Parfenova M.V.Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation mvp97@mail.ru ORCID id: not available
Subject The article addresses methodological approaches to financial stability monitoring. These approaches are mainly focused on the financial services industry. However, in the framework of the research, we consider non-financial companies (enterprises), since in this area of monitoring financial stability there are many urgent tasks that remain understudied. Objectives The purpose is to prove the relevance of investment activity assessment in monitoring the financial stability of enterprises, identify necessary indicators, and show that the monitoring financial stability of such enterprises should not be limited to debt burden estimation. Methods We review the best practices in monitoring the financial stability of companies operating in the non-financial sector; suggest recommendations for this area development on the basis of investment activity indicators; analyze the investment activity of Russian enterprises by type of economic activity, emphasizing the importance of industry aspects of monitoring. Results The paper gives reasons for supplementing the system of indicators of enterprise financial stability by the volume of investment per capita, ratios of renewal and disposal of fixed assets by type of economic activities, return on assets ratios, indicators of the structure of investment financing. It is also important to consider industry trends in investment activity. Conclusions The stability of financial system functioning is ensured by both the financial and non-financial sector of the economy, and their mutual influence should not be underestimated. Assessment of enterprise investment activities should become an integral part of financial stability monitoring. This determines new directions of fundamental and applied research.
Popov A. Evidence on Finance and Economic Growth. Working Paper Series of European Central Bank, 2017, no. 2115, 77 p. URL: Link
Mishkin F.S., Eakins S.G. Financial Markets and Institutions. Upper Saddle River, New Jersey, Pearson, 2015, 8th ed., 615 p.
Čihák M., Demirgüç-Kunt A., Feyen E., Levine R. Benchmarking Financial Systems around the World. World Bank Policy Research Working Paper, 2012, no. 6175, 56 p. URL: Link
Svirydzenka K. Introducing a New Broad-Based Index of Financial Development. IMF Working Paper, 2016, no. WP/16/5, 43 p. URL: Link
Rozmainskii I. Ot nauchnogo redaktora. O gipoteze finansovoi nestabil'nosti Khaimana Filippa Minski. V kn.: Minski Kh. Stabiliziruya nestabil'nuyu ekonomiku [Hyman Philippe Minsky's hypothesis of financial instability. In: Minsky H. Stabilizing an Unstable Economy]. Moscow, Gaidar Institute, St. Petersburg, SPbSU Publ., 2017, pp. X–XXIV.
Antonova D.V., Vymyatnina Yu.V. [Identification and Forecasting of Credit Cycles in Russia]. Finansy i biznes = Finance and Business, 2017, no. 3, pp. 3–19. URL: Link (In Russ.)
Parfenova M.V., L'vova N.A. [New directions in the assessment of financial stability: A system of indicators for companies in the real sector]. Finansovaya ekonomika = Financial Economics, 2019, no. 1, pp. 634–640. (In Russ.)
Balatskii E.V. [Russia's Damage from International Sanctions: Rethinking the Facts]. Mir novoi ekonomiki = The World of New Economy, 2018, vol. 12, no. 3, pp. 36–45. (In Russ.) URL: Link
Rozanova L.I., Tishkov S.V. [Analysis of production and financial potential as a basis for developing a strategy for modernizing the Russian economy]. Statistika i ekonomika = Statistics and Economics, 2018, vol. 15, no. 4, pp. 29–41. URL: Link (In Russ.)
Fomin D.A., Khanin G.I. [The dynamics of capital assets in the economy of the Russian Federation over the post-Soviet period (1992–2015)]. Problemy prognozirovaniya = Problems of Forecasting, 2017, no. 4, pp. 21–33. URL: Link (In Russ.)
Petrenko I.A. [Mechanisms to boost the investment activity of the Russian business sector under borrowing constraints in foreign markets]. Finansy i kredit = Finance and Credit, 2018, vol. 24, iss. 8, pp. 1859–1873. (In Russ.) URL: Link
Edronova V.N., Maslakova D.O. [Debt financing of investment: Sources, forms, mechanisms, tools]. Finansy i kredit = Finance and Credit, 2018, vol. 24, iss. 8, pp. 1829–1843. (In Russ.) URL: Link
Edronova V.N., Maslakova D.O. [Theoretical and practical aspects of proprietary investment: Sources, forms, mechanisms, and tools]. Finansy i kredit = Finance and Credit, 2019, vol. 25, iss. 2, pp. 480–496. (In Russ.) URL: Link
Kokoreva M., Ivanova M. The Puzzle of Zero-Debt Capital Structure in Emerging Capital Markets. Korporativnye finansy = Journal of Corporate Finance Research, 2016, vol. 10, no. 4, pp. 9–28. URL: Link
Nivorozhkin E.M. ‘Black Spots’ in Capital Structure Studies: The Case of Non-Existing Debt. Korporativnye finansy = Journal of Corporate Finance Research, 2015, vol. 9, no. 2, pp. 5–23. URL: Link
Wyatt J., Kee J. The Importance of Sector Constraints. Journal of Asset Management, 2014, vol. 15, iss. 1, pp. 1-6. URL: Link