A mechanism has been developed for assessing a company’s strategic risks and selecting the risk factors on which the risk management actions of the company must be focused. The risk factors are projections of the company’s internal and external environment which create its competitive advantages but are exposed to the most dangerous threats. The mechanism is an integral part of strategic risk controlling, the application of strategic controlling to risk management, and was built as a set of interrelated procedures which perform the selection of risk factors. The design of the mechanism is based on the integration of strategic analysis of fthe company’s value chain and failure mode and effects analysis (FMEA). This design, unlike that of the alternatives, allows maximum accounting for the majority of links and correlations among strategic goals, projections and risks. The paper elaborates on the main tasks and functions of strategic risk controlling and shows the advantages of integration of value chain analysis and FMEA in a single risk assessment mechanism. It works out the flow chart of the mechanism of assessment of the company's strategic risks. It develops the procedure of calculation of FMEA’s risk scores (risk priority numbers (RPNs)) for individual end-risks; at the level of each strategic perspective and at the level of the entire strategy. It develops the procedure of selecting the optimal strategy among the strategic alternatives using the Hurwicz minimax criterion in which strategy-level PRNs are utilized as the measures of risks. Finally, the paper works out the procedure for choosing the risk factors among strategic perspectives and develops the key tool of this procedure, the risk-factor positioning matrix. This matrix allows searching for the optimal ways and tools of risk control. The mechanism allows increasing the efficiency of risk management in strategic controlling and concentrating the management’s attention on the company’s strategic factors which are exposed to the most dangerous risks.
The paper deals with the nature and role of the key quality of a system as the element of the systemic concept of controlling; we consider the impact that the key system quality may have on how a company chooses its strategic activity areas.
In article ways of creating agent based models are overviewed. Reasoning of chosing particular method is given. Model load parametres are defined. Algorithm of difining country territory to interaction activity zone.
We have analyzed the differences in the influence of foreign direct investments on the economic growth of developed and developing countries. We used panel data, namely, the observations for 10 countries during 1983—2013, to construct a model of the dependence of GDP on foreign direct investments for the developed countries. For the model of the GDP as a function of foreign direct investments in the developing countries, we used the observations for 11 countries during 1994—2013. We have reached the conclusion that the influence of foreign direct investments definitely has a positive effect on economic growth in both cases. However, the degree of this influence depends on the type of country. Developing countries get a smaller effect from foreign direct investments due to non-transparent institutional environment and negative influence of other non-economic factors. These findings indicate the institutional and economic environment and, most likely, human capital of the developed countries allow to achieve the full effect of FDI, that is, both capital accumulation and spillover effects. Obstacles reducing the FDI effects, such as insufficient human capital and poor economic and institutional environment, likely exist in the developing countries. Thus, the impact of FDI on economic growth is certainly positive, however the level of this effect depends on the country’s characteristics. This means that the hypothesis that FDI affects developing countries less than developed due to the existence of thresholds in the form of unhealthy institutional and economic environment was confirmed.
This article discusses examples of nonlinear models of economic dynamics and possibilities of their research by numerical procedures in MATLAB. Demonstrated specific effects of these models, in particular, the possibility of forming a chaotic behavior
The article presents a comparative analysis of the main characteristics that define the enterprises belonging to the type of high-tech companies. We study the approaches used in the United States and Russia. The results of this analysis showed the existence of certain differences in the interpretation of the concept of "high-tech company" throughout the world. Study of issues related to the definition of the optimal method of financing high-tech companies, as well as relevant financial strategies, led to the conclusion of the high risks in the debt financing method, as well as the convenience and efficiency of equity financing. In the future, it was discussed in detail the main factors determining the value of technology stocks. To analyze the effect of factors was established sample of 100 observations based on the ranking Forbes «The Most Innovative Companies-2014". Of the many characteristics were selected 16 of the most significant positions. Namely, revenue million. Dollars (income) and net income in millions. Dollars (profit), the total long-term loans and borrowings million. Dollars (debt), P / E ratio (p_e), sales in millions . dollars (sales), the company's assets in mn. dollars (assets), the market value of the company in millions. dollars (market_place), the volume of shares on the market in million. USD (shares), sales growth for 12 months in% (sales_growth), total return over 5 years in% (total_return), Innovation Award in% (innovation_premium), the year of foundation (founded) and the number of employees (employeers). On the basis of these criteria, we can estimate the size, capacity, innovation and contribution to the company's value. Regression analysis made it possible to identify the most important factors, among which were the P / E ratio, the total stock returns and innovative profit.
The article describes the production models of IT-projects. The comparative analysis of financial features of the three most popular models is considered: model, in which publisher and developer are in the one company, model, in which publisher hires outsource company of developers and innovation crowdfunding model. For crowdfunding model the most successfully funded games are analyzed.
Among the issues related to the effective use of various sources of financing companies, an important place is occupied not only by internal factors, but also by external factors that influence the choice of a source. They are studied a little in the literature, as they are exogenous for firms, and companies cannot influence them. But the consideration of economic policy, especially its unpredictability, affects all economic and financial decisions. The cash problem has growing popularity in theoretical and empirical literature, as existing trends in cash accumulation continue to grow among global companies operating in both developing and developed markets.
This study determines the impact of uncertainty in economic policy on the cash reserves of Russian companies that guarantee their liquidity. The study was conducted on a sample of 437 public non-financial Russian companies in the period from 2003 to 2017. To achieve the objectives of the study, regression analysis methods are used.
At the heart of the methodology for calculating uncertainty in Russia's economic policy there is the index, based on the frequency marks of newspaper articles (EPU).
The obtained results have shown that the growth of the cash level of companies depends on the growth of uncertainty in economic policy. Russian companies behave much more uniformly in conditions of uncertainty limiting themselves in opportunities’ realization.
The study revealed that future uncertainty affects companies, both through external financing and internal channels. By using external sources uncertainty increases the cost of loans, that in turn encourages companies to store more cash. Using internal means in conditions of uncertainty it is more difficult for companies to predict future cash flows, that leads to an increase in cash even today.
Understanding of these issues helps to develop more effective investment and financial strategies for companies and would allow companies to reduce the impact of external shocks on their effectiveness.
In the article the main features of the change over to the innovation-based development are examined and major problems faced in creating and functioning of the intellectual property market are stated. Also suggestions on a creating civilized intellectual property market as a way of a change over to the innovative economy are offered.
In the context of globalization is significantly increased international mobility of capital. Under these conditions, competition for foreign investment is an important factor for economic growth in the country. The article discusses the institutional problems of the investment attractiveness of Russia and proposes directions for their solutions.