Applying benchmarking tool in assessment financial safety of organization
The aim of paper is to assess financial safety of organization using benchmarking method which was initially involved in business practices such companies as Xerox and Hewlett-Packard. Our research addresses using benchmarking relating to assessment of financial state of three Russian oil companies in order to develop a set of suggestions leading to desirable financial state. Proposed technique for assessment financial safety implies next steps: identifying key factors affecting the financial state of company, the choice of financial safety indicators by means of correlation analysis, a calculation of integral indexes of financial safety, development of guidance for decisions making. The next fundamental indicators of financial safety are examined - financial independence ratio, leverage ratio, accounts receivable turnover ratio, accounts payable turnover ratio, returns on assets, return on borrowed capital. To improve financial ratios the matrix of management decisions was elaborated.
A.C. Lyons, J.E. Grable, S-H. Joo (2018), A Cross-Country Analysis of Population Aging and Financial Safety, The Journal of the Economics of Ageing, https://doi.org/10.1016/j.jeoa.2018.03.001
Badaeva O.N., Tsupko E.V. (2013) Financial security assessment of small and medium enterprises. Russian entrepreneurship 14, 71-83.
Acuña, Marianela (2011). Crisis financiera internacional: rupturas y desafíos. Revista de la Universidad del Zulia, Vol. 2, Num. 4, 39-58, Septiembre-Diciembre 2011.
Blazhevich, O.G, Kirilchuk N. (2016) Assessing the financial security of the enterprise and identifying ways of its increasing. Scientific Bulletin: Finance, Banking, Investment 2, 40-48.
Camp R. Benchmarking (2006), The Search for Industry Best Practices That Lead to Superior Performance, the second edition, Productivity Press, 1563273527 (ISBN 13: 9781563273520).
Danilov I.P., Mikhailova S. Yu., Danilova T.V. (2005) Benchmarking - an effective tool to increase competitiveness, Standards and Quality, 1, 66-68.
Danilová, I., Karetniková, T. (2016) Competitive power of companies and industries: A methodical approach to evaluation. Indian Journal of Science and Technology, Volume 9, Issue 36, September 2016, Article number 102019
Delas, V., Nosova, E., & Yafinovych, O. (2015). Financial Safety of Enterprises. Procedia Economics and Finance, 27, 248–266. doi: 10.1016/s2212-5671(15)00998-3
Gazprom. The official website. https://www.gazprom.ru/investors/disclosure/reports/2019/ (accessed 03.01.20)
Khamzina, D., Goloviznin, S., Nogovitsina, O., Sarapulova, A., Aygumov, T., & Arishina, E. (2019). Methodological issues of financial analysis in oil construction companies. Amazonia Investiga, 8(22), 203-215. Retrieved from https://www.amazoniainvestiga.info/index.php/amazonia/article/view/306
Litvinenko I.L., Zernova L.E., Kiyanova L.D., Korolkov V.E., Buevich A.P., Protas V.F. Public-private partnership based clustering in the sphere of innovations. Ponte. 2018. Т. 74. № 4. С. 152-162.
Lukoil. The official website. http://www.lukoil.ru/(accessed 03.01.20)
Muñoz, Omar (2019). Cultura, gestión pública, gerencia y sistema de relacionamiento. Revista Latinoamericana de Difusión Científica, Vol. 1, Num. 1, Julio-Diciembre 2019.
Piotrowska, M. (2017). The impact of consumer behavior on financial safety of households in Poland. Contaduría y Administración, 62(2), 461–504. doi:10.1016/j.cya.2017.02.001
Rosneft. The official website. https://www.rosneft.ru/Investors/statements_and_presentations /Statements/ (accessed 03.01.20)
Shlykov V.V. (2009) Integrated ensuring the economic security of the enterprise. Third edition. Saint Petersburg.
Sorokina O.N. (2012) The content of the enterprise financial safety. Russian entrepreneurship. Volume 13, Issue №14, 74-80.
Sotskova S.I, Emelianov A.A (2015) Assessment of the financial security level of the economic subject. Bulletin of Samara State University of Economics 10, 82-86.
Sudakova A.I. (2008) Strategic management of enterprise financial security. Economic space. №9, 140-148.
Sukhina N.Yu., Sibireva D.V. (2018) Financial security of corporation. Bulletin of modern research, 12 (27), 499-503.
Surgutneftegaz. The official website. https://www.surgutneftegas.ru/(accessed 03.02.20)
Tatneft. The official website. https://www.tatneft.ru/(accessed 03.02.20)
Zairi, M (1996), Effective Benchmarking: Learning from the Best, Chapman & Hall. ISBN 0412714906 / ISBN 9780412714900