METHODOLOGICAL BASES FOR THE ASSESSMENT OF THE FINANCIAL POTENTIAL OF INVESTMENT ACTIVITIES OF SMALL ENTERPRISES IN THE TECHNOLOGICAL RENEWAL OF PRODUCTION

Currently, many Ukrainian enterprises are characterized by a low level of technological development. As a result, the products of these enterprises are uncompetitive, which does not allow them to obtain adequate amounts of income and profits from their economic activities. However, the increase in the level of technological development of companies often requires the investment of significant amounts of financial resources in implementing investment programs for the technical re-equipment of enterprises. For many of them, attracting these resources is a rather difficult task, the solution of which requires a preliminary assessment of the financial potential of enterprises. This is especially true for small businesses, many of which are characterized by limited financial resources. Considering this, the purpose of this work is to develop methodological principles for the assessment of the financial potential of investment activities of small enterprises in the technological renewal of production. It is shown that the financial potential of the investment activity of the enterprise should be regarded as its ability to attract financial resources in order to ensure this activity. The types of the financial potential of investment activity of small enterprises are singled out. It is noted that any kind of financial potential of investment activity of the enterprise will contain three components, namely: the potential to attract financial resources from internal sources of the enterprise, the potential to replenish equity from external sources (in particular, through contributions to third parties) and loan potential of the enterprise. A model for evaluating the economic efficiency of investing in the technological renewal of production is built. This model is based on the allocation of the technological component of the fixed assets of the enterprise, i. e. that part of these funds, the replacement of which occurs in the transition from the existing technology of production to a new more advanced technological process. The sequence of formation of the investment program of the technological renewal of production with the simultaneous definition of possible volumes of financial maintenance of this program realization with the use of these or those sources of such maintenance is established.