Modeling the innovative financial instrument concept

Aim. The work aimed to develop models for representing innovative financial instruments to systematize knowledge about the nature of innovative financial instruments.

Objectives. The work reviews existing methods for representing innovative financial instruments; develops models for representing innovative financial instruments, including through the use of a systematic logical-semantic approach; as well as draws conclusions and determines prospects for further development of the proposed models.

Methods. The author employed analysis and synthesis, the black box technique, logical-semantic modeling, and single-level triadic decoding of the category.

Results. The article discusses the process of investing through an innovative financial instrument. Based on the available data and a number of conditions, key elements are determined, as well as the concept of an innovative financial instrument as a type of financial instrument that is novel and alternative to traditional financial instruments, and has advantages over the latter. The results obtained confirm the position regarding increasing the accuracy and efficiency of representing innovative financial instruments through logical-semantic modeling.

Conclusions. The models developed represent a new contribution to the theory. The author thus offers a comprehensive approach to modeling the concept of an innovative financial instrument. These models contribute to the development of scientific knowledge and can be used by practitioners in various industries for better understanding and management of complex relationships in conjunction with innovative financial instruments.

1. Vasilenko N.V., Rumyantseva A.Yu. Russian economy in the conditions of institutional transformation of moving towards a multipolar world. Ekonomika i upravlenie = Economics and Management. 2023;29(10):1164-1177. (In Russ.). DOI: 10.35854/1998-1627-2023-10-1164-1177

2. Nikiforova V.D., Sintsova E.A. Dialectics of digitalization processes in the socio-economic system. Ekonomika i upravlenie = Economics and Management. 2022;28(3):289-296. (In Russ.). DOI: 10.35854/1998-1627-2022-3-289-296

3. Guseva I.A., Pugacheva A.S. Financial innovation: Essence and history of development. Finansovye rynki i banki = Financial Markets and Banks. 2019;(1):8-14. (In Russ.).

4. Mednikova O.V., Abyzova E.V. Financial innovations and their role in the modern financial system – identification and systematization of the problem. Vestnik Akademii znanii = Bulletin of the Academy of Knowledge. 2019;(33):158-168. (In Russ.).

5. Borovskaya M.A., Nikitaeva A.Yu., Bechvaya M.R., Chernichenko O.A. Financial instruments of economic mechanisms for strategic development of science and education: Ecosystem approach. Finance: Theory and Practice. 2022;26(2):6-24. DOI: 10.26794/2587-5671-2022-26-2-6-24

6. Kotliarov I.D. Digital transformation of the financial industry: The substance and trends. Upravlenets = The Manager. 2020;11(3):72-81. (In Russ.). DOI: 10.29141/2218-5003-2020-11-3-6

7. Koshelev K.A. Definition of the category of “digital financial assets”: Economic, legal and accounting aspects. Innovatsii i investitsii = Innovation & Investment. 2021;(2):114 117. (In Russ.).

8. Malykhina I.O., Salikhova M.O. Innovations as a factor in the socio-economic development of the national economy. In: Education. Science. Production. Proc. 11th Int. youth forum (Belgorod, October 1-20, 2019). Belgorod: Belgorod State Technological University named after V.G. Shukhov; 2019:2377-2381. (In Russ.).

9. Oborin M.S. Innovative financial technologies. Nauchnyi vestnik: finansy, banki, investitsii = Scientific Bulletin: Finance, Banking, Investment. 2022;(1):27-35. (In Russ.).

10. Rumyantseva A.Yu., Tarutko O.A. Analysis of special instruments for financing sustainable development. Ekonomika i upravlenie = Economics and Management. 2023;29(2):200-212. (In Russ.). DOI: 10.35854/1998-1627-2023-2-200-212

11. Sokolov M.S. The transformation of the concept of innovation infrastructure: Preconditions, reality and prospects. Drukerovskii vestnik. 2019;(5):19-25. (In Russ.). DOI: 10.17213/2312-6469-2019-5-19-25

12. Yakovleva E.A., Tolochko I.A. Tools and methods of digital transformation. Voprosy innovatsi onnoi ekonomiki = Russian Journal of Innovation Economics. 2021;11(2):415-430. (In Russ.). DOI: 10.18334/vinec.11.2.112016

13. Dubitskaya E.A., Tsukanova O.A. Methodical recommendations for the management of innova tion project in the high-tech industries. Fundamental’nye issledovaniya = Fundamental Research. 2019;(1):21-25. (In Russ.).

14. Kaplyuk E.V., Nizov N.V. Business models of the circular economy and digital technologies in the innovative development of the industry. Vestnik Akademii znanii = Bulletin of the Academy of Knowledge. 2022;(50):127-133. (In Russ.).

15. Kostoglodova E.D. Financial instruments for the formation of a new model of cultural policy in the digital economy. Finansovye issledovaniya = Financial Research. 2019;(1):61 67. (In Russ.).

16. Molokanov A.I., Travkina E.V. Development of theoretical foundations of “fintech” categories and innovative financial technologies in the modern digital transformation. Finansovye rynki i banki = Financial Markets and Banks. 2021;(3):3-6. (In Russ.).

17. Sintsova E.A., Sukhacheva V.V. Analysis of collective investment schemes in modern conditions. In: Kunin V.A., ed. Theory and practice of applying digital technologies in financial and economic process management. St. Petersburg: St. Petersburg University of Management Technologies and Economics; 2021:69-79. (In Russ.).

18. Block J.H., Colombo M.G., Cumming D.J., Vismara S. New players in entrepreneurial finance and why they are there. Small Business Economics. 2018;50(2):239-250. DOI: 10.1007/s11187-016-9826-6

19. Klein M., Neitzert F., Hartmann-Wendels T., Kraus S. Start-up financing in the digital age: A systematic review and comparison of new forms of financing. The Journal of Entrepreneurial Finance. 2019;21(2):46-98. DOI: 10.57229/2373-1761.1353

20. Cumming D., Deloof M., Manigart S., Wright M. New directions in entrepreneurial finance. Journal of Banking & Finance. 2019;100:252-260. DOI: 10.1016/j.jbankfin.2019.02.008

21. Gulbinas A.S., Litvinova N.A. Construction of the definition “microclimate” category using the system-categorical approach. Vestnik evraziiskoi nauki = The Eurasian Scientific Journal. 2021;13(5):12. URL: https://esj.today/PDF/15SAVN521.pdf?ysclid=m6rlr3qdd2934284341 (accessed on 20.10.2024). (In Russ.).

22. Zhelezniakova E.A. Russian as a non-native language for migrant children: Definition of the concept. Mir nauki, kul’tury, obrazovaniya = The World of Science, Culture and Education. 2021;(5):36-38. (In Russ.). DOI: 10.24412/1991-5497-2021-590-36-38

23. Markova N.A. The phenomenon of “adaptation learning” in higher education: Analysis and definition construction. Vestnik Tomskogo gosudarstvennogo pedagogicheskogo univer siteta = Tomsk State Pedagogical University Bulletin. 2022;(5):7-17. (In Russ.). DOI: 10.23951/1609-624X-2022-5-7-17

24. Zadorozhnaya V.A. Equality before the law and the court: Definition of the concept in criminal proceedings. Vestnik Surgutskogo gosudarstvennogo universiteta = Surgut State University Journal. 2022;(1):91-100. (In Russ.). DOI: 10.34822/2312-3419-2022-1-91-100

25. Revtova E.G. Construction of the definition of the “credit” category. Vestnik Volgogradskogo gosudarstvennogo universiteta. Ekonomika = Journal of Volgograd State University. Economics. 2020;22(4):122-131. (In Russ.). DOI: 10.15688/ek.jvolsu.2020.4.11

26. Sintsova E.A. To the issue of defining financial monitoring of an industrial enterprise. Problemy sovremennoi ekonomiki = Problems of Modern Economics. 2023;(1):73-77. (In Russ.).