ABSTRACT
Business entities conduct operations and implement the strategy in a turbulent business environment. The modern business environment is characterized by rapid change and unpredictability of trends caused by both systemic factors (development of the digital economy) and non-systemic shocks (COVID-19 pandemic, sharp fluctuations in commodity prices, Russian armed aggression in Ukraine). That causes threats to companies financial security of companies. This paper aims to highlight the features of supporting financial security at the micro-level in the context of the digital economy's development and to formulate proposals for ensuring companies' financial security, taking into account the challenges of the exogenous and endogenous environment. The paper presents issues of the digital economy's development, its impact on macro-and microlevel economic processes, and cause-and-effect relationships with the state of companies financial security. The influence mechanism of high-tech companies' development in the context of financial security at the micro and macro levels is revealed with a special focus on the area of changes in capital expenditures and economic cycle phases. Emphasis is placed on the importance of using contemporary tools to analyze the essence and consequences of the phenomena inherent in the digital economy in the context of ensuring companies' financial security. As a result of the analysis, a model for managing a company's financial security under digital economy conditions is developed. The proposed model covers both micro- and macro-blocks of ensuring financial security. The importance of a combination of qualitative and qualitative methods for assessing a company's financial security under conditions of the digital economy is emphasized. Within the framework of the model, a process approach to ensuring financial security at the company level is highlighted. The results of the paper may be used by state and local authorities to develop the principles of financial security management at the micro level under digital economy conditions, as well as by representatives of the scientific community to study the issues of companies' financial security under conditions of the digital society development.
ABSTRACT
In the paper the strategic priorities of budget policy of Ukraine under current conditions are examines. The global COVID-19 pandemic has exposed gaps in the resilience of financial systems. The purpose of the article is to assess the adequacy of strategic priorities of Ukraine's budget policy and its adaptability to global challenges. In these conditions, the importance of the state and the development of new strategic priorities of fiscal policy will only increase. Using monthly statistics from the State Treasury Service of Ukraine, the State Statistics Service and the Ministry of Finance of Ukraine from January 2018 to September 2020, the article hypothesizes the impact of the COVID-19 pandemic on the amount of money spent by the State Budget of Ukraine, health care expenditures, economic activity and tax revenues. The authors believe that the fight against COVID-19 affects the monetary expenditures of the State Budget of Ukraine, as well as the consumer price index and other indicators of economic efficiency in Ukraine. In addition, based on the results of the regression, the consumer price index is the most influential factor in the monetary expenditures of the State Budget of Ukraine. At the same time, COVID-19 affects the expenditures of health care, but does not affect the expenditures of economic activities and local budget expenditures. This means that the main goal of Ukraine's economic policy is to limit the spread of the virus among the population to prevent the economy from stopping. Much of the research on strategic fiscal policy priorities, their changes, and compliance during the COVID-19 pandemic is relatively low. Previous studies have not used the influence of currently unique exogenous factors of a global nature. Adherence to the priorities of budget funding in a pandemic, taking into account the phases of its development will assess the effectiveness of fiscal policy in accordance with existing conditions. The authors of the article propose the main strategic priorities of Ukraine's budget policy in terms of COVID-19.