The aim of this research is to determine the influence of electrical energy market regulation reform in Ukraine on the competitive environment, the reproduction processes of financial and innovative support, and the energy efficiency of the national economy. The authors have put forward and verified the hypothesis that, under conditions of institutional maturity of the Ukrainian electrical energy market, its liberalization and separation of the kinds of activity related to generation, transmission, and distribution leads to a decrease in prices, and the level of economic concentration stimulates implementation of innovations and the formation of reports on sustainable development. Over the thirteen-year time interval, a steady trend of decreasing energy intensity of the Ukrainian economy was established, and the appropriateness of energy efficiency management based on strategic targets was substantiated. The electricity market model in Ukraine is defined as a hybrid one, with an emphasis on trade under bilateral agreements. It was statistically found that liberalization of the electrical energy market in Ukraine contributed to a decrease in prices, with the exception of the areas of largest household and non-household consumers. The high level of asset concentration in the accounts of large enterprises was revealed, and the conclusion concerning the improvement of the competitive environment in the electricity production sector and the existence of the features of natural monopolies in the areas of transmission and distribution of electricity was made. The assessment of the financial competitive ability and profitability of electrical energy market entities was made, the main entities of the investment activity and the sources of their financing were characterized, and innovations were emphasized. The role of the standards of the audit of integrated reporting of the Ukrainian energy holdings and their role in ensuring sustainable development was determined.
On the basis of the analysis of the scientific views of researchers, the essential characteristics of the category of “investment attractiveness” as an object of management are specified. According to the results of the study of macroeconomic indicators (GDP, gross fixed capital formation, financing of capital investments, financing of innovations, direct foreign investments), the current problems of investment attractiveness in the country are determined. The investment attractiveness of Ukraine is analysed in accordance with the international indices. The sequence of investment attractiveness management of business entities is proposed, where priority is given to the strategies of the financial regulation by the development of business entities. The urgency of the formation of a financial regulation strategy based on an estimation of investment attractiveness is substantiated. The priority directions of increase of investment attractiveness in the framework of realization of the strategy of financial regulation by development of the business entities, which stipulate the choice of sources of financing, optimization of the structure of capital, asset restructuring and financing of innovations are determined.
The article discusses current issues of interaction between external auditors and management of public interest entities with the aim of making managerial decisions aimed at ensuring the continuity of an entity, ensuring balance between resources and their sources, eliminating distortions in financial statements. Based on the study, it has been found that the definition of «public interest» is inextricably linked with the economic benefits of interested financial statements users. Internal control (audit) is aimed at prompt response to negative effects of economic activity. Considering financial performance generally, external audit provides users with reliable information on financial and property status of the audited entity, its financial results, and changes in cash flow and equity. Management team of a public interest entity has to create an audit committee to interact with an external auditor. At the same time, an external auditor creates an additional report and informs the audit committee on the applied principles of independence, on the key partner, on the auditors involved, on the scope and timing of the statutory audit, on the audit methodology, the materiality level chosen for the audit, on business continuity of the audited entity, on the shortcomings of its quality control system, on identified violations of the law, and on the interaction of auditors and management during the audit. A letter from the auditor to those with the highest managerial authority also contains information about the internal control system and its ability to identify deviations from legislative norms. A final document informing report users on financial and property status, operating activity, cash flow and equity statements of the audited entity is an audit report, which may include the following opinions of an auditor: unqualified opinion, qualified opinion, adverse opinion, and disclaimer of opinion. The management of the audited entity makes decisions on adjusting internal control system, financial statements, and revealed deviations from legislative norms based on audit documents preceding the report and the audit report itself. The procedure for adjusting the customer's internal control system of the audit, its financial statements identified during the inspection of deviations from existing legislative standards on the basis of audit documents preceding the audit report and an additional report for the audit committee of the enterprise is considered.
КОМПЛЕКСНИЙ АНАЛІЗ ІНВЕСТИЦІЙНОЇ ПРИВАБЛИВОСТІ ПІДПРИЄМСТВ В КОНТЕКСТІ ФІНАНСОВОГО ЗАБЕЗПЕЧЕННЯ РОЗВИТКУ ПІДПРИЄМСТВАнотація. В статті розкрито передумови та предметне поле комплексного аналізу інвестиційної привабливості підприємств, орієнтованого на формування інформації, яка задовольняє інтереси різних зацікавлених груп. Запропоновано методичний підхід до комплексного аналізу інвестиційної привабливості підприємств, який базується на інтегральній оцінці, що поєднує індикатори оцінки інвестиційної привабливості за трьома рівнями: країни, регіони, підприємства. Наведено результати апробації запропонованого підходу до комплексного аналізу інвестиційної привабливості на прикладі підприємств Луганського регіону та виявлено фактори, які необхідно враховувати при прийнятті рішень щодо інвестування та формування параметрів стратегії фінансового регулювання розвитку підприємств. Уточнена система показників інвестиційної привабливості регіону та обґрунтовано доцільність методів рейтингового аналізу з використанням індексів інвестиційної привабливості країн. На основі аналізу надходження прямого іноземного інвестування визначено рейтинг Луганської області та зроблені висновки щодо інвестиційної привабливості регіону.Ключові слова: інвестиційна привабливість, інвестиційна активність, інвестиційний потенціал, комплексний аналіз, фінансування, інтегральна оцінка, рейтинговий аналіз. Abstract. The article presents the preconditions and the subject field of the complex analysis of the investment attractiveness of enterprises, oriented on the formation of information that satisfies the interests of various interest groups. The methodical approach to the complex analysis of investment attractiveness of enterprises is proposed, which is based on an integrated assessment, which combines indicators of investment attractiveness assessment in three levels: countries, regions, enterprises. The results of the approbation of the proposed approach to a comprehensive analysis of investment attractiveness on the example of enterprises of the Lugansk region are presented and factors are to be considered when making decisions regarding investing and forming parameters of the strategy of financial regulation of enterprise development. The system of indicators of investment attractiveness of the region is refined and the expediency of using the methods of rating analysis using the indices of investment attractiveness of the countries is substantiated. On the basis of the analysis of direct foreign investment inflows, the ranking of Lugansk region is determined and conclusions are drawn regarding the investment attractiveness of the region.
Abstract. The concept of sustainable development forms the latest principles of economic, social and environmental development. Sustainable development of enterprises in the real sector of the economy is constrained by a number of factors, among which the priority is financial security and limitations in building their financial potential. When forming the strategy of sustainable development of enterprises it is necessary to be guided by economic and environmental imperatives, which provides a justification for effective financial and economic levers for regulating environmentally oriented activities that ensure their investment attractiveness. The scientific and methodical approach to the analysis of financial maintenance of sustainable development of the enterprises taking into account economic and ecological imperatives which integrates is offered, the analysis of a condition and tendencies of development of ecologically oriented activity; assessment of the patterns of influence of factors on the level of financial support for its development and assessment of investment attractiveness. It is established that the introduction of the environmental management system will help create conditions for increasing the financial potential of sustainable development of enterprises and increase competitiveness by: preventing or mitigating the negative impact on the environment; improving environmental performance; resource efficiency, additional economic, social and environmental benefits; strengthening the market position as a result of the implementation of environmental actions. Based on the analysis, the relationship between the implementation of environmental management systems in enterprises and financial performance indicators of enterprises. An integrated index for assessing the investment attractiveness of enterprises is modeled, which combines two groups of indicators - the open ratio of financial condition and the results of environmentally oriented activities. The results of the study can be used by practitioners in various fields in developing a financial strategy for sustainable development of enterprises. Keywords: financial support, ecologically oriented activity, sustainable development, investment attractiveness, ecological management, economic and ecological imperatives, analysis. JEL Classіfіcatіon G30 Formulas: 0; fig.: 1; tabl.: 3; bibl.: 22.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.