¹ 8, 2018

Êiëüêiñòü ïåðåãëÿäiâ: 17
C O N T E N T S, No. 8, 2018 

UDC 330.35: 339.137.2
A N A T O L I I   S H C H E R B A K,
Cand. of Econ. Sci.,
Associate Professor of the Department of General Economic Theory
and Economic Policy
Odesa National Economic University
8, Preobrazhenska St., Odesa, 65082, Ukraine

© Shcherbak Anatoli³, 2018; 


The views of M. Porter on the importance of competition as a factor of economic development are analyzed. The policy of deregulation carried out by developed countries in recent decades was studied; its successes and limitations are noted. It is shown that implementation of the reform in Australia, aimed at development of competition, led to a significant improvement in economic indicators and increase in the living standard of the population. The OECD Toolkit for assessing the impact on competition has been analyzed. The Toolkit contains the methodology for identifying unnecessary restrictions on competition and developing the alternative measures to achieve the objectives.
The state of competitive environment in Ukraine is researched. It is shown that restriction of competition and inequalities of its conditions significantly inhibit economic development. The reasons for rapid growth of Ukraine’s economy in 2000-2008 are analyzed. It is substantiated that one of the most important factors was the strengthening of internal competition as a result of reforms carried out in the 1990s. At the same time, the weakening of competition from the second half of the 2000s led to a decrease in competitiveness. The need for systematic work aimed at eliminating the anticompetitive norms from domestic legislation is substantiated.  This work should be based on the OECD Toolkit to assess the impact on competition. It is emphasized that it is necessary to use only those tools that promote competition when implementing the policy. The necessity of active cluster support is substantiated. 

Keywords: competition; competitiveness; industrial policy; cluster; subcontracting (pp. 3–15).

References 10; Figures 3; Table 1.

1. Porter M. Mezhdunarodnaya Konkurentsiya. Konkurentnye Preimushchestva Stran [The Competitive Advantage of Nations]. Moscow, International relations, 1993 [in Russian].
2. Porter M., Takeuchi H., Sakakibara M. Yaponskaya Ekonomicheskaya Model’: Mozhet li Yaponiya Konkurirovat’ [Can Japan Compete?]. Moscow, Alpina Biznes Books, 2005 [in Russian].
3. Viscusi W.K., Vernon J.M., Harrington J.E. Ekonomichna Teoriya Rehulyuvannya ta Antymonopol’na Polityka [Economics of Regulation and Antitrust]. Kyiv, Osnovy, 2004 [in Ukrainian].
4. Heyets V.M. Osoblyvosti vzayemozv”yazku ekonomichnykh ta politychnykh peredumov rekonstruktyvnoho rozvytku ekonomiky Ukrainy [Peculiarities of the interrelation of economic and political preconditions of a reconstructive development of Ukraine’s economy]. Ekonomika Ukrainy – Economy of Ukraine, 2016, No. 12, pp. 3–21 [in Ukrainian].
5. Chopenko V. Nezgovirlyvyi riteil [Difficile retail]. Dzerkalo tyzhnya – Week’s mirror, February 6, 2015 [in Ukrainian].
6. Korablin S.O. Model’ vidstayuchoho zrostannya: ekonomichni faktory ta naslidky dlya Ukrainy [The “lagging growth” model” economic factors and consequences for Ukraine]. Ekonomika i prognozuvannya – Economy and Forecasting, 2016, No. 2, pp. 74–85 [in Ukrainian].
7. Kostusev O.O., Voshkulat S.L., Pugachova M.V. Tendentsii Rozvytku Konkurentnykh Vidnosyn v Ekonomitsi Ukrainy, v: Antymonopol’no-Konkurentna Polityka: Teoriya i Praktyka [Trends in Development of Competitive Relations in Ukraine’s economy, in: Antitrust and Competition Policy: Theory and Practice.]. 2007, Iss. 2, pp.4–15 [in Ukrainian].
8. Shcherbak A.V. Klasterna polityka Norvehii [Norwegian cluster policy]. – Ukrains’kyi zhurnal Ekonomist – Ukrainian journal Economist, 2015, No. 9, pp. 34–35 [in Ukrainian].
9. Sokolenko S.I. Klastery v Global’nii Ekonomitsi [Clusters in the Global Economy]. Kyiv, Logos, 2004 [in Ukrainian].
10. Voinarenko M.P. Klastery v Instytutsiinii Ekonomitsi [Clusters in the Institutional Economy]. Khmelnytskyi, KhNU, Triada-M Ltd., 2011 [in Ukrainian].

The article was received by the Editorial staff on February 19, 2018.

UDC 621:658.152 (477)
O L E K S A N D R   Y A N K O V Y I,
Professor, Doctor of Econ. Sci.,
Head of the Department of Economics of Enterprise and Entrepreneurship,
© Yankovyi Oleksandr, 2018;

V O L O D Y M Y R   Y A N K O V Y I,
Cand. of Econ. Sci.,
Associate Professor of the Department of Economics, Law and Business Management
© Yankovyi Volodymyr, 2018;

Odesa National Economic University,
8, Preobrazhenska St., Odesa, 65082, Ukraine


The article examines the situation of appearance of a non-optimal capital-labor ratio on the basis of a comparison of the relative speed of the dynamics of indicators of labor productivity, capital productivity and capital-labor ratio in machine building industry of Ukraine in recent years.
Mathematical determination of the optimal capital-labor ratio is substantiated on the basis of production functions taking into account dynamics of the most important indicators of economic activity, presented in value terms. Methodological and applied aspects of the use of the equimarginal principle from microeconomics are discussed to determine the optimal capital-labor ratio within the limits of substitutional production functions. It is proved that at the point of optimal capital-labor ratio, the marginal rate of replacement of production factors’ substitution is equal to one. The resulting conclusion is used as a basis for development of a procedure for finding optimum capital-labor ratio using econometric models, which adequately describe the relationship of time series of product sales, basic productive assets and labor costs based on substitutional production functions. 
The use of the proposed procedure for determining the optimal capital-labor ratio is carried out on the example of the Cobb-Douglas-Tinbergen production function, the dynamised CES-function and the linear function. The methodological recommendations on calculation of unknown parameters are presented for these functions, as well as the formulas of optimal capital-labor ratio with indicated extreme values of products sold and the total costs for basic production assets and labor payment.
The obtained theoretical results are tested according to the data of Ukraine’s machine building. The hypothesis about non-optimal capital-labor ratio in 2007-2015 is confirmed in terms of volumes of sales of the industry production. It turns out that for the analyzed period of time, the basic production assets of machine building were relatively abundant compared with the payment of labor. In 2016-2017, a positive trend begins in dynamics of the capital-labor ratio in the industry to a certain reduction and a gradual approach to the optimal value.

Keywords: machine building; capital-labor ratio; production function; equimarginal principle; factors’ substitution (pð. 16–29).

References 14; Figures 3; Tables 2; Formulas 22.

1. Pindyck R., Rubinfeld D. Mikroekonomika [Microeconomics]. St. Petersburg, Piter, 2002 [in Russian].
2. Gal’perin V.M., Ignat’ev S.M., Morgunov V.I. Mikroekonomika. V 2-kh tomakh [Microeconomics. In 2 volumes]. St. Petersburg, “Economic school” Institute, 2004 [in Russian].
3. Perloff J.M. Microeconomics. Berkeley, University of California-Berkeley, 2015, 7th Edition.
4. Debertin D.L. Agricultural Production Economics. AgEcon search, 2012, available at:
5. Yankovoi V.A. Matematicheskii analiz neoklassicheskikh proizvodstvennykh funktsii [Mathematical analysis of neoclassical production functions]. Ekonomika: realii chasu – Economics: time realities, 2016, No. 2 (24), pp. 78–83, available at: [in Russian].
6. Yankovyi V.O. Ekonomiko-matematychni vlastyvosti vyrobnychoi funktsii Kobba-Duglasa i CES-funktsii [Economic and mathematical properties of the Cobb-Douglas production function and CES-function]. Skhidna Evropa: ekonomika, biznes ta upravlinnya – Eastern Europe: Economics, Business and Management, 2017, Iss. 2, No.7, pp. 330–336, available at: [in Ukrainian].
7. Iankovyi V.O. Ekonomiko-matematychni vlastyvosti vyrobnychoi funktsii Leont’eva i liniinoi funktsii [Economic and mathematical properties of the Leontief production function and linear function]. Ekonomika ta suspil’stvo – Economy and Society, 2017, Iss. 9, pp. 1238–1244, available at: [in Ukrainian].
8. Artemova A.V., Gryshchenko M.A., Lysnyak D.V. Metodika otsenivaniya zatrat pri proizvodstve produktsii  [Methods of estimating the costs in production process]. Problemy i perspektyvy rozvytku pidpryemnytstva – Problems and prospects of entrepreneurship development, 2014, No.1, pp. 6–10 [in Russian].
9. Vitlins’kyi V.V. Modelyuvannya Ekonomiky [Modeling the Economy]. Kyiv, KNEU, 2003 [in Ukrainian].
10. Bondar M., Makhlai A. Vyrobnychi funktsii v ekonomiko-matematychnomu modelyuvanni [Production functions in economic-mathematical modeling], available at: [in Ukrainian].
11. Shumska S.S. Instrument vyrobnychoi funktsii v doslidzhenni ukrains’koi ekonomiky [The tool of production function in the development of Ukraine’s economy]. Ekonomika i prohnozuvannya – Economy and Forecasting, 2007, No. 4, pp. 104–123 [in Ukrainian].
12. Shumska S.S. Vyrobnycha funktsiya v ekonomichnomu analizi: teoriya i praktyka vykorystannya [Productive function in the economic analysis: theory and practice of the use]. Ekonomika i prohnozuvannya – Economy and Forecasting, 2007, No. 2, pp. 138–153 [in Ukrainian].
13. Borovskoi D.N. Proizvodstvennye funktsii i problema vybora ekonomiko-matematicheskoi modeli aktivnogo elementa [Production functions and the problem of choosing the economic-mathematical model of the active element]. Radioelektronni i komp’’yuterni systemy – Radio electronic and computer systems, 2008, No. 1 (28), pp. 172–177 [in Russian].
14. Kuboniwa M. Matematicheskaya Ekonomika na Personal’nom Komp’yutere [Mathematical Economics on a Personal Computer]. Moscow, Finances and statistics, 1991 [in Russian].

The article was received by the Editorial staff on April 6, 2018.

UDC 339.5
K A T E R Y N A  A N U F R I I E V A,
Cand. of Econ. Sci.,
Senior Researcher of the Department of Monetary Relations,
Institute for Economics and Forecasting of the NAS of Ukraine,
26, Panasa Myrnoho St., Kyiv, 01011, Ukraine

© Anufriieva Kateryna, 2018; 


Today, the state policy on export development is being improved and the export support tools are being implemented at the legislative level. Exporting economic entities form the demand for financial services, which would meet current conditions in the international market, as well as allow for unrestricted settlements with foreign counterparties, available financing of working capital and insurance provision of export operations in order to increase the competitiveness of such entities.
The author substantiates importance of the centralized focus of export support efforts, determines the concept of “trade financing and insurance” as a source of resource and institutional support for export operations and highlights the positive aspects and problems  arising from financing of export transactions and settlements with counterparties. The state of international cooperation on export issues and trends of the world trade are briefly mentioned.
As is known, the Export and Credit agency (ECA), an institution for insurance and export support, has recently been established; however, its place, management, tasks and resource base are still being determined. Therefore, the article proposes a basic schematic model of the activities of this institution. The author emphasizes that increasing the competitiveness of Ukrainian exporters and strengthening their confidence in them in the international market are especially important given the world trend of “de-risking”. De-risking is the limitation of cooperation with certain categories of clients or states (which Ukraine is sometimes included in) to avoid the risk of financing illicit activities, a person under sanctions, terrorism, and the like.
The focus of further research the author suggests addressing such issues: (i) interaction of the state and private sectors with support of exports; (ii) determination of the product range of financial institutions servicing the subjects of foreign trade, as well as the ECA; (iii) impact of sanctions and restrictions on Ukraine’s foreign trade relations. Accelerating the development of exports and overcoming obstacles when concluding the external trade agreements and settlements will ultimately help Ukraine to take a niche among the world’s exporters and strengthen its own financial security.

Keywords: export; foreign trade turnover; balance of payments; openness of the economy; terms of foreign trade; export commodity structure; export credit agency; trade finance; export insurance; export promotion program; export strategy (ðð. 30–49).

References 14; Figures 2; Tables 3.

1. Kibik O.M., Kotlubay V.O., Khaiminova I.V. et al. Stratehichni instrumenty derzhavnoi pidtrymky rozvytku eksportnoho potentsialu Ukrainy [Strategic instruments of state support for development of export capacity of Ukraine]. Visnyk ekonomiky transportu i promyslovosti – The bulletin of transport and industry economics, 2017, No. 58, pp. 31–37, available at: [in Ukrainian].
2. Kotlubai V.O. Rozvytok stratehichnykh napryamiv zovnishn’otorgovel’noi polityky Ukrainy [Development of strategic directions of foreign trade policy of Ukraine]. Proceedings from: Suchasni napryamky rozvytku ekonomiky i menedzhmentu na pidpryemstvakh Ukrainy. II vseukr. nauk.-prakt. konf. studentiv, aspirantiv ta molodykh uchenykh, prysvyachenoi 50-richchyu stvorennya fakul’tetu upravlinnya ta biznesu KhNADU. 26 zhovtnya 2016 r. [Modern directions of economic development and management at Ukrainian enterprises. ²² All-Ukrainian scientific and practical conference of students, postgraduates and young scientists dedicated to the 50th anniversary of the establishment of the Faculty of Management and Business of KhNAHU. October 26, 2016]. Kharkiv, KhNAHU, 2016, pp. 549–551 [in Ukrainian].
3. Yatsenko O.M., Nevzghliad N.H., Nevzghliad A.H. Rozvytok eksportnoho potentsialu agrarnoho sektora ekonomiky Ukrainy v umovakh globalizatsii [Development of export potential of the agricultural sector of the economy of Ukraine in the context of globalization]. Zovnishnya torhivlya: ekonomika, finansy, pravo – Foreign trade: economics, finance, law, 2015, No. 3, pp. 39–48, available at: [in Ukrainian].
4. Movchan V.S. Polityka Spryyannya Eksportu v Ukraini pislya Administratyvnoi Reformy [Policy of Export Promotion in Ukraine after Administrative Reform]. Kyiv, UNDP, 2012 [in Ukrainian].
5. Shevchuk O.M., Sozanskiy L.I., Tataryn N.B. Analiz zovnishn’otorhovel’noi diyal’nosti Ukrainy v suchasnykh umovakh [The analysis of foreign trade activity of Ukraine in modern terms]. Naukovi zapysky natsional’noho universytetu “Ostroz’ka akademiya”. Ser.: Ekonomika – Scientific Notes of Ostroh Academy National University. Ser.: Economics, 2014, Iss. 27, pp. 8–13 [in Ukrainian].
6. Sophishchenko I.Y. Problemy instytutsionalizatsii derzhavnoho spryyannya eksportu [Problems in institutionalization of state support for export]. Aktual’ni problemy ekonomiky – Actual problems of economics, 2012, No. 10, pp. 52–57 [in Ukrainian].
7. Sharov O.M., Sobolev B.V. Shchodo okremykh pytan’ derzhavnoi finansovoi pidtrymky eksportnoi diyal’nosti v Ukraini. Analitychna zapyska Instytutu stratehichnykh doslidzhen’ pry Prezydentovi Ukrainy [On certain issues of the state financial support for export activity in Ukraine. Analytical note by the Institute for Strategic Studies under the President of Ukraine]. 10.12.2012, available at: [in Ukrainian].
8. Lyakhova O., Urvantseva S. Eksportni kredytni ahentstva yak efektyvnyi instrument finansovoho stymulyuvannya zovnishn’oekonomichnoi diyal’nosti [Export credit agencies as effective instrument of foreign economic activity financial stimulation]. Ekonomichnyi Chasopys-XXI – Economic Annals-XXI, 2015, No. 1-2, pp. 23–26, available at:,%20Urvantseva.pdf [in Ukrainian].
9. Kletzner L. Imports, Exports and Jobs: What Does Trade Mean for Employment and Job Loss. Kalamazoo, MI, W.E. Upjohn Institute for Employment Research, 2002.
10. Nikolaichuk S. Monetarna Polityka NBU: Tsili ta Logika Ostannikh Rishen’ shchodo Oblikovoi Stavky [Monetary Policy of the NBU: Goals and Logic of Recent Decisions on the Discount Rate]. Kyiv, National Bank of Ukraine, January 15, 2018 [in Ukrainian].
11. Mohan S. How important are tariffs and nontariff measures for developing countries’ agricultural processed products exports?, available at:'%20agricultural%20processed%20products%20exports.pdf.
12. Sobolev D. Grain and Feed Update. Global Agricultural Information Network, USDA Foreign Agricultural Service, 10/12/2017. 
13. Chauffour J.-P., Saborowski C., Soylemezoglu A. Trade Finance in Crisis. Should Developing Countries Establish Export Credit Agencies? The World Bank, Poverty Reduction and Economic Management Network International Trade Department, January 2010. 
14. Ezell S. J. Understanding the importance of export credit financing to U.S. competitiveness. The IT&IF, June 2011, available at:

The article was received by the Editorial staff on March 7, 2018.

UDC 330.341.13
S V I T L A N A  S L A V A, 
Associate Professor, Cand. of Econ. Sci., 
Professor of the Department of Enterprise Economics
Uzhhorod National University,
Deputy Director Transcarpathian Regional Centre for 
Socio-Economic and Humanities Research of the NAS of Ukraine
3, Narodna Sq., Uzhgorod, 88000, Ukraine

© Ñëàâà Ñâ³òëàíà Ñòåïàí³âíà (Slava Svitlana), 2018;


Innovative development is a defining characteristic of developed societies. At the moment, innovations remain an issue demanded not only by the economy, but also by the entire society. In recent decades in Ukraine, several conceptual models of innovative development were determined in the normative documents; however, they have not succeeded in achieving their implementation.
The purpose of the article is to study the evolution of conceptual models of innovative development in Ukraine, to form their classification according to the criteria of linearity and integration and to develop directions for their improvement. To achieve the goal of the research, the basic principles of the proposed models of innovation development in the relevant normative documents (concepts and strategies) are summarized and a conceptual configuration of innovation development is proposed in order to activate it and introduce new organizational approaches. The author used content, descriptive analytical and graphic research methods.
The article describes the features of linear / nonlinear and integrated / non-integrated models and identifies the four main stages of the development of innovation models in Ukraine: (i) till 1999 – the formation of a linear model, (ii) 1999-2009 – interactive, (iii) 2009-2012 –functionally integrated, (iv) 2012-present – system-integrated, networking model.
The conceptual scheme of interaction in the innovation process is proposed. It is substantiated that the effectiveness of innovative models can only be realized through appropriate motivation – the awakening of business (or social - in the case of social innovations) interest in innovations, since they are the demanders and recipients of innovations. Such motivation can be formed / raised through the wider and deeper interactions of the participants in the innovation process in the case of non-linear and well-integrated models of innovation development. Implementation of the models should take place through appropriate organizational formats, favourable to and generating regular interactions, as well as viable relationships.
Important tools for implementation of advanced innovative models are smart specialization, funding multilateral engagement of NIS’s participants in the joint research projects and development of innovative culture and improvement of managerial approaches.

Keywords: innovative models; innovation process; national innovation system; triangle of knowledge; triple helix; knowledge-innovative communities; linear and nonlinear innovation models; innovative culture; integration in innovative models (pp. 50–61).

References 15; Figure 1; Table 1.

1. Heyets V.M. Innovatsiinyi Shlyakh Rozvytku ta Ekonomichne Zrostannya, v: Innovatsiina Ukraina. [Innovative Way of Development and Economic Growth, in: Innovation Ukraine]. Kyiv, NTU “KPI”, Iss. 7, pp. 38–42 [in Ukrainian].
2. Fedulova L., Pashuta M. Rozvytok natsional’noi innovatsiinoi systemy Ukrainy [Development of the national innovation system of Ukraine]. Ekonomika Ukrainy – Economy of Ukraine, 2005, No. 4, pp. 35–47 [in Ukrainian].
3. Stratehiya Innovatsiinoho Rozvytku Ukrainy na 2010–2020 roky v Umovakh Globalizatsiinykh Vyklykiv. Mater. parlam. Slukhan’ u VRU [Strategy of Innovative Development of Ukraine for 2010-2020 in the Context of Globalization Challenges. Materials of the parliament hearings in the VRU]. Authors-compilers: G.O. Androshchuk, I.B. Zhylyaev, B.G. Chyzhevs’kyi, M.M. Shevchenko. Kyiv, Parliament PH, 2009 [in Ukrainian].
4. Innovatsiina Ukraina 2020. Natsional’na Dopovid’ [Innovative Ukraine 2020. National Report]. NAS of Ukraine. V.M. Heyets et al (Eds.). Kyiv, 2015 [in Ukrainian].
5. Rothwell R. Towards the fifth-generation innovation process. International Marketing Review, 1994, Vol. 11, Iss. 1, pp. 7–31. 
6. Žižlavsky O. Past, present and future of the innovation process. International Journal of Engineering Business Management, 2013, Vol. 5 (47), pp. 1–8.  
7. Slava S.S. Perspektyvy rozvytku trykutnyka znan’ v Ukraini [Prospects for the development of knowledge triangle in Ukraine]. Innovatsiina ekonomika: teoretychni ta praktychni aspekty – Innovative economics: theoretical and practical aspects, 2017, Iss. 2, pp. 190–205 [in Ukrainian].
8. Etzkowitz Í., Leydesdorff L. The dynamics of innovation: from National Systems and «Mode 2» to a Triple Helix of university–industry–government relations. Journal on Innovation and Sustainability. Research Policy,  2000, Vol. 29, Iss. 2, pp. 109–123, available at:
9. Value-added partnering and innovation in a changing world, in: International Series on Technology Policy and Innovation. Marina van Geenhuesen et al (Eds.). USA, West Lafayette, Purdue University Press, 2009.  
10.  National Systems of Innovation: Towards a Theory of Innovation and Interactive Learning. B.-A. Lundvall (Ed.). London, Pinter, 1992.  
11.  National Innovation Systems: a Comparative Analysis. R.R. Nelson (Ed.). New York, Oxford University Press, 1993. 
12. Androshchuk G.O., Davymuka S.A., Fedulova L.I. Natsional’ni Innovatsiini Systemy: Evolyutsiya, Determinanty Rezul’tatyvnosti [National Innovation Systems: Evolution, Performance Determinants]. Kyiv, Parliament PH, 2015 [in Ukrainian].
13. Bazhal Iu. Rozvytok innovatsiinoi diyal’nosti u znannevomu trykutnyku “derzhava – universytety – promyslovist” [Development of innovation activities within knowledge triangle “government-university-industry”]. Ekonomika i prohnozuvannya – Economy and Forecasting, 2015, No. 1, pp. 76–89 [in Ukrainian].
14. Slava S., Kalantaridis K. Innovatsiina Praktyka v Ukraini ta Bilorusi: Kontekstne Vyznachennya Potreb [Innovative Practice in Ukraine and Belarus: Contextual Determination of Needs]. Uzhgorod, Patent, 2014 [in Ukrainian].
15. Dementiev V.V., Vyshnevskyi V.P. Chomu Ukraina ne innovatsiina derzhava: instytutsiinyi analiz [Why Ukraine is not an innovation state: an institutional analysis]. Ekonomichna teoriya – Economic Theory, 2011, No. 3, pp. 5–20 [in Ukrainian].

The article was received by the Editorial staff on May 25, 2018.


UDC 658:330.1
L A R Y S A  L A Z E B N Y K,
Professor, Doctor of Econ. Sci.,
Head of the Department of Enterprise’s Economy,
University of the State Fiscal Service of Ukraine,
31, Universytetska St., Irpin, Kyiv Region, 08201, Ukraine

© Lazebnyk Larysa, 2018; 


The generalization of statistics for our state and its comparison with similar indicators of other countries gave grounds for the conclusion about underinvestment of Ukrainian economy. Strengthening investment activity depends on such a tool of the state economic policy as depreciation charges, which through imperative mechanisms of renovation is capable of providing renewal of fixed assets.
The research is based on a structural and morphological analysis of analytical and statistical information on depreciation of fixed assets.
Two fundamentally different theoretical concepts of the fixed assets depreciation are considered: economic and financial ones. It is indicated that in Ukraine in the accounting and tax normative documents the legal concept of economic depreciation is fixed, which is not based on the needs of reproduction. 
It is proved that in scientific literature the issues of amortization appointment are considered mainly from the point of focus on the revitalization of investment processes, that is, from the standpoint of the financial concept of depreciation. Historical reason for such a contradiction is revealed: formation of depreciation fund and a special account in a bank during the years of the USSR in the accounting. This gave grounds for considering the resources of the depreciation fund and, accordingly, depreciation deductions as funds that could be used for the technical re-equipment of enterprises.
The thesis is based that the restoration of a depreciation fund, similar to the Soviet one, means the withdrawal of a part of the monetary resources from enterprises’ cash and short money instruments. This cannot positively affect the economy of enterprises in a corrupt country. The possibility of introducing a financial concept of depreciation to maximize the use of the depreciation resource for the needs of renewal of fixed assets is considered.
A conclusion is made about the need for prior normative-legal support. It is suggested to: (i) find an opportunity to reflect information on unused amounts of depreciation charges in accounting records; (ii) increase the income tax base by including the depreciation amounts that were not used as investments.

Keywords: fixed assets; depreciation; depreciation concept; depreciation deductions; renewal of fixed assets (ðð. 62–74).

References 17; Tables 3.

1. McMillan Ch. Yaponskaya Promyshlennaya Sistema [The Japanese Industrial System]. Moscow, Progress, 1988 [in Russian].
2. Pedchenko N.S., Luhivs’ka L.A. Amortyzatsiina polityka pidpryemstva v konteksti reformuvannya podatkovoi systemy [Depreciation policy of enterprise in the context of reform tax system]. Naukovyi visnyk Poltavs’koho universytetu ekonomiky i torhivli – Scientific herald of Poltava University of Economics and Trade, 2014, No. 6, pp. 74–84 [in Ukrainian].
3. Radyeva O. Otsinka formuvannya amortyzatsiinoi polityky pidpryemstv mashynobuduvannya z urakhuvannyam stratehii ikh rozvytku [Evaluation form of an amortization policy of the enterprises of mechanical engineering in view of their development strategy]. Visnyk Pryazovs’koho derzhavnoho tekhnichnoho universótetu. Ser. Ekonomichni nauky – Reporter of the Priazovskyi State Technical University. Ser. Economic sciences, 2016, Vol. 1, Iss. 31, pp. 340–345 [in Ukrainian].
4. Vyshnevs’kyi V., Viets’kaóà O. Puti sovershenstvovaniya sistemy nalogovoi amortizatsii [Ways to improve the system of tax amortization]. Ekonomika Ukrainy – Economy of Ukraine, 2011, No. 2, pp. 49–59 [in Russian].
5. Kafka S.M. Zmist i pryznachennya amortyzatsii osnovnykh zasobiv [The content and purpose of non-current assets depreciation]. Ekonomichnyi analiz. Zb. nauk. Prats’ – Economic analysis. Collection of scientific works, 2017, Vol. 27, No. 1, pp. 270–279 [in Ukrainian].
6. Mohylova M.M. Optymizatsiya metodiv ta norm amortyzatsii osnovnykh zasobiv sil’s’koho hospodarstva [Optimization of methods and standards of depreciation of fixed assets in agriculture]. Ekonomichnyi analiz. Zb. nauk. Prats’ – Economic analysis. Collection of scientific works, 2015, Vol. 19, No. 3, pp. 55–62 [in Ukrainian].
7. Orlov P., Orlov S. Gosudarstvennaya amortizatsionnaya politika i ee otrazhenie v standartakh bukhgalterskogo ucheta [The state depreciation policy and its reflection in accounting standards]. Ekonomika Ukrainy – Economy of Ukraine, 2001, No. 3, pp. 30–34 [in Russian].
8. Ostrovetsky V.I. Amortyzatsiina polityka Ukrainy v systemi instrumentiv podatkovoho stymulyuvannya investytsiino-innovatsiinoi aktyvnosti [Depreciation policy in Ukraine in the system of tax incentives for investment and innovation activity]. Ekonomichnyi visnyk Donbasu – Economic Herald of the Donbas, 2017, No. 2, pp. 121–131 [in Ukrainian].
9. Radeva O.G. Amortyzatsiina polityka v konteksti mekhanizmu efektyvnoho upravlinnya pidpryemstvom: sutnist’, kharakterystyka ta problemy [Depreciation policy in the context of the mechanism of effective enterprise management: the essence, characteristics and problems]. Molodyi vchenyi – Young Scientist, 2014, No. 12, pp. 70–73 [in Ukrainian].
10. Trachova D.M. Amortyzatsiina polityka inshykh derzhav: dosvid ta perspektyvy zastosuvannya [Depreciation policy of other countries: experience and prospects of application]. Naukovyi visnyk Khersons’koho derzhavnoho universytetu. Ser.: Ekonomichni nauky – Scientific Journal of Kherson State University. Ser.: Economic Sciences, 2016, Iss. 18, Part 2, pp. 182–185 [in Ukrainian].
11. Trachova D.M. Doslidzhennya roli pryskorenoi amortyzatsii v stymulyuvanni innovatsiinoho rozvytku pidpryemstva [Research of accelerated depreciation role in the stimulation of innovative development of the enterprise]. Tekhnologicheskii audit i rezervy proizvodstva – Technology audit and production reserves, 2016, Vol. 6, No. 4, pp. 42–46 [in Ukrainian].
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17. Butynets’ F.F. Istoriya Bukhgalters’koho Obliku, u 2 ch. Ch. 1 [History of Accounting, in 2

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