ESTIMATION OF COOPERATION OF FINANCIAL AND INDUSTRIAL SECTORS OF UKRAINEJournal: Herald of Kyiv National University of Trade and Economics (Vol.107, No. 3)
Publication Date: 2016-05-30
Authors : PAYANOK Tetiana; DUDKO Volodymyr; PАRАNYTSIA Nadiia;
Page : 89-100
Keywords : financial sector; industrial sector; cooperation; multivariable analysis.;
Background. Although empirical studies often show a direct link between finance and economic growth, there remain many disputes regarding the interpretation of these results. Creating an effective model of interaction between financial and industrial sectors is an important direction of development of the theory and practice of modern economy of Ukraine. The review of scientific sources. Scientists pay attention to research of influence of financial sector on the industrial sector of economy, but as in Ukraine these sectors need restructuring it is necessary to investigate cooperation of these sectors for the exposure of reasons of fall-off of their development. The aim of the article is an attempt to carry out the estimation of co-operation of financial and industrial sectors in Ukraine by means of regressive analysis. Materials and methods. The informative base of research is statistical data of the National commission that carries out government control in the field of the markets of financial services, National bank of Ukraine and Government service of statistics of Ukraine. By means of the program STATGRAPHICS Centurion direction and force of intercommunication between the financial and industrial sectors of economy of Ukraine are investigated, regressive analysis is conducted. Results. In modern terms intercommunication between financial and industrial sectors is confirmed by empiric researches of domestic and foreign scientists. Thus there are discussions, what financial market segments have influenced development of the industrial sector of Ukraine. Among necessary pre-condition of successful development of the industrial sector there is creation of effective model of cooperation of financial and industrial sectors, its basic forms are in-process considered. Conducted regressive analysis proved that the assets of commercial banks had most influence on an industrial sector, the factor of time also substantially influences it, so as is one of levers at a decision-making. Without regard to imperfection of fund market it is one of three factors that stimulate a productive sphere. The analysis of multiplicative model showed that a financial crisis that arose up in a financial sector had negative influence on the development of the industrial sector. Conclusion. Because of an economic situation in Ukraine, when half of enterprises are on verge of bankruptcy, and other need modernisation, support to the sector industrial acquires special value. To attract long-term investment resources it is needed to reduce interest rates on credits, so that they do not exceed profitability of industrial enterprises. However for bank resources to be transformed in industrial investments it is necessary to provide solvency and investment attractiveness of enterprise. Attention should be paid to fund market - its further development will create a perceptible competition to the banks. The financial market of Ukraine is considered exceptionally as a place for the receipt of instantaneous, short-term income, but not for realization of long-term requirement in financial mediation. It is necessary to extend the presence of shares of stock of the Ukrainian enterprises on world fund markets, for this purpose the transparent fund market of Ukraine has to be created.
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