ENSURING RISK TOLERANCE OF BUSINESS ENTITIES IN CONDITIONS OF INNOVATIVE DEVELOPMENT

Анотація

The article substantiates the necessity to take into account the risks in the process of managing the innovative development at the enterprise and identifies the place of the risk tolerance of the enterprise in such administration. The compounds that form the characteristics of risk tolerance of the enterprise were considered. As a result of the work the approaches of modern authors to the definition and disclosure of the concept of "risk tolerance" of the enterprise were studied, the factors included in the assessment of risk tolerance indexes were analyzed. The system of risk tolerance consideration when introducing innovative processes at the enterprises was offered. The necessity to take into account the risks in the process of managing the innovative development at the enterprise and the place of the risk tolerance of the enterprise in such administration was substantiated in the article. With the use of modern information technologies, the level of scientific interest in risk management issues was analyzed, and it was determined that among such interests, issues related to financial risks prevail. A review of scientific approaches to determining the definition of financial risk was carried out. The compounds that form the characteristics of risk tolerance of the enterprise were considered. As a result of the work the approaches of modern authors to the definition and disclosure of the concept of "risk tolerance" of the enterprise were studied, the factors included in the assessment of risk tolerance indexes were analyzed. It was distinguished that the risk tolerance of the business entity characterizes its interaction with higher-level systems, internal and external factors, its ability to maintain stability in the presence and implementation of risks. It was substantiated that one of the areas of risk tolerance at the enterprise is the detection of risks and the use of various tools to reduce it, among which diversification and insurance are the most commonly used. In order to increase the risk tolerance of the enterprise in the implementation of innovations, risk management tools were proposed based on the use of capital asset pricing model (CAPM), which determines the ratio of profitability and risk inherent in various financial investment tools. It was determined that the key factor in this model that affects the risk is the beta coefficient inherent in a particular enterprise and characterizes the level of its financial risk relative to the market average. To analyze the level of risk, the profitability of energy sector enterprises PJSC "Centerenergo" and PJSC "Donbasenergo" was analyzed, along with the profitability of the PFTS stock index for the last 2 years with monthly profitability. It was concluded that the risks of investing in these enterprises are lower than the market average, which positively characterizes their risk tolerance.

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