MANAGEMENT OF FINANCIAL STABILITY AND FINANCIAL RISKS OF INNOVATION-ACTIVE ENTERPRISES IN THE CONTEXT OF THE CIRCULAR ECONOMY

The article substantiates the theoretical and methodological foundations of managing financial stability and financial risks of innovation-active enterprises during the transition to a circular economy. It is argued that innovation activity significantly shapes a specific risk profile, which differs markedly from that of traditional enterprises, and a detailed list of such risks is provided. The principles of managing financial stability and financial risks under circular economy conditions are outlined. The analysis shows that in the current economic environment, the role of integrating environmental, social, and governance (ESG) factors, innovation potential, digital maturity, and access to green finance is increasing as essential components of the mechanism for ensuring enterprise financial stability.Based on empirical data from three Ukrainian innovation-active enterprises – PromEkoInvest, TechnoResurs, and Biointech Group – a multiparametric model of financial risk management was developed. The model incorporates key variables: circularity level (CE), innovativeness (IN), ESG integration, digital maturity (DS), and the share of sustainable finance (RS). A general indicator, FRA (Financial Risk Adaptability), was introduced to quantitatively assess an enterprise's capacity to adapt to risks in the context of circular transformation.The modeling results show that Biointech Group has the highest FRA value, which reflects the effective combination of a high level of innovation, ESG integration, and circular practices. In contrast, TechnoResurs demonstrates lower FRA values due to limited internal resources and less flexible management strategies. This confirms the importance of not only introducing circular economy elements but also undertaking comprehensive management modernization.Thus, to achieve financial stability, innovation-active enterprises should implement a holistic financial risk management model that integrates circular principles, innovation, digitalization, and sustainable finance practices. The proposed model can serve as a strategic management tool and a basis for informed decision-making in the financial policy of enterprises aiming for sustainable development amid post-industrial economic transformation.