Tovmasian V. Financial Policy of Aviation Enterprises

In the dissertation work the theoretical and methodological bases, as well as scientific and methodical maintenance and applied bases of modernization of the aviation enterprises financial policy were developed. The genesis and generalized scientific provisions of the theory of enterprise financial policy were studied; theoretical and methodological bases of enterprise financial policy were revealed; the theory of modernization as a conceptual basis of adequate enterprise financial policy was investigated. There were substantiated: the new definition of the category "enterprise financial policy " as a purposeful activity aimed at making responsible decisions regarding financial management in order to achieve and maintain financial stability, economic security and sustainable development of the enterprise; its strategic goals and tactical objectives, based on the development of alternative action algorithms with a clear division of powers and responsibilities, which provides built-in control within its implementation. Theoretical approach to the formulation of the enterprise financial policy functions received further development, taking into account the main tasks of financial management, such as: ensuring a normal rhythm of financial and economic activities; ensuring financial stability, liquidity and solvency of the enterprise; cost optimization and profit maximization; ensuring an effective innovation and investment process. A conceptual approach to studying the economic categories and systems has been developed from the standpoint of a specific retrospection of their essences, namely: the existence of economic essence and agerent one, which proves that any system acquires not only economic meaning (manifested in its functions), but agerent meaning as well (manifestation in the implementation and interaction with other systems and their elements). The conceptual model of the enterprise financial policy modernization has been proposed, which is based on principles, scientific approaches to the formulation and implementation of the enterprise financial policy; sources of financing the aviation enterprises were identified and systematized. A mechanism for the enterprise financial policy implementation has been developed with the functional distribution of its subsystems and grouping its financial instruments by influential complexes (regulatory and optimization), which provides the introduction of a system of prompt and timely response to changes in the external and internal environment of an economic entity, as well as the alternation of algorithms for financial and managerial decisions based on their compliance with the built-in criteria for the effectiveness of financial policy and the use of a system of indicators for its assessment. Categorization system has been improved, as well as the scientific and applied staging of the quality standards implementation at the enterprises of the aviation complex, based on the principles of minimizing costs and risks in the quality management system. The development tendencies of the aviation industry were revealed and the analysis of sources and directions of financing the aviation enterprises of Ukraine was carried out; the financial processes improving the functioning of the aviation complex contracting organizations on the basis of economical production were defined; the approaches providing stimulation of aviation enterprises financial policy modernization were formed.