Financial Enterprises Research Articles

Research on the Evolution Path of Supply Chain Financing for Small and Medium-sized Enterprises

Information asymmetry is the main reason why it is difficult and expensive for small and medium-sized enterprises to obtain financing. This paper uses the system dynamics method to construct an evolution model of the supply chain financing system of small and medium-sized enterprises, simulates the dynamic changes of the financing amount of the supply chain financing system of small and medium-sized enterprises, and explores the relationship between various influencing factors and their effects on the financing amount. The research shows that the supply chain financing of SMEs is a complex and dynamic system, and the overall financing amount has a significant cumulative effect, and is more sensitive to the solvency of SMEs, the relationship between core enterprises and financial institutions, government support, and the degree of supply chain information sharing. In order to alleviate the financing difficulties of small and medium-sized enterprises, the government should increase support for the supply chain financing of small and medium-sized enterprises, banks and other financial institutions should strengthen the supply chain financing service capabilities of small and medium-sized enterprises, small and medium-sized enterprises should pay attention to the improvement and upgrading of internal management, and the main body of the supply chain should strengthen cooperation and communication.

Credit term structure and corporate indebtedness

At present, one of the major issues that seriously plague the high-quality development of the real economy globally is the current prevalence of high indebtedness and high leverage, as well as the financing problems of manufacturing enterprises. This paper empirically investigates the extent of the impact of bank credit term structure on corporate indebtedness and its mechanism using Chinese provincial panel data from 2003-2020 as the research sample. The results show that, firstly, long-term bank credit term structure can reduce corporate liabilities and mitigate corporate liability risks, and this result still holds after endogeneity analysis and robustness tests such as lagging credit term structure by one period, using instrumental variable method, and replacing explanatory variables. Second, income effect and innovation effect are two important mechanisms by which credit term structure affects corporate liabilities. Finally, the heterogeneity results show that the credit term structure of firms in the central and western regions has a more pronounced effect on corporate indebtedness than in the eastern regions. Therefore, this paper suggests optimizing the credit term structure, promoting the effective support of credit for the sustainable development of the real economy, taking full account of regional differences, and creating a more favorable environment for enterprise financing and development.

The Effect of Transformational Leadership in Financial Enterprises on the Procrastination Behavior of the New Generation Employees: The Mediating Effect of Job Exuberance and the Moderating Effect of Psychological Capital

The Effect of Transformational Leadership in Financial Enterprises on the Procrastination Behavior of the New Generation Employees: The Mediating Effect of Job Exuberance and the Moderating Effect of Psychological Capital

Assessment of the Impact of the COVID-19 Pandemic on the Economy of Russian Regions

The COVID-19 pandemic has had a serious impact on the sustainability of the social, economic and environmental development of countries and regions. Differences in the structure of the economy of the subjects of Russia and the rate of spread of infection give rise to an assumption about the spatial unevenness of the economic consequences of the COVID-19 pandemic. The purpose of this work is to determine the degree of impact of COVID-19 on various types of regional economies, taking into account industry specifics. The article presents the theoretical base of the study based on foreign and domestic sources, considers the spread of coronavirus infection in the regions of the Russian Federation using the indicator “total number of cases of COVID-19 (per 1000 people)”, the dynamics of the unemployment rate at working age in the regions of Russia in 2018–2021, the dynamics of economic growth in the regions of the Russian Federation and the dynamics of the growth rate of GRP by sectors of the economy during the COVID-19 pandemic, specialization of the regions of the Russian Federation. Based on the results of the study, the regions of the Russian Federation were ranked according to the degree of influence of COVID-19 on their economic sphere: a) regions whose specialization is determined by natural and geographical factors (with the exception of tourism) experienced the least impact of the COVID-19 pandemic; b) regions whose economies are highly differentiated, large industrial and financial enterprises are located on their territory, the economic sphere of this group of regions has experienced a significant impact of the COVID-19 pandemic, but recovery has been rapid; c) regions in whose economy a number of pandemic risk factors have been concentrated; d) economic outsider regions in the Russian Federation. The conducted research complements the cycle of works in the field of the impact of epidemics on the economy of regions and countries. The results obtained can be used to develop and implement a risk management policy to mitigate the consequences of anti-epidemic measures in the regions of the Russian Federation.

Фінансові потреби аграрних підприємств та необхідність їх кредитного забезпечення

The theoretical foundations of the development of an agricultural enterprise as a subject of credit relations are considered. The important function of bank credit in the development of small agribusiness is substantiated. The activities of commercial banks in providing credit resources to agricultural enterprises are analyzed. Attention is focused on the factors influencing the financial needs of agricultural enterprises and the need to provide them with credit resources is shown. The criteria for determining financing for small agricultural enterprises are substantiated. The reasons slowing down the provision of loans to agricultural enterprises are formulated. Risk factors in lending to small agribusinesses are analyzed. Priority directions for providing credit to agricultural enterprises by commercial banks are proposed.

ДЖЕРЕЛА ФОРМУВАННЯ ФІНАНСОВИХ РЕСУРСІВ СІЛЬСЬКОГОСПОДАРСЬКИХ ПІДПРИЄМСТВ УКРАЇНИ В УМОВАХ ВОЄННОГО СТАНУ

The purpose of the article is to analyze the structure of the sources of the formation of financial resources of agricultural enterprises of Ukraine and to assess the influence of the state of war on their dynamics. In the course of the research, there were used methods: analytical method and method of comparisons – to assess the dynamics and structure of sources of financing of agricultural enterprises; the method of building analytical tables – for summarizing the results of the analysis; expert method – for determining the problems of financial support of agricultural enterprises of Ukraine and substantiating proposals for their solution. The conducted research emphasizes the importance of the activities of agricultural enterprises to ensure food security of Ukraine and the world. In view of this, the access of agricultural enterprises to sources of financing based on fair competition is a significant factor and incentive for their further activity. It was found that the main source of financing for agricultural enterprises of Ukraine currently remains own funds, however, the level of self-financing in 2022 compared to 2021 significantly decreased, in particular due to military actions, occupation of territories, reduction of exports, and disruption of logistics. The war and its negative consequences made it necessary to increase the volume of external sources of financing, in particular credit resources, including Вісник Чернівецького торговельно-економічного інституту. 2024. Вип. І (93) 194 through the creation of favorable lending conditions based on the state program "Affordable loans of 5-7-9%" during the period of martial law and within a month after its end. Opportunities for agricultural enterprises of Ukraine to attract sources of financing are expanding through the receipt of state subsidies, targeted, subsidized credit programs, loans and technical assistance from the EU and other international donors. The activities of agricultural enterprises in the conditions of martial law and the need for post-war reconstruction of the agricultural sector indicate the perspective of further scientific research into the study of various sources of financing agricultural enterprises as a factor in development of the national economy, increasing the export potential of the agricultural sector of Ukraine, ensuring world food security.

Contemporary Forms of Financing for Small and Medium-sized Enterprise: Country Case Study of Croatia

The paper analyzes the financing of small and medium enterprises (SMEs) in the Republic of Croatia. The fundamental goal of the paper is to determine the most common forms of funding sources used by entrepreneurs classified as SMEs, as well as the advantages and disadvantages that each financing model brings. The article pays special attention to financing methods that are less known to the average Croatian entrepreneur, such as peer-to-peer lending, initial coin offering, and security token offering. Unlike the banking system, which serves as an indirect financial system, modern forms of financing allow SMEs to raise funds directly from borrowers. To obtain the most relevant information from practice, the article presents the results of conducted research on financing models for SMEs in Croatia, with a particular focus on the awareness of entrepreneurs about new and contemporary forms of financing. Research was carried out in the form of a survey questionnaire created using Google Forms. The sample for the research consisted of 145 SMEs companies, selected to represent the population from various sectors of activity according to the national categorization of activities, from which 14.48% responded to the survey questionnaire. Research showed a higher rate of awerenes and the utilization of traditional forms of financing compared to modern ones. However, it also indicates a certain readiness to embrace the latter. Although the share of modern forms of financing remains small, research revealed that they constitute an appropriate alternative to traditional banking systems, both as a relatively solid investment channel and as a way to obtain loans with convenient terms.

Environmental protection tax collection, financing constraints, and corporate green technology innovation

The article empirically examines the relationship between environmental protection tax levy and enterprises’ green technology innovation and the moderating effect of financing constraints between the two with a sample of heavy polluters listed in A-share companies in Shanghai and Shenzhen from 2015 to 2021. It is found that the levy of environmental protection tax significantly promotes the green technology innovation investment of heavily polluting enterprises. It is further found that enterprise financing constraints have a negative moderating effect in the process of environmental protection tax stimulating enterprise innovation input. The article proposes to continue to strengthen the reform of environmental protection tax to form a collection model with both incentives and constraints and at the same time, to improve the financing efficiency of enterprises through green digital finance to alleviate the impact of financing constraints on enterprise technological innovation.

Digital inclusive finance and corporate environmental performance: Insights from Chinese micro, small- and medium-sized manufacturing enterprises

Extensive research has discussed digital inclusive finance’s (DIF) rapid growth in financial services and its vital economic role; however, limited research addresses its potential to mitigate micro, small- and medium-sized enterprise (MSME) financing constraints and generate environmental benefits. This study empirically investigates the effects of DIF on Chinese MSMEs’ environmental performance using a substantial manufacturer sample. The findings indicate that DIF significantly reduces the wastewater discharge intensity of MSMEs. Furthermore, DIF has a more pronounced environmental effect on non-state-owned firms, SMEs, firms in areas with more significant emission reduction pressure, and those in the eastern region. Further mechanism analysis reveals that DIF can ease the financing constraints of MSMEs. Moreover, strengthening terminal treatment, optimizing the energy consumption structure, and increasing investment in research and development are significant pathways through which DIF affects corporate environmental performance. Finally, this study proposes some policy implications to promote the green transformation of MSMEs.

Research on financial risk early warning system model based on second-order blockchain differential equation

A financial risk early warning system (FREWS) is a disclosure and tracking mechanism that provides advance notice of potential issues, hazards, and potentials that might affect the business’s finances. Some elderly individuals living alone may experience financial difficulties, which may hinder their ability to pay for appropriate medical care, property maintenance, and other essential expenses. Financial difficulties can add tension and diminish their quality of life. Financial results, investment risk, and possible insolvencies may all be detected by implementing early warning systems. Management might use the window of opportunity provided by early warning systems to avert or lessen the impact of possible issues. Almost all FREWS rely on some financial statement analysis. Financial measures are combined with the EWS, accounting information, to determine the firm’s success in its field. Organizational success depends on effective financial oversight, which is at the heart of each business. Studying the enhancement of early warning capacities is relevant because there are no adequate risk evaluation methods to generate realistic estimates. To minimize the FREWS, this research provides a systemic model based on a second-order block chain differential equation (SBDE). China’s systemic financial liabilities have also been quantified using the expected investment returns of 64 selected financial enterprises in China between February 2006 and September 2020 as the datasets. The financial risk warning approach is compared and analyzed primarily using analytical and comparative techniques. The suggested method is 96% accurate in experiments. Consequently, the proposed algorithm compares favorably to others regarding both computing efficacy and precision and has strong predictability.

Digital inclusive finance: A lever for SME financing?

This paper systematically investigates the relationship between digital inclusive finance and small and medium enterprises (SMEs) financing constraints. We extrapolate the influence model between them from an economic theory perspective and conduct an empirical test using two-way fixed effects and a mediation effect model. The results show: (1) Digital inclusive finance significantly alleviates the financing constraints of SMEs; (2) Compared to the breadth of coverage, the depth of use of digital inclusive finance has a more noticeable effect; (3) The alleviation effect of digital inclusive finance exhibits heterogeneity. It can correct the attribute mismatch, field mismatch, and regional mismatch of traditional financial loan services; (4) Digital inclusive finance alleviates SME financing constraints by reducing financing costs and controlling leverage levels, increasing internal sources of enterprise funds. This research is significant for promoting digital inclusive finance to alleviate the financing difficulties of SMEs in China and provides valuable solutions for other countries to mitigate the “Macmillan Gap” phenomenon.

Financing and profitability of commercial enterprises in La Libertad, 2022

Financing is very important for the operation of commercial enterprises, its proper management through loans allows resources to be invested for the expansion of business; therefore, the resources obtained from different sources of financing must be managed properly with the intention to ensure a profitability of considered levels. The purpose of this article is to determine how financing affects the profitability of commercial enterprises in the canton of La Libertad, through the analysis of each of the indicators of the variables of study, therefore a descriptive research was used through the desegregation of variables, and situational analysis of the object of study, applying the techniques of interviews and direct observation, in addition correlational research was used to determine the critical factors associated with financing and profitability, through surveys of the companies that were part of the study. The results obtained show that the accounting that the companies are doing is empirical and not very technical, which has caused them to grow slowly compared to medium-sized companies of the same type, which through adequate financial management has favored their sustainable growth and decision making.

Commercial Bank Loan Risk and Prevention

Under the environment of China's market economy, the healthy and stable development of commercial banks is an important guarantee for the healthy operation of the social and economic system. As an important part of the financial management system, credit management of commercial banks is not only related to the sound development of commercial banks, but also has a direct impact on the stability of the whole society. At the same time, risk factors in financial activities are always following, and if there is no reasonable avoidance and prevention of financial risks, it will affect and threaten the survival of financial institutions. In such a situation, commercial banks should attach great importance to the prevention and control of loan risks, establish reasonable control strategies based on the actual situation, optimize the risk management system, continuously improve the level of risk management and control, ensure that the healthy operation of the financial system has good depth and breadth, and lay a solid foundation for the sustainable development of commercial banks. This paper discusses the risk and prevention of commercial bank loans from the aspects of the concept and characteristics of commercial bank loan risk, the current problems in the risk management and control of commercial bank loans, and the countermeasures to the risk management and control of commercial bank loans, so as to provide reference for promoting the healthy development of the financial industry and standardizing the management of financial enterprises.

ЕМПІРИЧНИЙ АНАЛІЗ ДІЯЛЬНОСТІ “ЗЕЛЕНИХ” ПІДПРИЄМСТВ І ПЕРСПЕКТИВИ РОЗВИТКУ ВІДНОВЛЮВАНОЇ ЕНЕРГЕТИКИ В УКРАЇНІ

Purpose. This paper comprehensively analyzes the performance of five prominent Ukrainian green enterprises spanning the period from 2016 to 2020. Specifically, it focuses on PJSC Myronivskyi Hliboprodukt and NJSC Naftogaz, recognized as top contributors to green technologies in Ukraine, and delves into the green metallurgy advancements of PJSC Interpipe Steel, PJSC Energomash-spetsstal, and PJSC Dniprospetsstal. The study not only evaluates their achievements but also formulates strategic recommendations, outlining a potential developmental roadmap for fostering positive transformations within the Ukrainian green economy. Design/Methodology/Approach. The problem of establishing an effective financial mechanism in Ukraine, aimed at the development of the green economy through green investment, and, therefore, the search for sources of funding for green business, is currently open for discussion. The study of the financial statements of five green enterprises in Ukraine as well as the currently existing approaches to solving the above-mentioned problems made it possible to determine the sources of financing the green economy, which embrace the state budget (through targeted state and regional investments), foreign (international) investments, commercial funds (funds of off-budget investment, environmental and other funds), own funds (funds of enterprises and organizations creating market infrastructure - environmental investment banks, natural resource exchanges, consulting agencies). Findings. Both social and economic benefits of the development of renewable energy sources are undeniable. However, no sector of the economy will be able to develop sustainably without appropriate state incentives and an attractive business climate in the country. Under current conditions, the Government of Ukraine faces the task of preserving those national and international investors in RES who have already invested in the economy of Ukraine, providing conditions for their further business activity in the post-war period. The financial mechanism for the formation of a green economy can function effectively if one understands the factors of a green financial system, which rely on environmentally determined transformations of the modern investment environment. These include:a) transformation of investors’ assessments of environmental investment results; b) growing needs for intermediary services of the financial sector as a result of the development of market mechanisms forensuring sustainable development (carbon markets, green technologies among others); c) representa-tiveness of market assessments of ecologically safe production; investment attractiveness of various financial instruments, peculiarities of their pricing. Practical implications. The results obtained during the analysis of the profitability indicators of the mentioned enterprises made it possible to set recommendations for the potential developmental vector for changes in the green economy in the Ukrainian market. The prospects for the development of renewable energy sources in Ukraine have been analyzed to prove that starting from 2019, investments in new renewable energy projects in Ukraine have been consistently higher than those in fossil fuel projects. Originality/Value. The paper not only contributes valuable data on sustainable practices of Ukrainian green enterprises but also formulates recommendations, outlining a potential developmental trajectory for advancing the green economy within the Ukrainian market. This dual focus on analysis and strategic recommendations enhances the originality and practical value of the paper.

INCREASING THE EFFICIENCY OF MANAGEMENT OF THE PERFORMANCE OF MARKETING ACTIVITIES OF THE ENTERPRISE IN THE CONDITIONS OF DIGITALIZATION AND THE POST-WAR PERIOD

The article defines the main directions of digitization of the management of the effectiveness of marketing activities of the enterprise. The purpose of the article is to justify proposals for improving the digitalization of the document flow system of marketing business processes due to its design in terms of the main directions of the company's marketing activities, to determine the role of digital marketing tools in managing the effectiveness of marketing activities. The components of document flow systems of marketing business processes have been studied. It is shown that digitalization contributes to increasing the effectiveness of marketing research and justification of marketing decisions. It was determined that the combined use of traditional and digital marketing tools allows for a synergistic effect in managing the effectiveness of marketing activities. The expediency of designing a document flow system of marketing business processes in terms of the main directions of the enterprise's marketing activity (development of product, price, sales, communication policies, marketing management), as well as points of interaction of the functional subsystem of marketing management with the functional subsystems of production, personnel, finance and innovation management is shown. It is shown that the digitalization of marketing performance management is an integral part of the company's digitalization strategy. It was determined that the classification of companies depending on the level of innovative activity is more appropriate for the study of innovative marketing strategies of Ukrainian enterprises. It was determined that in the post-war period, the main threats to the enterprise are the destruction of logistics chains, the shortage of own funds of enterprises and the difficulty of obtaining credit funds, the complication of business conditions due to state policy, and a high degree of uncertainty in the business environment. In such conditions, the tools of digital technologies make it possible to increase the effectiveness of managing the effectiveness of marketing activities and more rationally distribute the limited marketing budget.

Fintech Innovation in Micro and Small Business Financing

This paper delves into the transformative role of financial technology (FinTech) innovations in facilitating financing for small and micro enterprises (SMEs), a sector historically marred by limited access to traditional financial services. Despite their significant contribution to economic growth and employment, SMEs often face substantial barriers in securing necessary capital due to stringent credit evaluations, lack of collateral, and the disproportionate costs of small-scale lending. FinTech innovations, leveraging cutting-edge technologies such as artificial intelligence, blockchain, and big data analytics, present a paradigm shift, offering more accessible, efficient, and tailored financial solutions. This study explores the evolution of FinTech, its impact on traditional banking, and its potential to bridge the financing gap faced by SMEs. Through an analysis of current financing challenges and the application of FinTech solutions, this paper highlights how digital platforms, alternative credit scoring models, and novel funding mechanisms are revolutionizing SME financing. Furthermore, it discusses the regulatory landscape, emphasizing the need for policies that support FinTech growth while ensuring financial stability and consumer protection. Looking forward, the paper outlines the anticipated trends in FinTech innovations and their continued influence on SME financing, advocating for a collaborative approach among policymakers, financial institutions, and FinTech firms to foster a more inclusive financial ecosystem. The conclusion underscores the critical role of FinTech in empowering SMEs, driving economic diversity, and promoting sustainable development.

Evolutionary Game Analysis of Digital Financial Enterprises and Regulators Based on Delayed Replication Dynamic Equation

With the frequent occurrence of financial risks, financial innovation supervision has become an important research issue, and excellent regulatory strategies are of great significance to maintain the stability and sustainable development of financial markets. Thus, this paper intends to analyze the financial regulation strategies through evolutionary game theory. In this paper, the delayed replication dynamic equation and the non-delayed replication dynamic equation are established, respectively, under different reward and punishment mechanisms, and their stability conditions and evolutionary stability strategies are investigated. The analysis finds that under the static mechanism, the internal equilibrium is unstable, and the delay does not affect the stability of the system, while in the dynamic mechanism, when the delay is less than a critical value, the two sides of the game have an evolutionary stable strategy, otherwise it is unstable, and Hopf bifurcation occurs at threshold. Finally, some numerical simulation examples are provided, and the numerical results show the correctness of the proposed algorithm.

Design and Implementation of Data Management and Visualisation Module in Financial Digital Management

Enterprise financial data is the key indicator of enterprise development, which provides the important basis for management to analyse and make decisions. Therefore, the provision of reliable and effective information services to enterprises through visualisation technology has become an urgent problem to be solved in the construction of enterprise informatisation. At present, the common data statistics and visualisation tools in the market are difficult to meet the needs of specialised financial enterprises for data analysis. Additionally, the current financial management system has several issues, including an abundance of data and lack of observation suitability. Aiming at the deficiency of data management function in the system, this paper studies the improvement design of data management and visualisation module in financial digital management. First, [Formula: see text]-means clustering algorithm and C4.5 decision tree algorithm are selected to improve the financial data management system. Then, through the existing hierarchical data visualisation scheme, the node link method, space filling method and Sankey chart are proposed to display the changes of financial data. Finally, the data management and visualisation module and the corresponding algorithm flow are designed. The experiment indicates a contour coefficient of 0.53 for the performance evaluation model based on the [Formula: see text]-means algorithm, indicating a satisfactory clustering result. The employee violation prediction model, based on the C4.5 decision tree algorithm, exhibits a high prediction accuracy of 92.35% for the training dataset, demonstrating its effectiveness in predicting employee violations. The data rendering accuracy of the visualised tool is 98.46%, significantly surpassing that of traditional visualisation tools. At the same time, its visual effect and operation are better than traditional tools. Compared with the traditional data visualisation system, this research method improves the efficiency of enterprise financial data management, converts complicated financial data into graphics that are easier for people to understand, realises visualisation, and effectively reduces the management cost of financial operations.

Enterprise Value Assessment Based on Real Option Approach: The Case of SEMCORP

As the core power source of new energy vehicles, the lithium battery industry has ushered in a high-speed development, and has become the most widely used battery technology system. Due to the industry's high technical barriers, imperfect system, high volatility risk and other characteristics of the lithium battery enterprise value the overall assessment of the difficulty of ordinary investors to make a more accurate judgment. As an important representative of the lithium new energy materials industry, SEMCORP is in a golden development period. Based on the research results of previous researchers on enterprise value assessment, this paper examines the value assessment of n SEMCORP. Specifically, this paper applies a two-stage growth model to calculate the present value and evaluates the potential value separately with the help of an option pricing model to obtain its overall value. After analyzing, conclude that SEMCORP 's shares are overvalued. This paper can provide decision-making references for the investment and financing of Chinese lithium new energy materials enterprises, as well as further enriching the application of enterprise value assessment methods.

The Relationship Between Green Finance, Sustainable Technological Innovation and Energy Efficiency

Sustainable technological innovation can promote this progress in finance. This optimization and upgrading of energy efficiency can provide a good energy environment for green development. The collaborative innovation of financial enterprises has brought such development to the tertiary industry, driving the upgrading of consumer demand, and thus promoting the development of green finance. At this same time, sustainable technological innovation will increase investment in environmental protection, reduce energy consumption, promote the reduction of carbon emissions in the financial industry, and accelerate the development of green finance. This paper uses the data envelopment analysis method to calculate the Marquis production efficiency index, examines the dynamic generation efficiency of intertemporal energy input and output, and calculates the energy efficiency of green finance. This article measures and deconstructs energy efficiency at the provincial level, and pays attention to its changes. The study depicted the efficiency distribution of 28 provinces in two stages of the survey period. By using random kernel estimation for two periods during the survey period, dynamic distribution three-dimensional maps and density contour maps of total factor energy productivity, energy utilization efficiency, and energy allocation efficiency growth rates were drawn for the two periods. The results show that the transfer probability group of energy efficiency and its decomposition terms mainly falls near the diagonal, indicating that TFP and its decomposition term growth rate have certain transferability. From 2005 to 2015, the energy utilization efficiency of the seven economic regions has been significantly improved, and the energy efficiency differences in different regions have gradually converged. The energy efficiency of the Yangtze River Delta and the Pearl River Delta is the highest and has been continuously improved, followed by the Beijing Delta, the central region, the northeast region and the southwest region are again in terms of energy efficiency. Compared with provinces with relatively poor industrial structures, provinces with better industrial structures do not have significant advantages in energy efficiency, while provinces with higher levels of technological innovation typically have relatively higher energy efficiency.