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.
The purpose of study is to determine the investment attractiveness of the country and regions as factors that are critical to attracting foreign direct investment from the EU. Foreign direct investments serve as a source of capital growth, providing the most effective integration of the national economy into European and contributing to the attraction of advanced technologies, modern methods of business management as well. Прямі іноземні інвестиції – джерело приросту капіталу, що забезпечують найбільш ефективну інтеграцію національної економіки в европейську та сприяють залученню передових технологій, сучасних методів ведения бізнесу. Over the past ten years, there is an unstable dynamics of foreign direct investment receipt to economy of Ukraine. FDI in Ukraine from the EU countries is conventionally divided into three stages: 2010-2013 - a relatively stable level, 2014-2016 - a rapid fall, 2017-2020 - moderate growth. Based on the results of international ratings, the need to determine the investment attractiveness of Ukraine in the conditions of ecological and economic imperative is proved.Particular attention is granted to identify Ukraine's position by the Environmental Performance Index compared to countries of the world and Europe. The methodology for determining the investment attractiveness of the country is proposed, which provides for the formation of a General Index of investment attractiveness of the country based on international Indexes:DoingBusiness, Global Competitiveness, EBA Investment Attractiveness, Environment Performance Index. Significant differentiation of FDI funds in the regions of Ukraine is explained by their economic development, the largest volume enters industrially developed regions. A significant correlation between FDI in Ukrainian regions and volume of products in the regions was revealed. The determinants of the attractiveness of the regions that influence the decisions of investors to invest are identified. The methodical approach to assessing the investment attractiveness of the regions of Ukraine, which is based on generalized indicators of financial- economic and ecologically oriented direction, is proposed. The assessment was carried out and a dynamic analysis of the investment attractiveness of regions according to the proposed methodology was made, which allowed to determine their rating of investment attractiveness.
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.
In the article on the basis of research of the state of development of agrarian enterprises and their resource potential, problems and factors influencing on are revealed. resource efficiency: inefficient use of agricultural land, imbalances in asset structure, shortage of working capital, imbalance of net working capital and financial needs, especially in small and medium-sized businesses; a small share of state support for strong innovative development, disruption of capital structure, high risks of agricultural production, including for natural and climatic reasons. A methodological approach to the analysis and evaluation of the resource potential of agrarian enterprises is proposed, based on the DEA mathematical modeling method, which provides an index estimate of the efficiency of financial resources utilization by the factors and criteria of the distance of the point from the reference limit of the production potential. The expediency of carrying out technical assessment of the efficiency of utilization of the resource potential of agricultural enterprises in combination with other approaches (comparative, combined) is substantiated, which gives the opportunity to make the choice of decisions on increasing the volume of production or reducing the cost of resources. Based on the results of the approbation of the methodological approach of the resource potential, the main determinants that limit the efficiency of the resource potential and priorities for the resource supply and increase the productivity of the agricultural enterprises are identified: implementation of programs of state support of innovative resource-saving technologies of agricultural production; increase of technical and technological potential through attraction of investment credits, leasing and partner programs; implementation of effective financial instruments; opening a transparent and clear land market.
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