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Conceptual Approaches to Minimizing Financial Risks and Preventing Enterprise Bankruptcy
Polishchuk N. V., Shcherbata A. V.

Polishchuk, Nataliia V., and Shcherbata, Anna V. (2025) “Conceptual Approaches to Minimizing Financial Risks and Preventing Enterprise Bankruptcy.” Business Inform 3:290–297.
https://doi.org/10.32983/2222-4459-2025-3-290-297

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 330.131.7:336.02]:658.14/.17:005.334.4

Abstract:
The article is dedicated to the study of conceptual approaches to minimizing financial risks and preventing the bankruptcy of enterprises. It is proved that in the current conditions of economic instability, enterprises face numerous challenges that can lead to the loss of financial stability and, further on, to insolvency. Therefore, an important task is the development and implementation of efficient risk management mechanisms that can prevent crisis phenomena. The article examines the main factors influencing the likelihood of enterprise bankruptcy, including: lack of liquidity, high debt burden, low profitability, ineffective management of financial resources, and unfavorable macroeconomic conditions. The factors influencing the change in the level of bankruptcy threat to enterprises are generalized into two groups: internal and external ones. Internal factors include ineffective management, high costs, liquidity problems, and poor financial policy. External factors encompass economic instability, legislative changes, the level of competition, and socio-demographic trends. The interaction of these factors creates a risky environment in which the enterprise operates. The efficiency of foreign and domestic bankruptcy forecasting models, specifically the Altman model and the O. Tereshchenko model, has been studied. Their practical application features have been analyzed using the example of PJSC «Vinnytsia Food and Flavor Factory». Based on the conducted research, conceptual approaches have been developed to minimize financial risks and prevent enterprise bankruptcy. The research results can be used to develop practical recommendations for improving anticrisis management mechanisms and enhancing the efficiency of financial planning. The proposed measures will contribute to strengthening the economic potential of enterprises, increasing their competitiveness, and reducing the risk of bankruptcy in the long term.

Keywords: bankruptcy, probability, model, assessment, risk, integral indicator.

Fig.: 5. Tabl.: 2. Formulae: 1. Bibl.: 9.

Polishchuk Nataliia V. – Doctor of Sciences (Economics), Professor, Professor, Department of Finance and Banking, Vasyl’ Stus Donetsk National University (21 600-richchia Str., Vinnytsia, 21021, Ukraine)
Email: [email protected]
Shcherbata Anna V. – Student, Faculty of Economics, Vasyl’ Stus Donetsk National University (21 600-richchia Str., Vinnytsia, 21021, Ukraine)
Email: [email protected]

List of references in article

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