SEARCH
 

Search

 

Результаты поиска 1 - 6 из 6
Начало | Пред. | 1 | След. | Конец


Exploring the cash flows of a transportation company

Shchurina S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sv-valentinovna@mail.ru )

Bushev A.E. OOO GEFCO, Moscow, Russian Federation ( abushev@inbox.ru )

Journal: Finance and Credit, #24, 2017

Importance The article addresses practical aspects of cash flow planning in logistics business. The area is under-investigated, and this creates challenges in implementing certain measures to boost economic activity and improve financial performance.
Objectives The aim is to work out recommendations on efficient cash flow management of a transportation company.
Methods The study rests on generalization, analysis and synthesis, and methods of comparative analysis.
Results The analysis of the current state of OOO Gefco, a modern Russian transportation company, shows a decrease in solvency and financial stability due to increased debt financing of both the operating and investing activities. The specific features of cash flow management of the company require introducing inflation risks, liquidity risks and other financial threats into the financial model, which is dictated by significant adverse impact of external environment.
Conclusions Effective cash management of the Russian logistics service provider should be built on comprehensive schedule of activities to manage receivables and payables as they may not only help attract customers and increase revenues, but also have a negative effect on cash flows, the new system of payments priority and smoothing the company's cash flow destabilization.


Exploring the cash flows of a transportation company

Shchurina S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sv-valentinovna@mail.ru )

Bushev A.E. OOO GEFCO, Moscow, Russian Federation ( abushev@inbox.ru )

Journal: Finance and Credit, #23, 2017

Importance The article addresses practical aspects of cash flow planning in logistics business. The area is under-investigated, and this creates challenges in implementing certain measures to boost economic activity and improve financial performance.
Objectives The aim is to work out recommendations on efficient cash flow management of a transportation company.
Methods The study rests on generalization, analysis and synthesis, and methods of comparative analysis.
Results The analysis of the current state of OOO Gefco, a modern Russian transportation company, shows a decrease in solvency and financial stability due to increased debt financing of both the operating and investing activities. The specific features of cash flow management of the company require introducing inflation risks, liquidity risks and other financial threats into the financial model, which is dictated by significant adverse impact of external environment.
Conclusions Effective cash management of the Russian logistics service provider should be built on comprehensive schedule of activities to manage receivables and payables as they may not only help attract customers and increase revenues, but also have a negative effect on cash flows, the new system of payments priority and smoothing the company's cash flow destabilization.


Company's financial sustainability: Problems and solutions

Shchurina S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sv-valentinovna@mail.ru )

Mikhailova М.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( mashamihailova@mail.ru )

Journal: Finance and Credit, #42, 2016

Importance A stable financial position of any company relates directly to its financial sustainability. The latter characterizes the company's long-term stability, availability of financial resources, solvency and creditworthiness, i.e. includes both external and internal financial stability. In this regard, the boundaries of financial stability are of particular importance, and every deviation from targets is an indicator of imperfect financial condition.
Objectives The paper aims to develop recommendations for improving the financial stability of companies.
Methods The study employs analysis and synthesis methods.
Results The horizontal and vertical analysis of the balance sheet of PAO Bashneft, one of Russian companies, over recent few years, show that the company has pursued its main goal, namely, to increase its value. Macroeconomic risks complicate the development of actions to enhance financial sustainability, however, the company may hedge them. The company has chosen an anti-crisis strategy: by reducing its financial stability in the short run, it gradually builds up its strategic advantage.
Conclusions Financial stability of the company can be enhanced by considering the macro risks and their hedging; optimizing the capital structure; increasing the financial results; managing the working capital, which is a set of actions aimed at balanced working capital items, and is a function within a short-term financial policy of the company; streamlining the operating, financing and investing activities of the company.


Leasing as a method to finance corporate assets

Shchurina S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sv-valentinovna@mail.ru )

Bardunaev A.S. AO Sberbank Leasing, Moscow, Russian Federation ( artem.bardunaev@yandex.ru )

Journal: Finance and Credit, #5, 2019

Subject The Russian government implements the lease support program, notwithstanding that there is no versatile method to evaluate finance lease. Lease companies have to consider interests of all partners, whose services are ultimately paid by leasee. In the mean time they shall be competitive against bank lending propositions. Leasing requires to conduct a preliminary study into the leasee's financial position, forecast its future dynamics in the market.
Objectives The research specifies the substance and types of leasing and outlines recommendations for choosing an effective finance lease evaluation method as an alternative to traditional lease and bank lending when lease is used as a method to finance corporate assets.
Methods The research relies upon the generalization and synthesis, methods of comparative analysis.
Results Considering expensive traditional lease and credit institutions' requirements for borrowers to provide a 25-percent finance for the acquisition of a fixed asset, it is advisable to use lease, thus substantially reducing the amount of prepayment and debt burden. Finance lease allows companies to expand the composition of fixed assets. Based on the case, we substantiate the efficiency of lease as a method to finance corporate assets.
Conclusions and Relevance Lease is much more cost effective than direct lending since it implies the tax shield arising from the depreciation of the asset leased, governmental programs for subsidizing and opportunity for lease companies to claim VAT refund and utilize it to reduce the loan balance.


The problem of base erosion and profit shifting: positions of the State and investors

Shchurina S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sv-valentinovna@mail.ru )

Prunenko M.A. Russian Foreign Trade Academy of Ministry for Economic Development of Russian Federation, Moscow, Russian Federation ( prunenkomar@yandex.ru )

Journal: Finance and Credit, #16, 2015

Subject Imperfect tax legislation of many countries presents the State with a trade-off between budget replenishment and investment attraction in the economy. Therefore, the country's investment attractiveness impairs and tax revenues decrease. To solve the problem, the State should take measures and develop mechanisms for international cooperation, including those with the involvement of the OECD, in order to minimize the impact of offshore jurisdictions on companies' tax base erosion.
     Objectives The objective of the study is to make recommendations for improving the situation with tax minimization and companies' profit shifting taking into account the interests of investors and the State.
     Methods The main methods we applied were the analysis and the synthesis.
     Results We emphasize that under the existing taxation, large corporations are able to legally reduce their tax liabilities to the State. Companies use transfer pricing that allows them to relocate net profit or loss before taxes to low-tax jurisdictions acting as 'tax havens'. The States, through international cooperation (in particular through the OECD), are coordinating their policies to minimize the impact of offshore zones on tax base erosion and profit shifting, and prevent budget loss. The developed system of measures for fiscal policies coordination intends to align tax rates in different States and to eliminate double taxation.
     Conclusions and Relevance We conclude that solving the problem of tax minimization and profit shifting affects the interests of both the State and investors. The OECD's Base Erosion and Profit Shifting (BEPS) report and action plan are an important step in the global tax cooperation. The disadvantage of the action plan is underestimation of the complexity of tax procedures and transfer pricing. The States want to increase tax revenues and, at the same time, they need to attract foreign and domestic investors using competitive tax rates. Therefore, the measures proposed by the OECD, may have long-term implementation. Russia actively participates in the global tax cooperation and considers de-offshoring of the economy as one of its priorities.


Financial institutions and banks' investment activity: a pieces-of-art aspect

Shchurina S.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( sv-valentinovna@mail.ru )

Journal: Finance and Credit, #24, 2015

Importance In the modern financial market, investors look for new approaches to preserving their assets and adding value to them. Investors do not only seek for securing their capital, but also choose new directions for their investment. They often opt for investing in pieces of hoarding, i.e. collectibles. Art investments need the industry of financial institutions and banks, which will serve the market. Modern financial institutions and banks are capable of offering to their clients a necessary spectrum of services relating to the art market.
     Objectives The research pursues formulating recommendations on the way to improve activities of financial institutions and banks investing their clients' money in art. I consider principal institutions that operate in the art market and deliver financial services, and the specifics of their operations. The research also analyzes the domestic and foreign practices of financial institutions in the art market, displays strengths and weaknesses of their work, and describes the main services banks render in the art market.
     Methods The methodological framework of the research comprises analysis and synthesis, which effectuate the research into the Russian and foreign art market, activities of financial institutions and banks and the services they render for their clients.
     Results As the research shows, clients of financial institutions and banks get more and more interested in investing their free money in art. This trend is common for the foreign and Russian markets. I note the need to create institutional conditions for developing the art market, where financial market and banks are principal parties to the investment process, allocating their funds, acting as intermediaries on behalf of their clients acquiring investment assets represented with pieces of art.
     Conclusions and Relevance I conclude it is necessary to develop both financial institutions and banks servicing the art market, and a spectrum of services offered to clients in relation to art investment. For this, the art market should be developed and advanced. As the main challenges I should mention expanding pieces of art offered; making the market more transparent; adopting new strategies for auction houses and galleries; modifying the institutional environment, which should have institutions driving the formation and development of the art market; launching activities of organizations and associations that ensure the transparency of the art market.


Результаты поиска 1 - 6 из 6
Начало | Пред. | 1 | След. | Конец


Отсортировано по релевантности | Сортировать по дате