ANALYSIS OF FACTORS AFFECTING FINANCIAL STABILITY IN STATE-OWNED ENTERPRISES

In this article, the financial stability of state-owned enterprises was assessed using the example of Regional Electric Networks JSC. The study analyzed liquidity, debt, return on assets, and enterprise size indicators based on 28 quarterly observations from Q2 2019 to Q1 2026. To assess financial stability, the FS index was formed based on normalized indicators and its dynamics over time were assessed using the Newey–West model. The results showed that the FS index increased by an average of 0.006 units per quarter and this increase was statistically significant. According to the results of threshold regression, DR = 47.23 was determined as a critical threshold for the level of debt, and above this threshold, the negative impact of debt on ROA may increase. The results of the study justify the need to strengthen debt monitoring in state-owned enterprises, stabilize profitability, optimize operating costs, and pre-estimate fiscal risks.