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Three-dimensional financial security model as a tool for financial strategy formation in the context of value-based management

Pochitaev A.Yu. Kazan (Volga Region) Federal University, Kazan, Republic of Tatarstan, Russian Federation ( strangerlight@mail.ru )

Akhmetov R.R. Kazan (Volga Region) Federal University, Kazan, Republic of Tatarstan, Russian Federation ( rust-ar@mail.ru )

Journal: Economic Analysis: Theory and Practice, #3, 2017

Importance The development of the modern theory and practice of risk management and growing complexity of domestic market functioning necessitate new tools to test and simulate public companies' financial strategy for financial security as part of value-based approach to financial management.
Objectives The purpose of the study is to design a three-dimensional matrix of financial security using econometric modeling, simulate standard values of parameters of the matrix, and consider its practical application.
Methods The paper rests on fundamental assumptions of the financial management theory related to risks. In the research, we also apply econometric and matrix modeling.
Results We identified relationships between factors and value indicators, derived regression equations reflecting a type of interrelation based on nine econometric verifications, simulated standard values of chosen parameters of the matrix for three groups under consideration, i.e. optimum, critical and catastrophic situation. The paper presents a qualitative assessment of the matrix and recommendations for its modeling on the case of PAO Nizhnekamskneftekhim.
Conclusions The research results may be useful for developing a financial strategy for risk management of joint-stock companies. The results of regression analysis show that achieving the optimal position in the matrix contributes to the growth of company value in the long run. The developed matrix may be applied within a complex analysis of company's financial strategy efficiency together with other models.


Three-dimensional financial security model as a tool for financial strategy formation in the context of value-based management

Pochitaev A.Yu. Kazan (Volga Region) Federal University (KFU), Kazan, Republic of Tatarstan, Russian Federation ( strangerlight@mail.ru )

Akhmetov R.R. Kazan (Volga Region) Federal University (KFU), Kazan, Republic of Tatarstan, Russian Federation ( rust-ar@mail.ru )

Journal: Finance and Credit, #1, 2020

Subject The development of the modern theory and practice of risk management and growing complexity of domestic market functioning necessitate new tools to test and simulate public companies' financial strategy for financial security as part of value-based approach to financial management.
Objectives The purpose of the study is to design a three-dimensional matrix of financial security using econometric modeling, simulate standard values of parameters of the matrix, and consider its practical application.
Methods The paper rests on fundamental assumptions of the financial management theory related to risks. In the research, we also apply econometric and matrix modeling.
Results We identified relationships between factors and value indicators, derived regression equations reflecting a type of interrelation based on nine econometric verifications, simulated standard values of chosen parameters of the matrix for three groups under consideration, i.e. optimum, critical and catastrophic situation. The paper presents a qualitative assessment of the matrix and recommendations for its modeling on the case of PAO Nizhnekamskneftekhim.
Conclusions The research results may be useful for developing a financial strategy for risk management of joint-stock companies. The results of regression analysis show that achieving the optimal position in the matrix contributes to the growth of company value in the long run. The developed matrix may be applied within a complex analysis of company's financial strategy efficiency together with other models.


Comprehensive assessment of competitive position as a key step of financial strategy

Filippova I.A. Kazan (Volga Region) Federal University, Institute of Management, Economics and Finance, Kazan, Russian Federation ( filippova_irina_aleks@mail.ru )

Pochitaev A.Yu. Kazan (Volga Region) Federal University, Institute of Management, Economics and Finance, Kazan, Russian Federation ( strangerlight@mail.ru )

Journal: Finance and Credit, #45, 2014

The article defines a need for a comprehensive assessment of competitive position of a company based on the integration of presented models of financial strategy. The authors propose and substantiate a three-dimensional model, which reflects the correlation of elements of a financial strategy in the sphere of investment and financial solutions, and a strategy of dividend payment. The authors have evaluated the competitive position of a number of national companies operating in chemical and oil and gas sectors of economy, using the models. Nowadays, the instruments of financial management should be the methods of managing a competitive position within the framework of financial strategy building rather than the methods of management of current financial results. The objective of the research is to identify regularities between implementing a financial strategy of a joint stock company, both in general and broken down by elements, and taking a highly competitive position, with a possibility to generalize the results (within the selected sector of economy). The authors implement the objective by searching and proving the applicability of tools that are necessary to optimize the process of developing financial strategy of a company. An integrated assessment of company competitiveness should be aligned with the stages of control over financial strategy implementation. It should simulate appropriate changes in the strategy based on competitors' positions and capitalization growth demanded by owners. There is a confirmation of the statement that the more the financial strategy of a company complies with recommendations of presented strategic tools, the higher its competitive position, and therefore, its market value. The analysis of financial strategy of companies operating in chemical and oil and gas sectors highlighted a number of practical and methodological peculiarities. The authors consider in detail the matrix maps, which reveal mutual influence of the elements of a financial strategy and make strategic decisions more consistent and sound. This is possible to achieve through structuring targets within the econometric analysis or testing modern concepts of corporate financial management, which the authors have done as part of this study.


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