STRATEGIES FOR MANAGING THE WORKING CAPITAL AND SOURCES OF ITS FINANCING (on the example of oil and gas enterprises of Ukraine)

Abstract

Problem of managing the working capital and sources of its financing in the current economic situation is very acute as an increasing number of enterprises face insolvency problems due to hryvnia depreciation, high interest rates, tax burden and illegal actions by neighboring countries on the territory of Ukraine. The exception was not the enterprises of oil and gas industry, which is proved by the announcement of PJSC “Ukrnafta” reorganization and the inability of PJSC “SJSC” Chornomornaftogaz” to operate due to illegal occupation of Crimea by the Russian Federation. The main approaches to determine the strategies for managing and financing the working capital on the basis of the works of leading Ukrainian scientists are described. Based on the strategies considered, the matrix of combination of strategies for managing and financing the working capital is formed and consequences of a combination of these strategies for an enterprise are identified. An analysis of the main performance indicators of PJSCs – “Ukrnafta”, “Ukrtransnafta”, “SJSC” Chornomornaftogaz” and “Transnational Finance and Production Oil Company “Ukrtatnafta” – was carried out and the types of strategies of management and working capital financing, which these enterprises use, were determined.