Finance

Имитационное моделирование инвестиционного проекта: концепция и инструментарий Lisitsa M.I.

The subject of the research is the tools that exclude expert influence on the initial data and expert intervention in the process of simulation modeling of the object, as which the investment project is chosen in the context of its relevant parameters. They recognize the generated events in the form of net cash flow for period of time, the effect in the form of the net present value of the scenarios for the development of the investment project, the assessment of which requires the discount rate set by the investor, as well as the useful life in the form of the expected/required period of time. The study is based on the dialectical method of cognition in the context of methods of quantitative modeling, analysis of scientific sources, investment analysis and visualization of the results of the experiment. The purpose of the study is to substantiate the approach based on the concept of the decreasing time value of money and based on the entire set of scenarios for the formation of the effect in the process of simulation modeling of an investment project in connection with the final value of the expected/required time period for implementation. Hence, the objectives of the study are, firstly, to fix the assumptions and conditions for which the theoretical provisions put forward are correct, secondly, to confirm the existence of the problem of distortion of the results of simulation modeling on the basis of a review of scientific sources, thirdly, to substantiate the tools suitable for simulation modeling of an investment project, based solely on initial data (net cash flow for period of time, discount rate, Fourthly, in checking the operability of the proposed tools. The result of the study is to obtain a workable toolkit that does not distort the results of simulation modeling on the final volume of the entire set of scenarios for the formation of the effect in the field of investment design. This allows us to conclude that the proposed method is presumably suitable in other areas with a finite scope of the entire set of scenarios for achieving the result.

Моделирование экосистемы финансово-алгоритмических институтов зеленого финансирования Klioutchnikov I.K. , Klyuchnikov O.I., Molchanova O.A.

This article examines algorithmic financial systems embedded in financial and non-financial online networks as new financial institutions for green finance and green economic reform. It identifies the role of algorithmic financial institutions in integrating networks and leveraging their potential to mobilize investment and technological resources for green economic restructuring, as well as for the formation of an ecosystem for the institute of algorithmic financing of the green economy. Various scientific approaches to analyzing algorithmic financial institutions are analyzed. A model of an algorithmic financial intermediary in the network space is proposed, as well as a model for the participation of algorithmic financial institutions in creating a green economy. The impact of algorithmic financial institutions on green financial flows, the introduction of new technologies and economic transformations is modeled.

Взаимосвязь управления оборотным капиталом и финансовой результативности российских компаний Sosnilo A.I. , Konopaeva A.V.

The relevance of the study is justified by the high sensitivity of companies' cash flows to changes in the economic environment and industry specifics in the current difficult economic conditions and constraints. The problems of the study are justified by the lack of unambiguous empirical conclusions about the nature of the relationship between the indicators of working capital management and financial performance of Russian companies, as well as in the limited range of models used to take into account the possible non-linearity of this relationship. The purpose of this study is to determine the nature of the relationship between the indicators of working capital management and financial performance of Russian companies. The study tested the hypothesis that the relationship between a company's financial cycle and its financial performance is nonlinear: as the duration of the financial cycle increases to a certain level, profitability increases, but a further increase in the financial cycle leads to a decrease in financial performance. The paper uses methods of regression analysis of panel data, as well as an analysis of financial coefficients. The study analyzed a research sample of an unbalanced panel of data on 2,684 companies representing various sectors of the economy (17,875 observations company-year) and identified the significance of fixed effects, which confirmed the relevance of using a fixed-effects model. The size of companies has a positive effect on profitability in all models. Large companies can enjoy more favorable terms in cooperation with suppliers and creditors, which allows them to achieve greater profitability. The financial leverage variable is negatively related to profitability, which confirms the fact that companies with a higher debt burden are less profitable. An analysis of the coefficients obtained indicates that at the initial stages, an increase in the length of the financial cycle can have a positive impact on the financial performance of companies. From a practical point of view, the results of the study indicate the need to move from universal recommendations for minimizing the financial cycle to a more balanced approach focused on determining optimal working capital management parameters, taking into account industry conditions, the scale of operations and the financial condition of the company.

Management

Economics