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Methods to analyze consolidated financial statements of Russian strategic enterprises on the basis of aggregate, matrix and dynamic forms

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation ( kogdenko7@mail.ru )

Journal: International Accounting, #18, 2017

Subject The article addresses the analysis of consolidated financial statements of Russian strategic enterprises.
Objectives The aim of the study is to develop methods to analyze consolidated financial statements on the basis of aggregate, matrix and dynamic forms.
Methods The study employs objective principles of the systems approach, provisions of economic analysis, logical and comprehensive approaches to economic phenomena and processes.
Results I propose methods of consolidated financial statements analysis based on aggregate, matrix and dynamic forms. They are used to analyze the statement of financial position, statement of comprehensive income, and cash flow statement. For instance, in the process of the analysis of consolidated statement of financial position, a matrix balance sheet is formed, which represents company's sources of financing and assets. Based on the matrix balance sheet, the figures of dynamic, index, and structural balance for assets and liabilities are calculated. These analytical forms enable to assess movements in company development, its asset structure and capital management strategy. The proposed methods have been tested on the data of a Russian strategic company.
Conclusions The paper investigates problem of the analysis of consolidated financial statements and reveals typical elements of the financial policy of Russian strategic enterprises. It may be interesting for analysts involved in company's activities evaluation on the basis of consolidated financial statements.


Methods to analyze consolidated financial statements of Russian strategic enterprises on the basis of aggregate, matrix and dynamic forms

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation ( kogdenko7@mail.ru )

Journal: Economic Analysis: Theory and Practice, #8, 2016

Subject The article addresses the analysis of consolidated financial statements of Russian strategic enterprises.
Objectives The aim of the study is to develop methods to analyze consolidated financial statements on the basis of aggregate, matrix and dynamic forms.
Methods The study employs objective principles of the systems approach, provisions of economic analysis, logical and comprehensive approaches to economic phenomena and processes.
Results I propose methods of consolidated financial statements analysis based on aggregate, matrix and dynamic forms. They are used to analyze the statement of financial position, statement of comprehensive income, and cash flow statement. For instance, in the process of the analysis of consolidated statement of financial position, a matrix balance sheet is formed, which represents company's sources of financing and assets. Based on the matrix balance sheet, the figures of dynamic, index, and structural balance for assets and liabilities are calculated. These analytical forms enable to assess movements in company development, its asset structure and capital management strategy. The proposed methods have been tested on the data of a Russian strategic company.
Conclusions The paper investigates problem of the analysis of consolidated financial statements and reveals typical elements of the financial policy of Russian strategic enterprises. It may be interesting for analysts involved in company's activities evaluation on the basis of consolidated financial statements.


A methodology to assess the efficiency of company's internal stakeholders: Owners and management

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation ( kogdenko7@mail.ru )

Journal: Economic Analysis: Theory and Practice, #6, 2017

Importance The article considers efficiency of company's internal stakeholders, taking into account the impact of external environment on company operations.
Objectives The purpose of the study is to develop a methodology to analyze the performance of internal stakeholders on the basis of consolidated reporting and information about company's external environment.
Methods The methodological basis includes objective principles of the systems approach, main points of economic analysis, the logical and comprehensive approach to economic phenomena and processes assessment.
Results The offered methodology consists of two stages. At the first stage, the company's external environment is examined to substantiate the indicator of changes (a consolidated sector index of production volume and product pricing). The comparison of the consolidated index and the index of changes in company financial performance enables to conclude on internal stakeholders' efficiency. At the second stage, the efficiency from the perspective of strategic and operational decisions is investigated. To assess strategic decisions, investment activity and its impact on long-term business performance (the growth rate and return on invested capital) are analyzed. To assess the operational efficiency, secondary cost factors (return on sales and invested capital turnover) are examined. The methodology has been tested on the data of one of the Russian strategic companies.
Conclusions The methodology helps assess the impact of external environment on company's performance indicators and efficiency of strategic and operational decisions of stakeholders.


Investigating company risks within the framework of the stakeholder approach to analysis

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation ( kogdenko7@mail.ru )

Journal: Economic Analysis: Theory and Practice, #6, 2018

Importance The article studies the problems related to development of company risk analysis based on the stakeholder approach.
Objectives The purpose is to identify the risk profile of a company, taking into account its key stakeholders and the economic sector it operates in, to develop analytical tools for risk assessment, and to provide a rationale for risk management techniques.
Methods The stakeholder concept, the theory of the economy's sectoral structure serve as a methodological framework for proposals on analysis development. The methodology considers the provisions of the International Integrated Reporting Framework.
Results The paper presents a methodology to analyze company risks based on the stakeholder approach. It includes three stages. The first stage implies identification of company risk profile, taking into account key stakeholders and specific company risks regardless of the sector of the economy; the second stage – assessment of these risks' impact on reporting indicators; the third stage – description of risk indicators and justification of risk management methods. Based on the review of public reports of the largest Russian companies, I offer indicators for risk assessment and unveil typical approaches of companies to risk management.
Conclusions The developed algorithms enable to link the risks of a company with its sectoral affiliation and identify the most significant ones. The article may be useful for specialists of financial services involved in financial decision making based on the stakeholder approach.


A method to analyze the corporate payout policy

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation ( kogdenko7@mail.ru )

Journal: International Accounting, #16, 2017

Importance The article addresses the algorithms of payout policy, including the dividend policy and share buyback policy.
Objectives The aim is to develop analytical procedures to assess the impact of the payout policy on the company's financial condition, investment activity, fundamental value and capitalization.
Methods Objective principles of the systems approach, basic tenets of economic analysis, logical and comprehensive approach to the assessment of of economic phenomena and processes form the methodological framework of the study.
Results The method to analyze the payout policy includes four stages. At the first stage, the key indicators of the payout policy are analyzed, i.e. payments to shareholders, profit distribution proportions, dividend yield, which enable to assess the scale of financial resource withdrawal from the company and determine the payout policy direction. The second stage focuses on assessing two major implications of the payout policy, i.e. its impact on company's liquidity and solvency and investment activity. At the third stage, the impact on fundamental value drivers is assessed, namely, WACC, sustainable growth and ROIC. The fourth stage deals with the analysis of the policy's impact on market capitalization and substantiation of the conclusion on how market reacts to an increase or decrease in dividends per share and in retained earnings, and determines the total return on investment in the company's shares.
Relevance I developed algorithms of the corporate payout policy analysis. The article may be useful for experts of financial services, who are involved in financial decision-making under economic crisis.


A method to analyze the corporate payout policy

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation ( kogdenko7@mail.ru )

Journal: Economic Analysis: Theory and Practice, #3, 2016

Importance The article addresses the algorithms of payout policy, including the dividend policy and share buyback policy.
Objectives The aim is to develop analytical procedures to assess the impact of the payout policy on the company's financial condition, investment activity, fundamental value and capitalization.
Methods Objective principles of the systems approach, basic tenets of economic analysis, logical and comprehensive approach to the assessment of of economic phenomena and processes form the methodological framework of the study.
Results The method to analyze the payout policy includes four stages. At the first stage, the key indicators of the payout policy are analyzed, i.e. payments to shareholders, profit distribution proportions, dividend yield, which enable to assess the scale of financial resource withdrawal from the company and determine the payout policy direction. The second stage focuses on assessing two major implications of the payout policy, i.e. its impact on company's liquidity and solvency and investment activity. At the third stage, the impact on fundamental value drivers is assessed, namely, WACC, sustainable growth and ROIC. The fourth stage deals with the analysis of the policy's impact on market capitalization and substantiation of the conclusion on how market reacts to an increase or decrease in dividends per share and in retained earnings, and determines the total return on investment in the company's shares.
Relevance I developed algorithms of the corporate payout policy analysis. The article may be useful for experts of financial services, who are involved in financial decision-making under economic crisis.


Analysis of integrated reporting: The natural capital

Mel'nik M.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( diakina2002@mail.ru )

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation ( kogdenko7@mail.ru )

Journal: Economic Analysis: Theory and Practice, #4, 2016

Importance The article explores the natural capital within the framework of company's integrated reporting analysis.
Objectives The aim is to develop a methodology of complex analysis of natural capital, taking into account the information to be provided in the integrated reporting.
Methods The methodological basis includes objective principles of the systems approach, concepts of economic analysis, logical and comprehensive approach to assessment of economic phenomena and processes.
Results We developed a method to analyze the natural capital, which includes five stages. The first stage analyzes the availability of natural capital, the pattern of its consumption and supplies, and calculates its movement indicators. The second stage focuses on assessing the efficiency of the natural capital utilization, and calculating the key performance indicators, i.e. natural capital productivity and intensity. The third stage explores the environmental damage caused by the company, efficiency of its nature protection activities, intensity of emissions and discharges, and calculates the tax to revenue ratio to the extent of environmental taxes and charges, and the share of environmental subsidies and transfers in total revenues. Next stage assesses the natural capital's quality, defines the resource rent, the value and cost of capital, and the last stage provides adjustments to company's economic performance indices based on the use of natural capital and environmental damage.
Conclusions The natural capital analysis problems are investigated at the enterprise level. We offer a methodology of complex analysis, which may be useful for analysts evaluating the company's performance based on integrated reporting.


Analyzing financial risks within fundamental analysis of the company

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation ( kogdenko7@mail.ru )

Journal: Financial Analytics: Science and Experience, #34, 2015

Importance The research examines the issues of analyzing financial risks and their effect on primary cost factors and fundamental value. The article describes how financial risks influence reporting indicators.
     Objectives The research pursues devising analytical instruments to evaluate financial risks and their effect on fundamental value.
     Methods The methodological framework of the research relies upon objective principles of a systems approach, economic analysis, logic and comprehensive approaches to evaluating economic phenomena and processes.
     Results
I examined the main types of financial risks and outlined an algorithm for evaluating the effect of risks on financial reporting indicators. The article also proposes indicators for assessing financial risks, including the versatile ones (volatility of market indicators, risk concentration, amount of losses) and specific ones for assessing market, credit, and liquidity risks. I investigate how financial risks influence the primary factors of business value: the rate of return on invested capital, sustainable growth rate, weighted average cost of capital. The main risk management methods were analyzed, with reviewing typical approaches of the largest Russian companies to financial risks management. In particular, I scrutinized such methods of control and preventing financial risks as monitoring, planning, diversification, limitation. The article presents approaches to assessing the effect of financial risks on financial reporting figures, indicators of those risks, indicators of their effect on the primary factors of business value.
     Conclusions and Relevance The article may prove useful for specialists of financial departments who take financial decisions in terms of value-focused management.


Modern trends in business analysis: Studying the company's ecosystem, reviewing the business model's information content, evaluating growth opportunities

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation ( kogdenko7@mail.ru )

Mel'nik M.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( diakina2002@mail.ru )

Journal: Economic Analysis: Theory and Practice, #10, 2017

Importance The article considers business analysis perfection based on the stakeholder approach and taking into account the development of the Quaternary sector of economy and informatization of company business models.
Objectives The purpose of the study is to develop proposals to improve the analysis of company’s ecosystem, the information component of business model, and the assessment of growth opportunities.
Methods The methodological basis of the proposals includes the theory of stakeholders, the theory of sectoral structure of economy, patterns of business informatization. The methodology rests on the International Integrated Reporting Framework.
Results The developed methodology includes five stages. At the first stage, we identify company’s ecosystem and investigate relationships with stakeholders. Then we analyze types of capital that the company needs regardless of the economy sector, and types of capital that are pivotal for each individual company, estimate the financial condition of the company and indicators of its development. At the third stage, we investigate characteristics of survival, assess risks associated with stakeholders. At the fourth stage, we evaluate characteristics of informatization of business models that ensure business development, including digitalization technologies, crowdsourcing information, updateability of products, technologies, methods of business management. At the final stage of the analysis, we examine indicators of the company value for all stakeholders within the ecosystem, and estimate the value of intangible capital.
Conclusions The offered methodology enables evaluation of company operations on the basis of the stakeholder approach, taking into account the economy sector to which the company belongs.


A preventive analysis of corrupt business strategies of State-owned companies

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation ( kogdenko7@mail.ru )

Journal: Financial Analytics: Science and Experience, #28, 2015

Importance The article investigates issues of identifying corrupt business strategies, which State-owned companies may practise. The research examines how corrupt strategies influence financial reporting indicators.
     Objectives The objective of the research is to devise analytical tools in order to identify corrupt business strategies State-owned companies may implement.
     Methods The methodological framework comprises objective principles of the systems approach, data grouping, use of economic analysis, logic and comprehensive approaches to evaluating economic phenomena and processes.
     Results
I investigate types of corrupt business processes, their implementation algorithms, factors fueling corrupt strategies and their implementation. The article mentions strategies for misappropriating fixed assets, inventories, accounts receivable, and corporate encumbrance strategies. I overview schemes for embezzlement of financial results, including those used in distribution, purchasing, servicing, license, financial, production and holding companies. The article also describes methods for overstating the company's expenditures, reviews my methods for analyzing State-owned companies, and systematizes analytical indicators involved. I examine procedures for identifying corrupt practices in relation to assets and liabilities.
     Conclusions and Relevance I propose my own methods for a preventive analysis and remote monitoring of State-owned companies' operations in order to detect corrupt strategies in relation to assets, liabilities, financial results. The methods include two steps, i.e. remote monitoring of financial reporting and identification of corrupt strategies by analyzing transactions and activities of top executives. I substantiate indicators for evaluating the quality of financial reporting figures, including the quality of assets, equity, financial results. The article may prove useful for specialists working in State financial control services.


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