Digest Finance

Model Tools to Assess the Production and Financial Reliability of Knowledge-Intensive and High-Tech Enterprises

Vol. 22, Iss. 2, JUNE 2017

PDF  Article PDF Version

Received: 3 February 2017

Received in revised form: 9 February 2017

Accepted: 21 February 2017

Available online: 15 June 2017


JEL Classification: O12, O21, O33

Pages: 154-162


Khrustalev E.Yu. Central Economics and Mathematics Institute of RAS, Moscow, Russian Federation stalev@cemi.rssi.ru

Khrustalev O.E. Central Economics and Mathematics Institute of RAS, Moscow, Russian Federation stalev777@yandex.ru

Importance The article considers the problems of evaluating the production and financial reliability of enterprises involved in high-tech project implementation for development and manufacture of innovative products.
Objectives To accelerate progress in the knowledge-intensive and high-technology sphere of production, it is crucial to choose companies with the highest reliability indices as potential performers of innovative projects. It requires new integrated and accurate tools to assess financial-economic and scientific-production reliability of a modern enterprise.
Methods The offered methodology and tools rely on the complex use of modified methods of expert assessment and audit of all corporate operations. We suggest using several indicators of enterprises, for which experts give a clear assessment of their reliability. These indicators are easy to understand and adequately reflect the status of the analyzed company.
Results We developed a method providing precise estimates of reliability even with a limited number of initial data. During the evaluation process, we considered financial, economic, scientific and production components of enterprise's reliability. The proposed models and methods enable to choose the most reliable company to implement innovative projects, to be included into integration structures, and to grant loans.
Conclusions and Relevance The developed methodological approach and model make it possible to integrate quantitative indicators of practical activities of individual company, as well as qualitative indicators of its efficiency from the standpoint of reliability of achieving the targets.

Keywords: reliability, knowledge?intensive project, risk, audit, performance evaluation, expert assessment


  1. Kachalov R.M. Upravlenie ekonomicheskim riskom: teoreticheskie osnovy i prilozheniya [Management of economic risk: Theoretical framework and applications]. Moscow, St. Petersburg, Nestor-Istoriya Publ., 2012, 248 p.
  2. Slavyanov A.S. [Evaluating the efficiency of methods for economic protection of investment in innovative space projects]. Kontrolling = Controlling, 2013, no. 2, pp. 35–47. (In Russ.)
  3. Vilenskii P.L., Livshits V.N., Smolyak S.A. Otsenka effektivnosti investitsionnykh proektov [Evaluating the efficiency of investment projects]. Moscow, Poli Print Servis Publ., 2015, 1300 p.
  4. Bohnert A., Gatzert N., Jorgense P.L. On the Management of Life Insurance Company Risk by Strategic Choice of Product Mix, Investment Strategy and Surplus Appropriation Schemes. Insurance: Mathematics and Economics, 2015, vol. 60, pp. 83–97. doi: 10.1016/j.insmatheco.2014.11.003
  5. Gerasimov V.V., Pyatykh N.V., Labutin E.S. [Economically viable forms of enterprise reorganization]. Trudy Novosibirskogo gosudarstvennogo arkhitekturno-stroitel'nogo universiteta (Sibstrin) = Bulletin of Novosibirsk State University of Architecture and Civil Engineering (Sibstrin), 2014, vol. 17, no. 57, pp. 69–76. (In Russ.)
  6. Morris A.S., Langari R. Measurement and Instrumentation: Theory and Application. Academic Press, 2015, 726 p.
  7. Glazyrin M.V. Sotsial'no-proizvodstvennyi kompleks – sistemnaya osnova modernizatsii i samorazvitiya [Socio‑industrial complex as a system basis of modernization and self-development]. Moscow, Nauka Publ., 2012, 311 p.
  8. Platon V., Frone S., Constantinescu A. Financial and Economic Risks to Public Projects. Procedia Economics and Finance, 2014, vol. 8, pp. 204–210.
  9. Zheglova N.V. [Economic reliability of industrial enterprise: Information support]. Aktual'nye voprosy ekonomicheskikh nauk = Topical Issues of Economic Sciences, 2015, no. 4, pp. 248–255. (In Russ.)
  10. Razova E.O. [Enterprise management and its reliability]. Ekonomika i upravlenie: analiz tendentsii i perspektiv razvitiya = Economics and Management: Analysis of Tendencies and Prospects for Development, 2013, no. 8, pp. 257–260. (In Russ.)
  11. Burenok V.M., Lavrinov G.A., Podol'skii A.G. Otsenka stoimostnykh pokazatelei vysokotekhnologichnoi produktsii [Estimation of cost indexes of high-tech products]. Moscow, Granitsa Publ., 2012, 423 p.
  12. Putyatina L.M., Putyatin A.E. [Financial and economic reliability of enterprises under the Russian economy]. Nauchnye trudy (Vestnik MATI) = Vestnik of Moscow State Aviation Technology Institute (MATI), 2013, no. 21, pp. 311–314. (In Russ.)
  13. Kleiner G.B. Strategiya predpriyatiya [Company strategy]. Moscow, Delo Publ., 2008, 568 p.
  14. Avdonin B.N., Strel'nikova I.A., Khrustalev E.Yu. [Mechanisms of risk mitigation in hi-tech product manufacture]. Audit i finansovyi analiz = Audit and Financial Analysis, 2011, no. 5, pp. 226–243. (In Russ.)
  15. Bertoni F., Croce A., Guerini M. Venture Capital and the Investment Curve of Young High-Tech Companies. Journal of Corporate Finance, 2015, vol. 35, pp. 159–176.
  16. Liu P., Zhang X., Liu W. A Risk Evaluation Method for the High-Tech Project Investment Based on Uncertain Linguistic Variables. Technological Forecasting and Social Change, 2011, vol. 78, iss. 1, pp. 40–50.
  17. Elizarova M.I., Khrustalev E.Yu., Khrustalev O.E. [Financial and instrumental methods of risk reduction and compensation when implementing science-driven and high-tech projects]. Audit i finansovyi analiz = Audit and Financial Analysis, 2015, no. 5, pp. 76–82. (In Russ.)
  18. Khrustalev E.Yu., Elizarova M.I., Slavyanov A.S. [Production risks and economic danger of modern high-tech industries]. Politematicheskii setevoi elektronnyi nauchnyi zhurnal KubGAU, 2016, no. 3. (In Russ.) Available at: http://ej.kubagro.ru/2016/03/pdf/19.pdf
  19. Altman E., Caouette J., Narayanan P., Nimmo R. Managing Credit Risk: The Great Challenge for Global Financial Markets. New Jersey, John Wiley and Sons, 2008, 628 p.
  20. Bragg S.M. Financial Analysis: A Business Decision Guide. Colorado, Accounting Tools Inc., 2014, 342 p.

View all articles of issue


ISSN 2311-9438 (Online)
ISSN 2073-8005 (Print)

Journal current issue

Vol. 22, Iss. 3
September 2017