Background. Scientists do not paid attention to researching of the essence of state financial audit of higher education system because state audit of budget programs execution and efficiency audit are mostly studied. The aim of the article is dedicated to disclosure of conceptual basis of the state financial audit of higher education system. Materials and methods. System of general scientific methods, that enables to achieves the goal, creates methodological basis of the article. Results. A significant achievement of the study is the disclosure of the directions of increase of efficiency of budgetary expenses, the discovery of their role in the socio-economic development of the country. The analysis of the dynamics and structure of the expenditure part of the state and local budgets is realized. The interdependence between real GDP and the share of budget expenditures in the gross domestic product was defined. The provisions regarding the use of capital expenditures as a tool for achieving economic growth were developed. The directions of increase of efficiency of budgetary expenditures were based. Conclusion. The study, according to the authors, will deepen the understanding of the role of budgetary expenditures in the social and economic development of the country, will allow to improve the quality of use of budgetary funds.

Background. Derivatives are one of the most complex tools in the course of trade on international financial markets which give traders the opportunity to provide not only compliance of investment strategy but also achieve certain level of yield of optional portfolio for the acceptable level of risk. The appearance of the Internet gave the impetus to increased use of derivatives. Foundation and further development of trade on financial market with margin in Ukraine determine the necessity of theoretical principles disclosure and practice of formation of optional portfolio strategy by traders in foreign countries. The relevance of the topic is that in future such an instrument will be used by domestic traders more actively, and high level of risk demands not only the use of theoretical and practical knowledge but modeling and selection of own strategy. The aim of the article is in disclosure of theoretical and practical bases of optional portfolio formation by trader. Materials and methods. Research is conducted on the basis of scientific works of foreign and domestic scientists of the theory of the derivative financial instruments and practical experience of traders of financial market of Western countries. General scientific and special research methods are used. Results. The world modern financial markets are characterized by rapid development of different kinds of financial transactions, in particular so-called derivative financial instruments – derivatives. Their use allows traders on financial markets to receive an opportunity to change the sensitivity of own investment portfolio to market volatility, also, to realize investment strategies faster and more economical. The authors improved an approach to the conventional method of choosing the optimal strategy of the portfolio options formation. It is conducted a comprehensive practical analysis of the measures of profitability provision and reducing f risks in option trading on OTC market and with margin on the Internet in the world financial markets. The author classification of optional positions is presented. It is created the suggestions on how to optimize the structure of the optional portfolio and making an investment decision by trader. It is suggested author recommendations for definition of optimal option portfolio structure as a means of its hedging against risks. Analysis of the main provisions on option market regulation in foreign countries is conducted. Conclusion. The rapid growth of the amount of options trading on the exchange and OTC financial markets in foreign countries at this moment does not affect their development in Ukraine due to the extremely low degree of integration of the domestic financial sector into a global financial center. Foreign experience in the field of exchange derivatives trading in general, and options in particular reaches the middle of the last century, while in Ukraine this type of financial service is only in the initial stage of development. The active growth of amount and spectrum of financial services in Ukraine which are provided through the Internet network, has no noticeable effect on the development of financial derivative instruments due to lack of demand from the side of financial market participants.

Background. In the conditions of reforming of economy of Ukraine one of the most important tasks is to ensure the competitiveness of domestic goods and services in national and international markets. It requires the acceleration of development of innovation processes in enterprises of different ownership forms. Currently, innovation is a powerful catalyst and a solid guarantee for high-performance business. One of the main conditions of success of the firm in the competition is its ability to permanent innovations, that is, the ability to develop and introduce new products to market. The rapid development of the innovation sector of Ukraine and the obvious advantages of applying the latest achievements of science in everyday activities of domestic enterprises encourage the present businessmen to increase the innovative potential. The policy of innovative development in Ukraine will allow reorganizing the economy by improving high-tech industries, the introduction of advanced high-tech processes, development and production of new competitive products. The aim of the article is the study of problems of innovative development in Ukraine and the designation of areas for their solution, taking account of the requirements of the present. Materials and methods. Information materials used in the work, became the State statistics service of Ukraine on the economic development of the state, the Economic code and the Law of Ukraine «On innovation activity», works of foreign and domestic scholars. For the study of diverse economic processes, which have implemented innovative technology, the authors applied the dialectical method of research, statistic to study the effects of innovation activity and comparative for the processing content of the modernization changes. Results. Now in terms of the of neoeconomy formation innovation becomes a powerful catalyst for economic development, a safe deposit of highly efficient business. The authors analyzed the state of innovation in the Ukrainian state and highlighted the basic problems and principles of development, which consist in creating conditions for the preservation, elevation and the use of scientific-technical and innovation potential, and providing business development, research and production sectors etc. Perspectives innovation through the implementation of innovative projects of economic entities of different ownership forms were defined. Conclusion. Research of innovative activity of the domestic enterprises show that even those enterprises, innovative activity of which is higher, cannot significantly improve the financial results because of the lack of purposeful search of all possibilities utilizing in the existing technology, external environment, favorable location, the qualifications of the staff etc. It requires the development of conceptual foundations and methodology of such research which lies in the plane of development of innovation activity, adequate to the capabilities of the enterprise and the conditions of its management and also creating an effective system for managing the implementation of innovations.

Background. Modern foreign economic transformation marked by the deepening of the process of Ukraine`s integration into the European community, which requires a faster overcoming of lagging of the country`s development in economic, legal and social spheres, as well as the increasing of the population welfare. The armed conflict in the East of Ukraine, annexation of Crimea, the change of the political elite in power in state has resulted in significant changes in the foreign economic activity of the country, in particular the dramatic changes in the geographical and commodity structure of export-import operations, which in turn affected the change in growth efficiency of the national economy and directly the income from foreign trade. The aim of the article lies in the analysis of foreign economic activity of Ukraine on the modern stage of international relations development, the study of key variables trends in the geographical and commodity structure of foreign trade of Ukraine, clarifying the causes and consequences of these processes. Materials and methods. The main materials of the study became scientific works on the problems of foreign trade of Ukraine, newsletters and reports of the State statistics service, Ministry of economic development and trade, the National Institute for strategic studies. During the study there were used methods of economic and statistical analysis, methods of comparison and grouping, graphical simulation of economic processes. Results. Now the main foreign economic and political priority and the basis of economic-legal, socio-cultural and political development of Ukraine is European integration. In the article the author investigates the current trends of foreign economic activity of Ukraine in the conditions of reorientation to the EU market and aggravation of political and trade relations with the Russian Federation, analyzes the dynamics and nature of changes in the indices of export-import activity in the country, identifies the main transformation in the geographical and commodity structure of international trade during 2015, clarifies the main causes of these processes. Conclusion. The analysis of foreign economic activities of Ukraine gave the possibility to identify the main problems of development of international economic relations of Ukraine in modern conditions, taking into account changes in the political vector. The main factors that influenced such displacements in geographical and commodity structure, can be considered: the loss of economic ties between enterprises of Ukraine and economic entities of the zone ATO; the destruction of production and transport infrastructure; weak external demand; the restriction of access to the Russian market; the fall of world prices for key commodity markets; low solvency of the population and the financial difficulties of enterprises against the background of rising production costs. Further studies are advisable to direct to the development of effective mechanisms of export potential reproduction of Ukraine`s economy, the rationalization of the structure of foreign trade in the new conditions of foreign policy development.

Background. Book publishing in Ukraine is characterized by negative tendencies. Low competitiveness of the domestic book publishing causes need in researching of factors and ways of activation of book publishing activity. The aim of the article is to research the tendencies of book publishing development of developed countries of the world which define the competitiveness of book publishing, revealing of ways of rising of the effectiveness of publishing activity in Ukraine on the base of world experience. Materials and methods. General scientific methods, theory of public administration, tabular and economics and statistics methods for research of tightness of the bond between GDP indicators and the amount of output, methods of expert evaluation of factors of competitiveness were used. Results. The common problems of world book publishing are growth of the expenses on implementation of production and sales activity in the result of reducing of circulation and increase of prices on consumable materials, diminishing of the interest to book products and reading due to lack of free time, expanding of alternative ways of entertainment; the growth of expenses on preparation of electronic books; illegal usage of publishing production. With an aim to solve existing problems and providing of national culture development measures of governmental regulation of publishing business are realized in many countries of the world. In Ukraine it is introduced only by middle and small enterprises, publishing unions are absent. Ukrainian publishing bodies realize the activity on the separate thematic segments of market, at the same time they realize projects connected with the use of informational resources. The example of Ukrainian media company which chose vertical integration is closed joint-stock company «Holding Company «Blits-Inform». The biggest domestic media holding which makes horizontal integration in publishing activity is UMH Group. The main part of the portfolio of other Ukrainian media holdings (StarLightMedia, InterMediaGroup, 1+1 Media, Media Group Ukraine) includes TV assets, owners of which are interested in receiving of informational media resource but not the income. Foreign publishing corporations in Ukraine are presented by some Russian (in particular, «Makhaon» and «Eksmo») and German («Burda Ukraiina» publishing body). The introduction of leading media management; the access to investment funds, distribution of product and technical innovations, provision of quality development and increasing of the competitiveness of the industry are the advantages of attraction of foreign media concerns to Ukrainian publishing. Conclusion. The models of the state regulation of the publishing industry in the leading countries of the world differ by its level of liberalization and the methods which are used. The perspectives of the further researches in Ukraine in the theoretical sphere is studying of essence, classification and competitive advantages of the unification of enterprises in media industry; in practical sphere it is the analysis of abilities of application of regulation methods in book publishing, creation of concrete recommendations about formation of effective protectionist measures from the side of state, increase of business and innovational activity of domestic publishing bodies.

Background. In structure of economy of Ukraine the raw and resource-intensive industries prevail. Therefore for Ukraine the problem of structural modernization of national economy according to progressive structural shifts in economy of EU countries is actual. A research purpose is the analysis of modern structures of economy of the EU and Ukraine and identification of tendencies in their change. Materials and methods. During research materials of Public service of statistics of Ukraine, the Organization for Economic Cooperation and Development, the World economic forum are used. Methods of the analysis and synthesis, generalization and systematization, modeling are applied. Results. The analysis of structure of use of resources in cumulative national accounts of Ukraine showed that reduction of a share of final consumption mainly through redistribution of the used resources for benefit of increasing export deliveries took place. Reduction of a share of intermediate consumption in Ukraine is a positive tendency which demonstrates gradual decrease in domestic economy of materials and energy intensity of production. The economy of developed countries of the EU is characterized by such progressive changes in its structure, namely there is dematerialization of production and growth of a share of the service industry. In Ukraine the positive tendency to change of structure of economy for benefit of the service industry is also observed. But near it, the economy of Ukraine is characterized by a considerable raw material orientation with considerable share of a mining industry and the agriculture. Conclusion. Concentration of considerable part of production and occupied in the field of services in developed countries of the EU demonstrates active forming of service economy. In Ukraine the positive tendency in growth of a share of the industries of the service industry in GDP which promotes improvement of structure of national economy is also observed. Development of the service industry in EU countries promotes increase of their level of competitiveness. The carried-out analysis showed that critical point is growth of a share of the service industry to a limit of 75-80% then the level of competitiveness of the country can decrease considerably.

Background. In scientific discussions on the implementation of the integration processes one of the most complex and controversial is the question of assessing the effectiveness of mergers and acquisitions, which leads to a clash between often opposed points of view. Some authors believe integration is really an important source of business efficiency increasing, others argue that integration of the companies as a result of internal conflict of interests often reflects the imperious instincts of managers and leads to negative dynamics of indicators of efficiency. The aim of the article lies in the comprehensive study and systematization of knowledge on the issue of the essence, sources of initiation and assessment of synergetic effect in the integration processes for constructing of conceptual scheme of obtaining an overall synergetic effect in the implementation of the integration interaction, which will be the basis for the development of the methodology of determining its size. Materials and methods. Theoretical and methodological basis of research are scientific works of representatives of different schools and directions of economic theory, modern scientific developments of domestic and foreign scientists on issues of synergy, the synergetic effect of their manifestation and measurement in integration processes. Methodological basis of the research was compiled by systematic and comprehensive approaches to the study of the synergistic effect in the integration processes. In this study we used the structural-logical method, comparative analysis, thus ensuring the validity of theoretical positions and arguments of conclusions. Results. In order to develop adequate domestic realities methodology for the evaluation of synergistic effect in the integration processes, it is necessary to rely on the appropriate conceptual basis and for that it is necessary to understand the basic definitions. The author examined the achievements of domestic and foreign economists on the question of definition of essence of definitions «synergy» and «synergetic effect», as the result of which the classification of the types of synergetic effect on different signs was systematized and expanded. It was determined that the most important criterion of efficiency of integration processes is the increasing of benefits of the company-integrator owners and the united business, and the main subjective purpose of any business activity is the obtaining and increasing of profit, therefore it was suggested to identify the types of synergetic effect on the basis of origin (source) of profit: operational, financial, managerial, marketing, investment, functional, and innovative. On the basis of this study the author developed a conceptual scheme for the overall synergistic effect obtaining in the integration processes, which is the basis for the development of the methodology of determining its size. The main factors affecting the synergetic effect on the macro and micro level were distinguished and it was offered to assess this influence by the method of analysis of hierarchies. Conclusion. Existing methods for determining the size of synergistic effect are based on the understanding by the authors of its economic nature and its sources. The most important criterion of integration processes efficiency is the increasing of benefits of the company-integrator owners and the united business, and the main subjective purpose of any business activity is the obtaining and increasing of profit, therefore it was suggested to identify the types of synergetic effect on the basis of origin (source) of profit: operational, financial, managerial, marketing, investment, functional, and innovative.

Background. The construction and development of transport-logistic system of Ukraine is largely driven by its European integration. The experience of countries of Western Europe and North America proves that the development of the logistics and transport sector allows to reduce total logistic and transportation costs, accelerate the velocity of material resources circulation and to reduce their stockpiles. The coordination of technological, technical and organizational-economic interaction between all functional units in such countries is provided by appropriate logistic system that provides interaction between all participants in the transport and distribution process in the organizational-economic, technical, technological and informational aspects of freight flows. The aim of the article is the analysis of development directions of transport and logistics system of Ukraine in conditions of European integration. Materials and methods. The article uses a combination of methods, allowing to implement system-conceptual unity of research, in particular the dialectical method of scientific cognition, methods of synthesis, systemic and institutional approaches. Results. The current state of the logistics services world market and advantages of using logistics was analyzed in the article. The possibility of logistics development in Ukraine by formation of transport and logistics system and realization of transit potential of the country was defined. The current state of transit and the main factors of the loss of Ukraine’s transit potential were considered. The possibility of transport and logistics system development in Ukraine in conditions of participation in regional transportation projects of EU was actualized. The development level of logistics of the European Union and Ukraine’s place in the projects of euro logistics was investigated. The main directions of Ukraine’s European integration in the transport sphere and implementation opportunities for cooperation with the EU were defined. The main directions and prospects of Ukraine’s participation in EU projects for the Danube Region and the TRACECA project were analyzed. The necessity of further development of Ukrainian transport and logistics system as a subsystem of the economic system of the country that will contribute to economic development of Ukraine was defined. Conclusion. On the basis of the conducted research it is established that the formation of the integrated TLS of Ukraine will contribute to the development of the economy and enhance the country’s competitiveness in the international markets of transport and logistics services. Their development is possible by restoring the country’s transit potential, participation of Ukraine in international transport projects of the EU. The establishment of Ukraine’s partnership relations with the EU especially in transport sphere will contribute to the deepening of European integration of Ukraine, macroeconomic stabilization and improvement of the economic situation of the country as a whole.

Background. Provision of social relations involves creating the necessary conditions for stimulating long-term economic growth. The above is largely driven by the success of issues to improve the efficiency of budget spending and to optimize them. Due to economic changes is appropriate to use a systematic approach to evaluating the effectiveness and efficiency of budget expenditure and mutually agreed solution of budget allocations with the priorities of socio-economic development of the country. The aim of selected subject allowed us to determine that in order to ensure the realization of the strategic goals of socio-economic development of the country, budget process management should be implemented on the basis of following factors: efficiency of procedures of the budget planning, allocation and budgetary resources development, ensuring interaction between the participants of the budget process at the appropriate level; absolute execution of the concluded contracts and contract obligations in the public sector within the established deadlines; intensification and continuous improvement of budget management; preserve and increase the quality of goods and services for budgetary purposes, their conformity to international standards; increasing the level of productivity. The above forms the basis of research objective. Materials and methods. The complex nature of the work is achieved via creative use and combination of general and specialized methods, including generalizing, analysis and synthesis, statistical analysis, system analysis. Results. The development of economic cooperation between Ukraine and Poland covering the period after Poland’s entry in the EU has been analyzed. The existence of disappointing for our country trends in the relations between the parties has been discovered: in the period under analysis the trade balance of Ukraine remained mostly negative, and the volume of investments in the Polish economy has significantly lagged behind the value of Polish investments in the Ukrainian economy. The analysis showed an extremely low level of real integration between Ukrainian and Polish economies. Conclusion. Significant negative trade balance of Ukraine and its considerable lagging behind from its neighbor on the western border in terms of investments in the Polish economy, are primarily caused by low competitiveness of the Ukrainian economy as well as significant backlog of a number of Ukrainian economic indicators. The solution to this situation, among other things, involves the implementation of the competitive order policy in Ukraine, approximation of Ukrainian legislation to the EU standards, the intensification and deepening of interregional and cross-border cooperation.