FORMATION OF FINANCIAL RESOURCES UNDER THE CONDITIONS OF DEVELOPMENT OF ECONOMIC ACTIVITY ENTITIES

The article presents a comprehensive study of theoretical approaches to the interpretation of financial resources and financing mechanisms for business entities. It is established that modern scientific thought is characterized by multi-vectored regarding the form of use of financial resources – stock and non-stock. Classification approaches to structuring sources of financing are analyzed, in particular within the framework of the «five-element system», which includes self-financing, direct financing through the capital market, bank lending, budget and mutual financing. Particular attention is paid to the specifics of the functioning of financial resources in modern conditions, where the leading role of liquidity as a destabilizing factor in the cash flow of enterprises is substantiated. It is proposed to assess the effectiveness of financing from the standpoint of financial relevance – the correspondence between resource needs and actually attracted financing. It is established that excessive concentration of financial resources without their active inclusion in circulation leads to the loss of solvency and competitive positions of the business entity. The results of the study can be used to improve the financial policy of agricultural enterprises, form liquidity management strategies, and select sources of financing in conditions of economic instability.