Financial management in the contemporary dimension

Abstract

The development of the economic system and changes in the external environment require the economic system to update and improve the organization of financial relations and scientific support for these processes. Therefore, the purpose of the research is to develop conceptual approaches to the generation of financial management methodology in the modern dimension. Approaches to defining the concept of financial management in a broad and narrow sense are systematized. Financial management is defined as a functional system of certain features, corresponding functions and indicators of the functioning of a business entity. It was noted that the system of functions of financial management has a dual nature, due to the presence of both management functions and financial functions of business entities. It is noted that the theory of financial management as a body of knowledge is complementary, contains theories, concepts of economic theory, finance, management, strategic management, and praxeology. The basic concepts on which financial management is based are given. The theoretical and methodological basis, the set of principles and the concept of its operation, as well as the structure and methodical support of the functioning of financial management are systematized and substantiated. The fundamental principles on which the theory of financial management is based are formulated. An inter-paradigm concept of financial management has been developed, the basis of which is the definition of principles that ensure the effectiveness of the study of financial management problems and which are guided by managers in the performance of their functions. Reasoned hypotheses in the research process made it possible to form the concept of financial management, which determines the gradient of development of modern business entities on the basis of an interparadigm approach. The prospect of further development consists in the generation of appropriate methodological tools of financial management.