Theoretical and methodological bases of financial stability management of small enterprises in the context of cyclical economic fluctuations
Abstract
The subject of the research is the theoretical and methodological aspects of managing the financial stability of small enterprises, covering the set of economic relations, mechanisms, methods, and tools for ensuring the stability of the financial condition of small businesses in the context of cyclical fluctuations in the economy.The aim of the research is to provide a theoretical and methodological justification and develop practical recommendations for improving the effectiveness of managing the financial stability of small enterprises in the context of economic cycle phases, taking into account risks, fluctuations in business activity, and institutional transformations.Research methods. The study uses systemic, structural–functional, comparative, economic–statistical, analytical, index, and graph–analytical methods and artificial intelligence tools. Results of the investigation. The study found that managing the financial stability of small businesses involves a set of anti–crisis and adaptive measures at different stages of the business cycle: analysis and monitoring; planning and reserving; financial diversification; effective management policy; staff support and operational flexibility. A generalized list of the main tools for managing the financial stability of small enterprises and detailed tools for managing financial stability in the context of economic cycles are provided. Elements of managing the financial stability of small enterprises in the context of cyclical economic processes are proposed.Scope of the results. The results obtained can be used in the practical activities of small enterprises, in the work of state authorities and local self–government bodies in the formation of small business support programs, as well as in research and educational processes in the disciplines of «Financial Management», «Enterprise Economics», and «Crisis Management».Conclusions. It has been proven that managing the financial stability of small enterprises requires a comprehensive combination of theoretical knowledge and practical tools. It has been determined that financial stability is a state of optimal balance of resources that ensures the ability of an enterprise to withstand shocks and increase competitiveness. It is noted that small enterprises are characterized by high dependence on external factors and low amount of own resources, therefore, the priority strategies are identified as accumulation of financial buffers during periods of growth and flexible liquidity management during downturns, effective planning and diversification of funding sources. It has been proven that when developing management models, it is necessary to combine analytical diagnostic methods and mechanisms of influence. It has been established that ensuring the financial stability of small enterprises requires classical financial analysis and strategic planning of financial resource management, taking into account the phase of the economic cycle and specific risks.Prospects for further research include: quantitative modeling of cyclical fluctuations, taking into account the behavioral responses of small enterprises; studying the role of financial technologies in supporting stability; improving methods for assessing stability that take into account data instability during periods of crisis.
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ÅÊÎÍÎ̲×Ͳ ÏÐÎÁËÅÌÈ ÐÎÇÂÈÒÊÓ ÃÀËÓÇÅÉ ÒÀ ÂÈIJ ÅÊÎÍÎ̲×Íί IJßËÜÍÎÑÒ² 64 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww © ÏÓÇÈÐÜÎÂÀ Ï. Â., ÂËÀÑÞÊ Ò.Ì., ²ËÜ×ÈØÈÍ Ì. ª., 2025 11. Etychnyi kodeks Kyivskoho natsionalnoho universytetu budivnytstva i arkhitektury (2020) [Code of Ethics of the Kyiv National University of Civil Engineering and Architecture] https://www.knuba.edu.ua/ wp–content/uploads/2022/05/%D0%95%D1%8 2%D0%B8%D1%87%D0%BD%D0%B8%D0%B9– %D0%BA%D0%BE%D0%B4%D0%B5%D0%BA %D1%81.pdf Äàí³ ïðî àâòîð³â Ãàìàí Ãàëèíà Âîëîäèìèð³âíà, ê.å.í., äîöåíò, Êè¿âñüêèé íàö³îíàëüíèé óí³âåðñèòåò áóä³âíèöòâà ³ àðõ³òåêòóðè e–mail: [email protected] ORSID: https://orcid.org/0000–0003–0224–4204 dzí÷åíêî Ìèðîñëàâà Ìèõàéë³âíà, ê.å.í., äîöåíò, Êè¿âñüêèé íàö³îíàëüíèé óí³âåðñèòåò áóä³âíèöòâà ³ àðõ³òåêòóðè e–mail: [email protected] ORSID: https://orcid.org/0000–0003–3775–8862 Ìîñòîâåíêî Îëåêñ³é Îëåêñàíäðîâè÷, ê.å.í., äîöåíò, Êè¿âñüêèé íàö³îíàëüíèé óí³âåðñèòåò áóä³âíèöòâà ³ àðõ³òåêòóðè e–mail: [email protected] ORSID: https://orcid.org/0009–0009–1632–3510 Data about the authors Halyna Haman, PhD, associate professor at Kyiv National University of Construction and Architecture e–mail: [email protected] Myroslava Zinchenko, PhD, associate professor at Kyiv National University of Construction and Architecture e–mail: [email protected] Oleksii Mostovenko, PhD, associate professor at Kyiv National University of Construction and Architecture e–mail: [email protected] [email protected] ÓÄÊ 338.242.2:330.131.7:334.012.64 ÏÓÇÈÐÜÎÂÀ Ï. Â. ÂËÀÑÞÊ Ò.Ì. ²ËÜ×ÈØÈÍ Ì. ª. Òåîðåòèêî–ìåòîäîëîã³÷í³ çàñàäè óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ ó êîíòåêñò³ öèêë³÷íèõ êîëèâàíü åêîíîì³êè Ïðåäìåòîì äîñë³äæåííÿ º òåîðåòè÷í³ òà ìåòîäîëîã³÷í³ àñïåêòè óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ, ùî îõîïëþº ñóêóïí³ñòü åêîíîì³÷íèõ â³äíîñèí, ìåõàí³çì³â, ìåòîä³â òà ³íñòðóìåíò³â çàáåçïå÷åííÿ ñòàá³ëüíîñò³ ô³íàíñîâîãî ñòàíó ñóá’ºêò³â ìàëîãî á³çíåñó â óìîâàõ öèêë³÷íèõ êîëèâàíü åêîíîì³êè. Ìåòîþ äîñë³äæåííÿ º òåîðåòèêî–ìåòîäîëîã³÷íå îá´ðóíòóâàííÿ òà ðîçðîáêà ïðàêòè÷íèõ ðåêîìåíäàö³é ùîäî ï³äâèùåííÿ åôåêòèâíîñò³ óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ ó êîíòåêñò³ ôàç åêîíîì³÷íîãî öèêëó, ç óðàõóâàííÿì ðèçèê³â, êîëèâàíü ä³ëîâî¿ àêòèâíîñò³ òà ³íñòèòóö³éíèõ òðàíñôîðìàö³é. Ìåòîäè äîñë³äæåííÿ. Ó ïðîöåñ³ äîñë³äæåííÿ âèêîðèñòàíî ñèñòåìíèé, ñòðóêòóðíî–ôóíêö³îíàëüíèé, ïîð³âíÿëüíèé, åêîíîì³êî–ñòàòèñòè÷íèé, àíàë³òè÷íèé, ³íäåêñíèé òà ãðàôîàíàë³òè÷íèé ìåòîäè òà ³íñòðóìåíòè øòó÷íîãî ³íòåëåêòó. Ðåçóëüòàòè ðîáîòè. Ó ðåçóëüòàò³ ïðîâåäåíîãî äîñë³äæåííÿ âèçíà÷åíî, ùî óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëîãî ï³äïðèºìñòâà ïåðåäáà÷ຠñóêóïí³ñòü àíòèêðèçîâèõ ³ àäàïòèâíèõ çàõîä³â íà ð³çíèõ åòàïàõ á³çíåñ–öèêëó: àíàë³ç ³ ìîí³òîðèíã; ïëàíóâàííÿ ³ ðåçåðâóâàííÿ; ô³íàíñîâà äèâåðñèô³êàö³ÿ; åôåêòèâíà óïðàâë³íñüêà ïîë³òèêà; ï³äòðèìêà ïåðñîíàëó òà ãíó÷ê³ñòü îïåðàö³é. Óçàãàëüíåíèé ïåðåë³ê îñíîâíèõ ³íñòðóìåíò³â óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ òà äåòàë³çîâàíî ³íñòðóìåíòè óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ â óìîâàõ åêîíîì³÷íèõ öèêë³â. Çàïðîïîíîâàíî åëåìåíòè óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ â óìîâàõ öèêë³÷íîñò³ åêîíîì³÷íèõ ïðîöåñ³â. Ãàëóçü çàñòîñóâàííÿ ðåçóëüòàò³â. Îòðèìàí³ ðåçóëüòàòè ìîæóòü áóòè âèêîðèñòàí³ ó ïðàêòè÷í³é ä³ÿëüíîñò³ ìàëèõ ï³äïðèºìñòâ, ó ðîáîò³ îðãàí³â äåðæàâíî¿ âëàäè òà ì³ñöåâîãî ñàìîâðÿäóâàííÿ ïðè ôîðìóâàíí³ ïðîãðàì ï³äòðèìêè ìàëîãî á³çíåñó, à òàêîæ ó íàóêîâî–äîñë³äíèõ ³ íàâ÷àëüíèõ ïðîöåñàõ
ÅÊÎÍÎ̲×Ͳ ÏÐÎÁËÅÌÈ ÐÎÇÂÈÒÊÓ ÃÀËÓÇÅÉ ÒÀ ÂÈIJ ÅÊÎÍÎ̲×Íί IJßËÜÍÎÑÒ² 65 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww ç äèñöèïë³í «Ô³íàíñîâèé ìåíåäæìåíò», «Åêîíîì³êà ï³äïðèºìñòâà», «Àíòèêðèçîâå óïðàâë³ííÿ». Âèñíîâêè. Äîâåäåíî, ùî óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ ïîòðåáóº êîìïëåêñíîãî ïîºäíàííÿ òåîðåòè÷íèõ çíàíü ³ ïðàêòè÷íèõ ³íñòðóìåíò³â. Âèçíà÷åíî, ùî ô³íàíñîâà ñò³éê³ñòü – öå ñòàí îïòèìàëüíî¿ ð³âíîâàãè ðåñóðñ³â, ùî çàáåçïå÷óº çäàòí³ñòü ï³äïðèºìñòâà ïðîòèñòîÿòè øîêàì ³ íàðîùóâàòè êîíêóðåíòîñïðîìîæí³ñòü. Çàçíà÷åíî, ùî îñîáëèâîñòÿìè ìàëèõ ï³äïðèºìñòâ º âèñîêà çàëåæí³ñòü â³ä çîâí³øí³õ ÷èííèê³â ³ íèçüêà ê³ëüê³ñòü âëàñíèõ ðåñóðñ³â, òîìó ïð³îðèòåòíèìè ñòðàòåã³ÿìè âèçíà÷åíî íàêîïè÷åííÿ ô³íàíñîâèõ áóôåð³â ó ïåð³îäè çðîñòàííÿ òà ãíó÷êå óïðàâë³ííÿ ë³êâ³äí³ñòþ ó ñïàäàõ, åôåêòèâíå ïëàíóâàííÿ òà äèâåðñèô³êàö³ÿ äæåðåë ô³íàíñóâàííÿ. Äîâåäåíî, ùî ïðè ðîçðîáö³ ìîäåëåé óïðàâë³ííÿ ïîòð³áíî îá’ºäíàòè àíàë³òè÷í³ ìåòîäè ä³àãíîñòèêè òà ìåõàí³çìè âïëèâó. Âñòàíîâëåíî, ùî çàáåçïå÷åííÿ ô³íàíñîâî¿ ñò³éêîñò³ ìàëèõ ï³äïðèºìñòâ âèìàãຠêëàñè÷íîãî ô³íàíñîâîãî àíàë³çó òà ñòðàòåã³÷íîãî ïëàíóâàííÿ óïðàâë³ííÿ ô³íàíñîâèìè ðåñóðñàìè, ùî âðàõîâóº ôàçó åêîíîì³÷íîãî öèêëó òà ñïåöèô³÷í³ ðèçèêè. Ïåðñïåêòèâè ïîäàëüøèõ äîñë³äæåíü ïîëÿãàþòü â: ê³ëüê³ñíîìó ìîäåëþâàíí³ öèêë³÷íèõ êîëèâàíü ç óðàõóâàííÿì ïîâåä³íêîâèõ ðåàêö³é ìàëèõ ï³äïðèºìñòâ; äîñë³äæåíí³ ðîë³ ô³íàíñîâèõ òåõíîëîã³é ó ï³äòðèìö³ ñò³éêîñò³; âäîñêîíàëåíí³ ìåòîä³â îö³íêè ñò³éêîñò³, ÿê³ âðàõîâóþòü íåñòàá³ëüí³ñòü äàíèõ ó êðèçîâ³ ïåð³îäè. Êëþ÷îâ³ ñëîâà: ô³íàíñîâà ñò³éê³ñòü, ìàë³ ï³äïðèºìñòâà, öèêë³÷í³ êîëèâàííÿ, óïðàâë³ííÿ, åêîíîì³÷íà ñòàá³ëüí³ñòü, àíòèêðèçîâå ðåãóëþâàííÿ, ô³íàíñîâèé ìåíåäæìåíò, êîíêóðåíòîñïðîìîæí³ñòü, ô³íàíñîâèé àíàë³ç, ô³íàíñîâ³ ðåñóðñè. POLINA PUZYROVA VLASIUK TETIANA MAKSYM ILCHYSHYN Theoretical and methodological bases of financial stability management of small enterprises in the context of cyclical economic fluctuations The subject of the research is the theoretical and methodological aspects of managing the financial stability of small enterprises, covering the set of economic relations, mechanisms, methods, and tools for ensuring the stability of the financial condition of small businesses in the context of cyclical fluctuations in the economy. The aim of the research is to provide a theoretical and methodological justification and develop practical recommendations for improving the effectiveness of managing the financial stability of small enterprises in the context of economic cycle phases, taking into account risks, fluctuations in business activity, and institutional transformations. Research methods. The study uses systemic, structural–functional, comparative, economic– statistical, analytical, index, and graph–analytical methods and artificial intelligence tools. Results of the investigation. The study found that managing the financial stability of small businesses involves a set of anti–crisis and adaptive measures at different stages of the business cycle: analysis and monitoring; planning and reserving; financial diversification; effective management policy; staff support and operational flexibility. A generalized list of the main tools for managing the financial stability of small enterprises and detailed tools for managing financial stability in the context of economic cycles are provided. Elements of managing the financial stability of small enterprises in the context of cyclical economic processes are proposed. Scope of the results. The results obtained can be used in the practical activities of small enterprises, in the work of state authorities and local self–government bodies in the formation of small business support programs, as well as in research and educational processes in the disciplines of «Financial Management», «Enterprise Economics», and «Crisis Management». Conclusions. It has been proven that managing the financial stability of small enterprises requires a comprehensive combination of theoretical knowledge and practical tools. It has been determined that financial stability is a state of optimal balance of resources that ensures the ability of an enterprise to withstand shocks and increase competitiveness. It is noted that small enterprises are characterized
66 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww Ïîñòàíîâêà ïðîáëåìè äîñë³äæåííÿ. Ìàë³ ï³äïðèºìñòâà º êðèòè÷íî âàæëèâèì ñåêòîðîì óêðà¿íñüêî¿ åêîíîì³êè. Íà ïî÷àòîê 2023 ð. ó ì³êðî–, ìàë³ òà ñåðåäí³ ï³äïðèºìñòâà óòðèìóâàëè ïîíàä 74% óñ³õ ðîáî÷èõ ì³ñöü ³ ñòâîðþâàëè 64% âàëîâî¿ äîäàíî¿ âàðòîñò³ â êðà¿í³ [1]. Ðàçîì ç òèì, ¿õíÿ âðàçëèâ³ñòü äî çîâí³øí³õ øîê³â º íàäçâè÷àéíî âèñîêîþ.  Óêðà¿í³ äî îñíîâíèõ ïðîáëåì ìàëîãî á³çíåñó â³äíîñÿòü îáìåæåí³ñòü ô³íàíñîâèõ ðåñóðñ³â, òðóäíîù³ ç äîñòóïîì äî äîâãîñòðîêîâîãî êàï³òàëó, áðàê âëàñíèõ ðåçåðâ³â, à òàêîæ çíà÷íèé âïëèâ ìàêðîåêîíîì³÷íèõ êîëèâàíü (³íôëÿö³¿, öèêë³÷íèõ ñïàä³â), ïîäàòêîâîãî òèñêó òà àäì³í³ñòðàòèâíîãî òèñêó [2]. Äîñë³äæåííÿ ïîêàçóþòü, ùî ñåðåä ïðîìèñëîâèõ ìàëèõ ³ ñåðåäí³õ ï³äïðèºìñòâ êîåô³ö³ºíò àâòîíî쳿 áóâ â³ä’ºìíèì, ùî ñâ³ä÷èòü ïðî ¿õíþ ïîâíó ô³íàíñîâó çàëåæí³ñòü â³ä çîâí³øí³õ äæåðåë [3].  îñòàííº äåñÿòèë³òòÿ åêîíîì³êà Óêðà¿íè ïåðåæèëà íèçêó ð³çíèõ øîê³â: ñâ³òîâà ïàíäåì³ÿ COVID–19, â³éñüêîâà àãðåñ³ÿ Ðîñ³¿ ç 2014 ð. ³ îñîáëèâî ç 2022 ð. Ö³ ïåðåïîíè ñïðè÷èíþþòü çíà÷í³ öèêë³÷í³ êîëèâàííÿ ä³ëîâî¿ àêòèâíîñò³, ÿê³ ñóòòºâî âïëèâàþòü íà ô³íàíñîâó ñò³éê³ñòü á³çíåñó. Çà äàíèìè UNDP 2024ð., íà ïî÷àòêó ïîâíîìàñøòàáíîãî âòîðãíåííÿ 64% ìàëèõ ³ ñåðåäí³õ ï³äïðèºìñòâ áóëè çìóøåí³ òèì÷àñîâî ïðèçóïèíèòè ä³ÿëüí³ñòü, àëå á³ëüø³ñòü øâèäêî àäàïòóâàëèñÿ ³ â³äíîâèëè ðîáîòó [1]. Ïðîòå ñòàíîì íà æîâòåíü 2023 ð. ìàéæå 10% òàêèõ êîìïàí³é çàëèøàëèñÿ ï³ä çàãðîçîþ áàíêðóòñòâà [1], ùî ñâ³ä- ÷èòü ïðî çîâí³øí³ öèêë³÷í³ øîêè (â³éíà, ðåöåñ³¿), ÿê³ ñåðéîçíî ï³äðèâàþòü ô³íàíñîâó ð³âíîâàãó ì³êðî– òà ìàëèõ ï³äïðèºìñòâ. Òàêèì ÷èíîì, àêòóàëüíèì ïîñòຠçàâäàííÿ ðîçðîáèòè íàä³éí³ òåîðåòèêî–ìåòîäîëîã³÷- í³ çàñàäè é ïðàêòè÷í³ ï³äõîäè äî óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ, çäàòí³ âðàõîâóâàòè ïðèðîäí³ ôàçè åêîíîì³÷íîãî öèêëó (ï³äéîì – ï³ê – ñïàä – â³äíîâëåííÿ) òà ïîñèëåí³ ðèçèêè â êðèçîâèõ óìîâàõ. Çîêðåìà, íåîáõ³äíî äîñë³äèòè, ÿê³ ìîäåë³ îö³íêè òà ìåõàí³çìè óïðàâë³ííÿ ñò³éê³ñòþ (îïòèì³çàö³ÿ ñòðóêòóðè êàï³òàëó, ïëàíóâàííÿ ðåçåðâ³â, àíòèêðèçîâ³ ô³íàíñîâ³ ñòðàòå㳿 òîùî) çàáåçïå÷óþòü âèæèâàííÿ òà ïîñòóïîâå çðîñòàííÿ ìàëèõ ï³äïðèºìñòâ ó ïåð³îäè öèêë³÷íèõ êîëèâàíü åêîíîì³êè. Àíàë³ç äîñë³äæåíü òà ïóáë³êàö³é ç ïðîáëåìè.  ñó÷àñíèõ åêîíîì³÷íèõ äîñë³äæåííÿõ ô³íàíñîâà ñò³éê³ñòü ï³äïðèºìñòâà ðîçãëÿäàºòüñÿ ÷åðåç äåê³ëüêà êëþ÷îâèõ ï³äõîä³â: ÿê ñòàí, ïðè ÿêîìó ï³äïðèºìñòâî äîñÿãຠðàö³îíàëüíîãî ñï³ââ³äíîøåííÿ ô³íàíñîâèõ ðåñóðñ³â; ÿê ñòàí ð³âíîâàãè ³ çäàòí³ñòü ïîâåðòàòèñÿ äî íå¿ ï³ñëÿ ïîòðÿñ³íü; ÿê çäàòí³ñòü ï³äïðèºìñòâà çàáåçïå÷óâàòè ñòàá³ëüíå ôóíêö³îíóâàííÿ òà ïåðñïåêòèâè çðîñòàííÿ [4]. Òàê, ²âàíîâ Ì. [4] ï³äêðåñëþº, ùî ô³íàíñîâà ñò³éê³ñòü õàðàêòåðèçóºòüñÿ çáåðåæåííÿì ïëàòîñïðîìîæíîñò³, ïðèáóòêîâîñò³ òà ³íâåñòèö³éíî¿ ïðèâàáëèâîñò³ ï³äïðèºìñòâà. Àâòîð àêöåíòóºòüñÿ íà íåîáõ³äíîñò³ âðàõóâàííÿ çîâí³øí³õ ÷èííèê³â (ðèíêîâèõ øîê³â, ðåãóëÿòîðíèõ çì³í) ïðè îö³íö³ ñò³éêîñò³ òà ïðîïîíóº âèêîðèñòàííÿ ñêîðèíãîâî¿ ìîäåë³, ùî ïîºäíóº àíàë³ç âíóòð³øí³õ ³ çîâí³øí³õ äåòåðì³íàíò³â ô³íàíñîâîãî ñòàíó [4]. Îñîáëèâó óâàãó äîñë³äíèêè ïðèä³ëÿþòü ñïåöèô³ö³ ìàëîãî á³çíåñó. Òàê, Íóæíà Î. [3] ïîêàçàëà, ùî ïðîìèñëîâ³ ìàë³ ï³äïðèºìñòâà Óêðà¿íè ìàéæå ïîâí³ñòþ çàëåæàòü â³ä ïîçèêîâèõ êîøò³â, ìàþ÷è íåãàòèâíèé êîåô³ö³ºíò àâòîíî쳿 [3], ùî ï³äêðåñëþº íåîáõ³äí³ñòü ôîðìóâàííÿ âëàñíîãî êàï³òàëó òà ðåçåðâ³â. Âîäíî÷àñ ó ïóáë³êàö³ÿõ Øóøêîâî¿ Þ. òà Ôàö³ºâè÷à Ð. [5] îêðåñëåí³ ïðîáëåìè by high dependence on external factors and low amount of own resources, therefore, the priority strategies are identified as accumulation of financial buffers during periods of growth and flexible liquidity management during downturns, effective planning and diversification of funding sources. It has been proven that when developing management models, it is necessary to combine analytical diagnostic methods and mechanisms of influence. It has been established that ensuring the financial stability of small enterprises requires classical financial analysis and strategic planning of financial resource management, taking into account the phase of the economic cycle and specific risks. Prospects for further research include: quantitative modeling of cyclical fluctuations, taking into account the behavioral responses of small enterprises; studying the role of financial technologies in supporting stability; improving methods for assessing stability that take into account data instability during periods of crisis. Keywords: financial stability, small enterprises, cyclical fluctuations, management, economic stability, anti–crisis regulation, financial management, competitiveness, financial analysis, financial resources.
ÅÊÎÍÎ̲×Ͳ ÏÐÎÁËÅÌÈ ÐÎÇÂÈÒÊÓ ÃÀËÓÇÅÉ ÒÀ ÂÈIJ ÅÊÎÍÎ̲×Íί IJßËÜÍÎÑÒ² 67 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww ãàðàíòóâàííÿ ô³íàíñîâî¿ ñò³éêîñò³ ì³êðî–, ìàëèõ òà ñåðåäí³õ ï³äïðèºìñòâ â óìîâàõ â³éíè é êðèç. Äîñë³äíèêè ðîçâèíóëè ïîíÿòòÿ «ô³íàíñîâà ñò³éê³ñòü» äëÿ ñåêòîðó ìàëîãî á³çíåñó, ñôîðìóëþâàëè ïðèíöèïè äåðæàâíî¿ ïîë³òèêè (ñïðàâåäëèâà êîíêóðåíö³ÿ, äîñòóï äî ô³íàíñóâàííÿ, ðîçâèòîê ô³íàíñîâî–êðåäèòíî¿ ³íôðàñòðóêòóðè òîùî) òà ñèñòåìàòèçóâàëè ôóíêö³¿ óïðàâë³ííÿ (àíàë³ç, ïëàíóâàííÿ, ðåãóëþâàííÿ, îðãàí³çàö³ÿ, êîíòðîëü) [5]. Òàêîæ àâòîðè âêàçóþòü íà «êðèòè÷í³ âèêëèêè» äëÿ ì³êðî–, ìàëèõ òà ñåðåäí³õ ï³äïðèºìñòâ ï³ä ÷àñ âîºííî¿ ñòà䳿 òà ïðîïîíóþòü íàá³ð àíòèêðèçîâèõ ³íñòðóìåíò³â (âïðîâàäæåííÿ ïðîãðåñèâíèõ ìåòîä³â àíòèêðèçîâîãî ìåíåäæìåíòó, íîâèõ ô³íàíñîâèõ ìåõàí³çì³â, çì³öíåííÿ ³íôîðìàö³éíîãî çàáåçïå÷åííÿ) äëÿ ïðîòè䳿 äåñòàá³ë³çàö³¿ [5]. Äîñë³äæåííÿ Ñòåïàíåíêî Î. òà Êàíåëüñüêî¿ À. [6] ôîêóñóþòüñÿ íà ðèçèêàõ, ùî âèíèêàþòü ó ïåð³îä âîºííîãî ñòàíó. Àâòîðè ï³äêðåñëþþòü, ùî ó òàêèõ óìîâàõ ï³äïðèºìñòâà óñâ³äîìëþþòü âàæëèâ³ñòü ÿê³ñíî¿ óïðàâë³íñüêî¿ ïîë³òèêè ³ ãíó÷êîãî óïðàâë³ííÿ ë³êâ³äí³ñòþ. Çîêðåìà, äîñë³äíèêè ðåêîìåíäóþòü âêëþ÷àòè äî ô³íàíñîâèõ ìîäåëåé «ôîðìóâàííÿ ãðîøîâèõ ðåçåðâ³â, åôåêòèâíó óïðàâë³íñüêó ïîë³òèêó, öèôðîâó òðàíñôîðìàö³þ á³çíåñó òà ñîö³àëüíó â³äïîâ³äàëüí³ñòü» – çàõîäè, ùî ì³í³ì³çóþòü âïëèâ çîâí³øí³õ çàãðîç íà ô³íàíñîâèé ñòàí [6]. Òàêèì ÷èíîì, îñòàíí³ äîñë³äæåííÿ ïîâ’ÿçóþòü òåîðåòè÷íå ðîçóì³ííÿ ô³íàíñîâî¿ ñò³éêîñò³ ç³ ñïåöèô³êîþ ìàëèõ ï³äïðèºìñòâ: âêàçóþòü íà íåîáõ³äí³ñòü êîìïëåêñíî¿ îö³íêè (âêëþ÷íî ç àíàë³çîì çîâí³øí³õ øîê³â) òà ôîðìóâàííÿ àäàïòèâíèõ ìåíåäæåðñüêèõ ìîäåëåé (àíòèêðèçîâèé ô³íàíñîâèé ìåíåäæìåíò, ðåçåðâóâàííÿ, äîñòóï äî ãíó÷êîãî ô³íàíñóâàííÿ òîùî). Âèêëàä îñíîâíîãî ìàòåð³àëó. Ô³íàíñîâà ñò³éê³ñòü ï³äïðèºìñòâà ðîçãëÿäàºòüñÿ ÿê äèíàì³÷- íà ð³âíîâàãà, ïðè ÿê³é çàáåçïå÷óºòüñÿ ïëàòîñïðîìîæí³ñòü, ïðèáóòêîâ³ñòü ³ ìîæëèâ³ñòü ðîçâèòêó çà âïëèâó íåñïðèÿòëèâèõ ÷èííèê³â [4]. Äëÿ ìàëèõ ï³äïðèºìñòâ öå îçíà÷ຠï³äòðèìóâàòè ðåçåðâè òà ë³êâ³äí³ñòü íà ð³âí³, ùî äîçâîëÿº íåîäíîðàçîâî ïåðåæèòè öèêë³÷í³ ñïàäè (ñïàäè, êðèçè) ³ øâèäêî â³äíîâèòèñÿ íà ï³äéîì³. ²ñòîòíèì åëåìåíòîì º áàëàíñ âëàñíèõ ³ ïîçèêîâèõ êîøò³â: â óìîâàõ íåâïèííî¿ íåâèçíà÷åíîñò³ ìàë³ ï³äïðèºìñòâà ïðàãíóòü çá³ëüøèòè ÷àñòêó âëàñíîãî êàï³òàëó, ùîá ï³äâèùèòè àâòîíîìí³ñòü òà çàïàñ ì³öíîñò³ [3]. Õàðàêòåðèñòèêà ô³íàíñîâî¿ ñò³éêîñò³ âêëþ÷ຠàíàë³ç ê³ëüê³ñíèõ ïîêàçíèê³â (êîåô³ö³ºíò³â ë³êâ³äíîñò³, ñï³ââ³äíîøåííÿ áîðãó äî êàï³òàëó, ðåíòàáåëüíîñò³ òîùî) òà ÿê³ñíèõ ÷èííèê³â (ñèñòåìí³ñòü ô³íàíñîâîãî óïðàâë³ííÿ, àäàïòèâí³ñòü ñòðàòå㳿). Ó êîíòåêñò³ òåîðåòèêî–ìåòîäîëîã³÷íèõ îñíîâ ôîðìóâàííÿ ô³íàíñîâî¿ ñò³éêîñò³ îñîáëèâî âàæëèâèìè º åëåìåíòè àíòèöèêë³÷íîãî óïðàâë³ííÿ – òîáòî ò³, ùî ñïðÿìîâàí³ íà çãëàäæóâàííÿ öèêë³÷- íèõ ôëóêòóàö³é ó á³çíåñ³. Òðàäèö³éí³ ìåòîäè îö³íêè ô³íàíñîâîãî ñòàíó (êîåô³ö³ºíòíèé àíàë³ç áàëàíñó, ä³ëîâî¿ àêòèâíîñò³, ðåíòàáåëüíîñò³) çàëèøàþòüñÿ ôóíäàìåíòàëüíèìè. Ïðîòå ó ñó÷àñíèõ óìîâàõ óâàãà çîñåðåäæóºòüñÿ íà íåîáõ³äíîñò³ ³íòåãðîâàíîãî ï³äõîäó, ÿêèé âðàõîâóº çîâí³øí³ çàãðîçè. Ó ïðàêòè÷í³é ïëîùèí³ çàñòîñîâóþòüñÿ ³ êîìïëåêñí³ ³íòåãðàëüí³ ïîêàçíèêè. Çîêðåìà, äëÿ àíàë³òè÷íèõ ö³ëåé ìîæóòü áóòè ïîáóäîâàí³ áàãàòîêîìïîíåíòí³ ³íäåêñè. ³äîìèé ïðèêëàä – òðüîõêîìïîíåíòíèé ïîêàçíèê òèïó ô³íàíñîâî¿ ñò³éêîñò³ ï³äïðèºìñòâà, ùî ïîºäíóº àáñîëþòí³ òà â³äíîñí³ êîåô³ö³ºíòè (ë³êâ³äíîñò³, ïëàòîñïðîìîæíîñò³ òà ô³íàíñîâî¿ ñò³éêîñò³). Ïîä³áí³ ñèñòåìè ä³àãíîñòèêè äîçâîëÿþòü ìàëèì ï³äïðèºìñòâàì îïåðàòèâíî âèÿâëÿòè çì³íè ó ô³íàíñîâîìó ñòàí³ ï³ä âïëèâîì öèêë³÷íèõ ÷èííèê³â. Óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëîãî ï³äïðèºìñòâà ïåðåäáà÷ຠñóêóïí³ñòü àíòèêðèçîâèõ ³ àäàïòèâíèõ çàõîä³â íà ð³çíèõ åòàïàõ á³çíåñ–öèêëó. Çã³äíî ç äîñë³äæåííÿìè, îñíîâí³ íàïðÿìè òàêî¿ ïîë³òèêè âêëþ÷àþòü: Àíàë³ç ³ ìîí³òîðèíã – ðåãóëÿðíå â³äñòåæåííÿ êëþ÷îâèõ ïîêàçíèê³â ë³êâ³äíîñò³, ïëàòîñïðîìîæíîñò³ òà ñòðóêòóðíèõ çì³í ó áàëàíñ³. Óìîâè öèêë³÷íîãî ñïàäó çìóøóþòü ï³äïðèºìñòâà ÷àñò³øå ïðîâîäèòè ñòðåñ–òåñòóâàííÿ òà SWOT–àíàë³ç ô³íàíñîâî¿ ñò³éêîñò³ [4]. Ïëàíóâàííÿ ³ ðåçåðâóâàííÿ – ôîðìóâàííÿ ô³íàíñîâèõ ðåçåðâ³â íà âèïàäîê íåïåðåäáà÷óâàíîãî øîêó. Ìàëèì ï³äïðèºìñòâàì ðåêîìåíäóºòüñÿ íàãðîìàäæóâàòè «çàïàñ ñò³éêîñò³» ó ïåð³îä ï³äíåñåííÿ öèêëó, ùîá ìàòè áóôåð ï³ä ÷àñ ñïàäó. Çàïàñ ñò³éêîñò³ ìîæå áóòè ÿê ó ôîðì³ ñòâîðåíîãî ñòðàõîâîãî ôîíäó, òàê ³ ó ôîðì³ ÷àñòêîâîãî ñàìîô³íàíñóâàííÿ îá³ãîâèõ àêòèâ³â, ùî ïðèçâîäèòü äî çá³ëüøåííÿ âëàñíèõ ðåñóðñ³â ó áàëàíñ³ á³çíåñó [6]. Ô³íàíñîâà äèâåðñèô³êàö³ÿ – ïðàãíåííÿ óð³çíîìàí³òíèòè äæåðåëà ô³íàíñóâàííÿ. Äîñë³äæåííÿ ïîêàçóþòü, ùî ó êðèçó ï³äïðèºìñòâà ïåðåõîäÿòü â³ä çàëåæíîñò³ (êîìåðö³éíîãî êðåäèòó) äî ñàìîô³íàíñóâàííÿ, ùî çìåíøóº ðèçèêè çîâí³øí³õ çàáîðãîâàíîñòåé [6]. Íà ð³âí³ ïîë³òèêè âàæëèâè-
ÅÊÎÍÎ̲×Ͳ ÏÐÎÁËÅÌÈ ÐÎÇÂÈÒÊÓ ÃÀËÓÇÅÉ ÒÀ ÂÈIJ ÅÊÎÍÎ̲×Íί IJßËÜÍÎÑÒ² 68 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww ìè º ïðîãðàìè äåøåâèõ êðåäèò³â: ÍÁÓ êîíñòàòóº, ùî çàâäÿêè äåðæïðîãðàì³ «5–7–9% » ÷àñòêà ñåãìåíòó ìàëèõ òà ñåðåäí³õ ï³äïðèºìñòâ ó êðåäèòíîìó ïîðòôåë³ çðîñëà äî ïîíàä 56% [7]. Åôåêòèâíà óïðàâë³íñüêà ïîë³òèêà – ïðèéíÿòòÿ øâèäêèõ òà îá´ðóíòîâàíèõ ð³øåíü íà êîæíîìó åòàï³ öèêëó. Çîêðåìà, ó êðèòè÷íèõ óìîâàõ ðåêîìåíäóºòüñÿ âïðîâàäæóâàòè ïðîãðåñèâí³ ìåòîäè àíòèêðèçîâîãî ô³íàíñîâîãî ìåíåäæìåíòó (ðåô³íàíñóâàííÿ, ðåñòðóêòóðèçàö³ÿ áîðã³â, ñêîðèíã êðåäèò³â òîùî) [5]. Òàêîæ, ñòðàòåã³÷íî âàæëèâîþ º öèôðîâà òðàíñôîðìàö³ÿ á³çíåñó, äå àâòîìàòèçàö³ÿ ô³íàíñîâèõ ïðîöåñ³â ³ âïðîâàäæåííÿ ERP– ñèñòåì äîçâîëÿþòü êðàùå ïðîãíîçóâàòè ïëàò³æí³ ïîòîêè ³ øâèäøå ðåàãóâàòè íà çîâí³øí³ çì³íè [6]. ϳäòðèìêà ïåðñîíàëó òà ãíó÷ê³ñòü îïåðàö³é – ³íâåñòèö³¿ â ëþäñüêèé êàï³òàë ³ àäàïòàö³ÿ îðãñòðóêòóðè. Ó êðèçîâ³é ñèòóàö³¿ çáåðåæåííÿ êâàë³ô³êîâàíîãî ïåðñîíàëó (íàïðèêëàä, ÷åðåç ãíó÷êå ãðàô³ê òà ïåðåï³äãîòîâêó) ñòຠñòðàòåã³÷íîþ çàäà÷åþ, îñê³ëüêè ïðàö³âíèêè º êðèòè÷íèì àêòèâîì äëÿ â³äíîâëåííÿ. Äëÿ ìàëèõ ï³äïðèºìñòâ ðåêîìåíäîâàíî ï³äòðèìóâàòè òà ³íâåñòóâàòè â ïðàö³âíèê³â ç ìåòîþ ï³äâèùåííÿ ïðîäóêòèâíîñò³ ï³ä ÷àñ ³ ï³ñëÿ êðèçè [1]. Äåðæàâíà ï³äòðèìêà òà ïàðòíåðñòâî – âðàõîâóþ÷è îáìåæåí³ ðåñóðñè ìàëèõ ï³äïðèºìñòâ, âàæëèâî âèêîðèñòîâóâàòè äåðæàâí³ ìåõàí³çìè ï³äòðèìêè (ãðàíòè, ïîäàòêîâ³ êàí³êóëè, ïðîãðàìè ñòðàõóâàííÿ ðèçèê³â). Îêð³ì êðåäèò³â, äîö³ëüíèìè º ïðîãðàìè íàâ÷àííÿ ô³íàíñîâî¿ ãðàìîòíîñò³ ³ êîíñóëüòàòèâíî¿ ï³äòðèìêè, ùî ï³äñèëþþòü àäàïòèâíèé ïîòåíö³àë ï³äïðèºìñòâ. Óçàãàëüíåíèé ïåðåë³ê îñíîâíèõ ³íñòðóìåíò³â óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ íàâåäåíî â òàáë. 1. Åêîíîì³÷íèé öèêë õàðàêòåðèçóºòüñÿ ôàçàìè ï³äíåñåííÿ, êðèçè (ñïàäó) ³ â³äíîâëåííÿ. Äëÿ ìàëèõ ï³äïðèºìñòâ ïåðåõ³ä ì³æ öèìè ôàçàìè ñóïðîâîäæóºòüñÿ ð³çêèì êîëèâàííÿì ïîïèòó òà äîñòóïó äî ô³íàíñóâàííÿ.  óìîâàõ ñïàäó ìàë³ ï³äïðèºìñòâà ñòèêàþòüñÿ ç³ çíèæåííÿì âèðó÷êè, çàìîðîæóâàííÿì ³íâåñòèö³é ³ âèñîêèìè ðèçèêàìè íåïëàòîñïðîìîæíîñò³. Ó äîñë³äæåíí³ [2] çàçíà÷åíî, ùî ìàëèé á³çíåñ îñîáëèâî âðàçëèâèé äî öèêë³÷íèõ çíèæåíü ÷åðåç îáìåæåí³ ô³íàíñîâ³ ðåñóðñè òà ìàëèé «çàïàñ ñò³éêîñò³». Çîêðåìà, ï³äâèùåíà ÷óòëèâ³ñòü ìàëèõ ï³äïðèºìñòâ äî åêîíîì³÷íèõ çì³í (³íôëÿö³¿, çðîñòàííÿ ö³í, çìåíøåííÿ êðåäèòíî¿ àêòèâíîñò³) ïîâ’ÿçàíà ç â³äñóòí³ñòþ íàäëèøêîâèõ ðåñóðñ³â [2]. Ó êðèçîâó ôàçó ïð³îðèòåòíèìè º çàõîäè ç ï³äòðèìêè ë³êâ³äíîñò³ (ñâîº÷àñíà îïòèì³çàö³ÿ âèòðàò, äîñòðîêîâå ïîâåðíåííÿ çîáîâ’ÿçàíü àáî ¿õ ðåñòðóêòóðèçàö³ÿ, ñòàá³ë³çàö³ÿ çàïàñ³â ³ äåá³òîðñüêî¿ çàáîðãîâàíîñò³). Ó ôàç³ â³äíîâëåííÿ òà ï³äíåñåííÿ öèêëó ìàëèì ï³äïðèºìñòâàì ñë³ä çîñåðåäèòèñÿ íà íàðîùóâàíí³ çàïàñ³â, ðîçøèðåíí³ ä³ÿëüíîñò³ òà íàêîïè- ÷åíí³ ïðèáóòêó. Òàê, çà äàíèìè Ïðîãðàìè ðîçâèòêó ÎÎÍ â Óêðà¿í³ [1], ó 2023ð. á³ëüø³ñòü ìàëèõ ï³äïðèºìñòâ ìàëà çíà÷íèé íåçàä³ÿíèé âèðîáíè- ÷èé ïîòåíö³àë ³ ïðè çá³ëüøåííÿ ïîïèòó ï³äïðèºìñòâà áóëè çäàòí³ çá³ëüøèòè îáñÿãè ñâî¿õ ïðîäàæ³â ìàéæå íà 50% [1], à öå îçíà÷àº, ùî â ïåð³îäè åêîíîì³÷íîãî ïîæâàâëåííÿ ï³äïðèºìñòâà ìîæóòü íàêîïè÷óâàòè ðåçåðâè äëÿ ìàéáóòíüî¿ ñò³éêîñò³. Ôóíêö³ÿ/íàïðÿì ²íñòðóìåíòè òà çàõîäè Àíàë³ç ³ ìîí³òîðèíã Ðåãóëÿðí³ ô³íàíñîâ³ àóäèòè, êîåô³ö³ºíòíà ä³àãíîñòèêà, SWOT–àíàë³ç ô³íàíñîâîãî ñòàíó, ñöåíàðíå ïëàíóâàííÿ. Ïëàíóâàííÿ òà ðåçåðâóâàííÿ Ôîðìóâàííÿ ñòðàõîâèõ ô³íàíñîâèõ ðåçåðâ³â, áþäæåòóâàííÿ «íà ÷îðíèé äåíü», çàòâåðäæåííÿ ðåçåðâíèõ ôîíä³â ó ïåð³îä åêîíîì³÷íîãî çðîñòàííÿ. Óïðàâë³ííÿ ë³êâ³äí³ñòþ Îïòèì³çàö³ÿ îáîðîòíîãî êàï³òàëó (ñêîðî÷åííÿ îáîðîòíèõ îïåðàö³é), ðåãëàìåíòóâàííÿ ïëàòåæ³â, ï³äòðèìàííÿ ì³í³ìàëüíîãî çàïàñó ãîò³âêè. Ô³íàíñîâå äèâåðñèô³êóâàííÿ Ïåðåõ³ä â³ä òîðãîâèõ êðåäèò³â äî ñàìîô³íàíñóâàííÿ, çàëó÷åííÿ äîâãîñòðîêîâîãî êàï³òàëó (çîêðåìà, ï³ëüãîâîãî êðåäèòóâàííÿ), ïîøóê àëüòåðíàòèâíèõ ³íâåñòèö³éíèõ äæåðåë. Àíòèêðèçîâå óïðàâë³ííÿ Ðåñòðóêòóðèçàö³ÿ áîðã³â, îïòèì³çàö³ÿ âèòðàò (çîêðåìà ÷åðåç àóòñîðñèíã äåÿêèõ ôóíêö³é), çàñòîñóâàííÿ ñêîðèíãîâèõ ìîäåëåé ïðè êðåäèòí³é ïîë³òèö³. ²ííîâàö³¿ òà ãíó÷- ê³ñòü Öèôðîâ³çàö³ÿ ïðîöåñ³â (àâòîìàòèçîâàí³ ñèñòåìè îáë³êó ³ àíàë³çó), ïîøóê íîâèõ ðèíê³â çáóòó òà ìîäåëåé á³çíåñó, äèâåðñèô³êàö³ÿ ïðîäóêòó. ϳäòðèìêà ïåðñîíàëó Çáåðåæåííÿ êâàë³ô³êîâàíèõ êàäð³â (íàâ÷àííÿ, ìîòèâàö³ÿ), àäàïòàö³ÿ îðãàí³çàö³éíî¿ ñòðóêòóðè äëÿ øâèäêîãî ïðèéíÿòòÿ ð³øåíü. Äåðæàâíà ïîë³òèêà Âèêîðèñòàííÿ äåðæàâíèõ ïðîãðàì ³ ãðàíò³â, çàëó÷åííÿ ïðîãðàì ï³äòðèìêè (íàïðèêëàä, êðåäèòí³ ãàðàíò³¿, ñóáñè䳿), ó÷àñòü ó äåðæàâíèõ çàêóï³âëÿõ. Òàáëèöÿ 1. Îñíîâí³ ³íñòðóìåíòè óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ Äæåðåëî: çãðóïîâàíî àâòîðîì íà îñíîâ³ [1–6]
ÅÊÎÍÎ̲×Ͳ ÏÐÎÁËÅÌÈ ÐÎÇÂÈÒÊÓ ÃÀËÓÇÅÉ ÒÀ ÂÈIJ ÅÊÎÍÎ̲×Íί IJßËÜÍÎÑÒ² 69 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww Åôåêòèâíà àäàïòàö³ÿ âèìàãຠãíó÷êîãî ô³íàíñîâîãî ìåíåäæìåíòó íà âñ³õ åòàïàõ öèêëó. Ìîäåë³ àíòèêðèçîâîãî ô³íàíñîâîãî ìåíåäæìåíòó [8] ïåðåäáà÷àþòü ïðîàêòèâíå ïðîãíîçóâàííÿ íåãàòèâíèõ ñöåíàð³¿â ³ ï³äãîòîâêó êîíòðçàõîä³â äî íàñòàííÿ êðèçè [8]. Ìàëèì ï³äïðèºìñòâàì äîö³ëüíî óïðîâàäæóâàòè òàê³ ï³äõîäè, ÿê ðîçðàõóíîê ì³í³ìàëüíèõ îáîðîòíèõ êîøò³â ïðè çíèæåíîìó ïîïèò³ àáî àíàë³ç òî÷îê áåççáèòêîâîñò³ çà ð³çíèõ ð³âí³â âèðó÷êè. Êð³ì òîãî, ï³ä ÷àñ öèêë³÷íîãî ï³äíåñåííÿ êîðèñíî ñïðÿìîâóâàòè íàäëèøêîâ³ ô³íàíñè íà âäîñêîíàëåííÿ òåõíîëîã³é ÷è îñâîºííÿ íîâèõ ðèíê³â, ï³äâèùóþ÷è êîíêóðåíòîñïðîìîæí³ñòü íà ìàéáóòíüîìó ñïàä³. Ïðàêòè÷í³ ïðèêëàäè ìîäåëåé óïðàâë³ííÿ ñò³éê³ñòþ âêëþ÷àþòü ñêîðèíãîâ³ ìîäåë³ äëÿ îö³íêè êðåäèòîñïðîìîæíîñò³ ÷è ñò³éêîñò³, ³íäåêñíó ä³àãíîñòèêó, áàãàòîôàêòîðí³ ðåãðåñ³éí³ ìîäåë³, à òàêîæ ñèñòåìè ðàííüîãî ïîïåðåäæåííÿ. Çîêðåìà, ïðîïîíóºòüñÿ ïîñë³äîâí³ñòü ç ê³ëüêîõ åòàï³â: áàëüíà îö³íêà êëþ÷îâèõ ôàêòîð³â, ðîçðîáêà äâîÿðóñíî¿ ñèñòåìè îö³íþâàííÿ, â³äíåñåííÿ äî êëàñó ñò³éêîñò³ òà àíàë³ç çàëåæíîñò³ â³ä êîíêðåòíîãî ÷èííèêà [4].  óïðàâë³íñüê³é ïðàêòèö³ âèêîðèñòîâóþòüñÿ òàêîæ áþäæåòí³ ñöåíàð³¿. Ó ôàç³ ñïàäó ï³äïðèºìñòâî ìîæå ñêëàäàòè êîíñåðâàòèâíèé âàð³àíò áþäæåòó «worst case» ç æîðñòêèì êîíòðîëåì âèòðàò, à â ï³äíåñåíí³ – îïòèì³ñòè÷íèé «best case». Òàê, ìàë³ ï³äïðèºìñòâà ìîæóòü ìîäåëþâàòè, ÿê ¿õ ãðîøîâ³ ïîòîêè çì³íÿòüñÿ ïðè 20% ñêîðî÷åíí³ ïðîäàæó, ³ íà îñíîâ³ öüîãî ôîðìóâàòè ðåçåðâ ó ñóì³, ÿêà äîçâîëèòü ïåðåêðèòè ö³ çáèòêè ïðîòÿãîì ïåâíîãî ïåð³îäó. Äåòàëüíî ³íñòðóìåíòè óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ â óìîâàõ åêîíîì³÷íèõ öèêë³â íàâåäåíî â òàáë. 2. Ç òàáë. 2 âèäíî, ùî òàêèé ï³äõ³ä (êîíñåðâàòèâíå ô³íàíñóâàííÿ ï³ä ÷àñ ñïàäó ³ ïðîàêòèâíå ô³íàíñóâàííÿ ï³äíåñåííÿ) â³äïîâ³äຠòàêîæ ðåêîìåíäàö³ÿì ÍÁÓ òà Ìåìîðàíäóìó ÌÂÔ ùîäî ïëàâíîãî êðåäèòóâàííÿ òà ï³äòðèìêè çàéíÿòîñò³. Âèçíà÷åíî, ùî ó ïåð³îä â³éíè á³ëüø³ñòü ìàëèõ ï³äïðèºìñòâ ïîòðåáóþòü äîäàòêîâîãî ô³íàíñóâàííÿ, ïðîòå âîíè îáåðåæíî çàëó÷àþòü ³íâåñòèö³¿ ÷åðåç ìàéáóòíþ íåâèçíà÷åí³ñòü, ùî ñâ³ä÷èòü ïðî äîö³ëüí³ñòü äîâãîñòðîêîâèõ êðåäèò³â íà ï³ëüãîâèõ óìîâàõ – ÿê³ á äîçâîëÿëè ï³äïðèºìñòâàì ðîçä³ëèòè ô³ñêàëüíå íàâàíòàæåííÿ íà ê³ëüêà ïåð³îä³â ³ óíèêíóòè ð³çêîãî ïîã³ðøåííÿ ë³êâ³äíîñò³ [1]. Îñîáëèâîñò³ óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ â óìîâàõ öèêë³÷íîñò³ åêîíîì³÷- íèõ ïðîöåñ³â ïðîÿâëÿþòüñÿ â àäàïòèâíîìó ï³äõîä³, ñòðàòåã³÷íîìó ïðîãíîçóâàíí³ òà àíòèêðèçîâîìó ìåõàí³çì³. Ó ïåð³îäè ï³äéîìó é ñïàäó åêîíîì³÷íîãî öèêëó çì³íþþòüñÿ óìîâè ôóíêö³îíóâàííÿ ñóá’ºêò³â ãîñïîäàðþâàííÿ, ð³âåíü ïîïèòó, âàðò³ñòü ðåñóðñ³â, äîñòóïí³ñòü êðåäèòóâàííÿ òà äåðæàâíà ï³äòðèìêà, ùî áåçïîñåðåäíüî âïëèâຠíà ô³íàíñîâó ñòàá³ëüí³ñòü ï³äïðèºìñòâ (äèâ.ðèñóíîê). Îòæå, îñîáëèâîñò³ óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ ó êîíòåêñò³ öèêë³÷íèõ êîëèâàíü åêîíîì³êè ïîëÿãàþòü ó âèêîðèñòàíí³ àäàïòèâíèõ, ðèçèê–îð³ºíòîâàíèõ ³ öèôðîâî–àíàë³òè÷íèõ ï³äõîä³â, äèâåðñèô³êàö³¿ ô³íàíñîâèõ äæåðåë òà ³íòåãðàö³¿ ñòðàòåã³é ñòàëîãî ðîçâèòêó. Òàêèé êîìïëåêñíèé ï³äõ³ä äîçâîëÿº ì³í³ì³çóâàòè íåãàòèâíèé âïëèâ ðåöåñ³éíèõ ôàç ³ çàáåçïå÷èòè åôåêòèâíå ôóíêö³îíóâàííÿ á³çíåñó â äîâãîñòðîêîâ³é ïåðñïåêòèâ³. Âèñíîâêè Óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ ïîòðåáóº êîìïëåêñíîãî ïîºäíàííÿ òåîðåòè÷- íèõ çíàíü ³ ïðàêòè÷íèõ ³íñòðóìåíò³â. Àíàë³ç ïóáë³êàö³é îñòàíí³õ ðîê³â ïîêàçóº, ùî äëÿ ìàëèõ ï³äïðèºìñòâ âàæëèâ³ íå ëèøå òðàäèö³éí³ ô³íàíñîâ³ êîåô³ö³ºíòè, àëå é ñèñòåìíèé ï³äõ³ä ç óðàõóâàííÿì ìàêðîöèêë³â. Âèçíà÷åíî, ùî ô³íàíñîâà ñò³éê³ñòü – öå ñòàí îïòèÒàáëèöÿ 2. ²íñòðóìåíòè óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ â óìîâàõ åêîíîì³÷íèõ öèêë³â Äæåðåëî: çãðóïîâàíî àâòîðîì íà îñíîâ³ [4–8]. Åòàï öèêëó Çàõîäè òà ìîäåë³ Ï³äíåñåííÿ (ðèçèê íàäëèøêó ô³íàíñ³â) Àêòèâíå ³íâåñòóâàííÿ ó ðîçâèòîê (óäîñêîíàëåííÿ âèðîáíèöòâà), ôîðìóâàííÿ íàêîïè÷óâàëüíèõ ðåçåðâ³â, äèâåðñèô³êàö³ÿ ïðîäóêòó, çàëó÷åííÿ äîâãîñòðîêîâîãî êàï³òàëó íà âèã³äíèõ óìîâàõ. ϳê (âèñîêà àêòèâí³ñòü) Îïòèì³çàö³ÿ ñòðóêòóðè êàï³òàëó, çáàëàíñóâàííÿ äîõîä³â ³ âèòðàò, óõâàëåííÿ ñòðàòåã³÷íèõ ð³øåíü ùîäî ìàñøòàáóâàííÿ á³çíåñó, ïîñèëåíèé âíóòð³øí³é êîíòðîëü. Ñïàä/êðèçà Âèêîðèñòàííÿ êðèçîâèõ ìåòîä³â ìåíåäæìåíòó – ðåñòðóêòóðèçàö³ÿ áîðã³â, ì³í³ì³çàö³ÿ îáîðîòíèõ âèòðàò, ñêîðèíã áîðæíèê³â òà ê볺íò³â, çàëó÷åííÿ äåøåâèõ êðåäèò³â (â ò.÷. ç äåðæïðîãðàì), ìîæëèâèé ïåðåõ³ä íà ÷àñòêîâå ñàìîô³íàíñóâàííÿ. ³äíîâëåííÿ Ïîñòóïîâå íàðîùóâàííÿ îáîðîòíèõ àêòèâ³â, ðîçøèðåííÿ ðèíê³â çáóòó (çàõîäè ìàðêåòèíãó), ðå³íâåñòóâàííÿ ïðèáóòêó â ìîäåðí³çàö³þ, çáåðåæåííÿ ôîðìîâàíèõ ðåçåðâ³â ÿê áóôåð.
ÅÊÎÍÎ̲×Ͳ ÏÐÎÁËÅÌÈ ÐÎÇÂÈÒÊÓ ÃÀËÓÇÅÉ ÒÀ ÂÈIJ ÅÊÎÍÎ̲×Íί IJßËÜÍÎÑÒ² 70 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww ìàëüíî¿ ð³âíîâàãè ðåñóðñ³â, ùî çàáåçïå÷óº çäàòí³ñòü ï³äïðèºìñòâà ïðîòèñòîÿòè øîêàì ³ íàðîùóâàòè êîíêóðåíòîñïðîìîæí³ñòü. Îñîáëèâîñòÿìè ìàëèõ ï³äïðèºìñòâ º âèñîêà çàëåæí³ñòü â³ä çîâí³øí³õ ÷èííèê³â ³ íèçüêà ê³ëüê³ñòü âëàñíèõ ðåñóðñ³â (ùî ï³äòâåðäæåíî íèçüêèìè êîåô³ö³ºíòàìè àâòîíî쳿). Òîìó ïð³îðèòåòíèìè ñòðàòåã³ÿìè º íàêîïè÷åííÿ ô³íàíñîâèõ áóôåð³â ó ïåð³îäè çðîñòàííÿ òà ãíó÷êå óïðàâë³ííÿ ë³êâ³äí³ñòþ ó ñïàäàõ, åôåêòèâíå ïëàíóâàííÿ òà äèâåðñèô³êàö³ÿ äæåðåë ô³íàíñóâàííÿ. Äîâåäåíî, ùî ïðè ðîçðîáö³ ìîäåëåé óïðàâë³ííÿ ïîòð³áíî îá’ºäíàòè àíàë³òè÷í³ ìåòîäè ä³àãíîñòèêè (êîåô³ö³ºíòíèé àíàë³ç, ñêîðèíãîâ³ ìîäåë³, SWOT, ðåéòèíãè) òà ìåõàí³çìè âïëèâó (äåðæàâíà ï³äòðèìêà, àíòèêðèçîâèé ìåíåäæìåíò, ³ííîâàö³éí³ òåõíîëî㳿). Âàæëèâî òàêîæ áðàòè äî óâàãè öèêë³÷í³ñòü (ðåçåðâè ôîðìóþòüñÿ íà ï³äéîì³ öèêëó, à ï³ä ÷àñ ñïàäó âîíè ñòàþòü ñòðàõîâèì áóôåðîì äëÿ á³çíåñó). Ñèñòåìíèé îãëÿä îñòàíí³õ äîñë³äæåíü ï³äòâåðäæóº, ùî çàáåçïå÷åííÿ ô³íàíñîâî¿ ñò³éêîñò³ ìàëèõ ï³äïðèºìñòâ âèìàãຠíå ò³ëüêè êëàñè÷- íîãî ô³íàíñîâîãî àíàë³çó, à é ñòðàòåã³÷íîãî ïëàíóâàííÿ óïðàâë³ííÿ ô³íàíñîâèìè ðåñóðñàìè, ÿêå âðàõîâóº ôàçó åêîíîì³÷íîãî öèêëó òà ñïåöèô³÷í³ ðèçèêè (íàïðèêëàä, â³éíà, ïàíäåì³ÿ, ³íôëÿö³ÿ). Ïîäàëüø³ äîñë³äæåííÿ ìàþòü çîñåðåäèòèñÿ íà ê³ëüê³ñíîìó ìîäåëþâàíí³ öèêë³÷íèõ êîëèâàíü ç óðàõóâàííÿì ïîâåä³íêîâèõ ðåàêö³é ìàëèõ ï³äïðèºìñòâ. Âàæëèâèì º ðîçâèòîê ñöåíàðíèõ ïðîãíîçíèõ ìîäåëåé, ùî äîçâîëÿòü ìàëèì ï³äïðèºìñòâàì áóäóâàòè áþäæåòè ïðè ð³çíèõ ð³âíÿõ åêîíîì³÷íî¿ àêòèâíîñò³. Òàêîæ ïåðñïåêòèâíèì Åëåìåíòè óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ìàëèõ ï³äïðèºìñòâ â óìîâàõ öèêë³÷íîñò³ åêîíîì³÷íèõ ïðîöåñ³â Äæåðåëî: çàïðîïîíîâàíî àâòîðîì
ÅÊÎÍÎ̲×Ͳ ÏÐÎÁËÅÌÈ ÐÎÇÂÈÒÊÓ ÃÀËÓÇÅÉ ÒÀ ÂÈIJ ÅÊÎÍÎ̲×Íί IJßËÜÍÎÑÒ² 71 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww íàïðÿìîì º äîñë³äæåííÿ ðîë³ ô³íàíñîâèõ òåõíîëîã³é ó ï³äòðèìö³ ñò³éêîñò³ (çîêðåìà, ÿê öèôðîâ³ ïëàòôîðìè êðåäèòóâàííÿ òà àíàë³òèêè ìîæóòü ïðèñêîðèòè ðåàãóâàííÿ á³çíåñó íà êðèçè). Êð³ì òîãî, íåîáõ³äíî âäîñêîíàëþâàòè ìåòîäè îö³íêè ñò³éêîñò³, ùî âðàõîâóþòü íåñòàá³ëüí³ñòü äàíèõ ó êðèçîâ³ ïåð³îäè (íàïðèêëàä, ìåòîäèêè ç óðàõóâàííÿì íîâèõ ðèçèê³â, îðãàí³÷íî âêëþ÷åí³ â ñèñòåìè îáë³êó). Òàê³ äîñë³äæåííÿ ñïðèÿòèìóòü ðîçðîáö³ ïðàêòè÷íèõ ðåêîìåíäàö³é äëÿ ï³äïðèºìö³â ³ ïîë³òèê³â, ùî ñòèìóëþâàòèìå ôîðìóâàííÿ àäàïòèâíî¿ ô³íàíñîâî¿ êóëüòóðè ó ìàëîìó á³çíåñ³. Ñïèñîê âèêîðèñòàíèõ äæåðåë: 1. Îö³íêà âïëèâó â³éíè íà ì³êðî–, ìàë³ òà ñåðåäí³ ï³äïðèºìñòâà â Óêðà¿í³ (2024). Ïðîãðàìà ðîçâèòêó ÎÎÍ â Óêðà¿í³, 86 ñ. https://www.undp.org/sites/g/files/ zskgke326/files/2024–04/undp–ua–smb–2024.pdf. 2. Ïèâàâàð, ². Â. & ̳ñþðà, ª. Þ. (2019). Îñîáëèâîñò³ ðîçâèòêó ìàëèõ ï³äïðèºìñòâ íà ³íñòèòóö³îíàëüíîìó ð³âí³. Ñó÷àñí³ ïðîáëåìè óïðàâë³ííÿ ï³äïðèºìñòâàìè: òåîð³ÿ òà ïðàêòèêà, 1–3. https://repository.hneu.edu.ua.pdf. 3. Nuzhna, Î. (2023). Analysis of financial independence of ukrainian enterprises. Economic Forum, 13(2), 60–65. https://doi.org/10.36910/6775– 2308–8559–2023–2–9. 4. ²âàíîâ, Ì. (2025). Ô³íàíñîâà ñò³éê³ñòü ï³äïðèºìñòâà: ñóòí³ñòü ïîíÿòòÿ òà ìåòîäèêà îö³íêè. Â÷åí³ çàïèñêè Óí³âåðñèòåòó «ÊÐÎÊ», (3(79), 166–173. https://doi. org/10.31732/2663–2209–2025–79–166–173. 5. Øóøêîâà, Þ. Â., & Ôàö³ºâè÷, Ð. ß. (2023). Ô³íàíñîâà ñò³éê³ñòü ñóá’ºêò³â ìàëîãî ï³äïðèºìíèöòâà: îñîáëèâîñò³ òà çàñàäè çáåðåæåííÿ â óìîâàõ êðèçè. Á³çíåñ³íôîðì, 12, 317–323. https://doi. org/10.32983/2222–4459–2023–12–317–323. 6. Ñòåïàíåíêî, Î., & Êàíåëüñüêà, À. (2024). Ô³íàíñîâà ñò³éê³ñòü ï³äïðèºìñòâ â ïåð³îä âîºííîãî ñòàíó: ðèçèêè, çàãðîçè, øëÿõè ¿õ ïîäîëàííÿ. ϳäïðèºìíèöòâî òà ³ííîâàö³¿, (33), 123–130. https://doi. org/10.32782/2415–3583/33.21. 7. Çâ³ò ïðî ô³íàíñîâó ñòàá³ëüí³ñòü (2023). Íàö³îíàëüíèé áàíê Óêðà¿íè. https://bank.gov.ua.pdf. 8. Êîâàëü÷óê, Í. Î., & Ïàâëþê, À. Î (2016). Àíòèêðèçîâèé ô³íàíñîâèé ìåíåäæìåíò ÿê îñíîâà óïðàâë³ííÿ ô³íàíñàìè â³ò÷èçíÿíèõ ï³äïðèºìñòâ. Åêîíîì³êà ³ ñóñï³ëüñòâî, 3, 203–208. https://economyandsociety. in.ua/journals/3_ukr/36.pdf. 9. Ïóçèðüîâà, Ï. Â., Ìàðöèíîâñüêèé, Â. Â., & Ñâèðèäîâ, À. Î. (2023). Ñóòí³ñòü òà çíà÷åííÿ ìàêðîïðóäåíö³éíî¿ ïîë³òèêè ó ôîêóñ³ ô³íàíñîâî¿ ñòàá³ëüíîñò³ Óêðà¿íè. Ôîðìóâàííÿ ðèíêîâèõ â³äíîñèí â Óêðà¿í³, 7–8 (266–267), 5–11. https://doi.org/10.5281/zenodo.8420613. 10. Áàëîâ, Ã. Þ., & Ïóçèðüîâà, Ï. Â. (2024). Ñòðàòåã³÷íèé ìàðêåòèíã ÿê îñíîâà ñòàá³ëüíîñò³ ôóíêö³îíóâàííÿá³çíåñó. Âïëèâ ãëîáàë³çàö³éíèõ ïðîöåñ³â òà öèôðîâî¿ òðàíñôîðìàö³¿ íà ôîðìóâàííÿ ì³æíàðîäíîãî åêîíîì³÷íîãî êë³ìàòó òà ô³íàíñîâî¿ åêîñèñòåìè, 294–297. https://er.knutd.edu.ua/handle/123456789/26933. 11. Êîìàðåöüêà, Ï. Â. (2006). Ôîðìóâàííÿ ñòðàòå㳿 óïðàâë³ííÿ ô³íàíñîâèì ïîòåíö³àëîì ï³äïðèºìñòâà. Ôîðìóâàííÿ ðèíêîâèõ â³äíîñèí â Óêðà- ¿í³, 9 (64), 90–92. https://er.knutd.edu.ua/ handle/123456789/19686. 12. Ïîâåðëÿê, Ò. ². (2013). Ô³íàíñîâî–åêîíîì³÷íà ñò³éê³ñòü ñ³ëüñüêîãîñïîäàðñüêèõ ï³äïðèºìñòâ òà ¿¿ çâ’ÿçîê ç åòàïàìè ¿õ æèòòºâèõ öèêë³â. Àãðîñâ³ò, 2, 37–39. URL: http://nbuv.gov.ua/UJRN/agrosvit_2013_2_10. 13. Äàëèê, Â. Ï. (2024). Ìåõàí³çì óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ï³äïðèºìñòâà. ̳æíàðîäíèé íàóêîâèé æóðíàë «²íòåðíàóêà». Ñåð³ÿ: Åêîíîì³÷í³ íàóêè, 3(1), 25–30. DOI: 10.25313/2520 2294 2024 3 9705. 14. Ñîëîìí³êîâ, ². Â., Êîíäðàòþê, Ì. Â., & ×óâ³ëêî, Â. Ì. (2024). Êîíöåïòóàëüí³ îñíîâè óïðàâë³ííÿ ô³íàíñîâîþ ñò³éê³ñòþ ï³äïðèºìñòâ. ³ñíèê åêîíîì³êè òðàíñïîðòó ³ ïðîìèñëîâîñò³, 87, 121–127. https://doi. org/10.18664/btie.87.322628. 15. ªìåëüÿíîâ, Î. Þ., & Ñòåïàíê³â, Â. Ç. (2024). Îö³íþâàííÿ âïëèâó ñòðóêòóðè êàï³òàëó ï³äïðèºìñòâ íà ð³âåíü ¿õ ô³íàíñîâî¿ ñò³éêîñò³. ̳æíàðîäíèé íàóêîâèé æóðíàë «²íòåðíàóêà». Ñåð³ÿ: Åêîíîì³÷í³ íàóêè, 5(1), 81–86. DOI: 10.25313/2520 2294 2024 5 9890. References: 1. Otsinka vplyvu viiny na mikro–, mali ta seredni pidpryiemstva v Ukraini (2024). Prohrama rozvytku OON v Ukraini [United Nations Development Program in Ukraine]. 86 p. https://www.undp.org/sites/g/files/zskgke326/ files/2024–04/undp–ua–smb–2024.pdf [in Ukraine]. 2. Pyvavar, I. V. & Misiura, Ye. Yu. (2019). Osoblyvosti rozvytku malykh pidpryiemstv na instytutsionalnomu rivni [Features of small enterprise development at the institutional level]. Suchasni problemy upravlinnia pidpryiemstvamy: teoriia ta praktyka = Contemporary problems of enterprise management: theory and practice, 1–3. https://repository.hneu.edu.ua.pdf [in Ukraine]. 3. Nuzhna, O. (2023). Analysis of financial independence of ukrainian enterprises [Analysis of financial independence of Ukrainian enterprises]. Economic Forum = Economic Forum, 13(2), 60–65. https://doi.org/10.36910/6775– 2308–8559–2023–2–9 [in English].
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Äàí³ ïðî àâòîð³â Ïóçèðüîâà Ïîë³íà Âîëîäèìèð³âíà, ä.å.í., ïðîô., çàâ³äóâà÷ êàôåäðè åêîíîìêè, Êè¿âñüêèé íàö³îíàëüíèé óí³âåðñèòåò òåõíîëîã³é òà äèçàéíó ORSID: https://orcid.org/0000-0003-0839-8730 e-mail: [email protected] Âëàñþê Òåòÿíà Ìèêîëà¿âíà, ê. å. í., äîöåíò, Êè¿âñüêèé íàö³îíàëüíèé óí³âåðñèòåò òåõíîëîã³é òà äèçàéíó, Óêðà¿íà e-mail: [email protected] ORCID: https://orcid.org/0000-0001-9644-8608 ²ëü÷èøèí Ìàêñèì ªâãåíîâè÷, ìàã³ñòð êàôåäðè åêîíîìêè, Êè¿âñüêèé íàö³îíàëüíèé óí³âåðñèòåò òåõíîëîã³é òà äèçàéíó