Main trends of factoring market development at present economic conditions

Economic Annals-ХХI: Volume 157, Issue 3-4(1), Pages: 65-67

Citation information:
Belyaeva, E., & Svetovtseva, T. (2016). Main trends of factoring market development at present economic conditions. Economic Annals-XXI, 157(3-4(1)), 65-67. doi: https://doi.org/10.21003/ea.V157-0020

Elena Belyaeva
PhD (Sociology),
Associate Professor,
Finance and Credit Department,
Southwest State University
94, 50 Let Oktyabrya Str., Kursk, 305040, Russia
belena2107@yandex.ru

Tatyana Svetovtseva
PhD (Economics),
Professor,
Finance and Credit Department,
Southwest State University
94, 50 Let Oktyabrya Str., Kursk, 305040, Russia
NNSvet@yandex.ru

Main trends of factoring market development at present economic conditions

Abstract. The authors analyze main development trends at global, European and Russian factoring market. The analysis results have demonstrated that the market of factoring services was developing very dynamically up to 2014, but its development is restricted by certain economic conditions. The research results have shown that factoring services cover only a small fraction of accounts receivable (for example, in Russia only 1.9 % of undue receivables were covered by factoring in 2015). The authors propose some ways to increase factoring efficiency including the consideration of specific business features of clients and factoring institutional structure development.

JEL Classification: G14; G23

Keywords: Factoring; Factoring Market Tendencies; Factoring Advantages; Restraining Forces; Development Ways

DOI: https://doi.org/10.21003/ea.V157-0020

References

1. The Parliament of the Russian Federation (2015, December 29). Federal law dated 31 July 1998 No 146-FZ «Tax code of the Russian Federation» (ed. From 29.12.2015) (in Russ.).
2. The Parliament of the Russian Federation (2015, May 5). Federal law of 05.05.2014 No 86-FZ «On accession of the Russian Federation to the UNIDROIT Convention on international factoring operations» (in Russ.).
3. Klapper, L. (2005). The role of factoring for financing small and medium enterprises. Washington: World bank, Development research group, Finance team.
4. Ruin, J. (2006). Eby Entreprise-wide risk management made easy. Leeds Publications (M) Sdn. Bhd, Petaling Jaya, Selangor, Kuala Lumpur, Malaysia.
5. Salinger, F. (1999). Factoring: The Law and practice of Invoice Fanance. London: Sweet&Maxwell.
6. Beloglazova, G. N. (2014). Banking. Organization of commercial Bank activity. Moscow: Urait (in Russ.).
7. Belyaeva, E. S., & Markina, S. A. (2011). Advantages of factoring in financing sales on commodity markets. Izvestiya Yugo-zapadnogo gosudarstvennogo universiteta. Seriya: Ekonomika. Sotsiologiya. Menedzhment (Southwest State University Bulletin. Series of Works: Economy. Sociology. Management), 2, 118-124 (in Russ.).
8. Gamirov, G. M. (2009). Banking and credit card case. Moscow: UNITED (in Russ.).
9. Kidwell, D. S., Blackwell, D. W., Whidbee, D. A., Sias, R. W., & Peterson, R. L. (2011). Financial Institutions, Markets, and Money (11^th ed.). Wiley Text Books.
10. Lednev, M. V., & Pokamestov, I. E. (2011). Factoring. Moscow: INFRA (in Russ.).
11. Maslukova, T. D. (2008). Modern banking. Consultant (Consultant), 3, 57-68 (in Russ.).
12. Reed, E., Cotter, R., Gill, E., & Smith, R., (1984). Commercial Banking. N.J.: Englewood Cliffs.
13. Svetoslava, T. A., & Bostanyan, E. M. (2012). Factors of development and restrictions of effective functioning of small business in the modern institutional environment Izvestiya Yugo-zapadnogo gosudarstvennogo universiteta (Southwest State University Bulletin), 6(45), 217-221 (in Russ.).
14. Smetanko, O. (2013). Applied aspects of receivables internal auditing in the joint-stock companies of Ukraine. Ekonomicnij casopis-XXI (Economic Annals-XXI), 9-10(1), 95-98.
    Retrieved from https://ea21journal.world/index.php/ea-v133-25/ (in Ukr.)
15. Frantseva, V. (2016) The Crisis reached before factoring. Kommersant (Commersant).
    Retrieved from http://www.kommersant.ru/doc/2891396 (in Russ.)
16. Hlevinsky, E. D. (2007). Factoring in the financial industry. Audit i finansovyj analiz (Audit and financial analysis), 4, 70-82 (in Russ.).
17. Kalinova, E. G. (2000). Banking. St. Petersburg: UNECON (in Russ.).
18. Association of factoring companies (2016). The official website of the Association of factoring companies.
    Retrieved from http://asfact.ru (in Russ.)
19. LLC «Factorypro» (2016). Official site LLC «Factorypro».
    Retrieved from http://www.factoringpro.ru (in Russ.)
20. The Russian Federation Federal State Statistics Service (2016).
    Retrieved from http://www.gks.ru (in Russ.)
21. Expert Ra Rating Agency (2016).
    Retrieved from http://www.raexpert.ru/press/articles/factoring_2014bdm (in Russ.)

Received 16.02.2016