Ensuring financial and economic security of enterprises in modern conditions

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Lviv Polytechnic National University

Ensuring financial and economic security of enterprises in modern conditions

Korchynska Oleksandra Ostapivna, Candidate

of Economic Sciences, Associate Professor

Nedoshytko Angelina Andrivna, student

Abstract

The pandemic and the war became a barrier to small business. Many companies worked in very risky conditions. In fact, some of them survived. Therefore, the issue of restoring financial and economic security and ensuring the stability of functioning is now quite relevant for both business and government and local government to respond in a timely manner to today's challenges and take appropriate measures. Without this, modern business will not be able to last long. In order to solve social and economic problems of society and individual enterprises, the government must apply new methods and implement measures to ensure financial and economic security in each segment of entrepreneurship, maximize the positive effects of private enterprise, find innovative solutions to achieve high and reliable performance. However, against the background of even favorable conditions for doing business, there are problems and obstacles. Therefore, there is a need to analyze the features of financial and economic security. The article examines the factors of influence and obstacles faced by entrepreneurship in Ukraine, highlights the problems caused by the spread of the pandemic, which has suspended the processes of economic development, and in some areas made them impossible. The relevance of this information in the article is also due to the fact that we note a new global factor of negative impact on business - the war in Ukraine, which does not go locally outside our country, but affects economic processes worldwide. We understand that the current conditions for the existence of entrepreneurship are completely new and incomprehensible, because military action threatens the complete destruction of business. At the same time, continuing business in areas where there is no active hostilities is actually a matter of time and a necessary need, because it is an opportunity for people to work and earn money, it is, after all, an economic way to victory. The government's decision to provide the most favorable conditions for doing business in terms of taxation is an example of fast and high- quality public administration and regulation aimed at supporting entrepreneurship.

Key words: financial and economic security, small business, socio-economic crisis.

Корчинська Олександра Остапівна, кандидат економічних наук, доцент

Недошитко Ангеліна Андрівна, студентка, Національний університет «Львівська політехніка», Львів

Забезпечення фінансово-економічної безпеки суб'єктів підприємництва у сучасних умовах

Анотація

Пандемія та війна стали смугою перешкод для малого бізнесу. Багато підприємств працювали в дуже ризикових умовах. Фактично, деякі з них виживали. Тому питання відновлення фінансово-економічної безпеки та забезпечення стабільності функціонування зараз є досить актуальним як для представників бізнесу, так і органів державної влади та місцевого самоврядування, аби своєчасно реагувати на виклики сьогодення та вживати відповідні заходи. Без цього сучасний бізнес не зможе довго існувати. Для того аби вирішити соціальні та економічні проблеми суспільства та окремих підприємств, уряд має застосовувати нові методи та впроваджувати заходи забезпечення фінансово-економічної безпеки до кожного сегменту підприємництва, максимізації позитивного ефекту від діяльності приватного підприємництва, пошуку інноваційних рішень для досягнення високих та надійних показників. Проте на фоні навіть сприятливих умов для ведення підприємницької діяльності випливають проблеми та перешкоди. Відтак виникає потреба проаналізувати особливості забезпечення фінансово - економічної безпеки. У статті проведено дослідження факторів впливу та перешкод, з якими стикається підприємництво в Україні, окремо виділено проблеми, спричинені поширенням пандемії, яка призупинила процеси економічного розвитку, а в деяких напрямах зовсім їх унеможливила. Актуальність наведеної інформації в статті зумовлена також тим, що ми зазначаємо про новий світовий чинник негативного впливу на бізнес - це війна на території України, яка локально не виходить за межі нашої держави, проте впливає на економічні процеси на світовому рівні. Розуміємо, що сучасні умови існування підприємництва є абсолютно новими та незрозумілими, адже військові дії створюють загрозу повного знищення бізнесу. Разом з тим, продовжувати підприємницьку діяльність на територіях, де не проводяться активні бойові дії, є фактично вимогою часу та необхідною потребою, адже це можливість людей працювати та заробляти кошти, це врешті, економічний шлях до перемоги. Рішення уряду щодо забезпечення максимально сприятливих умов ведення бізнесу з точки зору оподаткування є прикладом швидкого та якісного державного управління та регулювання, направленого на підтримку підприємництва.

Ключові слова: фінансово-економічна безпека, малий бізнес, соціально-економічна криза.

Introduction

Formulation of the problem in general and its connection with important scientific or practical tasks: The importance and issues of scientific work is that with the onset of the global pandemic, war and other problems of our time, the economy of not only Ukraine but also the world is in an unstable state. Another consequence is significant human losses. As a result, all spheres of business and human life suffer as interconnected elements of the economic structure. Therefore, it is important not only to identify potential threats at an early stage, but also to be able to anticipate them and take the necessary measures to address them.

Analysis of the latest research and publications: In the works of A.Epifanov, I.Sosnovskaya, Y.Maidanevich the substantiation of financial and economic security, ways of its maintenance are investigated. With the help of the work O.Kontsevich and A.Dernova the basic schemes of implementation and ways of overcoming raider captures were analyzed.

Purpose of the article: In accordance with the purpose of the research work, the whole article is set:

* defining the essence and objectives of financial and economic security;

* the impact of modern conditions on the financial and economic security of entrepreneurship;

* methods of ensuring financial and economic security of business and obstacles to its guarantee.

Presentation of the main material of the study

In modern times, taking into account many factors of influence, the world economy is in a shaky, unstable state. Another initial consequence is the loss of the social sector, which negatively affects the socio-cultural life and financial and economic security not only of the country but also of the world. Given the aspects of use, financial and economic security combines the following elements: innovation, energy, environmental, social, information, political and legal securities.

If we consider financial and economic security as a separate category, it would be appropriate to identify institutions whose essence is to protect the interests of businesses and the environment. According to the explanations, it is appropriate to emphasize that the study of the concept of financial and economic systems is based on the work of scientists in the field of economic theory and the general provisions of systems theory. Development of economic conditions, increased desire for stability and sufficient efficiency of the company, introduction of decentralization - all these points require identifying and taking into account new factors in resource and environmental research, as well as some potential for improving management to form a sound approach to financial and economic security. An analysis of existing methods of grouping existing factors shows that they do not sufficiently take into account the resource characteristics of certain regions, as they need to be detailed in terms of impact management.

The pandemic and the war became a barrier to small business. Therefore, the issue of restoring financial and economic security is now quite relevant for professionals. Without this, modern business will not be able to last long.

The task of the research topic is to describe the financial and economic security of enterprises in the small business sector, assess its condition, study the impact of the pandemic on the development of small businesses and recommendations for improving the FEC.

During the research were used such methods of analysis as structural-logical research; grouping method; method of comparisons and generalizations; method of graphical display of analytical data; method of analogy.

The object of the study is the conditions of operation of enterprises in the small business sector in a pandemic, the impact of quarantine on the economic condition of firms.

The subject of the study is the process of implementing methods of financial and economic security of small businesses during the pandemic, financial and economic security management, recommendations and prospects for small business development during and after quarantine.

In the realities of intensifying financial and economic crises, companies and other private institutions are trying to implement anti-crisis policies that could affect further effective work. The constant increase in the level of riskiness of their activities will help to depict the rate of decline in financial stability and solvency. But an effective financial and economic system must also be put in place so that such an outcome does not lead to bankruptcy in the future. Therefore, every business entity must implement the right system, which should correspond to the concept of its organization.

Financial and economic security of the company (hereinafter - FEC), the company occupies an important position in the development scheme of the company, as it affects all activities without exception.

Scientist A. Epifanov, who is a doctor of economics, explains financial security as a certain level of organization / company / enterprise, which:

- provides flexibility to address financial issues and protects the financial demands of business leaders;

- allows to provide financial balance, stability, liquidity and solvency in the long run;

- can resist risks that may cause financial damage to the organization or enterprise, or forcibly eliminate it [1].

Given this, we can conclude that FEC is a complex type of system, which consists of a set of options that are characteristic of the rational and efficient use of resources. In general, resources are divided into information, labor, financial and material.

Applying the analytical method to identify indicators of management, financial and economic security is used to obtain efficiency and stability of the enterprise, to create conditions for future development. Also to create a strategy to avoid further insecurity and threats of any nature that could lead to destabilization of the enterprise.

It should also be noted that financial and economic security is a dynamic feature. This is influenced by the variability of data, especially under the influence of internal and external factors and positions of a dangerous nature.

The main goals in the administration of financial and economic security are [2]:

- analysis and prevention of phenomena manifesting themselves in a crisis;

- forecasting and identification of factors that threaten economic and financial interests;

- identify priority interests in terms of finance, which need protection in the implementation of corporate finance;

- to help effectively eliminate dangerous factors to the economic and financial interests of the organization / enterprise.

- establish appropriate measures and a system to verify their effectiveness.

One of the most important functions of any enterprise or institution is to ensure financial and economic security. In fact, this task is strategic and long-term.

The process of financial and economic security is long and consists of the following main steps:

Step 1. Identification of the causes of negative impacts on the organization / enterprise and grouping to a certain association of their species (according to the classification).

Step 2. Assessment of financial condition, current level of security. At this stage, the threats and factors that may cause it, as well as the negative consequences are fully investigated. Possible losses are also analyzed. In order to carry out this procedure correctly and achieve the most effective result in counteracting threats, the institution / organization / enterprise or company should prepare and use a unified system of analysis, evaluation, collection and storage of data on the state of FEC.

The list of indicators [3] that will help to accurately assess the state of the financial and economic part of the company is shown in Figure 1.

Fig.1 Indicators of financial and economic condition of the enterprise

FEC indicators are designed to quantify economic reality. If their level exceeds the norm, it indicates the transformation of potential threats into real ones.

The main indicators that determine the level of FEC:

1. Indicators of financial autonomy [4] - shown in Figure 2

Fig. 2 Indicators of financial autonomy

2. Liquidity ratios [4] - shown in Figure 3

Fig.3 Liquidity ratios

3. Profitability indicators [4] - shown in Figure 4

Fig. 4 Profitability indicators

4. Indicators of business activity [4] - shown in Figure 5

Fig. 5 Indicators of business activity

financial economic security entrepreneurship

Step 3. Analysis of the competitive position of the enterprise in the market according to the relevant indicators. These indices should reflect its main advantages over competitors. For example: marketing strategy, sales dynamics, price / quality ratio, pricing policy and other indicators.

One of the common schemes to destroy financial and economic security is raider seizures. Therefore, in order to avoid possible threats to attackers, it is very important to develop effective protection mechanisms. The mechanism should include the following steps:

- analysis and timely monitoring of signs of possible attacks by attackers;

- the chosen systemic approach to rapid response and protection against attacks (if already started);

- development of a set of effective and efficient methods of combating raider attacks.

Scientists Kontsevich and Dernova in their works described the following ways of seizing property [6]: creation of fictitious accounts payable and tax debts and, as a consequence - declaration of fictitious bankruptcy; purchase of controlling shares of the company; implementation of additional issue (issue) of shares; bankruptcy of the enterprise with simultaneous further acquisition of its property; re-privatization, which leads to the revision of previous privatization in order to find a mechanism for its abolition in court; seizure of the company by force and others.

Therefore, the company's management needs to develop a comprehensive system to combat raiding. Scientist T. Sabetskaya believes that this should include the following stages [7]:

1) Create an effective personnel structure to manage the organization;

2) Carry out effective work of the information department and FEC;

3) Support the development and preservation of the enterprise by shareholders, stimulate the interests of shareholders;

4) Establish trade secrets and other mechanisms for the protection of intellectual property;

5) Control all attempts to obtain information on the activities of unknown persons;

6) Involve security specialists and cyber specialists for security purposes;

7) Systematic audit of internal financial and other reporting documents.

The consequences of problems with financial and economic security are manifested in non-economic spheres. For example, an increase in the level of dissatisfied population due to their economic situation.

Ensuring the financial and economic security of small businesses is to achieve the following indicators:

- economical development;

- good reputation and positive image;

- maximized profit;

- financial stability (financial stability);

- increase the return on equity and assets;

- ensuring investment and financial security.

In order to strengthen the FEC of small business firms, the world is drawing up target planning documents. Another feature of financial and economic security is the relationship with the insurance industry. It can be considered that this is the main risk-reducing factor involved in the supply of financial resources, as well as highlights the competitive position in the market. Another aspect in the implementation of methods to protect financial and economic security is to verify compliance with the basic functions of the FEC mechanism. In particular, the main functions are distinguished [8, p. 56], which are shown in Figure 7.

As for their purpose, the information function provides access to the information base on risk level measures. The control function regulates calculations, as well as controls the movement of cash flows. The essence of the function of accumulation: at the rational cost of financial resources, they provide the business entity. The reproduction function is used to counter the risks that arise when moving financial resources. And the savings function is used to prevent the irrational use of financial resources.

Figure 7 - Functions of the mechanism of financial and economic security

Conclusions

The research highlights the following conclusions: that the financial and economic security of small business in modern conditions occupies an important position in the functioning of the enterprise; financial and economic security is a level or condition that protects the financial and economic interests of the entity from negative external and internal environmental factors, while creating the necessary conditions for the development and successful operation of the company / organization; the main goal of financial and economic security is to ensure sustainability in relation to finances and resources, ensuring the most efficient activities of the organization / enterprise at the present time and significant development in the future.

It was found that this type of business security, especially during the war and the post-war period, must take into account the instability of the economic environment for business and be able to respond quickly to change. Indicators and their limits are important for financial and economic security, and their noncompliance can disrupt normal business operations. As a result, it may follow a negative trend. FEC for entrepreneurship should be achieved through the following factors: high level of financial stability, proper legal protection, ability to withstand risk factors that threaten the security of small business, competitiveness, liquidity and solvency of small business. It is also important to focus on the high level of skills of workers (but in a pandemic, this factor has its aspects).

In conclusion, it is worth noting that in the current difficult business situation, business leaders need to analyze and learn about the positive aspects of doing business to increase activity.

References

1. Yepifanov, A.O., Plastun, O.L., Dombrovkyi, V.S. (2009). Finansova bezpeka pidpryiemstv i bankivskykh ustanov [Financial security of enterprises and banking institutions]. Sumy: SHEI "UABS NBU" [in Ukrainian].

2. Sosnovskaya, I.M. (2015). Poniattia ta znachennia ekonomichnoi bezpeky vyrobnycho- hospodarskoi diialnosti pidpryiemstv [The concept and importance of economic security of production and economic activities of enterprises]. Efficient economy - Efektyvna ekonomika, 9. Retrieved from http://www.economy.nayka.com.ua/?op=1&z=4303 [in Ukrainian].

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Література

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