The modern market of interbank lending is subjected to strong variations because of an unstable internal economic and external political situation in the country. The number of transactions of interbank loans and the number of participants of the market decreases because of Central Bank internal policy of the inefficient credit organizations reduction. There is a narrowing of the interbank lending market, because the counterparties are not sure in each other and there is a mistrust crisis. The transition’s difficulties of the Russian banking system to the international standards Basel III have a negative impact on the interbank market, as not all credit organizations can sustain strict requirements of the international standard, which increases the number of mergers and acquisitions of credit institutions. Such a trend can lead to increase of credit risk for the bank lender. The unstable economic situation which is observed in the permanent fluctuation of the Russian currency, increases the interbank lending’s cost, that in turn restricts the number of participants of the interbank related with the introduction of sanctions against the large Russian corporations actualize the interbank lending market by the impossibility of cheap credit abroad. Because of sanctions, corporations are forced to pay attention to the Russian banking sector, and the interbank loan is an easy way to obtain liquid money. Considering all above listed factors, it implies the need to create express – techniques to estimate of the contractor in the interbank lending market. The primary goal of this article is to present the results of our research which is aiming to the development of the the algorithm of making decision on issuance of credit. The organizational and economic mechanism for assessing the creditworthiness of the counterparty in the interbank lending market is developed basis on algorithm. This mechanism includes a way of interaction of divisions which participate in delivery’s organization of the interbank credit, the necessary document for effective activity in the interbank market, segments of the market, types of the interbank credit, estimation’s technique of a borrower’s financial condition. As a result, commercial banks can avoid risk of money’s non-return from contractors in the interbank market.
The article is devoted to the relevance of the development of legal mechanism for the protection of private deposits in the banking system, dictated by the need to strengthen measures to support confidence of depositors in the banking sector of the economy. The current unfavorable reality requires to apply a wide range of improvements to maintain the financial stability of the economy as a whole. The key role here is played by the development of Deposit insurance system, including increasing insurance coverage, strengthening financing mechanisms. The existence of a developed system for the protection of people's savings is increasingly recognised worldwide as an essential element of an effective system of ensuring financial security and stability of the state. The state to provide reliable protection of deposits and accounts of private (natural) persons is a necessary condition to maintain citizens' trust in banks, which posted them money, since deposits are the most important factor in increasing the stability of the Russian banking system. The development of the Deposit insurance system is of particular relevance in the current unstable economic situation. The joint efforts of all stakeholders were needed to mitigate the negative trends in the macroeconomic conditions and the timely enforcement of regulatory base in accordance with the requirements of the market economy and subject to the laws of the free market will contribute to the strengthening and effectiveness of the entire financial system.
The provision of quality examination of innovative projects is a complex problem because this process is associated with a significant number of parameters and characteristics of different nature, requires a high level of training of relevant professionals. One of the most relevant means of solving the problem is to award the proposed information system to ensure the quality of the examination of innovative projects. Presents the general structure of functioning of the specified information system. The set of basic and additional criteria for technical expertise in the information system was formed. The algorithm of examination with the use of the information system was posed. Highlighted the key role of the knowledge base about the characteristics of the innovation project and the existing experience on choosing elements of the project. It is noted that the use of the information system allows significantly reduce the time of expertise and greatly enhance its validity.
Author has considered the most popular methods of quantitative estimation of institutional factors of economic growth. Author has analyzed opportunities and adequateness of using of each of considered methods.
Insurance companies, being at the same time both the subject and the object of management of risk, are under the influence of two kinds of risks: both the risks which arise directly from activity of insurance company as object of economical activity, and the risks accepted from insurant. Therefore it is almost impossible to ensure reliability and financial sustainability of insurance company without effective system of risk management. Moreover, whereas foreign practice indicates the active application of a risk management by insurance companies, the risk management in insurance industry in Russia didn't gain proper development yet. The development of the concept of risk management system of insurance companies is the goal of research. In the article we put forward the risk management concept for the Russian insurance companies, in which the «innovation» stage was an application of indicators EVA and RAROC.
The article discusses the role of higher professional education institutions in the new challenges standing before the world community and our country now. They are associated with the global challenges, which were provoked by the computerization of all sectors of society and by the deepening of the global competition, including in the educational sphere. The globalization of the economy is also accompanied by a deepening of the ecological crisis in the planetary scale. Along with the environmental crisis which is due to population growth, Russia faced with another problem - demographic failure. This and other world problems are requires from our society of the active use of scientific and technical progress, based on environmentally friendly technologies. So now research and development must be done by Russian scientists in conditions the use of economic sanctions to Russia. For this purpose it is necessary to form their own society with people, which are able to work in a team, to set and to achieve necessary scientific and practical purposes. So we are talking about the necessity of forming during the educational process of a complex personality. Thus, Russian universities today are liable to the society for development of scientific-technical progress and for the training of highly qualified personnel in accordance with results of new scientific research and development scientists. However, before these tasks had to be solved in terms of guaranteed government funding, and now they need to learn to solve tasks in condition of the open education space and of the need for commercialization of results of scientific research. That is why Russian universities today are faced with the necessity of forming a new mechanism of efficient functioning, wich will include organizational and resource components. The article presents a mechanism that contains the tools of marketing, of strategic planning and of budgeting, combined in a single system.
This article discusses the range of issues concerning the laws governing the formation of growth factors in the value of the interaction of industrial firms with a bank in a recession. Purpose - to test the installation of the conceptual model of investment and lending activities of industrial companies for evaluation of management effectiveness. In the first phase of the study examined the behavior of the current performance of the company during the crisis, and their relationship to each other. The second area of research is the analysis of the relationship between the factors of growth in the value of the firm and the bank in a recession economy.
The studies prepared by the key current performance value by which exercise may affect the market value added known operational mechanisms. Another result of the study was to determine the natural connections between the factors of the rising value of industrial companies and banks. As the findings discussed the possibility of using the developed model in applications.
Distribution and control of consumption of various resources (financial, material, labor, energy, etc.) are playing the special role in organizing and planning the development of innovative programs of industrial infrastructure. Management staff should be responsible for defining the major risk factors of innovative enterprise projects and perform estimation the level of risk of innovative projects in according to approved methods and models and perform other functions. This article about a model that allows to implement one of the approaches to the problem of estimating the amount and structure of reserve resources in the formation of an innovative program of development of industrial infrastructure, taking into account factors of structural and parametric uncertainty. The principles of this approach were outlined. Description of solvable problem and an algorithm of its solution were outlined. In order to demonstrate the capabilities of the algorithm shows an example. Using the proposed algorithm will allow to reasonably consider the negative impact of the uncertainty of realization of innovative development programs and to predict possible risks. This algorithm has a high adaptability to the source data of the task and to the functional relationships of the used parameters. This property makes it possible to implement it with maximum effect in intelligent decision support systems.
The paper demonstrates the importance of informal component of internal institutional environment for successful development of franchise network. The informal mechanism of relational coordination is described as a tool that is used in combination with the mechanism of formal contractual regulation of cooperation between franchisee and franchisor in order to make it more flexible. Problems of formation of internal institutional environment are discussed. A list of tools that can be used to adapt new franchisees to internal institutional environment is given. It is demonstrated that not all tools should be used simultaneously – the list of tools depends on franhisor’s resources and the model of his cooperation with franchisees.
The paper demonstrates that long-term partnership in the field of industrial service should be based on selection of the best partner. This selection is necessary in order to evaluate expected economic effect of this partnership and reduce risks. A large choice of method of selection is proposed for the buyer of industrial service, while there are no methods of partner selection adapted to the requirements of providers of industrial service. This situation generates inequality between buyer and provider and may produce serious risks. The present paper contains a theoretical approach towards a method of buyer selection. A list of criteria that can be used for buyer evaluation is proposed. A mathematical model of buyer evaluation is described. It is demonstrated that this method should be used only for long-term partnership and big orders.
Investments in real assets are one of the most important parts of company’s growth. As such, choosing projects company can afford to pay for becomes a serious problem. Investment project evaluation is the most important step in the process of decision-making. Long-term projects often have the biggest impact on company’s growth and require a lot of money; as such management of the company should be especially attentive to evaluation of such projects. An example of such projects is a project of building a fishing vessel, which is examined in this study.
The article considers the problem of choosing indicators of economic efficiency evaluation for the evaluation of long-term investment projects in shipbuilding industry. The paper deals with theoretical and practical analysis of methods with the purpose of creating an algorithm for evaluation of long-term investment projects by creating aggregate valuation model.
Revenue is the paramount parameter in financial forecasting. This indicator determines the dynamics of some financial parameters. The object of work is the future financial condition of Russian trade companies. The subject of the research is the revenue of these companies. The aim of the work is to create a method for forecasting the revenue of trading companies, which will show the minimum possible error. The main research method is regression analysis. There are three main approaches to the formation of forecast values for the revenue of trading companies - the use of macroparameters, the previous value, and annual growth. The combined model of the existing revenue forecasting methodologies makes it possible to most accurately predict the future annual values of this indicator for companies in the trade in the Russian market. The correct approach to forecasting revenue should be considered not the one that accurately predicts the actual value of the parameter, but the one at which the forecast error is the minimum acceptable. We have at our disposal four historical periods - 2015, 2016, 2017 and 2018, 43 selected INNs for testing forecasting methods. The two periods for testing forecasts are 2017 and 2018. Forecasts will be built one year ahead, so we get 86 (43 INN * 2 test years) points for comparing forecast results. To test and compare the results, the MAPE forecast quality metric and graphical analysis will be used. The result of the study is the successful use of the hybrid method - the number of predicted revenues, the error of which is less than 10% and 20%, is higher among the selected ones. This suggests that 54% of the forecast points have an error of less than 20%.
Obtaining forecasts of the trend dynamics of company shares is an important task for financial market participants. Fundamental analysis is based on studies of macroeconomic relationships with stock prices and relationships between financial data and stock prices of selected companies. The central goal of the work is to make forecasts one quarter ahead for the stocks of Russian trading companies that will have relevance. The Diffuse Index has successful examples of its use in forecasting. It is important to consider that the quantitative factors that are included in this index should be at least four and no more than six. The use of the diffuse index is possible as an independent model. However, in this study, this synthetic index will be used as a factor in the regression model in order to improve the accuracy of forecasts. The main feature of the regression model for forecasting the price of shares of Russian companies in the trading industry using the example of LLC Lenta and PJSC Magnit is the use of four indicators - revenue, operating profit, net profit and retained earnings. The forecasting model for these indicators includes four macroeconomic indicators: consumer inflation index, producer inflation index, disposable income growth index and the key interest rate. Moreover, the regression model uses a diffuse index based on financial indicators and the components of the diffuse index as binary variables. As a result of forecasting one quarter (first and second quarters of 2020) ahead, the forecasting accuracy for both companies is above 80%. Using the resulting instrument, you can make a positive profit when trading stocks. The hypothesis of this work was confirmed and the goal was achieved. The usefulness of using a diffuse index has been proven in predicting stock prices.
This article describes the history of development of industry of St. Petersburg, her modern status and role on the economy of the city. The features of different branches of industry of the city was examined in historical phase and in our time, evaluation of investment attractiveness of branches of city industry proposed. The status of the largest enterprises of St. Petersburg explored, their resistance to changes of different factors of external environment is determined. The employment at the enterprises of SaintPetersburg analyzed, and considered their relationship with changes in the structure of investments in city industry Analysis of existed regional programs is presented, and and proposes measures to complement the relevant regional programs
The article is considered the main aspects and tendencies of modernization of the Russian education system, which in the long term are promoting accumulation of intangible types of capital of students. There are analyzed of existing and promising methods of formation of professional competency at the University. Special attention is paid to functioning of the volunteer center of the University, organized by the student self-government. As well as there is considered the importance of correct organization of this activity in the University in terms of its accounting and valuation.
Within the framework of this work, the phenomenon of short-termism as an obstacle to the creation of a long-term strategy has been studied using the example of the Russian metallurgical industry. Disclosure of factors to strengthen the policy of short-term decisions occurs through the theory of information asymmetry. Speaking particularly about short-run planning horizons, we focused my attention on the topic of short-termism (investment myopic) and consequently information asymmetry as a cause of short-termism emergence. Further, we described instruments, which aimed to mitigate the outcomes of sort-termism negative impact in the light of risk-management theory. In this paper we want to explain how and in what extend do ERM instruments influence on the company’s attitude toward short-term strategy. In other words, we consider that information asymmetry existing between managers and investors creates short-termism. This fact means the obstacle to the company’s long-term value formation emergence.
Author considers problems of modeling of economic dynamics in Russian Federation in the context of institutional factors influence on economic growth. Analysis of the role of institutional factors in supporting economic growth in Russia is realized with Markov's chain method.