FINANCIAL AND ECONOMIC REGULATION

ZYMOVETS Vladyslav

The efficiency of state guarantees for enterprises in Ukraine

The conceptual and practical issues of state guarantees’ granting are considered. Practice of their granting in foreign countries is analyzed referred to the transparency of recipients’ choice procedures and risks distribution. It is paid an attention to the problem of cyclically determined inaccessibility of banking credit, as well the issue of inefficiency of state guarantees’ application as an instrument of selective support for separate enterprises in ordinary (uncrisis) conditions is investigated. The state guarantees’ volume and recipients’ structure in Ukraine during last years are analyzed. It is compared the foreign and domestic practice of the state guarantees’ granting for enterprises, which allows to define considerable differences in aims of guarantees’ granting. The main shortcomings of current normative rules of state guarantees’ granting in Ukraine are determined. Attention is paid on absence of requirements referred to parameters of recipient’s financial performance, which does impossible the formalized procedures of selection of potential recipients of state guarantees’ granting, and allows accepting subjective decisions which do not answer interests of the society. Directions of improvement of the government policy in this sphere on the system basis, directed on decline of risks and diminishing of potential losses are offered. It is suggested to clearly determine in legislation the order of selection of investment projects and enterprises granted with state guarantees, and also procedure of distribution of credit risks between the state, banks and enterprises. It is suggested to set differentiated norms of possible risk of the state, depending on the category of recipient.

Keywords: state guarantees, credit risk, public finances

JEL: H80, H81

ZYMOVETS V. . The efficiency of state guarantees for enterprises in Ukraine / V. . ZYMOVETS // Фінанси України. - 2014. - № 12. - C. 56-68.