1. ROLE OF INTELLECTUAL CAPITAL IN MODERN ECONOMY AND PROBLEM OF ITS VALUATION Volodymyr Virchenko, PhD in Economics, Associate professor of department of economic theory, macro- and microeconomics, Taras Shevchenko National University of Kyiv Intellectual capital is a set of intellectual activity results which used as productive force, raises productivity of economic activities, allows to get additional profit and provide competitive position of enterprise in the market. Usage of intellectual capital predetermines creation of new intellectual products and new values which are embodied in new knowledge, skills and innovative technologies. Intellectual capital intensive industries in Europe generated more than 56 million of workplaces and employ 26% of all working Europeans. Moreover, intellectual capital intensive industries in Europe generated 39% of total GDP. Unfortunately, Ukraine in comparison with EU countries differs in underdeveloped sector of intellectual capital intensive industries that generate only 7,2% of GDP and provides Ukrainians with 6,4% of workplaces. Thus, only solution of the given problem will allow Ukraine to become on a way of innovative development and national economy modernization.

2. International Bio-Economy Concept Expansion and Possibility of its Implementation in Ukraine under the Requirements of Green Economy OLENA KOMENDANT, LIDIA PASCHUK International Economics and Marketing Department, Taras Shevchenko National University of Kyiv, Ukraine The progress of sustainable development consent from the idea in the «UN Conference on Environment and Development» in 1992 through the signed «Kyoto Protocol» in 1995 to the grounded model in the «Rio+20 meeting» in Brazil in 2012. Bio-Economy concept and global movement for transition to Green Economy as a part of sustainable development passed tree world crisis: Fuel Crisis, Food Crisis and Financial Crisis. Spin-offs and high-tech SMEs are key for technology and knowledge development, and investing in research and innovation is the main way for these enterprises to implement Bio-Economy in Ukraine. International Bio-Economy Concept Expansion goes through large efforts of global organizationals such as: «Low Carbon Green Growth Roadmap for Asia and the Pacific», 2012, UNESCAP; «Global Strategy Towards Green Growth», 2011, OECD; «Inclusive Green Growth: The Pathway to Sustainable Development», 2012, World Bank; «Green Economy Roadmap», 2012, ICC; «Green Economy Initiative», 2014, UNEP.

3. ECOLOGICAL AND ECONOMIC POTENTIAL MANAGEMENT OF AGRICULTURAL ENTERPRISES Zahovalko Tetyana, the candidate of Physics and Mathematics Science, docent, PhD student, Maksishko Natalia, Doctor of Economics Sciences, Professor, Head of Department of Economic Cybernetics of Zaporizhzhya National University Analysis of the current agriculture production in Ukraine demonstrates significant prospects of industry’s economic development. However, there are also negative trends concerning Ukraine land resources. So it’s important to develop the models of agricultural enterprises management that take into account both economic and ecological components. In this paper, it is built the model of ecological and economic potential (EEP) assessment for agricultural enterprise. A methodology of farm management is developed, it is based on EEP evaluation, which allows to make informed strategic decisions about enterprise development.

4. ВДОСКОНАЛЕННЯ ЦІНОУТВОРЕННЯ НА ПОСЛУГИ З ЦЕНТРАЛІЗОВАНОГО ВОДОПОСТАЧАННЯ ТА ВОДОВІДВЕДЕННЯ – ПЕРЕДУМОВА ВПРОВАДЖЕННЯ ДПП Мороз Еліна Григорівна, асистент, Національний університет водного господарства та природо- користування, м. Рівне 1. Обґрунтовано необхідність впровадження методичного підходу до формування тарифів на послуги із централізованого водопостачання й водовідведення на принципах стимулюючого регулювання. 2. Обґрунтовано доцільність впровадження й реалізації водопровідно-каналізаційної концесії з метою подолання проблем інноваційно-інвестиційної діяльності у сфері ВКГ. 3. З метою зацікавлення інвесторів (в т.ч., концесіонерів) до втілення соціальних програм і поліпшення екологічної ситуації та відповідно до здійснення інвестицій у соціальний та екологічний напрямки запропоновано під час формування тарифів застосування вищої норми доходності на величину активів, які будуть використовуватись для здійснення заходів соціального та екологічного спрямування, ніж встановлена норма доходності на активи

5. IMPLEMENTATION OF GREEN ECONOMY AS PRE-REQUISITE OF ENSURING COMPETITIVENESS OF NATIONAL ECONOMY Darya Revina, candidate for PhD in economics, Institute of environmental economics and sustainable development of the National Academy of Science of Ukraine Green economy – new model for economic development that is being seen as the panacea for further global economy development and enhancing competitiveness of national economies Green economy implementation requires from international community and states introduction of relevant stimulation policies and substantial state and private investments Investments and implementation of green economy creates new opportunities in economic development resulting in establishment of new sectors and technology, reduction of GHS emissions, substantial energy efficiency, creation of new jobs and transfer to the model of innovative development

6. СТАН ПРОБЛЕМИ БОРГОВОЇ ПОЛІТИКИ УКРАЇНИ НА СУЧАСНОМУ ЕТАПІ РОЗВИТКУ ЕКОНОМІКИ Рудик Роман Ярославович Аспірант Кафедра фінансів Київський національний університет ім. Т. Шевченка Для ведення ефективної боргової політики необхідною умовою є стабільність фінансової системи держави. Водночас цьому перешкоджають: недосконалість законодавчої бази, значний обсяг державного боргу та його постійне збільшення, механізм реструктуризації боргу і його обслуговування. За такої ситуації для ефективного управління зовнішнім державним боргом України необхідно: налагодження повного обліку умовних боргових зобов'язань та запровадження системи управління, спрямованої на попередження ризиків та створення державних фінансових резервів необхідних у критичних умовах; зменшення частки заборгованості, яку необхідно погасити в короткостроковому періоді, для чого пропонується здійснити рефінансування державного боргу за рахунок нових запозичень на більш прийнятних відсоткових умовах; встановлення твердого контролю над часткою кредитів із плаваючою відсотковою ставкою; диверсифікацію джерел залучення коштів в економіку.

7. АРГЕНТИНСЬКИЙ СЦЕНАРІЙ ВАЛЮТНОГО РЕГУЛЮВАННЯ Полінчук Кирило Ігорович Головний спеціаліст Управління внутрішнього аудиту Міністерства соціальної політики Однією з моделей виходу із затягнутої валютної кризи в Україні може бути приклад Аргентини кінця 90-х рр. ХХ ст. Серед антикризових заходів тоді було застосовано зміну національної валюти з аустраля на песо, який був прив’язаний до базової валюти – долара США за курсом 1:1. Рівень песо був забезпечений виключно золотом і валютою. Проте зростання курсу національної валюти внаслідок підвищення курсу долара США знизило конкурентоспроможність товарів Аргентини з наступним падінням експорту та призвело до нової економічної кризи. На наступному етапі були успішно впроваджені обмеження на операції з валютою, що допомогло знизити попит і вгамувати паніку серед населення. Остаточне подолання кризових явищ стало можливим завдяки переходу до плаваючого режиму валютного курсу.

8. STUDYING BUSINESS CYCLES SYNCHRONIZATION Nataliia Servetnyk, Taras Shevchenko Kyiv National University, Faculty of Economics, Department of Economic Cybernetics, Kyiv Increasing globalization causes the increased interest to business cycles synchronization. Our study suggests dividing countries into groups according to their credit rating. The fluctuations in post-Soviet countries are considered. The purposed coefficient is a direct measure of the difference in growth rates therefore the different variability across series will have a direct impact on the period-by-period synchronization index. Index is calculated for each pair of countries (153 pairs). Dispersion analysis confirms the expediency of chosen criteria because intragroup dispersion is more than intergroup one. Developed economies have become more tightly integrated in recent years. In these countries, international trade flows have increased substantially and financial markets have become more homogeneous. Promoted by this international integration, growing attention is being devoted to examine whether the efforts to coordinate their economic policies lead to higher business cycle synchronization.

9. ENVIRONMENTAL ACCOUNTING: INFORMATIONAL BASE FOR POLICY MAKERS Ulianova Daria Insert photo of main presenter/s Environmental accounting is important at all levels. It provides policymakers with timely and relevant information. So if company disclose relevant information in a wrong way this may lead to making incorrect decision and finally to incorrect environmental policy. In this way policymakers have got no relevant information base and consequently their policy won’t be effective. Environmental responsible country can be established only under the condition of a proper state process of collecting environmental accounting information at all national levels. Information on company level Information on government level Information on world level

10. Elimination of cross-correlation effect on result of clusterization Kyryl Iurchenko, PhD student. Taras Shevchenko Kyiv National University, Faculty of Economics, Department of Economic Cybernetics, Kyiv Problem: Increasing volume of data about analyzed objects and its sources leads to necessity of using more sophisticated algorithms. At the same time increasing of number of each object characteristics affects number of correlated features. It can bias results and increase weight of more correlated features. Proposed solution: Forecasts of each characteristics based on other features will be used as input into clusterization algorithm for incorporation of cross-correlation between characteristics. Result: It gives better possibility to take into consideration nonlinearity in analyzed data.

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Currently Ukraine is an example of energy-dependent country. We have to import everything: oil, natural gas, even coal. Considering terrible relationships between Russia and Ukraine, to avoid second (or even third, who counts?) gas conflict Ukraine have to produce more energy by itself. So, why alternative energy? Firstly, country spent 1300-1500 UAH per one ton of excavated coal, but sell it for only 500 UAH. There are millions of subsidies every year, that are wasted into unprofitable sphere. Also, quality of our coal isn’t very good: too much sulfur in it makes its usage area quite narrow. Secondly, natural gas. Ukraine produced like 40% of demanded natural gas by itself, but after annexation of Crimea, Ukraine lost millions of investments in natural gas stations (built and under construction), even two that produced 2 billions m 3 of gas yearly. Going to the 3 rd point, more than 50% of oil are imported. Luckily, Russia isn’t the only importer, but that’s still leverage on Ukraine. So we have no traditional resources, which are able to cover 100% of our need, shouldn’t we try alternative? Why is it important? Objectives of the work Conclusions Using formulas and data of climate, wind speed, length of day during the year, solar radiation data and a lot of another parameters, this programme successfully counts different positions for placement in mutual comparison. References 1.Інформаційне агентство «Уніан». – [Електронний ресурс]. – Режим доступу: http://www.unian.ua 2.Велика радянська енциклопедія. – [Електронний ресурс]. – Режим доступу: http://dic.academic.ru 3.Державне агентство з енергоефективності та енергозабезпечення України. – [Електронний ресурс]. – Режим доступу: http://saee.gov.ua 4.Метеодані України. – [Електронний ресурс]. – Режим доступу: http:// meteoprog.ua/ua/climate/Zhytomyr The most efficient technology, that doesn’t demand rare resources is Wind Generator. Second – less efficient and more expensive is Solar Panel. Its advantages are in: -Quantity: lots of panels side by side doesn’t influence one another, what we cannot say about Wind Generators. -Stability: they do not break often, are easy to be fixed and maintain. There are also effective biogas stations, powered by waves generators and geothermal plants, but only first two of mentioned technologies were considered the most convenient to be used in our climate conditions. Previous research appeared to be promising (see the picture above), so… I have tried to study this problem and create a programme, that counts the most effective position for Solar Panels and Wind Generators. Alterantive energy, Ukraine, Ecology Kovtun Dmytro, Ganna Kharlamova TRENDS AND POSSIBILITIES OF IMPLEMENTAION OF ALTERNATIVE ENERGY TECHNOLOGIES IN UKRAINE Being made to accept changes in code, currently it worked with regions of Ukraine, but user may add parameters of any another specific territory and it will be compared to them. Also, 4 different types of Panels and Generators show clear difference, that there’s no one technological solution for every place, for example, one kind of panels are more expensive, but less affected to shadows; smaller generators are less powerful, but better for unwind area. Mostly, we didn’t receive surprising results: Crimea is recommended to use Solar Panels, western highlands – Wind Generators. But what was unusual – Donetsk region, for example, appeared to be very windy, and the area around Kiev alas, not productive. Clearly, our country still has a lot of work to do nowadays, but if Ukraine is oriented to Europe, maybe experience of Germany and Italy will prove importance of alternative energy direction. Today our programme became the first small step.