MODERN APPROACHES TO FORMATION A POLICY FOR FINANCING
CURRENT ASSETS OF AN ENTERPRISE IN CRISIS CONDITIONS

Liubov GUT

Chernivtsi Institute of Trade and Economics of SUTE, Chernivtsi

https://orcid.org/0000-0001-8375-6740

DOI: http://doi.org/10.34025/2310-8185-2025-3.99.10

Keywords: current assets, current asset financing, adaptive types of current asset financing policies.

Summary

In modern economic conditions, characterized by a high level of economic instability, inflationary processes, war risks and limited opportunities for attracting external financing, the issue of forming an effective system of financing current assets of an enterprise becomes particularly relevant. Existing approaches to the selection of sources of financing and development of a working capital management policy do not fully take into account the impact of external risks and require further improvement. It necessitates the need for theoretical generalization, critical analysis and development of new adaptive approaches to financing current assets, which would ensure the financial stability and competitiveness of enterprises in conditions of uncertainty.

The purpose of the article is to substantiate the theoretical foundations and develop practical approaches to forming an effective policy of financing current assets of an enterprise, taking into account the risks inherent in various sources of financing and modern economic conditions. In the process of conducting the research, abstract-logical (when systematizing information sources on the issues of interpreting the essence of the concept of "financing of current assets"), argumentation (when stating the research problem), descriptive, analysis and logical generalization (when systematizing sources of financing of current assets and their inherent risks), inference (when formulating extended types of policies for financing current assets of the enterprise), generalization (when writing the conclusions of the research) were used.

The article summarizes theoretical approaches to financing current assets, identifies risks inherent in various sources of financing, and justifies the feasibility of forming an adaptive financing policy that combines short- and long-term resources depending on the level of risk and the state of the market situation. The practical significance of the research lies in the possibility of enterprises using adaptive types of policies for financing current assets to increase the efficiency of their management, reduce financial risks and ensure the stability of financial flows in a changing economic environment. Prospects for further scientific research lie in the development of methodological approaches to assessing the effectiveness of current asset financing policies in the context of risk-based management, as well as in the search for optimal instruments for diversifying capital sources in conditions of uncertainty.

Biographies of authors:

Liubov GUT,

Chernivtsi Institute of Trade and Economics of SUTE

Candidate of Economic Sciences, Associate Professor

Associate Professor Department of Finance, Accounting and Taxation

References:

Brihkhem, Yevkhen (1997). Osnovy finansovoho menedzhmentu [Fundamentals of financial management]. Molod, Kyiv, 1000 p. (in Ukr.).

Sсhendel, D.E., Hatten, K.J. (1972). Business Poliсy or Strategiс Management: a Broader View for an Emerging Disсipline: Aсademy of Management Proceedings

Bassova O.O. (2018). Working capital management of trading companies. Investytsii: praktyka ta dosvid [Investments: practice and experience], vol. 11, pp. 49-54. Аvailable at: http://www.investplan.com.ua/pdf/11_2018/10.pdf (in Ukr.).

Blank, I.O., Sytnyk, H.V. (2017). Upravlinnia finansamy pidpryiemstv [Enterprise finance management]. KNEU, Kyiv, 792 р. (in Ukr.).

Blyznjuk, O., Sifurova, A. (2019). Management of working capital of trade enterprises from the point of view of functional-reproductive and structural-classification approaches. Ekonomichnyi analiz [Economic analysis], vol. 29/1, pp. 68-77. DOI: http://dx.doi.org/10.35774/econa2019.01.068 (in Ukr.).

Donin, Ye.O. (2018). Peculiarities of modern approaches regarding the specifics of the classification of current assets of the enterprise. Ekonomika i orhanizatsiia upravlinnia [Economics and management of organization], vol. 1, pp. 75-85. Аvailable at: https://jeou.donnu.edu.ua/article/view/5738 (in Ukr.).

Haustova, I.Je. (2018). Actual problems of managing current assets of the enterprise. Visnyk NTU «KhPI» [Bulletin of the National Technical University “Kharkiv Polytechnic Institute”], vol. 19 (1295), pp. 64-67. Аvailable at: https://repository.kpi.kharkov.ua/items/616c56e7-fc67-4997-8eab-73113ec12bf3 (in Ukr.).

Muravskyi, O.A. (2015). Formation and use of working capital of agricultural enterprises. Abstract to PhD dissertation. Kyiv, Ukraine. Аvailable at: https://dglib.nubip.edu.ua/ handle/123456789/2259 (in Ukr.).

Poddierohin, A.M., Bilyk, M.D., Buriak, L.D. et al (2004). Finansy pidpryiemstva [Corporate Finance], 5rd ed. KNEU, Kyiv, 546 p. (in Ukr.).

Khachatrian, V., Stratiichuk, V. (2024). Innovative approaches to developing a policy for financing current assets of corporations in times of crisis. Visnyk Khmelnytskoho natsionalnoho universytetu. Ekonomichni nauky [Herald of Khmelnytskyi National University. Economic Sciences], vol. 334 (5), pp. 412-417. DOI: https://doi.org/10.31891/2307-5740-2024-334-62 (in Ukr.).

Blank, I.O., Lihonenko, L.O., Huliaieva, N. M., Sytnyk, L.L., Stasiuk, H.V. (2011). Finansove zabezpechennia rozvytku pidpryiemstv [Financial support for enterprise development]. Kyiv. nats. torh.-ekon. un-t, Кyiv, 343 p. (in Ukr.).

Vlasova, N.A., Smolnyakova N.N., Mikhaylova Y.V. (2013). Principles and Main Stages of Optimisation in the System of Management of Circulating Assets in Retail Trade Companies. Biznes-inform [Business Inform], vol. 6, pp. 202-208. Аvailable at: http://jnas.nbuv.gov.ua/article/UJRN-0000323045 (in Ukr.).

Tereschenko, O.O., Babiak, N.D. (2013). Finansovyj kontrolinh [Financial controlling]. Nats. ekon. un-t., Kyiv, Ukraine, 407 p. (in Ukr.).