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УДК 334.72
УПРАВЛ1ННЯ АКЦ1ОНЕРНИМИ ТОВАРИСТВАМИ З ДЕРЖАВНОЮ ЧАСТКОЮ В УКРА1Н1
Верещака 1.М., Горбатенко О. А.
Предметом досл'дження е розробка рекомендацй для покращення та удосконалення управлння акцонерними товариствами з державною часткою в Укра'Ун'!.
Метою дошдження е проанал'зувати д'яльн'ють акцонерних товариств, розробити рекомендаций щодо покращення та вдосконалення управлння акцонерними товариствами з державною часткою в Укран, необхiднiсть досл'дити особливост/ корпоративного управлння таких товариств, теоретичн засади належно)' органiзацíУ управлння, як дають змогу усм учасникам корпоративних взаемовдносин прошдкувати вдповднсть дiяльностi товариств Ух нтересам. Необх'дно встановити можливсть збергання чи продажу дрiбних пакет'в акцй, як перебувають у власност/ держави.
Результати дослдження св'дчать про те, що ступнь одержаних результат'¡в полягае у розробц науково-обфунтованих рекомендацй, метод'т та висновюв, спрямованих на покращення та вдосконалення управлння акцонерними товариствами з державною часткою в Укра'Ун'!.
Галузь застосування результат'¡в: органзаця та проведення наукових досл'джень на акцонерних товариствах, спрямованих на покращення та удосконалення управлння акцонерними товариствами з державною часткою в Укра'Ун'!.
Висновки: Розглянуто особливост/ контролю у акцонерних товариствах, дослджено основы види та суб'екти корпоративного контролю. Сформульовано основн напрямки державно)' полiтики у акцонерних товариствах стосовно частки власност'!. Проанал/'зовано основн нструменти прихованого перерозподлу контролю у акцонерних товариствах, тобто прийняття рiшення щодо емiсiУ акцй. Удосконалено алгоритм його прийняття рiшення про ем/'с/'ю акцй, шляхом продажу дрiбних пакет'в акцш. Обфунтовано доцтьнють продажу пакет'т акцй менше нж 25 %, у раз в'дсутност'! ефективнот )х подальшого збергання у власност'! держави. Запропоновано основн шляхи контролю державних органв влади над управлнням корпоративними правами держави, зокрема: процес контролю в'дносно акцонерних товариств з державною часткою; контроль за д'яльн'ютю кер'вникв акцонерних товариств; контроль за ефективнстю та доцтьнютю участ'! держави у статутних капталах акцонерних товариств; контроль за процесом продажу державних пакет'т акцй, через аналiз та оцнку цього процесу.
Ключов'1 слова: акцонерне товариство, корпоративний контроль, державна частка власност'!, емся акцш, продаж акцш, пакет акцй.
УПРАВЛЕНИЯ АКЦИОНЕРНЫМИ ОБЩЕСТВАМИ С ГОСУДАРСТВЕННОЙ ЧАСТЬЮ В УКРАИНЕ
Верещака И.М., Горбатенко Е.А.
Предметом исследования является разработка рекомендаций для улучшения и усовершенствования управления акционерными обществами с государственной частью в Украине.
Целью исследования является проанализировать деятельность акционерных обществ, разработать рекомендации по улучшению и совершенствованию управления акционерными обществами с государственной частью в Украине, необходимость исследовать особенности корпоративного управления таких обществ, теоретические основы надлежащей организации управления, позволяющие всем участникам корпоративных взаимоотношений проследить соответствие деятельности обществ их интересам. Необходимо установить возможность хранения или продажи мелких пакетов акций, находящихся в собственности государства.
Результаты исследования свидетельствуют о том, что степень полученных результатов заключается в разработке научно-обоснованных рекомендаций, методов и выводов, направленных на улучшение и совершенствование управления акционерными обществами с государственной частью в Украине.
Область применения результатов: организация и проведение научных исследований на акционерных обществах, направленных на улучшение и совершенствование управления акционерными обществами с государственной частью в Украине.
Выводы: Рассмотрены особенности контроля в акционерных обществах, исследованы основные виды и субъекты корпоративного контроля. Сформулированы основные направления государственной политики в акционерных обществах относительно части собственности. Проанализированы основные инструменты скрытого перераспределения контроля в акционерных обществах, то есть принятие решения об эмиссии акций. Усовершенствован алгоритм его принятия решения об эмиссии акций, путем продажи мелких пакетов акций. Обоснована целесообразность продажи пакетов акций менее 25%, при отсутствии эффективности их дальнейшего хранения в собственности государства. Предложены основные пути контроля государственных органов власти над управлением корпоративными правами государства, в
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Економiчний вюник ушверситету | Випуск № 35/1
© Верещака 1.М., Горбатенко О.А., 2017
частности: процесс контроля относительно акционерных обществ с государственной частью; контроль за деятельностью руководителей акционерных обществ; контроль за эффективностью и целесообразностью участия государства в уставных капиталах акционерных обществ; контроль за процессом продажи государственных пакетов акций, через анализ и оценку этого процесса.
Ключевые слова: акционерное общество, корпоративный контроль, государственная часть, эмиссия акций, продажа акций, пакет акций.
THE MANAGEMENT OF JOINT-STOCK COMPANIES WITH THE STATE SHARE IN UKRAINE
Vereshchaka I.M., Gorbatenko O.A.
The subject of research is to develop recommendations for improving the corporative management o of joint-stock companies with the state share in Ukraine.
The purpose of research is to analyze the joint-stock companies, to develop recommendations for improving of the corporative management of joint-stock companies with the state share in Ukraine and to study the corporative management features of such companies; the theoretical principles of management organization that allow all co-partners of corporate relations track the suitability of companies to their interests. It is necessary to ascertain the possibility of keeping or selling small blocks of shares, which are owned by the state.
The results of work are to develop scientific-substantiated recommendations, methods and conclusions, which directed on improving the corporative management of joint-stock companies with the state share in Ukraine.
Practical Implications: organization and carrying out of the research on joint-stock companies that directed on improving the corporative management of joint-stock companies with the state share in Ukraine.
Conclusions: The control features of joint-stock companies have considered, basic types and subjects of corporative control have investigated. The basic directions of the state policy of joint-stock companies with the state share have formulated. The basic instruments of hidden redistribution control in joint-stock companies (decision-making to equity issue) have analysed. The scheme of decision to equity issue has improved by selling small blocks of shares. Expediency sale of shares less than 25% in the event of absence of further keeping in state ownership have grounded. The basic ways of controlling state authorities over the management of the state corporate rights are proposed, which include: process control of joint-stock companies with the state share; control the activities of managers of such companies through expert of the main activities; control the efficiency and suitability of state participation in the statutory capital of the joint-stock companies; control the sale of state block of shares through analysis and evaluation of the process.
Keywords: joint-stock company, corporative control, the state share of ownership, equity issue, sale of shares, a block of shares.
Formulation of the problem. World practice convinces that only with the development of the corporate sphere of the economy and, in particular, joint-stock companies with a state share, accumulates considerable volumes of investment resources. In recent years, a strong corporate sector has been formed in Ukraine, mainly represented by public corporations with a state share.
Analysis of recent research and publications. This problem has been highlighted in the scientific national and foreign literature. In particular, it is studied by such scholars as: A. Smityukh, M.V. Topchak, A. Cherpak, V. Shehovtsov, V.O. Shpylova, H.Yu. Shtern, V.M. Heyets, I.K. Bondar, V.I. Golikov, M.P. Denisenko, O.M. Vukchyk, O.R. Kibenko, V.Ye. Leontiev, I.I. Mazur, G.V. Nazarova, P.P. Samofalov, O.M. Safronova, O.I. Paskhaver, L.O. Ptaschenko, S.O. Tenkov, M.V. Chechetov, M.G. Chumachenko and others. At the same time, the current situation requires further in-depth development and improvement of the governance mechanism of the state corporate sector of the economy. The issues of observing the interests of the state as a shareholder remain insufficiently developed. Detection of the specifics of development and the mechanism of formation of forms of capital integration requires a more detailed study of the process of development of corporate relations in joint-stock companies with a state share in Ukraine.
Setting objectives. The purpose of the study is to analyze the activities of joint-stock companies, to develop recommendations for improving and improving the management of public companies with a state share in Ukraine, the need to explore the peculiarities of corporate governance of such societies, the theoretical basis of proper management organization, which enables all participants in corporate relationships to follow the compliance of their companies interests. It is necessary to establish the possibility of storing or selling small shares of shares owned by the state.
Presentation of the main research material. Public corporations with a state share and their integration structures become effective only when the mechanism of coordination of interests between partners is worked out. If a certain proportion of the corporate rights of the company belongs to the state, then there are imposed several layers of interests that need to be coordinated for its effective functioning. In particular, there are issues of noncompliance of priorities of corporations and shareholders, unbalanced state interests and market processes, non-coordination of interests of minority and majority shareholders. Therefore, effective system of corporate sector management of the state-owned economy must take into account all of the above-mentioned aspects of the functioning of joint-stock companies. Public corporations with a state share and their integration structures become effective only when the mechanism of coordination of interests between partners is worked out. If a certain proportion of the corporate rights of the company belongs to the state, then there are imposed several layers of
interests that need to be coordinated for its effective functioning. In particular, there are issues of non-compliance of priorities of corporations and shareholders, unbalanced state interests and market processes, non-coordination of interests of minority and majority shareholders. Therefore, effective system of corporate sector management of the state-owned economy must take into account all of the above-mentioned aspects of the functioning of joint-stock companies. Creation of an integral system of economic management of the state corporate sector should be based on clear principles: application of common general rules to the behavior of business entities; separation of functions of public administration from economic functions taking into account changes in ownership relations; ensuring effective organizational interaction of all branches of power in solving economic issues; conformity of organizational units with the task of elaboration and implementation of economic policy; the establishment of a special regime for individual privatized enterprises, whose activities are a priority for the national economy; use of individual approaches to the management of state corporate rights [4].
As a result of a comprehensive study of the corporate sector, it has been established that existing practice and some legislative acts have mostly cognitive-historical value than scientific-practical. In addition, it should be borne in mind that precisely today, legislative and executive bodies are taking steps to streamline the management of state property and corporate entities. This question is very complex, dynamic. Therefore, the main focus of the work is on the formation of the corporate sector, knowing that both the legislative field and the state of affairs in the corporate sector have other parameters, and no less difficult problems. However, one can make a certain generalization - the result of the reform of property relations in Ukraine was the broadened structure of the public sector. Management of objects of state property depends on the organizational and legal forms in which they operate. The results of the analysis of the functioning of the corporate sector in Ukraine were used to calculate the corporate governance index built on the basis of a set of indicators on its state and business practices.
The purpose of the implementation of the corporate governance index is to determine the relationship between the management and the qualities of the joint-stock companies with the state share, in particular:
- the size of the company (book value of assets, number of employees);
- level of concentration of property;
- efficiency of corporation management;
- investment plans of the enterprise.
The corporate governance index is lower for joint-stock companies with state corporate rights. The company, where the state share of corporate rights exceeds 75%, have the lowest indicators of corporate governance. As the book value grows, the corporate governance index grows to a certain level, but then stabilizes its value. In international practice, the ratio of minority and majority shareholders affects the corporate governance index.
The index of corporate governance is high for Ukrainian companies with a homogeneous shareholder structure, in two cases:
1) all shareholders of the company are minority;
2) all shareholders own more than 5% of the shares. The lowest is the corporate governance index in the case when minority and majority shareholders have a par value of 50 to 50.
The crowding out of minority shareholders and an increase in the share of majority shareholders is accompanied by a decrease in the corporate governance index. After the majority shareholder's share exceeds 50% in the total number of shareholders, the corporate governance index is beginning to grow. This dependence in Ukraine has a slightly different nature compared to international corporate governance practices. According to international experience, the level of corporate governance is increasing with the increase in the concentration of shareholdings, but after a certain level begins to decline. In our opinion, this difference is the result of an insufficient level of concentration of ownership in Ukrainian joint-stock companies with a state share. Concerning the general distribution of joint-stock companies with the state share of Ukraine by the level of corporate governance (Figure 1), two thirds have four or less corporate governance attributes. The share of companies close to the highest level of corporate governance is 17%. The share of corporations with an index value of 100 is 9%. Such a division of corporations into groups is quite typical and indicates the widespread trends in the world practice of the formation and development of corporate governance. In addition, the distribution of societies meets the statistical laws of normal distribution [5].
According to world practice, corporate governance in the broad sense is the concerted action of all shareholders of a state-owned enterprise aimed at improving efficiency, profitability, profitability. The principles of functioning of corporate relations are the same for all enterprises and do not depend on the presence of their state share. An analysis of their activities shows that the state can actually affect the enterprises in which it owns packages of more than 50% of the authorized capital. Therefore, special attention is paid to the analysis of this group of enterprises. Thus, despite the fact that in the year 2016 several highly efficient business companies with high financial and economic indicators were privatized, their retirement did not worsen the general state of the corporate sector of the economy, where the state retains its influence. Moreover, further positive changes have taken place in this sector of the economy.
The application of the methods and approaches described in the work on its formation makes it possible to propose the areas in which its impact will be most effective, since the basis of its development was the principle of the system approach. The objectives and tasks of the regulatory mechanism of corporate governance development in Ukraine are as follows. In today's Ukrainian economy, joint-stock companies play an important role. At the same
time, the current legislation of Ukraine does not ensure sufficiently complete and clear regulation of the activities of joint-stock companies, which leads to numerous violations of investors' rights and inhibits investment processes.
Figure 1. Distribution of joint-stock companies by value of corporate governance index, corporate governance index (1-100) [3].
The current state of corporate governance is characterized by the lack of transparency in the activities of joint-stock companies with a state share, lack of coordination of government bodies in the field of regulation of corporate relations, ineffective management of state corporate rights. The insufficient level of corporate culture, the inconsistency of existing corporate governance practices with generally accepted principles and the unwillingness of existing companies to master them led to unprofessional management schemes for companies. To this end, the article has developed recommendations for the introduction of a mechanism for controlling the subjects of management of state corporations, which, thanks to the complex of motivational instruments, provides for the fulfillment of two tasks: efficient enterprise management and observance of state interests. Control is based on a systematic approach and covers all joint-stock companies where the state acts as a shareholder [2].
The methodology for assessing the effectiveness of government corporations, like most other methods of valuing other entities, was based mainly on economic indicators. Economic characteristics do not always fully reflect the degree of conformity of the results of the subject of the business to the tasks set and can not be a reliable indicator of the activity of the enterprise. To a greater extent this applies to enterprises of the state corporate sector, where, in particular, profitability, payback period of investments are not always relevant for the state as a shareholder. Therefore, the article proposes a model of a system of indicators of balanced interests of joint-stock companies with state corporate rights. The model is based on the Balanced Scorecard and adapted to corporations with a different share of state ownership. This system allows to solve the following tasks: to effectively evaluate the company's activities, taking into account the different share of corporate rights owned by the state; to formulate and implement the strategy of the corporation; control compliance with state interests; balance the interests of owners (including the state) and managers; effectively manage the corporation. The model includes four groups of indicators: financial indicators, personnel indicators, indicators of the environment, indicators of internal business processes. Combines and balances the data of the group of indicators of the complex of state and market interests. Parameters of the system of balanced interests of joint-stock companies with state corporate rights are shown in Fig. I.Each sector of the model has 5 indicators in its structure, but this number is not fixed, and the parameters can be changed depending on the specifics of the assessed corporation.
The use of the model consists of certain steps [1]:
- Step 1. Selection of model parameters for the four modules: financial indicators, personnel indicators, environmental indicators, indicators of internal business processes.
- Step 2. Using the expert estimation method on an eleven-point scale (from -5 to +5), determine the qualitative parameters of the indicator, where -5 is the lowest score, +5 is the highest; and the degree of observance of interests, where -5 - dominate the interests of the state, +5 - the corporation operates exclusively according to the laws of the market.
- Step 3. Determination of the integral value of the key parameters of the modules of a complex system of balanced interests of joint-stock companies with state corporate rights.
- Step 4. Transfer of integral values of indicators to the matrix (Fig. 2).
- Step 5. Estimation of the corporation's activity depending on the location on the matrix of integral values of the key parameters of the modules of the integrated system of balanced interests of joint-stock companies with state corporate rights.
□ 0-50
□ 50-75
□ 75-100
□ 100
№ Financial indicators Company staff
1 Equity coefficient Factor of financial independence Return on assets Return on investments Return on equity S Balance of state and market Efficiency of management staff Level of motivation of employees Loyalty of employees Level of qualification of employees Salary level nterests
2 Share of publicly owned shares in the state property Market value of the company Degree of interest of the state in the ownership of corporate rights Transparency of corporate governance procedures Market status of the enterprise Cost of basic business processes Duration of main business processes Degree of achieving the goals of the company Ability to innovate Efficiency of internal information
Environment Internal business processes
Figure 2. Parameters of the system of balanced interests of state-owned joint-stock companies [1].
The sign of the sector is the domination of state interests over the market, the value of the indicator is positive - the sector is appropriate for placing the parameters of strategic enterprises of Ukraine and those where the share of state corporate rights exceeds 50%. The sector is characterized by the balance of market interests and interests of the state and the positive values of indicators. This sector is an optimal arrangement of the parameters of a successful joint-stock company with any share of state corporate rights. Corresponds to the positive values of the indicators and the advantage of market interests over the state. This sector is partially acceptable for corporations, where the state's share is less than 50%. Characteristics of the sector of dominance of market interests and negative characteristics of indicators. If the state share of the shares of this company is more than 50%, then you should review its management system, market situation. Provided that the share of state corporate rights is less than 50%, it may be appropriate to remove the enterprise from the state register.
The sector corresponds to the value of indicators close to the critical marks, with the balance of market and state interests. The sign of the sector is the unsatisfactory value of the indicators with the corporation respecting the public interest. The location of indicators in this sector is acceptable for Ukrainian enterprises, for which the state share exceeds 50%, and which, in particular, have a social orientation [5].
Q • • • The optimal value of the indicator
u> u> Si <D -t—• CD -t—• ce -»-* o h— O c 3 3 Sphere of observance of market interests
• • G o c CD > L. a> U) -Q o o a> k. CU -C o. v>
Critical value of the indicator
Figure 3. The matrix of the system of balanced interests of joint-stock companies with state corporate rights
The principle of modeling the direction of the state strategy in accordance with the share of state corporate rights and the sector of balanced interests is reflected in Table 1. It is proved that in today's conditions it is necessary to form a regulatory mechanism for the development of corporate relations, which will facilitate the attraction of investments into the Ukrainian economy, the development of the stock market and the growth of national wealth.
The results of the proposed regulatory mechanism for the development of the corporate sector in Ukraine are:
- improving the efficiency of public corporations with a state share;
- introduction of a system of indicators that determine the effectiveness of state corporations;
- ensuring protection of rights and legitimate interests of shareholders;
- as well as equal treatment of shareholders;
- promotion of the stock market;
- formation of attractive investment climate in the country and revitalization of investment processes;
- promotion of socio-economic development of Ukraine.
The article assesses the economic consequences of their implementation. Further development of corporate relations in Ukraine should take place on the basis of generally accepted principles of effective corporate governance taking into account world experience and peculiarities of Ukraine [3].
Table 1. Modeling the direction of the state strategy in accordance with the share of state corporate rights and the sector of a balanced interest system_
The share of corporations in the rights of the state Sectors
1 2 3 4
0 - 25% The state is interested in profitable enterprises that support its interests The state is interested in owning these corporate rights Each case is considered separately, but there is always an interest in a profitable enterprise The state is not interested in the enterprises of this sector. In addition to cases of strategic importance of the industry or individual enterprise, it is advisable to sell a share of corporate rights
25 - 50%
50 - 75% The state is interested in owning the corporate rights of this sector and should promote their effective functioning. In view of the fact that the state forms the strategy of the enterprise and is responsible for its implementation, it is advisable to pay special attention to the management system in the corporation The state conducts the analysis and rehabilitation of enterprises. If this is not possible, it considers the issue of a waiver of property
- 100%
Conclusions from the conducted research. The main results of the research provide the following theoretical, methodological and practical conclusions:
1. Improvement of corporate sector management can be realized only if an effective system of management of state corporate rights is created on the basis of the relevant regulatory mechanism.
2. Over the past year, the process of redistribution of property has intensified in Ukraine, in particular through raider attacks. In developed countries, this process takes place within the right field and contributes to the recovery of the economy. The occupation of enterprises in Ukraine is based on imperfect legislation, the corruption of the judicial system, the misuse of administrative resources, which causes the state to suffer losses. Attractive targets for raiders are also joint-stock companies with state corporate rights.
3. In order to terminate this process, the article proposes a set of measures for obstruction of raiding and elimination of its consequences. Proposals promote the creation of a self-regulated system, which is designed to protect the rights of owners, preventing the illegal redistribution of property.
The article proposes to conduct an analysis of the activity of the state corporate sector by calculating the corporate governance index based on a set of indicators on the state and practice of corporate governance, taking into account the characteristics of the public sector.
This mechanism facilitates the formation of an optimal structure of the state corporate sector by extracting from the state register of unprofitable enterprises, where the state does not have enough to participate in the management of a block of shares:
1. For all types of joint-stock companies, and especially for state corporations, the problem of establishing relations between the owners of corporate rights interested in the capitalization and profitability of corporations, and top management that needs immediate remuneration is relevant.
2. The specified regulatory mechanism allows to ensure the protection of shareholders' rights, transparency of the stock market, the efficiency of application to the joint-stock companies of bankruptcy procedures and their reorganization into other forms of management.
3. The directions of increasing the efficiency of joint-stock companies' activities, which include: the application of effective methods of corporate governance, the choice of the correct management and production
strategy, balancing the interests of owners, managers, the state and other participants in corporate relations, combining economic policy with the social and their harmonization.
Список використаних джерел
1. Смитюх А. Арифметика корпоративного контроля [Електронний ресурс] / А. Смитюх. - Режим доступу: http://antiraider.org.Ua/2017/02/18/print:page, 1,arifmetika-korporativnogo-kontrolja.html
2. Черпак А. Корпоративний контроль в системi управлння акцонерним товариством / А. Черпак // Всник ТернопльськоТ академУУ народного господарства. - 2016. - № 3. - С. 162-170.
3. Шеховцов В. Визначення шлях'т та п'дход'т до управлння процесами змни форми власностi п1'дприемств ОПК та можливостi у зв'язку з цим державного контролю за Ух д'яльн'ютю [Електронний ресурс]/В. Шеховцов, О. Шевченко. - Режим доступу: http://www.niss.gov.Ua/Monitor/May2016/6.htm
4. Шпильова В. О. Корпоративна культура: сутнсть та актуальн проблеми сучасностi [Електронний ресурс] / В. О. Шпильова // Ефективна економка. - Режим доступу: http://www.economy.nayka. com. ua/index.php ?operation=1&iid=70
5. Штерн Г. Ю. Корпоративне управлння: навч. посб. / Г. Ю. Штерн. - Харкв: ХНАМГ, 2016. - 243 с.
References
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ДАНI ПРО АВТОР1В
Верещака 1ван Михайлович, кандидат економiчних наук, викладач кафедри экономии Горбатенко Олена Анатолмвна, старший викладач кафедри экономии ДВНЗ «Переяслав-Хмельницький ДПУ iMern Григорiя Сковороди» вул. Сухомлинського, 30 / 103, м. Переяслав-Хмельницкий, 08401, Украина
ДАННЫЕ ОБ АВТОРАХ
Верещака Иван Михайлович, кандидат экономических наук, преподаватель кафедры экономики Горбатенко Елена Анатольевна, старший преподаватель кафедры экономики ГВУЗ «Переяслав-Хмельницкий ГПУ имени Григория Сковороды» ул. Сухомлинского, 30 / 103, г. Переяслав-Хмельницкий, 08401, Украина
DATA ABOUT THE AUTHORS
Vereshchaka Ivan Mikhailovich, PhD. teacher of economics department Gorbatenko Elena Anatoliivna, senior teacher of economics department SHEE «Pereyaslav-Khmelnitsky SPU named Gregory Skovorody» Sty. Sukhomlinsky 30 / 103, Pereyaslav-Khmelnitsky, 8401, Ukraine
УДК 330.341.1
ОСОБЛИВОСТ1 УПРАВЛ1ННЯ 1ННОВАЦ1ЙНОЮ Д1ЯЛЬН1СТЮ ПРОМИСЛОВОГО П1ДПРИеМСТВА1
Бойко О.М.
Предметом дослдження е управлння iнновацшною д 'яльн'ютю на промислових пдприемствах. Мета написання дано'У статтi полягае у дослдженнi особливостей розвитку управлння нновац йною д яльн стю промислового п дприемства.
1 Публкацю пiдготовлено за виконання НДР "Розвиток нновацйноТ системи Украни в европейському науково-технологiчному просторi", державний реестрацйний № 0115U001424
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Економiчний вюник ушверситету | Випуск № 35/1
© Бойко О.М., 2017
