Rating of Stability of Russian Companies in Oil and Gas and Electric Power Industries Based on Interval Volatility

Abstract

The authors propose an instrumental apparatus for calculating the ratings of Russian companies in the oil and gas and electric power industries based on a weighting method, risk assessment using the minimax criterion and an intellectual tree structure. The relevance of the developed system is justified by the need to create Russian rating systems for companies that will represent their actual state and place in the analyzed group. The problem of data redundancy has been solved by using the hierarchical principle for the isolated indexing of absolute and relative indicators from the financial statements of the companies in question into sub-indexes, with further integral indexing and correction for the volatility of changes over the past three years. The authors used a financial analytics apparatus based on the regular financial (accounting) statements of companies according to accepted forms, and balance sheets and reports on financial results were applied. The authors developed and tested a methodology for sub-indexing important indicators of financial statements: capital structure—equity, debt capital, highly liquid assets (cash and settlement accounts in reliable banks, short-term financial investments) and net profit. Based on the results of the analysis, recommendations are provided for the long-term development of the energy business.