Devising a Procedure for Ensuring Entrepreneurship Protectionism in the Context of Financial Capital Investments for the Purpose of Rehabilitation of the Transport Sector

The problem of ensuring entrepreneurship protectionism in the context of financial investments was considered. The need for state entrepreneurship protectionism in order to rehabilitate the transport sector was proved. The conditions for including the sectors of the economy in the category of the most affected by the pandemic in the context of state protectionism were determined. Based on statistics and using the indicators of riskiness and priority of the economic sector, the sectors of the economy for allocation of financial investments were determined. The problem of determining the rate of financial capital investments was stated and solved. A comprehensive procedure for ensuring entrepreneurship protectionism in the context of financial investments for rehabilitation of the transport sector, taking into consideration the riskiness and priority of the economic sector, was proposed. Since the problem of state protectionism of entrepreneurship during the COVID-19 pandemic challenges is relevant for a number of countries, this procedure was tested on the example of the transport sector of the economy. According to the obtained results, the sectors of the economy that were recognized as the most affected by COVID-19 fall under state protectionism, and the problem of supporting the latter can only be solved through state intervention. The results of calculations show that the funds at the available amount of public finances S=1 allocated for support are distributed proportionally. The comprehensive approach made it possible to identify three sectors of the economy for financial investments, in this case, those that were most affected by COVID-19 receive the largest share of financial investments. From the practical point of view, this study is interesting for state administrations during the allocation of funds by the vector of support for the sectors of the economy that were most affected by pandemic challenges, and theoretically – to researchers dealing with financial support, protectionism, and state administration

the stopping of which will lead to huge losses for the state, and catastrophic losses for regions, in particular. Implementation of rehabilitation measures is a strategic vector. This is proved by the study [9], which highlighted and proved the impact of entrepreneurship on the development of the state in general and transport entrepreneurship, in particular. However, in an era of pandemic challenges, entrepreneurship needs support, and some researchers see a solution to this problem only through state intervention, emphasizing the need for significant capital investments [10].
That is why the studies addressing not only the demonstration of the current state of entrepreneurship but also offering urgent measures of state protectionism of the latter, in the context of financial investments in the development of entrepreneurship for rehabilitation of the transport sector, should be considered relevant.

Literature review and problem statement
The transport sector of the economy in general and its entrepreneurship is very important for all the countries of the European Union, without exception. As stated in the report of the Institute of Automotive Transport "The impact of the motor transport sector: provisions on entrepreneurship and economic growth in the European Union" [11], the common transport policy is one of the main elements of the EU policy. The EU transport sector provides about 11 mln. jobs and is estimated at 14 % of the EU GDP, which proves its significance and strategic importance [12]. In particular, the road freight transport sector in the EU covers more than 563.6 thousand companies. Pandemic challenges adjusted all sectors of economies of states, so a number of states introduced measures to support entrepreneurship in various sectors of economies of the states in general and transport entrepreneurship in particular. According to the existing support procedures, the preference in financing is given to those with high priority and potential [13]. However, during pandemic challenges, this approach has raised some doubts. Following India's experience on the way to overcome the imbalance in the country [14,15], it is proposed to implement protectionism of the sectors of the economy that were most affected by COVID- 19. In study [16], the authors' team analyzed and discussed some modern procedures of financing. They include intergovernmental financing, loan guarantees, etc. The study emphasized that financing major infrastructure or other measures should be provided not only by the state but also by the regions, in which these measures are supported by the state. However, this study does not say anything about how exactly the measures are distributed to include them in the "supported" group.
Study [17] focuses on devising a procedure that substantiated the structure and mechanisms of financial flows. However, the study is characterized by certain specificity, it focuses on ensuring financing in the housing stock. At the same time, analysis of the impact of such a component as the COVID-19 pandemic and, accordingly, its impact on decision-making on funding was also completely ignored.
Paper [18] deals with the problem of protectionism of cities, where the authors proposed a financing model based on the investment attractiveness of the latter. This indicator is recognized as a key factor when it comes to money. The complexity of this procedure has a practical interest and indicates an extensive approach to assessment. However, nothing was said about the fair distribution of protectionism funds by the state: To whom? Why? How much? In other words, paper [18] is theoretical, which is why it does not answer the above questions.
The procedure of state protectionism of business was proposed in paper [19]. It also proved the dependence of financing on the attractiveness of an object. The reasonably healthy competition of the latter for investments was substantiated. However, the results of research [18,19] boil down to the fact that the higher the level of investment attractiveness, the more attractive an object is in terms of financing. If we talk about attractiveness from the position "for an investor", everything is logical and understandable. However, when it comes to state protectionism, everything should be the other way around. Under complicated conditions of the COVID-19 pandemic challenges, states are obliged to support the sectors that were most affected by the pandemic in order to quickly restore the economies of the states in general.
All the above studies can be grouped according to the principle of unanimousness that funding should be carried out based on a preliminary assessment with the need for an integrated approach to such assessment [20].
Such a comprehensive procedure was proposed in article [13], in which the procedure of financial support, based on selective regional financing, was proposed. However, it does not specify how protectionism in the sector of the economy is implemented. The idea of providing selective financing is explored in research [21], where state support and selective funding are interpreted as the basis for the development of the economies of the latter. Study [21], where the authors proposed an interesting method for financial protectionism, which is based on a combination of private and public funds, is interesting in this respect. However, here we are talking about public-private partnerships and attention is paid to the procedure of determining the share participation of private funds. The problem of the fair distribution of public funds based on mathematical calculations remained unresolved.
After analyzing papers [13][14][15][16][17][18][19][20][21], it can be argued that the problem of state protectionism of entrepreneurship in the context of financial investments from the position of rehabilitation of the transport sector has not been considered by other researchers. This indicates the need to conduct relevant research and devise a procedure for ensuring entrepreneurship protectionism in the context of financial investments for rehabilitation of the transport sector.

The aim and objectives of the study
The aim of this research is to devise a procedure for ensuring entrepreneurship protectionism in the context of financial investments in order to rehabilitate the transport sector. This will provide an opportunity to give financial state support to the most pandemic-affected sectors of the economy in order to rehabilitate their economies in general.
To achieve this aim, the following tasks were set: -to choose the conditions for including the sectors of the economy to the category of the most pandemic-affected in the context of state protectionism; -to determine the sectors of the economy for distribution of financial investments based on indicators of riskiness and priority of the sector of the economy; Textile industry 3 Production of household appliances 4 Construction 5 Suppliers of car nodes and parts 6 Electronic industry 7 Retail sale 8 Software Development, ІТ services 9 Chemical industry 10 Mechanical engineering 11 Paper manufacturing 12 Automotive industry 13 Vehicle production 14 Power industry 15 Agricultural industry 16 Transport To determine the priority of the economic sector, we use open statistical information on the indicator of capital investments for the types of economic activity [32]. The results are summarized in Table 2. As it can be seen from the results of generalization, transport belongs to the priority sector of the economy, which suf--to state and solve the problem of determining the rate of financial capital investments.

Materials and methods for devising a procedure of ensuring entrepreneurship protectionism in the context of financial capital investments in order to rehabilitate the economies of countries
The object of research is entrepreneurship in different sectors of the economy, and the subject is the existing methods of state protectionism. In order to solve the problem of entrepreneurship protectionism in the context of financial investments for rehabilitation of the state economy, it is proposed to use modern computing equipment with the application of mathematical models [22].
To obtain reliable information, the whole set of statistical data included in the procedure should consist of a small amount of data and be informative [23].
To model entrepreneurship protectionism in the context of financial capital investments, two most important indicators will be needed, namely: -the indicator of the rating of the riskiness of the economy sector (COVID-19 Impact) -the most important indicator in financing [24,25], which is taken into consideration during determining financial capital investments when ensuring entrepreneurship protectionism; -the indicator of priority of an economic sector for the state.
To calculate the indicator of the rating of the riskiness of the economy sector, the results of the Euler Hermes study were taken as the basis. The Euler Hermes database includes more than 84 million companies from different sectors of the economy. Euler Hermes regularly monitors risky companies that account for 92 % of the global GDP. The Center for Economic Research makes up a rating of state risks, analyzing the economic and political environment of 245 countries. In 2020, after analyzing 126 sectors, Euler Hermes experts identified a record number of cases of deterioration in the risk rating by sectors of the economy. All cases of a decrease in ratings are associated with the direct and indirect impact of the COVID-19 coronavirus pandemic [26]. Based on the values of indices [27,28], specifically the indicator of the Covid-19 effect, we accepted the value derived from the comprehensive research reported in [29]. Table 1 represents the risk rating [29]. A detailed procedure for calculating the Index of COVID-19 Impact on sectors of economies of states is presented in study [30]. The value of 0 means that the sector is considered insignificantly sensitive to the effects of COVID-19. Values from 0 to 1 indicate that the sector is considered sensitive [31].
Transport, automotive industry, electronic industry, and retail sale are the most affected sectors of the world economy. Quarantine measures strike airlines: the volume of commercial passenger air transportation has fallen by 40 %. A sharp drop in prices for shares also threatens air carriers. The pandemic also actualizes the problem for the automotive industry -the market is threatened by a 10 % drop in activity. Retail, wholesale companies, and suppliers are not protected from risks in interstate supply chains. The electronic industry is facing a deterioration in demand in Europe, where a significant decline in electronics sales was recorded. In general, the strongest blow was inflicted on Western Europe and Asia. fers greatly from the pandemic and needs support from the state in order to rehabilitate the state economy in general. The same can be said about the power industry, mechanical engineering, and other industries.
The procedure for ensuring entrepreneurship protectionism in the context of financial capital investments in order to rehabilitate the economy of countries, which is based on the obtained indicators of rating of the riskiness of the economy sector and priority of the economic sector for the state. To support entrepreneurship in order to rehabilitate the state economy, it is proposed to introduce financial capital investments in sectors. In this study, it is proposed to consider financial infusions that are directed to the corresponding sector of the economy in order to support it in terms of economic risk indicators and the priority of the economic sector for the state as financial capital investments in the sectors To do this, we hypothesize that the program of entrepreneurship protectionism in sectors of the economy consists of n number of sectors that require financial capital investment. The index of the sector of the economy, involved in financing processes, will be marked as 1, . i n = Assume that return on investments in the sector of the economy per unit of spent financial resources is a i (a i cannot be <1).
We proposed a formalized description of the model of effective cooperation between the economic sector and the investor (state, financial donor, etc.), which can be represented as follows: where S i is the total sum of financing for entrepreneurship support; φ i (S i ) is the income of the i-th sector of the economy; х i is the financial resources of the sector of the economy for entrepreneurship support -borrowed funds; y i is own financial resources of the sector of the economy for entrepreneurship support; z i is the investments (of a state, financial donor, etc.), where the volume of financing the economic sector is taken into account; Z i is the net profit of the economy sector as part of its own financial resources (as part of y i ).
On condition that φ i (S i )>х і +y i +z i or ( ) 1, In addition, calculations according to the proposed author's procedure will require a synthetic (artificial) indicator q i , which is calculated from formula (3): where a i is effectiveness, which is estimated by the return from the sector of the economy per unit of financial resources spent to support entrepreneurship; l i is the priority. After substituting in formula (2) the effectiveness indicator with the indicator of priority of the economic sector for the state -r, and the priority indicator with the indicator of the riskiness of the economy sector (COVID-19 Impact Index) -R, the artificial (synthetic) qᵢ indicator is calculated from formula (3): where r i is the indicator of priority of the i-th sector for the economy of the state, c. u.; R i is the indicator of the riskiness of the i-th sector of the economy, c. u.
To determine the number of sectors of the state economy that can qualify for financing in order to rehabilitate the economies of states, the following maximum value of n, which would satisfy the following inequality, is determined: where Q n is the total of synthetic indicators q i of the corresponding sectors of economy n. When condition (4) is not met, the calculation finishes and the following sectors of the economy are excluded from the list of candidates for financing in order to rehabilitate the economies of the states.

2. Determining the sectors of the economy for allocating financial capital investments based on the indicators of riskiness and priority of the economic sector
Based on statistics on the indicators of the riskiness of the economy sector and priority of the economic sector for the state, the riskiness of the economy sector (COVID-19 Impact Index) was calculated (Table 1) and the results were shown in Table 3. Table 3 Rating Further, the indicator of priority of the economic sector for the state was calculated based on their classification according to the results presented in Table 2. Table 4 gives the calculation information.  [19] Calculations shown in Table 4 reveal the following: the indicator of priority of the economic sector for the state does not depend on the riskiness of the sector (COVID-19 Impact Index) or vice versa. This is the basis for determining the rate of financial capital investments for sectors of the economy in the context of state protectionism based on a comprehensive approach.

3. Stating and solving the problem of determining the rate of financial capital investments
To determine the rate of financial capital investments, the calculation procedure of which is represented by formulas (1) to (4), it is necessary to calculate synthetic indicator q i . The source data for the calculation are presented in Tables 3, 4.
The calculation of q i is performed according to formula (3). When determining the share of financial capital investments in sectors of the economy, according to the procedure proposed by the author, it is necessary to sort the economy sectors from the smallest to the largest by the q i value. The results of calculations in ascending order are given in Table 5.
According to the results of the performed calculations, it can be stated that the most affected by COVID-19 and those that require protectionism by the state are the following sectors of the economy: Power Industry, Transport, Agricultural industry, Vehicle production, Automotive industry, Paper production, Mechanical engineering, Chemical industry, Electronic industry, Retail Sale, etc.
The entire algorithm of the procedure for determining the number of sectors of the economy -candidates for obtaining capital financial investments, can be represented by inequality (4). Check if this condition is met for the infinity of resulting values of q i . Verification will be performed until condition (4) is met. If the condition is not met, the calculations will be terminated, and the following sectors of economy will be excluded from the list of applicants for financial investments.
The results of the calculations are given in Table 6. Table 6 Determining the economic sectors to obtain financial capital investments Electronic copy available at: https://ssrn.com/abstract=3920441 Since condition (4) is not met at n=4, calculations are terminated and all subsequent sectors of the economy are excluded from further calculations. Economy sectors to obtain financial capital investments were identified. These are Power Industry, Transport, Agricultural Industry with pre-rated values of 14, 15, and 16 places in the riskiness table or, in other words, the COVID-19 Impact Index. This proves its significant influence and the need for financial capital investment in entrepreneurship of these economic sectors as a way of state protectionism.
The calculated values of the shares of financial capital investment with the allocated funds equal to 1 in proportion to obtained Q n /(n-1) are presented below. The results are given in Table 7. Table 7 Financial capital investment in sectors of the economy with funds allocated for entrepreneurship protectionism (S=1)

Economy sector
Financial capital investments at S=1 Power industry 0.5024 Transport 0.4621 Agricultural industry 0.0355 As the calculations showed, 3 economic sectors (namely: Power Industry, Transport, Agricultural Industry) will receive financial capital investments to support entrepreneurship, the value of which will be 50.24 %, 46.21 %, and 3.55 %, respectively, from 100 % of S.

Discussion of results of devising a procedure for ensuring entrepreneurship protectionism in the context of financial capital investments in order to rehabilitate the transport sector
A large number of financing procedures were proposed by researchers of our time [13][14][15][16][17][18][19][20][21]. All of them are integrated and comprehensive: some of them contain a significant number of components for calculation, the others, on the contrary, only a few. In contrast, the proposed author's procedure for ensuring entrepreneurship protectionism in the context of financial capital investments in order to rehabilitate the transport sector, which is also comprehensive, contains an essential component -targeted financing of the most pandemic-affected sectors of the economy.
The author's procedure makes it possible to identify the economic sectors for distribution of financial capital investments based on indicators of riskiness and priority of the economic sector and to solve the problem of determining the rate of financial capital investments.
Unlike existing procedures, the author's procedure is aimed at supporting the economic sectors in particular, and the state in general. The existence of the mathematical substantiation for targeted financing of the most pandemic-affected sectors of the economy is also the innovative vector of the proposed procedure compared to the existing ones.
In order to ensure support of entrepreneurship protectionism in the most pandemic-affected sectors of the economy, it was proposed to introduce targeted financing, the entire calculation procedure of which is represented by formulas (1) to (4), and the calculation of which was carried out.
The problem of determining the rate of financial capital investments based on a comprehensive approach by the indicators of riskiness and priority of the economic sector was solved for 3 economic sectors (Power Industry, Transport, Agricultural Industry). The results are given in Table 7.
It is possible to consider that the main limitation of the research is the fact that the procedure was not tested in sectors of the economy of other countries, except for the state of Ukraine, that is, the level of socio-economic development of the state was not taken into consideration.
The practical aspect of this study is interesting for state administrations in the allocation of funds by the vector of support for the economic sectors most affected by pandemic challenges, while its theoretical aspect -for researchers dealing with financial support, protectionism, and state administration.
The subsequent research should be carried out taking into consideration the level of socio-economic development of states.

Conclusions
1. The conditions for including the economic sectors in the category of most pandemic-affected in the context of state protectionism were proposed. In the process of calculation according to the proposed procedure, the values of indicators of priority of the i-th sector of the economy for the state and the risk of the i-th sector of the economy were taken into consideration. The model of effective interaction that takes into consideration targeted financing was proposed.
2. The sectors of the economy for the distribution of financial capital investments were determined based on the indicators of riskiness and priority of the economic sector. The riskiness of the economy sector (COVID-19 Impact Index) and the priority of the economic sector for the state were calculated. Calculations show that the indicator of priority of the economic sector for the state does not depend on the riskiness of the sector (COVID-19 Impact Index) or vice versa.
3. The problem of a quantitative assessment of the rate of financial capital investments in the economic sectors most affected by COVID-19 and those requiring state protectionism was solved. Rating of the latter was carried out. The economic sectors to obtain financial investments were identified. They include Power Industry, Transport, Agricultural Industry with pre-rated values of 14, 15, and 16 places in the risk table or, in other words, the COVID-19 Impact Index. This proves its significant influence and the need for financial investment in the entrepreneurship of these sectors of the economy as a way of state protectionism. The rates of financial capital investments for entrepreneurship support, the value of which will be 50.24 %, 46.21 %, and 3.55 % for the sectors of Power Industry, Transport, Agricultural Industry, respectively, from 100 % of S, were calculated.