TYPES OF THE ENTERPRISE FINANCIAL POLICY IN THE PROCESS OF ITS IMPLEMENTATION

The current research conducts the study of the enterprise financial policy in an aspect of formalising its types in an attempt to maximize its efficiency and practical sense as the latter are basically absent due to lacking proper scientific background. That is, subsystems of financial policy are perceived by domestic scholars as its types, which make it impossible to create a rational, functioning and effective managerial system. Arranging the enterprise financial policy to specific types allows easier achievement of a chosen strategy and formulated objectives as each such type is a set of methods, levers and tools for making and implementing management decisions, which provides optimisation to this process, thus achieving the maximum efficiency of financial management The analysis of domestic scientific achievements on the researched problems, or rather total lack of such, proved the necessity to substantiate the types of enterprise financial policy. Thus, the subsystems of financial policy: depreciation, tax, dividend and others are perceived by domestic scholars as its types, which lead to an erroneous understanding of its essence and process mechanism of its implementation, and hence – the controversial scientific and practical value of existing research. The given research proposes following types of the enterprise financial policy: stabilizing financial policy, proliferative financial policy, innovative financial policy and urgent financial policy, that are meant to be used in specific economic conditions and in accordance with current managerial objectives and maximize the effectiveness of financial management

THE APPLICATION OF MONETARY INCENTIVE POLICY IN CURRENT ECONOMIC CONDITIONS

The aim of the article is studying the process of implementation of promotional monetary policy by investigation of the functionality of the transmission mechanism channels. The paper singles out the peculiarities of the implementation of monetary policy in well-developed and developing countries. The subject of the study is: the structure of the monetary transmission mechanism; the functionalities of both traditional and non-traditional channels and their influence on promotional monetary policy are defined. An analysis of the existing structure of the transmission mechanism made it possible to determine the strength and speed of feedback between participants and the degree of influence on the real sector and to formulate appropriate proposals for its adjustment or activation. In addition, it is indicated that, under the present conditions, it is non-traditional channels that acquire special significance; also, the main factors that have shifted the priority vector in their direction are defined. Alongside this, the study presents modern modifications of promotional monetary policy and their significance for the modern economic world. Methodology. The classic methods of scientific research are used in the article, among which are the following: observation, abstraction, comparison, systematic approach, analysis, and synthesis. Results. The conducted study clearly demonstrates that, in the process of changing financial relations, the significance of the transmission mechanism channels in the process of implementing promotional monetary policy changed, too. At the same time, it is expedient to single out the reasons that lead to a change in the role of some channels of monetary transmission in relation to others. Current research and developments are not limited to the above structure of the transmission mechanism channels. Moreover, their list is constantly replenished, which is indicative of the existence of transformational processes affecting the financial sector. The approaches to the structure of the transmission mechanism and the functionality of its channels, determined in this article, make it possible to assess the effectiveness of implementing monetary policy. Practical implications. Clarified complex causes of destructive nature, which initially level out practically any actions with regard to the system approach, namely, the absence of the integrated combination of interests of all social and economic spheres: state-business-society. Also, the results of the study provide an opportunity to identify further trends in the changing transmission mechanism channels in the implementation process of monetary policy and use this knowledge by planning and forecasting for the functionality of transmission channels. Value/originality. This research was carried out within the framework of the scientific work of the Department of Theoretical and Applied Economics of the National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute” (No. 0112U007817) on the topic: “Globalization of industrial capacity formation trends in the terms of post-industrial transformation”

Actualizing the venturing model in Ukraine

The financing of innovations is the driving driver of the innovative model of development of any country, and Ukraine in particular. In modern conditions, the importance of venture capital for the economy of Ukraine is growing against the background of reducing alternatives to raising capital for the development of small and high-tech businesses. The reasons for the current state of decline in the innovation and investment process in Ukraine are analyzed and identified. Peculiarities of venture investment in Ukraine are studied. It is determined that the vast majority of venture capital institutions, regardless of their field of activity, are used mainly by large industrial and financial groups to preserve assets and minimize taxation, rather than to finance innovation. The obtained results give grounds for the conclusion that the essence of venture entrepreneurship in Ukraine does not correspond to the American and European models. The current conditions turn venture funds in Ukraine from an instrument of innovative development into a means of making a profit for large financial and industrial groups, which is a hidden reason for slowing down the innovation and investment process. An updated Ukrainian venture model is proposed, taking into account the peculiarities of the economy and a thorough rethinking of the existing structure of venture capital. The introduction of a rational combination of public, private, and research components of the investment process is proposed, i.e. the need to involve universities, scientists, and the scientific elite in the venture industry. It is determined that this model is only one of the components of a comprehensive program to stimulate investment demand, which also includes: ensuring macroeconomic stability; ensuring economic freedom; ensuring economic security; an increase of investment resource; impact on investment propensity; liberalization and development of the financial market; stimulating investment activities through the mechanism of state support for business and science partnerships

Обґрунтування та формулювання інтелектуальної теорії вартості

The object of research is the role of the intellectual capital and knowledge in modern economics and value creation process. Therefore, taking into account the intellectual component of value due to the transformation of the society’s productive forces structure in the transition to a post-industrial economic system, there was proven the necessity of rethinking the existing theories of value. Based on the classic politeconomists, neoclassics and institutionalists groundwork analysis, there was defined the economic essence of the intellectual capital. This essence consisted in the people’s capacity, using the personal factor of production, rather part of it – the knowledge and intellect, to produce objectified factors. Also, there was justified the place of an intellectual capital in a system of productive forces – its feature of simultaneous affiliation to an immaterial (as a form of individual development), as far as to a material (applied knowledge) spheres. Due to active modern automation and robotics in manufacturing, labour as a factor of production is gradually replaced by knowledge: personal and ones materialized in the means of production. Thus, there are grounds for the assumption that namely knowledge, not labour, that is present in all spheres of social production, but rather, more accurately, the productive part of knowledge – an intellectual capital is the source of the value of goods in a post-industrial (neoindustrial) economic system. Modern economy has inherent significant share the intellectual component that participates in generating the innovative goods as the new value. Therefore, based on the above stated, the «intellectual theory of value» was formulated, which defines directions for the intellectual economics paradigm development in future.Объектом исследование является роль интеллектуального капитала и знаний в современной экономике и процессе создания стоимости. Поскольку современное общество находится в завершающей стадии цифровой трансформации, ее эффект, заметен во всех сферах жизнедеятельности человека. Таким образом, с учетом увеличения интеллектуальной компоненты в структуре стоимости, связанной с трансформацией структуры производительных сил общества при переходе к постиндустриальной экономической системе, была обоснована необходимость переосмысления существующих теорий ее формирования. На основе анализа учений классиков политэкономии, неоклассиков и институционалистов о структуре стоимости и производительных факторов, методами вычленения, сопоставления, синтеза и научной абстракции, была определена экономическая сущность интеллектуального капитала. Данная сущность заключалась в способности людей, использующих в полной мере личностный фактор производства, а не только его часть – знания и интеллект, – генерировать овеществленные факторы. Также было обосновано специфическое место интеллектуального капитала в системе производительных сил – его принадлежность к нематериальной (форма индивидуального развития) и к материальной (прикладные знания) сферам. В связи с активной автоматизацией и робототизацией производства в условиях текущего технико-технологического уклада, труд как экономический фактор постепенно вытесняется знаниями: личными и материализованными в средствах производства. Таким образом, есть основания предполагать, что именно знания, а не труд, присущи всем сферам общественного производства, а, точнее, производственная часть знаний – интеллектуальный капитал является источником стоимости товаров в постиндустриальной экономической системе. Современной экономике присуща значительная доля интеллектуальной составляющей, которая участвует в создании инновационных товаров в качестве новой ценности. На основе изложенного была сформулирована «интеллектуальная теория ценности», определяющая направления развития в будущем парадигмы интеллектуальной экономики – экономической системы, в которой знания являются ключевым фактором в формировании стоимости благ и товаров, причем как нематериальных, так и материальных.Об’єктом дослідження є роль інтелектуального капіталу та знань в сучасній економіці та процесі створення вартості. Оскільки сучасне суспільство знаходиться в завершальній стадії цифрової трансформації, її ефект, помітний у всіх сферах життєдіяльності людини. Таким чином, з урахуванням збільшення інтелектуальної компоненти в структурі вартості, викликаного перебудовою структури продуктивних сил при переході до постіндустріальної економіки, була обґрунтована необхідність переосмислення існуючих теорій її формування. На основі аналізу доробку класиків політекономії, неокласиків та інституціоналістів про структуру вартості та продуктивних факторів, методами виокремлення, зіставлення, синтезу та наукової абстракції, була визначена економічна сутність інтелектуального капіталу. Ця сутність полягала у здатності людей, використовуючи повною мірою особистісний фактор виробництва, а не тільки його частину – знання та інтелект, – генерувати уречевлені фактори. Також було обґрунтовано місце інтелектуального капіталу в системі продуктивних сил – його особливість одночасної приналежності як до нематеріальної (форма індивідуального розвитку), так і до матеріальної (прикладні знання) сфер. У зв'язку з активною автоматизацією та роботизацією виробництва в умовах поточного техніко-технологічного укладу, праця як економічний фактор поступово витісняється знаннями: особистими та матеріалізованими в засобах виробництва. Таким чином, є підстави припускати, що саме знання, а не праця, властиві всім сферам суспільного виробництва, а, точніше, виробнича частина знань – інтелектуальний капітал є джерелом вартості товарів в постіндустріальній економічній системі. Сучасній економіці властива значна частка інтелектуальної складової, яка бере участь у створенні інноваційних товарів в якості нової цінності. На основі викладеного була сформульована «інтелектуальна теорія вартості», яка визначає напрямки розвитку в майбутньому парадигми інтелектуальної економіки – економічної системи, в якій знання є ключовим фактором у формуванні вартості благ і товарів, причому як нематеріальних, так і матеріальних

Intellectual Theory of Value: Substantiation and Formulation

The object of research is the role of the intellectual capital and knowledge in modern economics and value creation process. Therefore, taking into account the intellectual component of value due to the transformation of the society's productive forces structure in the transition to a post-industrial economic system, there was proven the necessity of rethinking the existing theories of value. Based on the classic politeconomists, neoclassics and institutionalists groundwork analysis, there was defined the economic essence of the intellectual capital. This essence consisted in the people's capacity, using the personal factor of production, rather part of it – the knowledge and intellect, to produce objectified factors. Also, there was justified the place of an intellectual capital in a system of productive forces – its feature of simultaneous affiliation to an immaterial (as a form of individual development), as far as to a material (applied knowledge) spheres. Due to active modern automation and robotics in manufacturing, labour as a factor of production is gradually replaced by knowledge: personal and ones materialized in the means of production. Thus, there are grounds for the assumption that namely knowledge, not labour, that is present in all spheres of social production, but rather, more accurately, the productive part of knowledge – an intellectual capital is the source of the value of goods in a post-industrial (neoindustrial) economic system. Modern economy has inherent significant share the intellectual component that participates in generating the innovative goods as the new value. Therefore, based on the above stated, the «intellectual theory of value» was formulated, which defines directions for the intellectual economics paradigm development in future

Intellectual theory of value: substantiation and formulation

Abstract: The object of research is the role of the intellectual capital and knowledge in modern economics and value creation process. Therefore, taking into account the intellectual component of value due to the transformation of the society’s productive forces structure in the transition to a post-industrial economic system, there was proven the necessity of rethinking the existing theories of value. Based on the classic politeconomists, neoclassics and institutionalists groundwork analysis, there was defined the economic essence of the intellectual capital. This essence consisted in the people’s capacity, using the personal factor of production, rather part of it – the knowledge and intellect, to produce objectified factors. Also, there was justified the place of an intellectual capital in a system of productive forces – its feature of simultaneous affiliation to an immaterial (as a form of individual development), as far as to a material (applied knowledge) spheres. Due to active modern automation and robotics in manufacturing, labour as a factor of production is gradually replaced by knowledge: personal and ones materialized in the means of production. Thus, there are grounds for the assumption that namely knowledge, not labour, that is present in all spheres of social production, but rather, more accurately, the productive part of knowledge – an intellectual capital is the source of the value of goods in a post-industrial (neoindustrial) economic system. Modern economy has inherent significant share the intellectual component that participates in generating the innovative goods as the new value. Therefore, based on the above stated, the «intellectual theory of value» was formulated, which defines directions for the intellectual economics paradigm development in future