ADAPTIVE MODELS AND MECHANISMS OF ENTREPRENEURIAL’S PROJECT FINANCING ACTIVITIES IN UKRAINE IN THE CONDITIONS OF MILITARY UNCERTAINTY
Abstract
Adaptive models and mechanisms of project financing, which are becoming critical for ensuring the sustainability of entrepreneurial activity in Ukraine in conditions of unprecedented military uncertainty were explored and analyzed in the article. Particular attention was paid to the need to integrate risk-sharing instruments between the public and private sectors. The study focused on transforming traditional approaches to assessing investments that have proven to be unviable in conditions of systematic military risk and mass destruction of capital assets, and to identify factors that minimize fiscal pressure and facilitate the attraction of private capital to critical recovery sectors. The methodology was based on the analysis of empirical cases (the «5-7-9%» program, grant mechanisms) and their critical comparative analysis using the real options theory (ROT) as a strategic framework for assessing managerial flexibility (relocation, expansion options). Global regulatory requirements (IFRS, RDNA4) and institutional risk transfer mechanisms (MIGA and DFC) were also systematized. The hypothesis of a direct proportional dependence of financing efficiency on the synergy between state compensation for systemic risk and the ability of enterprises to quickly adapt was substantiated. The results confirm that business sustainability was achieved through a two-vector mechanism: centralized risk absorption (MIGA/DFC) provides an «external anchor», and decentralized flexibility mechanisms allow the implementation of managerial options at the enterprise level. Empirical analysis showed the effectiveness of state credit risk subsidy programs and identified key challenges, which allowed formulating recommendations for the transition to mechanisms for subsidizing the cost of insurance premiums. The scientific value of the article lies in the substantiation of an adaptive project financing model that integrates ROT and institutional de-risking, as well as in the systematization of requirements for investors and forecasting possible consequences of modern financing models in Ukraine.