Research background: A significant share of Ukrainian enterprises in modern conditions is accompanied by unprofitability of their activity. On the back of Ukrainian enterprises unprofitability, there is a problem of methodical provision of financial risk management, which lies in the fact that a major part of scientistific works in this area focus on the study of internal factors and indicators of financial risk. At the same time, the system risk is levelled out. Purpose of the article: The aim of the study is the improvement of enterprises’ financial risk management tools based on the assessment of the company's ability to neutralize financial risk taking into account system risk effects. Methods: The methodological apparatus includes: The "weight center" method; expert appraisal method; multidimensional factor analysis method; neural network apparatus. Findings & Value added: As a result of the study, an approach to assessing the impact of system risk on the ability of an enterprise to neutralize financial risk is developed. The expert evaluation method is based on an integrated model that allows for estimation of the ability of metallurgical enterprises to neutralize financial risks. The system risk factors, namely the factor of commodity markets state, the political and demographic, fiscal, monetary factors as well as the factor of the external balance financial estimates, were determined. By constructing a neural network, elasticity of enterprises' ability to neutralize financial risk in relation to systemic risk factors was calculated. The proposed approach allows for conducting preventive financial risk diagnostics on the basis of assessing the current financial status and the ability to neutralize financial risk in an open economic system — taking into account the system risk impact.

This article aims to assess the potential of using the components of the five-helix model in countries with different levels of business development in Industry 4.0 for the US, Azerbaijan, Ukraine, and Poland. We determined the stimulators and not stimulators of the company development interacting with the participants of the innovation system: "business," "society," "state," "science," and "environment." We empirically evaluated the company’s ability to use the potential of the five-helix model during the transition to Industry 4. These estimates, along with the development indicators of the five-fold spiral elements, were used to build a decision tree for choosing a practical scenario for business development and information transformation. It helped determine options for ensuring business efficiency, depending on the development of the five helix components and the company's ability to use their development potential.

The article aimed to substantiate the differentiated impact of critical internal factors of the economic activities on the market value of shares for joint-stock companies accounting for the organizational development cycle. Using the Company’s Financial Statements in the Automotive and Component subsectors listed on the Indonesia Stock Exchange for 2008-2021, the Chow test, path analysis, and t-criterion, we determined the features of the relationship between the share price and the economic performance indicators of joint-stock companies are determined. We used path analysis for modeling to assess the relationship between the price of shares and the number of dividend payments per share, asset turnover, and net profit per share built. A differentiated nature of the relationship between the indicators depending on the accounting company’s life cycle has been established. Knowing the stage of the business, the company can develop the most effective dividend strategy and determine the appropriate management method.

MODEL OF PREVENTIVE DIAGNOSTICS OF FINANCIAL RISK OF STATE OWNED ENTERPRISE У статті побудовано модель превентивної діагностики фінансового ризику державного підприємства, яка основана на показниках фінансового стану підприємства. Обгрунтовано, що результуючим показником, який відображає рівень фінансового ризику підприємства, є кое фіцієнт рентабельності майна. Цей показник характеризує прибутковість діяльності підприємст ва та відображає внутрішній потенціал підвищення платоспроможності за рахунок наявних внутрішніх джерел самофінансування. Методологічною основою побудови моделі превентив ної діагностики фінансового ризику є метод кореляційно регресійного аналізу. Показниками, що впливають на рівень фінансового ризику підприємства, визначеними в результаті кореля ційно регресійного аналізу, є коефіцієнт автономії, який характеризує фінансову стійкість підприємства, коефіцієнт поточної ліквідності, який відображає ліквідність підприємства, та коефіцієнт оборотності активів, який визначає дохідність підприємства. За результатами по будованої моделі встановлено пріоритетність впливу показників фінансового стану на рівень фінансового ризику державного підприємства.

The article presents the methodical approach to anti-crisis management system development for metallurgical enterprises of Ukraine, which is aimed at bankruptcy probability estimation based on financial indicators. The methodical approach is implemented by means of defining the indicators of the enterprise bankruptcy; integrated solvability index calculation; integrated solvability index limits definition by the class of enterprise depending on the risk of the enterprise bankruptcy. The elaborated methodical approach is the instrument for preventive anti-crisis management at the enterprises of Ukraine due to its direction at determining early marks of insolvency. Approbation results for the elaborated methodical approach at metallurgical enterprises testified high bankruptcy risk caused by the enterprise loss-making activity, which has a negative impact on the current financial standing and poses the potential threat of bankruptcy resulting from the lack of self-finance sources, thus, reducing the enterprise financial stability and creditworthiness.