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JOURNAL OF EASTERN EUROPEAN AND CENTRAL ASIAN RESEARCH Vol 2, Nob www.ieeca.org/journal 1
AN APPROACH TO PREDICTING THE INSOLVENCY OF UKRAINIAN STEEL ENTERPRISES BASED ON FINANCIAL POTENTIAL
Inna Neskorodeva Simon Kuznets Kharkiv National University of Economics, Ukraine
Svetlana Pustovgar Simon Kuznets Kharkiv National University of Economics, Ukraine ABSTRACT This paper outlines the importance of defining the level of the financial potential of Ukrainian steel enterprises as a factor in preventing their financial insolvency. The findings support the selection of appropriate indexes as proxies for quantitative characteristics to determine the financial potential of companies in this industry. Levels of the financial potential of Ukrainian steel enterprises were defined using neural network technologies. The rules of insolvency levels classification from an enterprise perspective were designed considering the combined effects of internal factors, relating to the enterprise financial activity, as well as external environmental factors. Such an approach offers the evaluation of the potential of its financial stability. Keywords Financial insolvency of steel companies, Diagnostics of enterprises insolvency, Enterprise financial potential, Enterprise financial stability.
DOI: http://dx.doi.org/10.15549/jeecar.v2i2.104
PROBLEM DEFINITION The current problems in the Ukrainian steel industry are due to the general worsening of financial performance of Ukrainian steel enterprises, an increase in the share of unprofitable steel enterprises among registered economic entities, and an increase in the number of liquidated and bankrupt steel enterprises. The critical conditions are found in many other industrial sectors, but the steel industry is particularly suffering. Steel industry losses in
2009 represented 70.4% of the total losses among all industrial enterprises. Even though 2010 to
2012 saw rising industry yields, steel enterprises still suffered significant losses. In 2013, the amount of losses among metallurgical enterprises was 2.8 times higher than all other industry losses, and in 2014 the share of losses for steel enterprises amounted to 28.4% of the total net losses for all industrial enterprises. Given that the steel industry is of strategic representing
Statistics Service of Ukraine, 2015) there is a need to develop scientific approaches to determining, and preventing, insolvencies in this industry. LITERATURE REVIEW A review of the economic literature shows that there has been a significant amount of work devoted to the diagnosis of the insolvency and bankruptcy of companies (Al-Kassar, Soileau,
2014; Blank, 2009; Dombrovskyi, Plastun, 2009;
Fokina, 2013; Gryglewicz, 2011; Kaouthar, 2010;
Kizim, Blagun, Kopchak, 2004; Klebanova,
Bondar,
Rayevneva,
2003;
Kovda,
2010;
Matviychuk, 2010; Sheremet, Sayfulіn 2009;
Tereschenko, 2003). All of these studies




An approach to predicting the insolvency of ukrainian steel enterprise.

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