REFORMING MECHANISMS OF FINANCIAL MANAGEMENT AT PUBLIC ENTERPRISES
Journal Title: Інноваційна економіка - Year 2017, Vol 69, Issue 5
Abstract
Purpose. The aim of the article is to defining the main provisions and directions of reforming financial management mechanisms of state enterprises, disclosing the essence of state regulation and monitoring of financial sustainability as constituent management of state corporations. Methodology of research. The following basic methods and methodological approaches were used in the process of research: systematic approach - when substantiating directions of reforming financial management mechanisms of state enterprises; the method of comparative analysis - when substantiating the principles of state regulation. Findings. The main provisions for reforming the financial management mechanisms of state-owned enterprises should be aimed at creating conditions for effective interaction between the state and enterprises, which is achieved through consistency of interests defined by the theory of economic prosperity and the theory of economic development. State regulation is defined as the process of providing state bodies for the management of the functions of the state through the achievement of a balanced functioning and development of a coherent economic system. At the same time, state financial regulation is a process of financial support and the development of a coherent economic system, first of all, strategically important enterprises. The principles of state regulation defined: minimal interference of state bodies in economic processes; Impact on economic development through economic methods and regulatory constraints, regulators’ tools; Management of state-owned objects. Originality. The directions of reforming of financial management mechanisms of state enterprises, state regulation, which will ensure complementarity, coherence and coordination of all components, in particular, annual financial planning and strategic planning of development, are grounded; Minimize fiscal risks associated with the activities of state-owned enterprises; Monitoring by supervisory boards and management bodies of state enterprises; Motivation of directors of state enterprises; External audit. The main tasks of the monitoring are defined: observation, collection, accumulation, financial analysis of activities aimed at quality management of state enterprises and other objects of state property, ensuring their competitiveness on an innovative basis. Practical value. The results of the research will help to carry out reforms of financial management mechanisms of state enterprises and other entities of the state sector of the economy.
Authors and Affiliations
Olena Bilousova
Keywords
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