BUSINESS INFORM №3-2014

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Section: Finance, Money Circulation and Credit
UDC 336.051
Laktionova O. A.
Financial Flexibility as a Phenomenon of Manifestation of Flexibility of the Financial System at the Micro-level (p. 301 - 310)
The article considers financial flexibility of economic subjects in the context of specific features of manifestation of this property at the micro-level of the financial system. It generalises various theoretical approaches to understanding the essence of the financial flexibility in the context of motives of its formation, sources and instruments of realisation. It specifies criteria of financial flexibility: manoeuvrability, efficiency and economy. It studies interrelation between the financial flexibility and financial restrictions at the micro-level and, consequently, factors that determine them: capital market imperfection, development level and structure of the financial system, cyclicity of economy, and company characteristics (including financial architecture). The article describes their distinguishing features. It states that apart from maintaining the financial flexibility during formation of money reserves and debt load resource the companies can be guided by other motives. It offers classification of types of financial flexibility based on the sources and goals of formation, influence upon the financial potential, stages of reproduction of financial resources, the instruments used, engaged elements of the financial mechanism, stages of the business cycle and types of the used financial resources.
Keywords: financial flexibility, micro-level of the financial system, financial restrictions, capital structure, financial development, financial market imperfection
Tabl.: 1. Bibl.: 46.

Laktionova Oleksandra A. – Doctor of Sciences (Economics), Associate Professor, Head of the Department, Department of Finance and Banking, Vasyl’ Stus Donetsk National University (21 600-richchia Str., Vinnytsia, 21021, Ukraine)
Email: [email protected]

Article is written in Russian
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Reference to this article:
Laktionova, Oleksandra A. (2014) “Financial Flexibility as a Phenomenon of Manifestation of Flexibility of the Financial System at the Micro-level.” Business Inform 3:301–310.

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