ASSESSMENT OF THE IMPACT OF THE LEVEL OF INVESTMENT ACTIVITY OF ENTERPRISES ON THEIR FINANCIAL STABILITY

One of the main properties of enterprises is their financial stability, which characterizes the ability of companies to fulfill their obligations to creditors in a timely manner and in full. As business experience shows, the financial stability of enterprises is determined, first of all, by the size of their financial and economic results and the amount of available loan capital. In turn, one of the main directions for the growth of the financial and economic results of enterprises is to increase the level of their innovative activity. However, the impact of such an increase on the financial stability of enterprises can be ambiguous, since investment often requires an increase in the debt capital of companies. In this regard, the purpose of the article is to assess the impact of the level of investment activity of enterprises on their financial stability. A sequence of such an assessment was proposed, which involves the following actions: selection of an indicator (or a group of indicators) that will characterize the level of investment activity of busi‑ ness entities; establishment of an indicator by which it would be possible to provide a comprehensive assessment of the financial stability of enterprises; formation of a sample of enterprises; division of the studied enterprises into groups according to the level of their investment activity; calculation of the average degree of financial stability for each group of enterprises; establishment and analysis of the dependence between the level of investment activity of the investigated enterprises and their financial stability; obtaining conclusions about the influence of the level of investment activity of the studied business entities on their financial sta‑ bility. It is proposed to use as indicators of the level of investment activity of companies such indicators as the ratio of the amount of investments invested in the enterprise in the reporting period to the total value of its assets and the share of investments that were financed at the expense of the net profit of the enterprise in the total value of this profit. The conducted empirical analysis showed that with an increase in the level of investment activity, the average degree of financial stability of the studied enterprises increases. This dependence is valid for both selected indicators for evaluating the investment activity of economic entities.