Financial Analytics: Science and Experience

A financial analysis of innovative enterprises of the Volga Federal District

Vol. 10, Iss. 11, NOVEMBER 2017

Received: 21 September 2017

Received in revised form: 23 October 2017

Accepted: 25 October 2017

Available online: 15 November 2017


JEL Classification: G30, G32

Pages: 1245–1256

Vygodchikova I.Yu. National Research Saratov State University (SSU), Saratov, Russian Federation

Importance The paper considers the procedure of financial analysis of innovative enterprises. It discusses the quantitative method for integral evaluation of the financial condition.
Objectives The study aims to develop a methodology and tools for financial analysis of innovative enterprises to assess the investment attractiveness and business competitiveness. As well, the paper aims to identify problems and develop recommendations for innovative business investment support.
Methods For the study, I used an integrated approach based on the grouping, rationing, and calculation of integral ratings based on important business performance indicators.
Results The paper analyzes the structure of key figures of innovative enterprises of the Volga Federal District, the financial condition of these enterprises on the criteria of liquidity, financial sustainability, capital maneuverability, and financial risk, and it calculates integrated ratings. As well, the paper presents developed tools for quantitative and graphic analysis and assessment of the financial status of innovative enterprises.
Conclusions The Volga Federal District enterprises have a sufficiently high potential for innovative development. However, they do not use it. The main problem lies in the heavy reliance on external sources of financing and low business activities, which significantly reduces profits.

Keywords: innovation, financial ratio, integral rating, investment attractiveness, competitiveness


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