Boiko M.

Institute of market problems and economic & ecologically research, Ukraine

Estimation of the financial component of economic security

of the port operator

Determining the economic security of the business entity is an objective necessity and obligatory condition effective model of management the whole enterprise. Thus the management of economic security ensures consistency of financial and economic activity of the business entity by activities and aims to ensure stability in space and time, as well as maintaining the proper level of its competitiveness in the short and long term.

The main components of a mechanism to ensure the economic security of any enterprise formed on the basis of compliance with its financial interests, among which may highlight maximizing profits, the presence of a sufficient number of fixed and working capital and investment resources, maintaining financial stability, liquidity and solvency. The financial component of economic security promotes the growth of the market value of the company, its development and effective operation, and the state is stable replenishment in taxes and payments.

The importance of the financial component of economic security is determined by many researches [1, p. 127; 2, p. 30; 3, p. 142].

Identifying indicators of financial security and develop an algorithm for their evaluation is to identify all types of risks associated with each individual transaction. Herewith, it is important to identify the risks that depend on the enterprise and external risks that are defined macroeconomic situation.

It should be noted that external financial risks due to general economic and market factors that complicates their determination. In any case, it is necessary to consider the following factors: general decline in production in the country, increasing inflation, imperfection and instability of tax legislation, reducing real incomes and purchasing power. Internal financial risks of the enterprise is affected by industrial and commercial, investment and financial factors, and the establishment of areas of potential financial risks is compared with the potential financial losses estimated amount of profit, income, shareholders' equity of the enterprise.

Most of the researches devoted on the evaluation and prediction of economic security has no practical importance and was reflected in a greater degree analysis of definitions and classifications of risk. For practice, there is necessity for more elaboration of analytical tools of quantitative and qualitative assessment of economic security that is based on external accessible information and without requiring the use of heavy mathematics. In such circumstances, it becomes popular enough to develop methods of analyzing economic security, which allows us to estimate the level of acceptable risk and predict the likelihood of its occurrence.

An important task of managing financial security of any business entity is to maintain normal financial position and financial stability in the future. Analysis of financial risk requires adequate current and projected financial evaluation of the enterprise in the future, so allows further development of methods of financial analysis and forecasting.

Based on the assumption that the amount of financial risk depends on the components: liquidity, financial stability, exchange rates, interest rates and inflation, it is appropriate to calculate the integral index of financial risk, which is calculated by the integral index for these components as key features that affect the financial risk. The calculation must take into account that the financial risk is greater, the smaller the integral index of each component.

The general formula of integral index of financial risk can be defined as follows:

, (1)

where I_FR – integral index of financial risk;

ІL – integral index of liquidity;

ІFS – integral index of financial stability;

ІER – integral index of the exchange rate;

ІIR – integral index of interest rate;

ІІ – integral index of inflation.

It should be noted that for calculating the integral index of liquidity and financial stability indicators were selected following individual financial situation, positive assessment which provides for an increase in dynamics.

With a deterioration of the financial condition is decreases financial security and, conversely, with improvement of the financial condition is increased financial security.

Using the integral index of financial risk allows port operators to develop the concept of optimal structure of assets and sources, timely prevent problems associated with the emergence of imbalances and dependence on external sources.

Further research in this area includes the definition of financial instruments to ensure the financial component of economic security of the port operator, methods and techniques of assessment for the best results management.

References

1. Al'kema V. H. (2010) “The economic security of seaports as logistics territorial entities. Development of management and economic transport”, Rozvytok metodiv upravlinnia ta hospodariuvannia na transporti. Zbirnyk naukovykh prats', vol. 32, p. 119.

2. Vasyl'tsiv T. H., Voloshyn V. I., Bojkevych O. R., Karkavchuk V. V., (2012) “Financial and economic security of Ukraine: Strategies and mechanisms to ensure”, Liha-Pres, L'viv, Ukraine, р. 386.

3. Vasyl'iev, O. V. (2013) “Formation of management of economic security industry”, Ekonomichnyj analiz. Zbirnyk naukovykh prats', vol. 14, no. 2, pp. 138-145.