Kobelia-Zvir M. The state financial policy in the context of state-owned enterprises

The dissertation is devoted to the in-depths analysis of theoretical and methodological foundations, and contains practical recommendations for the formation and implementation of the state financial policy in Ukraine in the sector of state-owned enterprises. Given the specific nature of the state-owned enterprises it is suggested to direct the relevant state policy to the solution of the following set of core objectives: 1) to determine the priorities of the state-owned enterprises’ development; 2) to assess the financial flows of the state-owned enterprises and to rate their place in the financial system; 3) to estimate the required share of the state-owned enterprises in the financial and non-financial sectors of the economy; 4) to choose a justified model of management for the state-owned enterprises; 5) to ensure optimally permissible expenditures and losses of the state budget to support the state-owned enterprises; 6) to evaluate the risks arising during the state-owned enterprises’ operation and to develop interventions to minimize them. The research gives recommendations for optimizing the impact of the state-owned enterprises’ activities on the formation and implementation of financial policy in Ukraine. In particular, to solve the main problems of the state-owned enterprises’ functioning, it is suggested to take a set of measures the main feature of which is the identification and specification of challenges and threats to achieve the strategic goals of the relevant financial policy of the state. The key directions of reducing the negative impact of the main threats and problems on the activities of state-owned enterprises in the process of forming and implementing the financial policy are identified. They include optimization of the current state economic strategy directed to increasing the efficiency of the state-owned enterprises’ functioning; improvement of the ownership policy of state-owned enterprises following the OECD recommendations; increasing transparency in the financial and non-financial information disclosure by state-owned enterprises; overcoming corruption at the level of enterprises’ management; reducing political influence and state authorities’ effect on financial and economic activities; improving the dividend policy regarding the distribution of enterprises’ net profit. The comprehensive implementation of the suggested measures will make it possible to increase the effectiveness of financial policy, its formation and implementation for the state-owned enterprises in Ukraine.