Determination of the Leading Positions of Companies Based on the Financial Potential of Their Innovative Development

Abstract

The goal is to identify factors affecting the innovative development of oil and gas companies and, based on identified factors, to form a model for an integrated assessment of the financial potential of companies’ innovative development. The methodological basis of the work was general scientific principles and research methods: analysis and synthesis, induction and deduction, collection and generalization of the theoretical bases for the development of a balanced scorecard, and their comparison with the practice of application. Within the framework of the integrated approach, the methods of grouping and comparison and calculation and analytical methods were also used. The study used a comparative analysis of indicators and factor analysis of reporting data of oil and gas companies based on the integration of factor characteristics of current and fundamental performance indicators of companies; a system of financial indicators was formed to determine the position of the financial potential of company’s innovative development and to identify leading companies on the basis of innovative development. The ranks of indicators are determined, and weighted coefficients are assigned to them on the basis of the Fishburn rule (criterion). The initial and normalized indicators are determined, and on the basis of this, vector values are formed. An integrated assessment of the financial potential of innovative development of companies has been formed. The dependence between the volumes of financing R&D and indicators of the capital structure was revealed. It is determined that the company finances R&D, including through borrowed capital.