Research background: A significant share of Ukrainian enterprises in modern conditions is accompanied by unprofitability of their activity. On the back of Ukrainian enterprises unprofitability, there is a problem of methodical provision of financial risk management, which lies in the fact that a major part of scientistific works in this area focus on the study of internal factors and indicators of financial risk. At the same time, the system risk is levelled out.
Purpose of the article: The aim of the study is the improvement of enterprises’ financial risk management tools based on the assessment of the company's ability to neutralize financial risk taking into account system risk effects.
Methods: The methodological apparatus includes: The "weight center" method; expert appraisal method; multidimensional factor analysis method; neural network apparatus.
Findings & Value added: As a result of the study, an approach to assessing the impact of system risk on the ability of an enterprise to neutralize financial risk is developed. The expert evaluation method is based on an integrated model that allows for estimation of the ability of metallurgical enterprises to neutralize financial risks. The system risk factors, namely the factor of commodity markets state, the political and demographic, fiscal, monetary factors as well as the factor of the external balance financial estimates, were determined. By constructing a neural network, elasticity of enterprises' ability to neutralize financial risk in relation to systemic risk factors was calculated. The proposed approach allows for conducting preventive financial risk diagnostics on the basis of assessing the current financial status and the ability to neutralize financial risk in an open economic system — taking into account the system risk impact.
The research is devoted to justifying regulatory policy scenarios. The base of the analysis is the built cognitive map that shows the interactions between factors, leverages and goals of regulatory policy. For the purpose of justifying the possible dynamics of factors in the future in every scenario, changes of the most negative and positive factors were investigated, according to which the possible forecast for them was proposed. In the process of investigation, the impact of negative factors on the regulatory policy goals, the combination of leverages that must be included for overcoming the negative impact of all these factors were analysed and justified. As a result of the research we have determined three scenarios: optimistic, pessimistic and most probable. For every scenario, a specific set of leverages was proposed. JEL Classification Numbers: B49; C10; H11; H20,
The development of a market economy involves the socialization of its economic entities, i.e. the direction of their activities to solve social problems. The purpose of this article is to consider the theoretical and practical aspects of social entrepreneurship as a modern trend of economic development. The authors note that the main features of social entrepreneurship are: innovative activities; its dual focus, which combines non-profit goals with the ability, necessity and ability to make a profit; public nature of social enterprises and complexity in the organization and development, the presence of significant risks. Studies of the functioning of social entrepreneurship in the world have identified the following trends in its development: due to the different participation of the state in its support; lack of a single “acceptable” or effective form of social entrepreneurship and a certain generally defined area of activity; the success of social entrepreneurship in the world and its significant contribution to the economy.In Ukraine, social entrepreneurship is a new form of business. The main trends in the functioning of social entrepreneurship in Ukraine are: a fairly wide geography of distribution of their activities, although the vast majority of them operate in large cities; the most common organizational form is individual small business; the main activities are: employment of vulnerable groups and generating income for social activities, etc. However, despite the rather rapid development of social entrepreneurship in Ukraine, the problems of its functioning are: lack of financial and institutional state support; lack of motivation to create social enterprises and low level of public awareness of their significant positive potential; its significant dependence on foreign support and investment. According to the authors, these problems do not allow social entrepreneurship in Ukraine to realize its potential and become a trend of economic development.
JEL classіfіcatіon: D64, L26, L31