INDUSTRY-SPECIFIC ASPECTS OF ASSESSING FINANCIAL SUSTAINABILITY

Abstract

The current state of functioning of Ukrainian enterprises is characterized by significant crisis phenomena in the financial support of their development both from the perspective of the directions of formation, allocation and use of capital of enterprises, and in relation to the existing methods of assessing the effectiveness of its use. This is manifested in the impossibility of a quick and adequate response to the challenges of the time both by the general management sys-tem at the macro level and the inconsistency of modern requirements of managerial decisions at the micro level in the field of financial capital management. The article discusses the sectoral aspects of assessing the financial sustainability of enterprises, its impact on the assessment of risk and competitiveness of activities, the financial condition and the level of financial and economic security. Most of its researchers define the financial stability of an enterprise as a cer-tain ratio of own, working and total capital, which allows enterprises to function stably, maintaining financial balance in the conditions of the competitive environment of the socio-economic system of the country in order to increase profits and ensure expanded reproduction. The calculation of the coefficients of financial sustainability and their deviations from the optimal values for enterprises of various sectors of the economy has been carried out and certain regularities for certain types of activities of enterprises have been identified. The necessity of differentiation of their values as crite-ria in assessing the financial sustainability of enterprises under conditions of transformation processes in the economic system when determining the level of their financial equilibrium and prospects for implementing the tasks of strategic development is outlined. Assessments of the financial independence of enterprises in the sectoral context reflected a critical situation regarding the achievement of traditional recommended values of coefficients of financial independ-ence in all sectors of the economy, since by the end of 2022 in no industry did its value reach the optimal level, and according to some indicators, it decreased to catastrophic values from the position of the level the riskiness of financing by sources of capital formation. It is impractical to assess the financial sustainability of enterprises, taking into account only the amount and share of equity, since the possibilities of mobilizing a significant amount of equity capital in the early stages of the life cycle of an enterprise are objectively limited, and the processes of attracting additional capital from the financial market are temporarily complicated. The authors believe that it is expedient to determine the optimal value of the share of permanent capital for trade enterprises within 30-35% of the total capital, for enterprises of me-chanical engineering and light and food industries – not less than 50%.