The aim of this research is to determine the influence of electrical energy market regulation reform in Ukraine on the competitive environment, the reproduction processes of financial and innovative support, and the energy efficiency of the national economy. The authors have put forward and verified the hypothesis that, under conditions of institutional maturity of the Ukrainian electrical energy market, its liberalization and separation of the kinds of activity related to generation, transmission, and distribution leads to a decrease in prices, and the level of economic concentration stimulates implementation of innovations and the formation of reports on sustainable development. Over the thirteen-year time interval, a steady trend of decreasing energy intensity of the Ukrainian economy was established, and the appropriateness of energy efficiency management based on strategic targets was substantiated. The electricity market model in Ukraine is defined as a hybrid one, with an emphasis on trade under bilateral agreements. It was statistically found that liberalization of the electrical energy market in Ukraine contributed to a decrease in prices, with the exception of the areas of largest household and non-household consumers. The high level of asset concentration in the accounts of large enterprises was revealed, and the conclusion concerning the improvement of the competitive environment in the electricity production sector and the existence of the features of natural monopolies in the areas of transmission and distribution of electricity was made. The assessment of the financial competitive ability and profitability of electrical energy market entities was made, the main entities of the investment activity and the sources of their financing were characterized, and innovations were emphasized. The role of the standards of the audit of integrated reporting of the Ukrainian energy holdings and their role in ensuring sustainable development was determined.

Abstract. The article ascertains that quantitative characteristics of the development of insurance market in Ukraine contradict its qualitative characteristics. The main reason for this is that the insurer's investment portfolio typically consists of equity securities and that the investment risk is partially reduced by T-bills. A positive evaluation of legislative novelties that regulate the insurance market in Ukraine and that motivate insurance companies to increase the quality of their portfolios has also been given. Additionally, recommendations to implement international investment standards for better insurers' investment performance and to increase the transparency of securities transactions. Keywords: Securities; Investment; Insurance Companies JEL Classіfіcatіon: E22; G11; G22; G23; H54; K22 DOI: http://dx.doi.org/10.21003/ea.V159-18 Косова Т. Д. доктор економічних наук, професор, кафедра фінансів та моделювання економічних систем, Класичний приватний університет, Запоріжжя, Україна Слободянюк Н. О. кандидат економічних наук, доцент, завідувач кафедри фінансів та банківської справи, Донецький національний університет економіки і торгівлі імені Михайла Туган-Барановського, Кривий Ріг, Україна Цінні папери як об'єкт інвестування страхових компаній: проблеми й перспективи Анотація. У статті встановлено, що кількісні показники розвитку інвестиційної складової страхового ринку України вступають у протиріччя з якісними, оскільки портфель цінних паперів сформований переважно за рахунок пайових цінних паперів, ризик інвестування в які частково компенсується облігаціями внутрішньої державної позики. Надано позитивну оцінку новелам нормативно-правового регулювання страхового ринку, які стимулюють страхові компанії до підвищення якості портфеля цінних паперів. Розроблено рекомендації з імплементації страховими компаніями глобальних стандартів результативності інвестування, а також із підвищення транспарентності операцій із цінними паперами. Ключові слова: цінні папери; інвестування; страхові компанії. Косова Т. Д. доктор экономических наук, профессор, кафедра финансов и моделирования экономических систем, Классический частный университет, Запорожье, Украина Слободянюк Н. А. кандидат экономических наук, доцент, заведующая кафедрой финансов и банковского дела, Донецкий национальный университет экономики и торговли имени Михаила Туган-Барановского, Кривой Рог, Украина Ценные бумаги как объект инвестирования страховых компаний: проблемы и перспективы Аннотация. В статье установлено, что количественные показатели развития инвестиционной составляющей стра-хового рынка Украины вступают в противоречие с качественными, поскольку портфель ценных бумаг сформирован преимущественно за счет паевых ценных бумаг, риск инвестирования в которые частично компенсируется облигациями внутреннего государственного займа. Дана позитивная оценка новеллам нормативно-правового регулирования стра-хового рынка, стимулирующих страховые компании к повышению качества портфеля ценных бумаг. Разработаны рекомендации по имплементации страховыми ком...

Abstract. The relevance of the study is determined by the objective need to model the processes and results of business entities in conditions of the internal and external environment uncertainty in order to identify and reduce risks. The aim of the research is to make systematization of the risk sources and its main types inherent in Economics, Marketing, Finance and Accounting, as well as to develop recommendations for the use of Risk Management Models. The source of information was the International Organization for Standardization Guidelines, International Financial Reporting Standards, Directives of the European Parliament and the Council, scientific articles. Research methods are: system approach, formalization, theory of risk and modeling, analysis and synthesis. The main scientific result is to generalize the principles, structure, processes, sources of risks, approaches to its modelling, monitoring, quantification, reflection in accounting and reporting. The content and purpose of Risk Management Models, requirements to the information base and methods of their construction, approaches to description, practical application and validation were formalized. Such Risk Management Models as: reflexive, simulation, scenario, Value-at-Risk (VAR), Expected Shortfall (ES), SWOT-analysis, gap-management were considered in details. Authors’ contribution is mainly focused on the improvement of the modelling process based on the recommendation to apply an additional stage-model risk assessment, which will improve the quality of Risk Management Models and their further application. The practical significance of the obtained results is to increase the efficiency of economic, marketing, financial decision-making on the basis of Risk Management Models in conditions of uncertainty. Keywords: risk, management, model, economics, marketing, finance, accounting. JEL Classifications C50, D81, G32, M00, O21 Formulas: 0; fig.: 1; tabl.: 0; bibl.: 15.

The theoretical and methodological principles of researching the tax security of a state were substantiated with the emphasis placed on the two basic economic theories: the social choice theory and the reflectivity theory. The differential features of national tax systems under globalization conditions and their impact on the economic security of the countries that differ in the political regime, the level of economic development, geography and location were identified. There was given the assessment of the cross-sector approach, based on which multifactor effective marginal tax rates in the European Union (EU) are calculated, and of the marginal approach to taxation in general. The analytical study of tax security of the countries of Organization of economic cooperation and development (OECD) was carried out based on the assessment of the specific weight of taxes in gross domestic product, as well as the structure of taxes in the context of taxation objects: income individuals, income corporates, social security contributions, property, value added taxes, other consumption taxes. A particular attention is attached to the problems of taxation of the motion of capital and goods between the EU countries within the framework of ensuring the mutual economic benefits of the collective interests. The assessment of external and internal threats to tax security of Ukraine was performed based on the identification of the shadow economy segment, reasons for its emergence and consequences for the national economy, as well as the dynamics of the absolute and relative indicators of the budget-debt security. The recommendations on strengthening the tax security of Ukraine under the European integration conditions were given.

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