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MAIN PAGE > Journal "Finance and Management" > Rubric "Finances of the financial market professionals"
Finances of the financial market professionals
Ivko D.G. - Peculiarities of Assessing Russian Companies' Value By Using the Method of Market Multipliers pp. 34-46

DOI:
10.7256/2409-7802.2017.1.22087

Abstract: The present article is devoted to particularities of using the method of market multipliers in the process of assessing the company value based on the example of gas and oil companies in the Russian Federation. The author analyzes opportunities and reasonability of applying market multipliers to assessing the value of peer companies and describes minuses and pluses of this method. The author has discovered the relationship between volatility of common-stock value and volatility of price multipliers (P/E, P/B), and has analyzed the force and orientation of these relations. Based on the results of the research, the author evaluates the opportunity and reasonability of applying multipliers of peer companies in the process of assessing the value of gas and oil companies in the Russian Federation based on the results of the period since 2006 till 2015. According to the author, it is reasonable to apply the peer company multiplier method to the gas and oil sector of the Russian Federation in order to carry out a fast assessment of a company's value or to prove the value of a company assessed by other methods (cost and profit methods). On the basis of the determination ratio obtained, the author concludes that volatility of common-stock value depends on the volatility of price multipliers of gas and oil companies in the Russian Federation. The author has conducted a financial study using economic comparison and calculation of statistical and econometric values (correlation ratio and determination ratio). The purpose of the research was to study particularities of using the market multiplier method in the process of assessing Russian companies' value based on the example of gas and oil companies of the Russian Federation, in particular, the relationship between volatility of price multipliers value and volatility of common-stock value in the sphere of gas and oil sector of the Russian Federation for the period since 2006 till 2015. P/E and P/B ratios have been chosen as the main price multipliers under review. Recent researches allowed to discover the relationship between price multipliers and volatility of common-stock value on the European market. These conclusions formed the basis for further and more in-depth analysis of the relationship between volatility of price multipliers value and volatility of common-stock value for gas and oil companies of the Russian Federation covered by the present article. The method of multipliers is quite easy- and fast-to-use and therefore can be successfully used to assess a company's value. Many practical assessors apply this method. Quite often they make calculations using multipliers when there is no time or enough information but, as the results of the research show, this can create wrong assessments. The author proves that it is however possible to apply the multipliers method to assessing the value of gas and oil companies of the Russian Federation. The author also proves that it is possible to apply volatility of price multipliers to creating a forecasting model predicting volatility of common-stock value of companies performing in the sphere of gas and oil sector of the Russian market. The author of the article emphasizes the risk of using the above mentioned method due to the fact that this method provides results of high volatility values and absolute and relative indicators for both multipliers and common-stock. The author continues this research in other sectors as well. For example, the author plans to cover up to 10 different sectors of the Russian Federation economy including metallurgy, mechanic engineering, petro-chemistry, power engineering, banking, telecommunication, consumer sector, etc. This will allow to better understand the opportunity to apply the method of multipliers to assessing common-stock value on the Russian Federation market. Even now it is already obvious that the situation has been rather contradictory over the studied period. The author plans to publish the results of researches in other sectors in the nearest future.  
Bogucharskov A.V. - Renewal of Securitization Mechanism Using Blockchain Technologies pp. 47-55

DOI:
10.25136/2409-7802.2017.4.24784

Abstract: The subject of the research is the economic relatins that arise in the process of implementing blockchain technologies for securitization of assets. At the present time low transparency and high complexity of the securitization mechanism as a result of the need in a great number of supporting documents generated by a lot of companies and agencies make it essential to apply blockchain technologies to this sphere. The author of the article describes the process of assets securitizaton and problems that may arise in the process of its implementation. The aim of the research is to study efficiency of blockchain technologies in the securitization process. To achieve this aim, the author has used such research methods as analysis, synthesis, generalisation and comparison. The author of the article offers his own model of a decentralized infrastructure of interaction during the securitization process that allows to find solutions of existing problems. This model can be applied to all kinds and stages of the securitization process. Such a decentralized infrastructure allows to reduce the time for document processing, transation costs and raise the level of the process transparency. The securitization process will become cheaper, more stable and efficient which will draw more interests of investors and allow emitents to find an integral solution of risk distribution tasks. 
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