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Evolution of the innovation theory

Saibel' N.Yu. Kuban State University, Krasnodar, Russian Federation ( )

Kosarev A.S. Kuban State University, Krasnodar, Russian Federation ( )

Journal: Finance and Credit, #14, 2017

Subject The article considers the essence, content and mechanism of innovation implementation.
Objectives The purpose of the study is to systematize the conceptual framework used in domestic and foreign literature in the study of phenomena and processes in the field of innovation.
Methods The study applies comparison and analogy methods to discuss existing approaches to the definition of the innovation category that are offered by different researchers.
Results We reveal major regularities in the formation of innovation theory in various directions of economic thought. Today's innovation is of systems nature. It is a result of not only scientific and technological activities, but also of consulting, institutional and investment work. In other words, innovation is a result of complex activities. Creation of technological parks is also indicative of system nature of innovation process.
Conclusions and Relevance The role of innovation is increasingly important for the national economy. The competitiveness of the latter depends on the efficiency of domestic innovative enterprises and the ability to successfully integrate borrowed results of scientific and technological activities.

Evaluation of small business creditworthiness

Arinichev I.V. Kuban State University, Krasnodar, Russian Federation ( )

Saibel' N.Yu. Kuban State University, Krasnodar, Russian Federation ( )

Journal: Finance and Credit, #31, 2017

Importance The article addresses the need to develop an integrated approach to creditworthiness assessment based on performance indicators of small businesses that characterize all aspects of their operations.
Objectives The purpose of the study is to develop an algorithm to evaluate the borrowing power and to build a logical model of creditworthiness of small businesses that would consider every facet of their operations and a low degree of financial stability.
Methods Using the methods of comparison and analogy, we review existing approaches to evaluation of small business creditworthiness.
Results The developed methodology rests on machine learning techniques, which make it sufficiently complete and detailed. The techniques imply finding, revealing and analyzing indicators that comprehensively describe the operations of small business entities. We propose a systematization of factors of creditworthiness, which will enable a straightforward and efficient assessment.
Conclusions The existing methods to assess small business creditworthiness mainly focus on business analysis. However, to provide an adequate assessment, the methodology should take into account not only financial performance, but also business reputation, efficiency of basic resource utilization, level of competitiveness, and market position.

The Russian stock market: Problems and the development prospects

Saibel' N.Yu. Kuban State University, Krasnodar, Russian Federation ( )

Koval'chuk A.V. Kuban State University, Krasnodar, Russian Federation ( )

Journal: Finance and Credit, #3, 2018

Importance The stock market is an important tool for economic growth, as it enables to transform savings into investments. The article reviews the conditions of formation of and development trends in the Russian stock market under the global crisis.
Objectives The aim is to assess the current state of the Russian stock market, identify key problems hindering its effective development, and devise measures to eliminate them.
Methods The study employs logical, statistical and graphical methods of analysis.
Results We unveil problems impeding the effective development of the Russian stock market. They include the low level of stock market capitalization, lack of infrastructure, high concentration of capitalization of enterprises operating in the fuel and energy complex, high level of fraud in the Russian stock market, imperfect taxation of transactions of the stock market, high volatility of the Russian securities market, lack of proper protection of investors' rights. The paper offers certain proposals to solve the existing problems, like attracting domestic and foreign investors, improving the regulatory framework and tax system, developing the system of insurance of transactions on the stock market, and others.
Conclusions Further development of the Russian stock market is possible only if an integrated approach is applied on the part of the market itself and the State. To attract new investors, it is necessary to regularly enhance the financial literacy of the population and develop new tools for involving citizens in investing.

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