Financial Analytics: Science and Experience

The assessment of organizational innovation of the company based on differential cash flow

Vol. 10, Iss. 8, AUGUST 2017

Received: 15 May 2017

Received in revised form: 8 June 2017

Accepted: 15 June 2017

Available online: 15 August 2017


JEL Classification: C88, G32, O22

Pages: 912–924

Yashin S.N. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation

Trifonov Yu.V. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation

Koshelev E.V. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation

Importance The paper focuses on the problems of innovation profitability assessment. Organizational innovation is important for the companies as well as technical and technological ones.
Objectives The study aims at creating a relevant methodology allowing to estimate the efficiency of organizational innovations to choose a favorable version of similar administrative decisions from a set of the alternatives.
Methods We used the method of differential cash flow which represents the difference between the alternative and basic versions of organizational decision. For the solution of direct and inverse problems, we applied for the computational methods and computer modeling.
Results Besides the evaluation of the efficiency of organizational innovation, we have also solved the inverse task of calculation of the average debts maturity and current productive costs.
Conclusions and Relevance Use of a differential cash flow can have a practical application for evaluating the efficiency of various projects which have no individual commercial result.

Keywords: organizational innovation, differential cash flow


  1. Bogatyrev A.V., Bogatyrev V.A., Efimychev A.Yu. [Resource-saving as a line of economic modernization]. Organizator proizvodstva = Organizer of Production, 2011, vol. 48, no. 1, pp. 63–66. (In Russ.)
  2. Efimchuk I.V., Yashina N.I. [Problems of high-tech modernization of the Russian economy]. Vestnik Nizhegorodskogo universiteta im. N.I. Lobachevskogo = Vestnik of Lobachevsky University of Nizhny Novgorod, 2010, vol. 3, no. 2, pp. 460–464. (In Russ.)
  3. Trofimov R.V., Ferova I.S. [Organizational Innovations in Economics of Consumption]. ETAP: ekonomicheskaya teoriya, analiz, praktika = ETAP: Economic Theory, Analysis, Practice, 2015, iss. 6, pp. 106–118. (In Russ.)
  4. Galor O., Tsiddon D. Technological Progress, Mobility, and Growth. The American Economic Review, 1997, no. 87, pp. 363–382.
  5. Damodaran A. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. New York, John Wiley & Sons, Inc., 2002, 992 p.
  6. Klychova G.S., Kuznetsov V.P. et al. Upgrading Corporate Equipment as an Asian Real Option. International Business Management, 2016, vol. 10, iss. 21, pp. 5130–5137. doi: 10.3923/ibm.2016.5130.5137
  7. Safiullin L.N., Maratkanova E.M. [Management innovations: the guarantee of successful activity of the organization]. Aktual'nye problemy ekonomiki i prava = Actual Problems of Economics and Law, 2011, vol. 4, pp. 213–217. (In Russ.) doi: 10.21202/1993-047X.05.2011.4.213-217
  8. Shalina N.V. [Organizational innovation as the basis economy modernization]. Kreativnaya ekonomika = Journal of Creative Economics, 2011, vol. 2, pp. 94–99. (In Russ.)
  9. Shkodinskii S. [Problems of organizational innovations measurement at industrial enterprises]. Vestnik Moskovskogo gosudarstvennogo oblastnogo universiteta. Seriya: Ekonomika = Bulletin MGOU. Series: Economics, 2014, no. 4, pp. 120–127. (In Russ.)
  10. Lazarev V.N. [Some aspects of evaluating organisational innovations]. Vestnik Permskogo natsional’nogo issledovatel’skogo politekhnicheskogo universiteta. Sotsial'no-ekonomicheskiye nauki = Bulletin of Perm National Research Polytechnic University. Social and Economic Sciences, 2013, no. 20, pp. 98–105. (In Russ.)
  11. Krylov A.G. [The model estimates the economic efficiency of the project management of innovative activity of enterprises]. Ekonomika i menedzhment innovatsionnykh tekhnologiy = Economics and Innovations Management, 2015, no. 2. URL: 2015/02/7364 (In Russ.)
  12. Kolbachev E.B., Perederii M.V. [Planning of development of organizational structures and business processes as innovative task]. Vestnik Yuzhno-Rossiiskogo gosudarstvennogo tekhnicheskogo universiteta (Novocherkasskogo politekhnicheskogo instituta). Seriya: Sotsial'no-ekonomicheskie nauki = Bulletin YuRGTU (NPI), 2015, no. 1, pp. 4–10. (In Russ.)
  13. Lapidus A.A. [Efficiency potential of management and technical solutions for a construction object]. Vestnik MGSU, 2014, no. 1, pp. 175–180. (In Russ.) doi: 10.22227/1997-0935.2014.1. 175-180
  14. Limitovskii M.A. Investitsionnye proekty i realnye optsiony na razvivayuschikhsya rynkakh [Investment projects and real options on developing markets]. Moscow, Yurait Publ., 2017, 486 p.
  15. Brigham E.F., Gapenski L.C. Intermediate Financial Management. Orlando, The Dryden Press, 1993, 1122 p.
  16. Ogier T., Rugman J., Spicer L. The Real Cost of Capital: A Business Field Guide to Better Financial Decisions. London, Prentice Hall, 2004, 320 p.
  17. Klychova G.S., Kuznetsov V.P., Yashin S.N., Koshelev E.V. Concept of Integrated Management of Financial Flows of an Investing Region. Academy of Strategic Management Journal, 2016, vol. 15, iss. 1, pp. 198–209.
  18. Kruschwitz L., Husmann S. Finanzierung und Investition. Munchen, Wien, Walter de Gruyter, 2012.
  19. Alad'ev V.Z., Boiko V.K., Rovba E.A. Programmirovaniye i razrabotka prilozheniy v Maple: monografiya [Programming and development of applications in Maple computing environment: a monograph]. Grodno, GrGU Publ., 2007, 458 p.
  20. Anderson P.L. Business Economics and Finance with Matlab, GIS, and Simulation Models. London, New York, Washington, Chapman & Hall/CRC, 2005, 437 p.

View all articles of issue


ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

Journal current issue

Vol. 10, Iss. 9
September 2017