{"id":14637,"date":"2021-01-20T11:00:02","date_gmt":"2021-01-20T09:00:02","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=14637"},"modified":"2021-01-16T17:56:06","modified_gmt":"2021-01-16T15:56:06","slug":"state-regulation-of-financial-and","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/state-regulation-of-financial-and\/","title":{"rendered":"Kovalenko V. State Regulation of Financial and Investment Support for Small and Medium-Sized Businesses"},"content":{"rendered":"

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JEL Classification<\/strong>: F21, G18; L26, M 20<\/em>
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V24(2020)-13<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Kovalenko V., <\/strong>Doctor of Economics, Professor, Professor, Department of Banking, Odessa National University of Economics, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0003-2783-186X<\/a>
\ne-mail:<\/strong> kovalenko-6868@ukr.net<\/a><\/p>\n

 <\/p>\n

State Regulation of Financial and Investment Support for Small and Medium-Sized Businesses<\/h2>\n

 <\/p>\n

Annotation. Introduction.<\/strong> The current state of Ukraine’s economy largely depends on the development of small and medium-sized businesses. Today, there are problems of urgent solution, which are related to financial and investment support for entrepreneurship. The main obstacles to the development of small and medium-sized businesses in Ukraine are: lack of financial security; imperfection of legislation; underdeveloped financial and credit mechanism; quarantine restrictions related to COVAD-19.<\/p>\n

Purpose.<\/strong> The main purpose of the study is to study the problems, prospects of state regulation of financial and investment support for small and medium business development in Ukraine.<\/p>\n

Results.<\/strong> The article focuses on identifying problems related to state regulation of financial and investment support for small and medium business development. It is determined that the main obstacles to the development of business entities in Ukraine are: limited opportunities for export; insufficient level of qualification of modern managers; low level of innovative development; low level of business efficiency; lack of an effective system of state support for small and medium business development; limited access to funding sources; lack of incentives for business growth; spread of fictitious entrepreneurship; imperfection of the tax system; lack of effective regulatory support, effective government projects and programs for small and medium business development; limited information and advisory support from public authorities.<\/p>\n

The article analyzes the main indicators of small and medium business development in Ukraine. The analysis showed that in Ukraine entrepreneurship does not yet play a significant role in ensuring economic growth, its contribution to gross domestic product is only 19,2%.<\/p>\n

The main legislative and normative documents that regulate the process of financial and investment support of small and medium business are analyzed. The article emphasizes the need to create more favorable conditions for the development of small and medium enterprises by the state. It is substantiated that all measures of state regulation of financial and investment support of small and medium business should be evaluated from the standpoint of their effectiveness. The main indicators for assessing the effectiveness of public policy in the field of small and medium enterprises are identified.<\/p>\n

These include institutional and legal, budget and tax, financial and investment, institutional and infrastructure and information and advisory vectors of state regulation in the field of development of small and medium enterprises.<\/p>\n

Conclusions<\/strong>. To increase the efficiency of state regulation of financial and investment support for the development of small and medium-sized businesses, the author proposes to revise the taxation system, revise the procedure for granting state loans and guarantees, expand lending and introduce a system of guaranteed targeted loans for business projects.<\/p>\n

Keywords<\/strong>: state regulation, financial and investment support, entrepreneurship, small and medium business, .social responsibility of business.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Voronych, K. (2011). International experience in organizing small business and the possibility of its implementation in Ukraine. Scientific Bulletin of NLTU of Ukraine<\/em>, 21.10, 184-189 [in Ukrainian].<\/li>\n
  2. Panchenko, A. (2017). On the effectiveness of methods of financing business projects. Bulletin of Kyiv National University of Trade and Economics<\/em>, 7, 61\u201368 [in Ukrainian].<\/li>\n
  3. Obruch, H. , Ivanyuta, B. L., & Zhuravl\u02b9ov, K. V. Problems and prospects of small and medium business development in Ukraine (2018). Bulletin of Transport Economics and Industry<\/em>, 61, 53\u201362 [in Ukrainian].<\/li>\n
  4. \u041eksenyuk, K. (2017). Financial support for the development of small business in Ukraine, Young scientist<\/em>, 7 (47), 440-443 [in Ukrainian].<\/li>\n
  5. Mayorova, T. (2013). IInvestytsiynyy protses i finansovo-kredytni vazheli yoho aktyvizatsiyi v Ukrayini : monohrafiya<\/em>. Kyiv, KNEU [in Ukrainian].<\/li>\n
  6. Varenyk, I. (2020). State regulation and financial support of small business in Ukraine. Priazovsky Economic Bulletin<\/em>, 1 (918), 70-73 in Ukrainian].<\/li>\n
  7. Bila, I. (2015). Priorities of state regulation of entrepreneurship in modern conditions in Ukraine. Economics and law<\/em>, 27, 68-75 [in Ukrainian].<\/li>\n
  8. Bondaruk, T. & Bondaruk, I. S. (2019). State regulation of small business development and its social responsibility. Scientific Bulletin of the National Academy of Statistics, Accounting and Auditing,<\/em>3, 111-119 [in Ukrainian].<\/li>\n
  9. Frolova, N. (2018). Theoretical and methodological bases of evaluation of efficiency of realization of the state policy of development of small and average business. Black Sea economic studies<\/em>, 33, 59-64 [in Ukrainian].<\/li>\n
  10. The Global Entrepreneurship & Development Index powered by GEDI (2020). Retrieved from https:\/\/thegedi.org\/global-entrepreneurship-and-development-index\/.<\/li>\n
  11. Official site of the State Statistics Service of Ukraine (2020). Retrieved from https:\/\/thegedi.org\/global-entrepreneurship-and-development-index\/. [in Ukrainian].<\/li>\n
  12. Center for Public Initiatives (2020). Entrepreneurship development strategy: expert vision. Retrieved from http:\/\/cehrin.org.ua\/ [in Ukrainian].<\/li>\n
  13. Verkhovna Rada of Ukraine (2012). On the development and state support of small and medium enterprises in Ukraine. Law of Ukraine (Order No. 4618-VI, March 22). Retrieved from https:\/\/zakon.rada.gov.ua\/laws\/show\/4618-17#Text [in Ukrainian].<\/li>\n
  14. Verkhovna Rada of Ukraine (2000). National program to promote small business in Ukraine. Law of Ukraine (Order No. 2157-III, December 21). Retrieved from https:\/\/zakon.rada.gov.ua\/laws\/show\/2157-14#Text [in Ukrainian].<\/li>\n
  15. Cabinet Ministers of Ukraine (2020).Business support programs. Retrieved from https: \/\/covid19.gov.ua\/prohramy-pidtrymky-biznesu [in Ukrainian].<\/li>\n
  16. How can businesses access EU funding? (2019). Contr Agents. Retrieved from https:\/\/biz.ligazakon.net\/news\/191318_yak-bznesu-otrimati-dostup-do-fnansuvannya-s [in Ukrainian].<\/li>\n
  17. Cabinet Ministers of Ukraine (2020).On the financing of the event \u201cEU4BUSINESS: Support for Small and Medium Enterprises\u201d of the event \u201cEU4BUSINESS: Support for Small and Medium Enterprises (SMEs) in Ukraine\u201d (ENI \/ 2020 \/ 042-435). Financing agreement. Special conditions (June 18). Retrieved from URL: https:\/\/zakon.rada.gov.ua\/ laws \/ show \/ 984_009-20 # Text [in Ukrainian]<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 02 December 2020<\/p>\n

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    Kovalenko V. (2020). State Regulation of Financial and Investment Support for Small and Medium-Sized Businesses. Modern Economics<\/em>, 24(2020), 81-87. DOI: https:\/\/doi.org\/10.31521\/modecon.V24(2020)-13.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: F21, G18; L26, M 20 DOI: https:\/\/doi.org\/10.31521\/modecon.V24(2020)-13 [\/vc_column_text][vc_column_text] Kovalenko V., Doctor of Economics, Professor, Professor, Department of Banking, Odessa National University of Economics, Ukraine ORCID ID: 0000-0003-2783-186X e-mail: kovalenko-6868@ukr.net   State Regulation of Financial and Investment Support for Small and Medium-Sized Businesses   Annotation. Introduction. The current state of Ukraine’s economy largely
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