The fact that the accumulated investment potential (IP) of insurance companies (IC) does not have a significant impact on the processes of economic growth in Ukrainian practice actualizes the task of researching the practice of investing in the activities of domestic insurers. The purpose of the study is to find out, classify and highlight the main factors that influence the formation of the Ukrainian IC’ IP and give recommendations for overcoming a number of related difficulties. According to the results of investigation of the Ukrainian insurance industry development trends in 2011–2018, it was concluded that rates of their IP accumulation are insufficient. There is a decrease in the aggregate value of insurers’ investment assets and a reduction in the composition of investment attractive financial instruments. Low efficiency and simplification of investment strategies of IC are noted. The factors that exert a stimulating and inhibitory influence on the investment processes in the Ukrainian insurance market were identified. Ways and tools were proposed to strengthen the effect of incentive factors and eliminate or minimize the effect of the considered restrictive factors that can be used in the practice of state regulation of the insurance industry of the country. Considering the examined factors should allow the state regulators making more effective decisions to improve the investment activity of insurers and enhance its importance in the development of the national economy.

The article discusses the effects of fiscal instruments used to stimulate the development of small business in Ukraine and the hypothesis that the inconsistencies inherent in these instruments prevent them from achieving the desired outcomes. To test this hypothesis, the authors estimated the percentage of small businesses covered by the simplified tax scheme and analyzed such fiscal instruments as the simplified tax scheme, various types of debt financing and taxation of debt financing. The authors used the data on the amount and dynamics of repayable financial assistance to estimate the scale of the phenomenon of corporate split-ups. The latter might be caused by the interest of large and medium-sized companies in accessing small business tax preferences. To calculate the amount of repayable financial assistance the authors propose to adjust the indicator of other current liabilities for the following indicators: other current accounts payable; interest incomes of resident banks; interest incomes of non-resident banks from their lending transactions in Ukraine; commission incomes of resident banks; and the total amount of corporate bonds. The analysis relies on the data of the State Statistics Service of Ukraine on activity of companies and the data of the National Bank of Ukraine on the country’s banking system in 2012–2017. The results of the analysis have confirmed the initial hypothesis about the contradictory effects of fiscal instruments: 1) In the given period, from 22% to 38% of small businesses did not have access to the benefits of the simplified tax system due to the inadequacy of the criteria for defining the size of business. 2) The taxation norms discriminated against small businesses seeking to use specific instruments of debt financing: instead of stimulating the development of start-ups, these fiscal instruments encouraged large and medium-sized companies to split into smaller units. 3) What distinguishes Ukraine from other countries is the wide use of repayable financial assistance by small businesses to attract funds. Calculations have shown that the share of repayable financial assistance among other available instruments of debt financing in the given period exceeded 28%. Thus, the findings indicate that further improvements of small business taxation are necessary.

ОСОБЛИВОСТІ ТА СФЕРА ЗАСТОСУВАННЯ АВС-АНАЛІЗУВ СИСТЕМІ КОНТРОЛІНГУ ПІДПРИЄМСТВ РЕСТОРАННОГО ГОСПОДАРСТВА Аннотація. Розглядаються питання адаптації ABC-аналізу з урахуванням галузевої специфіки ресторанного господарства. Особливість ресторанного господарства полягає у тому, що підприємства цього сектору поєднують функції виробництва, реалізації купівельних товарів і продукції власного виробництва та організації споживанні їжі, при цьому вказані процеси суттєво відрізняються за економічним змістом. Дослідження практики, а також інструктивних матеріалів та рекомендацій з ведення обліку фінансових результатів у ресторанному господарстві показало, що в цій сфері використовується така сама методика, як і в торгівлі. До собівартості реалізації продукції власного виробництва включається тільки первісна вартість продовольчої сировини. Ураховуючи це, критеріальними показниками запропоновано при проведенні АВС-класифікації використовувати частоту продажу, торговельну націнку та продуктові витрати. Визначено переваги і недоліки різних способів відділення груп А, В і С. На основі емпіричних досліджень ресторанів м. Львова з використанням способу дотичних визначено відсоткове співвідношення груп А, В і С за критерієм частоти продажу. Запропоновано при застосуванні емпіричного способу використовувати визначені відсоткові співвідношення груп А, В і С, значення яких відрізняються від аналогічних для підприємств промисловості і торгівлі, ураховуючи відносно невелику кількість асортиментних позицій продукції власного виробництва і купівельних товарів підприємств ресторанного господарства. Обґрунтовано доцільність використання результатів АВС-аналізу продажів для аналізу сировинної матриці з метою більш точного виділення груп А, В і С продовольчих запасів за критерієм їхнього внеску у формування фінансового результату. Визначено варіанти дій управлінського персоналу за результатами АВС-аналізу з урахуванням специфіки ресторанного господарства. Практична реалізація запропонованих підходів до АВС-аналізу дозволить сформувати належну інформаційно-аналітичну базу для формування високоефективних цільових управлінських дій, спрямованих на збільшення прибутку підприємств ресторанного господарства. Abstract. The article deals with the issues of adaptation of the ABCanalysis method according to sectoral specificity of the restaurant industry. The peculiarity of the restaurant industry lies in the fact that enterprises of this sector combine functions of production, sales of purchased goods and products of their own production and organization of food consumption. At the same time, these processes differ significantly in economic content, however, they are interrelated in time and space. The study of practice, as well as guidance material and recommendations of financial performance's record-keeping in the restaurant industry showed that the same methodology is used here as in the trade. To the net cost of it's own production product sales, is included only the original cost of food commodity. Under such conditions, determination of profit m...

Ukrainian insurers, especially those engaged in life insurance, like European insurers, have a large potential investor in the financial market and can become a key driver of economic growth. Social significance of the investor activity of insurers is tightly connected with the saving function of insurance. Economic significance of investing activity of the insurance companies is determined by the large volumes of their investment resources.The article analyzes the dynamics and structure of insurance reserves of life and non-life insurers of Ukraine in comparison with foreign insurers. Contrary to foreign experience, when the bulk of the reserves is invested in debt and equity securities and real estate, Ukrainian insurers are mostly oriented towards banking investments due to the underdevelopment of the stock market, high deposit rates, and lack of investment experience. The differences in behavior of life and non-life insurers in the financial market as institutional investors are determined based on the features of insurance activity. The specifics of life insurance lays in the longterm contracts that allow investing a significant portion of the reserves in relatively long-term investment vehicles and significantly reduce the requirements for liquidity of investments. The reserves of life insurance companies are in fact 4 times higher than non-life insurance ones. In order to assess the impact of investment placement of life and non-life insurance on economic growth in Ukraine, the correlation between rates of change of technical provisions and life insurance reserves and GDP in the dynamics of 2001-2016 has been analyzed. The investment activity of life andnon-life insurance companies during the period of 2001-2016 was basically ineffective. This is evidenced by the correlation between the rates of change of insurance reserves and GDP, that is higher than 1.It has been determined that the rate of change of investments is predominantly ahead of the GDP rate. This indicates they are used not to ensure the development of the national economy, and, more likely, with a speculative purpose. There is a cyclical correlation between annual rates of change of technical provisions and GDP. The life insurance investment placement was only effective in 2010, 2011 and 2016. However, it should be noted that over past years, namely from 2014 for non-life insurance, and in 2016 for life insurance, there is a positive trend that allows us to conclude that further prospects for economic growth in Ukraine in dynamics.

The main task of this study consists in evaluating the state of funding for environmental protection measures and substantiating the ability of the state and local communities to increase investments in environmental protection. To this end, the following was studied from 2010 through 2020: 1) mechanisms of filling and using funds of the Environmental Protection Fund of state and local budgets; 2) proportions of distribution of environmental revenues and expenditures between levels of the budget system. The analysis results showed that opportunities of the public economy sector in terms of environmental investment are reduced because of imperfect distributing mechanisms: ‒ the budgetary expenditures for environmental protection measures; ‒ the environmental tax revenues to the budget funds. It was established that a significant part (about 70 %) of the "environmental" funds of the public economy sector is directed to non-priority goals and measures. Less than half of the amount of environmental tax revenues is allocated for financing environmental activities. This does little to address pressing environmental issues and hinders the sustainable development of the country. There was a significant discrepancy between the tax burden on "polluters" of water bodies (3 % of the total amount of environmental tax) and the levels of their polluting activities (30‒40 % of all costs of the national economy to eliminate the effects of pollution). In order to increase public investments in the reproduction of the environmental and natural resource potential: 1) ways to improve the mechanism of using the Fund of Environmental Protection were proposed; 2) reserves for increasing capital environmental investments from the budget have been identified.