Stetsko M. The capital market in the financial support of corporate enterprises in Ukraine

The object – the capital market in the processes of financial support of corporate enterprises. The purpose – extending theoretical and methodological provisions of the functioning of the capital market and substantiating the directions of strengthening its importance in the financial support of corporate enterprises. Methods – comparative analysis; deduction; logical generalization; empirical and statistical; factor analysis; system approach. Novelty – the state of «capital market functioning failure» when the market fails to perform its functions, was identified; a logical and deductive system of indicators which is based on the splitting of economic added value into separate components that influence the level of achievement of the enterprise's value-oriented goals has been developed; the concept of financial control of the initial public offering of corporate securities, which is focused on improving the efficiency of the initial public offering of shares, is substantiated and formed; the definition of the capital market as the financial market component, which characterizes the totality of financial relations between participants of the long-term capital market, attracted by the issue of financial instruments, has been improved; methodological approaches to ensuring the information efficiency of the capital market have been developed; scientific and methodological principles for rating companies, which provide for their classification, depending on the ability to timely settle their debt obligations on issued securities or received loans, have been improved; a methodological approach to assessing the effectiveness of corporate governance in the enterprise, based on the ratio of the level of reduction of the cost of capital, have been developed; the criteria for evaluating the effectiveness of the executive body (as an agent) within the corporate governance system and the basis of its effective motivation have been improved; the theoretical foundations of corporate finance and the capital market have been developed in terms of formulating their functions and the functions of behavior management together with the information and communication ones; theoretical concepts in the field of financial security of enterprises have been developed and the main criteria for optimal capital structure have been clarified; the scientific and methodological provisions on the model of financing of the corporate sector of the countries with transitive and post-transitive economy have been formed; methodological components of decision-making on attraction of resources by the enterprises in the capital market have been developed in the part of construction of cost-oriented model of financial decision-making; determinants that hinder the development of the local corporate securities market have been categorized; methodological foundations for conducting due diligence as a tool for reducing information risks at the initial offering have been developed, and compliance and due diligence for sustainable development have been distinguished; scientific and methodological approaches to the realization of securities holders' pre-emptive rights for the acquisition of new issues have been formed. The findings have been implemented in the Committee of the Verkhovna Rada on issues of financial policy and banking activity of Ukraine, in the activity of the Council of the National Bank of Ukraine; The National Securities and Stock Market Commission; Department of Economic Development and Trade of Ternopil Regional State Administration; «MRIA» Agroholding Company; «Zaporizhzhya High Voltage Apparatus Plant» limited partnership; as well as in the educational process of such State Higher Education Institutions as Kyiv V. Hetman National Economic University and Ternopil National Economic University. Scope – the Ministry of Finance of Ukraine, the Public organization «Association of Small and Medium Business Owners».