THE IMPACT OF THE FINANCIAL MANAGEMENT SYSTEM ON GLOBAL TRENDS IN ECONOMIC DEVELOPMENT
Abstract
The paper investigates the impact of major global economic growth trends on the financial system as a management object, including globalization, financialization, fractionalization, intellectualization, and socialization. The main effects of this influence are the emergence of qualitatively new financial services, products, and instruments; changes in the mechanisms and volumes of financial services provision in conditions of increased financial risks, increased instability, and cyclical development of financial markets, threats of global financial crises; difficulty in achieving an equilibrium state of the financial system due to the imbalance of cash flows and the separability of the financial system from other sectors of the economy; and the need to reorient financial flows for sustainable development and the search for new criteria for investment and financial efficiency activities of economic subjects in the "nature-production-society" system. management into a real driver of the effectiveness of reproductive processes, introduction of new ideas and innovations. A conclusion was made regarding the change in the conceptual foundations of the formation of a new paradigm of financial management in the 21st century. The dominance of the value paradigm as the foundation of value-oriented financial management; the priority of adaptive financial management of changes by cycle phases; recognition as the primary criterion for the effectiveness of maximizing operating cash flows; increasing the role of financial managers in resolving agency conflicts; transformation of information, among other things, are the main principles of the formation of the financial management system in the changing global environment.
Keyword : financial system, financial management, global megatrends, value-oriented financial management.
This work is licensed under a Creative Commons Attribution 4.0 International License.
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