The article is devoted to problems of assessment and formation of enterprises' investment climate in conditions of institutional environment variation. It shows significance of institutional environment variation for the process of investment policy formation within the framework of the enterprise's single information and economic space. It justifies selection of tools for implementation of the economic and mathematical forecasting model available to a mass user. It describes implementation of the electronic book page allowing to form the basis to build the universal innovative economic and mathematical tool for forecasting of the enterprise's financial status. Ensuring of a competitive market position depends on the enterprise's investment climate. The latter is characterized by its quality determined as an accumulation of its inherent characteristics referring to the ability to meet the requirements set and/or proposed by the investor to investment risks and possibility of efficient usage thereof, which assessment is a substantial premise for its possible investment attractiveness. Enterprise's investment climate permits variation of subjective selection of parameter values on the assumption of interests of the current and/or forecasted activity. Justification of the above selection ensures an objective premise of enterprises' investment attractiveness characteristics at the preliminary expertise stage. The basis of solution of the above problem is formed by development and implementation of the industrial enterprise's investment climate formation concept, which lies in assessment and further formation of suitable quality of a complex accumulation of external and internal environment's indices, as well as economic parameters of enterprise's activity in view of different directions of their impact on assessment, enterprises' scale factor and institutional environment variation based on the integral rating. In order to make intercomparable calculations of financial indicators with further calculation of economic indicators and overall ratings of the enterprise's status it is expedient to use a special diagram of information processing. From parent matrix [Financial indicator - Period] after input of the j-th variant of the modeled parameter value from К possible value variants as a result of one current calculation by N analysis periods the following matrix is formed [Economic indicator - Period]. Each specified calculation represents a separate page of MS EXCEL software application. As a result of all K calculations by N analysis periods we form a 3-dimentional matrix [Period- [Economic indicator - Parameter Value Variant]] used as the basis for formation of enterprises' economic status rating matrix by N periods and K variants of variative element values [Period - [Economic Status Rating - Parameter Value Variant]], which, in its turn, constitutes the basis for formation of the enterprises' summary rating matrix.
2013. — Выпуск 1(1)
The article considers the most famous methods of evaluation and planning of enterprise's ability to repay its financial liabilities, gives critical assessment and offers a principally new approach to these matters. Review of existing methods used to evaluate ability to repay liabilities showed that the easiest and the most logical method is comparison of forecast amounts of cash inflow and outflow. However, literature contains no information on determination of the forecast cash inflow and outflow values. The article proposes a new method used to evaluate the ability to repay liabilities by comparison of the forecast amounts of cash asset inflows and repayment of liabilities in view of their opening balances. This method assumes forecasting of cash assets inflows and payments based on the operating cycle's duration, average time of credit indebtedness redemption and optimization of stocks. This will allow to consider the formed rhythms of the enterprise's operation at forecasting of cash receipts and payments. The proposed method used to evaluate the ability to repay liabilities is interconnected with optimization of stock. This will allow to determine forecast amounts of cash asset inflow and occurrence of liabilities based on optimal values of materials receipt and manufacture of finished products. Besides, the proposed method permits to determine an optimal volume of investments in stock in view of the necessity to preserve the ability to repay liabilities.
The article is devoted to problems on formation of new mechanisms of interaction between representatives of small and medium business of national economy. The authors outlined numerous difficulties to be overcome by representatives of small and medium companies in current market conditions. The authors believe that solution of the problem on efficient functioning of small and medium business entities lies in formation of integrated structures. Within the framework of the content analysis of scientific development in the sphere of integrated associations formation and development we revealed main drawbacks inherent to classical structures: consortiums, holdings, concerns, etc. It is proposed to eliminate drawbacks of traditional structures by introduction of new efficient standards of interaction between small and medium companies in the form of business networks, which can form a base for their further development. The authors determined that integration of small and medium companies in the form of business networks is an open complex and dynamic system with non-linear development nature, complex institutional forms and relations therein. The article considers basic aspects of the organization and economic mechanism of small and medium companies integration and the system-synergetic approach to formation of its strategy. The authors propose to consider the integration program as an investment project implemented at the business network level; they propose to adopt the relation of the received net income (profit gain) on account of implementation of the program to investment in the program as a criterion of economic efficiency of small and medium companies integration programs. The authors developed an economic and mathematical model of formation of efficient forms of integrated associations of small and medium companies allowing to form business networks based on vertical and horizontal integration subject to principles of their functioning efficiency increase.
The main purpose of a company is to maximize its value. The current trends of growing company values evidence that this growth is fueled by new knowledge that manifests as inventions, information, software, managerial hierarchies, sales techniques, etc. Because of this trend, intangible factors and assets represent a crucial resource, which research has both theoretical and practical value. The purpose of this paper is construction of a model of intangibles based on the development of a technique to value them for better intellectual capital management. The majority of works that are dedicated to intangible factors of value creation primarily discuss employees’ satisfaction, their qualifications, customer satisfaction, innovations, and also the way of measuring human capital using various strategic techniques for example, balanced scorecards). There is a lack of relevant publications analyzing the theory behind the issue, systemizing terminology, addressing practical methods to value intangibles. Currently the notion of intangibles is used in two areas: 1) by managers - broadly as a set of external and internal factors that cannot be marked as tangible assets; 2) for preparation of financial statements - narrowly only as assets that meet rigid requirements of financial accounting standards (called intangible assets in the Russian terminology). Both approaches fail to produce a tool for construction of a financial (value) model of the total combination of intangibles: in the first case due to elusive nature of the concept, and in the second case due to the fact that only a small fraction of intangibles gets analyzed. So the set of models and tools contained in the article constitutes connected financial and managerial approaches to researches of intellectual capital. Classification and categorization of intangibles based on their contribution to value creation allowed us to select a pool of intangibles as resources attracted by a company from the outside on a contractual basis, which by its contractual nature are quantifiable in terms of the costs of contracting and utilizing. The basic idea is classification of intangibles in the «potential - accrued» and «structural - innovative - clients’ own» system. The model of intangibles’ valuation is developed on the basis of the formula for valuation of licenses to calculate the value of potential intangible assets. The total value of intangibles will then be equal to the sum total of individual values of their components, including internal structures, cliental assets and innovative assets. The discount rate used is determined in accordance with the methods used in appraisal. Then the financial model of intangibles as a system of financial balance sheets has been designed. The model conveys such measurements of intangibles as their value within the current assets, total value of intangibles as rights of use, and contribution of intangibles to the company market value. The completion phase of the created model devoted to the company valuation method based on the total value of intangibles has been offered. This method supplements the ones of the cost-based approach and can be used as an alternative to the net asset method based on goodwill.
The article is devoted to studying of peculiar features of formation and development of marketing communications in conditions of consumer demand individualization. It analyzes approaches of different specialists to defining of marketing communications, gives the author's definition and develops a typology of the marketing communications model allowing to outline a new class of developing models - multilateral models of symmetric marketing communications based on subjects' involvement into interaction. The author generalized evolution of marketing communications development and determined their characteristics in pre-industrial, industrial and information periods of social development. The studied material allowed the author of the article to specify the conceptual model of the consumption value structure in conditions of demand personalization, to determine key differences of mass and personalized marketing and to formulate basic principles of personalized marketing. The article summarizes opinions of different specialists and offers the author's classification of buyer's involvement, «Involvement hierarchy» model and considers personalized marketing tools used in it. The author presents key guidelines on formation and regulation of subject-subject marketing communications of the company and buyers and offers a model of multilateral subject-subject marketing communications. The article also considers methodological principles of marketing communications regulation in conditions of demand personalization, creates the metrics of communication efficiency by stages of the «Involvement hierarchy» model and the metrics of communication environment efficiency. Based on the studied material the author outlines groups of effects forming the value of relations between the company and buyers. The author justifies that an independent scientific problem is development of guidelines on evaluation of the value of life cycle of relations with the buyer and evaluation of the company's client capital. The article offers the author's definition of client capital and shows that the value of life cycle of relations with the buyer can be determined by the aggregate net cash flow during the forecasted time of relations discounted in view of the customer retention index.
Evaluation of flow process efficiency has a specific nature, which impacts its calculation methods. Widespread criteria of the industrial enterprise's activity efficiency are different values based on the earned profit. Alongside with that, striving for profit gain basically orients business at short-term targets and leads to inefficient use of investments and information assets. To evaluate efficiency of logistic management in enterprises' commercial activity we propose joint (integral) use of logistic management parameters - aggregate costs, and parameters referring to the sphere of commercial activity -such as, for example, prices and sales volumes, etc. Joint usage of logistics and commercial activity parameters for cash flow optimization can be implemented by means of the value added analysis model, which was not previously used for that purposes. In this regard, logistic management must be organized in a way to maximize the return on investments rate, which is actually realized by creation of value added. It is evident that investments with return exceeding capital value will create value added, while investments with lower return will decrease it. Value added depends on four financial factors: volumes of expected cash flows, period of generation thereof, stability and associated risks. The value added analysis model can be implemented by two methods: cash flow method and efficient value added method. The cash flow method gives good results for solving of strategic tasks of logistic management of industrial enterprises' commercial activity. The efficient value added method, in its turn, reflects creation of value in the current operative activity. Therefore, it is most expedient to apply it for solving of tactical rather than strategic tasks of logistic management.
Actuality of issues on assurance of quality and competitiveness of food products for the Russian producer is doubtless, which is predetermined by Russia’s entering the international trade community. In order to strengthen positions it is not only necessary to ensure sensor attractiveness of products but also to minimize risks for the consumer. One of the ways to solve the above problems is systematization of production processes based on implementation of food production quality management systems. In this case in order to regulate the system condition it is primarily important to set a hierarchy of system parameters and then to build in updating elements, to perform approbation, which will allow to regulate the system condition in the most efficient way. In order to determine dominating factors connected with risks it is necessary to consider joint pluralities at the stages of manufacturing system analysis: conditions of raw materials, permissible impacts, permissible controls, condition of technologies, drawbacks and condition of control. Their correct identification with further allow to form most optimal alternative technologies aimed at assurance of quality and safety of finished products. Planning of safe production must be based on a generalized description of obligatory elements in accordance with applicable standards ISO 22000 determining the entire procedure of enterprise preparation. The basis of assurance of milk products food safety can be formed by the concept of safety planning in view of conditions of raw material receipt and formation of the traceability system with building of efficient information exchange flows. Besides, as applied to milk product technology, in order to minimize contamination risks it is possible to supplement the process with decontamination measures at the stage of milk raw preparation, which give a high effect of risk minimization.