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System of criteria of efficiency for alternative and scenario assessment of activity of civil engineering firm

Evdokimov E.S. Graduate Student, Assistant of Department "Economics", the Tyumen State University of Architecture and Civil Engineering ( Evdokimova_Evgeniya_TumGASY@mail.ru )

Journal: Finance and Credit, #12, 2013

In the article the approaches to definition of a main goal of functioning of firm are considered, the most widespread in the theory and practice of financial management criteria of efficiency are analyzed. The choice of a cash flow as the main criteria model for an assessment of efficiency of activity of civil engineering firm is revealed.


Conservation and maintenance of liquidity regional commercial banks (on example of the Volgograd region)

Evdokimova S.S. PhD in Economic Sciences, Associate Professor, Department "Money, Credit and Securities", the Financial University under the Government of Russia, the Correspondence Financial and Economic Institute, the branch in Volgograd ( evdokimovalana@mail.ru )

Journal: Finance and Credit, #10, 2013

After financial crisis the risks of liquidity of regional banks are usually lower. The state policy to the banking sector is directed on integration and capital centralization, as a result a share of regional banks in cumulative assets of the banking sector in 2002-2011y decreased. Ensuring access of regional banks equal in rights to instruments of maintenance of liquidity is necessary.


Systems of remote bank service as instrument of multiform at interaction with client

Evdokimova S.S. PhD in Economics, Associate Professor, the Department of Economy and Finance, the Financial University under the Government of Russia, Branch, Volgograd ( evdokimovalana@mail.ru )

Journal: Finance and Credit, #39, 2013

Last time there is an automation of the bank activity, connected with introduction in the credit organizations of technologies of the remote bank service (RBS). It allows expanding client base of the credit organizations and the range of banking services. It is necessary to increase efficiency of innovations of the Russian credit organizations. In article is studied the introduction and use of modern systems of RBS in domestic commercial banks on the example of "Sberbank of Russia" JSC.


Settlement and cash service in the Russian commercial banks: customer-oriented approach

Evdokimova S.S. PhD in Economics, Associate Professor, the Department of Economy and Finance, the Financial University under the Government of Russia, the Volgograd Branch ( evdokimovalana@mail.ru )

Journal: Finance and Credit, #37, 2013

Now settlement and cash service is considered as the separate direction of banking business which includes the whole range of services for consumers. Upon transition to the new model of business focused on the client, the credit organizations offer clients packages of the banking services including settlement and cash and remote bank service, and also additional services. In the article the review of the Russian market of settlement and cash service of credit organizations for physical and legal entities, tendencies and the most perspective directions of the settlement and cash service development are presented.


The Russian market of factoring services and use prospects of factoring instrument for receivables management (on example of National Factoring Company product line)

Evdokimova S.S. Candidate of Economic Sciences, associate professor of Banks and Bank Technologies department, Financial University at the Government of Russia, Branch, Volgograd ( evdokimovalana@mail.ru )

Journal: Finance and Credit, #13, 2013

Factoring is the complex of external receivables management services. Various types of factoring agreements allow to design factoring schemes, adapting them under requirements and possibilities of the client. National Factoring Company (JSC) is the specialized factoring institute in the Russian Federation having the bank license. Studying of the grocery line, of the mechanism of factoring service in NFK Bank, of costs and factoring service conditions, allow analyzing efficiency of use factoring instrument for receivables management in comparison with credit products, to reveal the most perspective directions of factoring development.


Modern models of startup financing

Evdokimova S.S. Volgograd State University, Volgograd, Russian Federation ( evdokimovalana@mail.ru )

Kobyshev M.S. Institute of World Economy and Finance of Volgograd State University, Volgograd, Russian Federation ( kmaxim95@rambler.ru )

Journal: Finance and Credit, #6, 2017

Subject The article considers the major models of startup financing applied in the Russian practice.
Objectives The objectives of the study include researching the models of startup funding used by Russian enterprises and the venture investment market in the Russian Federation; highlighting the specifics of fund attraction from various sources; assessing the practice of applying various models of startup financing in Russia; identifying perspective sources of investment for startups.
Methods Using the methods of formal logic, analysis and comparison, we described the mechanism of Russian startup funding.
Results We considered the specifics of the Russian market of venture capital investments, revealed ins and outs of various methods of startup financing, their benefits and shortcomings in modern economic conditions.
Conclusions and Relevance Traditional methods of financing, like commercial loans, own financing, etc., are replaced by innovative models with favorable terms of investment attraction and a focus on long-term development of companies driven by direct interest of investors in their performance results.


Introduction of lean technology in Russian commercial banks as a tool to increase the financial stability

Evdokimova S.S. Volgograd State University, Volgograd, Russian Federation ( evdokimovalana@mail.ru )

Journal: Finance and Credit, #45, 2015

Importance The article addresses one of the most efficient and advanced management techniques introduced nowadays in Russian commercial banks, i.e. lean technologies. They focus on consistent identification and elimination of losses and tailoring the operation processes to customer needs.
     Objectives The study aims to review the principles of lean management, identify advantages and difficulties when introducing lean programs by domestic credit organizations, define major opportunities and prospects for the lean program introduction in the Russian banking sector.
     Methods I employ economic, statistical and graph methods to reveal the potential of increasing the efficiency of operations of Russian credit organizations through the lean technology introduction.
     Results Sberbank of Russia, Alfa-Bank, Home Credit Bank were pioneers in using the lean technologies. They could increase labor productivity by 20–50% and achieve considerable cash savings. On the case study of Russian Agricultural bank Branch in Volgograd, I calculate the aggregate effect of economies of the lean technology introduction.
     Conclusions Lean technologies will enable Russian banks to increase sales of available bank products using the same number of personnel, and without sacrificing customer service quality, to organize sales of new banking products without involving additional personnel, to introduce new, customer-oriented banking products at minimum expense and maximum competitive edge.


Prospects for postal and banking systems integration in Russia

Evdokimova S.S. Volgograd State University, Volgograd, Russian Federation ( evdokimovalana@mail.ru )

Journal: Finance and Credit, #36, 2016

Importance The article addresses the most efficient and advanced models of postal and banking systems integration in today's Russian banking market. The models focus on increasing the banking services availability and developing the retail banking business under considerable reduction of the number of domestic banks due to license revocation and regional network optimization by large credit institutions.
Objectives The study aims to review the said models, unveil benefits and difficulties in project implementation on the case of creating a postal bank based on PAO Leto Bank and Russian Post, identify opportunities and prospects for postal and banking systems integration in the Russian Federation.
Methods The paper employs a logical analysis and economic and statistical methods to reveal a possibility to increase the availability of services of domestic credit institutions to the public under financial instability through efficient postal and banking integration.
Results Using the case study of creating a postal bank based on PAO Leto Bank and Russian Post, I consider ways and models of efficient postal and banking integration, analyze problems and benefits of project implementation, identify models and development strategy of postal banking in the Russian Federation.
Conclusions and Relevance Postal and banking systems integration may be beneficial for both banks and the Russian Post, which needs funds for its reform and modernization. If realized, the project will ensure availability of banking services to the population in regions, and the banking sector will improve its sales at minimum cost.


Weighted average cost of capital of a credit institution: Assessment and optimization methods

Evdokimova S.S. Volgograd State University, Volgograd, Russian Federation ( evdokimovalana@mail.ru )

Bondarenko S.A. Volgograd State University, Volgograd, Russian Federation ( stacon777@mail.ru )

Journal: Finance and Credit, #14, 2017

Importance The article analyzes the process of formation and interpretation of optimal capital structure in a credit institution under various methods enabling to consider from different perspectives the specifics of banking and financial statements.
Objectives The study aims to analyze specific features of WACC calculation in credit institutions, methods of debt burden optimization, namely the WACC and EBIT volatility methods on the case study of PAO VTB Bank, and to provide recommendations on how to minimize the weighted average cost of capital to maximize its cost.
Methods In the study, we test and present calculations under two major methods of optimal debt burden assessment: weighted average cost of capital and EBIT volatility.
Results The results of the study enable to limit significantly the number of methodological approaches to assessment of optimal leverage of a credit institution not only due to the operational specifics, but also because of differences in statutory reporting, which prevent from identifying such indicators as EBIT and EBITDA.
Conclusions Due to specifics of banking operations and differences in preparation of statutory reporting, the WACC method undergoes certain modifications that need to be taken into account when calculating the optimal leverage. Moreover, the number of methods suitable for this purpose is limited. The findings may be useful for chief financial officers and financial managers of credit institutions to make more flexible financial decisions in the sphere of interest rate, credit and investment policies.


Evaluation of commercial bank's optimal debt capital as a signal effect and a source of information in the financial market

Evdokimova S.S. Volgograd State University, Volgograd, Russian Federation ( evdokimovalana@mail.ru )

Bondarenko S.A. National Research University – Higher School of Economics, Moscow, Russian Federation ( stacon777@mail.ru )

Journal: Finance and Credit, #11, 2018

Subject The article analyzes the formation and substantiation of optimal debt load of a credit and financial institution under various methods considering the specifics of banking operations in the financial market.
Objectives The aim is to scrutinize the specificity of debt load calculation by a credit institution, review methods of debt load optimization on the PAO VTB case, give recommendations on streamlining the methodology for optimal debt burden calculation to maximize the value of the institution.
Methods We test basic methods for evaluation of optimal debt capacity of a credit and financial institution, like weighted average cost of capital, capital asset valuation, EBIT volatility, and the adjusted present value (APV) method.
Results The findings enable to take into account the specifics of bank's operating activities, limit the number of methodological approaches to determining the optimal debt capacity of the credit institution.
Conclusions The choice of capital structure may have a signal effect on market players: an increase in the loan capacity indicates a potential for profitability growth and big cash flows generation; an increase in equity implies current problems with regulatory requirements for capital adequacy ratio calculation and bank management attempts to reduce the cost of financial difficulties. The optimal level of debt burden can be used by managing credit and financial organizations to make more flexible decisions in the financial market (policy of payments to owners, implementation of investment projects with numerous internal risks, decisions about reorganization, mergers and acquisitions).


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