is aimed at diagnosing the current state of capitalization of banking institutions in Ukraine to substantiate applied measures in order to increase the level of adequacy of banking capital, in view of the requirements of international legislation. The essence is considered and the terminology apparatus of the «bank capital» is systematized. The main indicators of development of the banking sector of Ukraine for 2015–2018 are diagnosed, the indicator of adequacy of regulatory capital for leading banks is estimated, the compliance of banking institutions with the requirements for the size of their regulatory capital and their ability to timely pay on their obligations to counterparties is determined. The basic changes which will happen at the full-fledged implementation of the «Basel-III» agreement are researched, the possible most significant positive and negative consequences for banking institutions of Ukraine resulting from the specified agreement are substantiated. The risks on claims and possibilities of their transfer are analyzed in the context of banking institutions of Ukraine and individual countries. Prospect for further scientific research is the practical development of the mechanism for identification and ranking of the aggregate of risks arising from the further introduction of requirements of the «Basel-III» standard in the banking activities, in view of the experience of foreign countries.

Article is written in Ukrainian


Hariaha L. О.
The Development of Financial Market in the Conditions of Digitalization of Economy (p. 388 - 393)

The article is aimed at defining the features of functioning of the financial market of Ukraine in conditions of digitalization of economy and characterizing the «digital» business models of its development. It is determined that the ratio of capitalization of the listed companies and bank credits in Ukraine testifies to the bank-centric model of development of the financial market of Ukraine and to the considerable exceeding of the sum of banks credits over the size of capitalization of the listed companies of Ukraine. New digital technologies that influence the development of the financial system are systematized. The «traditional» and the «digital» business models of the financial market are allocated. The «digital» business models of the financial market are characterized. The latter include: market of digital currencies, lending without intermediaries, crowdfunding, internet trading, currency exchange platforms, payment services, internet banking, mobile banking, fintech, insurtech. Prospect for further research is exploration of forms and mechanisms for interaction of banking institutions and fintech companies.

Article is written in Ukrainian


Zveruk L. А., Rudenko V. Y.
The System of Liquidity Management of Bank Institution (p. 394 - 401)

The article discloses the key characteristics of the concepts of «liquidity» and «bank liquidity»; liquidity as a multilevel system is characterized; essence of liquidity is analyzed in accordance with the basic scientific approaches; the factors of influence on liquidity are researched and their division by levels depending on the influence of groups of managers of bank institutions is made. The necessity of a systemic approach to the bank liquidity management is proved, which provides for mutually agreed integration of the system elements. The strategies of liquidity management are allocated and their features are covered. The strategy of liquidity management is evaluated according to the quality criteria of the bank management of the JSC CB «Privatbank». The organizational structure of management, the level of normative provision of bank, the carrying out of stress testing, the indicators of both liquidity evaluation and liquidity risk are researched. A rather high organizational and information level of the bank’s liquidity management system and the perfect normative framework are identified. It is noted that further development of liquidity management strategy is determined by strategic directions of the bank’s development.

Article is written in Ukrainian


Marchenko O. V., Nevidoma L. O.
Analyzing the Problematic Indebtedness of Banks (p. 402 - 408)

A stabilization of the financial and economic situation in the country in the current economic conditions is impossible without a developed, reliable and efficient banking system that could provide the necessary volumes of crediting to the real sector of economy. However, excessive number of problematic credits and, as a result, poor quality of credit portfolios can lead to a number of negative consequences in the bank’s work, preventing it from performing even its basic functions. The publication researches the approaches to definition of the concept of «problematic credit» and generalizes the basic views on essence of the problematic credit. The changes of both the volumes and the share of problematic credits in credit portfolios of banking institutions over the last five years are analyzed and the reasons of their growth are determined, the main among which are: recognition of the non-working credits after nationalization of the Privatbank and new rules of the NBU regarding the evaluation of problematic credits. The main strategies of the bank’s problematic debt management are considered, each of which provides the possibility to use a large number of methods and instruments, available are in the banking practice.

Article is written in Ukrainian


Nosach I. V., Liebiedieva D. O.
The Essence and Role of the Financial Strategy of National Enterprises (p. 409 - 413)

The article is aimed at examining the theoretical aspects of the essence and role of the enterprise’s financial strategy. In connection with the current economic-political situation, which strongly affected the financial stability and solvency of modern enterprises, this issue has gained new relevance. The sustainable financial status of national enterprises in the present conditions is impossible without an effective system of financial planning, i.e.: the financial strategy, which would ensure implementation of the economic ambitions of enterprise and would provide for definition of both the long-term financial objectives and the choice of the most effective ways to achieve them. As a result of the research on this issue, the main approaches and alternative views of domestic and foreign authors to the definition of the concept of «financial strategy» have been considered, the main objectives, goals, principles and succession of stages as to formation of the financial strategy of enterprise have been presented.

Article is written in Ukrainian


Martynenko V. V.
The Contemporary Tendencies of Development and the Prospects of Taxation in Ukraine (p. 414 - 420)

The main aim of the article is improving the methodical provision of the estimation of contemporary tendencies of development and the prospects of taxation by forecasting the level of tax burden on the national economy of Ukraine, implementing the scenario approach. An analysis of dynamics of tax receipts to the budget of Ukraine is carried out. It is proposed that the level of tax burden be calculated as the ratio of the amount of tax revenues to the consolidated budget and the income from a single social contribution to GDP in actual prices. Introduction of the scenario approach in forecasting the tax burden on the Ukrainian economy with attention to extrapolation and influence of the GDP dynamics on the volume of tax revenues and the single social contribution is implemented. The strengthening of the tax burden on the national economy (from + 0,2 to + 4,5%) over the next 5 years is substantiated, subject to persistence of the current tendencies as to dynamics of GDP in actual prices, tax revenues to the budget, and a single social contribution. Prospect for further author’s researches in this direction will be development of ways of improvement of tax management of the State under conditions of the decentralization of power.

Article is written in Ukrainian


Kozarezenko L. V.
The Tax Policy in Ensuring the Social Function of the State (p. 420 - 426)

The Tax policy causes influence on implementation of the social function of the State during the collection of taxes through both fiscal and regulatory functions. The main instruments of influence are: 1) changes in the regime of taxation of social goods and services and 2) stimulation of the national economy entities through growth of the level of their expenditures for the development of society. The first approach is applied primarily in the taxation of value added tax and corporate income tax, the second is a form of promotion of investment in the form of tax incentives to obtain services in the field of education, professional training, health, etc. The complexity of the tax system is a deterrent to the implementation of the social function of the State, because the important condition for the efficiency of tax incentives is simplification of their use, including both the administration and the reporting procedures. An important role belongs to the institutional framework for harmonizing tax mechanisms, particularly in the area of indirect tax collection. In such a context, coordination of international relations to remove restrictions on the way of attracting investments and economic cooperation is an important component of the country’s socio-economic development.

Article is written in Ukrainian


Lysa O. V.
The Threats to the Financial Security of the National Enterprises and Households at the Present Stage (p. 427 - 433)

The article is aimed at summarizing the results of research on the theoretical-methodical approaches to the definition of essence and interrelation of financial security of households and the economic entities within the component structure of financial security of the State, as well as identification of the inherent threats at the present stage of development of Ukraine’s economy. It is determined that the basic components of the financial security of the State at the micro level are the financial security of economic entities (enterprises) and the financial security of households, the relationship between which can be characterized differently in terms of the different stages of economic cycles. The research showed that the financial security of enterprises and households is constantly threatened, the threats can be identified, potential, external and internal. These threats are caused by certain risks, which can also be classified in some way. Among the threats to the financial security of households, which have recently gained special relevance, a significant increase in tariffs for housing and utilities, as well as consumer prices for food products can be singled out. It is displayed that in recent years in Ukraine there is an excess of the rate growth of the utility tariffs over the inflation rate. Prospects for further research in this area are more detailed research of factors influencing the level of financial security of enterprises and households, as well as definition of the indicators that will allow to obtain more substantiated evaluation of their level.

Article is written in Ukrainian


Svirko S. V., Trosteniuk T. M.
The Budget Reporting as an Element of the Managerial Accounting in the Context of the Subordinate System of the SOIHE (p. 434 - 440)

Features of activity of the State-owned institutions of higher education (SOIHE) are analyzed with the purpose of defining the basis of managerial accounting in general and of managerial reporting in particular. The expediency of allocation in the content of managerial reporting of the above-mentioned economic entities of two groups according to the types of users (internal and external management apparatus) is explained, namely the internal management reporting and the budget reporting. The definition of managerial reporting of the State-owned institutions of higher education is formulated. A general characterization of budget reporting of the SOIHE is presented. Based on the analysis of the content of the latter, conclusions are drawn about the need to further improve the methodological provisions of budget reporting. The obtained result together with elaborating of theoretical provisions of the managerial reporting of the State-owned institutions of higher education will contribute to the development of its methodical provisions, implementation of which in practice will optimize external and internal management of the State-owned institutions of higher education, which in turn will help to strengthen the system of public finances of Ukraine.

Article is written in Ukrainian


Goncharenko N. I., Bulhakova O. O., Psota T. V.
The Cryptocurrency as an Innovative Instrument of the International Settlements in Conditions of Global Financization (p. 441 - 448)

The article is aimed at researching the world-wide experience of using cryptocurrency as an innovative instrument of the international settlements in conditions of global financization, development the scientific-practical recommendations concerning its assimilation by Ukraine. The evolution of the cryptocurrency implementation into the modern system of international settlements is explored, the main tendencies of its further use and legal regulation in the conditions of the global financial space are determined. The advantages associated with the recognition of cryptocurrency as a means of payment in terms of development of the innovation sphere of international settlements in Ukraine are allocated. It is proved that use of cryptocurrency as an innovative instrument of settlements is possible only under the condition of preliminary legislative determination of the status of the latter as a financial asset and payment means. The possibilities of using cryptocurrency as an innovative instrument of the international settlements in Ukraine are suggested. Prospects of further researches in this direction are determination of the level of attraction of cryptoassets into the State budgets of developed countries, research of development of cryptocurrency transfers in the international settlements and their influence on the processes of fluctuation of business activity and the leveling of the global financial imbalances.

Article is written in Ukrainian


BUSINESS INFORM №12-2018

Sytnyk N. S., Kovalchuk M. P.
Analyzing the Financial Security of the Ukrainian Credit Market (p. 323 - 328)

The article is aimed at researching the current status of security of Ukrainian credit market. The place, essence and meaning of the concept of «financial security of credit market» is considered. An analysis of the main indicators of the banking segment of the Ukrainian credit market during 2012–2017 is carried out. The credit portfolio of Ukrainian banks regarding the availability of problematic loans is considered. Both the dynamics of reserves in terms of the bank credit operations and the level of security of credit portfolio of national banks are analyzed. A system of indicators for analysis of the current status of financial security of credit market is presented. The integral indices of financial security of the banking system are calculated. The conclusions on the degree of security of the credit services market are formed and practical recommendations for improvement of its level are suggested. Further prospects of research consist in development of strategic credit policy for ensuring reliability and strengthening of credit market and the banking system of Ukraine as a whole.

Article is written in Ukrainian


Vnukova N. M., Achkasova S. A., Horianyk O. V.
Developing the Risk Management System in the Activity of Financial Intelligence Division (p. 329 - 339)

The article substantiates the contents of risk management. The existing approaches to definition of the essence of both risk management and risks management are generalized. It is determined that formation of an efficient institutional structure of the risk-oriented system of counteraction to the funds laundering, financing of terrorism and financing the proliferation of weapons of mass destruction (FL/FTPW) by improving the personnel, financial, informational, methodical provision of counteraction to the FL/FTPW is the basis of development of the risk management system. Namely the indicators of the financial security are of great significance in the provision of risk management in the activity of the State financial monitoring service of Ukraine. An econometric model is built and its basic characteristics are defined. It is determined that the most important in the development of the system of risk management in the activities of the State financial monitoring service of Ukraine are the indicators of the ratio of the number of the information messages about the suspicious financial transactions of banking institutions to the total number of the entities of primary financial monitoring (EPFM) of banking sector together with the ratio of the information messages about the suspicious financial transactions of non-banking institutions to the total number of the EPFM of non-banking sector.

Article is written in English


Blahun I. I.
Formation of the Market Prices for Shares under the Influence of Oil Futures (p. 340 - 347)

The article is aimed at research on probability of a dependence between formation of the market prices for shares and the prices for oil futures. Based on the analysis of scientific publications concerning exploration of the oil pricing problems, their influence on the macro-economic parameters, as well as on the dynamics of market development, the author suggests a hypothesis about existence of the correlation between price determination of the oil futures and prices for the basic financial instrument of financial market – shares. The dynamics of both the index of FSTS and the prices for Brent oil are analyzed. The analysis found that the prices for oil futures are more volatile than the dynamics of the exchange index of FSTS, resulting in a relatively higher risk of the oil-related investments. It is determined that the use of regression models to evaluate the investment risk has certain limitations. The solutions offered by the models with the error correction mechanism and the VAR models allow to better understanding of the nature of price formation, as well as the formation of price relations between different products. As result of the research of co-integration on the basis of the model, in which the price for Brent oil future acted as a dependent variable, is determined that the long-term balance between oil prices and the exchange index of FSTS is not manifested, but there is a interrelation between them in the short term.

Article is written in Ukrainian


Storozhenko O. O., Yeliseyeva O. K.
The Advantages and Disadvantages of Using the Remote Banking Services in the Banking Sector of Ukraine (p. 347 - 351)

The article is aimed at studying the prospects of development of the remote banking services: both the positive and the negative aspects in Ukraine. The advantages and disadvantages of using the remote banking services are analyzed; recommendations on introduction of the remote banking service in Ukraine are developed; their impact on the quality of services provided by banking institutions is investigated. Special attention is paid to exploration of the threats, which appear when using the remote banking services, and ways to minimize them.

Article is written in Ukrainian


Danko T. V., KlunkoViktoriia A.
The Criteria for Investment of Financial Institutions in the Small and Medium-Size Enterprises (p. 352 - 357)

The article is aimed at carrying out a comparative analysis of the criteria of investment of non-banking financial institutions in the small and medium-size enterprises on the example of business angels and venture funds. In the current conditions of operation of small and medium-size enterprises the popular source of financing are banks, but they are not always profitable and accessible, therefore alternative tools of development of enterprises are present. In order to attract financial intermediaries, the business must visualize their objectives and decision-making criteria in order to ensure their compliance. There is a problem of the insufficient level of knowledge as to the criteria of international investors who could build a «foundation» for further development of enterprises. The analysis of 22 venture fund websites and 30 websites of business angels and syndicates showed that, first, not all investors displayed requirements for the subjects of financing; second, most of them were focused on start-ups exclusively. As a result, the main difference of the analyzed sources has been identified: business angels, first of all, pay attention to the current achievements of enterprise, and venture funds focus on the industry in which enterprise operates. Also, the business angels are found to have more requirements, and so, accordingly, more criteria than the venture funds.

Article is written in Ukrainian


Pleskun I. V.
The Banks’ Risks Management: The Current Development Tendencies (p. 358 - 364)

The article considers the essence of the risks management system and the existing directions of its improvement in the domestic banks. The important components of the effective risks management process are identified. The necessity of introduction of the advanced system of compliance control for risks management of banking institutions is proved. The essence of the concept of «compliance» is highlighted and a methodical approach to building of a compliance program based on the risk assessment is proposed. A complex of organizational and methodical measures as to implementation of a compliance program of control over compliance of banks with the requirements of the effective legislation is offered.

Article is written in English


Kolodiziev O. M., Kotsiuba O. V.
Developing the theoretical fundamentals of ensuring the financial stability of bank on the results of the morphological analysis of essence of the concept of «compliance» (p. 365 - 373)

In modern conditions the concept of «compliance» is being increasingly used in the international banking practice. This term is considered in the context of compliance of business entities’ performance with established norms, rules, regulatory acts, documents, etc. For Ukraine, as for the State, which actively cooperates with foreign partners and integrates the national markets into the international community, appears important to adapt the rules and laws of regulation of markets, particularly, of the banking market. The article carries out the morphological analysis of the concept of «compliance», with attention to different approaches of both domestic and international authors. The authors’ own vision of the concept of compliance is presented with the help of allocating the essential features and evaluating the degree of inclusion of the concepts, chosen for the analysis. As for further researches, this will allow to substantiate and build an effective structure of key elements of the compliance system in bank in order to adapt the national legislation in the sphere of banking regulation to the international law.

Article is written in Ukrainian


Holovnia O. M.
The Problems and Prospects of the Nonstate Financing of Socio-Economic Development (p. 373 - 378)

The article is aimed at evaluating the possibilities of nonstate financing of social development with use of new methods. The leading place among them belongs to public organizations and progressive mechanisms of fundraising. Responding to the need for innovative technologies to manage social development, the national economy should launch mechanisms for revitalizing modernization processes. For this purpose it is necessary to generate new means of achievement of socio-economic goals, in particular intensive attraction of funds. To such innovative technologies belong fundraising, crowdfunding, and crowdsourcing. By performing a derivative role, such technologies are an efficient instrument for creating a platform of promoting the nonstate financing for social development. Contributers to innovative technologies are authors of original projects, startups, companies, organizations, sponsors, and consumers of original products. Financing social projects through grants is a significant step forward in terms of developing the social responsibility for business and participation in the Global Compact.

Article is written in Ukrainian


Omelchenko O. I., Rats O. M.
Leveling the Financial Risks of Banking System with Use of Monitoring Instruments (p. 379 - 385)

The article is aimed at researching the essence and peculiarities of risks of banking system, in particular those related to legalization of illegal incomes, as well as formation of recommendations on leveling of such types of risks by means of monitoring instruments. The works of foreign and domestic scholars on the issues of occurrence and classification of risks of banking activity are analyzed, the essence and peculiarities of bank risks are concretized using the monographic method and morphological analysis, including the risks related to the legalization (laundering) of proceeds of crime, financing of terrorism and the proliferation of weapons of mass destruction. The operations that most often fall under the criteria of financial monitoring are closer defined from the point of risk. The legislative, methodological and institutional provision of regulation of banking activity and implementation of internal and the State monitoring are analyzed. The analysis and evaluation of Ukrainian banks’ compliance with economic standards of activity, their dynamics, tendencies of change and degree of instability are determined. On the basis of the obtained results, the directions of adjustment in the sphere of banking regulation are defined and ways of improvement of the financial monitoring system of banking activity are suggested.

Article is written in English


Romanovska Y. A., Urbanovich V. A.
The Single Social Contribution as an Efficient Instrument to Ensure Revenues in the State Social Insurance System (p. 386 - 393)

The article is aimed at researching the status of introduction of the single social contribution (SSC) in Ukraine, evaluating its efficiency, identifying problematic issues and ways to improve the system of charging the SSC. The system of single contribution for the State compulsory social insurance specially plays a significant role in financing the social sphere of Ukraine. Efficiency of the national social protection system depends on the timely receipt of insurance contributions. The authors consider the essence of the single contribution to the State compulsory social insurance, efficiency of introduction of the single contribution rates, carry out an analysis of the status of arrears in the payment of the SSC in Ukraine and, in particular, in the Vinnytsia region, as well as factors that cause such situation. The analysis identifies a number of issues that require immediate solutions. The main ones are the high burden on the Fund of economic entities’ wages. It is substantiated that this state of affairs inevitably leads to the formation of arrears in the payment of SSC. The ways of improvement of the legislation on payment and accrual of the SSC are provided, a radical reforming of the mechanism for administration of the SSC is proposed.

Article is written in Ukrainian


Paientko T. V., Savchenko Y. M.
The Theoretical Foundations of the Tax Transfer Classification (p. 393 - 399)

The article is concerned with deepening of studying of the essence of tax transfer as an economic category, in particular by means of classification of tax transfer according to three criteria: mechanism for tax inclusion in price, type of tax, and tax jurisdiction. The direct and reverse directions of tax transfer as a whole are characterized, depending on the mechanism for tax inclusion in price. The authors generalize the studies on mechanisms for transfer of such main taxes in Ukraine as value added tax, corporate income tax and income tax of individuals, analyze possibilities of their transfer. The demarcation of taxes as to tax jurisdiction that happen within the borders of one country and going beyond the borders of one country, in particular making use of offshore territories, is made. At the same time, regarding the transfer of taxes within one country, the emphasis is placed on using a simplified tax system in Ukraine in the processes of tax transfer, maximizing profits and minimizing tax payments.

Article is written in Ukrainian


Koroviy V. V.
The Territorial Community Budget as a Basis of Local Finances (p. 399 - 405)

The article is aimed at disclosing the essence and role of budgets of territorial communities in the system of financial provision of the local self-government, defining the approaches to formation of local budgets as a weighty instrument of the socio-economic development of territories. Achieving the financial self-sufficiency of local government will allow implementing of the principle of balanced functioning of local finances. An important task is to determine the role of the institution of local finances in the modern economic environment, the need to introduce institutional changes in the budget process, the carrying out of administrative-territorial transformations. The inter-budgetary transfers and budget expenditures play a decisive role in increasing the volume of financing of social programs, ensuring financial stability, and strengthening its influence on the socio-economic development of territory along with balance of the local budget. It is expedient to increase the innovation component of local budgets, the volume of financing of social programs, decrease dependence of local budgets on transfers from the State budget, ensuring economic and financial stability, strengthening the influence of regulation of the inter-budgetary relations on the socio-economic development of territories.

Article is written in Ukrainian


BUSINESS INFORM №1-2019

Hryschenko T. V., Anzina H. V.
The Main Directions of Influence of Financialization on the Functioning of National Economies and Economic Entities (p. 296 - 302)

Over the past 20 years, the world economy has been financialized, i.e., the financial system is being advanced in comparison with other sectors. The article considers features of a new stage of development of the world economy, namely: processes of financialization and their influence on the national economies and the activity of economic entities as a part of these. The influence of global processes of financial sector domination on the pricing processes in the Ukrainian economy as well as on the local companies is proved. The companies that are part of international markets for goods, services and capital, including the holding companies with assets in Ukraine, experience the greatest impact of financialization. Therefore, in determining the fair value of such companies, it is necessary to take into view the impact of financialization processes and, accordingly, to improve methodical approaches. Taking into consideration the participation of companies in the international capital market; impact of globalization processes through the financial sector; growth of lending volumes; increase in intermediary services in the financial market, etc., there is a growing need to find ways to improve the fair valuation of company. The factors which should be taken attention in the fair valuation of the Ukrainian companies in conditions of financialization of economy are determined.

Article is written in Ukrainian


Bril M. S.
The Spatial-Dynamic Analysis of Status of the Stock Market of Ukraine (p. 303 - 310)

The article proposes and implements the algorithm of spatial-dynamic evaluation of the financial security level of the stock market of Ukraine in comparison with other countries. The algorithm, built on the use of methods of economic-mathematical modelling, allows to carry out dynamic-spatial analysis of the stock market, to identify and analyze the force of influence of external factors on the functioning of the stock market of Ukraine and to carry out forecasting of its development in the future. The results of spatial analysis allowed to identify Ukraine’s belonging to the class of countries with a critical level of financial security of the stock market and determine priority directions of the stock market functioning. The analysis of the impact of the stock indices of the countries-representants and China on the functioning of the stock market of Ukraine, the results of which showed positive impact on the PFTS level of business activity of the stock markets in the developed Eastern European Countries. With the use of adaptive modelling methods, the dynamics of the PFTS index are forecasted.

Article is written in Ukrainian


Petrovska S. A., Petrovskyi M. V.
The Problems of Ensuring the Monetary-Credit Security of Ukraine (p. 311 - 316)

Ensuring the high monetary-credit security of Ukraine is a topical issue today, because it affects the level of development of the State as a whole and the individual economic entities in particular. The article is aimed at carrying out an evaluation of the level of monetary-credit security of Ukraine for the time period of 2013–2017, analyzing the main problems in this sphere, and searching for ways to solve them. The evaluation showed that Ukraine in recent years had too low monetary-credit security values (unsatisfactory and dangerous level). The analysis of the main and proposed additional indicators of the monetary-credit security showed that Ukraine has a number of shortcomings in this sphere. Therefore, today there is an urgent need to introduce measures that would eliminate deficiencies in the monetary sphere of Ukraine, and to develop a strategy for development of the monetary-credit market of our country. Priority tasks should be: finding a way out of the «shadow» regarding the economy of Ukraine; stopping the global outflow of capital from the country and directing it to the national economic development; conduction of a weighted monetary policy by the NBU; implementation of a set of measures aimed at stabilizing the monetary-credit security of Ukraine. Accomplishing of such measures will increase the level of monetary-credit security only with full support at all levels of governance.

Article is written in Ukrainian


Zhuk I. I.
Transforming the Fiscal Policy and Its Impact on the Economic Potential of the State (p. 317 - 322)

The article is aimed at allocating the aspects and identifying the negative factors that directly impact the formation and implementation of the fiscal policy of Ukraine. Fiscal policy of the State is an important essential component of the State regulation of the economy. The article analyzes and allocates that measures of fiscal policy should be determined by a certain goal (fight against inflation, stabilization of the economy, ensuring the economic growth). It is specified that it is the State that regulates the aggregate demand and the real national income through the State expenditures, transfer payments and taxation. It is proved that reduction of tax rates and reforming of tax legislation according to the European standards will help to revive entrepreneurial activity and in the end will not reduce, but on the contrary, increase tax revenues to the State budget. In modern conditions, without taking into view the given features, it is impossible to efficiently transform fiscal policy and obtain a high result of its implementation.

Article is written in Ukrainian


Kuzkin Y. Y.
The Theoretical and Methodological Basis for the Formation of the Fiscal Space for the Local Self-Government in the Conditions of Decentralization of Public Finance (p. 322 - 331)

The research is aimed at substantiating, defining and systematizing the theoretical and methodological basis for the formation of the fiscal space for the local self-government in the conditions of decentralization of public finance. The interrelation of principles of decentralization of the State power and the provision of fiscal independence of local self-government is defined. The article determines the desirability of supplementing the system of basic and key provisions presented in the studies on the redistribution of authorities in the financial sphere and the expansion of fiscal space in the context of of decentralization of the State power and the provision of fiscal independence of local self-government. The author’s own hypothesis concerning formation of the theoretical and methodological basis for the expansion of the fiscal space for the local self-government in conditions of financial decentralization is formulated. The main elements of the theoretical and methodological basis for the expansion of the fiscal space for the local self-government, characterizing the key issues and contradictions, which are manifested in the context of the implemented process of expansion of the fiscal space, the solution of which requires scientific substantiation and practical elaboration, are defined.

Article is written in Ukrainian


Makarenko U. B.
The Financial Regulation of the Development of Media Corporations in Ukraine (p. 331 - 337)

The article is aimed at researching in depth the scientific-theoretical bases of financial regulation and developing scientific and methodical recommendations on improving the efficiency of the mechanism for financial regulation of the media corporations development in Ukraine. Results of the research prove that Ukrainian mass media for development according to European standards require: growth of the advertising market, attraction of investments, ensuring the transparency of financing, increase of professionalism of journalists, increase of the cultural level of consumers, development of democracy and freedom of speech, independence from oligarchs, countering corruption, reduction of interference from the State, increase of the State financing. Further research on the mechanisms for regulation of television and radio broadcasting is primarily related to qualitative changes in the development of this economy sector: convergence of the means of communication and globalization of information space. This will require a serious reform of the systems and mechanisms of the State regulation of television and radio broadcasting, telecommunications, intellectual property protection, public morality, information security, etc.

Article is written in Ukrainian


Veits O. I.
Substantiating the Concept of Legalization of Incomes of Bank’s Clients (p. 337 - 342)

The article is concerned with formation of the scientifically substantiated definition of the concept of «legalization of incomes of bank’s clients». The analysis of the international legislation, the legislation of Ukraine and the results of previous researches in the sphere of prevention and counteraction of legalization («laundering») of incomes received by criminal means is carried out in view of definition of concepts. The results of the analysis proved that there is no clear definition of the concept of «legalization of incomes» in the context of banking activity both in the legislation and the scientific literature. To formulate the definition of «legalization («laundering») of incomes» the morphological basis and the most frequently used keywords are defined. The author’s own definition of the concept of «legalization of income of the bank’s clients», which takes attention of the morphological basis and the key words generally accepted in the international practice, corresponds to the definitions presented in the laws of Ukraine and can be applied in the process of forming the methodical recommendations for the internal financial monitoring services of banks.

Article is written in Ukrainian


Tulai O. I., Yamelynets A. I.
The Tax on Incomes of Physical Persons: the Role and Meaning in the Context of Budgetary Decentralization (p. 343 - 348)

The article is aimed at clarifying the role, meaning and features of the tax on incomes of physical persons (TIPhP) in the conditions of budgetary decentralization. The characteristic features of the evolution of this tax in Ukraine are considered. It is noted that the complex way of development of the TIPhP in Ukraine was accompanied by frequent changes of the legal base. The mechanism of distribution of revenues from the remissions of the TIPhP between the State budget and the local budgets of Ukraine is traced. Attention is focused on the main reasons for changing the share of the tax revenues to the budgets of different levels. The impact of the fiscal decentralization reform on the role and place of the TIPhP in the tax revenue structure of local budgets is analyzed. It is emphasized that the TIPhP in Ukraine is one of the budget-forming taxes, ensuring the interrelation between the persons who are payers of this tax, with the State (represented by the bodies of the State fiscal service of Ukraine) and the bodies of local self-government. It is noted that implementation of the decentralization and tax reforms in our country positively influenced the development of the tax system as a whole and the mechanism of levying the TIPhP in particular. The fiscal role of this tax has increased significantly, especially in terms of the newly established united territorial communities. It is determined that the share of the TIPhP among the tax revenues to the budgets of different levels could be even higher if the «shadowing» of incomes be past.

Article is written in Ukrainian


Zveruk L. А., Lysenko T. S.
Management of Credit Activity of Banking Institutions: Essence, Practice, Directions of Improvement (p. 349 - 357)

Financial provision of structural transformations and economic growth on an innovative basis require improvement of the system of management of the credit activity of banks. The article allocates the signs of crisis phenomena in the banking sector, especially those related to the imperfection of the credit policies of banks. The essence of the concept of «credit activity of bank» is researched, its components in terms of a management system are defined. The meaning, stages of formation and practical approaches to the development and implementation of the main provisions of credit policy of domestic banks are covered. Modern tasks, functions and standards of credit activity, as well as the principles of crediting, which define the philosophy of banking operations are described. The practice of organization of credit activity by the leading banking institutions is analyzed in accordance with its stages, directions, as well as quantitative and qualitative indicators. It is determined that the priority direction of credit activity is the credit risk management on the basis of analysis and monitoring of credit projects, evaluation of creditworthiness of each borrower and defining of credit rating. Measures of improvement as to the credit activity management are proposed due to strengthening of communication, information, organizational, analytical and control functions of the credit policy management of banking institutions.

Article is written in Ukrainian


BUSINESS INFORM №2-2019

Plieshakova N. А., Hryb T. M.
The Economic Essence and Role of the Budget Security of the State: National and Foreign Experience (p. 362 - 366)

The article is aimed at researching the economic essence of the budget security of the State. The essence of the concept of «budget security» is considered and the own interpretation of this concept is offered. Two methodological approaches to the definition of goals and objectives of the budget security are analyzed. The first approach is in the period of economic and financial crisis, the second – in the period of economic growth. Prospects for further research in this direction are improvement of the regulatory framework regulating the budget process in Ukraine and introduction of a wider range of the budget security indicators.

Article is written in Ukrainian


Samorodov B. V., Azarenkova H. M., Shkodinа I. V., Babenko M. V.
The Recommendations for Determining the Stability of the Process of Bank Crediting (p. 367 - 374)

The article provides methodical recommendations for determining the stability of the process of bank crediting on the basis of the definition of stability of time series according to the Foster-Stuart criterion, allowing for comprehensive analyzing of stability of banking institutions and for timely responding to both globalization and internal challenges. The proposed recommendations for determining the stability of the process of bank crediting creates an opportunity to consider statistically substantiated the conclusion that during the period of 2016–2018 this process was precarious. As for the time series of indicators defining the status change of banking system, the authors suggest to consider the characterization of its stability as multiple-criteria. Stability of the economic process is defined as an aggregate of indicators: average value of number of observations; mean root square deviation of number of observations; coefficient of variation of number of observations; relative magnitude of number of observations; average absolute growth at the i-m interval. Focusing on the specific problematic factors distorts the accuracy of analysis, therefore, all factors should be considered in an integrated manner. The developed methodology provides the possibility to predict development and level out the impact of negative factors, to make efficient decisions on regulation of financial system.

Article is written in Ukrainian


Kuznyetsova A. Y., Drozd I. V.
Improving the Efficiency of the Organizational-Functional Transformation of the Banking Sector (p. 375 - 382)

The article is aimed at developing scientific-methodological approaches to increase efficiency of the organizational-functional transformation of the banking sector. It is substantiated that the implementation of the approach to evaluation of the level of organizational-functional transformation of the banking sector by introducing a generalized indicative indicator that takes into view quantitative and qualitative transformations in the banking sector, is an integral part of the system of measures to increase efficiency of the organizational-functional transformation of the banking sector. In the outlined system of measures the authors also included other successive steps, in particular: development of early response measures to problems and shortcomings in the functioning of the banking sector; stimulation of the factors accompanying the transformation («acceleration indicators») and determining the duration of the transformation. It is emphasized that the proposed system of measures can be used by the supervisory institution as an instrument of strategic planning to determine the transformational status of the banking sector and efficient implementation of measures to early response.

Article is written in Ukrainian


Lyutyy I. O., Zykova S. I.
The Government Debt of Ukraine: Dynamics and Methods of Management (p. 383 - 389)

In modern conditions, one of the most significant elements of the State’s economic policy is the management of government debt. Deepening of fiscal imbalances and growth of debt load in the post-crisis period update the need to explore ways to ensure the debt sustainability of Ukraine’s economy. The current structure of borrowings can be characterized as an active growth of external borrowings with relative stability of internal domestic debt. The article is aimed at studying the economic consequences of government debt in Ukraine and ways to improve the debt management. The dynamics and structure of the status of the debt government of Ukraine are analyzed; macroeconomic and budgetary factors influencing its growth are allocated; recommendations on improvement of debt policy for increase of debt security level of Ukraine, stabilization of public finances, ensuring stable social and economic development of Ukraine are given. The authors indicate the need to control the risks associated with the management of public debt (in particular, currency risk, interest risk, liquidity risks, refinancing and additional liabilities) in the planning the financing of the State budget deficit.

Article is written in Ukrainian


Kliuchka O. V., Bohrinovtseva L. M.
The Models of Pricing for the Financial Options as the Instruments of Risks Hedging (p. 390 - 395)

The article is aimed at researching existing models of pricing in the market of financial options, considered as the risks hedging instruments. The methodological developments in the sphere of behavior of participants at the securities market are analyzed and existing models of pricing in the market of financial options are explored. Nowadays, the Ukrainian market of trade with financial derivatives along with pricing on them develops fragmentary, which impedes its rapid development. The most common models of pricing for options and the main features of trading with options at Ukrainian trading platforms are considered. The approach to evaluation of the national practice of functioning of the terminal market of securities is substantiated, opportunities and expediency of risks hedging by its participants through application of financial options and development of proposals on Improvement of relevant practices are identified.

Article is written in Ukrainian


Martynyuk H. P.
The Theoretical Aspects of the System of Taxation of Incomes of Individuals (p. 396 - 401)

The essence of taxation of incomes of individuals is substantiated from a position of the triunified approach which characterizes it as phenomenon, process, and system. It is defined that the system of taxation of incomes of individuals is a interconnected totality of actions and methods of taxation of incomes of both residents and non-residents (through tax agent) carried out with application of tax instruments. It is defined that the consistent process of taxation of incomes of individuals takes place under the obligatory condition of observance of principles, which as a result, can ensure effective functioning of income taxation system. It is proved that income tax is a complex tax category, which characterizes obligatory, gratuitous relations between taxpayers (through tax agent) and the State bodies, based on the key priorities of legislative regulation.

Article is written in Ukrainian


Diadin A. S.
The Theoretical Aspects of the Anti-Crisis Management of Enterprise’s Finance (p. 401 - 406)

The article provides the theoretical substantiation of the system of anti-crisis management of enterprise’s finance in market conditions. An analysis of scientific literature concerning the concept of «enterprise crisis» is carried out, allowing to conclude that in definition of the term of «financial crisis of enterprise» identity of concepts of «crisis situation», «crisis of enterprise», on the one hand, and «bankruptcy», «inconsistence», and «insolvency of enterprise», on the other is inappropriate. The stages of financial crisis at enterprise are allocated as follows: latent, where the force of negative influence is minimal; stage of aggravation, where the force of negative crisis influence tends to the maximum; stage of resolving the crisis, characterized by a decline in the negative force and the creation of preconditions for overcoming the crisis situation. A classification and a typology of enterprise crises are presented. The role-playing functions of crisis are identified and researched. The author proves the expediency to define financial crisis not as a static state, but as a dynamic, time-limited process, where the basis for the characteristic of phases in the limits of crisis process constitute the force and duration of action.

Article is written in Ukrainian


Arkhireiska N. V., Kuchkova O. V.
The Mechanism of Function of Cryptocurrency (p. 407 - 413)

The article is aimed at researching the mechanism of function of the most popular cryptocurrency Bitcoin and some types of Altcoins. When comparing electronic money and cryptocurrency it is determined that the only common feature is their digital appearance. Electronic money, unlike cryptocurrency, have legal status, statutory issuer, fixed offer, they are regulated by the State and are supervised. The digital currency, in turn, does not have a clearly expressed issuer, is produced by mining, the legal status is not defined in many countries. Today, cryptocurrency uses many different algorithms, such as SHA-256, Scrypt, X11, X13, Cryptonight and others, numbering more than 29 species altogether. Most Altcoins (alternative digital currencies) are only a variation of Bitcoin. When analyzing the demand and supply of cryptocurrencies is determined that the total capitalization of this market at the beginning of 2019 was 134 billion dollars, and the types of digital currency numbered more than 2000. The article analyzes the mechanism of function of the five most popular cryptographic currencies: Bitcoin, Ripple, Ethereum, Bitcoin Cash, Litecoin and the first Ukrainian cryptocurrency – Karbo. It is determined that cryptocurrency develops and does not require the State’s permission as to its emission or legalization – it exists outside the jurisdiction both in Ukraine and in most world countries.

Article is written in Ukrainian


Kaftia M. A.
The Formation of Modern Portfolio Theories: the Main Problems and Tendencies of Development (p. 414 - 419)

The article is aimed at researching the modern theories of portfolio investment, determining their place in the system of financial science and identifying the major problems and tendencies of development. The basic stages and directions of development of modern portfolio theories are considered. The theoretical base of research of portfolio investments is analyzed. Further development of portfolio theories in the model of capital assets pricing (CAPM) and in the Modigliani-Miller theorems is explored. The factors influencing the formation and the model of choice of the most optimal, in terms of correlation of the profitability and the risk indices, of the investment assets portfolio are identified. The theories of behavioral finances which have the greatest practical value in the process of formation of investment portfolio are allocated.

Article is written in Ukrainian


BUSINESS INFORM №3-2019

Denysiuk O. V.
Evaluating the Efficiency of Budget Process in Ukraine (p. 286 - 291)

The article is aimed at allocating the constituents of the characteristics of «efficiency of budget process» and identifying deformations of the budget process in Ukraine. The definition of «efficiency of budget process» is provided. The constituents of the efficiency of the budget process are grouped by the principle of universality for the stages of the budget process in the general ones (those that are peculiar to all stages of the budget process) and the specific ones (those that characterize only a separate stage of budget process). The following deformations of the budget process in Ukraine are allocated: delays in submission, consideration of projects and approval of the Law on the State Budget of Ukraine (decisions on local budget); insufficient level of transparency of process and low activity of the public in formation of budgetary decisions; systematicity of the most violations of the budget legislation; lack of accuracy of forecasts of both the macroeconomic and the budget indicators.

Article is written in Ukrainian


Dolbneva D. V.
The Peculiarities and Results of Conducting Financial Investigations of Economic Crimes on the Example of the Western Region (p. 292 - 301)

The article is aimed at studying the peculiarities and key aspects of financial investigations of economic crimes, analyzing results of the conducted financial investigations and control-verification measures in Ukraine and its Western Region in particular, as well as defining prospects for establishment of the financial investigation service in Ukraine. The essentials of the concepts of «economic crimes» and «financial investigations» are considered. According to the analysis of financial investigations of economic crimes in Ukraine, it was found that in 2017 there was an increase in the number of economic crimes in the sphere of economic activity, directed to the Court of administrative Protocols concerning violation of the anti-corruption legislation, indictments on offences with signs of criminal corruption, as well as investigated cases of abuse of power or official position (criminal corruption). The main results of work by the territorial body of the Derzhaudytsluzhba in the Western Region, indicators of the control and inspection work of the Department of Tax and Customs Audit of the State fiscal service of Ukraine of the Western Region in 2015–2017, as well as the receipt of cases and materials to the local general courts of the Western Region during the period of 2016–2017 are analyzed. Prospects for further research are determining the ways of improving the efficiency of financial investigations by the State bodies, developing a mechanism for the financial Investigation service in Ukraine.

Article is written in Ukrainian


Smyrnova O. V.
The Development Tendencies of the Financial Services Market’s Management with Use of Financial Instruments (p. 302 - 308)

The globalized financial system, strengthened by the digitalization of society, has led to the growth of a significant part of tax-exempt incomes in Ukraine, which necessitates the immediate reform of all segments of the financial system. A system analysis of the modern financial market is carried out. New types of financial instruments are considered – active (financial intermediaries, financial services executors, financial engineers, etc.) and passive (cryptoassets, tokens of various types, including cryptocurrency), their classification is analyzed together with the appropriate infrastructure that is blockchain. Features of development of financial instruments of the financial services market are identified. The concept of digital finance is separated from cryptofinance and the irreversible transition of the world financial system into the cryptofinancial is substantiated. The materials of the article can be used for further development of the theory of cryptofinance and creation of a regulatory base on functioning of the State cryptofinancial system.

Article is written in Ukrainian


Martynyuk H. P., Martyniuk M. A.
The Tax on Incomes of Individuals in the Context of Formation of the Revenue of Local Budgets (p. 309 - 314)

It is proved that tax agents play a decisive role in the organization of taxation of incomes of individuals and thus filling of the revenue part of budget. It is stated that an infrastructure institution providing communication, coordination of the income tax transfer and its declaring on behalf of the payer of an individual can be considered a tax agent. The dynamics of the amount of minimum wage and the tax on the income of individuals are analyzed. The authors’ own definition of the tax on incomes of individuals is formulated. The role and meaning of the tax on incomes of individuals in the mechanism of filling the local budgets is disclosed. The authors’ own approach to distribution of the tax on incomes of individuals in budgets taking into view indicators of area, number of inhabitants, and quantity of workers is proposed.

Article is written in Ukrainian


Kolodiziev O. M., Kotsiuba O. V.
The Payment Card Fraud: Current Realities and Prevention Measures (p. 315 - 321)

The active development of payment systems and the advent of electronic money have led to increased demand for the use of payment cards for financial transactions. This helps to reduce the «shadow economy». The article considers the dynamics of volumes of operations with payment cards. Some world countries have this figure approaching 90%. According to the results of the analysis it was defined that the most common transaction with payment cards in Ukraine is cash withdrawal. One of the motives to keep money in cash is a high level of fraud with payment cards. The most common types of crimes connected with payment cards are skimming, trapping, fishing and IVR fraud. In order to change the situation, it is necessary to spread public information about non-disclosure of private financial data, along with strengthening the quality standards of securing the data of the payment cards issued by the national banks in accordance with the PCI DSS requirements.

Article is written in Ukrainian


Muzychka O. М., Zhuribida N. R., Galko E. O.
The Methodical Approaches to Evaluation of the Level of Financial Security of Banks (p. 322 - 327)

The article is aimed at generalizing the existing theoretical and methodological approaches to evaluation of the level of financial security of banks and developing proposals for their improvement. Taking into attention the review of the existing scientific heritage, the principles of the financial security evaluation of banks are proposed. The necessity of using the indicator approach to evaluation of the financial security of banks is substantiated and its level is defined. On the basis of calculation of the integral indicator of financial security of the banking sector of Ukraine, some positive tendencies on increase of the financial security level of banks of Ukraine are indicated. It is specified that the evaluation instrumentarium should maximum take into view the realities of functioning of financial institutions, be available for use and be based on a set of indicators that have a clear quantitative dimension and are provided on the Web pages of specialized institutions for analysis not only by the internal, but the external users as well. Prospects for further research in this direction are development of an instrumentarium as to managerial decision-making and formation of an effective strategy to prevent risks, threats, and hazards. Since destructive phenomena and threats are mostly probabilistic and accidental, the prospective direction of further research is modeling the types of financial security strategies of banks depending on the duration, degree, extent and depth of impact of the destrucs towards the banks’ activities.

Article is written in Ukrainian


Bielova I. V., Opanasenko A. O., Nilova N. M.
Developing Approaches to Calculating the Systemic Risk Index of the Banking Sector of Ukraine (p. 328 - 336)

The article is concerned with studying of systemic risk, its evaluation and identification. The relevance of this topic has been substantiated. The essence of systemic risk has been disclosed and the approaches of foreign scientists to the definition and calculation of the «systemic risk index» have been allocated. A comparison and analysis of the systemic risk index in different countries has been made, also the indicators of the emergence of systemic banking risk in Ukraine have been allocated. An analysis of the influence of factors on the systemic risk of the banking sector has been conducted. The dynamics of the systemic banking risk index has been also analyzed, and a quantitative assessment of the banking sector’s leaning towards the temporal manifestation of systemic risk has been determined. In result the most important factors to have the strongest influence on it have been determined. The size of the credit gap for each region of Ukraine has been calculated and analyzed, and the regions with the highest and lowest levels of the credit gap have been determined and, consequently, the regions with the maximum and minimum levels of systemic risk.

Article is written in Ukrainian


Khoruzhyi S. G.
Consolidating the Institutional Provision for the Regulatory and Supervisory Functions of Financial Institutions (p. 337 - 342)

The article is aimed at researching tendencies in the approaches to formation of institutional provision for the regulation and supervision over activities of financial institutions. The article sets out the objective reasons for emergence of the sectoral model, which are the different essence of financial services, establishing the basis of legal relations between the financial institution and the consumer of financial services. The author clarifies differences between the consolidated and integrated models, which are establishing responsibility for oversight of one or more supervisory bodies, respectively, as well as the availability of different methodologies of supervision, whether unified or integrated. Four models of the system of regulation and supervision over activities of financial institutions are classified according to the proposed criteria. Research of the transformation processes of the regulatory and supervisory systems regarding the activities of financial institutions allowed to summarize advantages and disadvantages of forming different models of the regulatory and supervisory systems.

Article is written in Ukrainian


Mokhnyak V. S.
The Theoretical and Legislative-Normative Bases of Organization of Control of Activity of Credit Unions in Ukraine (p. 343 - 349)

The article is aimed at researching the classification characteristics of types of control in accordance with the specifics of activities of credit unions, defining the objects, subjects of control and the control actions during inspections of the credit unions in Ukraine. Analysis of results of performance of credit unions shows that the majority of problems in their activity have arisen because of insufficient control of activity of such financial structures on the part of the State and management bodies. The economic content of the concept of «control» is analyzed, classification of control types, requirements for conducting control in credit unions in accordance with the current legislation of Ukraine and the International standards of audit are considered. A classification of types of control of the activities of credit unions is suggested; the control system of credit unions is generalized; the directions of control by the National Commission, which carries out the State regulation in the sphere of markets of financial services, are allocated concerning credit unions; the main directions and stages of the process of external audit of the activities of credit unions are defined.

Article is written in Ukrainian


Panchenko O. I.
The Typology of Financial Risks as a Basis of Organization of Their Insurance Protection (p. 350 - 357)

The article is aimed at disclosing the economic essence of financial risks and substantiating their typology as a basis of organization of their insurance protection. The article discloses features of classification of financial risks in modern conditions which are connected with ambiguity and absence of the universally recognized and comprehensive classification of financial risks that leads to formation of contradictory ways of risks management and their consequences, especially in the organization of their insurance protection. Various approaches to classification of financial risks are analyzed and it is determined that financial risks are an integral part of entrepreneurial risks and are subdivided into both derivative and direct risks, as well as net and speculative risks, depending on the consequences of risks and the possibility of their insurance. The typology of financial risks based on the division of entrepreneurial activity into different spheres is substantiated. A characterization of financial risks of economic entities (except financial market) and the types of financial risks of financial intermediaries is provided. At the same time the division of financial risks characteristic as of both spheres of activity, so of each of them separately, is carried out.

Article is written in Ukrainian


Vremenko L. V., Derkach K. I.
The Modern Tendencies of Development of Competition and Monopolization in the National Insurance Market (p. 358 - 364)

The article is aimed at researching the current status, the existing tendencies in competition and monopolization in the national insurance market. The article presents results of the carried out analysis of competition and monopolization of the national market by types of insurance, other than life insurance, and the specific weight of certain types of risk insurance on the basis of insurance premiums income as the main indicator of performance of insurance company. It is defined that the concentration of insurance market of other type than life insurance is moderate, as the TOP 20 companies accounted for 50% of the premiums collected in 2017, but the insurance market of Ukraine tends to be enlarged, and, accordingly, monopolized. Problems arising during the analysis on the level of concentration of the insurance market are considered. The authors’ own approach to classification of insurance companies by types of insurance taking into view the received insurance premiums is proposed. Prospects for further research are development of methodological recommendations concerning evaluation of the competitive environment of the insurance market with the substantiation of the calculation base for its individual segments.

Article is written in Ukrainian


BUSINESS INFORM №4-2019

Kovalenko S. O.
Financial Decentralization in Ukraine and Its Prospects (p. 300 - 306)

The article is aimed at reviewing the main results of financial decentralization, estimating them, identifying the problems in the course of reform and developing ways to solve them. An analysis of the regional development is carried out, accentuating the main stages of the reform and the necessity of drawing up a perspective plan as the main document reflecting the vision of an efficient territorial structure of a certain region. Also the information about unification of the territorial communities for the period of 2015–2018 is analyzed, as well as data on the income of the budgets of the united territorial communities during the reform process. Both the positive and the negative aspects of reforming are considered. It is suggested to pay attention to the application of cluster approach to the organization of production; reducing unemployment in the regions; solving social and internal regional problems at the expense of their own incomes, taking into view the probable level of medium-term financial development of each region, and to establish the State supervision over the legality of decision-making by the local government authorities.

Article is written in Ukrainian


Derkach T. V.
Features of Formation of the Gold Reserve of Ukraine and Evaluation of Its Use (p. 306 - 313)

The article presents the results of research on the gold reserve of Ukraine and evaluation of its use as an instrument of financial policy of the State. The role and functions of gold in the country’s economy are defined. The dynamics of the gold reserve of Ukraine during the period of its independence is analyzed. For the purposes of forecasting of inflation and rate of the national currency in comparison with other currencies, the cyclical changes in dynamics of the gold reserve are allocated, going along in trend with cyclicity of the market economy and random fluctuations. The author compares the tendencies of change of the absolute size of GDP and the gold reserve of Ukraine, also the rates of their growth. The dynamics of the gold reserve of Ukraine is characterized in comparison with dynamics of the monetary base. The regression curve of deficit of the State budget of Ukraine and its gold reserve is built. The correlation coefficients between the price indices and the value of the gold reserve are calculated.

Article is written in Ukrainian


Panchenko V. V.
Influence of the External Public Debt on the Economic System of Different Countries (p. 314 - 319)

The article is aimed at researching the impact of external public debt on functioning of the economic system of different countries depending on their level of economic development. The results of empirical studies by foreign scholars on the impact of external debt on the economic growth of both the countries with transition economies and the developing countries have been analyzed and generalized. The results of the analysis show that this impact has a nonlinear character. For the developed countries, a linear form of dependence between the external debt and economic growth is evident. For the developing countries and countries with economies in transition, achievement of a critical level of debt burden leads to a stagnation of the economy, while for the developed countries the threshold values of the indicator are conditional. Delineation of the impact of external borrowings on economic growth across different groups of countries will help to build more efficient debt and economic policies. Reforming the institutional structure of the economy is essential for the most efficient use of the external resources in the developing countries. This will provide for creating favorable conditions for stimulating investment activity and economic growth. The comparative analysis of mechanisms of attraction of financial resources has shown, that the main advantage of implementation of the external borrowings is the possibility of attraction of additional financial resources without diversion of the circulating assets from the real economic sectors or because of their shortages in the country.

Article is written in Ukrainian


Khutorna M. Е.
The Indicative Approach to Evaluating the Effectiveness of Securing the Financial Stability of Credit Institutions on the Basis of the Institutional Environment Diagnosis (p. 320 - 334)

It is substantiated that the institutional environment is one of the most important factors that directly influence the preconditions of the financial stability of credit institutions and is a fundamental lever of the effectiveness of its implementation. The article is aimed at developing an indicative approach to evaluating the institutional preconditions for the financial stability of credit institutions by diagnosing the institutional environment. It is substantiated that this environment has to perform the following functions: conceptual, regulatory, control, defensive, information, analytical, consulting, explanatory, and educational. Using a functional approach to evaluate the institutional prerequisites for the financial stability of credit institutions, the following components are allocated: 1) conceptual substantiation of the process of ensuring the financial stability of credit Institutions; 2) normative and legal support of the process of ensuring the financial stability of credit institutions; 3) transparency of credit institutions; 4) protection of the rights of consumers of the financial services and credit institutions; 5) regulation and supervision of the activities of credit institutions. Each component contains a list of quantitative and qualitative indicators, the application of which allows to conduct a comprehensive diagnosis of the institutional environment of performance of credit institutions and make informed conclusions about their financial stability in the long term by identifying appropriate institutional threats.

Article is written in Ukrainian


Kostiana O. V.
Implementing the Principle of Social Justice in the Taxation of Incomes of Individuals in Ukraine (p. 335 - 341)

The article analyzes historical aspects and defines the main tendencies of the modern development of taxation of incomes of individuals in Ukraine. The world experience of income taxation of citizens in the countries with different level of economic development is considered, its comparison with the basic tendencies of development of the Ukrainian taxation of incomes of citizens is carried out. The basic elements of taxation of incomes of physical persons from the position of the principle of social justice of taxation are characterized, thus it is determined that nowadays the income taxation of citizens in Ukraine does not fully correspond with this principle. The mechanism of application of tax social benefit in Ukraine is analyzed, as a result of which the main problematic aspects of its application are defined and ways of solving such problems are suggested. The basic directions of reforming of taxation of incomes of physical persons in Ukraine are considered, implementation of which will facilitate strengthening of social justice of taxation in the State.

Article is written in Ukrainian


Andrenko O. A., Mordovtsev S. M., Mordovtsev O. S.
The Information System of Credit Scoring (p. 341 - 347)

The article is aimed at improving the scientific-methodical approach to the formation of the national credit scoring system, which, based on foreign experience, would take into view the features of activities of banking institutions in Ukraine. A generalization of researches has allowed to identify certain lacks of the available approaches to definition of credit scoring. It is proposed to consider credit scoring of a banking institution as an information system of interrelated elements (organizational structure, functional components, information database, and information technologies) and processes, from the phased analysis and integral assessment of the potential borrower to the decision as to provision (or rejection) of credit, formation of a package of relevant documents with subsequent support and forecasting the risks incluiding the failure to comply with credit obligations. The interrelationship between the elements of the information system of credit scoring allows to ensure the productivity and quality of work of the bank’s staff, improve the efficiency of managerial decisions on crediting, which will then optimize the volume of the credit portfolio while reducing costs.

Article is written in Ukrainian


BUSINESS INFORM №5-2019

Kryvytska O. R.
Evaluation of Life Insurance Companies Using Correlation Analysis (p. 162 - 168)

Five companies (leaders and outsiders) of the life insurance market are identified: MetLife, TAS, Grawe Ukraine, INGO Ukraine Life, and AXA Life Insurance. It is accepted to consider the share of each company in the life insurance market structure in terms of insurance premiums as the resultant indicator and the equity, assets, investment income, insurance payments, insurance premiums, insurance reserves of the life insurance companies as the factors affecting their success. A general trend in activities of the companies under study – a gradual growth in their equity and assets, an increase in the insurance reserves – is identified. It is proposed to apply correlation analysis to determine the influence of the empirically selected factors. The presence of positive or negative trends in the development of life insurance companies in Ukraine is established, and the nature and strength of the relationships among factors affecting activities of the companies is determined.

Article is written in Ukrainian


Mosiyevych O. O.
Deal Structuring in Venture Capital Financing (p. 169 - 173)

The aim of the article is to study the frequency and flexibility of the use of contractual conditions by investors in financing venture projects. A comprehensive research on making investment decisions in financing venture projects was conducted, and a survey of 31 investors in venture projects, including the issues of deal structuring in venture capital financing, was carried out. The respondents of the survey indicated the frequency of using contractual conditions in the venture capital financing and flexibility in their application. According to the results of the survey, the least flexible contractual conditions for investors are anti-dilution protection, pro-rata rights and vesting. The conditions which are the most flexible for investors are control over the board of directors, investment valuation. It can be noticed that, according to the research, domestic investors are less inclined to use certain contractual conditions: redemption rights or cumulative dividends but more often use pro-rata rights, participation rights and liquidation preference.

Article is written in Ukrainian


Amalian A. W., Amalyan N. D.
The Evolution of Debt Crowdfunding Business Models (p. 174 - 179)

The entire period after the global financial crisis unfolded, lenders suffer losses due to ultra-low interest rates, while entrepreneurs suffer from a shortage of bank loans. The emergence and accelerated development of various forms of crowdfunding, i.e, in literal translation – “funding by the crowd” has become a logical solution to the problem. The evolution of one of its varieties — namely, debt crowdfunding — is the research subject of this article. Studying activities of crowdfunding platforms allows to select six basic business models, only three of which operate on the basis of simple matching of lenders with borrowers (P2P is a model for mediation in unsecured borrowing, a balance and hybrid model). The three most recent business models of crowdfunding platforms are associated with securitizing loans, issuing transit securities and selling loans entirely. Analysis of the economic essence of the new types of platform operations gives grounds for concluding that the so-called “disintermediation” period of the market is ending, being replaced by the expansion of new financial engineering products with the corresponding subsequent development of this market.

Article is written in Ukrainian


Romashko O. M., Baryliak V. O.
The Theoretical Basis for the Formation of the Mechanism for Managing Financial Resources of an Enterprise (p. 180 - 184)

The aim of the article is to formulate an original definition of a mechanism for managing financial resources and develop a conceptual framework for this mechanism. The fundamental goal of financial management is ensuring growth in the value of an enterprise and creating Cash Value Added, which can be achieved by an effective management of the process of formation and use of financial resources. This determines the relevance of studying the essence of the mechanism for managing financial resources and structuring the components of this concept. That is why, it is new and important in the theoretical and methodological terms to describe the essence of the category “mechanism for managing financial resources of an enterprise”, which is considered in this study as an interconnected set of organizational and economic elements of managing the formation and use of financial resources that ensure business efficiency, competitiveness and financial stability, conditions for sustainable development not only in the short but in the long term as well. The main components of this mechanism are identified and characterized. Prospects for further research in this direction are the improvement of the system for financial resources management at a particular enterprise.

Article is written in Ukrainian


Polianovskyi H. A.
Strategic Guidelines to Improve the Financing of State Higher Education Institutions in Ukraine (p. 185 - 191)

The article analyzes the condition and problems of the system for financing state higher education institutions in Ukraine as well as ways for its optimization. Undoubtedly, it is important to determine the role and significance of education in society in the period of globalization, marketization and transformation processes. An analysis of different ways to diversify the sources of financing state higher education institutions is made and a system for financing a state HEI based of the results of its performance is proposed. It is proved that expansion of autonomy (financial, organizational and academic) of state HEIs is an inevitable process for ensuring a further increase in their efficiency. The reduction of budgetary allocations in general and in education, in particular, gives an impetus to state HEIs to search for alternative sources of financing. In this regard, it is necessary to pay attention to solving this problem, including the following: studying the world experience, analyzing the proposed mechanism for performance-based financing of state HEIs and considering ways to optimize allocation of their resources.

Article is written in Ukrainian


BUSINESS INFORM №6-2019

Sofiienko A. P.
The External Government Borrowings in the Strategy of Financial Stabilization of Ukraine (p. 210 - 217)

The article is aimed at developing a mechanism for harmonizing the external government borrowings and the use of such borrowings with the strategy of financial stabilization of Ukraine. The concept of financial stability is disclosed and the status of Ukraine’s financial system is described. The current status and dynamics of government borrowings are researched. The institutional-legal provision of the financial stability of Ukraine is analyzed, specially analyzed are: activities of the Financial Stability Board in the management of external public debt; the medium-term public debt management strategy and the reform strategy of public finance; other institutions and regulations governing the management of external public debt in the process of financial stabilization of Ukraine’s economy. The dynamics of Ukraine’s total public debt and the GDP of Ukraine from 2009 to 2019, the structure of public and the State-guaranteed debt are analyzed according to data by the Ministry of Finance of Ukraine. The public and the State-guaranteed debt of Ukraine in 2019 is researched. It is proved that the analysis of Ukraine’s external debt structure provides an opportunity to analyze the financial threats that Ukraine faces in the context of global crisis. Prospect for further research in this direction is the construction of an econometric model that will demonstrate the extent of the influence of various components of the State’s financial system, including the external government borrowings, on financial stability.

Article is written in Ukrainian


Kaneva T. V., Shapoval M. S.
The Methodological Bases of Budget Policy (p. 218 - 226)

The methodological bases of formation and implementation of budget policy in the countries with developed and transformational economies are disclosed, taking into account their level of development, peculiarities of institutional composition, and cyclicality. It is defined that the stimulating effect of budget policy on the processes of socio-economic development in the form of accelerated growth of intellectual and physical capital can be found only in the case of a rational scientific substantiation of procedures and ways of implementation of budget policy. The theoretic-applied provisions on the budget regulation are systematized and generalized. The basic principles of formation of budget policy include: scientific validity, systematicity and consistency, institutional certainty, adaptability, transparency. The need to improve institutional provision for the system of public finance management is substantiated. The role of both the medium- and the forward-looking budget planning and forecasting in the sustainable economic growth is defined. The institutional limitations to the implementation of the relevant practices are substantiated. The conceptual bases of improving the budget policy in the context of improving the level of public well-being are determinated. The need for institutional transformation of the budget doctrine of the State is specified.

Article is written in Ukrainian


Dub A. R., Hrynchyshyn I. M.
Tax Revenues to the Budgets of the United Territorial Communities as a Source of Financing for Their Development (p. 227 - 233)

Diversification of tax revenues to the budgets of the United Territorial Communities (UTC) enhances the capacity of local self-government authorities to finance community development. The article is aimed at identifying the prospects for the formation of the own incomes of the combined territorial communities on the basis of an analysis of the sources of tax revenues of the UTC in the Central Region of Ukraine. Tax revenues to local budgets in Europe are considered. Absence of a unified approach to the formation of financial resources of local governments is proved. The own budget revenues of the UTC in the Central Region of Ukraine are analyzed. It is determined that, in the structure of own incomes, local taxes and fees provide half of all revenues only for a small part of the existing UTC. The main source of the own budget incomes for the Central Region’s average UTC is the income tax, almost 80% of which comes from the taxation of wages of employees in private enterprises and individuals - entrepreneurs. Prospects for forming the own revenues to the budgets of the UTC in the Central Region of Ukraine, depending on the main source of their tax revenues, are characterized. Based on the carried out analysis, the optimal structure of tax revenues to the budgets of the UTC in the Central Region of Ukraine is developed, which will increase the financial independence of territorial communities from the instruments of the State financial support of their development.

Article is written in Ukrainian


Volokhata V. Y.
The Essence and Role of the Bank’s Communication Policy in Today’s Environment (p. 234 - 239)

At the current stage of economic development, the main element in the complex of marketing for banking institutions is communication policy, efficient use of which will enable a bank to a competitive position in the market, which in the result will assure a positive impact on the long-term development and revenues of the bank. The article is aimed at generalizing the theoretical discussions about the essence of the bank’s communication policy, improving the approaches of scholars to its definition and disclosing its role in the activities of a banking institution. The article proves the need to introduce communication policy in the activities of banking institutions and defines the role of such a policy in improving the competitiveness of bank. The scholars’ views on determining the essence of the concept of «bank’s communication policy» and elements in determining its essence are analyzed. According to the results of the research, the definition of the concept of «bank’s communication policy» is improved and its elements are complemented. Prospects for further directions of the research are seen in developments regarding factors influencing the bank’s communication policy and its instrumentarium, organization of planning and monitoring the results of communication policy. Methodical approaches to forming the strategy of the bank’s communication policy, etc. also require further clarification.

Article is written in Ukrainian


Omelchenko O. I., Ostrovskyi D. M.
The Ways to Minimize the Risks of Legalization of the Bank’s Customers’ Incomes (p. 239 - 245)

The article is aimed at studying a system of risks management, particularly considering the risks that arise at the present stage in connection with the spread of processes of legalization of criminal funds by means of the banking system, and formulating recommendations as to minimizing them. The works of foreign and domestic scholars on the emergence and spread of various forms and methods of money laundering are analyzed; four main models for the legalization of proceeds of crime are identified; the stages of the process of laundering criminal proceeds are allocated. The most risky transactions for banks in the service of individuals and legal entities are also classified. Particular attention is paid to the instrumentarium to counter the legalization of criminal proceeds and the financing of terrorism. Thus, laws and by-laws in the sphere of countering the legalization of criminal means, directions of cooperation with law enforcement agencies and special international organizations, in particular, the FATF organizational and legal measures, and internal provisions of banks are analyzed. Using the evaluation-analytical procedure of finding the most acceptable option with the hierarchies analysis method, a comparison of risk management strategies according to their impact on the banking sector is made, allocating the most priority instruments.

Article is written in Ukrainian


BUSINESS INFORM №7-2019

Blуznіuk О. P., Staverska T. О., Ivanyuta O. М.
Formation of a Credit-Monetary Mechanism for Ensuring the Sustainable Development of Ukrainian Trade Enterprises (p. 240 - 249)

The article is aimed at substantiating the essence, functions, principles, structural-logical links of the components, levers and instruments of formation of the credit-monetary mechanism for ensuring the function of trade enterprises, identifying tendencies of its impact on the efficiency and sustainable socio-economic development of trade enterprises in Ukraine. The features of the financial-credit mechanism, which represents a set of institutional and organizational-managerial elements, methods, forms, levers, instruments, information-legal provision of the financial-credit influence on the current status and the socio-economic development of market structures are defined. It is proved that the financial and monetary-credit components of the economic mechanism operate in close interdependence and interconnection, complementing each other. In the process of expanded reproduction, they should be considered as a single system, which provides the necessary financial-credit resources to the socio-economic activities of the State and economic entities. A special feature of the credit-monetary mechanism for ensuring the development of trade enterprise is its focus on the formation of temporary funds of borrowed resources of the enterprise, involved on the principles of return, urgency, payment, voluntary behavior, effective use in the process of trade-economic activity, which would ensure repayment of the borrowed funds and the socio-economic development of the entity of entrepreneurship. The effect of the credit-monetary mechanism, functioning of its structural elements, their relationships, forms, methods, instruments and levers of influence on ensuring the constant development of trade enterprises is researched. Taking attention of the high level of use of borrowed capital in the activities of trade enterprises in Ukraine, key methods, levers and instruments of the credit-monetary mechanism for ensuring the sustainable development of trade enterprises are allocated, that are directly related to the efficient management of leveraged financial resources, such as: general market, inflation, price, cost, temporal, spatial, organizational-technical, structural-dynamic, efficient, risky.

Article is written in Ukrainian


Shirinyan L. V., Shashenko O. V., Shirinian A. A.
The Economic-Legal Analysis of the Placement of Insurance Reserves of Insurance Companies and Reinsurance for Non-Residents (p. 250 - 260)

Insurance legislation defines the directions and norms of placement of insurance reserves and provides for reinsurance in the case of large insurance amounts, insurance companies make economically reasonable decisions for themselves. The article is aimed at analyzing the directions of investment of funds of insurance reserves by insurance companies in Ukraine in terms of checking the legal conditions of the insurance business and the optimal reinsurance for non-residents from the point of view of the theory of the open economy. The analysis procedure is used both for the entire insurance market in Ukraine, separately for the life insurance market sector, and the types of insurance other than life insurance. The research time period is: 2013-2018. The following negative macroeconomic tendencies are detected: a decrease in the number of insurers, assets and other key indicators. The stock of collateral for the share capital is significantly reduced, there have been fluctuations and a decrease in the value of registered capital of insurers. There is a positive tendency for insurers to increase their reserves during the researched period. The preferential placement of reserves takes place in bank deposits. Bank metals, stocks, bonds and investments in the Ukrainian economy are uninteresting for insurers. There were no significant structural changes in the placement of assets after the «Revolution of Dignity». It is identified that the market for reinsurance services in Ukraine is optimally open, most reinsurance premiums remain in the country with national suppliers. Non-resident insurers are fully committed.

Article is written in Ukrainian


Gernego I. O.
The Criteria for the Success of a Grant Application in the Context of Increasing the Role of Socially Oriented Business (p. 260 - 266)

The justification and objective reasons for the growth of the role of socially oriented business in the modern conditions are specified. At the same time, attention is drawn to the need to systematically attract social investments and the emergence of new donor groups. In particular, a classification of the beneficiaries of grant project is provided. This allowed to substantiate the role of each participant in the implementation of projects and achievement of the priorities of social investment. In this regard, attention is drawn to the possibility of combining theoretical substantiations with the applied aspect of the issue. Examples are given and the directions of activities of a number of donors, who already have experience in the process of financing social investments in Ukraine, are substantiated. In particular, groups of grant donors operating in our country are defined. Attention is drawn to the priority spheres of attracting grant funds in Ukraine. It is substantiated that regardless of the difference in the conditions of a successful grant application for each donor, there are a number of common characterizations in the process of preparing and writing a grant application. The stages of the process of preparing for writing a grant application are generalized. The general algorithm of developing and writing a grant is substantiated. It is concluded that it is necessary to determine the common value guidelines with the donor to write a successful grant application.

Article is written in Ukrainian


Koliada T. A., Guz M. V.
Evaluating the Impact of Budget Deficit on the Financial Security of the State (p. 266 - 272)

The article is aimed at evaluating the impact of budget deficit on the financial security of the State by monitoring Ukraine’s budget security indicators for the period 2010-2018 and elaborating proposals to stabilize the system of public finances in today’s economic environment. The components of financial security are disclosed, indicators of budget security are calculated, they are compared with the limits according to the Methodical recommendations for determining the level of economic security of Ukraine, the result is that all indicators range from a satisfactory to a critical range. Based on the analysis of budget security indicators, it is proved that the main actions of the government in this direction should concern stabilizing the economic situation by optimizing the budget spending structure, reducing the volume of public debt and the cost of servicing it. The increase in the budget deficit contributes to the build-up of public debts by the cost of the loans that Ukraine takes to cover the deficit and to repay previous debts, thus creating a debt spiral. Minimizing the budgetary risks will depend on the mechanisms for responding to internal and external challenges and threats, which take place not only in the fiscal sphere, but also in the plane of socio-political transformations in the State. Prospect for further research in this direction lies in proving of the need to introduce new fiscal rules to strengthen the resilience of the public finance system as an instrument of the State regulation of the economy, that best suits the current realities of the country’s development.

Article is written in Ukrainian


Moroz N. V., Seletska T. O.
Essence, Causes and Classification of the Bank’s Credit Risk (p. 272 - 278)

The interpretation of the concept of «credit risk» in the regulations and in the scientific works of economists is researched, the authors’ own definition of this category is provided. Credit risk is defined as the objectively existing possibility of financial losses because of the client’s failure to fulfill his obligations to the bank (risk of credit losses). The factors of external and internal environment of bank, which influence credit risks, are analyzed. Approaches to the classification of credit risk by individual scholars are explored. The types of credit risk are provided, depending on the source of its origin, in particular: external risks arising at the macro-level (economic, political, regulatory, unpredictable) and meso-level (financial, risk of liability, security risks) as well as the internal risks that arise at the micro-level (management risks). It is proposed to allocate certain subtypes of credit risk, such as concentration risk and remaining (residual) risk.

Article is written in Ukrainian


Dunas N. V.
The Current Features of the Mortgage Market Development in European Countries: Lessons for Ukraine (p. 278 - 287)

The article is aimed at studying the current features of development of the mortgage market in European countries in order to identify promising directions of improvement of financial and economic levers and regulatory approaches to its reform in Ukraine. The socio-economic, macroeconomic and financial indicators of the European mortgage market are analyzed, in particular the share of social rented housing in the housing stock of countries; comparisons of the share of non-refundable mortgage loans, the volumes of mortgage crediting, the capital investments of the population, the cost of mortgage crediting are carried out. Key positive features of development of the mortgage market in the EU have been allocated as benchmarks for improving the functioning of the mortgage market in Ukraine, namely, increasing financial resources for the long-term investment in house-buying; reducing the cost of loans and creating the conditions for proper forecasting of the financial future; increased social and legal protection of the population, in particular with regard to the provision of social rental housing; improving transparency and information transparency in the mortgage market and providing all participants with relevant information about investment prospects; creating unified regulatory approaches to standardization in assessing the value of collateral assets; improving the methods of regulation of financial risks in concluding mortgage contracts on the part of both creditors and borrowers.

Article is written in Ukrainian


Lozynskyi D. L.
An Alternative Look at Tax Liberalization in the Outline of Countering the Hybrid Warfare (p. 288 - 293)

The article is aimed at trying to outline the provisions of an alternative approach to reforming Ukraine’s economy through the implementation of a clear list of tax liberalization measures on specific taxes and general mandatory payments, which will be an important factor in the countering the hybrid war against Ukraine. Particular attention is focused on the liberalization of administration of VAT, corporate income tax, single tax and UST for a simplified tax system. As a result of the implementation of the developed proposals, the economic entities will be exempt from the need to compile excessive tax reporting, and the form of payment of tax liabilities will become as simplified as possible. The author substantiates the positive effect of the implementation of the proposed provisions on business conditions, investment climate and aggregate demand, which would ensure the growth of the economy and strengthen immunity against the information manipulation of the aggressor in the economic plane.

Article is written in Ukrainian


Yeliseyeva O. K., Prykhodko A. Y.
Improving the Accounting and Analysis of Receivables and Payables in the Management System of the Agricultural Enterprise «Ahromyr-ST» (p. 293 - 298)

The article explores approaches to accounting for receivables and payables, taking with a view of the foreign and national accountance standards, classification and approaches to evaluating receivables and payables as an object of accountance and the economic analysis. Scientific-methodical and organizational-practical proposals are developed to improve the accounting and analysis of receivables and payables in the enterprise management system. On the basis of the carried out analysis, the classification of receivables has been supplemented by the following characteristics: depending on the work carried out to pay the debt; depending on the ability to transfer debt management to an outsourcer. An important methodological basis for accounting and economic analysis of payables is its scientifically sound classification. In view of the requirements of the practice of managing payables, its classification is supplemented by such criteria: depending on the work carried out to pay the debt; depending on the possibility of transferring the debt management to an outsourcer.

Article is written in Ukrainian


Ptashchenko O. V., Kosharna V. V.
Essence of Financial Inclusion in a Client-Oriented Approach at the Banking Market (p. 299 - 304)

The article considers the main elements of financial inclusion as parts of the client-oriented marketing and client-oriented approach in the modern system of banking services. In today’s environment, the development of the banking business is inextricably linked to automation, the introduction of the latest technical tools and advanced banking technologies to promote banking products and services to the market, as well as to the search for instruments for increase the attractiveness of banking products, aided by innovation. Financial inclusion nowadays is a kind of instrumentarium for countering the banking and financial isolation. It covers a range of products or services that are both financial and non-financial, accessible to all segments of the population. The use of financial inclusion and client-oriented marketing in a banking institution comes down to targeting and developing elements such as culture (a culture of communication and the internal culture of organization); technology (introduction of modern information and other technologies); employees; processes; clients. Therefore the marketing client-oriented approach suggests the bank’s primary orientation not on its own product, but on the real needs of consumers. That is why a thorough study of the market along with an analysis of the changing tastes and preferences of consumers of banking services are so necessary. A bank employee becomes a seller of financial products. In the process of communication with each client, he is called to identify the specific forms of financial servicing that the client needs, to explain to the latter the necessity and profitability of each settlement.

Article is written in Ukrainian


Sokyrko O. S., Plakhotnyuk V. V.
Analyzing the Local Budget Revenues in the Implementation of the Reform of Budget Decentralization (p. 304 - 311)

The article is aimed at studying the filling of local budgets in terms of the budget decentralization, as well as searching for problems and developing recommendations to solve them. The local budgets are an instrument of financial-economic regulation of the development of regions and the State as a whole. Both the efficient formation and administration of local budgets should be based on a combination of financial-economic relationships in the area of revenue generation, implementation of budget expenditures, the inter-budgetary relations and the development together with implementation of the balanced socio-economic policies directed towards ensuring the socio-economic growth of regions. The reform of budget decentralization has provided local governments with broader rights and new sources of financial resources, which has collectively increased the financial viability and autonomy of the regions. The article indicates a number of problems that nevertheless hinder the successful development of territorial communities. First of all, there are: misuse of funds; corruption at the local level; low levels of financial literacy for local government workers; lack of investment attractiveness of regions; uneven development of the territories, etc. In order to address these problems, it would be useful to coordinate the public policy of regional development in view of the outlined problems; to monitor the competence of local governments; to help in eliminating the unhealthy political competition in the local authorities; to form expenditures from the local budget on the basis of a program-targeted method; to improve the regional infrastructure.

Article is written in Ukrainian


BUSINESS INFORM №8-2019

Shirinyan L. V., Shirinian A. A.
The Key Indicators of Efficiency of Functioning of Insurance Market for the State (p. 158 - 164)

The Key Performance Indicators (KPIs) determine the effectiveness of market participants. The use of the KPIs has so far not been used for analysis of the Ukrainian insurance market. The urgent problem is to determine how the efficiency of the insurance market should be assessed from the State’s point of view. The presented work is a continuation of a series of works devoted to the development of the KPIs for participants of the Ukrainian insurance market. The aim of the article is to develop a system of key indicators of efficiency of functioning of the Ukrainian insurance market for authorized government bodies based on macro- and micro-economic indicators, which would provide a comprehensive description of the results achieved by participants of insurance system under the influence of government administration and regulation. The amount of the KPIs is optimally limited to avoid secondary indicators that have small impact on performance and to data accessibility for the KPI calculation using data from insurance companies and a State authorized body. The paper for the first time develops and classifies the KPIs of functioning of the Ukrainian insurance market for the State, including: percentage of insured population, percentage of insured business; level of insurance indemnity; solvency margin of insurers; margin of monopolization; margin of competition; share of insurance in the formation of the country’s GDP; efficiency of insurance activity; volume of tax payments to the State budget. Each KPI has a mathematical formulation and a condition for ensuring efficiency. In 2017–2018, conditions for ensuring efficiency of Ukrainian insurance market were implemented only for a few KPIs: the percentage of insured business; the solvency margin of insurers; the margin of monopolization and competition for the non-life insurance market; and the efficiency of insurance activity. Calculations for other KPIs showed the inefficiency of actions of the authorized government bodies.

Article is written in Ukrainian


Tkachuk I. Y.
Institutionalism as the Basis for Research in the Civil Society Finance (p. 165 - 174)

The article is aimed at considering institutionalism as the basis for researching in the finance of civil society. The causes for emerging of institutionalism are considered and the relevance of its use as the basis of the outlined research is substantiated. The basic theories of civil society are analyzed, and as result the expediency of using the extended functional model developed by Christopher Spark for the civil society research is substantiated. Existing theories of civil society interaction with other sectors are analyzed. It is suggested to consider civil society as a sphere of interactions between the State, family and business. It is recommended that civil society finance research be carried out through an institutional approach, taking into account measurements of the functional impact. A multidisciplinary approach for research in the civil society finance is described.

Article is written in Ukrainian


Melnyk V. M., Zhytar M. O.
The Role, Features and Directions of the Financial Architecture of the National Economy (p. 175 - 181)

The article is aimed at defining the role, features and directions of the financial architecture of the national economy. It is defined that formation of a financial architecture is a system of subordinate movements of its individual structural components at the appropriate levels of the hierarchy. The systemic nature of financial development is combined with the structuredness of the very process of financial architecture development. It is proved that the development of a particular financial architecture can take place on an independent basis or by borrowing the relevant institutions, which belong in higher stages of development. As a result, the specific features are defined as multi-tieredness, divergemivity, fractality, phasing, micro- and macro-dynamics. The essential characteristics that reflect the processes of change and act as logical «operators» in the research of financial development are suggested, i.e.: functional aspect of the development of financial architecture (development of functions as financial systems and financial institutions alike); structural and organizational aspect (features of composition and construction of financial architecture, interaction of its elements, financial structure); institutional aspect (formation and development of the institutional environment in which financial architecture is formed and operated); directedness of financial development; historicalism of financial development (evolution, its change in dynamics).

Article is written in Ukrainian


Mosiyevych O. O.
Using the Financial Metrics in Terms of the Investor Decision-Making for Venture Capital Financing (p. 181 - 189)

The article is aimed at studying the peculiarities of the use of financial metrics inn terms of the investors’ assessment of the potential portfolio venture investments. A comprehensive study of the investment decision-making for venture financing (including in terms of the methods used for assessing venture capital investments) was carried out, for which 31 venture projects investors were interviewed. The respondents in the survey defined the metrics and assumptions they most often use when evaluating venture projects. According to the survey results, less than half of the respondents have used discounted cash flows or net present value as methods to evaluate their investments when investing in venture projects. The most commonly used metrics for venture financing are the Internal Rate of Return (IRR) and the Cash-on-Cash Multiple. In general, it seems that investors in venture financing make decisions that are not consistent with the recommendations of financial theory. Thus, a sixth of the investors surveyed say that they do not use any quantitative metrics in the assessment. A fifth of investors in this survey openly said that they do not use any amendments for risk, and a quarter of respondents use the same amendments for all their investments, despite the fact that different investments face different risks.

Article is written in Ukrainian


BUSINESS INFORM №9-2019

Rakhman M. S., Sasonin D. A.
Analyzing the Status and Improvement of Ukraine’s Banking Operations with Foreign Currency (p. 223 - 230)

The article is aimed at researching the banking operations and interbank settlements in foreign currency; considering the impact of the new currency law; improving the implementation of foreign exchange banking in the sphere of foreign economic activity (FEA). The theoretical provisions on the essence of banking activities, classification and features of the implementation of banking operations in the sphere of FEA are generalized. A structural analysis of the indicators of volumes of the remittances from abroad to Ukraine for 2011 - the first quarter of 2019 is carried out in US dollars in dynamics; the ratio of remittances, the growth of foreign direct investment in Ukraine and their share in GDP are defined. A comparison of changes in the volumes of remittances to Ukraine in formal and informal ways is provided. Structural changes in remittances are considered by source (wage, transfers, etc.). Customer benefits in using the international payment systems are identified. The statistical indicators regarding the volumes of operations of the banks’ clients with non-cash foreign currency, the trading at the interbank foreign exchange market of Ukraine and the dynamics of the weighted average exchange rate of the US dollar to the hryvnia are analyzed. The structure of the main balance sheets (assets, gross loans and client funds) in foreign currency is analyzed, and a correlation analysis of the relationship between the indicators is done. A forecasting of the actual series of «Customer Funds» and «Money Transfers» until 2020 is accomplished. The strategic gaps of the forecast model are identified. The advantages and disadvantages of the new law «On currency and currency operations» are discussed. The results are summed up and ways to improve banking operations in the sphere of foreign economic activity are suggested.

Article is written in Ukrainian


Koroviy V. V.
The Main Instruments of the State’s Monetary Policy (p. 230 - 238)

The article discloses provisions regarding the functioning of the main instruments and mechanisms of the State’s monetary policy, in particular the definition and regulation of the mandatory reservation norms, interest policy, refinancing, currency interventions, operations with securities in the open market, as well as the peculiarities of their application in the context of adaptation of inflation targeting. The theoretic-methodological bases of the use of monetary instruments in the context of institutional changes of the financial system are deepened. Goals are defined and the main indicators of Ukraine’s monetary policy for the period of 2001-2019, including the consumer price index, interest rate, monetization of the economy, official rate of the national currency to the US dollar, international foreign exchange reserves are analyzed. It is substantiated that the State represented by the central bank through the channels of monetary policy can stimulate economic development in accordance with the priorities of its financial-economic policy to support economic growth, maximum employment, price stability and external economic equilibrium. The transmission mechanism of monetary regulation and the main channels of its implementation are considered taking into account the cyclicality of the economy. The need to strengthen coordination of the monetary policy measures with other components of the State’s financial policy, in particular fiscal policy, is substantiated. The expediency of using both symmetrical and asymmetric monetary regulation in various macro-economic conditions is characterized. The basic principles of the central bank’s activities are defined, ensuring that the processes of endogenous economic growth can be effectively regulated by monetary means.

Article is written in Ukrainian


Syrovetnyk O. S.
The Non-Tax Revenues in the Revenue System of the State Budget of Ukraine (p. 239 - 244)

The article is aimed at defining specifics of the formation of non-tax revenues, which will help to improve the system of budget financing. The types of non-tax revenues to the State budget are described as defined by the Budget Code of Ukraine, peculiarities of the accumulation of non-tax revenues to the State budget are disclosed, and a comparison of the functions of both tax and non-tax revenues is made. The structure and dynamics of the non-tax revenues to the State Budget of Ukraine are analyzed. It is concluded that the highest proportion in the structure of the non-tax revenues of the budget of Ukraine is occupied by incomes from property and business activities, which rose from 31,87% in 2009 to 52,93% in 2018. The tendencies of proportion of the non-tax revenues to the State Budget of Ukraine in gross domestic product for the period of 2009-2018 are defined. It is noted that this indicator during the reporting period showed an average of 4,4 per cent. The fiscal and economic potentials of the main groups of the non-tax revenues are assessed; the main problems and factors of impact as to the formation of non-tax revenues in the budget revenues are identified. The approaches to study the functioning of non-tax revenues in terms of planning and forecasting for the favorable development of the economy as the whole are taken further. The approaches to improve the budgetary financing system by increasing the types and extending the non-tax revenues are proposed. These are, in particular, increasing the amount of fines in the sphere of road safety, increasing the efficiency of paying the rent of the State-owned property, fees for the issue and conduct of lotteries, monitoring the sales of property being ownership of budgetary Institutions. Their advantages are argued by finding additional, alternative sources of funding and amending the country’s legislation.

Article is written in Ukrainian


Honcharenko I. H.
Analyzing the Risk of Legalization of Proceeds of Crime through Ukrainian Banks (p. 245 - 251)

The article is aimed at improving the instrumentarium of risk analysis associated with the use of banks’ services in order to legalize the proceeds of crime. The main directions of scientific research on analysis of the risks of money laundering through banking institutions and ways to counter such risks are analyzed. The carried out analysis showed that most of the proposed approaches are aimed at analyzing the risk of money laundering at the macro-economic level, including the analysis of the number of reports about suspicious operations, where the content of the financial operations as such is not always taken into account. The article suggests to use the analysis of the indicators of both debiting and cash withdrawal in Ukrainian banks as an additional instrument for analyzing the risk of legalization of criminal proceeds. The choice of such an instrument is based upon the fact that, first, cash transactions have the highest risk of legalization of income, and therefore require an in-depth analysis, and secondly, information from banks and other primary entities, engaged in the financial monitoring related to the money laundering issues is restricted for external users, so it is not possible to use all risk criteria to analyze transactions. The carried out analysis with use of the proposed instrumentarium allowed to divide the totality of 77 banks operating in Ukraine into four groups in accordance with the values of asymmetry, excess and variation of data distribution indicators. The main features of certain groups of banks in accordance with the distribution of cash turnover are identified and analyzed.

Article is written in Ukrainian


Kliuchka O. V., Voronchenko V. V.
The Influence of Financial Market on the Financial Provision of Economic Entities (p. 252 - 258)

The article is aimed at exploring the main sources of financial provision for economic entities in the current environment and generalizing their main ways of attracting. The article considers the financial provision of economic entities, which includes implementation of the measures to attract the necessary amount of financial resources to finance their productive and other activities . The current problems of forming the structure of sources of financial provision for providing the activities of economic entities and the criteria for their optimal attraction are researched. The advantages and disadvantages of financing at the expense of both their own and the attracted sources are defined. The optimality of the ratio between the borrowed and the own sources of financing is characterized, which in turn depends on the specific conditions of management, financial policy, capital turnover, sectoral features, etc. The authors analyze the known schemes for attracting financial resources in the national financial market, such as issuing securities and obtaining bank credits. Opportunities to attract capital at the national financial market are explored on the basis of a multi-criteria comparison of the main methods for mobilization of financial resources: obtaining bank credits, leasing, issuing shares and bonds. The role of the financial market as a mechanism is considered, which, in turn, allows to turn free funds and savings into investments. It is proved that the financial market, being the optimal distribution mechanism, can provide and improve the efficiency of structural transformations and, as a result, stimulate economic growth.

Article is written in Ukrainian


Yasinovska I. F., Bei I. M.
Financial Resources of Domestic Enterprises: Problems of Formation and Efficient Use (p. 259 - 264)

The article is aimed at exploring the sources of financing for domestic enterprises, including by the types of economic activity; evaluating the dynamics of volume and structure of financial resources of Ukrainian enterprises, their financial results; finding directions to optimize the formation and efficiency of use of the financial resources of enterprises. The dynamics of the financial resources’ structure of large and medium-sized enterprises in Ukraine as of March 31 for the time period of 2017-2019 are analyzed, the sources of their formation are estimated by the types of economic activity, dynamics of the financial results are analyzed. The main problems of the formation of financial resources in domestic enterprises are defined and ways of optimizing the formation and use of financial resources in the enterprises are pr