CC BY
10UDC : 631.16
Kubai O.G.
Candidate of Economic Sciences, Associate Professor of the Department Agrarian Management, Vinnytsia National Agrarian University Ukraine, Vinnytsia DOI: 10.24412/2520-2480-2020-3587-34-43 PROBLEMS OF FORMATION AND FUNCTIONING OF FINANCIAL POTENTIAL OF
AGRICULTURAL ENTERPRISE
Abstract.
In conditions of economic instability of the market environment, the financial potential and opportunities to increase it determine the efficiency of the enterprise and its sustainable development, are used to finance production and economic activities of economic entities, are the basic characteristics of the economy, which depends on sound management decisions in finance. The article examines the essence andfunctions of the financial potential of the agro-industrial enterprise. The role of economic security in the system of sustainable operation of the enterprise is established. The directions of improvement ofthe mechanism ofmanagement of financial potential of the agrarian enterprise are defined.
Key words: management, potential, strategy, structure, efficiency, optimization, mechanism, economic security.
Formulation of the problem. Transformational processes of national and world development reflect the strengthening of financial globalization and the intensification of the movement of various forms and types of financial resources. Accordingly, the importance of financial potential to ensure the activities, positioning, formation and implementation of strategic and tactical goals of economic entities. Financial potential becomes a factor influencing financial, credit, investment, integration and other relations between economic entities in the process of their activities at different levels and areas of operation.
Analysis of recent research and publications.
The issues of development of financial potential of agrarian enterprises were investigated by the following scientists: Aleskerova Yu.V., Blank I.A, Vdovenko L.O., Goncharuk I.V., Kaletnik G.M., Mazur K.V., Kubai O.G., Tolpezhnikov R.O., Furman I.V., Shpykulyak O.G. and other.
However, the problems of effective management of the financial potential of enterprises in the agricultural sector of the economy remain debatable and insufficiently studied.
Formation of research goals. The purpose of the article is to study the theoretical foundations of managing the financial potential of the agricultural enterprise, to develop practical recommendations for improving the management system of the financial potential of the enterprise.
Presenting main material. The financial potential of the enterprise is important in ensuring the stability and positive dynamics of its economic development, achieving an acceptable level of competitiveness and financial adaptability. Therefore, in market conditions, it becomes a key object of financial management.
It is important to ensure the recovery of the economy in the post-crisis period not only the formation of an appropriate resource base that allows to finance relevant programs and projects, but also to
create conditions for the development of the national economy.
The resource approach characterizes the potential as a set of available tools, resources and capabilities, as well as their reserves, which indicates a comparison of resources and tools and capabilities. Blaschak B.Ya. noted the existence of two resource positions: the first is to consider the production potential as a set of different kinds of resources without regard to their relationship, tied to place and time, and the second, which is that the production potential is interpreted "as a set of resources to produce a certain amount of material goods, ie the relationship of resources in the production process is taken into account and attention is paid to finding the optimal combination of elements of production potential in order to use it effectively " [4].
The second approach determines the direction of formation, application and use of tools, resources and opportunities, as it depends on the effectiveness and efficiency of activities. At the same time, the study of financial potential in this aspect involves the application of appropriate management actions and measures, which in turn affect its size and trends. The system-functional approach provides application of system and complex methods at development and realization of financial plans and programs for the purpose of performance of the set tasks and maintenance of growth of potential and efficiency of object [4].
The approach to potential as a system of material and labor factors (conditions, components) that ensure the achievement of the goal of production: "means of labor, object of labor and labor as factors of production and elements of new product formation act as opportunities that emphasize their potential. To make this possibility a reality, they need to connect" [1].
Based on the criterion assessment of the definition of "financial potential", we can say that financial potential is a set of economic relations that are formed at the enterprise in order to provide it with financial resources necessary for economic activities, taking into
account strategic goals, as well as equity necessary for financial stability.
— Financial potential plays a significant role in the operation of the enterprise:
— - affects the production potential in terms of free financial resources, adequacy of funds for technological innovation;
— - affects the management potential through a stable financial condition to increase strategic capacity, ensure profitability and profitability of the business, the implementation of effective economic strategies;
— - affects market potential through financial opportunities for marketing research, flexible pricing, significant market share, low marketing costs and delivery to the consumer [3].
he formation and use of financial resources is an integral part of financial relations, a necessary condition for financial and economic activities, which directly determines and affects its financial potential and is its main component. Cheran E. M. [17] summarizes the features of interpretation and study of financial potential in the context: territorial, own and borrowed resources, accrued and unaccounted funds and resources in official statistics, and in its identification with the tax potential, which indicates a certain unity and features of scientific approaches to interpreting financial potential used in areas and at different levels of economic activity.
Assessing the significant role of financial potential in ensuring the development of the region T.V. Klymenko [12] focuses on the possibilities of forming, increasing and effective use of financial resources in accordance with internal and external conditions to meet the needs of the region and ensure its socioeconomic development. In our study of the essence and principles of financial potential formation, in our opinion, it is necessary to take into account not only financial resources, but also other fund-forming components that more generally form financial assets. In this case, "financial assets include cash; deposits in banks; deposits; checks; insurance policies; investments in securities; obligations of other enterprises and organizations to pay for the delivered products (commercial loan); portfolio investments in shares of other enterprises; blocks of shares of other enterprises that give the right to control; shares or property rights in other enterprises " [12].
Financial potential as a financial category reflects the socio-economic relations that arise in the process of financial and economic activities of entities and related to the formation, distribution and redistribution, use, accumulation and multiplication of financial assets, affect financial condition, financial stability and determine opportunities for the reproduction process to ensure economic growth. The purpose of relations, which
reflects the category of "financial potential", is the formation, distribution and redistribution, use, accumulation and increase of financial assets in the process of social reproduction to ensure the accelerated development of the economic system. Financial potential as an economic category is part of the system of financial categories and is closely interrelated with it.
In particular, there is a close connection between the category of "financial potential" and such categories as income, expenses, budget, taxes, trust funds, income, dividends, wages, revenue, depreciation, deductions, payments, interest, credit and more. Therefore, we believe that the functioning and development of financial relations due to the development of the state, commodity-money relations have ensured the emergence of a new financial category - "financial potential" [1] .
Financial potential performs the following functions:
- distributive - ensures the distribution and redistribution of financial assets between the subjects of economic relations in accordance with demand, supply, needs, feasibility, motivation, goals and development strategies;
- reproducible - forms a sufficient number of financial assets available to economic entities to ensure their financial and economic activities;
- control - provides control over the formation, accumulation, use and reproduction of financial assets of the subject of economic relations in accordance with the current regulatory framework, current and long-term priorities of its development;
- indicative - allows you to determine the financial condition, trends, risks, the ability of the subject of economic relations to ensure the process of reproduction to achieve tasks and objectives. This indicates the role and possibility of using financial potential as a tool and lever to assess and regulate the state, movement, mechanism of formation, accumulation, redistribution, multiplication and use of financial assets. The scientific approach to financial potential as a means of regulation means its use that "will ensure the implementation of long-term budget planning taking into account long-term financial opportunities" [3].
The variability of combining different resources determines the diversity of the internal structure of the enterprise and the ability to achieve competitiveness. However, the potential of the enterprise depends not only on these internal capabilities, but, of course, on external conditions: the magnitude of consumer demand, the actions of competitors, relations with suppliers of raw materials, government policy, etc. (Table 1) [6].
Table 1
Factors influencing the formation of enterprise potential
Types of potential Influencing factors
Organizational and managerial - Organizational structure of enterprise management - System of planning, accounting and control - Methods of enterprise management - Type of organizational culture - Availability of information and analytical monitoring system
Marketing - Individuality of sold products - Availability of after-sales service - The effectiveness of the inventory management system - Research the needs of potential buyers - Quality control of sold products - Rationality of pricing strategy - Product life cycle - Availability of the system "public pelations"
Financial - Investment opportunities of enterprises - Financial stability of enterprises - Effective asset management - Efficiency of capital use - Risk management - Ability to meet financial obligations on time
Technical and technological - The state and possibilities of using the means of labor - The level of automation and mechanization in production - The quality of objects of labor - Progressiveness of technological processes
Personnel - Staff participation in the management process - Working conditions of employees of the enterprise - The presence of a system of staff motivation - The level of qualification of the staff - Social infrastructure - Psychological climate at the enterprise
Innovative - The level of innovation culture - Existence of patents and copyrights - The state of infrastructure and resource capabilities of enterprises
The most important task is to provide companies with the conditions to achieve the desired advantage over other competitors by making the most efficient use of their potential and increasing this potential at a faster rate than the potential of their main competitors. To this end, it is necessary to analyze all the main components of the potential of the enterprise and to investigate the factors influencing it.
Since financial potential belongs to the field (competence) of the theory and practice of finance, its functional purpose is also in this area and is designed to ensure the implementation of the tasks and functions of finance. However, in our opinion, finance performs more general (systemic) functions. In addition, ensuring their implementation belongs to the competence of other financial categories. Therefore, there is a need for more detail and specification of the functions of individual elements of the system, in our case - the financial potential as an element of the financial system.
The results of the study of special literature and their critical generalization allow us to identify the most significant of the variety of described functions of financial potential [5].
In our opinion, the functions that characterize the qualitative aspects of financial potential, its role and
place in the reproduction process of the enterprise include the following: the function of generating new cash flows, accumulative, reserve, distribution, allocation and transformation. Briefly describe each of them.
1. The function of the financial potential of the formation of new cash flows allows the company in the process of production, investment and financial activities to generate net cash flows, as a result of the redistribution of which is formed its financial resources. The latter are the material basis and the dominant attribute of the financial potential of the enterprise. At the same time, the availability of own financial resources creates the necessary prerequisites for attracting them from external sources.
2. The importance of the accumulative function is manifested in the fact that the financial support of production and investment activities require significant amounts of financial resources, which, as a rule, can not be formed urgently, it takes some time. At the same time, the generation of cash flows in the process of production and investment activities, due to which their own financial resources are formed, occurs over a period of time. In addition, for many types of production activities there is a time lag between the formation and use of financial resources. All these
processes necessitate the accumulation of financial resources.
3. The reserve function is immanent, ie inherent in all types of potential and follows from their economic nature. It is directly related to the previous function. In addition to the accumulation of financial resources, the competence of the reserve function also includes a conscious restriction on the use of a certain part of financial resources. In this way, certain types of funds and reserves are created, which have a specific purpose and are used only for certain purposes limited by their regulations.
4. With the use of the distribution function in the economic activity of the enterprise is the distribution of limited amounts of financial resources between individual competing industries and areas of their use, and with the help of allocation - placement between these according to certain priorities of use. In addition, with the help of allocation is the adaptation of the production structure to the priorities of the overall strategy of economic development of the enterprise and its competitive environment.
5. The transformation function allows the enterprise to transform the formed, accumulated and distributed between priority directions of use of financial resources in other types of economic resources for their use in production and financial activity [6].
The modern agricultural market is characterized by instability of prices for agricultural products, sharp fluctuations in supply and demand, changes in the competitive environment, so it is important for agricultural enterprises to form an optimal structure of financial potential that will ensure their effective functioning. But today in scientific circles there is no common understanding of the essence of the financial potential of agricultural enterprises, and accordingly, there is no unified methodological approaches to its evaluation and analysis [6].
• The functioning of interdependent components generates qualitatively new functional properties of financial potential. There is a relationship and interaction between the structural components of financial potential. Joint functioning and complementarity increases the financial stability of agricultural enterprises. Each economic category manifests itself in its functions, respectively, the financial potential performs the following three main functions:
• planning - aimed at increasing financial potential in the future;
• implementation - aimed at finding new sources of financial potential of enterprises, based on the stimulation of entrepreneurial activity, the emergence of original competencies and market opportunities;
• control - provides verification of the effectiveness of decisions, in particular control over the preservation of the competitive position of the enterprise [13].
The structure of financial potential is explained by the presence of structural components, their relation-
ships. Communicativeness characterizes the relationship and interdependence of the external environment. The hierarchy of financial potential means that each of its components can be considered as a subsystem of a broader global system (for example, the total potential of agricultural enterprises, the region, etc.). Ability to develop means that the financial potential of agricultural enterprises must be able to develop. Sources of financial potential development can be: growth of investment in products, increase in government subsidies, subventions, etc.
The process of forming the financial potential of agricultural enterprises is focused on maximum interaction with the external environment, taking into account market and time requirements and aimed at ensuring economic growth in achieving the goals. There are exogenous and endogenous factors in the formation of the financial potential of agricultural enterprises [14].
Exogenous include economic conditions, social, political and legal factors. These are usually climatic, investment conditions, tax and interest rates, insurance payments and more. In addition, an important exogenous factor is also market conditions, to which the agricultural enterprise must respond quickly by expanding markets through the timely detection of weak positions of competitors.
Endogenous factors include, first of all, the company's strategy, which implements the financial potential, experience and skills of managers, providing customers with agricultural products of the highest quality, making a profit and meeting the interests of shareholders, waiving long-term financial obligations for company development, personal initiative, collective work.
The formation of the final results of agricultural enterprises is significantly influenced by external factors, including imperfect legal framework, high interest rates on loans, high taxes, inefficient financial planning and asset management necessitates timely diagnosis of financial activities in the management of financial potential in general. Therefore, the problem of effective management of the financial potential of agricultural enterprises remains relevant [17].
Peculiarities of the economic mechanism of financial potential management are conditioned by its functional specificity and influence on the nature of the processes of formation and use of financial resources.
The construction of the economic mechanism of financial potential management is based on taking into account certain theoretical and methodological and organizational and economic preconditions. The main ones are the following:
— the processes of formation, development and realization of financial potential take place in conditions of dynamic and stochastic change of the external economic environment and the internal financial and economic situation, which necessitates a sufficient level of financial stability and financial adaptability;
— management of financial potential refers to the competence of functional management - financial management - and is subject to the general strategic and
tactical objectives of economic activity of the enterprise;
— as an object of financial management, financial potential requires its own tools and management technologies;
— the quality of financial potential management is determined by the level of its functional tasks: formation (attraction) of necessary and sufficient financial resources, their accumulation and distribution by individual activities and areas of use, as well as the speed and efficiency of transformation into other economic resources to ensure production, investment, social and other needs of the enterprise;
— the financial potential management system must ensure the dynamic and proportional development of all its components, as well as the economy of the enterprise as a whole;
— - management of financial potential is characterized by internal contradictions, which are due to the high level of permanent competition for limited amounts of financial resources between certain activities and areas of their use [11].
The functions of financial capacity should be defined from the following positions:
— financial potential as a system of financial resources management performs the following functions: planning, incentives and control. Under control as a management function, we propose to understand the establishment of compliance with the specified parameters of the processes of formation, provision, distribution and redistribution of financial resources of the enterprise to achieve tactical and strategic goals of economic activity.
Planning as a part of functions of financial potential is connected with maintenance of growth of financial resources and possibilities of the enterprise for increase of level of efficiency of economic activity.
Incentives - is to ensure the ability of the enterprise to mobilize additional financial resources to increase its effectiveness in the current and strategic period;
— financial potential as an object of management performs the following functions: providing, reproducing, stimulating, distributive and redistributive, indicative. Regarding the essence of these functions, we agree with their interpretation in the presented scientific sources [11].
Thus, when forming a complex phenomenon about the essence and properties of financial potential, it is necessary to take into account both approaches to the composition and essence of its functions. The implementation of the functions of financial potential must comply with its principles. Thus, together these functions and principles determine the functional orientation of the financial potential of the enterprise and the complexity of its assessment. Financial capacity planning is an important element of the mechanism for managing the processes of its formation, use and development [8].
Thus, when forming a complex phenomenon about the essence and properties of financial potential, it is necessary to take into account both approaches to the composition and essence of its functions. The implementation of the functions of financial potential
must comply with its principles. Thus, together these functions and principles determine the functional orientation of the financial potential of the enterprise and the complexity of its assessment.
- Financial capacity planning should ensure the solution of certain economic problems that are within the competence of its functional purpose. The most important among them are the following:
- maximum provision of own financial resources of production, investment and financial activities;
- creation of preconditions for expansion of access to external sources of financing of economic activity of the enterprise;
- establishing rational relationships with financial institutions, creditors and investors;
- identification of internal reserves of development and increase the efficiency of financial potential;
- optimization of the distribution of financial resources for
competing areas of their use;
- coordination and synchronization of the centers of responsibility and structural units of the enterprise in the field of development and use of financial potential;
- control over the efficiency of formation and use of financial potential
- ensuring the financial adaptability of the enterprise.
Planning the financial potential of the enterprise is based on certain scientific and organizational and economic principles, compliance with which ensures its high quality and efficiency. The mechanism of managing the financial potential of the enterprise consists of activities carried out in accordance with the entity, including the influence of external and internal factors.
The set of measures is a certain type of action, the sequence of which is clearly followed. Measures are formed in accordance with the set goals and objectives.
Each measure that is included in the integrated management of the financial potential of the enterprise has a purpose that is characteristic of this stage of management. Thus, at the stage of forecasting, the formation of financial potential is carried out for long-term development and effective use of the financial potential of the enterprise. However, at this stage it is planned to solve the problem, which is the insufficient level and pace of development of financial potential, suboptimal structure of sources of financial resources [9].
Thus, in modern realities, the basis of the financial potential of agricultural enterprises is the available financial resources, and financial potential management involves the organization and control of financial resources in order to conduct successful production and economic activities to achieve strategic goals and ensure financial stability, solvency, liquidity and profitability. of the economy taking into account the actions of factors.
The financial potential of an agricultural enterprise is an economic lever that provides a mechanism for transforming the resources of the
enterprise as a result of its economic activity. This concept is largely related to the liquidity of the enterprise, solvency, financial stability, profitability, potential investment opportunities.
Financial capacity management is a complex system consisting of elements that are inextricably linked and interact with each other to create a positive change in the enterprise. The financial capacity management mechanism combines the planning, organization, control and monitoring of financial capacity, including the influence of external and internal factors.
In turn, the areas of effective management of the financial potential of the agricultural enterprise should stimulate the business entity to expand markets, strengthen market positions, optimize financial resources, achieve optimal capital structure and introduce innovative production technologies. by three approaches: resource, from the standpoint of ability or possibility (functional-effective) and complex.
The resource approach is the most limited from a practical point of view, because it is based on the assessment of only the available resources of the enterprise, characterized by static assessment at a certain point in time. However, it is the resource approach that makes it possible to choose quantitative indicators to assess financial potential. The use of a functional-performance approach as a basic one for understanding the concept of financial potential is also limited, as it focuses not so much on its features as on the management process and hidden opportunities for its implementation, as well as their sources.
The integrated approach includes features of both resource and functionally effective approaches and provides an understanding that the financial potential:
- is a component of the economic potential of the enterprise;
- basically contains an assessment of available financial resources, understanding of sources of potential resources and the need for their use;
- in the process of diagnosing financial potential is based on a set of quantitative indicators that allow to assess not only the state of financial resources, but also the effectiveness of their use;
- has a dynamic structure;
- depends on the effectiveness of management processes for its formation, accumulation, implementation and reproduction;
- focused on the optimal ratio and implementation of operational and strategic development goals.
It is worth noting that the last two approaches together provide an understanding that:
first, it is more accurate to determine the financial potential of the enterprise, which takes into account not only the available financial resources of the enterprise,
but also the need to organize their effective management to achieve the most effective financial result,
and secondly, the fundamental difference between the terms "resources" and "potential" is that resources exist independently of economic entities, and the potential of an individual economic entity is inseparable from it [14].
Financing of agricultural enterprises is a complex and at the same time a necessary element for the successful development of enterprises and keeping them competitive. Most companies have faced the problem of scarcity, difficult access to all kinds of resources. Given the disparity in prices for agricultural products, means of production and raw materials, energy, it is difficult for agricultural enterprises to manage and ensure stable development and financial stability of the industry.
That is why the development of a strategy for financial support of agricultural enterprises is the basis for choosing an alternative to determine the best direction of financial activities, choosing the direction of financial relations both outside and within the enterprise, and maximizing the value of the enterprise [7].
In the conditions of market relations there is a need to determine the trends of the financial condition of the agricultural enterprise, as well as a conscious scientifically sound prospects for the development of production, orientation in financial opportunities and prospects for achieving goals. An effective tool for successful business is the development of a financial strategy aimed at financial stability, preservation and growth of capital, income. As well as cost savings, capital mobilization to support production, research, marketing and other strategies, maximizing the value of the enterprise [10].
Financial strategy is:
- a set of measures aimed at achieving a promising financial goal;
- qualitatively defined, generalized model of financial actions of the organization, which it needs to implement to achieve its goals through coordination and allocation of its resources;
- long-term purpose of the enterprise, state, society, which depicts the basic principles of their financial policy and the choice of financial support for the implementation of corporate governance;
- the trajectory of long-term movement of financial resources, due to long-term challenges that arise as a result of the adopted financial policy [5].
Financial strategy is a component of the overall strategy of the enterprise, it is a functional strategy of its overall strategy with a sequence of actions for the formation and distribution of financial resources within a single information and legal field in achieving certain goals, and its structure can be represented as a simulation model describing modern the concept of financial strategy implementation (Fig. 1).
Fig. 1. Model offinancial strategy of the agricultural enterprise
This strategy is the basis for creating the financial potential of the agricultural enterprise.
Note that the choice of strategy goals depends on the main approaches chosen by the company to the financial support of the agricultural enterprise, aimed at long-term development. The subject of developing a certain approach to the strategy of financial security of the enterprise is to create such conditions for financial support of the enterprise, which will increase the level of profitability and improve its basic production, financial and economic indicators. With this in mind, the following approaches are identified to achieve the strategic goals of financial support of enterprises:
- gradual development;
- stabilization;
- inert;
- protective or anti-crisis [17].
Tolpezhnikov RO identifies the main stages of formation of the financial strategy of the enterprise:
- determination of the total time for which the financial strategy is formed;
- formation of a strategic task of the financial activity of the enterprise;
- development of financial policy on certain aspects of financial activities;
- specification of indicators of financial strategy by periods of its implementation;
- evaluation of the developed financial strategy
I. Blank notes that the process of forming the
financial strategy of the enterprise is as follows:
1. The general period of formation of financial strategy is defined.
2. Strategic goals of financial activity are formed.
3. Financial policy is developed by departments -aspects of financial activities.
4. Indicators of financial strategy by periods of its implementation are specified.
5. The developed financial strategy is estimated
[2].
There are the following stages of formation of enterprise strategy:
- assessment of the extent to which the developed financial strategy is consistent with the overall strategy of the enterprise;
- express diagnostics of assessment of strengths and weaknesses of financial and economic activity of the enterprise;
- justification of the choice of financial strategy based on a comprehensive assessment of the potential of financial stability and risk;
- the choice of financial strategy for sustainable development of the enterprise based on the results of diagnostics of the potential of financial stability.
For agricultural enterprises in modern economic conditions, in addition to domestic funds, additional financing of economic activity is required. However, for a number of objective and subjective reasons, manufacturers have to provide financial security on their own. The financial security of the enterprise is the state of
the optimal level of use of its economic potential, at of monitoring the financial security of agricultural pro-which the existing and possible losses are below the duction, which includes a set of successive and interlimits set by the enterprise. Important now is the system connected stages of activity (Fig. 2)[12].
Fig. 2. Financial security monitoring system of an agricultural enterprise
Sources of negative effects on the financial security of the enterprise may be conscious and unconscious actions of the management of the enterprise and business entities (public authorities, contractors, competitors), as well as the coincidence of objective circumstances (innovation, scientific discoveries, technological developments, the state of affairs market, force majeure). The level of financial security of an entity depends on the ability of management to avoid possible threats and eliminate the harmful effects of certain negative components of the external and internal environment.
The ability to withstand existing and emerging hazards and threats that could cause financial harm to the entity is a key condition for the financial security of the entity. The general system of financial security management of the enterprise is formed by the following subsystems: management, control, planning, analysis and information support.
Financial security management is part of the overall security management system of the enterprise, and it is the most important of its functional subsystem,
which ensures the implementation of management decisions mainly in the financial sphere of the entity [16].
- An element of financial security of the enterprise is the management of financial risks. Risk management for financial security includes the following methods:
- - elimination or prevention of risk. Obviously, you need to avoid the risk of default, loan default, and so on;
- - reduction of adverse effects of certain factors on the results of production and business in general;
- - transfer or transfer of risk through its insurance;
- risk management. This is the most effective method of risk management, the use of which is appropriate and even necessary when the potential losses are insignificant, when everything possible is done to prevent or reduce damage from the impact of unforeseen circumstances.
In order to achieve the highest level of financial and economic security, the company must work to ensure a high level of security of the main functional components. The structure of economic security of the enterprise can be presented in the form shown in Fig. 3.
Applying modern methods of strategic management, companies must change the existing financial and economic mechanism, develop and implement a financial strategy through which to achieve financial security of the enterprise.
Fig. 3. The proposed structure offinancial and economic security of the agricultural enterprise
1) In total, there are five possible strategies that can be used by an agricultural enterprise to optimize the level of financial risks in building the financial strategy of the enterprise:
2) 1) waiver of activities that contain a specific source of financial risk;
3) 2) acceptance of responsibility for the risk of the financial strategy with a guarantee of full compensation of losses from own sources;
4) 3) sale and transfer of responsibility for financial risk to other persons (including insurance companies);
5) reduction or prevention of possible negative consequences of financial risk by means of preventive measures;
6) focus on financial risk, ie the use of all types of resources in one area of activity in order to make a profit at a high level of risk [15].
At the heart of ensuring the financial security of the enterprise is the concept of a systematic combination of control, planning, feedback and information support. The essence of controlling the financial security of the enterprise is defined as a self-organizing system that provides integration, organization and coordination of all phases of financial security management of the enterprise. The main functions of controlling the financial security of the
enterprise are planning, information support, control, analysis.
You can identify three main characteristics of financial strategy:
1. Determines the best direction of financial activities.
2. Aims to save all kinds of costs.
3. Directs to mobilize capital to support production, research, marketing and other strategies of the enterprise.
Thus, to increase the efficiency of financial capacity management it is necessary to take into account all possible levers that will have a positive impact on the management of economic resources of the enterprise and its overall development. During the transformation processes in the economy, enterprises should try to expand and deepen research in the field of theory and practice of economic resource management.
The main function of managing the financial potential of the enterprise is to optimize its cash flows. Cash flow optimization is a process of choosing the best forms of their organization in the enterprise, taking into account the conditions and features of future economic activity.
Conclusions. Thus, the management of the financial potential of an agricultural enterprise is a complex system consisting of elements that are inextricably linked and in interaction with each other create an impetus for positive change in the enterprise.
The financial capacity management mechanism combines the planning, organization, control and monitoring of financial capacity, including the influence of external and internal factors.
Financial strategy is a component of the overall strategy of the enterprise, it is a functional strategy of
its overall strategy with a sequence of actions for the formation and distribution of financial resources within a single information and legal field in achieving certain goals.
For an agricultural enterprise in modern economic conditions, in addition to domestic funds, additional financing of economic activity is required. However, for a number of objective and subjective reasons, manufacturers have to provide financial security on their own. The financial security of the enterprise is the state of the optimal level of use of its economic potential, at which the existing and possible losses are below the limits set by the enterprise. The system of monitoring the financial security of agricultural production is important now, which includes a set of successive and interconnected stages of activity.
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Lohosha R. V.,
Doctor of Economics, Associate Professor, Associate Professor of Agrarian Management and Marketing Department
Vinnytsia National Agrarian University
(Vinnytsia)
THEORETICAL ASPECTS OF STRUCTURING THE ECONOMIC POTENTIAL OF
AGRICULTURAL ENTERPRISES
Summary.
The existing theoretical approaches to determining the essence and structure of the enterprise potential are analyzed. A model of the structure of an agricultural enterprise has been developed. An algorithm for the process of optimizing the potential structure of an agricultural enterprise is proposed.
Key words: potential, economic potential, agricultural enterprises, capacity structure, capacity optimization.
Rational and efficient use of economic potential of tion and observance of optimal proportionality and bal-the agricultural sector of Ukraine in the dynamic devel- ance of development of all components of potential on opment of the national economy involves the combina-
