ASSESSMENT OF THE FINANCIAL SUSTAINABILITY OF UKRAINIAN UNIVERSITIES ACCORDING TO THE INTEGRAL METHODOLOGY
DOI:
https://doi.org/10.31891/mdes/2023-9-12Keywords:
integral indicator, financial sustainability, university, higher education institutions, weighting factorAbstract
The article examines the problem of assessing the financial stability of Ukrainian universities, which is caused by unstable trends and conditions of functioning of Ukrainian institutions of higher education (HEIs). The purpose of the study is the justification and practical approval of the methodology for calculating the integral indicator of financial stability of universities based on the three-criterion approach, considering the priority rank and the weight of the coefficients. The information support of this research is data from financial statements and rectors' reports published on the websites of Higher Education Institutions for 2017–2022 and data from the Unified State Electronic Database on Education. In the process of carrying out the research, such methods were used as: expert, systematization method, method of weighting coefficients, dynamic, integral, and graphic method. Based on the results of the study, the methodology for calculating the integral indicator of financial sustainability of higher education institutions was determined, which is based on a three-criterion approach, namely: scale indicators that take into account the change in the contingent of higher education seekers on budget and contract forms of education, as well as their impact on the level of funding and expenditures; cash flows, their impact on liquidity and the ability to form a financial cushion of the HEIs; income and expenses, in particular their ratio, structure and level in relation to students and teachers. For each of the criteria and indicators, the priority rank and weighting factors are determined according to the dynamic approach based on the initial data of the Higher Education Institutions of Ukraine. Four types of financial stability (stable, normal, risky, crisis) are proposed according to the obtained value of the integral indicator. A practical test of the proposed methodology for calculating the integral indicator of financial stability was carried out on the example of 35 higher education institutions of Ukraine, including classical, polytechnic, pedagogical, economic, and other institutions, and appropriate conclusions were drawn.
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