Построение рейтинга инвестиционной привлекательности крупнейших российских компаний с использованием минимаксного подхода

Purpose of research. The actuality of the problem of the integrated (complex) assessment of investment attractiveness of large Russian companies is due to the need of increasing production volumes and improves processing technologies of the largest sectors of the Russian economy, as well as the requirements of the accelerated growth of high-tech exports. The purpose of this study is to develop rating of investment attractiveness of companies using minimax approach and hierarchical data analysis. Decision about share structure of investment distribution contributes to the implementation of important knowledge-intensive projects for the development of major industry companies. Integral rating of companies plays a leading role in making investment decisions. Research hypothesis of the minimax approach application and hierarchical data analysis will allow developing an intelligent computerized system that will perform real-time calculations and make recommendations on share distribution of investments of the largest Russian companies using a hierarchical rating procedure and minimax approach.Materials and methods. Currently, methodological tools for rating of investment attractiveness of the largest Russian companies are at initial stage of development, although the relevance of such studies in world practice has reached the highest level, thanks to leading rating agencies that have their own methodology and justified methodology for rating companies. Until middle of 2017 when developing investment strategies for the development of Russian industry giants, the opinions of the international rating agencies of “big three”: Standard & Poor's, Fitch Ratings, Moody's and experts of Forbes magazine were taken into account. However, due to reduction in the activity of foreign expertise in Russia, it became necessary to develop and implement its own rating methodology for assessing the investment attractiveness of companies. Current rating approach (accredited Agency Expert RA), as well as young and promising rating agencies need new and mathematically sound approach to compile rating, which optimizes investment process for the most important high-tech projects by priority indicators and industry sign companies. Author's methodology is based at analysis of statistical indicators of companies in the most important sectors of economy. The important feature of the developed method is using author's mathematical apparatus, including a hierarchical analysis of the ranked indicators of financial-economic activity of companies according to their priority and application of minimax approach to obtain rating of companies based at industry characteristics.Results. Method developed in the paper is based at logical rules of grouping companies, allows obtaining rating of companies and rating of leading Russian industries, which companies were considered in data analysis. By using obtained ratings and minimax approach, the rating of investment attractiveness of the companies is made (taking into account industry affiliation). Proposed method has scientific novelty, due to hierarchical procedure of ranking indicators and minimax problem. More that author’s method allows obtaining rating assessment of investment attractiveness of companies, taking into account industry characteristic. In this paper, computational experiments were performed, which used indicators on volume of output and profit of the largest (by volume of output) companies in Russia. Computational experiments have shown the leading role of oil and gas and banking companies in Russian economy.Conclusion. The practical use of the developed method of integral ranking of companies allows optimizing process of allocation the investment resources and contributes to expansion of production of high-tech products produced by leading companies of the most important sectors of Russian economy. Proposed method is advisable for using in investment strategies for the development of high-tech projects. Efficiency of the developed rating of Russian companies has been demonstrated at practice of assessing the largest Russian companies; results are complemented, expanded and enriched by existing research of specialists and leading rating agencies. The author recommends using presented tools for optimization the investment resources for development of the most important industry companies in Russia.Цель исследования. Актуальность проблемы интегральной (комплексной) оценки инвестиционной привлекательности крупных российских компаний обусловлена необходимостью увеличения объемов производства и усовершенствованием технологий переработки продукции крупнейших отраслей российской экономики, а также требований ускоренного роста высокотехнологичного экспорта. Целью данного исследования является разработка рейтинга инвестиционной привлекательности компаний с использованием минимаксного подхода и иерархического анализа данных. Принятие решения о долевой структуре распределения инвестиций способствует внедрению важных наукоёмких проектов для развития крупнейших отраслевых компаний. Ведущую роль при принятии инвестиционных решений играет интегральный рейтинг компаний. Гипотеза исследования применение минимаксного подхода и иерархического анализа данных позволит разработать интеллектуальную компьютеризированную систему, которая в масштабе реального времени выполнит расчёты и даст рекомендации о долевом распределении инвестирования крупнейших российских компаний с использованием иерархической процедуры построения рейтинга и минимаксного подхода.Материалы и методы. В настоящее время методический инструментарий рейтинговой оценки инвестиционной привлекательности крупнейших российских компаний находится на начальном этапе проработки, хотя актуальность подобных исследований в мировой практике достигла высочайшего уровня, благодаря ведущим рейтинговым агентствам, имеющим собственную методологию и обоснованную методику рейтингования компаний. До середины 2017 г. при разработке инвестиционных стратегий развития российских отраслевых гигантов учитывались мнения международных рейтинговых агентств «большой тройки» Standard & Poor’s, Fitch Ratings или Moody’s и экспертов журнала Forbes. Но ввиду сокращения деятельности иностранной экспертизы в России возникла необходимость развития и внедрения собственной рейтинговой методологии оценки инвестиционной привлекательности компаний. Действующий рейтинговый подход (аккредитованное агентство Эксперт РА), а также молодые и перспективные рейтинговые агентства России нуждаются в новом и математически обоснованном подходе к построению рейтинга, который оптимизирует процесс инвестиций важнейших высокотехнологичных проектов путём учёта приоритета показателей и отраслевого признака компаний. Авторская методика основана на анализе статистических показателей компаний важнейших отраслей экономики. Важной особенностью разработанного метода является использование авторского математического аппарата, включающего иерархический анализ ранжированных показателей финансово-хозяйственной деятельности компаний с учётом их приоритетности и применение минимаксного подхода для получения рейтинговой оценки компаний с учётом отраслевого признака.Результаты. Разработанный метод базируется на логических правилах группировки компаний, позволяющих получить рейтинг компаний и рейтинг ведущих отраслей России, компании которых рассматривались в анализе данных. С использованием полученных рейтингов и решения минимаксной задачи выстраивается рейтинг инвестиционной привлекательности компаний (с учётом отраслевой принадлежности). Предлагаемый метод обладает научной новизной, благодаря иерархической процедуре ранжирования показателей и применения минимаксной задачи для получения рейтинговой оценки инвестиционной привлекательности компаний с учётом отраслевого признака. В работе выполнены вычислительные эксперименты, в которых использованы показатели об объёме выпуска и прибыли крупнейших (по объёму выпуска) компаний России. Вычислительные эксперименты показали ведущую роль компаний нефтегазового и банковского секторов в российской экономике.Заключение. Практическое использование разработанного метода интегрального ранжирования компаний позволяет оптимизировать процесс распределения инвестиционных ресурсов и способствует поддержанию расширения производства высокотехнологичной продукции, производимой ведущими компаниями важнейших отраслей экономики России. Предложенный метод целесообразно использовать при разработке инвестиционной стратегии развития высокотехнологичной проектов. Работоспособность разработанного метода рейтинговой оценки компаний продемонстрирована на практике оценивания крупнейших российских компаний, результаты дополняют, расширяют и обогащают существующие исследования специалистов и ведущих рейтинговых агентств. Автор рекомендует применять представленный инструментарий для оптимизации инвестиционных ресурсов, идущих на развитие важнейших отраслевых компаний России

Rating of stability of Russian companies in oil and gas and electric power industries based on interval volatility

The authors propose an instrumental apparatus for calculating the ratings of Russian companies in the oil and gas and electric power industries based on a weighting method, risk assessment using the minimax criterion and an intellectual tree structur

Продовольственная безопасность: меры финансовой господдержки устойчивого развития сельского хозяйства регионов России

In the context of global economic instability, the problem of ensuring food security and sustainable development of agriculture at the international, national and regional levels becomes urgent. Existing methods for assessing the state of food security and sustainable development of agriculture, as a rule, have two main drawbacks: first, they are often static, and second, they include a scattered list of indicators that are difficult to systematically interpret in the analysis. Therefore, the aim of the study is to develop an adequate methodology for assessing the food security of the constituent entities of the Russian Federation. The construction of a thematic index is carried out in three stages: 1) a system of indicators is formed; 2) the values of indicators are normalized; and 3) sub-indices are calculated. The analysis of domestic and foreign literature on food security provided the methodological basis of the study. The system of indicators was clarified, which were combined into three groups (numerical indicators of the sphere of production, distribution, consumption, and food). The authors extended the retrospective assessment of food security at the meso-level by ranking and clustering Russian regions using hierarchical analysis and a new data filtering algorithm. The hierarchical procedure is based on a system of mathematical filtering of data, which is fundamentally different from existing methods for analyzing hierarchies. The authors replaced the fuzzy “what if” logic with a clear subordination of ranked indicators (subindices). The group of leaders was selected considering the accepted priority of indicators, the rest of the regions were united into a new subgroup, among which leaders and outsiders were singled out. At each new stage, new groups are ranked after excluding leaders and outsiders, they are in the “center of the circular convolution of data”, the procedure for stopping the procedure is the presence of two groups. This is a fundamental feature, scientific novelty, and value of the mathematical apparatus for multidimensional ranking of Russian regions in terms of food security. The authors concluded that in modern Russia the problem of food security has not yet been resolved due to the insufficient use of general economic and special levers to increase the stability of the food system. The results of the study can be applied in the process of updating the state policy in the field of ensuring the sustainability of food systems at the macroand meso-level of management.В условиях мировой экономической нестабильности актуализируется проблема обеспечения продовольственной безопасности и устойчивости развития сельского хозяйства на международном, национальном и региональном уровнях. Существующие методики оценки состояния продовольственной безопасности и устойчивого развития сельского хозяйства, как правило, имеют два основных недостатка: во-первых, зачастую они статичны, во-вторых, включают разрозненный перечень показателей, которые сложно системно интерпретировать при проведении анализа. Поэтому основной целью исследования является разработка адекватной методики оценки продовольственной безопасности субъектов РФ. Построение тематического индекса реализуется в три этапа: 1) формирование системы показателей; 2) нормализация значений показателей и 3) расчет субиндексов. Методологической основой исследования стал анализ отечественной и зарубежной литературы, посвященной изучению продовольственной безопасности. Уточнена система индикаторов, которые были объединены в три группы (числовые показатели сферы производства, распределения, потребления и продовольственной продукции). Ретроспективную оценку продовольственной безопасности на мезоуровне авторы углубили путем ранжирования и кластеризации российских регионов с помощью иерархического анализа и нового алгоритма фильтрации данных. Иерархическая процедура обоснована математической системой фильтрации данных, принципиально отличающейся от существующих методов анализа иерархий. Нечеткую логику «что-если» авторы заменили четкой субординацией ранжированных показателей (субиндексов). Группа лидеров выбрана с учетом принятого приоритета показателей, остальные регионы объединены в новую подгруппу, среди которых выделены лидеры и аутсайдеры. На каждом новом этапе ранжируются новые группы после исключения лидеров и аутсайдеров, они в «центре круговой свертки данных», режим остановки процедуры — наличие двух групп. В этом состоит принципиальная особенность, научная новизна и ценность математического аппарата многомерного ранжирования регионов России по уровню продовольственной безопасности. Сделан вывод, что в современной России до сих пор не решена проблема продовольственной безопасности из-за недостаточно широко применяемых многообразных общеэкономических и специальных рычагов повышения устойчивости продовольственной системы. Результаты исследования могут быть применены в рамках процесса актуализации государственной политики в сфере обеспечения устойчивости продовольственных систем на макрои мезоуровне управления

Pedagogical conditions of college students’ core competencies formation in the process of foreign languages learning

© 2016, Econjournals. All rights reserved.The relevance of the problems stated in the article is conditioned by the fact that with the expansion of international economic relations and the increasing number of joint ventures and companies, there is an urgent need for specialists capable of intercultural communication for the implementation of the business contacts and contracts, the conclusion of economic agreements with foreign partners, cooperating with enterprises of different countries. In this regard, this article is aimed at identifying and studying of the pedagogical conditions of college students’ core competencies formation in the process of foreign languages learning. The article clarifies the composition of core competencies in college students’ foreign languages learning; identifies a set of criteria for selection of the content of discipline “foreign language;” reveals the effectiveness of pedagogical technologies of college students’ core competencies formation in the foreign languages learning; provides quality monitoring technology of college students’ core competencies formation in the process of foreign languages learning

INDEX OF EFFECTIVE BUSINESS IN FINANCIAL MANAGEMENT

Detailed model for analyzing and diagnosing the financial condition is the main incentive for effective company management. When selecting indicators, normalizing and grouping, there are a number of difficulties that are solved using integral ranking. However, integral ranking models are so heterogeneous that the company's management has to manually calculate important coefficients and draw conclusions, while financial analysts are engaged in calculating currently unimportant indicators. Therefore, business need several methods for calculating integral coefficient for key indicators and universal model of company is convolution into single (effective) index. Such methods have long existed in banking practice (effective rate). This is the first time that effective indexing indicator has been proposed to assess the financial condition of business. Article presents an algorithm for integral ranking of companies by key indicators of financial statements, and performs computational calculations. Author recommends using this tool to improve the efficiency of financial analytics the business

MINIMAX MODEL AND BALL-RATING APPROACH FOR REMUNERATION OF EMPLOYEES THE SPORTS SECTIONS OF UNIVERSITY

In article offers solution of problem the improving of quality the management in field of sports services of university. Point-rating system and minimax optimization model are used to assess the level of staff performance in two main divisions: experienced qualified employees and young developing employees. On average, the amount of remuneration for coaches of the first (higher) level of qualification will be higher than for coaches of the second (lower) level, since employees of the highest level will receive an additional point for experience and qualifications. For coaches of the second level, maximum diligence and absence of errors in work are necessary, which will significantly increase level of remuneration. The introduction of such system of remuneration for employees of sports sections of universities will encourage coaches to increase their professional status and improve their skills

Compiling Investment Attractiveness Rating of the Largest Russian Companies Using Minimax Approach

Purpose of research. The actuality of the problem of the integrated (complex) assessment of investment attractiveness of large Russian companies is due to the need of increasing production volumes and improves processing technologies of the largest sectors of the Russian economy, as well as the requirements of the accelerated growth of high-tech exports. The purpose of this study is to develop rating of investment attractiveness of companies using minimax approach and hierarchical data analysis. Decision about share structure of investment distribution contributes to the implementation of important knowledge-intensive projects for the development of major industry companies. Integral rating of companies plays a leading role in making investment decisions. Research hypothesis of the minimax approach application and hierarchical data analysis will allow developing an intelligent computerized system that will perform real-time calculations and make recommendations on share distribution of investments of the largest Russian companies using a hierarchical rating procedure and minimax approach.Materials and methods. Currently, methodological tools for rating of investment attractiveness of the largest Russian companies are at initial stage of development, although the relevance of such studies in world practice has reached the highest level, thanks to leading rating agencies that have their own methodology and justified methodology for rating companies. Until middle of 2017 when developing investment strategies for the development of Russian industry giants, the opinions of the international rating agencies of “big three”: Standard & Poor's, Fitch Ratings, Moody's and experts of Forbes magazine were taken into account. However, due to reduction in the activity of foreign expertise in Russia, it became necessary to develop and implement its own rating methodology for assessing the investment attractiveness of companies. Current rating approach (accredited Agency Expert RA), as well as young and promising rating agencies need new and mathematically sound approach to compile rating, which optimizes investment process for the most important high-tech projects by priority indicators and industry sign companies. Author's methodology is based at analysis of statistical indicators of companies in the most important sectors of economy. The important feature of the developed method is using author's mathematical apparatus, including a hierarchical analysis of the ranked indicators of financial-economic activity of companies according to their priority and application of minimax approach to obtain rating of companies based at industry characteristics.Results. Method developed in the paper is based at logical rules of grouping companies, allows obtaining rating of companies and rating of leading Russian industries, which companies were considered in data analysis. By using obtained ratings and minimax approach, the rating of investment attractiveness of the companies is made (taking into account industry affiliation). Proposed method has scientific novelty, due to hierarchical procedure of ranking indicators and minimax problem. More that author’s method allows obtaining rating assessment of investment attractiveness of companies, taking into account industry characteristic. In this paper, computational experiments were performed, which used indicators on volume of output and profit of the largest (by volume of output) companies in Russia. Computational experiments have shown the leading role of oil and gas and banking companies in Russian economy.Conclusion. The practical use of the developed method of integral ranking of companies allows optimizing process of allocation the investment resources and contributes to expansion of production of high-tech products produced by leading companies of the most important sectors of Russian economy. Proposed method is advisable for using in investment strategies for the development of high-tech projects. Efficiency of the developed rating of Russian companies has been demonstrated at practice of assessing the largest Russian companies; results are complemented, expanded and enriched by existing research of specialists and leading rating agencies. The author recommends using presented tools for optimization the investment resources for development of the most important industry companies in Russia

ANALYSIS THE COMPETITIVE ADVANTAGES OF THE LARGEST COMPANIES IN LEADING INDUSTRIES OF RUSSIAN ECONOMY BASED AT THE HIERARCHICAL APPROACH AND INTEGRAL RATING

Problem of analyzing the competitive advantages of companies is relevant in modern conditions due to rapid development the information technologies that play leading role in competition. Competitiveness of large Russian companies depends on three main factors: company's image in the foreign market, demand for products in inside market, the level of financial condition the company. For industries such as oil-gas industry, electricity, transport, banking sector, the level of development is determined by two indicators: volume of sales and company's profit. The article developed method for building integral rating of competitiveness using hierarchical procedure and the selected priority of indicators. Author recommend use this approach for building rating of competitiveness the most important companies in Russia

Multivariate Analysis and Modeling of Sources and Financing Structure of Innovative Enterprises in The Russian Regions

The identification of the innovative growth determinants, as factors affecting the innovative activities performance at the regional, level and the assessment of the impact of the structure and sources of funding on the effectiveness of innovative development in the region are one of the relevant research areas in the context of the countries' strategy of innovative development. The article presents the tools, models and findings of multivariate analysis and modeling of the influence of sources and structure of financing of innovations on manufacturing innovative goods in 80 Russian regions. Based on the various mathematical models of regression analysis - the least-squares, least modules and minimax criteria - the structural changes in the sources of funding innovative enterprises were assessed in two groups of Russian regions - in leading regions and in regions with an average share of innovative goods in GRP for the period 2011-2017. It was inferred about the stronger effect of the equity of innovative enterprises on the volume of innovative goods related to the spatial specificity of regional capital markets and the lack of an effective mechanism for capital spillover on them, insufficiently effective financial mechanisms and high risks of innovation investment. Strong regions conduct innovative activities based on their own investment resources. Regions with a mean level of innovation development increase the ratio of funds raised from the business sector, but this is not enough to become a leader. There are identified the directions for the development of instruments and mechanisms of innovation financing

Pedagogical conditions of college students’ core competencies formation in the process of foreign languages learning

© 2016, Econjournals. All rights reserved.The relevance of the problems stated in the article is conditioned by the fact that with the expansion of international economic relations and the increasing number of joint ventures and companies, there is an urgent need for specialists capable of intercultural communication for the implementation of the business contacts and contracts, the conclusion of economic agreements with foreign partners, cooperating with enterprises of different countries. In this regard, this article is aimed at identifying and studying of the pedagogical conditions of college students’ core competencies formation in the process of foreign languages learning. The article clarifies the composition of core competencies in college students’ foreign languages learning; identifies a set of criteria for selection of the content of discipline “foreign language;” reveals the effectiveness of pedagogical technologies of college students’ core competencies formation in the foreign languages learning; provides quality monitoring technology of college students’ core competencies formation in the process of foreign languages learning