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Introducing indicators of enterprise investment activities in financial stability monitoring

Ivanov V.V. Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation ( viktor.ivanov@spbu.ru )

L'vova N.A. Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation ( n.lvova@spbu.ru )

Abramishvili N.R. Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation ( n.abramishvili@spbu.ru )

Parfenova M.V. Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation ( mvp97@mail.ru )

Journal: Financial Analytics: Science and Experience, #4, 2019

Subject The article addresses methodological approaches to financial stability monitoring. These approaches are mainly focused on the financial services industry. However, in the framework of the research, we consider non-financial companies (enterprises), since in this area of monitoring financial stability there are many urgent tasks that remain understudied.
Objectives The purpose is to prove the relevance of investment activity assessment in monitoring the financial stability of enterprises, identify necessary indicators, and show that the monitoring financial stability of such enterprises should not be limited to debt burden estimation.
Methods We review the best practices in monitoring the financial stability of companies operating in the non-financial sector; suggest recommendations for this area development on the basis of investment activity indicators; analyze the investment activity of Russian enterprises by type of economic activity, emphasizing the importance of industry aspects of monitoring.
Results The paper gives reasons for supplementing the system of indicators of enterprise financial stability by the volume of investment per capita, ratios of renewal and disposal of fixed assets by type of economic activities, return on assets ratios, indicators of the structure of investment financing. It is also important to consider industry trends in investment activity.
Conclusions The stability of financial system functioning is ensured by both the financial and non-financial sector of the economy, and their mutual influence should not be underestimated. Assessment of enterprise investment activities should become an integral part of financial stability monitoring. This determines new directions of fundamental and applied research.


A model of intellectual capital in diagnostics of high-tech companies

L'vova N.A. Saint Petersburg State University, St. Petersburg, Russian Federation ( lvova_n.a@mail.ru )

Abramishvili N.R. Saint Petersburg State University, St. Petersburg, Russian Federation ( neliko5@gmail.com )

Journal: Financial Analytics: Science and Experience, #25, 2014

The article deals with the peculiarities of high-tech companies diagnostics when using a model of intellectual capital. The authors consider a role of intellectual capital in the diagnosis of high-tech companies within the context of the financial features, which is inherent of innovation business. The paper provides the rationale and evaluates methods of valuating intellectual capital, which in the authors' opinion, can be successfully applied in cost management and forecasting of bankruptcy prediction of high-tech companies.


A dynamic model to assess debtor's solvency: on developing the financial analysis standards for arbitration managers

Abramishvili N.R. Saint-Petersburg State University, St. Petersburg, Russian Federation ( neliko5@gmail.com )

L'vova N.A. Saint-Petersburg State University, St. Petersburg, Russian Federation ( lvova_n.a@mail.ru )

Journal: Financial Analytics: Science and Experience, #38, 2015

Subject The article addresses the methodological framework for corporate solvency projections. The projections are extremely important for bankruptcy procedures. If it is possible to recover the debtor's solvency, turnaround management program is advisable. Otherwise, to continue business is meaningless, and it is required to sell the existing assets, repay debts to the extent possible, and liquidate the legal entity.
     Objectives
The purpose of the study is to substantiate recommendations for assessing the possibility to recover the solvency of a company after started bankruptcy proceedings, to offer an alternative dynamic model, and to test it.
     Methods The idea of the proposed approach is to predict the solvency using the direct method, which summarizes information on cash flows from operating, investing and financing activities of the company.
     Results We provide a rationale for the dynamic model of solvency assessment under the discounted cash flow method. We assume that the forecast period generally corresponds to the period of recovery procedures and payments to creditors, cash flows rest on the debtor's financial condition specifics, and the discount rate is set on a cumulative basis. We test the proposed model on the case of a company, against which bankruptcy proceedings have been initiated.
     Conclusions and Relevance The forecast accuracy largely depends on the quality of planning the anti-recessionary actions, and expert assessment of specific risks. Thus, the solvency assessment model should be tailored to financial insolvency conditions, and requires further empirical research.


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