Search

The article analyzes changes in the business models of Ukrainian banks using the author's method of structural and functional groups of banks (SFGB). The method’s basis is the processing, systematization, and visualization of the system’s values of banks’ financial indicators using Kohonen’s self-organizing map (SOM). Depending on the level distribution of a large number of indicators that characterize the structure of assets, liabilities, income, expenses, and other qualitative indicators that describe the business models of each bank on successive reporting dates, homogeneous groups of banks are formed. The purpose of this study is to compare the key features of the banking system as of January 1 and September 1, 2022, and the corresponding changes in business models.Over the eight months of 2022, the number of banks with corporate lending increased slightly, but the resource base of these banks gradually changed. The number of banks with retail financing decreased at the expense of banks with current resources. During an increase in the discount rate and in the price of refinancing loans, banks’ business model that attracts resources on the interbank market and places them in securities has shrunk. At the same time, the number of banks with an increased level of securities in assets and corporate financing increased. The quality of the portfolio indicates the increased credit risks of the respective large state banks.The drawback of the proposed method is the dependence of conclusions on official banks 'statements that do not always reflect nuisances of financial position. Within small banks, we can sometimes observe that current changes in clients' account balances affect the position in SFGB. The SFGB method can be applied to analyze trends and estimate the probability of subsequent structural changes. For each bank, one can observe the trajectory change on the map and investigate the reasons for the change in business strategy.

The article is aimed at defining the theoretical foundations of management of financial stability of the insurance company; carrying out an analysis of indicators; developing directions of improvement of financial position on the example of insurance companies of Ukraine. The article discloses the main criteria for ensuring a stable activity of the insurer. The notion of financial stability of the insurance company as an indicator of its efficiency, as well as the principles of financial stability of the insurance company are defined. Principles of financial stability of the insurance organization and a group of factors influencing financial stability are considered. The relative indicators of financial stability of insurance companies of Ukraine during the period of 2017–2019 are analyzed and the main shortcomings of their work are identified. It is emphasized that negative factors which influenced financial stability of insurance companies of Ukraine became the following: increase of dependence on external sources of financing (loss of autonomy); increase in receivables, which resulted in the removal of current assets from the turnover; increased financial risk due to the imperfect diversification system; reduction of own capital manoeuvrability and insufficient reserves. The mechanism of management of financial stability of the insurance organization is characterized and the main criteria for ensuring stable activity of the insurer are allocated. The list of measures directed towards improving financial stability of the insurance company is outlined. Ultimately, the outcome of the proposed measures should be increased solvency, increased equity, balancing the tariff policy and the insurance portfolio, reducing the level of dependence on external sources of funding and risks.

In the face of a persistent shortage of financial resources, bankruptcy and the liquidation of a large number of enterprises, the problem of ensuring the appropriate condition and management of the enterprise’s non-current assets and finding ways to improve the efficiency of this process is quite urgent. Given this, as well as the importance of assets as a constituent part of the enterprise’s resource potential, there is a need for a detailed analysis of the enterprise’s non-current assets, their technical status, as well as the researching the efficiency of their use. Efficient use of non-current assets is important both for enterprise and for the economy of the country in general, as it leads to a reduction in the need for putting into operation of new production facilities, to an increase in the output volumes of production (and therefore profits), accelerates the turnover of these assets and ultimately helps to reduce the gap in terms of physical and moral wear, accelerates the rate of renewal of fixed assets. When evaluating the efficiency of non-current assets, it is necessary to take into account the specifics of economic management activity, the form of ownership and the strategic purpose of enterprise. The article is aimed at studying the peculiarities of analyzing the non-current assets of enterprise on the example of one of the domestic enterprises. The tendency of changes in the structure and dynamics of the indicators of wear and tear, validity, renewal, disposal and return on total assets is analyzed. According to the results of the study, ways to improve the efficiency of use of the non-current assets of enterprise are proposed.

The article is aimed at studying the prospects for development of health insurance in Ukraine, taking into account foreign experience. It is defined that reform of the health care system is an important condition in the course of European direction of Ukraine’s development. The priority in this matter is assigned to insurance medicine, in particular the introduction of compulsory national health insurance. To implement the modern health care model, we urgently need management and intermediary organizational structures (insurance organizations, foundations, insurance offices) and highly qualified medical personnel, which would provide appropriate attitude to the health of the insured persons. Analysis of health insurance in the socio-economic conditions of today’s Ukraine showed that it is at the initial stage of its development. The effective experience of the world countries in the sphere of insurance medicine proves that various models, compulsory health insurance systems have already been worked out and their high results have been proven. The introduction of a new model of health care financing in Ukrainian practice involves not the increasing financing, but changing the approach to resource management in order to use recourses more effectively. The main stages of implementing compulsory and voluntary insurance as a single complex should be: optimizing of compulsory health insurance rates; substantiating the optimal amount of insurance premiums for the unemployed population, pensioners and children; introducing more progressive cost-recovery methods; setting tax breaks; excluding the possibility of duplication of payment for medical services to be provided under compulsory and voluntary health insurance schemes; organizing the uniform standards and regulations for treatment and delivery of services.

The article is aimed at exploring the functioning and the development directions of the Ukrainian bond market. It is defined that in Ukraine the bond market is divided into three segments: the State bond market, the local bond market, and the corporate bond market. Data on the issue of and trade with bonds in the domestic stock market over the past five years were collected and processed. The main development tendencies and the current status of bond trading are analyzed. It is displayed that Ukrainian bond market today takes the main share in the structure of securities trading in the Ukrainian stock market, but is still underdeveloped. It is defined that the volume of bond trading has decreased by more than four times in the last five years: the most important value of this indicator shows the State bond market, while the local bond market has not been issued with new securities for three years. The focus is on the main problems in development of the bond market in Ukraine, which hinder its effective functioning, which are the following: low credit rating of the country; imperfect mechanism for the formation of bond prices; unstable macro-economic and political situation in the country; ineffectual tax policy on the part of the State. It is defined that the main direction of development of this segment should be increasing the competitiveness of Ukrainian bonds in the international stock market, so that Ukraine may solve the issue of too expensive attraction of additional resources. The main directions of increasing the attractiveness of Ukrainian bonds in international markets are proposed, methods of overcoming the existing domestic problems of the national bond market are allocated.

The research was conducted to assess the changes in the excess return of Ukrainian stock market (using the example of the representative stock index PFTS) on the informational content of such major non-monetary signals of the USA as “Consumer Price Index”, “Personal Spending”, “Unemployment Rate”, “Gross Domestic Product”, “Industrial Production”, “Consumer Confidence” and “Housing Starts” on the basis of daily data for 2000—2017 (number of observations — 4436). We used the toolkit of vector autoregressive modelling to determine the sources of Ukrainian stock index PFTS response to the US non-monetary information signals, which is based on the decomposition of changes in stock market excess return through the channels of economic transmission (“expected future dividends”, “real interest rate” and “risk premium”) and takes into account the unexpected values of the informational context of selected non-monetary signals. Target time series are stationary according to the KPSS and ADF criteria. The results show that four of the six selected non-monetary information signals of the USA do not have a significant effect on the response of endogenous variables of econometric model. The existence of significant direct influence of US non-monetary informational signals “Personal Spending” and “Consumer Confidence” on the response of the excess return of Ukrainian stock index PFTS has been established. It is substantiated that the actual and forecast state of the USA national economy is considered by the participants of the local stock markets, in particular in Ukraine, as one of the most important sources of macroeconomic information while making strategic and tactical investment decisions. Thus, the increasing importance of the component of “surprise” of such non-monetary information signals of the USA is considered as “positive” news for the domestic stock market by investors, which increases the excess return of the stock index PFTS.

The Ukrainian PFTS stock index volatility reaction as a whole and its constituent economic sectors (“Basic Materials”, “Financials”, “Industrials”, “Oil & Gas”, “Telecommunications”, “Utilities”) to seven non-monetary US information signals (“Consumer price index”, “Personal spending”, “Unemployment rate”, “Gross domestic product”, “Industrial production”, “Consumer confidence”, “Housing starts”) was carried out for the period 2000–2017 on the basis of closing stock quotations in the trading day format. To assess the “surprise” component direct influence nature of the USA selected non-monetary information signals on the PFTS stock index, an AR-GARCH econometric modelling device was used. The results achieved clearly indicate the presence of some PFTS stock index economic sectors heterogeneous reaction to the United States individual non-monetary information signals announcement. For example, such economic sectors as “Basic Materials”, “Financials”, and “Oil & Gas” volatility response to the US non-monetary information signal “Consumer price index” “surprise” components the opposite of the overall PFTS stock index reaction. It can also be concluded that the United States non-monetary information signals influence on the Ukrainian stock market volatility depends not only on the financial cycle phase and data frequency, but also on the PFTS stock index economic sector.