Abstract. The purpose of the paper is to generalize theoretical and methodological principles and develop practical recommendations aimed at improving financial risk management as a strategic direction for improving the level of economic security in Ukraine. Methodology. The methodology for this study was based on methods of scientific abstraction, methods of the system-functional approach, grouping, generalization and formalization, systematization, analysis and synthesis, statistical and economic methods, peer review. Results. It is proved that the economic essence of financial risk management as a strategic direction for improving the level of economic security consists in the permanent and continuous application of procedures for communication and definition of management context (management goals, distribution sector, list of criteria to be taken into account in the management process), management policy, as well as selection, comprehensive analysis, quantification and processing of financial risks (allocation of alternative ways to reduce the impact), which are characterized by specific characteristics of financial sector risks. The present situation of the financial environment of the financial sphere is analysed by calculating indicators and generalizing them in the integral index which dynamics in 2011-2017 tends to deteriorate values. This means lowering the level of financial security. The method of quantitative assessment of financial risks through reasonable algorithm is improved. It consists of the following stages: analysis of indicators of the state of financial security structured according to its subsystems; assessment of the level of financial risks in the system of economic security; comprehensive risk assessment in financial security subsystems; definition of the integral index of financial risks in the system of economic security. Directions of financial risk management in the system of economic security are generalized and their groupings are organized according to distinct subsystems of economic security in Ukraine. The mechanism of financial risk optimization is substantiated. It provides a description of the process of achieving the optimal characteristics of identified financial risks in subsystems of economic security. Its purpose is to minimize social and economic consequences of the destructive impact of the risk environment and improve the overall state of economic security of the country and society. Practical implications. The practical significance of the obtained results is the proven and justified feasibility of using proposed recommendations in the field of financial risk management to improve the level of economic security in Ukraine and a mechanism for optimizing financial risks, which describes the process of achieving the optimal characteristics of identified financial risks in the subsystems of economic security. Value/originality. The information base of the article is the legislative and regulatory documents, consolidated data of the State Fiscal Service of Ukraine, th...
A doctrinal model of state financial security management in the context of globalization changes has been developed. The model is formed at five levels (doctrinal, conceptual, strategic, programmatic, planned), contains a logical continuum of mission, priorities in the financial sector and the level of technological innovation, influencing factors and a system of actions aimed at achieving goals. This model accumulates a set of solutions aimed at adapting to transformational processes in the economy associated with new needs of states, globalization processes in the world financial space, technology development, new challenges and threats. As a result of the study, forecasting is carried out and the effectiveness of the results of modifying approaches to managing the financial security of the state using a polynomial algorithm for extrapolating the parameters of stochastic systems is proved. A polynomial correlation-regression model is presented, the input data of which were specific indicators of the effectiveness of innovative development of the state, perception of corruption and debt dependence. In fact, this is a set of those indicators at which the strategic directions of strengthening the financial security of the state are directed in the context of globalization changes. The generalized values of the state of financial security of the state, determined on the basis of the developed polynomial correlation-regression model, are obtained, as well as the absolute and relative amounts of error indicate the accuracy of the forecasts obtained. So, the mean level of error is 0.005 %, which means that the totality of these indicators can characterize the state of financial security of the state. Accordingly, this model is useful in the process of predicting the results of modifying approaches to the formation of the financial security of the state
Introduction. One of the aspects which characterises the quality and reasonableness of managerial decisions at the enterprises is the determination of their positions concerning the complex of risks in the field of entrepreneurship, including tax risks. In conditions of fast reforming of the Ukrainian taxation system and the valid legislative and regulatory framework, the potential for errors in the process of determination of tax bases and the incorrect definition of certain legislative standards increases. It contributes to the appearance of tax risks and acuminates the problem of their estimation in the system of economic security of enterprises. Purpose. The purpose of the research is to analyse the specificity of tax risks, which makes it possible to single out this type of business risks into a separate group; generalise the major forms of tax risks with regard to business manifestations in the system of economic security of enterprises; estimate methods of calculation of indices relevant to the assessment of tax burden; introduce an algorithm of tax risk assessment regarding the schedule of planned audit at the enterprises. Results. The article deals with the analysis of the term «tax risk of an enterprise», as well as its definition suggested by the authors. In this case, the term «tax risk of an enterprise» should be understood as the probability of changes in the financial position of an entity because of the impact of internal and external factors of an objective and subjective character on the system of tax planning of an enterprise. The authors have analysed the unique features of the tax risks, which makes it possible to single them out into a separate group of business risks, characterized by the deferment of realisation of tax risks applied to the decisionmaking process in the system of taxation; attribution of tax risks to the category of «pure risks»; the dual influence of tax risks which are not only a financial but also legislative category. The major forms of tax risks in the system of economic security include the discordance of decisions in the field of taxation to the requirements of current legislation; improper storage and processing of primary documentation; violation of terms of tax payment and application for regulatory authorities; technical errors in the process of taxing and accounting. Conclusion. The authors have offered a four-index calculation method in the field of assessment of tax burden, including the specific size of taxes in the structure of gross incomes, pure incomes, pure current assets and financial results before the taxation for the purpose of detection of certain problems in the field of taxation and major tax risks of an enterprise. The algorithm of tax risk assessment relevant to the schedule of planned audit at the enterprises and application of the legally approved procedure of forming a plan-schedule of inspections has been introduced. Keywords: Tax Risks; Tax Risks Assessment; Tax Burden; Economic Security; Taxes JEL Classification: H25; H26; D81 DOI...
A balanced socio-economic development of any country is closely related to the efficiency of the system of intergovernmental relations, which should be aimed at optimizing the process of fiscal decentralization and clear definition of the powers of local government. Interbudgetary regulation in Ukraine reflects processes of the national and political importance and is of great importance in the composition of intergovernmental fiscal relations, which priority is growing in terms of decentralization reforms. Purpose. The main objectives of this study are: to summarize a complex task that is resolved in the process of budgetary control; to analyze the dynamics of revenues of the consolidated budget of Ukraine in 2007-2016 and the proportion of own local revenues in GDP; to distinguish formation features of Ukrainian local budgets by region; to analyze volumes of local budgets per capita in terms of area; to highlight the leverage rate of local budgets; to analyze the share of interbudget transfers in total local budgets. Results. The study is a synthesis of the complex challenges that must be resolved in the process of budgetary control, such as: balancing the budget; foster the interest of local governments in the maximum revenue mobilization; reallocation of existing budgetary resources, taking into account local features. The dynamics of the revenues of the consolidated budget of Ukraine in 2007-2016 was analyzed and concluded that the proportion of own local revenues in GDP tended to decrease with a simultaneous increase in the share of the interbudget transfers from the state budget. Abovementioned resulted in the ensuring of a stable share of local budgets in the GDP structure (at 14-15%). As a result of the intergovernmental fiscal decentralization reform by the results of 2016 the share of own revenues of local budgets Ukraine in GDP rose to 7.2%, or 1.1% compared to 2015 with a simultaneous decrease in the interbudget transfers share from the state budget to 8.2% (0.6% compared to 2015). Analyzed the share interbudget transfers in total local budgets, which for a long period tended to increase (from 47.2% in 2007 to 53.4% in 2016), which is contrary to the basic principles of fiscal decentralization. Conclusion. Grounded features of Ukrainian local budget revenues by region and proved that the unevenness of income between regions of Ukraine are often equivalent to the level of industrial production. Analyzed volumes of local budgets per capita in terms of area. Presented the list of influence instruments on local budgets indexes of incomes, including the increase in the minimum wage, inflation, continuing reform of the budget system in the direction of fiscal decentralization and transfer volumes.
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