Financial Stability of Small and Medium-Sized Enterprises in the Regions of the Russian Federation: Assessing Bankruptcy Factors

This article examines the financial stability of small and medium-sized enterprises in the regions of the Russian Federation, identifying and systematizing the factors that determine the risk of their insolvency. The relevance of this topic is determined by the growing role of SMEs in shaping regional economic dynamics, employment, and the tax base, as well as the continued high sensitivity of these enterprises to macroeconomic fluctuations and institutional constraints. The obtained results are theoretically significant for clarifying the categorical apparatus of SME financial stability and have practical value for regional governments, entrepreneurship support institutions, and enterprise managers in developing mechanisms to prevent crises and minimize bankruptcy risks. The paper also substantiates methodological approaches to assessing financial stability, considering industry specifics and territorial differences, proposes areas for improving regional SME support policies, and proposes tools for monitoring financial risks in an unstable economic environment.