Bryzhatiy V. Financial Risks of Investment in the Enterprising Activities of Ukraine

The object of research - economic relations in the society concerning implementation of financial-investment component of enterprise activity. The aim of dissertation work is scientific grounding of conceptual basis of the essence of financial-investment risks, the sources of their emergence and methods of their revealing. Methods of investigations: dialectical method, general scientific methods, comparative analysis, system method, method of analysis and synthesis, method of analogy and comparison, unity of historical and logical, scientific abstraction, mathematical statistics, export estimation. Obtained scientific results determine directions of forming an enterprise's financial-investment policy, have theoretical and methodological significance for further investigating problems of enterprise activity risks. Application value of the work lies in possibility of using recommendations concerning arrangement of financial monitoring at enterprises in order to minimize potential financial-investment costs, algorithm of making decisions about financial investments and so on. The results obtained have been used at open joint-stock company "Olimp" while improving inner mechanism of management of financial-investment activity and at open joint-stock company "Pure Metals" for improving algorithm of making decisions about financial investments and possibilities of attracting financial investments and monitoring financial market. Theoretical propositions developed in dissertation are used in the process of studying such subjects as "The Fundamentals of Political Economy", "Microeconomics", "Investment" at Dnipropetrovsk University of Economics and Law. The scientific novelty of the obtained results lies in theoretical system grounding of the problem of financial-investment risks of enterprise activity for financial non-specialized enterprises - issue- and recipient enterprises, examining peculiarities of their appearance in Ukrainian economy and working out the mechanism of risk management. First time it has been proved that there is a difference between concepts "risk of enterprise activity" and "entrepreneurial risk". It appeared to be possible due to singling out specific features of the latter and considering it to be realized, noninsurable and resulted from an entrepreneur's rational choice. The dependence of risk level in financial-investment activity on the market model has been revealed first. It allowed to introduce matrix of entrepreneurial risk adapted for the state of an enterprise's competitive environment. A threat for enterprise-recipient during the issue period of fund tools and post issue period has been grounded. For post issue period there were considered the following threat sources: appearance of conflict-regress inside issue-enterprise, revealing the real intentions of investors, losing by issue-enterprise quality level of management. It was offered to divide opportunism of the issue-enterprises' managers concerning financial-investment agreements into opportunism "for one's sake" and opportunism "for an enterprise's sake". The role and content of managers' expectations factor, its connection to opportunism motives and factors which determine the strength of managers' opportunistic behaviour have been offered. The theory of enterprise activity environment has been further developed on the basis of more profound analysis of an enterprise's financial-investment activity: the double role of financial-investment relations among market adjacent enterprises ( possible risk minimization, threat of other risks) has been grounded; subjects-competitors have been analyzed in frames of commodity and financial markets; institutional component of macroenvironment have been presented in meanings of functional and "style" peculiarities. Estimate of risks of current financial-investment activity of enterprise - non-specialized investor has been further developed. Risks here are to be considered as occasional risks having outer (market institutional and market non-institutional) and inner (institutional competitiveness) origin. The analysis of the main stipulation of opportunistic behaviour of investor-enterprise's managers as the source of financial-investment and estimate of possible consequences of opportunism and certain tools which are to prevent appearance of such risks have been improved. The comparative characteristics of these tools' effectiveness have been introduced. Inner mechanism of management of an enterprise's financial-investment activity has been improved on the basis of specifying investor-enterprise and enterprise-recipient's reasons for entering financial-investment market and applying matrixes of possibilities of placing and attracting investments.