CURRENT STATUS AND SPECIFICITY OF FINANCIAL SECURITY OF THE TRANSPORT INDUSTRY OF UKRAINE

Abstract

The article examines the current state and industry-specific characteristics of financial support for the transport industry of Ukraine in conditions of increased macroeconomic and security turbulence. Based on official statistical data for 2018-2024, the dynamics of key indicators of transport work are summarized and a steady downward trend in freight and passenger transportation is established, which correlates with the consequences of pandemic restrictions and subsequent infrastructure shocks of the war period. It is shown that the reduction in transport work is accompanied by structural changes in the formation of demand for transportation and an increase in the cost-intensiveness of the industry’s functioning, which directly affects the financial stability of carriers and the reproducible capabilities of the infrastructure. The structure of the industry’s financing sources is revealed, with the separation of the internal circuit (self-financing) and the external circuit (capital investments, foreign direct investments, leasing instruments, state support, international projects). The author proves that the internal financial potential of transport enterprises is characterized by instability, limited ability to accumulate investment resources and high sensitivity to income and expense shocks. The volatility of capital investments and foreign investment is revealed, which increases the sector’s dependence on mechanisms of long-term external financing and institutional guarantees of reducing the risk premium. Special attention is paid to financial leasing as a flexible mechanism for updating rolling stock and specialized vehicles, capable of partially compensating for the deficit of own investment resources through installment financing of fixed assets. It is emphasized that the dynamics of leasing operations has a pronounced dependence on the cost of capital, the availability of the resource base and regulatory conditions, which causes uneven investment activity over time. The role of the state program «Affordable Financial Leasing 5-7-9%» in reducing the cost of leasing resources for MSMEs and supporting investment decision-making in periods of increased risks is described. The contribution of international financial institutions and donors to the financial provision of transport through mechanisms of project lending, grant co-financing and guarantees aimed at updating rolling stock, modernizing infrastructure and supporting urban public transport is systematized. The author summarizes the fact that the effectiveness of financial provision of the industry is determined not only by the volume of resources involved, but also by the quality of the institutional environment, transparency of procedures, project capacity and the availability of risk management tools. The feasibility of a combined model of financial provision of transport with increased project financing, development of guarantee mechanisms and introduction of war risk insurance as a prerequisite for restoring the investment attractiveness and long-term sustainability of the transport system of Ukraine is substantiated.