FINANCING OF CAPITAL INVESTMENTS IN ENSURING ECONOMIC SECURITY OF NON-FINANCIALS CORPORATIONS IN UKRAINE

Abstract

The purpose of the research is to define the place of capital investments financing sources in ensuring economic security of non-financial corporations in terms of transition the Ukrainian economy to the Industry 4.0. Dialectical cognition method, methods of complex analysis of economic phenomena, logical generalization, as well as financial analysis of business processes were used in the investigation. The concept of capital investments financing sources was analysed from the point of view of modern national and foreign scientists. The peculiarities of capital investments financing in current conditions of economic development of Ukraine are determined according to the sources of their formation and fields of economic activity of non-finacial corporations. The dominance of own sources in the capital structure were revealed. Such a structure indicates the financial capacity of enterprises to invest, on the other hand, the extremely low level of external financing, which does not increase over the years, indicates limited opportunities for renovations and accelerated growth for the Ukrainian non-financial sector. The place of depreciation fund in the capital investments financing was underlined due to possibilities of transition the Ukrainian economy to the Industry 4.0. The level of financing of innovations and its share in GDP of the country were analyzed and the correspondence of such kind of financing with possibilities of ensuring the economic security of the country and its digitalization was identified. As a results of the conducted research it was determined that the main sources of financing capital investment by non-financial corporations in Ukraine is equity and companies should pay attention to increasing external sources; the high level of tangible assets depreciation lead to spending all financing of capital investment into repair in order to keep the operational activity on the necessary level, that why companies do not have the opportunity to develop themselves through increasing financing of innovations; in such conditions there is no opportunity to support transformation of the country to the Industry 4.0 by non-financial corporations and level of economic security of the country could be considered as low.