Introduction
Chapter 1. Theoretical aspects development and use of innovations in financial markets 13
1.1. Economic entity innovations 15
1.2. Financial market as an environment for implementing innovations 28
1.3. Drivers of Innovation in Financial Markets 48
Chapter 2. Main directions of development of innovations in financial markets 68
2.1. Types of financial innovations 68
2.2. Credit derivatives 84
2.3. Asset-backed securities 104
2.4. American Depositary Receipts - ADR 112
Chapter 3. Opportunities for the use of financial innovations in Russia 128
3.1. Factors of development of financial innovations in the Russian economy 128
3.2. Prospects for the development of specific types of financial innovations in the Russian economy 150
3.2.1. Scope and main problems of using credit derivatives in Russia 150
3.2.2. Applications in Russia valuable papers secured by assets 163
3.2.3. Problems and Prospects for the Development of the Market for Depository Receipts in Russia 173
Conclusion 188
Applications 203
Annex 1. Calculation of the forecast volumes of the OTC market
derivative financial instruments 203
Bibliography 208
Introduction to work
Relevance of the research topic. The current stage in the development of global financial markets is associated with the emergence of new derivative financial instruments that provide opportunities that were previously unavailable in the cash asset market, allowing you to effectively manage market risks, create the desired risk profile, and carry out operations to diversify and insure portfolio risks. This is very relevant for Russia, where hedging problems are traditionally particularly acute.
The Russian financial market, unfortunately, lags behind developed countries by the level of development of innovative tools and technologies. However, this only creates additional incentives for Russian specialists to pay attention to innovative activities in financial sector- financial innovations can play a significant role in the development of the Russian financial market and the economy as a whole.
Thus, the relevance of this work is primarily due to the fact that innovative activity in the Russian financial market has a huge untapped potential. This potential is especially significant due to the fact that international practice is rich in ready-made innovative developments that have proven their effectiveness. In other words, Russian specialists have a ready-made set of tools at their disposal, the adaptation of which to Russian conditions can bring undoubted benefits to the domestic economy.
The relevance of the topic we have chosen is also due to the fact that Russian financial institutions, bodies government controlled and private companies actively use developments and solutions in the financial
areas that foreign firms and banks, international organizations have. Knowledge of this experience is the basis of its competent application in Russian conditions, as well as the successful activities of Russian participants in the world market. Thus, we see here the simultaneous convergence of scientific interest in the problems noted above with the possibility practical application research results on this topic.
It should be said that the above problems have become the object of study by both foreign and Russian scientists relatively recently (no more than 10-15 years ago), and therefore there are still quite a lot of unresolved issues in this direction. Considering that the dynamically developing processes of globalization in the world economy constantly raise new questions, the relevance of studying the mechanisms of the financial market, as well as the place and role of Russia in this market, is quite obvious.
The degree of development of the problem. Certain aspects of the topic under consideration were covered in the works of domestic and foreign researchers devoted to the study of theoretical and practical aspects of the functioning of financial markets. So, for example, in the works of Schumpeter J. for the first time the essence and role of innovations is determined. A number of researchers, such as B. Mandelbrot, R. Knight, J. Hodgson, R. Nelson, S. Winter, Yu. Yakovets and others, to varying degrees and from different positions, considered innovations as important factor economic development. Marshall J., Bansal V., Sinki, J. touched upon certain aspects of the use of financial innovations, including products of financial engineering. Among domestic economists who develop theoretical, methodological and practical aspects of the use of financial innovations, primarily derivatives, one should
Bocharova V., Vine S., Kavkina A., Lobanov A., Mikhailov D., Nozdrev N., Solovyov P., Feldman A., however, no comprehensive studies on this issue have been conducted. In addition, there are significant differences in the conceptual and methodological approaches to the development of the topic under consideration.
The purpose of the study is to identify factors hindering the development of innovations in the Russian financial market, as well as to develop practical recommendations for the successful application of innovative tools and technologies in Russia. To achieve this goal, the following tasks were formulated:
define the concept and reveal the economic essence of "innovation" and "financial innovation";
formulate the classification features of innovations;
identify and analyze the factors that contribute to the formation and dissemination of innovations in financial markets;
develop a model for the genesis and diffusion of innovations in financial markets;
identify the features of the development of the Russian financial market in order to determine the most promising types of financial innovations in terms of practical application;
explore the possibility of practical application of innovations in the Russian financial sector and develop practical advice for their successful implementation.
The object of this study is the financial market as a specific area of economic relations in general and the Russian financial market in particular.
Subject of research are economic relations between the subjects of the financial market and its individual segments regarding the creation, implementation and application of financial innovative technologies, as well as the objective patterns of the emergence and spread of innovations in modern conditions financial markets.
Theoretical and methodological basis of the study are fundamental provisions economics, the theory of investment and innovation management, as well as a systematic approach to the object and subject of research. In addition, in the process of working on the dissertation, the author used classical methods scientific research based on the use of scientific abstraction, logical, functional and system analysis and synthesis, induction, deduction and dialectics. To solve the tasks set in the work, official materials of state bodies, periodicals and scientific publications were used. The work uses tabular and graphical methods, as well as mathematical methods for analyzing the economy. The application of these methods has made it possible to achieve significant results, in particular, to develop scientific definitions, develop and describe theoretical models, and develop practical recommendations.
The information base of the study was the regulatory legal acts of the Russian Federation, the Ministry of Finance of the Russian Federation, Central Bank RF and the Federal Service for Financial Markets, publications international finance organizations, articles and information and statistical materials of domestic and foreign periodicals on the issues under consideration, as well as the relevant sections of official Internet sites.
Scientific novelty of the dissertation research is to develop a model of the innovation process in the financial market of Russia, which makes it possible to identify and integrate into it instrumental technologies adequate to it.
The following provisions containing elements of scientific novelty are submitted for defense.
It has been proven that financial innovation is financial technology for a more efficient redistribution financial resources, profitability, risks, liquidity and information in order to extract additional profit from such a redistribution, but not yet widely used in a particular market. Such a definition allows us to consider innovations in the context of the characteristics of a particular market in order to more accurately separate innovative technologies from non-innovative ones.
The relationship between the intensity of the development of financial innovations, grouped according to their functional characteristics, and the predictive factors that most actively affect a specific functional group of financial innovations, which could allow government bodies carry out proactive rule-making activities in relation to financial markets, based on medium- and long-term forecasts of the state of the latter.
A detailed classification of innovations in financial markets has been carried out, which allows structuring them according to the following classification criteria: by functionality, by level of novelty, by areas of implementation and
causes, which contributes to the identification of systemic relationships between them.
A process model of the genesis and diffusion of financial innovations has been developed, separating autonomous and induced innovations, which makes it possible to establish a connection between the emergence of autonomous innovations with the initial appearance of a new idea, and induced innovations with the need to solve a problem that arises as a result of changing market conditions. It is proved that the possibilities and speed of bringing autonomous innovations to the market depend on the level of transaction costs, and induced ones - on the features of regulation.
It has been revealed that financial innovations are mainly of an induced nature, that is, they arise as a reaction to changes in the conditions for the functioning of an economic agent, which makes it possible to predict the emergence of one or another of their types. At the same time, most of the implemented financial innovations are of a complex, multi-purpose nature, expressed in the multiplicity of ways to use them, which leads to their wide and rapid distribution in the market.
It has been proven that credit derivatives are structured financial instruments that separate credit risk from an asset for its subsequent transfer to another party and allow risk and asset to be traded separately, taking into account the profile credit risk. This made it possible to more clearly limit the range of instruments included in this category.
The work was carried out in accordance with clause 9.10 “Financial innovations in banking sector"and p. 9.16" New banking products: types, technology
creation, methods of implementation "Passports of the specialty 08.00.10 - Finance, money turnover and credit.
The practical significance of the study. The provisions formulated in the dissertation research contribute to the further development of certain issues in the theory of financial markets and its segments. The results of the dissertation research allow us to determine the areas of improvement public policy in order to stimulate the innovation process in the financial markets.
The most significant results can be used Central Bank RF, the Federal Service for Financial Markets, as well as relevant committees of the State Duma of the Federal Assembly of the Russian Federation for the purpose of improving the state policy in the field of innovation management in financial markets. They will also make it possible to overcome the main obstacles to the spread of financial innovation in Russia and to more actively apply innovative products in the financial sector (investment and banking), and in the non-financial sector of the economy.
The provisions and recommendations formulated in the work make it possible to take into account the peculiarities of the modern conditions for the functioning of the Russian financial market when making decisions in the field of financial management, and to more effectively apply innovative products as risk management tools Russian banks And financial companies, as well as organizations of the non-financial sector of the economy.
The results of the study can be used by credit institutions, financial and investment companies, enterprises
in the development and implementation of non-standard methods of managing cash flows and risks of various kinds.
In addition, the results of the study can be used in the educational process in the training of specialists in the field of finance and banking, stock exchange specialists, financial managers of enterprises and organizations, including venture ones.
Approbation of the results and publications on the topic of the dissertation. The main provisions and results of the study were presented at the international scientific-practical conference "Finance and Accounting: regional aspects» in Almaty (Kazakhstan), and also reported on III International scientific and practical seminar on the problems of transformation of modern Russian economy(Moscow, December 5-7, 2004) were discussed and approved at a joint meeting of the Department of World Economy and International Finance and the Department of Finance and Credit of ATiSO, at meetings of the Student Scientific Society of ATiSO.
Certain provisions of the study have been practically tested in the activities of non-state pension fund"Norilsk Nickel".
The materials of the dissertation and the results of the research were used in the practice of teaching when giving a course of lectures and conducting seminars within the disciplines " World economy” and “International Monetary and Credit Relations”, special courses on financial risk management at the Russian Academy of Economics. G.V. Plekhanov, Academy of Labor and social relations in addition, some results of the study were used in the development of curricula for courses
"International monetary and credit relations", " Currency operations", "Financial markets".
Thesis structure includes an introduction, three thematic chapters that define the logic of setting and solving problems, a conclusion with the main conclusions, a list of used publications, as well as Appendixes.
The economic essence of innovation
Existing innovative concepts do not allow to fully and accurately define the term "innovation" itself, do not provide a solid basis for developing a classification of innovations ("financial innovation" as a component), as well as factors influencing their appearance.
There is no single interpretation of innovation in the economic literature. However, there are two approaches to understanding this term: narrow and wide. The narrow approach treats innovation from a technical point of view and identifies it with industrial production, in particular with new technology, technology, products. With a broad approach, innovations are considered as a new product or service, a method of their production, an innovation in organizational, financial, research and other areas. The object of study of this work requires a second, broader approach.
The category of innovation first appeared in J. Schumpeter. By innovation, he meant change in order to introduce and use new types of consumer goods, new production, Vehicle, markets and forms of organization in industry.1 Innovations as a tool for increasing the efficiency of social reproduction can relate both to the sphere of productive forces and to the sphere of production relations.
Innovations in the sphere of productive forces are primarily associated with the improvement of productive forces: the means of production (means of labor and objects of labor) and commodities that are necessary for reproduction. work force. At the same time, non-material factors in the form of an innovative idea, discoveries are also a necessary attribute of the emergence of a material innovation.
Innovations in the sphere of industrial relations are based on the economic interests of the subjects of these relations and may relate to planning, organization, management, and control of industrial relations.
According to I. Schumpeter, innovation is the main source of profit: “in essence, entrepreneurial profit is the result of new combinations”, “without development there is no profit, without profit there is no development”1. Thus, the first goal of innovation in most cases is to increase the efficiency of the use of available resources. Ultimately, every innovation must directly or indirectly enable the creation of wealth more efficiently. The second important goal is to use innovation as a product that can generate income for its owner.
Types of financial innovation
During the 80s. 20th century international markets have been the site of the creation or development of a significant number of financial innovations. In an unstable world market environment due to volatility interest rates And exchange rates, investors and borrowers need to adjust to circumstances at all times. They also seek to maximize the benefits or gaps of tax laws. Financial innovation aims to best meet these needs. The international market is better disposed to their rapid implementation than the national market, since it is free from the regulation inherent in national markets. This explains the fact that the international market plays a major role in the creation and promotion of new financial products, which, for practical reasons, subsequently develop in national markets.
During the 70s. 20th century Euromarkets offered borrowers three main types of loans: short-term loans in Eurocurrencies, allowing to finance the needs for cash, directly from the sample cash loans offered by banks in most of the leading industrialized countries; medium- and long-term Eurocredits (usually for a period of more than 18 months, but less than 15 years) formed within the framework of a banking pool (syndicate);
Eurobonds placed on international markets. Currently, the markets offer products that allow, through the development of securities, to secure any loan duration - from 24 hours to tens of years.
For further analysis, it is necessary to classify the main financial innovations.
There are numerous criteria for classifying innovative financial products.
Depending on the underlying asset, new financial products are divided into currency, interest, index, stock and credit products.
Depending on the mechanism for concluding a transaction, products are classified into exchange and over-the-counter. For over-the-counter products, contract positions are not standardized, and market operators can change them as flexibly as possible, taking into account the objectives of a particular transaction.
According to the term of the contract, instruments can be short-term (up to one year), medium-term (from one year to five years) and long-term (over five years). The main share of operations falls on the first category. The most typical representatives of the medium and long-term market segments are OTC instruments and, above all, swaps.
According to the structural criterion, simple and complex financial products are distinguished. The former include such instruments as options, futures, swaps, securities for securitized assets and depository receipts. Complex ones include all kinds of hybrid financial instruments, combinations of several derivatives, instruments that combine one or more derivatives with financial assets, as well as derivatives, the underlying asset for which is another derivative; Thus, a swaption is an option written on a swap.
According to the pricing mechanism, financial products are classified into arbitrage and probabilistic. For the first, most numerous group, prices are determined on the basis of quotations of other financial products. The pricing of probabilistic instruments is based on the mathematical apparatus of probability theory.
Finally, by type, innovative financial products can be divided into two categories. large groups- derivative financial instruments (or derivatives) and basic ones, the difference between which is that the basic instruments have an asset as a subject of the transaction, while derivatives are an instrument written out for another financial instrument - it does not matter, derivative or basic.
New (or emerging) financial products have had an extremely important impact on international and national financial markets over the past two decades. International experts identify four main groups of financial products that are innovative and mainly related to derivatives.1 The instruments of each of them differ from the others both in form and in purpose of application. Together they demonstrate the degree of their penetration into all segments of financial markets.
Factors of development of financial innovations in the Russian economy
Development Russian market derivative financial instruments.
First time trading futures contracts on the US dollar began in October 1992 on the Moscow commodity exchange(MTB) This event marked the beginning of the development of the derivatives market in Russia. The scale of turnover during this period was insignificant (about 300 - 400 thousand dollars a day). Almost immediately, futures for other assets appeared (primarily for privatization checks).
A distinctive feature of the Russian derivatives market development model was that financial futures became the first contracts. Also interesting is the fact that in the currency futures market there was high percent transactions culminating in the actual delivery of goods. If in world practice this figure does not exceed 1 - 2%, then in February 1993, MTB transactions ended in the delivery of real goods, 10% of the total turnover fell.
In the future, as larger and more reputable participants began to come to the market, primarily banks and investment funds, trade volumes began to increase and reached by the beginning of 1994 2 - 3 million US dollars per day. Liquidity has increased and market volatility has decreased, but dependence on other financial markets has not yet manifested itself.
In March 1994, a futures section was opened on the Moscow Central Stock Exchange (MCSE). From the very beginning, this exchange focused on a fundamentally different circle of participants - banks and financial structures, that is, on major financial players. The ICSF started to use a new electronic trading technology for the Russian futures market, which is more convenient for major players. The turnover of the futures market (first of all, the currency market) increased at a high rate due to the growth in the scale speculative transactions. However, a large share of speculative transactions has made the futures market very volatile.
The over-the-counter derivatives market segment remained at a low level of development, while the world market is dominated, as we have seen above, by the over-the-counter derivatives market segment. The main reasons were the lack of a developed banking system and mutual trust in the interbank market (the main participants in the OTC derivatives market are big banks); as well as the practical absence of a regulatory and legal framework governing the relationship of counterparties in futures transactions outside the stock exchanges. Urgent deals were as simple as possible in structure (forwards) and were episodic.
In 1996, a situation developed on the derivatives market when the interest of participants began to shift towards derivative instruments based on GKO, as currency futures ceased to be profitable. At that time, this market was characterized by ultra-high profitability and, as it turned out later, an imaginary lack of risk. The most widespread in Russia are stock futures, in contrast to the world's leading futures markets, where the main futures contracts are stock index contracts.
By the end of 1997, the leader in terms of total open positions was MICEX. Trading on the US dollar, GKOs and the stock index was almost completely concentrated on this exchange.
The crisis of 1998 became a turning point in the development and formation of the derivatives market in Russia. On June 1, 1998, the Russian Exchange suspended trading on all contracts, under the pretext that a number of participants could not fulfill their obligations. The collapse of the Russian Stock Exchange occurred as a result of the abuse of office by the management of the stock exchange. At that time, the derivatives market on the MICEX continued to develop. The admission of non-residents to the MICEX derivatives market on April 14, 1998 became a stabilizing factor for its further development. In addition, the management of the exchange developed measures to attract small and medium-sized derivatives market participants. On August 17, along with a moratorium on the repayment of foreign debt announced by the government of the Russian Federation and the Central Bank of the Russian Federation, a restriction was introduced on transactions related to residents making payments in favor of non-residents, including under fixed-term contracts for up to 90 days. This meant a deep structural crisis that could not but affect futures market. Trading volumes fell sharply, and the confidence of the participants was seriously undermined.
As well as in the definition of the concept of "financial innovation" there is no consensus on their classification. On this moment there are more than thirty classifications of financial innovations.
It is believed that the most full classification banking innovation is represented by AI Prigogine. Therefore, on its basis, with the help of summarizing the research of other specialists in this field, we will try to systematize the entire range of banking innovations.
First of all, banking innovations can be classified according to the reasons for their inception. In this case, financial innovations are divided into reactive and strategic ones.
Reactive innovation involves a bank pursuing a defensive strategy that aims at organizational survival. banking sector.
Strategic innovations serve to gain competitive advantage in the long term. The disadvantage of this type of innovation is the need for a larger amount of investment, so they are available only to large banks.
Depending on the place in the bank's activities, product innovations are distinguished, or they are also called basic innovations and providing innovations. Product innovation linked to the spectrum provided banking products and services. In turn, product innovations are divided into actual product innovations and market innovations.
Actually product innovations are directly related to the creation of new banking products and services and their promotion to the market. Market innovations imply the presence of a set of measures that allow the implementation of already created products in new markets.
Supporting innovations are associated with the transformation of the bank's management structure, changes in the process of providing services and selling banking products, that is, they play a secondary role in the bank's activities.
Based on the depth of the changes introduced, that is, according to the innovative potential, financial innovations are distinguished by the following types:
- - radical innovations, which are also called basic. They are associated with the use of completely new types of banking products and services;
- - combinatorial innovations are based on a combination of various existing elements, which are then presented on the market as a single product;
- - modification innovations are aimed at partial improvement of already used banking products and services to extend their life cycle.
According to the volume of impact, innovations are divided into point and system ones. Point innovations are associated with improvement in any particular area of work and, as a rule, do not require large expenditures, and also do not have a strong impact on the production process as a whole. Systemic innovations, as opposed to point innovations, are designed to change the entire structure of industrial relations.
Another classification feature of banking innovations is the degree of novelty, according to which they distinguish:
- - newly created innovations or they are also called innovations built on new discoveries. These innovations are quite capital intensive and are associated with dramatic changes;
- - innovations built on already created products are the most widespread compared to newly created innovations due to the relatively low cost of development and ease of implementation. They are used to improve the quality and efficiency of existing products and services.
According to the nature of the needs satisfied, there are:
- - innovations related to the satisfaction of existing needs, which make up the bulk of the innovations used by banks;
- - innovations aimed at creating new needs are developed and implemented by banks relatively rarely, which is due to the need for the organization to have a certain creative and investment potential, which should be supported by the results of detailed marketing and sociological research.
According to the time of appearance, banking innovations are divided into:
- - innovation-leaders, which are understood as innovations implemented by banks independently. These innovations are characterized by absolute novelty, which, if successfully implemented, will allow the bank to receive competitive advantages compared to other banks;
- - successor innovations, that is, innovations that are carried out by banks with a certain time lag after the introduction of the previous group of innovations in order to maintain existing competitive advantages.
Thus, the classification of banking innovations described above is not complete enough, but it allows us to identify some patterns in the development of innovative activities of banking organizations. Since the predominance of any type of innovation in the activities of the bank determines the type of innovative strategy of the organization. And the classification of financial innovations makes it possible to determine economic and managerial mechanisms.
Successful innovation is not the achievement of intellect, but will.
Joseph Schumpeter
In this paper, I want to talk about financial innovations, the mechanisms and trends of their development.
In recent years, financial innovations have had an increasing impact on economic activity around the world. In Russia, there is also a sharp increase in attention to everything related to finance in the broad sense of the term: the financial activities of enterprises and joint-stock companies, securities, functioning of banks, stock exchanges, insurance companies, pension funds, etc. There is a growing interest in obtaining economic and, especially, financial and banking education.
Despite the significantly increased flow of financial information, both in print and in in electronic format, for a Russian user, it is much smaller than the "ocean" of the world economic information, which comes at the disposal of specialists, teachers and students in foreign countries. But one important area is completely underrepresented. This area is financial innovation.
Therefore, financial innovations are a hot topic today, which requires detailed study, development, analysis and further application in practice in order to improve the financial sector of the economy.
What is financial innovation?
Firstly, financial innovation– new financial products, technologies and institutions.
Secondly, financial innovation- these are new financial instruments, new financial technologies, new methods of work in the financial market; methods used to carry out transactions with new types of financial assets or in the form of new transactions with existing assets, which makes it possible to use the financial resources of companies more efficiently.
Financial instruments are divided into:
- conceptual means - the concept and concepts that underlie finance as an informal discipline (value theory, hedging theory, etc.);
physical means - tools and processes that can be used to achieve a specific goal (instruments - ordinary shares, fixed income securities, etc.; processes - an electronic securities trading system, etc.).
financial technology- this is economic and financial theory, mathematical and statistical methods. Awareness of ready-made financial developments, computer and telecommunications equipment, etc. An example of new financial technologies is the appearance on the New York Stock Exchange of a computer system for the current reconciliation of purchase and sale volumes, known as the Designated Order Turnaround (DOT) System.
Technological innovations have accelerated and intensified the process of globalization. Thus, new means of communication increased the speed of international transactions and contributed to an increase in their volume, in particular through the creation of settlement and payment systems SWIFT, TARGET, etc.
According to experts, recent innovations create an atmosphere of uncertainty, uncertainty, nervousness in financial markets, which increases instability and the possibility of sharp fluctuations, especially in the markets of developing countries and countries with economies in transition.
At all financial innovation as the concept means:
- a qualitative jump in our representation. This is the kind of creativity that leads to a completely new, revolutionary technology, such as the swap, the first mortgage pool instrument, the first zero-coupon bond, or the introduction of "junk" bonds to finance buybacks;
a new twist in the use of an already known idea. An example of such creativity is the expansion of the field of futures contracts for the trade in goods and financial instruments, which were not previously used on futures platforms, the introduction of new swap options or the creation of new types of mutual funds;
combining already existing technologies or processes to create a tool that is tailored to any specific situation. This last type is often overlooked in discussions of financial engineering, although it is as important as the first two. Examples are cases of applying already existing tools to reduce the financial risk of the firm, reducing the cost of its financing, taking advantage of some existing features. accounting And tax legislation or for the purpose of exploiting an inefficient market.
- Mandatory sale of new financial product in the financial innovation market. This means that if a product or operation is not implemented, then it is not new. They simply don't exist.
Mandatory implementation of a financial transaction in the market or within an economic entity.
Functional dependence of financial innovation on time. This means that every innovation has its own life cycle.
The peculiarity of the financial product itself, which is expressed: in the presence of a single and mass demand; in the functioning of the limited and unlimited product; in the existence of a product in the form of property and in the form of property rights.
Third , financial innovation- this is the end result of innovative activity in the financial sector, realized in the form of a new financial product or operation.
The content of financial innovation is new financial products and new financial transactions.
financial product represents a material part of the issued service of a financial institution. A financial product has the form of a thing (i.e., a tangible form) intended for sale in the financial market. The financial product includes securities, coins from precious metals, plastic settlement or credit card, bank account agreement, pension policy, real estate, etc.
financial transaction(lat. operatic - action) means a procedure of actions aimed at solving a specific problem of financial management. Financial transactions include forms of control and accounting for the movement of cash and securities (substitutes for money), methods for planning financial indicators, methodology for drawing up various types of financial plans (balance of income and expenses, plan cash flows, budgeting, operational financial plans etc.), methods of financial analysis, forms of organizing financial work in an economic entity, interactive and other similar capital investment, merger and other actions related to an attempt to capture an economic entity (for example, the actions of “vulture investors”), actions to capture new financial markets.
Financial transactions as actions have an intangible form, i.e. they cannot be touched as a thing and therefore cannot be sold at a fixed price. To be sold financial transaction must be materialized in the form of a thing. The form of materialization of a financial transaction is instructions, rules, guidelines, formulas, graphs, i.e. some specific document. This document is already a financial product, and therefore an object of sale and purchase in the financial market.
etc.................
It is a well-known fact that every enterprise in market economy, being in conditions of fierce competition, which may not turn out in the best way, may fail (bankruptcy, financial crisis). It is necessary to use effective business management tools such as analysis and diagnostics of the financial condition, which can prevent disruptions in the operation of the enterprise. There is also a need for innovation in financial activities, but first it is necessary to improve the general economic and financial system state, improve the efficiency of research centers.
The theoretical foundations of innovation activity were considered in the works of M. V. Kosolapova, V. A. Svobodina, V. A. Mizyun, A.G. Sultanova, E. A. Markaryan, G. P. Gerasimenko, E. Toffler, D. Bell, J. Naisbitt, F. Braudel, G. Mensch, S. Kuznets, N. Kondratiev, P. Sorokin, A. K. Kazantsev, N. F. Puzynya, V. G. Medynsky, L. N. Ogoleva, N. G. Kovaleva and other authors.
Today, many company executives and managers understand the need to introduce innovations into the business process for the future growth of the organization, but in reality, innovative activities in the practical activities of enterprises are little used. The financial management system should create essentially real conditions for the development financial policy, conducting innovative processes, and the formation financial mechanisms for innovative economic growth.
At the moment, in a market economy, there are such distinctive features of financial innovations:
1. Creation, promotion and, accordingly, sale of a new financial product in the market of financial innovations.
2. Implementation of financial operating activities both within the business entity and on the market as a whole.
3. Dependence of innovations in the field of finance on time.
For each state, organizations capable of developing innovative activities are important, otherwise these organizations are doomed to follow a passive innovation strategy at best. At the same time, it is imperative to set clear goals that meet the interests of the company (improving product quality, entering new markets, etc.).
Leaders have a lot of responsibility for financial condition enterprises, so analysis and diagnostics are important in any economic activity. Conditions should be created for the mutual linking of various actions of an organization or enterprise in order to achieve the set goals.
Since production is the most important part of the enterprise, it is necessary to provide it with the latest equipment and other modern technologies. There will be production - there will be profit, which means financial stability enterprises, which gives a certain guarantee of further innovation process.
Financial stability is an important criterion for an organization, which is most often determined by the ratio of equity and debt capital in the asset balance.
Financial stability, like other indicators, is greatly influenced by the external and internal environment of the organization, those factors that must be taken into account when making any managerial decision regarding innovative financial management.
To correctly implement innovations in the financial sector, a deep analysis of market infrastructure, customer preferences and the possibility of new supply of resources is needed. It is also necessary to take into account all the risks, the possibility of their reduction. Only then will it be possible to effectively manage the enterprise. The development and intensification of modern production should be based primarily on new solutions in the field of technology, technology, organizational forms and economic methods management.
The assessment of innovative potential in modern conditions becomes an objectively necessary element in the process of managing the innovative activity of an enterprise. One of the key problems of activating innovative activity is to create conditions, situations that maximize the development of the creative activity of personnel or human resources.
Literature:
1. Kosolapova, M. V. Complex economic analysis economic activity. /M. V. Kosolapova, V. A. Svobodin. –M.: Dashkov and Co., 2011, p. 248.
2. Markaryan, E. A. Financial analysis / E. A. Markaryan, G. P. Gerasimenko, S. E. Markaryan. –M.: KnoRus, 2011, p.258.
3. Mizyun V.A., Sultanov A.G., Audit and financial analysis: innovative tools for financial management, 2010, p. 10.