In the context of regional economic development, studies of critical state monopoly enterprises providing services to the population and businesses manifest in two key forms: first, as an economic category representing a set of economic relationships; and second, as the material carriers of these relationships expressed in financial resources. Accordingly, state-owned enterprises delivering services address one of the most important regional tasks: ensuring the provision of energy resources to the population and business structures, thereby contributing to the socio-economic development of the region. The demand for these services is steadily increasing due to regional development, modernization of production facilities, and climate change. These trends are key factors driving the need to improve the financial management systems of regional state-owned enterprises through financial analysis methods, making this a relevant area of research. The research methodology draws on a broad spectrum of approaches, including the theory of state monopoly enterprises with corporate governance structures. Such enterprises evolve as part of the theory of the firm and its system management, and thus can be considered as a financial subsystem within the broader financial system of the enterprise. The research results reveal the emergence of several directions for organizing a systemic approach to the formation and functioning of the financial system of state-owned enterprises. It was established that such enterprises are equally associated with centralized state finances and decentralized financial flows. Several forms of financing were identified: revenues generated from services provided to the population, businesses, and the social sector; funding from regional budgets; investments from private-public partnerships; and the establishment of credit lines for the modernization of production processes and the creation of a self-sustaining development environment. The study concludes that the development of an enterprise’s financial system depends on key factors, including the integrity of the financial system and cash flow management; the ratio of current asset liquidity to current liabilities; the level of material costs in production processes to ensure uninterrupted operations; and the application of organizational methods to enhance the management system’s effectiveness. The research was conducted based on financial analysis of the regional State Unitary Enterprise of the Republic of Crimea, «Krymteplokomunenergo» (hereinafter referred to as the enterprise).
financial analysis, improvement of the financial management system, regional state-owned enterprises, debt-to-equity ratio, corporate governance
1. Bahturina, M. I. Ocenka sistemy upravleniya debitorskoy i kreditorskoy zadolzhennost'yu organizacii / M. I. Bahturina, O. V. Nazarova // Aktual'nye voprosy sovremennoy ekonomiki. — 2022. — №5.
2. Namitulina, A. Z. Osobennosti upravleniya finansami gosudarstvennyh i municipal'nyh uchrezhdeniy / A. Z. Namitulina // Samoupravlenie. — 2021. — № 4(126). — S. 529-531. — EDN MUWKEB.
3. Stadvell, D. Aziatskaya model' upravleniya: Udachi i provaly samogo dinamichnogo regiona v mire /D. Stadvell ; perevod V. Skvorcova.—Moskva : Al'pina Pablisher, 2017.—536 s.
4. Belikov I. Guidance for Practical Corporate Governance: PhICS Model Springer / Igor Belikov, Vladimir Verbitsky,and Ekaterina Nikitchanova // Chapter: Corporate Governance in Emerging Markets, 2014.
5. Corporate Governance and Control // In: Handbook of the Economics of Finance (eds. G.Constantinides,M.Harris, R.Stulz). — North-Holland, 2002.
6. Balynin, I. V. Sovershenstvovanie upravleniya byudzhetami municipal'nyh obrazovaniy v Rossiyskoy Federacii v sovremennyh usloviyah / I. V. Balynin // Upravlencheskiy uchet. — 2023. — № 7.
7. Buzdalina, O. B. Sovremennye instrumenty gosudarstvennogo finansovogo regulirovaniya i razvitiya regional'noy ekonomiki / O. B. Buzdalina // Vestnik Akademii Sledstvennogo komiteta
8. Solyannikova, S. P. Sovremennye transformacii koncepciy i institucional'nyh osnov upravleniya finansami gosudarstvennogo sektora / S. P. Solyannikova // Finansy. — 2022. — № 9. — S. 17-22.
9. Dmitrieva, S. A. Korporativnye finansy : uchebnoe posobie dlya studentov, obuchayuschihsya po napravleniyu podgotovki 080100.62 «Ekonomika» (profili «Nalogi i nalogooblozhenie», «Finansy i
10. Ross S.A. Korporativnye finansy / S.A. Ross, R.U. Uesterfild, B.D. Dzhordzhan. — Tom 1 — SPb.:Dialektika; 2021. — 736 s. — ISBN 978-5-907203-25-9.
11. Luk'yanova, M. N. Issledovanie modeley i sistem upravleniya municipal'nymi obrazovaniyami /M. N. Luk'yanova // Mezhdunarodnyy zhurnal prikladnyh i fundamental'nyh issledovaniy. — 2016.
12. Prokof'ev, S. E. 2.4. Klyuchevye napravleniya razvitiya mestnogo samoupravleniya v kontekste ustoychivogo razvitiya municipal'nyh obrazovaniy / S. E. Prokof'ev, N. N. Musinova // Upravlenie
13. Sergienko, N. S. 5.12. Rossiyskiy opyt obespecheniya transparentnosti publichnyh finansov /N. S. Sergienko // Audit i finansovyy analiz. — 2017. — № 3-4. — S. 257-264. — EDN YOWHVA.
14. Borsch, L. M. Analiz effektivnosti regional'noy byudzhetnoy politiki / L. M. Borsch, S. V. Gerasimova// Vestnik Volgogradskogo gosudarstvennogo universiteta. Ekonomika. — 2021. — T. 23, № 1.
15. Frolov, V. G. Ocenka sistemnyh effektov gosudarstvennyh programm promyshlennoy politiki v usloviyah cifrovoy ekonomiki / V. G. Frolov, D. I. Kaminchenko, A. A. Pavlova
16. Vernikov, V. A. Sovremennye podhody strategicheskogo planirovaniya razvitiya proizvodstvennyh struktur v sovremennyh usloviyah / V. A. Vernikov // Ekonomika vysokotehnologichnyh proizvodstv.
17. Korol', S. P. Sistemnyy podhod k planirovaniyu i realizacii social'no-ekonomicheskogo razvitiya /S. P. Korol' // Kreativnaya ekonomika. — 2020. — T. 14, № 12. — S. 3169-3186.
18. Blauberg I. V. Sistemnyy podhod v sovremennoy nauke / I.V. Blauberg, V.N. Sadovskiy, E. G. Yudin //Problemy metodologii sistemnyh issledovaniy. — M.: Mysl', 1970. — S. 7-48.
19. Drobyshevskaya, L. N. Modeli korporativnogo upravleniya: mirovoy opyt i rossiyskaya praktika /L. N. Drobyshevskaya, E. V. Salomatina // Teoriya i praktika obschestvennogo razvitiya. — 2011. — № 5. —
20. Dement'eva, A. G. Modeli korporativnogo upravleniya: opyt zarubezhnyh stran i Rossii / A. G. Dement'eva // Pravo i upravlenie. XXI vek. — 2008. — № 3(8). — S. 74-82. — EDN NDHREP.
21. Gosudarstvennyy informacionnyy resurs buhgalterskoy (finansovoy) otchetnosti. — URL:www.consultant.ru/document/cons_doc_LAW_122855/daa8e03f934e0977a8b9fb670c5a4c880badea09
22. Oficial'nyy sayt gosudarstvennogo unitarnogo predpriyatiya Respubliki Krym «Krymteplokommunenergo». — URL: tce.crimea.com. (data obrascheniya 15.09.2024)
23. Aganbegyan, A. G. O neotlozhnyh merah po vozobnovleniyu social'no-ekonomicheskogo rosta /A. G. Aganbegyan // Problemy prognozirovaniya. — 2019. — № 1(172). — S. 3-15. — EDN WYQTKP.
24. Kak pridat' impul's razvitiyu rossiyskoy ekonomiki: prioritety deystviy (predlozheniya k Osnovnym napravleniyam deyatel'nosti Pravitel'stva RF do 2024 g.) / V. V. Ivanter, B. N. Porfir'ev,
25. Bodrunov, S. D. Rozhdenie novoy epohi: vyzovy dlya Rossii i mira / S. D. Bodrunov // Nauchnye trudy Vol'nogo ekonomicheskogo obschestva Rossii. — 2022. — T. 235, № 3. — S. 55-62.
26. Palepu K.G. Business analysis and valuation / K.G. Palepu, P.M. Healy, E. Peek. — 5th Edition, IFRS StandardsEdition. — Cengage Learning, 2019. — 626 p. — ISBN: 978-1-4737-5842-1.
27. Gosudarstvennaya programma Rossiyskoy Federacii «Energoeffektivnost' i razvitie energetiki»:Pravitel'stva RF ot 15 aprelya 2014 g. №321. —
28. Mezhdunarodnyy standart audita 200 «Osnovnye celi nezavisimogo auditora i provedenie audita v sootvetstvii s mezhdunarodnymi standartami audita».
29. Informaciya Minfina Rossii №113-9/2012 «O raskrytii informacii o riskah hozyaystvennoy deyatel'nosti organizaciy v godovoy buhgalterskoy otchetnosti».
