The article analyzes the approaches to the definition of “financial resources”. Existing classification of financial resources has been generalized, and their main characteristics have been identified.

Keywords: financial resources, the classification of financial flows, the qualitative characteristics of financial resources.

Statement. Studying of financial resources is an urgent problem of the economy, researching of which one much attention has been brought to in recent years. There are contradictions between scientists to determine the nature of financial resources, as well as their classifications. Therefore, the study of financial resources is a key issue.

Research and publications. A significant contribution to the study of the problem have been made by Ukrainian scientists, such as I. Blank, O. Vasylyk, I. Zyatkovskyy, V. Oparin, A. Poddyerohin, O. Tereshchenko. However, despite the large amount of research of the selected topics, there is no vacant unambiguous approach to the interpretation of the category of “financial resources”.

The aim. The aim of this article is to study and clarify the theoretical aspects of determining the nature and characteristics of financial resources and their classification.

The statement of basic material of research. Consider the concept of “financial resources” and its’ origin. The concept of “finance” comes from the Latin “finantia”, which literally means “payment”, “fee”. The word “resources” comes from the French “ressource”, that means “aid”, that is something that can be used by the source (stocks, materials, etc.) for certain purposes [1, p. 435].

Financial resources are material carriers of financial relations, which enables to allocate finance together with other economic categories, since none of them is being characterized with such material support. However, in the economic literature there is still no consensus on the definition of the financial resources of their content, methods to influence the entities effectiveness, but there are many different views on the definition of “financial resources”. Consider some of them that were formulated by Ukrainian and Russian authors in the 90th of the twentieth century.

Thus, in some works by M. Mnich, O. Vasylyk, K. Pavlyuk, A. Poddyerohina noted that the financial resources should be considered as all monies available to businesses. The “financial resources include cash and funds and part of funds used in the non-fond form” [12, p. 149]. And “the total sum of financial resources of each company consists of items such as share capital, additional capital, reserve capital, other funds, which are reflected in the balance sheet liabilities of the enterprise” [2, p. 18]. Therefore, in the above definitions of financial resources, they should be considered as sources of assets.

N. Khrushch believes that financial resources should be considered as cash available to the company. They are formed even before the start of the company in the formation of the statutory fund. Further, these funds are invested in industrial and economic activities, expansion and development of production [13, p. 224].

O. Hutz provides a definition of the financial resources as a set of all highly liquid assets held by the company and designed to meet financial obligations and expanded reproduction, linking their volume and composition of solvency [4, p. 48]. Therefore, she allocates only a portion of the assets of the company to the financial resources.

Scientists A. Chupis, M. Koretsky, V. Borisov describe a concept, in the form of which financial resources are attracted to the reproductive process and the sources of their formation. “All funds are held by the company and consisted of fixed and current assets submitted by value, is its financial resources. On the other hand, the total amount of financial resources is characterized as a combination of funding sources of these funds “[14, p. 50].

T. Huyda identifies financial resources as a set of income, deductions and income that are available to businesses, organizations and the state, and direct them to meet the public needs to expand production and increase wealth of society [5, p. 13]. The author points to the place of resources establishment and their affiliation to the subjects of financial relations, but does not indicate the source of their creation.

I. Blank understands the financial resources of the enterprise as “a set of mobilized equity and debt financial assets, and their equivalents in the form of funds targeted for economic activity in the next period “[3, p. 182].

And M. Korobov represents financial resources at the macro level as “centralized and decentralized monetary purpose funds, according to the socio-economic development of society and labor groups of individual enterprises” [8, p. 35].

One of the easiest and most relevant definitions is presented by V. Oparin. Financial resources is the amount of funds allocated to basic assets and working capital of the enterprise [10, p. 27].

In the above definitions the authors do focus on key areas of financial resources, but did not pay special attention to the sources of their creation. However, in our opinion, there is more meaningful determination by such authors as V. Glushchenko, V. Novikov, M. Korobov and the team of scientists led by A. Chupis that the financial resources of the company are all of businesses funds, collected in the distribution and redistribution of revenues and profits accumulated in the target sources and converted into the corresponding material form, or are intended for certain costs to ensure continuity of expanded reproduction. This definition pronounces economic basis, the relations of financial resources with the reproductive process and form of their detection.

Taking into consideration the specificity of companies finance for the definition of the businesses financial resources is obligatory to take into account the individual classification criteria:

1) the creation of sources [11, p. 325]:

• own – resources belonging to the enterprise and form them as a result of its’

financial and economic activities;

• loan – those receiving by a company for a fixed period, for a fee and on terms

of repayment;

• involved – it means not owned by businesses, but because of the current

payment system are constantly in their turn, form them from all kinds of payables of the company;

2) by the ownership [6, p. 59]:

• private,
• collective,
• state,
• utilities,
• international organizations and legal entities of other states;

3) by the purpose [11, p. 325]:

• for funding at the base of the company,
• to expand activities
• refinancing
• on curative financing;

4) b the identity form [9, p. 137]:

• cash funds,
• funds in the form of non-fond;

5) by the direction of flow [10, p. 28]:

• internal
• external;

6) by the method of formation [10, p. 28]:

• created at the base of the company,
• created at own and similar funds
• mobilized in the financial market,
• obtained in the manner of income distribution;

7) by directions of using [9, p. 138]:

• payments to the state, investors, insurers, lenders,
• invest in its’ own production,
• investment in transferable securities
• formation of funds of consumption and accumulation,
• to charity and sponsorship.

It should be noted that each group of financial resources has its own certain qualitative characteristics and special properties that allow to identify them as unique once. The composition and classification of qualitative characteristics of financial resources presented in Fig. 1.1.

Fig. 1.1. The main qualitative characteristics of financial resources [7]

Establishing the qualitative characteristics of financial resources can help to create methodological mechanisms for analysis, evaluation, planning and forecasting of financial resources, and open the possibility of more efficient usage of available financial instruments to influence expanded reproduction and socio-economic development of the company [7].

Conclusions. Consequently, any business operation of the enterprise can not exist without financial resources. The financial resources of the company are all company’s funds accumulated in the distribution and redistribution of revenues and profits accumulated in the target sources and converted into the corresponding material form, or are intended for certain costs to ensure continuity of expanded reproduction. Clarification of concepts and generalizations of financial resources classification makes it possible to extend the analysis of their movement, improve financial management of the company, which in turn will ensure its’ financial stability and high growth rates. Setting of qualitative characteristics of financial resources, inherent to economic nature of this category, can uniquely identify them among the set of economic enterprise resources.

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