RISK AS AN OBJECT OF STATE REGULATION

The purpose of this article is to consider the possible mechanism of enterprise risk management from macroeconomic perspective. The need for investment risk management from the standpoint of the economy as a whole is determined by the following circumstances. Financial market conditions affecting the investment decisions of companies raises the financial markets in the category of the main sources of investment resources. This creates a state's interest in the effect on these sources, but it doesn't have effective ways to influence the investors’ decisions. Transition of regulator from influencing the cash flows to the regulation of investment activity creates a new paradigm for the financial management of the economy, which is based on a well-known fact that in the global economy the demand for goods and services is presented as a demand, mediated by investment decisions. The motives and mechanisms of investment decisions in a closed economy are well described by modern financial theory. In financial theory a mechanism of financial risk management is developed primarily from the standpoint of an investor, ignoring the problem in a broader context - within whole financial market of a country. Expanding the area of investment decisions international financial markets generate a need for new approaches to study of investment risks of corporations, which in this field are connected with country risk and should be considered as an object of state regulation. An analysis of fundamentals of the financial theory about the behavior of the investor, the state and the role of global financial markets in the choice of investors reveals that investment motives of corporations and mechanisms of regulators' influence on the cash flow are loosely bound in the matter of the volume of investments, which ones agree to implement, while others expect to receive. In our view, there is a need for a mechanism allowing the state to influence the investment decisions by controlling the country risk on the basis of national interests and the state of financial markets to mobilize the necessary investments in the different sectors of the economy