Importance The article focuses on the use of risk management instruments in financial resource management in the face of financial market turbulence, which entails funding constraints and increased financial risks. Objectives The aims are to define the nature and structure of financial resources, identify the properties of accounts payable as a source of financing for Russian organizations, justify the use of modified effect of financial leverage as a risk management tool and a criteria for taking decisions on capital structure management, trace the dynamics and growth of accounts payable of Russian organizations. Methods We employ the systems approach, comparative analysis, computational procedures for the pace and changes in accounts payable from 2010 to 2015. Results The paper underpins the use of accounts payable as a source of funding, offers a measure of modified effect of financial leverage considering accounts payable as a criterion for decision-making on the capital structure of organizations. The findings may be useful for taking decisions on sources of funding in turbulent financial markets and increased risk of other external sources of financing. Conclusions and Relevance The identified trends enable to conclude on strengthening the role of creditors as a source of financing and the need to take it into account in financial risk management by Russian organizations.
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