Managing the Choice of Enterprise Exportation Financing Mechanisms Under Conditions of Global Uncertainty

Анотація

The relevance of the study is determined by the growing instability of the global economic environment, increasing geopolitical risks, disruptions in logistics chains, exchange rate volatility, and changing conditions of enterprises’ access to financial resources. Under such circumstances, the choice of exportation financing mechanisms acquires strategic importance, as it directly affects enterprise liquidity, the risk level of foreign economic operations, capital turnover speed, and competitiveness in international markets. Traditional approaches focused mainly on minimizing financing costs no longer ensure sufficient efficiency under global uncertainty. This creates the need for new scientifically grounded approaches to managing financial decisions in export activities. The aim of the article is to develop a comprehensive approach to managing the choice of exportation financing mechanisms for enterprises under conditions of global uncertainty. The study applies methods of classification, comparative analysis, system approach, generalization, and scenario analysis. The information base includes scientific works of Ukrainian and foreign scholars, analytical materials of international organizations, reports of financial institutions, and generalized business practices in the field of foreign economic activity. The research results systematize the current exportation financing mechanisms according to their economic function, level of risk protection, impact on liquidity, and managerial feasibility. The main groups of factors influencing the choice of financial instruments are identifiedas follows: contractual, financial, risk-related, market, and institutional factors. A matrix for selecting financing mechanisms depending on the level of transaction risk and the enterprise’s liquidity needs is developed. An integrated algorithm for managerial decision-making regarding the financial support of export contracts is proposed. It is found that under conditions of global instability, the criterion of financial decision efficiency is not only minimizing the cost of attracted resources, but also the ability of the chosen mechanism to ensure transaction resilience and reduce the probability of critical losses. The scientific novelty of the study lies in the formation of an integrated approach to managing the choice of export financing mechanisms based on combining profitability, risk protection, liquidity, and strategic development goals of the enterprise. The practical significance of the results lies in the possibility of their application by enterprises in planning export contracts and building an efficient financial management system.

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