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MAIN PAGE > Journal "Finance and Management" > Rubric "Financial monitoring "
Financial monitoring
Ivko D.G. - Estimating Russian Company Value: Risks Related to Using the Method of Market Multipliers pp. 8-22


Abstract: In his article Ivko analyzes the method of market multipliers in estimating the value of a Russian company. Through his research Ivko gives an answer to the question whether this method is actually beneficial. The research involves the analysis of 46 Russian companies operating in 9 economic sectors. The author also touches upon opportunities and validity of applying multipliers of peer companies, advantages and disadvantages of that method. According to the researcher, there is enough ground to apply the method of peer company multipliers in case we want a fast estimation, or as an additional method to prove the company value that was calculated using other methods (revenue-based or cost-based). Through caculation and evaluation of the correlation coefficient for a number of economic sectors of the Russian Federation, the author defines a relationship between volatility of share price and volatility of price multipliers P/E and P/B and analyzes the force and direction of that relationship. The researcher also provides an evaluation of possibilities and validity of applying multipliers of regional peer companies to evaluating the Russian company values for the period since 2006 till 2016. The results of the research described in this article prove that the peer company method creates serious risks i evaluating the Russian company value which may result in an incorrect and very different from the 'expected by the market' company value. All economic sectors have their own history of development, structure specifics and particularities of price formation. To reduce the risk of using the multiplier method, it is necessary to carry out a preliminary regional analysis of the existing correlation and analyze volatility of share prices and indicators that reflect the results of the company's activity for the period. The calculations may then answer the question whether the multiplier method should be used and to what degree the results can be 'fair' and 'right' for the company. 
Botkin I.O., Pytkin A.N., Khisamova A.I. - Procedural Guidelines for Assessing the Financial Capacity of an Enterprise pp. 36-51


Abstract: To develop development strategies and make competent management decisions, it is necessary to have a fair presentation of peculiarities of a modern enterprise, completely fulfil one's obligations and fund investment projects. At the present time researchers and experts use a number of methods for assessing the financial capacity that can provide an overall evaluation of a company's financial status. However, these methods consider financial indicators only for the accounting period and do not cover dynamics of financial indicators over years which does not allow timely notice and record and rate positive or negative tendencies in the finances management. The purpose of the present research is to develop methods for evaluating the financial potential of an enterprise and make procedural guidelines about how to develop it. To obtain valid results, the authors have used such research methods as the monographic method, logical and comparative analysis, analytical grouping of data, methods of the absolute and relative values. The scientific novelty of the research is caused by the fact that the authors combine two criteria within the framework of one evaluation method. These criteria include the value of the financial indicator and the growth rate of the financial indicator. Based on the results of the analysis, the authors have described three categories of the financial potential: high, medium and low. The method was tested based on the analysis of 50 industrial enterprises. As a result of their evaluation, the authors have defined the main financial and economic problems faced by enterprises at the marco- and micro-levels and make procedural guidelines aimed at developing the financial capacity of enterprises. The method developed by the author can be used to evaluate the financial capacity as well as to develop the theory of evaluating the financial status and financial capacity of enterprises. 
Khusyainov T.M. - Overview of the Labor Market of the Republic of Tatarstan: Branches of the Economy and Prospects of Regional Development pp. 37-50


Abstract: The specific features of the formation, distribution and use of human resources in a given region are determined by regional differences in natural conditions and resources, demographic base and economic potential, which leads to the development of specific abnormalities in the functioning of the labor market in the region, the current level and structure of employment, etc. Regional specific features are also the cause of differences in part of the response of local labor markets to changing economic conditions. In this article, the author attempts to analyze the state of the labor market of the Republic of Tatarstan as of 2014. Attention is paid to the issues such as: the structure of the labor force (gender, age, education), the main sectors of the economy represented in the Republic, the levels of unemployment and migration in Tatarstan. As the main research method, Husiyanov has used the analysis of statistical data provided by the governmental statistics agencies, Rosstat and TatStat. As the findings of this study, it may be noted that at present the labor market in the Republic of Tatarstan is in the process of restructuring: the value of some sectors of employment declines, while others grow. The registered unemployment rate on the labor market at the moment is not high, but it is probably due to the small number of appeals made by the population to the governmental employment services. 
Esembekova A.U., Borovinskikh V.A., Pavlutskikh M.V. - Corporate Economic Security Evaluation method pp. 62-70


Abstract: In this article the authors offer their own method of evaluating the level of corporate economic security. In the modern economic situation enterprises that function in different economic sectors and bear the responsibility to make and implement managerial decisions are evaluated for their efficiency that implies not only their financial stability but also the level of endowment of materials and equipment, HR policy and overall productivity indicators. This information is revelant not only for the economic entity but also external groups of users. In their article the authors analyze the main terms that describe economic security of business entities. The method offered by the authors include five stages. The first stage implies evaluating material and technical security. The second stage is the evaluation of the level of corporate financial security. At the third stage the level of HR security is evaluated. At the fourth stage the efficiency of corporate activity is estimated. Consequently, at the final stage the integral ratio of the level of corporate economic security is assessed. The novelty of the research is caused by the fact that the authors develop the method for evaluating the level of corporate economic security. Depending on the specific nature of the activity, this method can be applied using another necessary group of three indicators, thus increasing the treshold level by three. It should be also noted that the authors have considered relative (growth rates) but not absolute indicators. 
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