The article analyzes the impact of the COVID-19 pandemic on business activities in Ukraine and the world and its financial security. The analysis showed that the economy of Ukraine and most countries of the world suffered significant losses from the introduction of anti-epidemic restrictions on business activity, which turned out to be in the fall of GDP, index of industrial production investment activity. Because of temporary or complete shutdown of business the unemployment rate increased significantly. The pandemic crisis also negatively impacted the financial results of enterprises, which decreased significantly in all kinds of economic activities, especially in industry, transport, temporary accommodation and catering, where the share of unprofitable enterprises reaches 73%. Thus, the problem of ensuring the financial security of business becomes relevant. The aim of the work is to develop methodological approaches to assessing the impact of the pandemic crisis on the financial security of business and to identify effective ways of ensuring such security. In the process of research methods of scientific abstraction, comparative and system analysis and synthesis, systematization and logical generalization were used. It was determined that the pandemic affected small and medium businesses most of all, where a strong negative impact was experienced by more than 60% of entrepreneurs. Large businesses were less affected, but they also suffered significant losses due to the decline in business activity and demand in the domestic and foreign markets. Agriculture was least affected by the pandemic, which suffered the least losses, primarily due to the insignificant impact of restrictions affecting the activities of this business. The paper systematized the risks arising from the factors of the pandemic crisis, identifying their manifestations and financial implications for business. As shown by the research, such consequences are manifested in the form of full or partial loss of profits, problems with debt repayment, reduction of financial stability, liquidity, increase in accounts receivable, increased costs for anti-epidemic measures, etc. Thus, the procedure for assessing the business’s financial security is to take into account all factors that shape the financial situation of business entities during a pandemic crisis in a comprehensive manner.
This research has investigated the retrospective trends in financing startups in Ukraine corresponding to the socio-demographic characteristics of startuppers (founders). Studying the dependences between the amount of funding and the qualitative characteristics of startuppers has made it possible to determine the socio-demographic predictors of making a positive decision regarding the financing of startups. As the current study has shown, in order to receive an investment, a startupper must meet the investor's expectations regarding reliability, qualifications, experience, and potential prospects. The investor analyzes not only the business idea of the startup but also the potential recipient for compliance with a series of socio-demographic predictors such as gender, age, level, and specialization of education. It has been proven that the largest amount of funding for startups in Ukraine is received by male funders, aged 35 to 45, who have a higher technical education. Startup investors consider such startuppers a priority for their investments since they see the least risks and a high probability of successful deployment of invested funds. The identified investors' preferences when choosing startup founders can be extrapolated to the startup environment of any country, however, they may change over time, depending on the specificity of the situation in the investment country. To rationally solve problems in the financial subsystem of startup management, it is necessary to preliminary determine the socio-demographic predictors of priority investment of startups of the respective country and area of activity. The practical tools for determining such predictors have been tested during this study. The practical significance of the research is due to the growing pace of development of startup technologies, the need to improve the effectiveness of the startup management financial subsystem, and increase the efficiency of the startup support infrastructure
State security is the main guideline of state policy in the face of global challenges. For Ukraine, it is especially relevant, because during the period of the russian-Ukrainian war, its foundations and essence experience significant deformations. Since the risks and threats to national security have increased enormously in Ukraine under martial law, its financial component should be formed according to the tools corresponding to the challenges, even ahead of them, since, according to analysts, modern war is a war of finances. The problems faced by the state, the banking system, financial and commodity markets and institutions, corporations and households need new financial instruments to ensure flexibility in financing strategic goals. As of September, the losses of the Ukrainian economy from the war are estimated according to various estimates, from USD 105 billion, or 70% of the average annual GDP over the past 5 years, to USD 600 billion, and this exceeds the level of GDP in 2021 by 3 times. This actualizes the needs of the scientific study of financial instruments with the aim of effective state regulation and equalization in the face of limited and increasing losses of human and material resources, changes in the direction and speed of financial flows, their sources, structure, reproduction and reservation. The study examines financial instruments of a predominantly budgetary direction, as well as the components of national indicators of financial security. It is also important to analyze the share of the state in the economy, the size of which determines the speed of response and the completeness of resistance due to a threat to national security. To achieve the goals of the study, the main legally established risks of financial instruments of the national economy during the period of martial law are systematized. The indicators of the financial security of the state for the period of hybrid and military aggression of the rf (2013-2021) were assessed, and according to open sources of data, which are rather limited, a forecast of these indicators for 2022 was made. On the basis of the Financial Stability Report of the National Bank of Ukraine, the budget innovations of the period of martial law are analyzed. The sources of financing the state budget for the period of the legal regime of martial law and its main directions for 2023 are summarized. It is concluded that the financial system of Ukraine in a short time managed to organize financial flows in accordance with the needs of ensuring national security, form an optimal balance of resources, maintain the volume of financing of basic budget expenditures, attract donor resources and resist the inevitable decline of the economy during the war. The role of donor countries of economic and military assistance, in particular Latvia, in deterring military aggression and ensuring the stability of Ukraine's financial policy was emphasized.
The article discusses the fiscal methods of state support for economic activity under martial law. Separate levers of regulation of incomes and expenses are analyzed and the problems of budget support are defined. The state, dynamics and trends in the development of fiscal instruments of Ukraine in 2014-2022 are considered. The "packages" of the tax reform of the period of martial law are analyzed. The dynamics of tax revenues for August 2022 is traced. It is determined that revenues are uneven, in contrast to 2014, when their share was 78.43% of budget revenues, in 2021 it increased to 85.41% and in six months 2022 decreased to 58.54%. Personal income tax in January 2022 was 9% higher than the same period in 2021, reaching UAH 91 billion by August. Income tax with a 6% increase in January 2022 compared to January 2021 decreased by 18.3% in August 2022, reaching UAH 87 billion. The dynamics of functional expenses of the State Budget of Ukraine in 2014-2022 is considered. decreased from 8% to 2.51%. The structure of State budget revenues for the 2nd quarter of 2022 consisted of 73.61% tax revenues, 16.35% non-tax revenues, 0.16% capital income, 9.84% EU support. Dynamics of individual financial macro indicators of Ukraine for 2014-2022 shows a significant downward trend, primarily due to a decrease in the level of GDP by 37.2% over the 2nd quarter of 2022. Problems that impede the effective use of fiscal methods to support economic activity in Ukraine have been identified. The measures that need to be implemented to improve the efficiency of fiscal methods are proposed: analysis of the structure of budget revenues, trends in tax revenues, the dynamics of individual financial macro indicators and their interpretation to determine tactics and strategies for financial support of the economy during martial law in Ukraine.
The aim of the research is to review and evaluate the prerequisites and needs for transforming the mechanisms of financial regulation in the Ukrainian economy in the conditions of war and post-war recovery. The losses of the economy and specific industries during wartime were analyzed based on open data. A review of legislation regarding innovative fiscal regulation introduced during the period of war to ensure national security, support the livelihoods of the state, businesses, and the population was conducted. It was argued that the accumulation of financial resources is necessary based on principles of systematics and balance, with prioritization of sources and distribution of resources based on the importance of funding directions for ensuring national security, payment of government debt, support of vital economic sectors, and provision of social guarantees. Priorities for post-war reconstruction funding were concentrated in supporting the financial market and economically significant sectors, which are the foundation of national security, particularly the agricultural sector. The role of international financial institutions and their participation in funding Ukraine's reconstruction in the form of grants, aid from charitable funds, and provision of financial assets in the short and medium term were analyzed. It was determined that a higher level of harmonization between national and global concepts of financial mechanism development is necessary. It is envisioned that in the field of financial regulation, priority tasks should be outlined in correlation with Ukraine's recovery strategy by segments and industries, as well as expected volumes and results of financial support for the economy in a strategic perspective. The configuration of financial regulation mechanisms in the Ukrainian economy in the conditions of war and their probable post-war transformation was outlined.
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