ФИНАНСЫ И КРЕДИТ

2311-8709

Content

Analyzing the risks of credit organizations in the bancassurance market

Yusupova O.A.

Subject Bancassurance is a relatively new area of partnership relations and cross-sell channels. The business tandem of banks and insurers is characterized not only by a new level of customer satisfaction, but also by various risks. Objectives The purpose of the study is to investigate preconditions for and the nature of banking risks in the bancassurance market, to classify them, assess implications, and identify measures to prevent the risks. Methods The paper employs methods of logical and economic analysis. Results I reviewed the current status of the bancassurance market, its key trends, identified bank risk determinants, offered risk classification. On the basis of the classification, I analyzed each type of probability event. Conclusions In addition to the risk of revenue loss and risk of litigation with insurance company, the banking business is exposed to reputational risks. The performed analysis enables to detect systemic problems in relationships between banks and insurers, which may result in a large-scale bankruptcy of insurance organizations, loss of confidence in financial institutions, erosion of credibility of the mega regulator.

An analysis of export competitiveness indexes in strategic planning documents

Frumina S.V.

Subject This article examines the documents of strategic planning and the indexes of export competitiveness of Russian products contained therein. Objectives The article aims to classify the export competitiveness indexes in strategic planning documents and propose certain recommendations to harmonize them. Methods For the study, I used the methods of analysis, synthesis, and induction. Results The results obtained determine further lines of improvement of the State policy in the field of Russian export development and increase of attractiveness of the national economy in world markets. Relevance Legislative and executive authorities can use the conclusions and proposals of this article in assessing export competitiveness and introducing changes in strategic planning documents.

An economic and theoretical study of the category of financing: Issues of forming a single content framework environment

Poltoradneva N.L., Savrasova D.V.

Subject This article explores the Financing category and its numerous definitions introduced by different authors who use different approaches to defining this category. Objectives The article aims to obtain an unambiguous interpretation of the term of Financing on the basis of analysis and generalization of separate parts of definitions of the investigated category. This is necessary to systematize the content of the term, maximize its essence and simplify its use in theoretical and practical research. Methods For the study, we used the economic, linguistic, comparative, and logical approaches. Results The article presents our own position concerning the category under study. It is manifested in the fact that Financing means the provision of financial resources by the owner to the beneficiary on a fee or fee-free basis to achieve a positive economic and/or social impact. The original interpretation of the category of Financing is the most complete definition from the standpoint of logic rules. Conclusions and Relevance We have put forward a hypothesis that all the investigated definitions have different forms of introduction, but are identical in content. The article concludes that all the concepts presented in the considered definitions are synonymous with each other. The results of the study can be used by students, postgraduates and professors of economic universities, as well as other experts in the field of finance for further scientific developments on this and related topics, develop legislation, and resolve problems arising when applying the term.

Aspects of financial behavior of population during manifestations of recession in the Russian economy

Razumovskaya E.A., Vakhrushev A.K.

Subject The article investigates financial decisions of the population that are implemented within the process of financial planning. Objectives The purpose of the study is to examine a financial behavior of the population during cyclical changes in the Russian economy, show the influence of economic downturn on financial and consumer behavior of people, analyze trends in consumer confidence and population ranking by decile groups. Methods The methodology of the study relies on statistical and comparative analysis, generalization, forecasting, and scientific abstraction. Results We analyzed the loan debt of the population, calculated changes in incomes by decile groups, compared trends in savings and obligatory payments as a percentage of income, demonstrated the dynamics of consumer confidence index over the period under study, summarized market factors accompanying the stages of economic recession in Russia. Conclusions Decreasing real incomes and the poverty impede the formation of consumer preferences. Therefore, financial and consumer behavior during recession depends on the learned experience of adaptation to negative macroeconomic changes.

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

Evdokimova S.S., Bondarenko S.A.

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).

Extending the profile of bank risk under conditions of work in cyberspace

Revenkov P.V.

Subject Consideration of the potential impact of various risks associated with work in cyberspace, including computer attacks on automated banking systems, can improve the quality of risk departments and internal control services of banks, and ensure customer confidence in electronic banking systems. Objectives The study aims to investigate the specifics of doing banking business in cyberspace, analyze sources of additional risks for banks using electronic banking systems and under computer attacks, identify obstacles to remote banking services and cause-and-effect relations in the event of computer attacks on automated banking systems of credit institutions. Methods I employ general scientific methods of knowledge, like analysis and synthesis, induction and deduction, the analogy method, analysis of academic literature. The phenomena under study were interpreted with the help of graphical method. Results The paper unveils main risk factors for banks when they operate in cyberspace. It ascertains that computer attacks on automated banking systems of credit institutions increase operational, legal, strategic, reputational, and liquidity risk. Conclusions The findings may be helpful for improving the regulation and supervision of financial and credit organizations in the context of electronic banking systems application, the performance of risk departments and internal control service of banks, enhance risk management, minimize the impact of computer attacks on automated banking systems.

Financial solvency of China, the USA, and Russia: Modern methods of evaluation

Smirnov V.V., Mulendeeva A.V.

Subject The study addresses financial soundness of China, the USA, and Russia, and analyzes its determinants. Objectives The aim is define the role of principal factors in ensuring the financial solvency of the said countries. Methods The study employs methods of graphical, factor, and cluster analysis, using the linear least-squares approximation, hierarchical clustering and K-means analysis, a neural network with a hierarchy of importance determination. The World Bank Group is a source of the being estimated statistical indicators. Results The paper unveils the overall need for broad money supply growth of the said countries. We reveal differences in achieving a high level of financial solvency by China (gross (domestic) savings), the USA (growth rates of broad money supply, non-bank loans and inflation), and Russia (growth of gross savings). At the same time, the financial system of China generates gross savings for value added growth, of the USA - increases the growth rate of broad money supply owing to the U.S. dollar potential, Russia - increases gross savings by means of replenishing the Russian Reserve Fund with United States dollars. Conclusions The hierarchy of importance of financial solvency indicators of China (from broad money growth to gross domestic savings), Russia (from non-bank loans to gross fixed capital formation), the USA (from gross accumulation to the bank capital ratio) enabled to identify optimal directions of cross-country financial flows.

Formation of a company''s development strategy using the model of value rapid assessment

Finogenova Yu.Yu., Mochalina E.P., Ivankova G.V.

Subject This article examines the issues related to the implementation of strategic planning, taking into account the search for alternative actions that enable the company to improve the balance of its future incomes and expenditures in the long term. Objectives The article aims to form a company's development strategy using the offered original model of value rapid assessment. Methods For the study, we used the basic economic models with a focus on the concept of economic value added (EVA). Results As a result of analysis of financial risks and indicators of the company, we offer a company's development strategy through acquiring the partner company's business. Conclusions and Relevance The offered approach helps improve the efficiency of strategic planning in the company. The results of the study can be used in the field of corporate governance, decision-making in the field of private and public corporate acquisitions taking into account the uncertainty of the growth rate of the merged company and the related advantages and risks.

Individual investment account as an alternative to individual pension capital

Markov A.A.

Subject The article investigates the individual investment account as a tool for personal savings intended to complement the government retirement benefits. It shows that the said account is an effective alternative to individual pension capital, which is planned to be implemented in the Russian pension system in 2019-2020. Objectives The aim is to compare various parameters of individual investment account and individual pension capital to determine the most effective instrument for pension savings accumulation. Methods I compared the tools of Russian non-governmental pension funds with those of individual investment accounts from the perspective of transparency, title to and descent of invested capital, etc. Results I offer to use the concept of individual investment account instead of individual pension capital as a more convenient and effective instrument for capital accumulation, which will supplement the public pension benefits. Conclusions The article presents arguments for pension capital formation by any individual, even if he or she is not deeply acquainted with investment. Therefore, independent investment decisions made through individual investment account can provide more benefits to future pensioner than decisions made by non-government pension funds as part of individual pension capital concept.

Management of credit institution customer service quality: Methods and tools

Novokreshchenova O.A.

Subject This article discusses the peculiarities of applying the concept of Total Quality Management in the activities of credit organizations. Objectives The article aims to develop a classification of methods and tools of quality management taking into account the peculiarities of the credit organization's activities. Methods For the study, I reviewed the approaches to the classification of methods and tools of quality management described in the scholar literature and regulatory documents. Results The article presents a classification of the quality management tools of credit organization customers. This classification helps determine the necessary tools based on the task facing the credit organization and the planned degree of customer's involvement in conducting feedback. Conclusions The article notes that the approaches to the classification of quality management tools of customer service, taking into account the specifics of the credit organization's activities are insufficiently described in the existing scholarly and research literature.

Modern approaches to the regional financial system category definition

Zav'yalova D.A.

Subject The article addresses the regional financial system category. In modern economic literature, no consensus has been built about the category so far. This is confirmed by the lack of definition in the reference and educational literature; in academic literature the category is a matter of argument. Objectives The aim is to formulate a definition of the regional financial system that would adequately reflect the nature of the category, based on modern paradigms of regional economy. Methods The paper employs an analogy method to perceive objects and phenomena on the basis of their similarity with others, and systematization method, enabling to rank different interpretations of the definition, proceeding from modern paradigms of regional economy. Results Using modern methodological approaches in the regional economy, I analyzed all existing definitions of the regional financial system category and offered an interpretation of the definition under study from the perspective of three paradigms, i.e. a region as a quasi-State, a region as a market, and a region as a society. The paper defines the regional financial system as a form of interaction arrangements between economic agents through money and financial instruments, which has an impact on the level of socio-economic development of the region. Conclusions The findings may be used by students, postgraduate students and teachers of economic universities, and by other experts in the field of finance and regional studies for further elaboration of the issue in related areas.

Power supply business of Russia: Financial and economic aspects and challenges

Fedorov Ya.P.

Subject This article discusses the financial and economic aspects of the development of energy supply business in Russia. Objectives The article aims to reveal financial and economic problems of development of energy service companies (ESCO) in Russia. Methods For the study, I used empirical and logical constructions, analysis and synthesis, generalization, a systems approach, and the methods of comparative analysis. Results The article formulates the basic financial-and-economic and procedural-and-institutional aspects of functioning of the energy supply industry. It shows the specifics of pricing and government regulation on the retail electricity market. The article also describes the types of cross-subsidization in the industry and some types of economic effects not stipulated by the State regulation. Conclusions and Relevance The article notes the tendency of the industry to consolidation and integration, small companies are abandoning the market. ESCO companies lose their independence. The main vector of the industry development is the transition to remote service. The only way to solve the problem is to create a real competitive electricity market in the country, depriving the guaranteeing suppliers of exclusive rights on the energy supply to the population, small and medium-sized enterprises and organizations. The results of the study can be used to improve the State regulation of the industry and assess the development prospects of the industry by specialists of analysis services of specialized bodies of State power and energy providers.

Prediction of bankruptcy of small and medium-sized business entities in Russia

Fedorova E.A., Musienko S.O., Fedorov F.Yu.

Subject This article analyzes the regulatory and legal framework, defining criteria of recognition of the enterprise bankrupt and compares these criteria with forecasting of bankruptcy of small and medium-sized enterprises. Objectives The article aims to determine the regulatory values of the criteria used in the legislative acts of the Russian Federation, as well as the most frequently used ones in foreign studies when predicting the bankruptcy of small and medium-sized enterprises. Methods For the study, we used the following methods of classification: the Random Decision Forests method, Classification And Regression Tree (CART) analysis technique, Gradient Tree Boosting technique, and the Bagging ensemble meta-algorithm. Results The article shows that the current criteria specified in the legislative acts as criteria for determining bankruptcy are not universal and require clarification for small and medium-sized enterprises. Conclusions and Relevance Legislative criteria to define bankruptcy require refinement taking into account the size of an enterprise. The results of the study can be used by small and medium-sized enterprises to predict the likelihood of bankruptcy and make timely management decisions, and the legislative powers to introduce amendments to legislation acts.

Securing the economic growth in Russia driven by digitization of registration and payment operations

Skoblikov E.A.

Subject The article addresses the digitalization of registration and payment operations and the Russian economy growth. Objectives The purpose of the study is to prove the possibility of the Russian economy growth based on digitalization of registration and payment operations through the use of treasury blockchain technology, which is suggested as a new paradigm for digital economy development. Methods The study rests on critical analysis of relevant literature, general scientific methods of systems approach, analogies, project method, scientific skepticism and cognition methods. Results The paper offers to transfer all operations related to title and property registration from the banking system and payment processors to the Treasury. The latter will be reorganized into a budget-and-treasury bank and perform all registration and settlement operations; to reform the banking system based on bank specialization by type of operation, namely, saving banks for deposit operations, commercial banks for short-term lending, investment banks for investment activities, leasing and mortgage banks for leasing activities and mortgage lending, respectively. The Bank of Russia, being the main financial regulator, will regulate and supervise these banks. Conclusions Digitalization of registration and payment operations will become a source of reliable information and a powerful tool of investment and control over money circulation, employee turnover, disinflation, eradication of corruption, revenues generated by shadow schemes, illegal business activities and crimes committed for financial gain. Thus, the treasury blockchain as a new paradigm of digital economy will contribute to economic growth of the country.

The effectiveness of banking services in the mortgage lending market

Usova N.V., Loginov M.P., Strel'nikov E.V.

Subject This article discusses the expansion of the set of marketing tools used by commercial banks to attract and retain customers. In particular, the article considers such a tool as the World Wide Web space. Objectives The article aims to develop certain recommendations to improve the economic efficiency of commercial banks in the mortgage market with the help of marketing tools. Methods For the study, we used the methods of analysis, comparison, and systematization. Results The article defines factors and marketing tools that allow the bank to succeed in mortgage lending. In addition, the article presents developed recommendations for increasing the demand for mortgage lending services. Conclusions The article concludes that in order to operate both in the existing markets and enter new ones, banking institutions are not to improve the existing product line only, but also they are to offer new banking products taking into account their opportunities and competitive advantages, as well as market needs. To achieve this, banking organizations need to apply not just individual marketing tools, but also use the relation marketing, in general, which will retain the available customers, and also attract new ones for the long run.

The influence of seasonality in the primary market of corporate bonds of the BRICS nations

Sultanov I.R.

Subject This paper analyzes the influence of seasonality on the yield spreads of real economy corporate bonds of the BRICS countries over the sample period from 2006 to 2016. Objectives The paper aims to reveal and determine the seasonal component in yield spreads of corporate bonds of the BRICS countries. Methods For the study, we constructed various econometric models, using the least squares technique. The research is based on the data in the primary market of corporate bonds. Results The article presents four econometric models. The study corroborates the hypothesis about seasonality in the primary market of corporate bonds of the BRICS countries. Conclusions The results obtained are consistent with the assumption of seasonality in the market of corporate bonds of the BRICS countries. The identified seasonal component has little to do with the existing tax period. The results are partially different from the results obtained in similar works, studying the influence of seasonality in other bond markets.

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