ШЫҒЫНДАРДЫ БАСҚАРУ: ШЫҒЫНДАРДЫ АЗАЙТУ, ШЫҒЫНДАРДЫ МИНИМИЗАЦИЯЛАУ, РЕНТАБЕЛЬДІЛІКТІ АРТТЫРУ

The article substantiates the theoretical and methodological principles of ensuring the security of economic activity of industrial enterprises in modern conditions of economic development. It has been proven that the theoretical and methodological justification of ensuring the security of economic activity of industrial enterprises in modern economic conditions requires the definition of the subject, functions and principles of economic security. Ensuring the security of the economic activity of industrial enterprises consists not only in physical protection, but also in the formation and achievement of the economic interests of industrial enterprises. The main goal of ensuring the security of the economic activity of industrial enterprises in modern conditions is the timely detection of exogenous and endogenous threats and the use of adequate factors capable of counteracting and neutralizing them, as well as creating conditions for using the potential of an industrial enterprise to ensure its competitiveness. It is justified that ensuring the security of economic activity of industrial enterprises performs a certain functional load in the form of such functions as: informational, monitoring, prognostic, protective. The theoretical and methodological basis of ensuring the safety of economic activity of industrial enterprises in modern conditions of ensuring the separation of the system of principles. The system of principles of the economic security system includes: purposefulness, emergency, hierarchy, multiplicativeness, variability, adaptability, continuity. The system of principles for ensuring the safety of the economic activity of industrial enterprises in modern conditions represents the basic guidelines that industrial enterprises must adhere to, this ensures the achievement of the goals of the economic activity of industrial enterprises in modern conditions. Isolating the system of principles of ensuring the security of economic activity of industrial enterprises makes it possible to substantiate the methodological principles of economic security, which will contribute to the development of management principles using creative forms and methods of protection.

Анотація. Висвітлено актуальність модернізації виробничо-господарської діяльності підприємств і фермерських господарств аграрного сектору в умовах інституційних трансформацій. Проведено аналіз досліджень модернізації фундаментальною та прикладною економічною наукою, зроблено постановку завдання. Наведено результати досліджень ученими аграрної економічної науки щодо основних напрямів осучаснення виробничо-господарської діяльності сільськогосподарських підприємств і фермерськихгосподарств. Зроблено узагальнення про належність модернізації до економічних категорій, що віддзеркалює загальні властивості реальної дійсності, слугує природним механізмом її висхідного розвитку завдяки вдосконаленню людиною виробничо-господарської діяльності, забезпечує економічний прогрес і підвищення рівня та якості життя населення. Виявлено наявність інституційних змін, що проявляється загальним зростанням кількості сільськогосподарських підприємств, зменшенням фермерських господарств і щорічними коливаннями числа аграрнихсуб’єктів господарювання. Установлено, що в рослинництві сільськогосподарські підприємства та фермерські господарства зорієнтовані на виробництво зернової та зернобобової продукції, соняшнику та цукрового буряку, тоді як господарства населення займаються переважно вирощуванням картоплі, овочів, плодів та ягід. У тваринництві сільськогосподарські підприємства мають певну перевагу у виробництві м’яса (у забійній масі) та яєць, а господарства населення домінують у молочному скотарстві, вівчарстві та бджільництві. Визначено вагомість кожної категорії господарств аграрного сектору економіки у виробництві основних видів сільськогосподарської продукції. Наведено аргументи щодо необхідності модернізації виробничо-господарської діяльності сільськогосподарських підприємств і фермерських господарств. Обґрунтовано комплекс заходів модернізації виробничо-господарської діяльності досліджуваних суб’єктів, економічна індивідуалізація яких поєднується з процесами кооперації та агропромислової інтеграції у кластерах об’єднаних територіальних громад сільської місцевості. Ключові слова: модернізація, виробничо-господарська діяльність, підприємство, фермерське господарство, інституційні трансформації. Формул: 0; рис.: 0; табл.: 2; бібл.: 12.

The article analyzes innovation, investment processes, investment and innovation support of enterprises in modern conditions. The relevance of the topic lies in the need to study the processes of innovation, investment support, since the introduction of innovation activity is impossible without financing, the basis of which is internal and external investments. development and preparation for the introduction of the finished product, innovation process, technology into production. All this justifies the high relevance of the analysis of the processes of innovation, investment support, enterprises in modern conditions of development. The purpose of the article is to conduct research and analysis of innovation, investment processes, investment and innovation support of enterprises in modern conditions. The methodological basis of the study was the methods of analysis and synthesis, observation, comparison; systemic, resource, historical, complex, logical-dialectical methodological approaches. The scientific results obtained consist in the fact that studying investment, innovation processes in the modern economy, the functioning of enterprises in general and business entities, general trends and dynamics of their change have been revealed. The analysis of investments in the field of professional, scientific and technical activities made it possible to identify a certain discrepancy between the actual volumes and structure of investments in this direction and the actual needs that are and should be realized for achievement of results and productivity growth in the innovative, scientific and technical sphere. The discrepancy between capital investments in the field of professional, scientific and technical activities, the lack of balancing the real needs of this area and taking into account the trends and trends existing in the world, in the world scientific and technical environment, leads to a decrease in efficiency or lack of real results from investing funds, which does not meet the financial expectations of investors and does not contribute to the growth of investment volumes in this area, expanding the range of actual and potential Investors. Prospects for further research lie in the expediency of further study of the processes of investment innovation provision in order to identify the components and structure of innovation potential and investment environment for the implementation of innovative investment activities of enterprises and search for opportunities for promising directions to strengthen this potential and activate innovation activity of enterprises in current activities and in the future.

The authors of the article consider the essence and concept of financial stability of the enterprise, the main factors that influence it. The study demonstrates the importance and unusualness of the ideas in this request. The need for research into such a request and its study, based on modern conditions, is considered management in order to determine the essence and concept of the financial stability of the enterprise, important factors that influence it. The concept of "financial stability" is defined. The article considers the financial stability of the enterprise's economic activity, which is characterized by the appropriate financial security of the continuity of the main types of activity, financial ensuring the continuity of the main types of activities, financial independence from external financing, the ability to maneuver with its own funds, sufficient provision of material working capital with its own sources of coverage. This article describes that financial stability is one of the qualities of a stable position of an enterprise, which causes the continuity of its financial condition, within which the enterprise implements its own functioning, depends on the results of its activities, its energetic and effective response to changing internal and external factors. The factors that establish the financial stability of an enterprise are considered – this is the financial provision of stable functioning, financial independence from external sources of financing, the ability to independently maneuver financial funds, ensuring the coverage of expenses for the growth and modernization of entrepreneurship, and the constant excess of income over expenses. Internal and external factors that are interrelated and affect the financial stability of the enterprise are identified and characterized, but their effect is manifested in different directions, that is, some are positive, others are negative. Several functions of financial sustainability research have been established. The financial sustainability of enterprises is considered based on certain beliefs that can radically improve the effective and positive results of their activities. This study shows that the main basis for the emergence of information for studying financial stability and financial conditions at the enterprise as a whole is financial reporting, which is a set of reporting forms. The conclusion of the review is that financial stability is a cardinal property of the financial and economic functioning of an enterprise in a market economy.

The purpose of the article is to study the peculiarities of the management of foreign economic activity of enterprises in current conditions of sustainable development. To achieve the goal of the article, in the study, the following scientific methods are used, namely: analysis and synthesis - to determine approaches to understanding the concept of foreign economic activity and levels of its implementation; statistical - to form the indicators that characterize the state of foreign economic activity in Ukraine; grouping - to obtain groups of regions according to the level of foreign trade turnover; cartographic - to visualize the received groups of regions on the indicators of foreign economic activity; graphic - to visualize the system of foreign economic activity in terms of the need to achieve the stability of regions, enterprises as a leading subject of foreign economic activity and the peculiarities of foreign economic activity of the enterprise in modern conditions. Within the article, the factors of external and internal environment, on which depends the effectiveness of foreign economic activity, are considered. The systems of management of foreign economic activity of the enterprise are studied and characterized. Trends of the development and current state of foreign economic activity in the regions of Ukraine are studied. The grouping of the regions of Ukraine according to the activity of conducting foreign economic activity was carried out, with the separation of the leading and the outsider regions. According to the results of the research, the peculiarities of foreign economic activity of enterprises in modern conditions are identified and outlined, among which the following are singled out: spread of integration processes, structural transformations of the international division of labor, strengthening the role of the state in joining the world economic system.

The main purpose of this work is to determine the peculiarities of the business activity of industrial enterprises of Ukraine in modern realities and to find ways to increase it. The main interpretations of the concept of "business activity", its main quantitative and qualitative characteristics have been studied. It was determined that business activity is a complex characteristic of the efficiency of the external and internal activity of the enterprise, which is built on the basis of its quantitative and qualitative indicators and reflects the efficiency of the use of all available resources (financial, material, intangible, labor), position on the market, its image and economic potential enterprises. The relevance of research in modern realities, the need to assess business activity is revealed. The impact of business activity on the functionality of enterprises, the main external and internal factors that affect the level of business activity are determined. The essence of the "golden rule of economics", its influence on the level of business activity of the enterprise is considered. It was determined that the higher the rate of growth of net income from the sale of products at the enterprise than the rate of growth of the value of assets, the higher the level of business activity will be. The methodological aspects of the analysis of business activity were studied, the analysis of the level of business activity of industrial enterprises of Ukraine for the years 2016-2020 was carried out, using asset turnover ratios. The business activity of the enterprise in the financial aspect is primarily manifested in the speed of rotation of its liabilities, assets and their components. The importance of turnover indicators is explained by the fact that turnover characteristics largely determine the level of efficiency and profitability of the enterprise. The main problems that can cause a decrease in the level of business activity have been identified. It was revealed that the main problem of ensuring business activity is military operations as a result of the Ukrainian-Russian war, the influence of the factor on the functionality of enterprises was investigated. The main ways of ensuring the business activity of the enterprise in modern conditions have been determined on the basis of surveys of entrepreneurs and the plan of economic recovery of Ukraine proposed by the Ministry of Economy.

The article examines the theoretical and methodological aspects of financial risk management, which is one of the key factors in ensuring the stability and effective functioning of enterprises in modern conditions of uncertainty. The main concepts of financial risk and approaches to its classification are highlighted, in particular, systemic and non-systemic risks are distinguished, internal and external factors of their occurrence are distinguished. The main types of financial risks are analyzed, including credit, interest, currency, operational, investment, inflation risks and liquidity risk. Their impact on the financial and economic activities of enterprises and factors that cause an increase or decrease in the level of financial risks are considered. Special attention is paid to political and macroeconomic aspects that can cause the emergence of new risks or exacerbate existing threats. The work systematizes scientific approaches to determining the essence of financial risk, and provides interpretations of this concept by various researchers. Key methods of financial risk management are identified, including diversification, insurance, hedging, limiting, creating reserves, using financial derivatives and avoiding excessively risky transactions. Mechanisms for assessing financial risks based on fundamental indicators, macroeconomic indicators, financial ratios and market multipliers are outlined. The main stages of financial risk management are considered, including identification, analysis, assessment, development and implementation of a risk minimization strategy, as well as constant monitoring and adjustment of risk strategies in response to changing market conditions. The importance of using financial regulations as a tool for controlling the level of risks, as well as the introduction of effective methods for predicting possible threats in the financial sector, is particularly emphasized. It is concluded that effective financial risk management contributes to strengthening the financial stability of enterprises, increasing their competitiveness and ensuring long-term development in an unstable market environment. A financial risk management model has been developed.

The circular economy is an important trend in the development of agriculture and as well as its challenge. The circular approach allows to find effective ways to reduce costs, enter new markets, in particular foreign ones, as well as strengthen the social responsibility of business and product consumers. The purpose of the study is to determine the expediency and risks of organizing the activities of agricultural enterprises based on the circular economy in modern conditions. The strategic importance of agriculture in Ukraine, which provides more than 40% of export revenue, is emphasized. The situation in Ukraine with the treatment of agricultural crops for harvest with fertilizers and pesticides is analyzed. The main difficulties are related to the insufficient use of organic fertilizers, although there have already been positive developments. The main advantages of circular agribusiness, which are related to: 1) minimization of waste in the process of production and consumption of products and services, which will reduce their negative impact on the environment; 2) the high potential of scaling circular economy methods, which contributes to the growing involvement of investment capital in the field of agriculture. Specific features of risks that create barriers to the implementation of circular economy in the activities of agricultural enterprises in modern conditions, are determined. Therefore, they are grouped as follows: 1) financial (long-term investment costs for circular models and technologies; the principle of "green finance"); 2) marketing (planned moral aging as an effective option for ensuring sales volumes in the future); 3) organizational (difficult process of restructuring the current business model into an economical and circular one; weak awareness of the sustainable development concept and its connection with circular effects). Attention is focused on the fact that when planning the transition to circular business models, the strategic task of increasing the share of added value of agricultural products should be followed. Keywords: circular economy, agricultural enterprise, waste management, potential.

The article highlights the topic of digitalization as a key factor in enhancing the competitiveness of enterprises in modern conditions, in particular during the martial law in Ukraine. The article reveals the essence of the concept of «enterprise competitiveness», provides an overview of interpretations by various scholars, and offers the author's definition, which focuses on the efficient use of resources, introduction of innovations, and adaptation to changes in the market environment. The article analyzes external (political, economic, social, environmental) and internal (human, production, financial, marketing) factors that negatively affect the competitiveness of enterprises' products. It is determined that in modern conditions, the greatest pressure on enterprises is exerted by military operations and general economic instability. A comprehensive assessment of the level of competitiveness of Ukrainian enterprises by a number of key indicators is carried out: financial condition, marketing policy, staffing, service, uniqueness of offers, innovations, etc. It is found that the main drivers of competitiveness are innovation, price, product uniqueness, and efficient use of human capital. The results are visualized using the competitiveness polygon. Particular attention is paid to analyzing the role of artificial intelligence technologies in increasing the competitiveness of enterprises. It is substantiated that AI provides intellectualization of business processes, allows for in-depth analytics, personalization of marketing, optimization of production, improvement of financial forecasts, and enhancement of customer service. The dynamics of global investment in artificial intelligence technologies for 2014–2024 are presented, which demonstrates the rapid growth of business interest in AI as a strategic tool. It is determined that this technology is the most effective in terms of implementation in conditions of limited resources. A comprehensive strategy for increasing the competitiveness of Ukrainian enterprises through the introduction of AI is proposed, including cost optimization, improving the quality of service, automating processes, and enhancing customer experience. As a result, it is concluded that flexible management, technological modernization, adaptability to changes in the external environment, and active integration of digital solutions are necessary, which are the basis for sustainable development and strengthening the market position of Ukrainian enterprises in the face of uncertainty.

It is established that Trade Law is a branch of law which regulates legal relations arising in the course of business activities, in particular, those related to the purchase and sale of goods and services, as well as other transactions related to the relevant processes. This branch of law contains legal rules that govern the establishment, registration, management and liquidation of enterprises, transactions, fair competition, consumer protection, intellectual property, patents and trademarks, and other aspects of business activities related to trading. The article proves that trade legal relations as the subject matter of the Trade Law branch are a complex set of property and non-property relations arising between trade law entities in relation to the sale and purchase of goods and services. These legal relations include all stages of the process of buying and selling goods and services: from finding partners and signing a contract to making payments and fulfilling the parties’ obligations. It is argued that the key features of trade legal relations are as follows: parties to trade legal relations are not only legal entities, but also individuals; one of the parties to legal relations is necessarily an entity which sells goods and services; the relevant relations arise not only by concluding a written agreement, they may also be oral; these legal relations are governed by the rules of not only Trade Law, but also other branches of law which are closely intertwined with each other; parties to trade relations usually have a single goal which is a commercial one; the quality and efficiency of trade relations affect the development of the state's economy as a whole, as well as the financial and economic condition of each individual; regulation of trade relations is an important guarantee of observance of the rights and freedoms of a person using services, works, etc.

The economic content and components of creditworthiness of enterprises are substantiated. An in-depth critical analysis and structuring of the main tools and methods for assessing the creditworthiness of enterprises in the current conditions of transformation of the world market. The classification of the main factors influencing the formation of creditworthiness of enterprises and should be taken into account in the formation of strategic guidelines for each enterprise is proposed. The main criteria for assessing the creditworthiness of enterprises depending on the type and specificity of economic activity based on the analysis of credit risk models are substantiated. The concept of assessing the creditworthiness of enterprises in modern conditions of economic cyclicality, taking into account the characteristics of the industry, volume and specifics of activities. A method of assessing the creditworthiness of enterprises by type of economic activity using multidimensional discriminant analysis taking into account the influence of various factors, both internal and external environment, which, unlike existing ones, will quickly determine the financial condition and determine and take into account the impact of various factors. The developed concept of assessing the creditworthiness of enterprises through multidimensional discriminant analysis will ensure effective management decisions and optimize the financial condition.

У статті досліджено аспекти впливу податків на оборотний капітал підприємств України. Опрацювання статистичних даних підтвердило значущість впливу системи оподаткування на структуру оборотного капіталу підприємств України. Наукове дослідження допомогло виокремити основні недоліки в системі фіскальної політики України, які чинять негативний вплив на господарську діяльність. На основі вищезазначеного запропоновано науково обґрунтовані заходи оптимізації податкового тиску та стимулюючі кроки для суб’єктів господарської діяльності, щоби спрямувати прибутки підприємств на зростання оборотного капіталу та його структуризацію. Впровадження зазначених пропозицій сприятиме капіталізації фінансових ресурсів для подальшого зростання оборотного капіталу України, високій ефективності корпоративних фінансів, зростанню позитивних результатів економічної діяльності загалом.

Introduction. Within the framework of the project approach, business projects are becoming the predominant form of organizing and managing the innovation activities of companies in the modern business environment. Business project management is a strategic priority for the implementation of innovative activities of a trade enterprise, that allows to ensure its sustainable competitive advantage in an unstable, dynamic and unfavorable environment. Business projects allow focusing on specific measures of innovative development in the field of trade. The purpose of the paper is to study the main aspects of business project management in the innovative activities of trade enterprises, that involves research current trend of innovative activity of trade enterprises, features and opportunities of the project-oriented approach. Results. The project-oriented management approach allows to combine all spheres of innovation activity into a single innovation strategy, harmonizing time and resources requirements and limitations, for the innovative development of a trade enterprise focusing on adaptation challenges. That’s why it is advisable to manage the innovation activities of trade enterprises in modern conditions in the form of managing a set of mutually agreed projects using innovative project management tools. At the same time, the introduction, implementation, and closure of projects are continuous processes, the projects themselves are carried out sequentially and/or in parallel, but necessarily systematically. This approach implies, on the one hand, a single coordination system within the overall innovation strategy, and, on the other hand, the autonomy of individual innovation projects in terms of resources provision, operational management, and balancing the interests of participants. Thus, the strategic management of the innovation activities of a trade enterprise is integrated with the operational and financial management of individual projects and their risk management. Conclusion. Modern trade enterprises are characterized by the management of innovation activities in the form of a system of business projects, that is organized and has a cyclical development. In view of this, the management of project-oriented innovation activities is the key to the innovative development of trade enterprises.

The article studies practical aspects of implementing risk management in agro-industrial enterprises in modern conditions. It is determined that agro-industrial production plays a strategic role in the country's economy, ensuring food security, jobs, rural development, and foreign exchange earnings. It is established that adaptive risk management in agro-industrial production is an integral part of the effective functioning of enterprises in modern conditions. Growing climatic, economic, and geopolitical threats require agribusiness to implement modern approaches to forecasting and minimizing risks. It is proven that risk management's practical implementation is based on innovative technologies, such as precision agriculture, automation of production processes, digital analysis, and monitoring systems. Financial risk management mechanisms, particularly agricultural insurance, hedging, and state compensation programs are essential. It is substantiated that adaptive strategies, particularly diversification of production, use of sustainable agricultural technologies, and optimization of logistics processes, can significantly increase a business's resilience to external challenges. It is confirmed that state support and international programs play a key role in developing effective risk management. Thanks to access to preferential financing, technological support, and educational initiatives, agro-industrial enterprises can implement more effective risk management mechanisms. Therefore, implementing an integrated approach to risk management allows agro-industrial enterprises to protect themselves from negative impacts and increase competitiveness, ensuring the stability of the agricultural sector and the country's food security.

The purpose of the paper is to study the theoretical foundations of the formation of an enterprise's investment strategy in modern conditions. By analyzing, systematizing, and summarizing the scientific works of many scientists and researchers, the essence of the concept of «investment strategy» was determined, depending on the scientific point of view and practical experience of various authors. The main goals of the investment strategy are determined, including maximizing profit from investment activities, minimizing investment risks, ensuring the improvement of the state of the enterprise due to effective investment activities. Eight main stages of formation of the enterprise's investment strategy have been identified. The principles of forming the investment strategy of the enterprise are characterized. The paper highlights the following principles: consideration of investment risk in the process of making strategic investment decisions, adaptation of the investment strategy to changes in factors of the external investment environment, ensuring the flexibility of the investment strategy, taking into account the main strategies of the enterprise's operational activity, and using the results of scientific and technical progress in investment activities. Attention is focused on the importance of taking into account innovative approaches when forming an enterprise's investment strategy. It was investigated that, despite the crisis phenomena and political instability in Ukraine, domestic enterprises continue to conduct investment activities. According to the results of the research, the main measures to improve the process of investment strategy formation, including the improvement of the system of analysis of the external and internal environment of the enterprise, the introduction of modern methods of evaluating investment projects, the study of the legislative framework for the regulation of investment activity and adaptation to its changes, the creation of an investment project management system, which will help to ensure effective implementation of investment projects and achievement of set goals, etc.