FINANCING OF CORPORATE ENTERPRISES IN CONDITIONS OF GLOBAL FINANCIAL AND ECONOMIC INSTABILITY

Abstract

Global financial and economic instability generates significant challenges for the functioning of corporate enterprises, as it complicates access to capital, increases lending and investment risks, and strengthens dependence on external factors. Under conditions of high financial market volatility and rising costs of resource mobilization, there emerges a need to search for optimal sources and instruments of financing capable of supporting operational activities and ensuring the long-term development of the corporate sector. The purpose of the article is to provide a comprehensive analysis of the current state of corporate enterprise financing in Ukraine and the EU, identify the problems of existing financing mechanisms, and formulate practical recommendations for their optimization under conditions of economic instability. Subject of the research – the processes of corporate enterprise financing, the structure, mechanisms, and instruments of capital attraction under global economic instability. The methods of the research: a systemic approach to identify the key factors in the formation of corporate financial resources; comparative analysis to identify trends in the EU and Ukraine; statistical methods to assess the capital structure of the corporate sector; generalization and classification to determine forms and instruments of financing. The statement of basic materials. The article examines current trends and challenges of corporate enterprise financing, in particular the ratio of equity to borrowed capital, the role of equity and debt financing, and the specifics of using accounts payable as a short-term source of resources. Based on EU statistical data, the dynamics of the main forms of financing of non-financial corporations were analyzed, which made it possible to determine typical models of capital raising and to identify cross-country differences. Hybrid financing methods are also considered, such as mezzanine financing and public-private partnership mechanisms, which are becoming increasingly relevant under conditions of instability. Practical significance of the obtained results lies in the development of recommendations for improving the financing structure of corporate enterprises and increasing the resilience of the corporate sector to global financial shocks. Conclusions and perspectives of further research. Financing of corporate enterprises under global financial and economic instability is characterized by an increase in debt burden, the predominance of short-term liabilities, and a high dependence on accounts payable, which makes them vulnerable to external shocks. Comparison with EU experience has shown that developed economies rely on equity and share capital as the main source of financing, which ensures stability and reduces risks. For Ukraine, strategic directions include increasing the share of equity capital, diversifying sources of financing, limiting excessive accounts payable, and developing the institutional environment for hybrid forms of financing. The implementation of these measures will contribute to strengthening financial stability, competitiveness, and investment attractiveness of the corporate sector.