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VOL. XLVII, 4 SECTIO H 2013
Lviv Polytechnic National University, Institute of Economics and Management
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Financial risks of the corporate sector
of Ukraine under modern conditions
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5HODWLRQVKLSVEHWZHHQWKHHFRQRPLHVDURXQGWKHZRUOGOHDGVWRWKHSURFHVVHVEHLQJ FRQWUROOHGLQDXQLYHUVDOVFDOHKHQFHILQDQFLDOLQVWLWXWLRQVDQGWKHEDQNLQJV\VWHP ZKLFKZHQWEH\RQGDVLQJOHVWDWHOLPLWDQGDUHVXSUDQDWLRQDODVVXPHGWKLVUROH7KH corporate sector falls under their influence, so the investigation of relationships within WKHFRUSRUDWHVHFWRUVKRXOGEHFRQGXFWHGLQWKHOLJKWRIJOREDOL]DWLRQSURFHVVHV
Considering the corporate sector in Ukraine, we should refer the foreign experi-HQFHDVWKHULVNVIDFHGE\WKHFRUSRUDWHVHFWRULQRXUFRXQWU\DUHV\VWHPLFDQGRFFXU ZLWKLQJOREDOL]LQJSURFHVVHVHTXDOO\
Investigation of risks in the corporate sector and prevention of the crisis generated E\WKHPGHWHUPLQHVWKHIROORZLQJDLPV
– Description of the main influential factors that cause risks and generate crisis phenomena in the corporate sector;
– 6WXG\RIIRUHLJQH[SHULHQFHDVWRWKHLQIOXHQFHRIJOREDOL]DWLRQSURFHVVHVRQ the real economy sector;
– 6XJJHVWLRQVWRDGDSWWKHFRUSRUDWHVHFWRURI8NUDLQHLQWKHFRQWH[WRIJORED-lization.
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At present, it is ineffective to investigate crisis phenomena in the corporate sector separately, excluding the financial and economic processes at the state level, which DUHDSDUWRIWKHJOREDOHFRQRP\8NUDLQHKDVVXIIHUHGWKH± ILQDQFLDOFULVLV 7KHILQDQFLDOFULVLVKDVVSUHDGWRWKHUHDOVHFWRULWEDGO\DIIHFWVHFRQRP\SURGXFWLRQ firms, investors, and the corporate sector in general. The crisis phenomena in Ukraine led to the implementation of anti-crisis measures on the Ukrainian territory as well.
)LQDQFLDOJOREDOL]DWLRQRQWKHRQHKDQGSURPRWHVFURVVERUGHUFDSLWDOIRUPD-WLRQDFFHOHUDWHVLWVPRELOLW\DQGSURPRWHVWKHIRUPDWLRQRIWUDQVQDWLRQDOQHWZRUNVRI EDQNVDQGRIIVKRUHMXULVGLFWLRQV7KHVHSURFHVVHVRSHQXSQHZRSSRUWXQLWLHVIRUWKH GHYHORSPHQWRIQDWLRQDOHFRQRPLHVEXVLQHVVHVFRPSDQLHVHWF2QWKHRWKHUKDQG the openness of national economies and the interdependence of countries within financial and economic relations increase the risk of financial crises, the spread of negative financial processes that take place in the world1.
7KHILQDQFLDOVHFWRUEDVHGRQWKHUHDOVHFWRUDQGLQWHQGHGWRHQVXUHWKHFRQWL-nuity of the production process, has evolved and split into two parts. The first part FRQWLQXHVWRSURYLGHLQWHUDFWLRQEHWZHHQPHFKDQLVPVPHGLDWHGE\WKHIXQFWLRQLQJ of the real sector, promoting such important relationships as “producer – consumer” and “savings – investment”. However, the second part of the financial sector currently provides the increase in the capital involved in speculative transactions2.
However, we should mention the growth of the reverse impact of the financial VHFWRURQWKHUHDOHFRQRP\7KLVLVFRQILUPHGE\WKHUHFHVVLRQRI± ZKHQ WKHJOREDOILQDQFLDOVHFWRUEHFDPHWKHPDLQOLQNWUDQVPLWWLQJLPSXOVHVRIHFRQRPLF FULVLVEHWZHHQQDWLRQDOHFRQRPLHV3.
1 Omel’yanovych L.O., Finansova hlobalizatsiyaLQ /22PHO¶\DQRY\FKTorhivlya i rynok Ukraïny
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2 Parkhomenko A.A., Vzaymodeyիstvye real’noho y fynansovoho sektorov ékonomyky na étape fynansovoho
kryzysa. Vestnyk Tomskoho hRVXGDUVWYHQQRKRXQ\YHUV\WHWDQR VHQW\DEU¶ SS ±>(OHNWURQQ\\ࡅ
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3 PU\NKRG¶NR%9Finansovi rynky v umovakh hlobalizatsiï>(OHNWURQQ\\ࡅUHVXUV@'RVWXSQR] hWWS
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3ULRUWRWKHFULVLVLQWKH(8DFFRUGLQJWRWKHJOREDOFDOFXODWLRQVWKHHXURZDV the second, after the U.S. dollar, reserve currency, whose share in the international DFFXPXODWLRQRIIRUHLJQH[FKDQJHUHVHUYHVKDGEHHQVWHDGLO\LQFUHDVLQJ,QWKHSUH crisis period the euro had the largest increase among all currencies that make up the LQWHUQDWLRQDODFFXPXODWLRQRIIRUHLJQH[FKDQJHUHVHUYHV+RZHYHUWKHJOREDOILQDQFLDO DQGHFRQRPLFFULVLVVLJQLILFDQWO\GHVWDELOL]HGWKHHXURWKRXJKWKHFKDQJHVZHUHQRW LPPHGLDWHO\QRWLFHDEOH*LYHQWKHPDLQFRPSHWLWLRQEHWZHHQWKHHXURDQGWKH86 GROODUWKHHYDOXDWLRQRIWKHVWUHQJWKDQGVWDELOLW\RIWKHHXURVKRXOGEHEDVHGRQWKH analysis of the dynamics of the ratio of these currencies rates.
'HVWDELOL]DWLRQRIWKHHXURVWDUWHGEDFNLQ,Q0DUFKWKHUDWLRRIWKHHXUR to the dollar was 1 to 1.25. This was due to the fact that most investors, financial and economic experts were convinced that the euro is stronger currency than the dollar. April EHFDPHWKHVWDUWLQJSRLQWIRUWKHGURSRIWKHHXUR,Q'HFHPEHU WKHHXURZDV ZRUWKGROODUVZKLOHLQ$SULO±LHWKHUDWHGURSSHGE\PRUHWKDQ,QWKH ILUVWGD\VRI0D\WKHHXURFRQWLQXHGWRIDOOWKHUDWHRIGHFOLQHDPRXQWHGWRDQG UHDFKHGWKHOHYHORI7KHPDLQUHDVRQZDVXQGRXEWHGO\WKHGHEWFULVLVLQWKH(8 FRXQWULHV+RZHYHUZHVKRXOGUHPHPEHUDERXWWKHSXUHO\HFRQRPLFUHDVRQVWKDWOHGWR the collapse of the European economy. The interdependence of the economies of many FRXQWULHVEHFDPHWKHPDLQIHDWXUHRIWKHZRUOGHFRQRP\DVDUHVXOWRIJOREDOL]DWLRQSUR-cesses. To some extent, simultaneous collapse of economies of entire regions is a price paid IRUWKHEHQHILWVWKDWZHUHREWDLQHGLQSUHYLRXVGHFDGHVGXHWRWKHVSUHDGRIJOREDOL]DWLRQ WKHRSHQLQJRIQDWLRQDOERUGHUVWRODERXUDQGILQDQFLDOUHVRXUFHVWHFKQRORJ\WUDQVIHU GHYHORSPHQWRIFRRSHUDWLRQEHWZHHQWKHFRUSRUDWHVHFWRULQ(XURSH$PHULFD$VLD$IULFD DQG$XVWUDOLD$QRWKHUWKLQJLVWKDWZKLOHDQWLFLSDWLQJEHQHILWVDQGDGPLULQJWKHPZH do not always pay attention to potential negative effects. And sometimes these negative HIIHFWVDUHHLWKHUQRWQRWLFHGRULJQRUHGDVZHSUHIHUWKHEHQHILWVWKDWVXEVHTXHQWO\WXUQ RXWWREHWHPSRUDU\7KLVWHPSRUDULQHVVLVUHDOO\ORQJ±±\HDUVZKLOHWKHUHWULEX-WLRQMXGJLQJE\WKHGXUDWLRQRIWKHILQDQFLDODQGHFRQRPLFFULVLVDOVRODVWVIRU\HDUV 7KHUHIRUHVRPHSUREOHPVRIWKH(XURSHDQHFRQRP\DQG(XURSHDQFXUUHQFLHVDUH linked to the drop in the output and consumption in the U.S., where the mortgage crisis GHDOWDVHULRXVEORZWRWKHHFRQRP\$QGWKH(XURSHDQ8QLRQQDPHO\LWVFRUSRUDWHVHFWRU LVRQHRIWKHPDLQSDUWQHUVRIWKH86FRUSRUDWLRQV7KHSUREOHPVVSUHDGWR1RUWK$PHULFD WR(XURSH7KLVZDVJOREDOL]DWLRQWKDWFRQWULEXWHGWRWKHIDVWVSUHDGRIWKHFULVLV,QWKLV FDVHXQOLNHPDQ\SRVLWLYHDVSHFWVWKHJOREDOHFRQRP\SOD\HGDJDLQVWLWVLGHRORJXHVDQG VXSSRUWHUV2IFRXUVHRSHQERUGHUVIRUWKHPRYHPHQWRIUHVRXUFHVRIDOONLQGVLVQRWWKH only reason. The reason, as it always happens in human activity, consists in miscalcula-tions of the managers, financial and international trade experts. However, this should WHDFK8NUDLQLDQH[SHUWVDOHVVRQDVWKH\RIWHQEOLQGO\WUXVWIRUHLJQH[SHUWV)RUHLJQHUV are people, and to err is human, especially when they are little aware of the specific IRUHLJQPDUNHWVIRUHLJQEXVLQHVVUXOHV:HGRQRWLQDQ\ZD\TXHVWLRQWKHFRRSHUDWLRQ with international financial, economic and trade organizations, we want to emphasize WKHQHHGWRDGMXVWDQ\IRUHFDVWVDQGSODQVWDNLQJLQWRDFFRXQWQDWLRQDOVSHFLILFLWLHVWKH
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Under such circumstances, the first measures, which were used in the past crisis GHFDGHVZHUHSXEOLFILQDQFLDOLPSDFW±WRERRVWWKHJURZWKRIWKHQDWLRQDO SULPDULO\ QDWLRQDO HFRQRP\WKURXJKWKHLPSOHPHQWDWLRQRIWKHFRQVXPHUPDUNHWLQDVSHFLILF FRXQWU\ HLWKHUWKH86RU*HUPDQ\RUDQ\RWKHU +RZHYHUQRZDQ\QDWLRQDOHFRQRP\ LVLQWHJUDWHGLQWRWKHJOREDOZRUOGHFRQRP\DQGSXOOLQJRXWDQHOHPHQWWREDLOLWRXWVHHPV WREHLQHIILFLHQWDQGQRWYHU\UHDOLVWLF(YHQDZHOONQRZQJRYHUQPHQWLQWHUYHQWLRQLQ WKHHFRQRP\ERWKDWWKHFRXQWU\OHYHO 86$ DQGDWWKHOHYHORILQWHUVWDWHXQLRQ (8 does not give the desired result. An individual country, even the most powerful one in HFRQRPLFWHUPVLVXQDEOHWRVDYHWKH³ZKROHZRUOG´$QGLQWHUJRYHUQPHQWDOJURXSV KDYHQRW\HWIRXQGDWRROWREDODQFHWKHMRLQWHIIRUWVWKURXJKZKLFKWKH\FRXOGVORZO\ EXWVWHDGLO\JHWRXWRIWKHILQDQFLDOFULVLVWRJHWKHU7KHHIIRUWVDUHIRFXVHGRQWKHXVH of financial leverage, consolidation of financial resources in anti-crisis reserve funds.
However, the larger these funds are, the greater the values that assess such funds IRUWKHIXWXUHEHFRPH2WKHUZLVHWKHILQDQFLDOUHVHUYHVLQFUHDVHDQGLWEHFRPHVFOHDU that they are still not sufficient.
These circumstances cause the need for the evaluation of financing and simultane-ously assessing the reserves – currencies. When reserve funds increase and the desired UHVXOW±UHFRYHU\IURPWKHFULVLV WKHEXGJHWGHILFLWWKHGHFOLQHLQSURGXFWLRQHWF IDLOV QDWXUDOO\WKHUHDUHGRXEWVQRWRQO\DERXWWKHHYDOXDWLRQRIWKHFUHDWHGUHVHUYHIXQGVEXW DERXWWKHPHDQVIRUWKHLUIRUPDWLRQWKHUHOLDELOLW\DQGFDSDFLW\RIDSDUWLFXODUFXUUHQF\ WRSURYLGHWKHGHVLUHGDFWLYLW\HIIHFW7KHUHLVDQHHGWRFRPSDUHPDMRUZRUOGFXUUHQFLHV WRDVVHVVWKHPRVWHIIHFWLYHRQHV2EYLRXVO\RQHRIWKHIROORZLQJFRQFOXVLRQVFDQOHDG WRDQRIIHUWRUHWXUQWRWKHPRQRSRO\RIRQHFXUUHQF\ PRVWOLNHO\±WKHGROODU WRFRQ-VROLGDWHHIIRUWVRIWKHLQWHUQDWLRQDOHFRQRPLFFRPPXQLW\LQDGGUHVVLQJWKHJOREDOFULVLV +RZHYHUWKHUHDUHRWKHUSURVSHFWVDQGDVSLUDWLRQVRI5XVVLDWRDVVHUWLWVUXEOH &KLQD±LWV\XDQ7KHDERYHSURVSHFWVDUHEDVHGRQWKHZRUOG¶VOHDGLQJVXSSOLHUVRINH\ resources, along with the financial self-sufficiency. There arises a conflict when the FRQIURQWDWLRQEHWZHHQWKHWZRPDMRUZRUOGFXUUHQFLHV GROODUDQGHXUR LVLQWHUIHUHG E\OHVVVWURQJFXUUHQFLHVZKLFKKDYHIXOO\PDWHULDOL]HGQDWXUDODQGODERXUUHVRXUFHV +HQFHSXUHO\ILQDQFLDOLVVXHVLQWKHJOREDOHFRQRP\WXUQLQWRUHVRXUFHSUREOHPV 5DZDQGODERXUPDUNHWVVWDUWHGWRSXWVHYHUHSUHVVXUHRQILQDQFLDOPDUNHWVDQGWKH\ EHJDQGRLQJWKLVDORQJWLPHDJR2EYLRXVO\WKHUHLVQRWKLQJVXUSULVLQJDERXWWKLV since the financial resources are needed for their purchase.
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$QDO\VLQJWKHSUREOHPVIDFHGE\WKHFRUSRUDWHVHFWRURI8NUDLQHGXULQJWKHJOREDO crisis, we would like to emphasize the influence of Ukrainian macroeconomic data given the dependence of the local currency on the U.S. currency.
Analysis of the 2008 crisis recovery showed that the corporate sector of the Ukrainian HFRQRP\TXLFNO\DGDSWHGWRXQIDYRXUDEOHHFRQRPLFFRQGLWLRQV4. This is especially typi-cal for the enterprises with foreign investment. These companies not only manufacture DKXJHQXPEHURISURGXFWVFRQVXPHGE\WKHHFRQRP\RI8NUDLQHEXWDWWKHVDPHWLPH are large-scale consumers of raw materials and services. Given the relative economic LQVWDELOLW\WKHSULFHRIWKHVHUHVRXUFHVDOVRYDULHV7KHUHIRUHFRQWLQXHGHIIRUWVWRVDYH working capital make enterprises look for more effective ways to interact with suppliers.
The corporate sector faced the challenge of finding such management schemes WKDWDOORZZRUNLQJLQWKHOHJDOILHOGDQGUHFHLYLQJHFRQRPLFEHQHILWIURPWKHLULPSOH-mentation. An example is the introduction of new forms of interaction with suppliers. One option for this interaction is deferred payment for raw materials, work performed through secure storage agreement. This is clearly evident in the food sector. These VFKHPHVDUHDSSOLHGE\VXFKFRUSRUDWLRQVDV&DUOEHUJ1HVWOH&UDIWIRRGV&RFD&ROD :KLOHLQWKHSHULRGRI±WKHVXSSOLHUVZRUNHGPDLQO\RQSUHSDLGEDVLVLQ 2010–2012 they were demanding and constantly increasing the terms of payment for raw materials, spare parts, services rendered. In this situation, manufacturers are trying to put the financial risk on the shoulders of suppliers.
However, the corporate sector, which is a consumer of certain resources, faces RWKHUULVNV
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2. Monopoly among the suppliers of certain types of resources. For example, Gazprom – the supplier of Russian gas to Europe almost has a monopoly in Poland DQGDEVROXWHPRQRSRO\LQ8NUDLQH1RWRQO\GLGLWGRPLQDWHWKHZHVWHUQPDUNHWV LWLVDOVRFRQTXHULQJWKH(DVWHUQPDUNHWSDUWLFXODUO\LQ&KLQD,QRWKHUZRUGVWKH monopolist of gas supply to Europe diversifies its potential users markets and thus increases the pressure on European countries, attempting to switch significant important UHVRXUFHIORZVWRWKHHDVWE\UHGXFLQJVXSSO\LQWKHZHVWHUQGLUHFWLRQ7KHVHDFWLRQV of the monopoly suppliers are an important lever of influence on consumers. Indeed, the threat of loss of certain resources in the short term can develop into long-term policy and cause a lack of resources for economic growth after the recovery from the crisis of the world economy. Due to this threat, in the future, most consumers ZLOOEHIRUFHGWRUHFNRQZLWKWKHSULFHSROLF\RIWKHVXSSOLHUVDQGWKHLUUHTXLUHPHQWV FRQFHUQLQJWKHSDUWLFLSDWLRQLQWKHLQYHVWPHQWSURMHFWV,QSDUWLFXODUWKLVDSSOLHVWR the policy of the Russian Gazprom and the response of gas consumers.
7KHVSHFLILHGLQWHUDFWLRQVEHWZHHQWKHVXSSOLHUVDQGFRQVXPHUVVKRZWKDWLQWKH PRGHUQJOREDOHFRQRP\XQGHUFHUWDLQFRQGLWLRQVRZQHUVRIQDWXUDOUHVRXUFHVDQG RZQHUVRIILQDQFLDOUHVRXUFHVEHJDQWRVKLIWSODFHV:KHQWKHPRQRSRO\RZQHUVRI QDWXUDOUHVRXUFHV VXFKDV5XVVLD±JDVDQGRLO DQGFKHDSODERXUUHVRXUFHV VXFKDV &KLQD EHFRPHVHOIVXIILFLHQWLQILQDQFLDOWHUPVWKH\EHJLQWRGLFWDWHWHUPV
4 Hlobal’na finansova kryza 2008 roku 0DWHULDO ] 9LNLSHGLw ± YLO¶QRw HQWV\NORSHGLw >(OHNWURQQ\\ࡅ
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While until recently the supply of raw materials was a sign of the economic un-GHUGHYHORSPHQWRIWKHFRXQWU\QRZWKLVYLHZVKRXOGEHTXHVWLRQHG:HFDQMXVWLI\ WKDWE\WKHH[SHULHQFHRIWKHIROORZLQJFRXQWULHV $IULFD$VLDDQG/DWLQ$PHULFD ZKLFKGRQRWKDYHVLJQLILFDQWILQDQFLDOUHVRXUFHVDQGVWLOOEHFDPHPRQRSROLVWVLQ FHUWDLQPLQHUDOVWKUHDWHQLQJWKHVWDELOLW\RIWKHZRUOGHFRQRP\ZLWKVRFLDOLQVWDELO-ity, concerns among their citizens, which may lead to increased scarcity of certain UDZPDWHULDOV+RZHYHUDQ\LPEDODQFHLQWKHSURYLVLRQRIUDZPDWHULDOVWKUHDWHQV WKHJOREDOHFRQRP\XQGHUWKHUXOHRIWKHJOREDOL]DWLRQ
±\HDUVDJRGHVWDELOL]DWLRQLQDFRXQWU\FRXOGRQO\KXUWWKLVFRXQWU\7KDW is, with few exceptions, the state lost its position alone. The unrests were local. Expansion of transnational cooperation in the corporate sector led to the fact that every part of the world economy now affects the entire chain of economic relations. 3RVLWLYH FKDUDFWHULVWLFV RI WKH JOREDO HFRQRP\ IUHH PRYHPHQW RI JRRGV VHUYLFHV ODERXU FDSLWDO WHFKQRORJ\ HWF EHWZHHQ FRXQWULHV LQ PRGHUQ WHUPV FDXVHG VRPH negative aspects (free movement of crisis when increased unemployment, decline in SXUFKDVLQJSRZHULQWKHUHWDLOPDUNHWDQGWKXVLQWKHZKROHVDOHPDUNHWDUHEDVHGRQ GRPLQRHIIHFW 7KLVVLWXDWLRQLQWKHHFRQRP\OHDGVWREXGJHWGHILFLWVULVLQJGHEWLQ WKHFRUSRUDWHVHFWRUDQGLQSXEOLFILQDQFHV
3. Increase in prices for goods and services.
It encourages corporate sector to adopt appropriate measures against these risks E\LQWURGXFLQJXQVWUXFWXUHGPDQDJHPHQWPHWKRGVIRUSHUIRUPDQFHVXVWDLQDELOLW\7KLV PHWKRGRORJ\LVW\SLFDORIODUJHPXOWLQDWLRQDOFRUSRUDWLRQVWKDWJREH\RQGDVLQJOH national economy.
Risks of suppliers are shown in Figure 1.
Ineffective legislation The risks of raw materials and equipment suppliers
methods Other cooperation The increase in price
Fig. 1. Risks of suppliers in the corporate sector and ways for their elimination
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'HVFULELQJWKHVFKHPHLWFDQEHQRWHGWKDWWKHVXSSOLHUVDUHVXEMHFWWRWKHIRO-lowing risks.
1. Constant increase in payment terms for the delivered goods in local currency.
)RUH[DPSOHZKHQSODFLQJDQRUGHUIRUWKHVXSSO\RIHTXLSPHQWIRUWKHVSHFLILF VHFWRUPDQXIDFWXULQJRIHTXLSPHQWFDQWDNHIURPWR PRQWKVLI\RXDGGWKHSD\-ment within 60 days after the delivery (cash can arrive in the account of the supplier LQ\HDUDIWHURUGHULQJHTXLSPHQW 7KHULVNRIH[FKDQJHUDWHLQVWDELOLW\LQFUHDVHV significantly within 1 year.
,WLVSDUWLFXODUO\GHSHQGHQWRQIOXFWXDWLRQVRIRWKHUFXUUHQFLHV 6ZLVVIUDQF%ULW-LVKSRXQGHWF ,QVRPHFDVHVFXVWRPHUVGRQRWFRQVLGHUIL[LQJWKHH[FKDQJHUDWHRI WKHHXURWRWKH8NUDLQLDQKU\YQLDH[SODLQLQJWKLVE\LQWHUQDOSXUFKDVHV
Defined criterion leads to the development of a measure of value through the in-clusion of a complex of interrelated indicators and characteristics that allow reversing the impact of currency inflation on the final financial results through the introduction RILQQRYDWLYHVFKHPHVRILQWHUDFWLRQZLWKFXVWRPHUV,WVKRXOGEHQRWHGWKDWPRVWO\ large corporations can introduce such innovations.
2. Suppliers have to look for other forms of cooperation with customers. The secure storage agreement is RIIHUHG7KLVSURFHGXUHPDNHVLWSRVVLEOHWRVXS-SO\VSDUHSDUWVDQGHTXLSPHQWDWWKHH[SHQVHRIWKHVXSSOLHUZLWKRXWWKHZLWKGUDZDO RIZRUNLQJFDSLWDO7KLVHQVXUHVFRQVWDQWPDLQWHQDQFHRIWKHUHTXLUHGUDQJH7KLV IRUPRIFRRSHUDWLRQLVEHQHILFLDOWRVXSSOLHUVEHFDXVHWKH\FDQLPSRVHWKHLUFRQGL-WLRQVFRQQHFWLQJWKHEXVLQHVVDQGDSDUWLFXODUVXSSOLHU
3. The next step of the supplier is to offer additional discounts on condition of VLJQLQJDQH[FOXVLYHDJUHHPHQWRQWKHVXSSO\RIVRPHW\SHRIHTXLSPHQWVHUYLFHV and raw materials stipulating markup, payment terms and other issues.
7KLVW\SHRIDJUHHPHQWVLVSURILWDEOHIRURIILFHVRIIRUHLJQFRPSDQLHVLQWKHFRU-porate sector. This way they improve their work in the purchase sector and develop monitoring of potential suppliers and their offers in the financial sector (financial FRQWURORISXUFKDVHV
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Summing up the review of issues of innovation structures functioning in the FRUSRUDWHVHFWRURI8NUDLQHLWLVSRVVLEOHWRVLQJOHRXWWKHPRVWVLJQLILFDQWIDFWRUV WKDWPRWLYDWHWKHLULQWURGXFWLRQ)LUVWRIDOOLWLVGXHWRDOOVRUWVRIULVNVERWKRQWKH SDUWRIVXSSOLHUVDQGEX\HUV2QWKHRQHKDQGPDQXIDFWXUHUVDUHWU\LQJWRSXWWKH financial risk on the shoulders of suppliers. This forces the latter to look for methods WRFRXQWHUDFWVXFKULVNV7KHPRVWFRPPRQPHWKRGVRIULVNHOLPLQDWLRQDUH
– 6KDULQJULVNEHWZHHQWKHSDUWLHVRIWKHEXVLQHVVDFWLYLW\ – Risk insurance;
– Reserving funds to cover unexpected expenses; – Neutralization of partial risks;
– Reduction of risk in terms of funding.
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1. &DPSEHOO -< /R $: 0DF.LQOD\ $& The Econometrics of Financial Markets, Princeton University Press, 1997.
2. )DER]]L)0RGLJOLDQL)Capital Markets. Institutions and Instruments, Prentice Hall, Pearson Education International, 2003.
3. Farrell J.L., Jr., Portfolio Management: Theory and Application, McGraw-Hill, Inc., 1997. 4. Financial architecture of the post-crisis world: efficiency and/or justice? 6XPPDU\RIWKHUHSRUWRQ
the materials of the international study “)LQDQFLDODUFKLWHFWXUHRIWKHSRVWFULVLVZRUOG HIILFLHQF\ RIVROXWLRQV´,QVWLWXWHRISRVWFULVLVZRUOG $SULO±0D\S>(OHFWURQLFUHVRXUFH@ $FFHVV KWWS ZZZSRVWFULVLVZRUOGRUJILOHVERRNBVPDOOBDOOSGI
5. Financial stability review>(OHFWURQLFUHVRXUFH@$FFHVVKWWS ZZZHFEHXURSDHXSXESGI RWKHUILQDQFLDOVWDELOLW\UHYLHZHQSGI
6. Haugen R.A., Modern Investment Theory, Prentice Hall, 1993.
7. Hlobal’na finansova kryza 2008 roku0DWHULDO]9LNLSHGLw±YLO¶QRwHQWV\NORSHGLw>(OHNWURQQ\ʆ UHVXUV@'RVWXSQR] KWWS XNZLNLSHGLDRUJZLNL' '%%%B
8. Omel’yanovych L.O., Finansova hlobalizatsiyaLQ /22PHO¶\DQRY\FKTorhivlya i rynok Ukraïny WHPDW ]E QDXN SU 9\S W +RORY UHG 22 6KXELQ 'RQHWV¶N 'RQ18(7 S >(OHNWURQQ\ʆUHVXUV@'RVWXSQR] KWWS ZZZQEXYJRYXDBB2PHO\DQSGI
9. Parkhomenko A.A., 9]D\PRGHʆVWY\HUHDO¶QRKR\I\QDQVRYRKRVHNWRURYpNRQRP\N\QDpWDSHI\QDQVRYRKR
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11. Redhed K. Hughes, S., Management of Financial Risks. Transl. from English. INFRA, Moscow, 1996. 12. 5REHUW&+LJJLQVAnalysis for Financial Management. 10th ed. McGraw-Hill, Irwin, New York,
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