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Article

Financial vectors of spatial development of an enterprise

Anna Vitiuk
Abstract

Enterprise development requires the use of additional financial resources that enterprises do not have. The use of traditional financing methods is often unavailable, which requires the search for new available financial vectors for enterprise development, such as venture investment, the stock market, crowdfunding, and crowdinvesting. Therefore, the paper aimed to provide information for choosing the most suitable financial vectors for enterprise development in existing business conditions. The study was carried out using historical and logical methods, system analysis, abstraction, and other methods of scientific research. The legal framework and historical experience of venture financing development in Ukraine and the specifics of the Ukrainian stock market functioning were analysed. It was established that the volume of venture investments was insufficient to ensure the development of medium-sized and large enterprises, while Ukrainian venture funds have been created mainly with the participation of international organisations or within the framework of intergovernmental agreements. The study of the Ukrainian stock market revealed the dominance of over-the-counter securities trading over organised exchange trading, the prevalence of transactions involving government bonds and the secondary market, and instability of the regulatory framework and transformations of market infrastructure elements. The unorganised nature of the Ukrainian stock market functioning was substantiated. The expediency of using crowdfunding as an alternative financial instrument for enterprise development was justified; its advantages and disadvantages were identified, along with the absence of clear legislative procedures for its regulation. It was determined that in Ukraine crowdfunding is predominantly used to finance social projects, while Ukrainian enterprises possess the potential to apply new, flexible, and adaptive financial vectors of development. The results obtained allow enterprises to familiarise themselves with the existing financial vectors for ensuring their development and choose those that are most appropriate for each enterprise

Keywords

venture capital; stock market; shareholder; crowdfunding; crowdinvesting

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Received 20.10.2025, Revised 02.02.2026, Accepted 24.02.2026 Published 21.05.2026

Retrieved from Vol. 13, No. 1, 2026

Suggested citation

Vitiuk, A. (2026). Financial vectors of spatial development of an enterprise. Economics, Entrepreneurship, Management, 13(1), 6-19. https://doi.org/10.56318/eem2026.01.006

https://doi.org/10.56318/eem2026.01.006

Pages 6-19

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