APPLICATION OF PROJECT FINANCING IN STRATEGIC CORPORATE FINANCE: ENSURING CONTROLLING, FINANCIAL SECURITY, AND RISK MANAGEMENT

Abstract

The article examines the features of applying project financing within the system of strategic corporate finance in the context of ensuring controlling, financial security, and effective risk management of business entities. The relevance of the study is обусловлена the need to enhance the efficiency of financial management under conditions of increasing uncertainty, limited financial resources, and the growing impact of internal and external threats. It is substantiated that project financing is not only a tool for attracting investment resources but also an essential component of strategic financial management, ensuring the targeted allocation of cash flows, strengthening financial discipline, and optimizing the capital structure. The functional role of project financing is раскрыта through its allocation, disciplinary, signaling, and adaptive functions, which create new opportunities for improving the efficiency of financial resource management. The key threats to the financial security of business entities are systematized, and their impact on the financial stability of enterprises is identified. It is demonstrated that, under project financing conditions, controlling acquires particular importance as a coordination tool for financial processes, ensuring project monitoring, cash flow control, and support for managerial decision-making. The authors generalize approaches to risk management in investment projects, including proactive, adaptive, diversification, contractual, and integrated approaches, which make it possible to minimize the negative impact of uncertainty on enterprise performance. The conceptual foundations for the application of project financing in the system of strategic finance are developed, based on the priority of financial security, alignment of investment decisions with strategic objectives, risk localization, and the implementation of controlling mechanisms. The practical significance of the obtained results lies in their applicability in the development of corporate financial strategies, the enhancement of investment efficiency, and the improvement of financial risk management systems under contemporary economic challenges.