In the conditions of the transformational processes of the national economy, the problem of ensuring innovation activity is a special place in the issues of ensuring socio-economic development of society. Financial and economic innovations are an effective tool for managing socio-economic processes in the context of the crisis phenomena of economic systems. The article is devoted to the actual problem of finding ways to provide innovative activity in the formation of mechanisms of anti-crisis financial management by subjects of economic activity. The purpose of the article is to improve the economic mechanism of crisis management, in particular, the diagnosis of insolvency of enterprises, which has a preventive nature, the implementation of which provides solvency of domestic business entities. In the article a retrospective analysis of insolvency manifestations of metallurgical enterprises was carried out on the basis of the analysis of theoretical and methodological approaches of foreign and domestic scientists to issues of innovative activity in the conditions of crisis phenomena of national economies and analysis of their influence on financial and economic indicators of activity of business entities. The possibility of introducing financial and economic innovations for improving the mechanism of crisis financial management at the enterprise through the use of the proposed methodical approach to the definition of the threshold values of structural indicators of the balance sheet and the report on financial results, compliance with which will ensure the solvency of metallurgical enterprises. Implementation of the developed methodological approach to the definition of threshold values of structural indicators of the balance sheet and the report on financial results of enterprises, which is an element of financial and economic innovations, can increase the efficiency of crisis management financial management. provide financial stability, liquidity, efficiency of business entities, and opportunities for their economic development. Prospects for further research in this area are improving crisis management financial management at enterprises based on the development of forecast scenarios for the development of industrial enterprises.