Research and improvement of financial innovations at Monblan, LLC in the context of managing foreign economic activity
Students Name: Pyts Snizhana Andriivna
Qualification Level: magister
Speciality: Management of Foreign Economic Activity
Institute: Institute of Economics and Management
Mode of Study: full
Academic Year: 2020-2021 н.р.
Language of Defence: ukrainian
Abstract: Pyts S. A., Peredalo Kh.S. (supervisor) «Research and improvement of financial innovations at Monblan, LLC in the context of managing foreign economic activity ».- Lviv Polytechnic National University, Lviv, 2020. Extended abstract. The work is devoted to the importance of financial innovations in the management of foreign economic activity in modern conditions. The paper reveals the essence of financial innovations, their classification, features of accounting for its individual components. The normative - legal, financial and organizational - economic bases of support of use of operating financial innovations of Monblan, LLC in the conditions of management of foreign economic activity are considered. Factors influencing the possibility of improving financial innovations in society in terms of foreign economic activity management are studied. Recommendations for eliminating the identified problems in order to improve the financial innovations of Monblan, LLC in the management of foreign economic activity. Financial innovations are understood as a combination of new financial products (tools) and technologies, which, according to H. Merton, act as "a force that moves the global financial system to its goal and increase economic efficiency." [6]. These are the methods used by organizations to carry out transactions with new types of financial assets or new transactions with existing assets in order to effectively use their own financial resources [4]. According to Golovko A.T., Laptev S.M., Kabanov V.G: financial instrument (component of financial innovations) is any instrument in written or electronic form that has a monetary value or confirms monetary transactions [1]. Zagorodniy A.G. and Voznyuk V.G. interpret financial instruments as a different type of market financial product, which includes securities, monetary obligations, currency, futures, insurance policies, options, certificates of deposit, loan agreements, etc. [2]. Researchers provide different classifications of financial innovations, which differ in the object (structure) of innovation and the level of its novelty. Financial innovations are classified into the following groups: New financial products, new financial services, new financial technologies, new forms of organization of financial structures, by method of creation and level of novelty and by functional principle [5] Purpose and tasks, research. The purpose of the master’s qualification work is to study the financial innovations of Monblan, LLC in terms of management of foreign economic activity and their improvement. The object of the master’s qualification work is Monblan, LLC, which has been operating on the market since 1995. The main activities include: outdoor and indoor advertising; light and billboard advertising; neon signs and individual neon elements, etc. The subject of research is financial innovations in the management of foreign economic activity. After conducting research in the field of financial innovations of Monblan, LLC in terms of foreign economic activity, the following problems were identified: no assessment of receivables as a component of financial innovation for Monblan, LLC in terms of foreign economic activity management and the high level of receivables funds (financial instruments) and makes it impossible as a result of the company to fulfill other current orders. In order to eliminate the identified shortcomings, it was proposed: 1) application of the matrix of estimated provisions to receivables in order to identify risks of potential losses; 2) the use of factoring with partial recourse as a financial innovation for Monblan, LLC in the management of foreign economic activity. Research methods - deduction, generalization, comparison, analysis, evaluation, mathematical, graphical analysis, heuristic methods. The practical significance of the proposed measures to improve financial innovations in the management of foreign economic activity lies in their realistic application. Keywords: financial innovations, financial instruments, receivables, financial asset, foreign economic activity, factoring. References: 1. Holovko A.T., Laptiev S.M., Kabanov V.H. (2009) Rynky finansovykh instrumentiv ta ikh infrastruktura: monohrafiia [Financial instruments markets and their infrastructure: monographs], Universytet ekonomiky ta prava «KROK», Kyiv, Ukraine 2. Zahorodnij, A. H., Vozniuk V.H. (2008). Rynok finansovykh posluh : Terminolohichnyj slovnyk [Financial services market: Glossary], Beskyd Bit, Lviv, Ukraine 3. Pantielieieva N.M (2017). Finansovi innovatsii v umovakh tsyfrovizatsii ekonomiky: tendentsii, vyklyky ta zahrozy [Financial innovations in the conditions of digitalization of the economics: trends, challenges and threats]. Pryazovs’kyj ekonomichnyj visnyk, no. 3 (03) Retrieved from: http://pev.kpu.zp.ua/journals/2017/3_03_uk/17.pdf 4. Finansovyj slovnyk [Financial dictionary] Retrieved from: http://f-d.org.ua/i/766- innovaciyi-finansovi.html 5. Shevchenko V. (2012) Finansovi innovatsii ta suchasni instrumenty mizhnarodnykh finansovykh rynkiv [Financial innovations and modern instruments of international financial markets]. Visnyk Kyivs’koho natsional’noho universytetu imeni Tarasa Shevchenka. Seriia «Ekonomika», pp. 30-33. Retrieved from: http://bulletin-econom.univ.kiev.ua/wp-content/uploads/2015/11/133_9.pdf 6. Product innovation in non-life insurance markets – Sigma, No 4/2011, Retrieved from : http://media.swissre.com/documents/sigma4_2011_en.pdf