ENTERPRISE FINANCIAL STRATEGY FORMATION

The article studies modern approaches to forming the financial strategy of enterprises. In today's economic environment, financial strategy is first and foremost a tool for forming and realizing the goals of financial and economic activity of an enterprise, which is aimed at solving the main inconsistency between the need for financial resources and the possibility of using them. Based on the study of scientific literature, we have defined and detailed the algorithm for forming the financial strategy of the enterprise: analysis of external and external environment of enterprise; development of a system of strategic goals; study of possible variants of the financial strategy of the enterprise (setting a goal, tasks, directions, implementation period); formation of financial strategy; implementation of financial strategy; monitoring of financial strategy (control over execution, comparison of purpose and results); detection of deviations, adjustment of the chosen strategy or activity of the enterprise depending on external and internal factors. Econometric and trend models of financial performance are substantiated to further predict and build an effective financial strategy. The calculations made on the example of the agricultural enterprise make it possible to quantify the degree of influence of the selected factors, changing which can influence the final financial result of an entity's activity. The most modern tool of strategic and operational management that alows to connect the company's financial strategic goals with the business processes and dayCtoCday operations of staff at each level of management, as well as overseeing the implementation of the overall strategy is the calculation of a balanced scorecard (BSC). Therefore, based on the data of agricultural enterprise, we will calculate a balanced scorecard that contains a financial component. With the help of a balanced scorecard, they form a strategic map. The directions of improvement of the system of analytical and information support for the development of the financial strategy by introducing strategic maps based on a balanced scorecard are identified.


INTRODUCTION
At the present stage of economic development, the issues of determining the strategic directions of their own development and ensuring economic growth for the long term are becoming more and more urgent for economic entities. The financial stability and profitability of an enterprise can be ensured by sound financial policies. More and more companies today are aware of the importance of managing financial and economic activity on the basis of reasonable prediction of its directions, coordination with the mission of the enterprise activity, as well as external factors of the market environment. Under these conditions, it becomes necessary to substantiate theoretical and methodological approaches to the formation of the enterprise financial strategy.

ANALYSIS OF CURRENT RESEARCH
The issues of formation and implementation of financial strategy at enterprises are devoted to a number of publications of domestic and foreign scientists, in particular: I. Blanka, O. Goncharenko, O. Lozovskaya, Y. Lukina, D. Melnik, L. Naumova, I. Plikusa, T. Shevchenko, V. Yankovskaya and others. At the present stage of economic develop ment, scientists and practitioners in their research are increasingly paying attention to the problem of forming the financial strategy of enterprises as part of the overall strategy. This approach is due to the fact that the financial activities of economic entities can no longer be narrowed down to the operational management of individual components of financial resources: sources and directions of their use. However, there is no single approach to the definition of both the concept of "financial strategy" and the strategy of financial develop ment, which hinders the development of effective mechanisms for managing the latter [1]. In addition, there are conflicting views in the scientific literature regarding the consistency and content of the stages of financial strategy formation. Therefore, today there is a need for further research and substantiation of theoretical and methodological approaches to its formation, taking into account current tendencies of economic development and market environment. показників. Відтак, на основі даних сільськогосподарського підприємства проведено розрахунок збалансованої сис теми показників, яка містить фінансову складову. Визначено напрями вдосконалення системи аналітично інформа ційного забезпечення розробки фінансової стратегії шляхом впровадження стратегічних карт на основі збалансова ної системи показників.
The purpose of the article is to substantiate the theoretical and methodological foundations of the enterprises' financial strategy formation to improve the efficiency of their functioning.

PRESENTING MAIN MATERIAL
At the present stage of economic development, scientists and practitioners in their research are paying more attention to the problem of forming the financial strategy of enterprises as part of the overall strategy. This approach is related to the fact that the financial activities of economic entities can no longer be narrowed down to the operational management of individual components of financial resources: sources and directions of their use [1].
Financial strategy is a multidimensional concept that consists of a whole set of elements, so it is difficult to form a single, comprehensive defi nition of this concept. In today's economic environment, financial strategy is first and foremost a tool for forming and realizing the goals of financial and economic activity of an enterprise, which is aimed at solving the main inconsistency between the need for financial resources and the possibility of using them. Depending on the economic conditions, it aims either to attract additional external financial resources or to improve the use of its own financial resources.
Each entity has its own peculiarities, so it is impossible to determine a single approach to choosing a financial strategy. Therefore, each company must independently determine what factors and how will affect its operations, and formulate a financial strategy that minimizes risks and contributes to its profitability, competitiveness and financial stability in the market [2].
Based on the study of scientific literature, we have defined and detailed the algorithm for forming the financial strategy of the enterprise (Fig. 1). All stages of the financial strategy formation process must be performed one by one. In this case, financial strategic goals must be based on the overall strategic goals of the enterprise.
Therefore, the main steps in the formation of a financial strategy are the development, imple mentation and adjustment. The stage of de velopment and selection of the most rational option depends on the process of direct imple mentation of the financial strategy at the enterprise and the amount of adjustments made in future periods.
One of the key strategic goals of any enterprise is to use all types of resources as efficiently as possible to obtain a positive financial result. At the same time, considerable attention is needed to determine the impact of various factors on the formation of the financial result of the activity. After all, this information is important both for the current management and for the development of strategic goals of the enterprise. One of the tools of such estimation is economic mathematical methods and models of formation of financial result, which allow to investigate the relationship   between economic indicators and to make a reasonable forecast for the future periods [5]. Therefore, econometric modeling should select the most influential factors for the formation of financial results and further predict them in order to identify the reserves of profit growth and build an effective financial strategy.
To simulate the formation of the financial result as a research object LLC "Alliance" Yelanets district of Mykolaiv region was selected, which is engaged in the cultivation of grain and legumes and oilseeds. Based on the study of economic literature, as well as guided by the methodological approaches proposed by I. Tkachenko and O. Proskurovich [5], the factors that influence the formation of financial results of the enterprise were determined. They have been chosen to build future models.
First, we analyze the impact of individual factors on the formation of the financial result of the studied enterprise. Baseline data to build a model of impact on financial performance through performance indicators of capital and resources of the enterprise cover 2012 2018. Among them, we selected the most influential correlation coefficient (Table 1).
Thus, according to the table. 1 most of the selected factors have a significant effect on the change in the net profit of the enterprise. Profitability of expenses, assets, income, current assets, gross profit, volume of commodity production, average monthly wage of employees, stock taking and receivables have the greatest influence on formation of financial result. The impact on net profit had administrative costs, other operating expenses, depreciation, which is logical for the financial and economic activities of enterprises.
Using the tools of the MS Excel program, we determined the parameters and main charac teristics of econometric models of changes in the financial result (Table 2).
Based on the calculations, the models were constructed and the ones with the highest determination coefficient values (0.7980-0.9976) were selected. For example, in the econometric model (2), 96.65% of assets return, profitability and volume of commodity products affect the change in the financial result of the enterprise and only 3.35% account for other factors not included in this model. In the built model (10) 99.01% of the asset return, current assets and assets affect the formation of the financial result and only 0.99% account for other factors that are not included in the specified model.
It should be noted that models (1-6) and (10) are adequate according to Fisher's criteria, since their calculated value in these models exceeds the table value. Therefore, models (1)(2)(3)(4)(5)(6) and (10) should be used to predict the future size of the enterprise's net profit and use it in the   construction of the enterprise financial strategy. In the models (7-9), the Fisher test showed their inadequacy, which could be caused by a small number of observation points. Further, it is assumed that over the next two years, the factors that stimulate development will increase by 1% at the enterprise under study, and the stimulating factors will decrease by the same amount. The results of the forecasting are summarized in Table 2. Therefore, Alliance LLC will operate profitably and its net profit will tend to increase.
In addition, it should be noted that at the same time the change in the financial result of 83.82% is affected by the time factor. Therefore, using the MS Excel spreadsheets, a trend model of change in the net profit of Alliance LLC is constructed:    (1). The trend mo del is adeq uat e b oth by Fisher's criterion and by the coefficient of determination (R2 = 0.8382). Therefore, the prediction of the changes in the financial result of the enterprise should be made on the basis of it (Table 3).
According to the results of trend modeling, the simulated values of net profit differ somewhat from its a priori data. For example, in 2013, 2015-2016 and 2018, the company was able to generate more net profit. In the future, taking into account the time factor, the net profit of the studied enterprise will grow at a significant rate. Based on the calculations, it is possible to quantify the degree of influence of various factors, changing which can affect the final financial result of the enterprise.
The most modern tool of strategic and operational management that alows to connect the company's financial strategic goals with the business processes and day to day operations of staff at each level of management, as well as overseeing the implementation of the overall strategy is the calculation of a balanced scorecard(BSC). This system is able to balancethe historical accuracy and integrity of financial data with the factors of economic success, which will allow successful implementation of both the overall and financial strategy of the enterprise. The main purpose of a balanced scorecard is to provide the functions of gathering, systemizing and analyzing information that is necessary to make strategic management decisions and strengthen a business strategy, formalize it, conduct and communicate to each employee of the enterprise, provide monitoring and feedback to track and generation of organizational initiatives within structural units [6].
Therefore, based on the data of LLC Alliance, we will calculate a balanced scorecard that contains a financial component. The resulting list of BSC indicators for enterprise valuation is shown in Table 4.
An important step in the statistical analysis of indicators that are part of a balanced system is to investigate their cause and effect relationships within each component. A simple method of    determining cause and effect relationships of system metrics is correlation analysis. According to the calculated indicators, we will calculate the statistical characteristics of the values of the characteristics of all components of the BSC Alliance LLC, Yelanets District (Tables 5-8).
According to the study using descriptive statistics and correlation analysis tools, the components of the BSC need further detailed consideration. In order to identify the causes and consequences of the successful implementation of the accelerated growth strategy, models of canonical interconnection between the components of the BSC have been built.
On the base of the analysis of the coefficients in the equations determines the strength of the relationship between the individual features of the pair of components of the BSC and creates a list of the most influential features that produces a mechanism for a balanced relationship in the enterprise system (Table 9). The most interdependent components for Alliance LLC are internal business processes and the quality and personnel development component, the marketing and financial components have the lowest interdependence.
So, it can be noted that through canonical analysis, all metrics are interrelated in the system. It is also experimentally confirmed that they provide the relationship design in the BCS, they are indicators of the enterprise activity, effective, key levers of management and implementation of the strategy of functioning and development of the enterprise.
Based on the analysis of the coefficients in the relationship between the components among the factors influencing the activity of enterprises, further identify the key success factors in achieving the chosen strategy. In particular, the following key factors of influence on activity are revealed between the marketing and financial component: the factor of changes of competitors, the factor of profitability of the enterprise. Between internal business processes and the financial component: efficiency of production processes of the enterprise, factor of profitability of the enterprise. Between the financial and the component of quality and personnel development: the factor of profitability of the enterprise, the effectiveness of the personnel policy of the enterprise. It should be noted that the profitability factor was key in our econometric models (1), (2) and (10).
Determining the strategic orientation of the activity of enterprises implies alignment of the internal potential of the enterprise with the external environment of its functioning. Assessment of internal capabilities of enterprises is first and foremost in identifying the mechanism of cause and  Передплатний індекс 21847 АГРОСВІТ № 1, 2020 effect relationships between the strategic goals of the enterprise, their detailing into tactical and operational and means of achieving them.
With the help of a balanced scorecard, they form a strategic map. A strategic map is a universal and coherent way of describing a strategy in such a way that it is possible not only to set goals, metrics and their values, but also to manage them quickly [7]. Strategic maps make it possible to comprehensively and systematically consider a company developed strategy.
We build a strategic map of Alliance LLC, ta king into account financial strategic goals (Fig. 2).
The developed strategic map is the initial orga nizational stage of practical implementation of the new method of management at the enterprise and is a document of implementation of the strategy (including financial) of the enterprise. Further development of strategic maps should occur for each component, taking into account the particularities of the entity.
Conclusions and prospects for further research. In modern economic environment, it is important to justify one's own financial potential, which involves analyzing the totality of financial resources at the disposal of the enterprise, as well as identifying opportunities for expanded reproduction for the purpose of balanced development of the enterprise. Based on the application of economic and mathematical modeling, it is possible to quantify the degree of influence of various factors, changing which can affect the final financial result of the enterprise. It is proved that a balanced scorecard is able to balance the accuracy and integrity of financial data with the factors of economic success, which will allow successful implementation of both the overall and financial strategy of the enterprise.
At the same time, improvement of the analytical and information systems of the enterprise on the basis of strategic maps will promote consistency between different levels of management. Based on this, specific tasks should be specified to ensure financial stability for the various services of the enterprise. The clear cause and effect relationships that appear on the strategic map allow business entities to support the strategy's implementation in a balanced and effective manner. At the same time, the results of financial analysis (including the conduct of bankruptcy diagnostics on different models) are decisive for the construction of the financial strategy of the enterprise.