Comprehensive assessment of financial management of economic security of an enterprise in the conditions of innovative economy

Abstract

Uncertainty and high turbulence of the processes of the functional environment of the enterprise provokes a large number of risks in the enterprise. All of the above necessitate the search for ways to prevent risks or minimize their negative consequences for the enterprise. This, in turn, actualizes the problems assessment of the financial management of the economic security of a modern enterprise in an innovative economy. The purpose of the article is to model a comprehensive assessment of the financial management of the economic security of a modern enterprise in an innovative economy. The materials of the study were the data of enterprises, namely: PJSC Interpipe Nizhnedneprovsky tube rolling plant, PJSC Sumykhimprom, PJSC SIC Borshchahivskiy, and PJSC Azovstal iron and steel works. To model a comprehensive assessment of the modern enterprise economic security financial management in an innovative economy it is proposed to use multivariate factor analysis in combination with the method of chain substitutions. This helped to develop a system of adaptive assessment of the financial management of the economic security of an enterprise, taking into account changes in the external and internal environment. The result of the study is an algorithm developed by the authors for assessing the financial management of the economic security of an enterprise using an integrated approach. This approach involves the decomposition of the financial management assessment of the economic security of an enterprise into subsystems, as well as the choice of indicators characterizing these subsystems, the calculation of integral indicators for each of the subsystems and the final calculation of the level of economic security of the subject of entrepreneurial activity. The following subsystems have been identified: operational, financial, personnel, as well as innovative and technological, which meets the conditions of sustainable development of the enterprise. Conducting a comprehensive assessment of the financial management of the economic security of an enterprise using factor analysis allows us to assess the degree of impact of each factor-subsystem included in the system of managing the economic security of an enterprise, and allows us to adequately adjust existing measures to ensure the target level of economic security. Modeling a comprehensive assessment of the financial management of economic security allows the enterprise to carry out adaptive management actions to minimize costs, reduce risks and plan activities for a prompt response to changes in the external environment. Modeling helps to obtain information that can be used to adjust management decisions, plan and implement operational measures to improve the economic security of an enterprise in an innovative economy.