Формування бюджетного механізму корпоративного сталого розвитку

Abstract

У статті досліджено проблеми, пов’язані з формуванням бюджетного механізму корпоративного сталого розвитку. Проаналізовано вплив бюджетного механізму на екологічну й соціальну складові корпоративної стійкості та інституційне середовище. Визначено зв’язок таргетування інфляції, дотримання обґрунтованих обмежень дефіциту бюджету, зокрема квазіфіскального, та обсягів і структури державного боргу з корпоративним соціальним розвитком. Доведено, що бюджетний механізм втрачає функцію стимулювання корпоративного сталого розвитку в екологічному вимірі. Обґрунтовано трансформації бюджетного механізму, необхідні для стимулювання корпоративного сталого розвитку. Ключові слова: бюджетний механізм, сталий розвиток, корпоративна стійкість, інституційне середовище, дефіцит бюджету, екологічний податок.

The article examines the problems associated with the formation of budgetary mechanism for ensuring corporate sustainability. The motivation to improve corporate ecological and social standards as well as to form institutional environment, which meets the goals of sustainable development, is the specific function that distinguishes the budgetary mechanism for ensuring corporate sustainability. The budgetary mechanism has been studied in the context of its impact on corporate sustainability. It has been proved in particular that the budgetary mechanism loses its function to stimulate the green economy. The transformation of the environmental tax into ordinary financial source for replenishing general funds of State and regional budgets is economically and socially unreasonable. The potential of budgetary mechanism regarding corporate sustainability is substantiated in the article. In the system of financial mechanisms the main role in shaping institutional environment, which positively effects corporate sustainability belongs to budgetary mechanism. Budget funding of long-term environmental and socio-oriented R&D, educational and anticorruption programs forms the favorable environment for corporate sustainable development. Particular importance for the social dimension of corporate sustainability has an impact of the budgetary mechanism on real wages of company personnel, which occurs through a chain of interrelationships between inflation, public debt and budget deficit. Inflation targeting, compliance with reasonable restrictions on budget deficit (including quasi-fiscal) and public debt will substantially mitigate the problem of environment uncertainty for corporate social development. The budgetary mechanism produces a direct impact on the ecological dimension of corporate sustainability only providing financial support for friendly environmental modernization of the enterprises at the expense of the environmental tax amounts paid by them. It is advisable to renew the norm in the Budget Code, which provides such a financial support. Further studies in this area should determine the quantitative relationship between the transformations of budgetary mechanism and corporate ecological and social standards. Keywords: budgetary mechanism, sustainable development, corporate sustainability, institutional environment, budget deficit, environmental tax.