Abstract We examined the financial system development of Ukraine from 2010 to 2016 using integral indicator. In addition, we explored the effect of the financial system development on the financing of firms in Ukraine. The results of the study displayed a negative tendency in the development of the Ukrainian financial system from 2010 to 2016. The regression model revealed that the integral indicator of the financial system’s development is substantially interconnected with the average rate of hryvnia to the US dollar. The results of the paper showed that the financial structure of Ukrainian firms changed significantly during the analyzed period. The share of external financing rose extremely not due to an increase in bank loans but due to informal sources. Despite the general negative changes in the financial system development and financing patterns, the study did not find arguments to support the hypothesis of the existence of a strong statistical relationship between them. Instead, we identified additional significant sources of financing for firms that are not related to the development of the financial system and those that do not meet traditional notions of financing patterns.

中文翻译：

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金融体系发展与企业融资模式：来自乌克兰的证据

摘要我们使用积分指标研究了乌克兰2010年至2016年的金融体系发展。此外，我们探讨了金融体系发展对乌克兰公司融资的影响。研究结果显示，从2010年到2016年，乌克兰金融体系的发展呈负面趋势。回归模型显示，金融体系发展的整体指标与格里夫纳对美元的平均汇率密切相关。结果表明，在分析期间，乌克兰公司的财务结构发生了显着变化。外部融资所占比例的增长绝不是因为银行贷款的增加，而是由于非正式来源。尽管金融系统的发展和筹资方式普遍发生了消极变化，但该研究并未找到支持它们之间存在强大统计关系这一假设的论据。相反，我们为与金融体系发展无关的公司和不符合传统融资模式概念的公司确定了其他重要的融资来源。