APPROACH and PROCESS of ORGANIZATION OF SUSTAINABLE FINANCIAL RELATIONS.
For the organization of financial relations that meet the requirements of sustainable management, it is appropriate to choose a process-methodological approach. A similar approach is directed to the identification of typical management and business processes that will ensure the sustainability of financial relations in the context of various groups of spatial and economic entities during the implementation of specific programs, projects, the foresight of sustainable development and involves a transition in financing from objects to processes. At the same time, the organization of financial relations in the system of sustainable management must ensure several basic conditions of sustainability.
These conditions are, first of all: ¬ organizational opportunities for attracting and integrating powerful internal and external resources into economic circulation for the formation of the general resource potential of sustainable development; secondly: the presence of management potential for making relevant high-quality management decisions that take into account the interests of key stakeholders, thirdly: the presence of a highly efficient production component, which is capable of implementing tasks to achieve the goals of sustainable development with a high level of economic and financial return, and -fourth: a flexible and adaptive system of robust regulators capable of quickly eliminating threats and risks to sustainable management.
From this, it is logical to draw conclusions about the platform-based, multi-subject character of sustainable management, the wide application of the principles of robust management, including the formation of a system of management regulators of sustainability, and the creation of a margin of safety of the economic system, in particular - due to financial accumulations, as well as the application of the foresight methodology for the forecasted management of changes in conditions of external and internal turbulence of spatial economic entities. It is also obvious that in modern, and even more so, promising conditions of economic activity, the level of complexity of management activity should be reoriented to self-regulatory mechanisms for managing the development of spatial economic formations, which, in particular, will be characterized by the spread of specific methods of decision-making inherent in the management poly subject, i.e. such as consensus, taking into account the mutual benefit of the parties, transforming competition into their mutual cooperation to achieve a common goal, taking into account the interests of future generations, quasi-interests of natural ecosystems as separate groups of stakeholders in financial activities, etc.
At the same time, the main factors in the formation of the structure of sustainable financial relations are the need to comply with the criteria of profitability, liquidity of assets, the solvency of the participants of financial relations, and its credit and financial stability simultaneously with the environmental, social and managerial criteria recommended by the Financial Initiative of the United Nations Environment Program (UNEP FI). ESG) criteria of financial activity. The newly created structure of sustainable financial relations should ensure the implementation of relevant specific business processes with a focus on strategic foresight-projection of the sustainable spatial development of territorial entities as an embodiment of the newest concept of multi-subject management .
It is obvious that in the context of the organization of sustainable financial activity in the territorial dimension, a broad understanding of the business process is necessary, as a consistent activity focused on the final result, which goes beyond the boundaries of the enterprise and concerns the entire logistics chain of production aimed at creating a specific set of products of the territorial economy. In this sense, a stable financial system essentially becomes a factor in the formation of a stable territorial economy. Therefore, in order to build a sustainable financial system, it is necessary to form such a structure of financial relations between subjects of economic activity, in which the following parallel-sequential processes would necessarily be ensured:
• formation of a system of sustainable financial institutions by spreading ESG criteria to the activities of investors, credit and financial institutions, insurance institutions, and the national stock market, as well as development at the state level and implementation of relevant norms, rules, and forms of financial behavior;
• organization by the principles of sustainability of modern markets of territorial assets based on electronic information and communication platforms of the business ecosystem format taking into account ESG criteria and SDG goals, commodification, i.e. paid use of resources;
• inclusion of territorial resources, including natural capital, in economic circulation and establishment of financial support for business initiatives by permanent financial institutions in the areas of investment, lending, insurance, and the stock market;
• ensuring the necessary degree of liquidity of territorial assets by providing them with the help of financial mechanisms and tools, including securitization, in liquid formats suitable for free circulation on the markets of territorial assets;
• formation with the help of platform mechanisms of the space of cooperation of stakeholders to ensure the profitability of production and maximization of total value within the framework of mechanisms of corporatization, clustering, and competition (competitive cooperation) in the production of total value;
• the organization of corporate structures for the management of territorial assets for the purposes of sustainable development with a developed financial component, which will ensure the needs of territorial entities in quality management of spatial development and financial resources, etc.;
•organization of financial support by business structures, public authorities, and the population of local industries and sustainable development foresight projects focused on territorial resources and competitive advantages in SMART specialization, craft production, etc.;
• formation of a business ecosystem platform market environment of a profitable territorial economy, capable of ensuring production with own capital, the solvency of stakeholders, and financial stability of economic entities in credit and financial relations;
• the formation of blocks in the financial management system designed to ensure the management of production profitability, asset liquidity, the solvency of participants in financial relations, and credit and financial stability based on modern platform mechanisms of business ecosystem interaction of stakeholders in achieving the goals of sustainable development;
•achieving an optimally balanced financial condition of economic entities by ensuring the correspondence of non-financial assets to own capital, and financial assets to the totality of liabilities through the capitalization of resources and financing of economic relations;
• creation of an economic environment of the territorial economy, which simultaneously meets the requirements of sustainability and is capable of providing financial resources, mechanisms, and tools for the sustainability of the management of the territorial entity as a whole.
Thus, after considering the essential features of the process approach to the organization of sustainable financial relations, we can come to the conclusion that in the future it is possible to significantly strengthen the position of sustainability in the field of financial activity, primarily due to the establishment of sustainable financial institutions in the areas of investment, banking, insurance, etc. It is also necessary to pay attention to the establishment of a stable stock market in the country. At the same time, the main task of ensuring sustainability should be related to the construction of an appropriate stable financial environment, including a "green" financial market capable of ensuring the sustainable development of territorial entities in the economic space of the country.
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