Importance The assessment of the bankruptcy and business solvency risks is one of the most important aspects of the financial analysis. Proceeding from the variety of methods of the assessment of an enterprise's bankruptcy risk, it is rather complicated to choose the most optimal one (providing the most precise and adequate forecasting), which is applicable to a particular company and economic conditions, prevailing in the country. Objectives The article considers the most popular forecast models of the bankruptcy risk assessment including the Taffler model, a couple of the Altman's models and also the four-factor model of the Irkutsk State Economic Academy (hereinafter referred to as the ISEA R-model). Methods In order to assess the possibilities of the use of different models in practice, and to obtain adequate results for the Russian economy, we have analyzed the bankruptcy risk by using the five-factor Altman's model (Z-model) and the ISEA R-model on the basis of the financial reporting for 2012 of the Russian major oil companies, such as ОАО LUKOIL, ОАО Gazpromneft, ОАО Surgutneftegaz, ОАО NGK Slavneft and ОАО Tatneft. Results The computed data demonstrated that the Z-model and ISEA R-model differ absolutely in the bankruptcy risk assessment of the Russian oil corporations. The data show that in order to adequately assess the risk of bankruptcy of the Russian corporations, is not possible to use the existing models. Conclusions and Relevance We have reached the conclusion that while choosing a model of the bankruptcy risk assessment, we should take into account various aspects of the national, economic and other specifics, which unavoidably influence the operation of corporations in the particular country. In order to estimate the risks for the Russian oil companies taking into account the specifics of the internal market, we hardly can use the Z-model because it has not been tried in Russian companies, and it is not relevant for today. In this case, the ISEA R-model which has been estimated in the Russian environment is the most optimal one.
Keywords: financial condition, assessment, bankruptcy risk, creditworthiness, Altman's model, five-factor Z-model, Irkutsk State Economic Academy model, four-factor R-model, Russian oil company
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