Banking risks in the context of digital transformation

Isaeva, Ekaterina; Kairbekov, Artur

doi:10.46486/0234-4505-2020-12-55-68

Cited by 1 publication

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“…Cхема товарно-вексельно-денежного обмена (ТВД-схема) с несколькими акторами и многими расчетно-платежными средствами (РПС) реализуема, если каждый актор имеет от нее достаточную выгоду[1][2][3]. Достаточность выгоды определяется степенью повышения полезности расчетно-платежных средств, которые он получает в обмен на свои РПС.…”

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Models of a Construction Consortium's Activity During Restructuring in the Securities Markets

Kitaev¹,

Kolotilov²,

Gladkov³

et al. 2021

BUSPTUSEESE

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The central issue when choosing a strategy for consolidating or restructuring the consortium's capital is the task of determining the «value» of acquired or sold assets, the effectiveness of actions to change the structure of controlled capital from the point of view of the company's interests. Uncertainty and subjectivity of estimates is an inherent property of the very concept of «asset value». It would be naive to assume (although this belief is explicitly or implicitly present in many economic publications): - that any statistical data, measurements, observations, calculations on models, statistical estimates, etc. can «objectively» identify asset values. The book value of assets is their formally recorded accounting estimate (for the purpose of calculating depreciation, taxation, etc.), which is not directly related to their value for the company. Market value (stock price) is also not an objective measure of asset value for a manager, but only provides an important guideline for possible financial transactions; - that the manager (meaning a good manager) can and will make or propose to the management decisions on investments-divestments by simply comparing the estimated estimates of the values of assets. He will do this on the basis of his beliefs, ideas about the future, intuition, and calculations, research, etc. can only affect these beliefs and give arguments for the formation of the opinions of those persons on whom decision-making depends. It can be argued that the main content of the work of a financial manager is the correct assessment of values from the point of view of the company. If value in the common sense could be measured by objective methods, bidding and negotiating when making deals would lose all meaning. The main content of any transaction (free, of course) is precisely the mutually beneficial exchange of values, which fundamentally have different utility (subjective assessment of benefits) from the point of view of the parties to the transaction (actors). This explanation goes back to the works of one of the founders of economic science, R. Marshall. A transaction in which actor 1 exchanges good A for good B belonging to actor 2 is possible only if for actor 1 utility A is less than utility B, and for actor 2, on the contrary, utility B is less than utility A. Therefore, all exchanges are possible only after clarifying the subjective assessments of the usefulness of the goods exchanged (fundamentally different for the parties to the transaction), and the introduction of «objective» values into consideration only takes away from the essence of the matter. Let us illustrate the proposed approach to the quantitative assessment of subjective measures of the utility of assets by the example of the formation of schemes for the exchange of one means of payment for others between a certain set of actors.

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