Strategic directions for increasing the gross value added of the high-tech sector (on the example of the Ukrainian economy)

Burkynskyi, Borys; Iermakova, Olga; Лайко, Олександр

doi:10.9770/jesi.2021.8.4(30)

Cited by 4 publications

(3 citation statements)

References 6 publications

(7 reference statements)

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“…It is necessary to conduct a financial analysis based on evaluating the ratio standards (e.g., liquidity, financial stability, profitability, business activity); as a result, it can be concluded that the business is reliable and promising, having competitive strength and the potential for innovative developments [30,31].…”

Section: Literature Foundationsmentioning

confidence: 99%

Assessment and Integral Indexing of the Main Indicators of Oil and Gas Companies by Circular Convolution

et al. 2022

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In the oil and gas industry, which is the basis of the Russian energy market, a significant and urgent question arises: How to distribute companies according to their investment attractiveness? Accordingly, quantitative indicators are needed. Lacking extensive experience in the practical implementation of fundamental rating tools, work is needed to develop methodologies of weighting coefficients and lists, built on the experience of the “big three” rating agencies. The article proposes an algorithm for forming an integral rating of companies based on financial reporting indicators and the author’s rules of fuzzy logic based on the principle of “circular convolution”, from the best to the slave, deepening the analysis to the center, when all companies are exhausted and places in the rating are distributed. The problem of assessing and integrally indexing the indicators of large companies in leading sectors of the economy (e.g., oil and gas, banks, electricity) is becoming manifest, while it is obvious that there is competition between large companies of the country’s leading industries for state investment resources. The nature of the leading industries is such that it is necessary to assess the quality of the company’s functioning based on the formation of rating groups. Based on the rating, investments are distributed among the companies under consideration. The author has developed a portfolio model that is analogous to the Harry Max Markowitz model, which does not contradict this model but allows consideration of a broader range of risk assessments used in the model (for example, the rating of companies). The optimal portfolio is built, taking into account the resulting index and the initial grouping in the hierarchical data correction mode. The logically sequential method of circular convolution of four important indicators to an integral index and a mathematically substantiated method for optimizing the minimax portfolio presented in the work will allow the investor to develop optimal (from the point of view of the transparency of the apparatus used, mathematical feasibility and time spent on the implementation of the software package) tools for investing and enlarging his capital.

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Section: Literature Foundationsmentioning

confidence: 99%

Assessment and Integral Indexing of the Main Indicators of Oil and Gas Companies by Circular Convolution

et al. 2022

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“…Some authors have studied high-tech companies [15], taking into account the industry characteristic [16][17][18][19][20][21][22].…”

Section: Literature Foundationsmentioning

confidence: 99%

Optimization of the Structure of the Investment Portfolio of High-Tech Companies Based on the Minimax Criterion

et al. 2021

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A model has been developed for the optimization of the share structure of an investment portfolio in high-tech projects supported by the leaders of the leading industry companies in Russia. Several indicators (financial leverage, integrated rating of companies, industry rating) were applied in the decision support system for the shared distribution of investments. High-tech production is based on innovative technologies for saving resources, the resiliency of systems for transporting and transferring raw materials and finished products within Russia, so the main income will remain within the country. It is possible to export high-tech products, rather than raw materials, which will increase export revenues. Investors will invest in high-tech projects of Russian companies, taking into account the targeting of investment development. The guarantee is the stable financial position of the companies and the competitiveness rating. Methods: The authors propose a new approach that does not contradict modern rating scales, based on a hierarchical rating procedure and fuzzy logical rules that allow you to build an integral rating in the form of portfolio shares from the whole. A higher share shows an indicator of the higher investment attractiveness of companies. The industry rating is obtained based on the principle of the company’s first affiliation to the highest rating indicator. The final minimax portfolio is based on the initial ratings in a circular convolution and is then adjusted by industry. A software package has been compiled that allows the testing of the method of capital allocation between investment projects for the largest companies’ leaders of high-tech industries in Russia. This software uses the author’s method of multi-stage analysis, the evaluation of financial coefficients, the integral ranking and the correction of the solution taking into account the industry attributes. Results: The results are presented with computer-aided design (CAD) in the form of an algorithmized decision support system (DSS). The CAD system is based on a hierarchical algorithm, based on the use of a multi-level redistribution of investment shares of high-tech companies, taking into account the adaptation to the requirements of the return on investment portfolio. When compiling the portfolio, the minimax optimality criterion is applied, which allows the stabilization of the risk by purposefully redistributing funds between the companies involved in the analysis. The authors of the article have compiled an algorithm for the software implementation of the model. Features of the rating approach: the use of the author’s mathematical apparatus, which includes a hierarchical analysis of the ranked indicators of the financial and economic activity of companies, taking into account their priority, and the use of a minimax approach to obtain a rating assessment of companies, taking into account the industry attributes. Development: The proposed approach should be used for targeted financing of large industry companies engaged in the implementation of high-tech projects.

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“…To do this, it is necessary to consult with them in the process of preparing new acts, actively use business self-regulation mechanisms, delegating certain powers to non-governmental structures. In addition, it is advisable to simplify regulatory requirements (Gunningham & Grabosky, 1998).…”

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confidence: 99%

Improvement of State Regulatory Policy in Ukraine Based on International Experience

SHCHERBAK,

NIKISHYNA

2023

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Topicality. The system of state regulation that exists in Ukraine does not contribute to increasing the competitiveness of domestic enterprises, the introduction of innovations and the development of leading sectors of the national economy. At the same time, it creates a significant administrative burden on business. Repeated deregulation measures had only a temporary effect. In order to improve the regulatory policy in Ukraine, it is important to study the best global practices, primarily the experience of the EU.Aim and tasks. The purpose of the article is to substantiate the measures aimed at improving the state regulatory policy based on the study of the best international experience and the situation in Ukraine.Materials and methods. The following methods are used in the research process: comparative analysis, statistical analysis, system-structural approach. Normative acts of Ukraine and the European Union, official documents of the OECD, the State Regulatory Service of Ukraine, works of foreign and domestic scientists are used.Research results. Changes in the state regulatory policy of developed countries in the 21st century are analyzed. It was found that in modern conditions the emphasis is not on the deregulation of certain markets, but on improving the quality of regulatory acts due to their evaluation throughout the entire life cycle: from drafting to revision. The necessity of assessing the actual impact of regulatory acts and the methodology of its implementation have been studied. It has been clarified how openness and transparency of regulatory policy, effective feedback in the regulatory process is ensured in developed countries. The EU regulatory policy, the most important tools of such policy are analyzed. The reasons for the low effectiveness of the state regulatory policy in Ukraine and the measures to improve the situation that have been implemented recently are studied. Ways to improve the quality of regulatory acts are identified.Conclusion. Implementation of an effective regulatory reform is a prerequisite for the rapid recovery of Ukraine's economy after the war. It is appropriate to organize an independent review of the effectiveness of the most important regulatory acts with the involvement of experts and consulting firms. Feedback should be improved by publishing action plans for tracking the effectiveness of regulatory acts and draft reports. It is important to introduce a compensatory approach, when the introduction of new regulatory measures must be accompanied by the repeal of outdated acts.

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Strategic directions for increasing the gross value added of the high-tech sector (on the example of the Ukrainian economy)

Cited by 4 publications

References 6 publications

Assessment and Integral Indexing of the Main Indicators of Oil and Gas Companies by Circular Convolution

Assessment and Integral Indexing of the Main Indicators of Oil and Gas Companies by Circular Convolution

Optimization of the Structure of the Investment Portfolio of High-Tech Companies Based on the Minimax Criterion

Improvement of State Regulatory Policy in Ukraine Based on International Experience

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