The construction industry is the most attractive investment for both domestic and foreign investors, although the industry is developing in today’s modern conditions. Since the beginning of the war, it has been especially obvious that market companies are forced to adapt to the conditions, including changing suppliers, sales patterns, and marketing strategy. The effective functioning of construction enterprises depends on management decisions, which should be aimed at developing a strategy that would lead the enterprise out of financial instability. Approaches to the creation and implementation of management decisions should be based on the features of construction structures as a product, determined by the specifics of the construction process. The following features of the construction process are distinguished: a long period of the production cycle; the factor of natural and climatic, political, and economic conditions that create the need to take into account additional risks; seasonality of construction, when the pace of work decreases in the cold season; the impossibility of building a large number of objects at the same time. In order to support and ensure the necessary level of competitiveness, enterprises involved in the construction industry select priority areas of development, adapt to fluctuations in the external environment, maintain an appropriate level of economic security, and use the latest technologies for the organization of management processes. Construction companies that have enough experience in the real estate market themselves encourage and explain to the client the attractiveness of investing in certain objects. Usually, the investor offers three schemes of operation: buying companies for himself, investing with the purpose of resale, and investing with the purpose of renting. This article examines the process of attracting funds in schemes for the formation of financial resources of construction companies and their sensitivity to changes in the current market conditions. 

construction, investment, derivative securities, property rights 

The article deals with the composition of the participants in the monitoring of tax flows and the effectiveness of tax control (control work) in the part of the tax payments. The purpose of the work is to study the effectiveness of tax administration, fees, payments, monitoring of tax and non-tax (financial) flows in the regions of Ukraine by the results of tax control (control and verification measures). The expediency of using the concepts of «tax and non-tax flows» for deepening and possible in the further studies of mathematical description of the trends of changes in the corresponding budget revenues is substantiated. The interaction of control bodies (tax authorities) and taxpayers as subjects of the tax process is generalized. The functions of the controlling bodies (State Fiscal and Customs Service of Ukraine) to ensure the filling of the revenue part of the state and local budgets are considered. The components of monitoring the administration of taxes, fees, payments are investigated. The analysis of tax and non-tax receipts of income (payments) to ensure the formation of state and local budgets is conducted. The data of the main indicators of control work in the oblasts of the western region of Ukraine for 2014-2018 are presented. Important are additional payments to the Consolidated Budget of Ukraine, which are the result of elimination of violations of the tax legislation of Ukraine (underpayment of taxes and other payments, penalties). The study shows the uneven income of this financial (cash) flow. The share of cash accruals in tax revenues of the Consolidated Budget of Ukraine also shows some fluctuations of the tax flows. The article proves that in the Western regions of Ukraine, the number of documentary checks in 2018 decreased by almost 50% compared to 2014, and the amount of additional accrued monetary liabilities in 2018 increased by one third (33.8%). A similar situation is peculiar to Ukrainian economy. This can be seen as an indication of the improvement in the quality of tax activity in these regions. 

tax control, effectiveness, control measures, DFS of Ukraine, taxpayers, tax and non-tax (financial) flows 

The essence of term «tax burden» is justified and its impact on the domestic economy is evaluated. The fact that the state tax policy in Ukraine is mainly focused on the maximum use of fiscal functions is proved. Imperfect tax legislation does not provide favorable conditions for the enterprises and creates excessive tax burden for them.
The author’s own interpretation of the tax burden is formulated. So the tax burden should be understood as the total amount of taxes, fees, charges paid by the entity to budgets and trust funds. The level of tax burden and its value for some taxes at the micro level (local companies) are generalized. An integral indicator of the tax burden of enterprises is offered. It can be considered as the object of taxation management because it reflects the share of tax in relation to the net profit of the company, as well as measures to optimize the tax burden to stimulate local entrepreneurship entities. The local (micro and macro-economic) activities for optimization are determined. The tax burden of enterprises of European countries and the main directions of tax planning on the basis of international experience are outlined.
The main directions of improvement of the tax burden management in Ukraine in the context of further development prospects and European integration are proposed. 

taxation, tax burden, tax planning, tax burden optimization, tax benefit 

Formulation of the term «working capital financing» is improved. Statistical information on the current assets in the economy of Ukraine and Lviv region in 2012 is specified and the comparative classification of the results is held. The classification of economic activities depending on the structure of current assets is offered. The structure of current assets in individual elements (stocks of inventory, accounts receivable, funds, current financial investments) of economic activity is analyzed. The main cause of irrational structure of working capital is identified. 

working capital, financing, stocks of inventory, accounts receivable, funds, current financial investments 

The importance of innovative activity development at enterprises is investigated. It is proved that conducting of targeted innovative policy consists in ensuring of the innovative programs’ and projects’ implementation. Priorities of innovation activity in Ukraine are outlined. Financing of innovations and investments in innovative activity in Ukraine are analyzed. Performance indicators of enterprises’ innovation activity evaluation and nature of innovative projects’ promotion are proposed. 

innovation activity, objects and subjects of innovation, priority directions of innovation activity, sources of innovation financing, promotion of innovation process 

Adaptive scientific approaches to management of difficult objects and principles of their realization are investigated. On the basis of classical approaches the control system of competitiveness of production suitable for application at a regional microeconomic level is composed. Synthesis of structural and parametrical adaptation of economic-industrial system to unpredictable environment of the enterprise by the criterion of own production appropriate competitiveness level maintenance is carried out. Algorithm of the control system adaptive mechanism and advantages of the system’s possible introduction are described. 

competitiveness of production, adaptive control system, synthesis of structural adjustment, the synthesis of parametric adaptation, algorithm for adaptive mechanism