DSpace Collection: Світ фінансів Випуск 3 2018 рік
http://dspace.wunu.edu.ua/handle/316497/31292
Світ фінансів Випуск 3 2018 рік2024-03-15T08:18:50ZДоходи і витрати домогосподарств: вітчизняні реалії та зарубіжний досвід
http://dspace.wunu.edu.ua/handle/316497/33658
Title: Доходи і витрати домогосподарств: вітчизняні реалії та зарубіжний досвід
Authors: Серватинська, Інна; Servatynska, Inna
Abstract: Узагальнено особливості й окреслено проблемні аспекти фінансів вітчизняних
домогосподарств у контексті їх доходів і витрат. Здійснено аналіз основних макроекономічних показників, які визначають умови формування фінансів домогосподарств
України. Виявлено дисбаланс у структурі доходів і витрат домогосподарств. Проаналізовано структуру доходів і витрат серед домогосподарств зарубіжних країн. Проведено паралель між зарубіжною та вітчизняною практиками формування і використання фінансів домогосподарств. Запропоновано стратегію комплексного вдосконалення
фінансів вітчизняних домогосподарств із урахуванням передового зарубіжного досвіду. Introduction. Household finances in Ukraine are unbalanced. Households are losing a
significant part of their income due to inefficient allocation of available savings. This is the result
of the drawbacks in the functioning of the Ukrainian stock market. Social transfers as a lion's share of domestic household income, are redistributed with a violation of targeting principles,
and the detention rates of the population are formed. The size of state social guarantees and
standards does not correspond to the average European values. Macroeconomic conditions
for development of household finances, in particular the inflationary processes in economy are
also unfavorable.
The purpose of the article is to analyze foreign experience and domestic realities of forma-
tion and use of household finances, to carry out a comparative description of the obtained re-
sults. It is also aimed at developing a strategy for the comprehensive improvement of domestic
household finances on the basis of the analyzed foreign experience.
Methods. In the article research methods of analyzis, synthesis, grouping and generaliza-
tion have been applied in analyzing of population income and expenditure, aggregate financial
resources of households. Methods of induction, deduction and analogy have been used for
forming a strategy of the comprehensive improvement of household finances.
Results. The analysis indicated that the main sources of household incomes are income
from employment, wages in particular and entrepreneurship. Moreover, the share of wage earn-
ings is comparable to the foreign one, however, in the part of self-employment and entrepre-
neurial activity there is a discrepancy of 4-6% versus 10-18%. The share of social transfers in
the income of domestic households varies from 20 to 27% and is quite comparable with foreign
countries. Income from households in Ukraine is 0.8-1.0%, while in other countries it is 6-10%.
The problem is that domestic households are not fully acquainted with the potential of the secu-
rities market. Domestic households, in comparison with foreign ones, receive significant finan-
cial assistance from relatives and other households, also from abroad. The prevailing part in
the structure of household expenditure is directed towards consumption. The share of non-con-
sumption expenditures of domestic households (8-10%) is lower than that of households in the
EU (15-30%). Savings of domestic households (1.5-3%) are much less than savings of foreign
households (10-15%) due to the crisis of the domestic banking system, distrust of the population
to banking and non-bank financial and credit institutions.
Conclusions. The strategy of comprehensive improvement of domestic household financ-
es has been suggested. It consists of the general strategy and is applicable at the national level
and at the level of individual households. The strategic tasks are stabilization and growth of
economy; social responsibility of business; stock market development; increase of state social
standards and guarantees.2018-01-01T00:00:00ZМетодологічні аспекти аналізу фінансових ризиків як інструменту управління ними
http://dspace.wunu.edu.ua/handle/316497/33657
Title: Методологічні аспекти аналізу фінансових ризиків як інструменту управління ними
Authors: Портоварас, Тетяна; Portovaras, Tetiana
Abstract: Узагальнено поняття “ризик” й запропоновано його власне визначення, в основі котрого – негативний вплив внутрішніх і зовнішніх чинників, що виявляється в погіршенні
фінансового стану підприємства. З огляду на це, найважливішим об’єктом аналізу діяльності суб’єктів господарювання запропоновано вважати фінансові ризики. Проаналізовано методи оцінки ймовірності банкрутства, акцентовано на їх перевагах і недоліках. Обґрунтовано алгоритм управління фінансовими ризиками підприємств, котрий вміщує стадії ідентифікації, оцінки й мінімізації. Introduction. The article deal with the risks and its influence on the enterprises activity
within the uncertainty. The essence, classification and analysis of risks is generalized, on the
basis of which their own understanding is proposed. The question of forecasting the probability
of bankruptcy as a widely used method of risk management is focused, its advantages and dis-
advantages at the present stage of development of the domestic economy are shown.
Purpose. The aim of the paper is justifying the methodological approach to the analysis of
financial risks in order to increase the efficiency of their management. Results. The financial risks are investigating taking into account theoretical approach as for
the interpretation of the economic content of “risks” and substantive approach to their analysis.
According to this the author suggests to consider “risks” as the probability of deterioration of the
financial state of enterprise as a result of negative influence of risk factors. The methodological
approach to the analysis of financial risks is proposed. In the essence of this approach are
the stages of: risks identification (with the purpose of identify the risk areas of operational and
financial activity of legal entities); analyzing (with the aim to isolate the risk factors); minimizing
of risks (justifying the ways of risk management). The methodical principles of bankruptcy of
enterprises are investigated; the methodology of its analyzing within the specific of financial and
economic activity of domestic entities and the size of its financial results is substantiated.
Conclusions. The methodology of analysis of financial risks is actual today because there
are lack of effective approaches to risk analyzing as a way of risk management. Proposed
approach allows concentrating on risk factors and according to it to raise effectiveness to risk
management.2018-01-01T00:00:00ZПереважні права на придбання акцій нової емісії як інструмент корпоративного управління
http://dspace.wunu.edu.ua/handle/316497/33656
Title: Переважні права на придбання акцій нової емісії як інструмент корпоративного управління
Authors: Стецько, Микола; Stetsko, Mykola
Abstract: Висвітлено фінансові аспекти реалізації переважних прав, зокрема питання їх ціни,
справедливої вартості та факторів, що на неї впливають. Доведено, що у результаті
реалізації переважних прав акціонери, як правило, не отримують додаткових доходів та не
забезпечують приріст власних активів. Для компенсації збитків акціонерам, які пов’язані
із додатковою емісією акцій, запропоновано надання їм дозволу на торгівлю переважними
правами та звільнення від оподаткування виручки від реалізації зазначених прав. Introduction. There are cause-effect persistent relationships between the quality of corpo-
rate management of an enterprise and its ability to attract investments. Among the wide range of
issues related to the definition of "corporate management", the least investigated is the means
of redemption rights to purchase shares of new emission. The level of protection of investors’
rights depends directly on its capacity, and hence the investment attractiveness of individual
enterprises and the capital market of the country.Purpose of the study is to substantiate the recommendations on the practical implementa-
tion of the redemption rights of shareholders to purchase shares of new emission.
Methods. In order to create the conditions for the practical implementation of the redemption
rights, the model of calculating the domestic fair value of redemption rights is substantiated. This
model takes into account the following factors: market share price before additional emission,
emission rate, emission and cash flows ratio which will be generated by the company owing to
the emission results. It is a model for determining the minimum amount of additional cash flow,
which should be generated by a company that carries out an additional share emission in order
to preserve the market rate that took place before the increase of the statutory capital, is offered.
Results. The work emphasizes that redemption rights (for the purchase of shares) is a
means against blurring the value share of individual shareholders, its devaluation and com-
pensation of owners’ losses. The financial aspects of implementation of redemption rights, in
particular, their price, fair value and influential factors are analyzed. If the share emission is low,
the "blurring" of the market value of the shares in circulation and losses of shareholders will be
high. The task of determining the fair value of redemption rights in the article was solved on the
basis of comparing the market value of the company to the increase of the statutory capital and
potential market capitalization after the additional share emission.
Conclusions. It is shown that as a result of implementation of redemption rights, share-
holders do not receive real additional income and increase of their assets. To compensate the
shareholders losses related to the additional share emission, the necessity to permit the trade of
redemption rights and the tax exemption from the sales revenue of these rights is substantiated.2018-01-01T00:00:00ZСучасний стан та проблеми фінансового забезпечення сталого розвитку агропромислового сектору
http://dspace.wunu.edu.ua/handle/316497/33655
Title: Сучасний стан та проблеми фінансового забезпечення сталого розвитку агропромислового сектору
Authors: Тулай, Оксана; Tulai, Oksana
Abstract: Досліджено питання фінансового забезпечення сталого розвитку агропромислового сектору. Проведено моніторинг показників, які впливають на обсяг виручки від реалізації продукції підприємств агропромислового сектору. Проаналізовано
структуру джерел фінансового забезпечення підприємств агропромислового сектору, з’ясовано позитивні й негативні тенденції щодо її формування. Сконцентровано
увагу на особливостях формування та використання прибутку як основного джерела
формування власного капіталу підприємств агропромислового сектору. З’ясовано,
що тенденція зниження показників рентабельності підприємств негативно впливає
на фінансове забезпечення їх сталого розвитку. Обґрунтовано напрями вдосконалення фінансового забезпечення підприємств агропромислового сектору із врахуванням глобальних цілей сталого розвитку. Introduction. At the current stage of development of the economy of Ukraine the agro-in-
dustry sector acts as a kind of locomotive and determines its volume, supply and value of the
main types of food for the population. It greatly affects socio-economic development state,
forming 14% of gross value added and more than 40% of exports of countries. Almost 90% of
the food needs of the country's population satisfies for the expense of domestic production.
Active development of the world markets for agricultural products requires the formation of an
effective one mechanism of financial support of production and investment activity agro-indus-
trial sector of Ukraine taking into account global sustainable goals development.
Purpose. The purpose of the article is to find out the features, trends and problems of
financial support for the sustainable development of the agro-industrial sector of the economy,
substantiation of directions for its improvement
Results. The article focuses on the issue of financial security of sustainable development
of the agro-industrial sector of the economy, indicators that affect the volume of sales revenue
enterprises of the agro-industrial sector. The structure of the sources of financial support of
the enterprises of the agro-industrial sector is analyzed and positive and negative tendencies
towards its formation are found out. The features of the formation and use of profit as the main
source of formation of own capital of enterprises of the agro-industrial sector are analyzed.
It is revealed that there is a tendency to decrease the profitability of indicators of enterprises
negatively affects the financial security of their sustainable development.
Conclusions. It is substantiated that in order to improve the system of financial support
for the sustainable development of agro-industrial enterprises the sector needs:
– to apply anti-crisis measures, which include the mechanism of the state financial in-
centives for socially responsible ecologically safe business entities;
– to develop a mechanism for state financial incentives production of organic agricultural
products;
– to develop effective regional strategies for attracting investment resources taking into
account the peculiarities of each region's development;
– to develop an effective mechanism for lending agro-industrial the economy sector.2018-01-01T00:00:00Z