Applying benchmarking tool in assessment financial safety of organization

Tatyana Evgenyevna Melnik; Denis Evgenevich Lomakin; Elena Valeryevna Lebedeva; Timur Gadzhievich Aygumov; Anna Ivanovna Pakhomova

doi:10.34069/AI/2020.27.03.8

Tatyana Evgenyevna Melnik Orel State University named after I.S. Turgenev, Department of algebra and mathematical methods in economy, Russian Federation https://orcid.org/0000-0002-2258-7389
Denis Evgenevich Lomakin Orel State University named after I.S. Turgenev, Department of algebra and mathematical methods in economy, Russian Federation https://orcid.org/0000-0002-1771-5075
Elena Valeryevna Lebedeva Orel State University named after I.S. Turgenev, Department of algebra and mathematical methods in economy, Russian Federation https://orcid.org/0000-0002-2108-1271
Timur Gadzhievich Aygumov Dagestan State Technical University, Department of computer engineering software and automated systems, Russian Federation https://orcid.org/0000-0002-8737-0228
Anna Ivanovna Pakhomova Institute of Service Sphere and Entrepreneurship (branch) of Don State Technical University, Department of Economics and Business, Russian Federation https://orcid.org/0000-0003-3087-6284

DOI: https://doi.org/10.34069/AI/2020.27.03.8

Keywords: financial safety, benchmarking, financial ratios.

Abstract

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.

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Author Biographies

Tatyana Evgenyevna Melnik, Orel State University named after I.S. Turgenev, Department of algebra and mathematical methods in economy, Russian Federation

(Candidate of Economic Sciences) Orel State University named after I.S. Turgenev, Department of algebra and mathematical methods in economy, Russian Federation

Denis Evgenevich Lomakin, Orel State University named after I.S. Turgenev, Department of algebra and mathematical methods in economy, Russian Federation

(Candidate of Physical and Mathematical Sciences) Orel State University named after I.S. Turgenev, Department of algebra and mathematical methods in economy, Russian Federation

Elena Valeryevna Lebedeva, Orel State University named after I.S. Turgenev, Department of algebra and mathematical methods in economy, Russian Federation

(Candidate of Pedagogical Sciences) Orel State University named after I.S. Turgenev, Department of algebra and mathematical methods in economy, Russian Federation

Timur Gadzhievich Aygumov, Dagestan State Technical University, Department of computer engineering software and automated systems, Russian Federation

(Candidate of Economic Sciences) Dagestan State Technical University, Department of computer engineering software and automated systems, Russian Federation

Anna Ivanovna Pakhomova, Institute of Service Sphere and Entrepreneurship (branch) of Don State Technical University, Department of Economics and Business, Russian Federation

(Candidate of Economic Sciences) Institute of Service Sphere and Entrepreneurship (branch) of Don State Technical University, Department of Economics and Business, Russian Federation

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