Syndicated research is funded. Features of advertising research

So, first, a potential loan arranger evaluates the market attractiveness of the borrower and the entire transaction based on publicly available information about the company and the state of the credit market. Based on the results of the analysis, a decision is made on the advisability of offering a syndicated loan to the client, and its approximate structure and conditions are developed. The applicant company is sent an official proposal on the possibility of issuing a syndicated loan. If the borrower agrees to the terms of the offer, then the

Describe in detail the various sources of secondary information, both internal and external, which include printed materials, computer databases, and syndicated services.

Discuss in detail syndicated sources of secondary information, including information about consumers and their families obtained through surveys, mail diary panels and e-scanning services, as well as data from various organizations, i.e. information received from retailers and wholesalers,

SYNDICATED SOURCES OF SECONDARY INFORMATION

Syndicated sources of information

Syndicated research is research conducted by a third party supplier of similar research, who then sells the results. The collected data is the result of an objective and detailed analysis of companies, products, industries and consumers. Reports on these studies are usually updated annually. Although such studies are extremely expensive compared to secondary data, they probably provide the researcher with the most useful information. Here are some of the most well-known companies that do syndicated market research and sell data-driven reports.

Demand for syndicated data is likely to grow as companies use this information to compete in a volatile global economy. In the future, buyers of syndicated data will need

Which syndicated data sources discussed in this book can provide useful information

Each time a customer makes a purchase, the information contained on the card is read by a scanner before paying for groceries at the checkout. Thus, the identity of the buyer and his purchase is recorded, the Supermarket can sell this information to companies providing syndicated marketing services. Marketers can purchase this information from syndicated service companies and use it to determine their consumer's buying habits and then develop their marketing strategy.

It is always cheaper to buy available information than to hire a firm to do customer research. But, on the other hand, ready-made information may not be so reliable. Be that as it may, there is a huge amount of information available from syndicated research firms, and it is very important to check its availability before commissioning original research.

If the information required by the company, is not available through syndicated research firms, and none of the existing ones can provide an adequate replacement, then the only alternative may be a research project developed in accordance with the needs of the customer. It is helpful to review the standard research project milestones before planning your project. Analyze the project stage by stage to estimate its possible cost.

The active half of buyers - the one that uses the product frequently - is especially attractive to many marketers because it is often relatively easy to find and measure. For example, department stores can analyze shopper behavior, banks can evaluate how their services are being used, and many syndicated service providers can provide information about repeat customers of consumer products.

Syndicated information is provided by companies that collect and sell data from a common pool designed to meet the information needs of many customers. An example is J.D. Power and Associates, which recently conducted the first independent study of the potential buyers of electric vehicles (EVs) in Southern California, where they conducted an intensive advertising and promotional campaign for these vehicles. 25% of respondents stated that they would probably buy or rent EVs. During the study, respondents were asked to name 10 for them when buying a car with a gasoline engine, and which they would be guided by,

Companies (prepackaged products) are the largest consumers of syndicated sales data, but syndicated information providers track sales of many other products, from pharmaceuticals to books, audio and video recordings, computer parts and software, and copiers. , printers, fax machines and other high-tech equipment. Syndiciro-

Often the term panel is used interchangeably with the term repeated. A panel consists of a sample of respondents, usually households, who agree to provide information at specified intervals over an extended period of time. Panels are operated by syndicated service firms, and panel members are compensated for their participation with gifts, coupons, information, or cash. Panels are discussed in Chapter 4, and an example of dialing to a mail panel is shown here.

Although many support Media Research's policy and believe that the information it provides about the population of Miami is true, the incident described above raises questions about whether the data received from syndicated service providers is really reliable. Is it possible to be sure that the information provided is collected in a manner using an appropriate methodology

The researcher must remember that secondary information may become outdated, since when it is collected, there is usually a significant time gap between their receipt and publication, as a result of which the data may lose its relevance, as, for example, during a population census. By the way, the data may not be updated often enough, which also prevents their use. To carry out market research, only "fresh", up-to-date data is needed, so if secondary data is outdated, its value is significantly reduced. For example, despite the comprehensiveness and nature of the data obtained in 1990 as a result of the census, they may not adequately reflect the demographic situation of the capital, where the number and structure of the population over the past two years has been sharp. years had to be updated to bring them into line with the demographic situation, which had changed markedly since the census. It should be noted that a number of market research companies periodically update census data and provide fresh information in the form of syndicated services.

In addition to published and computer databases, One important source of external secondary information is syndicated sources. Syndicated services companies create and sell databases designed to meet the information needs of dozens or hundreds of client firms (see Chapter 1). Although this data is not collected to solve any specific marketing research problem, it can always be modified to suit the needs of the customer. For example, reporting data can be organized according to two sales criteria and a product line. The use of syndicated services is often cheaper than organizing the collection of primary data. On fig. 4.4 shows the classification of syndicated sources in accordance with the criterion of unit of measure (families or consumers, or organizations). Data on families or consumers are obtained from surveys, diaries of panelists, consumer reviews, scanning.

Research Department. These include the UN, in the information of a certain number of customers. Syndicated sources can be classified according to unit of measure or organization). Data provided by families and consumers may be obtained through surveys, diary panels or electronic scanning services. In the case of organizations, data can be obtained from retailers and wholesalers, as well as firms in a particular industry. It is recommended to combine information obtained from various secondary sources.

Syndicated research firms use a variety of data collection methods to determine sales volume. Checkout electronic scanners, which have emerged in recent years, are the most advanced sources of syndicated sales data, as they allow firms such as Nielsen to receive regular information from virtually every large network shops. To have sales data in stores where checkout scanners are not used as widely, syndicated data is turned to surveys and diaries. Surveys rely on consumers to report their actions after completing a purchase, so their accuracy is sometimes questionable. In general, diaries allow more accurate buyers than

Syndicated service (Syndi ated servi e) - a research firm engaged in the selection and processing of special information for sale to marketers.

NOU HPE "RUSSIAN NEW UNIVERSITY"

Thesis:

On the topic: "Problems of development of syndicated lending in Russia"

Performed

4th year student of group 5

Specialties: "Finance and Credit"

Vishnevskaya L.N.

Checked by: Satalkina N.L.

Tambov 2012

Introduction

Chapter 1. Theoretical and methodological foundations of a syndicated loan

1 The essence and concept of a syndicated loan

1.2 Types of syndicated loan

Chapter 2. Development trend of syndicated lending in Russian Federation

1 Reasons for the underdevelopment of the syndicated loan market in Russia

2.2 Analysis of the positive and negative aspects of the loan

3 Assessment of credit investments of Russian commercial banks

4 Participants and technology for obtaining a syndicated loan

Chapter 3. Problems of syndicated loan development in Russia

1 Problems of syndicated loan development in Russia

2 Features and dynamics of development of syndicated loans in Russia

3 Prospects for creating an efficient syndicated loan market

Conclusion

List of used literature

Introduction

Syndicated lending makes it possible to activate mechanisms for the formation of powerful financial flows, which make it possible to effectively solve the problems of economic growth and capitalization of the Russian banking system. The spread of the practice of syndicated lending in Russian reality will contribute to a multiple increase in the capabilities of the banking system in terms of lending. More and more Russian banks are turning to the topic of syndicated lending, seeking to attract borrowed funds from foreign financial institutions. Every year, the number of Russian banks that have attracted syndicated loans for the first time is increasing, which indicates, firstly, the growth of confidence in the Russian market on the part of foreign investors, and secondly, indicates the fact that, in general, placing money on the Russian market for foreigners profitable.

At present, conditions have developed in Russia that are objectively conducive to further development the market of syndicated loans as one of the effective mechanisms that provide the necessary lending to the industry for the purpose of further economic growth.

The relevance of the research topic is determined by the fact that in the transition to market relations, it becomes necessary to combine the activities of banks in various sectors of the market, and especially in the field of credit relations. The goals of creating associations are of the most diverse nature, but they are always associated either with financing large-scale events, with reducing the risk of banking operations, or with solving problems that cannot be solved by one bank. As part of such a pooling, the risk associated with long-term lending is shared among the participants, which allows member banks to maintain their liquid reserves at a lower level.

V modern conditions few Russian banks alone are able to provide the large volume of loans needed to meet the needs of enterprises. In this regard, syndicated lending to Russian enterprises is relevant not only for Russian, but also for foreign banks. Experience foreign countries gives reason to assert that it is the development and improvement of syndicated bank lending that will become one of the significant factors in the growth of investments in fixed assets of enterprises, as well as overcoming the raw material orientation of the Russian economy through its diversification and implementation competitive advantage. The development of syndicated loans will allow banks to expand the range of their active operations and optimize risk management. This will strengthen, on the one hand, the functional role of banks in the Russian economy, and on the other hand, it will create conditions for strengthening their financial stability.

The aim of the work is to study the essence and role of syndicated lending in Russia.

Based on the goal, the main tasks thesis are:

· show the essence and concept of a syndicated loan;

· show types of syndicated loan;

· identify the reasons for the underdevelopment of the syndicated loan market in Russia;

· analyze the positive and negative aspects of the loan;

· identify the problems of syndicated loan development in Russia;

· describe the features and dynamics of development of syndicated loans in Russia;

· determine the prospects for creating an effective syndicated loan market.

The subject of the study is the organization and problems of a syndicated loan in Russia, as one of the most important sources of financial resources for business entities and the identification of the reasons for its insignificant volumes.

The object of the study is a syndicated loan, which is widely used in the most developed countries Oh.

Chapter 1. Theoretical and methodological foundations of a syndicated loan

1.1 Essence and concept of a syndicated loan

Syndicated loan - (eng. sindicated bank credit) - a loan provided by two or more banks to one borrower, most often international, which can be provided to one borrower by a group (two or more) of creditor banks when their financial resources are combined. This loan cannot be regarded as a separate type of lending, it is rather a form that is convenient for lenders and the borrower. Such lending allows lenders, which are most often banks, to accumulate resources for issuing a large loan and reduce risks by distributing them among all participants. The borrower is able to raise funds easier and faster than when looking for private investors. In addition, the borrower receives "cheap" money, because. there is no need to pay many indirect payments and taxes; costs for auditors, economists and lawyers are reduced, as reporting requirements are simplified. When issuing a syndicated loan, obligations are signed, in case of violation of which the lenders have the right to demand early repayment of the loan and apply penalties to the borrower. Syndicated loans are a good tool for large banks to penetrate the regions. Allow large borrowers to receive loans for favorable conditions and with less risk.

The most common forms of syndicated loans are:

club credit - the necessary funds are presented in full by the lead manager and other members of the management group;

shared loan - one or more banks subscribe for the entire loan amount and fully comply with the loan agreement; further, each of them individually sells participation to a small group of banks without creating a formal syndicate structure;

advanced loan - the borrower receives funds from the leading bank (banks), on the basis of the certificate of participation issued to him as an obligation of the bank to provide him with a loan. Credit notes are in free trade between banks interested in participating in the transaction, which is organized on the basis of competitive bidding.

With regard to a syndicated loan, we are always talking about large-scale transactions, at least $ 20 million, so only legal entities can be clients of this system: large enterprises, financial institutions (including banks) or the state.

In general, the following characteristic features of a syndicate can be distinguished :

1. The syndicate is a union of independent entrepreneurs. Joined the union earlier organized enterprises, while not losing its legal and industrial independence.
2. Syndicates are built on a voluntary basis of entrepreneurs who formalize their relationship on a contractual basis. Enterprises can be members of only one syndicate, since otherwise, due to the purposes of creating a syndicate, it is impossible.
3. A syndicate member can freely leave the union, as he is not bound by any obligations.
4. The association of entrepreneurs into a syndicate does not form a new legal entity and does not have representative offices, although in accordance with the Civil Code of the Russian Federation it can be legally formalized in the form of a partnership.
5. The duration of the syndicate's activity is determined by the state of the market in which the syndicate operates, but, as a rule, this form of alliances is organized on a long-term, if not permanent, basis.
6. The purpose of the syndicate is to limit the effect of free competition on production and marketing. To achieve the set goals, enterprises of the same industry join the union, which determines the seventh feature of the syndicate.
7. The syndicate includes enterprises that produce homogeneous products, which, in essence, divide the market in terms of regulating prices and conditions for the sale of goods and services.
8. A distinctive feature of this form of unions from others is that, with full preservation of legal and industrial independence, the participants in syndicates lose their commercial independence, which follows from the goals of creating such an union, which consists in monopolizing the market for the sale of homogeneous products. The loss of commercial independence is manifested in the fact that the sale of the manufactured product by participants in these forms of business unions is carried out through a single sales (sales) office.

It is also important for the banking community to develop common approaches and rules for organizing syndicated lending. Below is the syndicate management model. (Annex 2)

1.2 Types of syndicated loans

1) Jointly initiated syndicated loan

A jointly initiated syndicated loan is provided by several syndicate member banks that have previously concluded a multilateral agreement that defines the general conditions for granting a loan, as well as the relationship between the syndicate members and the agent bank.

At the same time, each syndicate participant concludes separate loan agreements with the borrower, the terms of which must meet the following requirements:

the maturity of the borrower's obligations to creditors and the interest rate are the same for all contracts;

each creditor is obliged to provide funds to the borrower in the amount and on the terms stipulated by a separate bilateral agreement;

each creditor has an individual right to claim against the borrower (principal and interest on the loan) in accordance with the terms of the concluded bilateral agreement;

all settlements for the provision and repayment of a loan are made through a credit institution - an agent bank, which can simultaneously be a creditor (syndicate member) and performs agency functions on behalf of other creditors (syndicate members).

In this case, the agent bank acts on behalf of and at the expense of the syndicate participants on the basis of a multilateral agreement concluded with lenders, which contains the general conditions for granting a syndicated loan to the borrower (total loan amount and participation shares of each bank, interest rate, loan repayment period), and also defines the relationship between creditors and the agent bank.

) Individually syndicated loan.

An individually syndicated loan is provided by the bank - the original creditor on its own behalf and at its own expense in full, and then, on the basis of an agreement on the assignment of rights of claim concluded between the original creditor and the participants in the syndicate, a partial assignment of claims on the loan is made in favor of the banks - participants in the syndicate who will be equity creditors.

The rights of claim on a loan originally granted by the creditor bank on its own behalf and at its own expense are assigned in a certain part (share) to the banks - equity participants in the syndicate, provided that the following conditions are met:

the share of each bank participating in the syndicate in the total amount of rights of claim acquired by them against the borrower (principal and interest on the loan) is determined by agreements between the banks participating in the syndicate and the original creditor and is fixed in each separate agreement on the assignment of rights of claim concluded between the original creditor and bank - a member of the syndicate;

the procedure for the actions of banks participating in the syndicate in the event of insolvency (bankruptcy) of the borrower, including foreclosure on collateral, other collateral for the loan, if any, is determined by the multilateral agreement.

) Syndicated loan without determination of shares

A syndicated loan without determining the shares involves the conclusion of a loan agreement on behalf of one credit institution (organizing bank of the syndicate) at the expense of the resources of various participants in the syndicate. Instruction No. 110-I does not define the system of contractual relations that arises in this case.

The legal relations of creditors - participants in a syndicated loan without determining the shares may be regulated by Article 1041 "Agreement of a simple partnership" of the Civil Code of the Russian Federation. So, under a simple partnership agreement (an agreement on joint activities) two or more persons (partners) undertake to combine their contributions and act jointly without forming a legal entity in order to make a profit or achieve another goal that does not contradict the law. It is also possible to have a multilateral agreement between the participants of the credit syndicate by the type of an agency agreement, or a commission agreement, subject to the conclusion by the organizing bank of the syndicate of a loan agreement with a third party (third parties), in which (which) it is determined that the specified third party (the specified third parties) :

undertakes (undertakes) to provide funds to the organizing bank of the syndicate no later than the end of the transaction day, during which the organizing bank of the syndicate, in turn, is obliged to provide the borrower with funds in accordance with the terms of the loan agreement in an amount equal to or less than the amount provided in this day by the bank - the organizer of the syndicate to the borrower;

has the right to demand payments on the principal debt, interest, as well as other payments in the amount in which the borrower fulfills obligations to the bank - the organizer of the syndicate to repay the principal debt, interest and other payments on the loan granted to him by the bank, not earlier than the moment of actual implementation of the relevant payments.

According to Instruction No. 110-I, loans are not classified as syndicated without defining equity terms if:

an agreement between the bank and a third party provides for a condition on the provision by the bank of collateral for funds received from a third party;

the bank makes payments on the principal debt, interest and other payments to a third party until the borrower actually fulfills the relevant obligations. (Appendix 1)

The participants in syndicated lending are the participating banks and the borrower. They operate within the framework of a single syndicated loan agreement concluded between the participating banks and the borrower. This multilateral agreement defines the relationship between banks and the borrower and contains the main economic conditions and the legal aspect of operations that determine the rights and obligations of the parties. The obligations of the syndicate participants are independent, none of them is liable for the obligations of the other, any participating bank has obligations to the borrower within its share.

Each of the banks opens an account for recording credit debt, where it reflects the amount of the loan, interest collection accounts, off-balance accounts to reflect the obligations to issue a loan, the received security for the repayment of the loan. Syndicated loans are provided, as a rule, in the form of a line of credit, but a one-time issue is possible.

Syndicate members must coordinate the actions of banks, communicate between the borrower and lenders, Information Support transactions, control over the fulfillment of obligations by the borrower, etc.

Below are the responsibilities of some participants:

· managers provide credit resources;

· participating banks invite banks to participate in the association and disseminate information among banks, as well as inform the borrower about the progress of the transaction.

· the co-organizers select potential members of the group, determine the terms of reference for each member of the syndicate, set lending conditions, coordinate the actions of banks, etc.

Having arisen as a random phenomenon, credit gradually expanded the scope of its functioning, became an objective necessity, expressing permanent ties between the participants in the reproduction process. In modern society, credit is as inalienable a reality as the exchange of the results of social labor in general. Remaining an independent category of commodity production, credit changed and adapted to the new conditions of economic life. To replace it certain types new types of loans came. Such an evolution in credit relations was fully justified. Practice shows that the development of the credit system is impossible without the introduction of new tools, expansion of use and modification depending on market requirements.

A special place in the credit system is occupied by such a form of credit as syndicated. A syndicate is an association of enterprises or producers of goods for the purpose of marketing them and implementing a single pricing policy and other types of commercial activities while maintaining legal independence and production independence.

Quite often, a syndicated loan is referred to as one of the forms of international interbank lending, a characteristic feature of which is that a loan is provided to one borrower by a group of creditor banks - a syndicate (consortium or club), however, modern practice shows that a syndicated loan is a phenomenon that is not characteristic of only for the international credit market.

From a legal point of view, a syndicated loan is primarily an agreement between lenders.

From a legal point of view, it turns out that a syndicated loan is a special type of agreement, and not a form of credit. Meanwhile, an agreement between banks is a necessary condition for the emergence of any type of loan, but not proof that a syndicated loan belongs to only one of their varieties.

Distinctive features of a syndicated loan.

The presence of financial covenants (obligations), in case of violation of which, creditors may demand early repayment of the loan. The borrower can reduce risks by more detailed planning of the company's activities for the term of the loan, as well as by discussing the loan agreement with lenders.

The emergence of currency and interest rate risks associated with the assumption of obligations under the loan. Possible ways risk management are the use of derivatives market hedging instruments and limiting possible losses by setting internal limits on foreign currency debt in the borrower's liability structure.

Chapter 2. Development trend of syndicated lending in the Russian Federation

2.1 Reasons for the underdevelopment of the syndicated loan market in Russia

Modern tendencies The development of the Russian economy is largely associated with the borrowing of successful foreign experience in the functioning of various economic mechanisms. One of these mechanisms is such a bank loan product as syndicated lending. Being one of the elements of the lending system, this loan, which is actively used in world banking practice, allows the real sector of the economy to solve the most important economic problems, provides large and expensive projects with the necessary borrowed funds.

"Syndicate" in Latin means "attorney, representative" and is one of the forms of association of organizations to carry out common commercial activities while maintaining legal independence and independence. In general terms, syndicated lending can be described as a type of bank lending that has some features: the borrower is one legal entity, and several banks act as a lender, pooling their funds (i.e. forming a syndicate) to provide a syndicated loan.

The syndicate consists of financial institutions through which the borrower is financed. In Russian practice, it is customary to single out the following participants in a banking syndicate:

) lead arranger bank. The organizer takes over the entire process of attracting participants, issuing and servicing a syndicated loan, prepares documentation (including the so-called information memorandum on the borrower), invites other banks to join the syndicate, and negotiates with them. The organizer must be one of the largest creditors - this means that the bank is confident in the reliability of the borrower and will serve as an additional guarantee for the other participants in the syndicate;

) participating banks - other (except for the organizer) members of the banking syndicate. Each bank of the syndicate acts independently of other banks within its powers in relation to the borrower. If one of the member banks of the syndicate cannot fulfill its obligations, then other banks are not liable for this bank;

) The borrower is one of the main participants in a syndicated loan, it can be either a large corporation or a credit institution (bank).

A syndicated loan is controlled by the organizing bank, and the terms of the loan are set out in a document (package of documents), which is determined by all banks providing the loan. The organizing bank is responsible for organizing a syndicated loan that meets the parameters set by the borrower (search and formation of a group of lending banks). In addition, there may be a separate agent bank in the syndicate, especially if there are many syndicate members. The agent bank serves the cash flows on the loan. Lenders transfer the amounts of loans to the agent bank, which accumulates them and then transfers them to the borrower. The borrower pays the loan repayment and interest payments to the agent bank, which then distributes them proportionally among the creditors. The agent bank can also maintain passports of export transactions, the proceeds of which are the source of loan repayment.

In foreign practice, there may be more participants in a syndicated loan. The organizing bank (in foreign practice - Arranger - (translated from English) contractor) is a bank that assumes responsibility to the borrower for the process of attracting a syndicated loan. Bookrunner - an organizer who keeps records of applications for participation in the syndicadium. These are the most prestigious "titles", and the banks that receive them, as a rule, are entitled to the highest commissions. In accordance with the exact translation of the word "Arranger", the organizing bank is engaged in the contract for the organization of the loan.

The tasks of the organizing bank are:

· preparation of an information memorandum on the borrower;

· drawing up an attractive offer to other banks to participate in a syndicated loan agreement;

· negotiating with these banks;

· preparation and approval of a syndicated loan agreement.

It is known that the organizing bank must be a major creditor with a good reputation, since the entry of other banks into the syndicate largely depends on the rating of the organizing bank, which takes responsibility for the attractive image and creditworthiness of the borrower. Usually "in large transactions, the arranging bank provides the opportunity for several large creditor banks, for an additional fee, to select participants in the territory assigned to each in order to avoid competition between these banks. Such banks (Joint Arrangers, Co-arrangers) are usually called "joint arrangers" Sometimes they can simply be syndicated loan participants who have provided the largest part of the loan of the total amount or an amount that is slightly less than the loan that was provided to the borrower by the organizing bank. Managers, Senior Managers, Managers, Co-Managers, as well as simply participants - Participants.These names of participants vary depending on the desire of the syndicate.The main thing is to clearly distinguish between the participants in a syndicated loan by the amount of the contribution under the loan agreement.The higher the contribution (rank) of the lender , the more with ummah his additional "participation fee" (Participation Fee). Typically, the amount of this fee is from 25 to 100 basis points of the loan amount in excess of the common margin for all banks. This reward is compensation for greater risk. Large lenders allow the organizing bank to collect faster the right amount, so he is willing to share part of his commission. In the transaction, an Agent is also distinguished (secretary of the transaction - English Agent). He is a representative of all participants in a syndicated loan to the borrower in making payments, reminding them of certain deadlines, requesting additional information, etc. Usually, the roles of the organizing bank and the syndicated loan agent are performed by the same organization or by different companies of the same group.

Thus, one of the main differences between syndicated lending and conventional bank lending is the number of parties involved in it: the borrower and creditors (there must be two or more creditors - participating banks). The main task solved with the help of syndicated lending is the attraction by the borrower of significant monetary resources in terms of their volume, which, for certain reasons, cannot be provided by one bank. Motives for this may be the following:

) the borrower is a large legal entity, he needs a large amount that cannot be satisfied due to the limited funds of the bank;

) the issuance of a large loan is regulated by the standards established by the regulatory authorities, and in some cases the bank cannot provide the loan required by the borrower without violating the current banking legislation (for example, Russian banks are required to comply with the standards - the maximum risk per borrower or a group of related borrowers (25% from the value own funds bank) and the maximum amount of large credit risks (800% of the bank's own funds));

) the bank pursues a prudent and prudent credit policy and considers it necessary to diversify large credit risk.

When examining syndicated lending and its features in Russian banking practice, it should be remembered that this is a special case of bank lending, which should also have the following basic principles:

· the principle of urgency;

· the principle of return;

· the principle of payment;

· the principle of subordinating a credit transaction to the norms of legislation and banking rules;

· the principle of immutability of the terms of the loan agreement;

· the principle of mutual benefit;

· the principle of targeted use of the loan;

· principle of secured lending.

In addition to these principles, syndicated lending also has some specific features.

First, as a rule, this is a long-term or medium-term loan. When providing a loan for a short period of time, the organization costs will be too high and the loan will become extremely unprofitable for the borrower. However, repeated loans can be provided for a short period.

Secondly, the size of the loan should not be small, since unit transaction costs will make the very idea of ​​syndicated lending absurd - it will be easier to find one lender who agrees to take on all the risks associated with syndicated lending.

Thirdly, a syndicated loan, as a rule (there are exceptions), is not attracted to finance current activities (the syndication procedure is too long, this tool is not flexible enough to quickly respond to the borrower's urgent needs for borrowed funds). It is the best fit for financing capital expenditures, combining large amounts of funds raised, long terms and, at the same time, relative flexibility, a convenient repayment schedule and relative cheapness.

Fourth, a characteristic feature of syndicated loans is their publicity. A conventional (bilateral) loan is usually not advertised to the public and investors, while a syndicated loan is often a public contract. When deciding to sign a syndicated loan agreement, the main bank and the borrower invite a wide range of potential lenders. Not all invited lenders will eventually join the syndicate, but they will have an idea about the borrower.

Thus, a syndicated loan is a special banking product, the essence of which, on the one hand, is to provide the borrower, on terms of repayment, payment and urgency, with significant amounts and duration of funds by a group of banks, and on the other hand, in diversification by banks of their loan portfolios and management credit risks.

In our country, the syndicated loan market began to clearly form only in 2004. And the history of syndicated lending begins in 1995 - the first lenders were the International and European Banks for Reconstruction and Development, and several Russian banks were borrowers. At the initial stage, Russian banks faced the syndicated form of financing, not as lenders, but as borrowers. Since the second half of 2000, a revival in the market began. From this period until 2008, one could notice an annual increase in the volume and number of syndicated loans in Russia.

Today in Russia, the number of syndications organized by foreign financial institutions undoubtedly prevails. Only a few Russian banks can boast of a more or less significant amount of financing. It can be noted that among the 30 leaders in the syndicated lending market in Russia in 2011, only one domestic bank, VTB (26th place). The main reasons that give an advantage to foreign credit institutions in this matter are the experience that has been accumulated over decades, the different cost of financial resources, the ability to use the English law common in this area, access to a huge database potential investors. Equally important is the presence of full-fledged divisions in banks that provide structuring of syndicated transactions, the performance of agency and other administrative functions.

It should be noted that at present the negative situation in the global financial system has also affected the syndicated lending market. For some economic entities, the ability to attract long-term resources has narrowed, and many financial instruments have turned out to be either too expensive or not available at all. The structure of attraction has also changed Russian banks funds from international markets in the new conditions, there was a restriction on the categories of borrowers who have the opportunity to raise funds on the international market. Currently, this "option" is available mainly to banks with a high investment rating.

Data for 2012 on Russian syndicated lending show a slight decrease in activity (compared to 2011 and constant growth in recent years), however, in crisis conditions, syndicated lending remains a relevant and popular product.

The main characteristics of the current crisis in Russian syndicated lending are:

) the general trend of increasing interest rates to attract loans;

) a decrease in the activity of banks' participation in lending (the crisis also affected the demand from banks for participation in syndicated loans);

), the situation deteriorated sharply for ruble syndicated loans: from 2006 to 2011 there was a steady increase in ruble loans, in 2011 there were 16 transactions, in 2012 only 9.

Thus, prices are falling, a large number of second-tier companies and banks are entering the market, interest in ruble transactions is growing, transactions are lengthening. There is a significant decrease in ruble borrowings, the Russian banking system cannot cover all the needs of borrowers, the market is closed for second-tier companies. The main number of syndicated loans are club transactions - now everything is based on the established relations between banks and borrowers, both investors and borrowers gravitate towards club transactions. In the very near future, lenders are expected to adhere to today's higher rates, and credit availability will be limited. However, the development of the market is cyclical, and, in our opinion, the onset of a phase is inevitable when rates begin to gradually decline.

The sectoral structure of syndicated lending in Russia according to the data for the 2nd half of 2011 - the 1st half of 2012 is as follows: oil industry- 54%; banks - 20; ferrous metallurgy - 11; non-ferrous metallurgy - 9; food industry- 2; communications and telecommunications - 1; other industries - 3%.

The structure of Russian syndicated lending reflects the structure of the Russian economy, its specifics (raw-material orientation) and some disproportionality (outstripping development of the oil and gas sector of the economy), while in world syndications, the financial and banking sector is firmly in first place in terms of the volume of loans received. Despite the fact that syndicated lending is a fairly rare operation even for a medium-sized domestic bank, the trends of recent non-crisis years of development Russian system lending show "interest" in such transactions and progressive growth. Some, so far insignificant, experience of the Russian practice of syndicated lending has been accumulated, which makes it possible to single out the main types of syndicated loans in our country.

Analyzing the problems hindering the development of syndicated lending in Russia, it is worth paying attention to the opinion of professionals in this field. Thus, according to the head of the department of syndicated operations of Vneshtorgbank, syndicated lending to a borrower who is not a member of close or related structures is an extremely rare phenomenon for Russian banks. The underdevelopment of this type of lending occurs for the following main reasons:

· lack of incentives (fiscal or regulatory);

· unwillingness to share corporate client;

· suspicious attitude towards a "non-native" client;

· fear of additional labor costs with inefficient banking technologies;

· the underdevelopment of arbitration banking courts and the length of litigation when it becomes necessary for the banks - participants to exercise their rights as pledgees.

It should be noted that the above reasons were formulated more than six years ago, but they remain relevant and unresolved to the present.

Among the main problems hindering the development of syndicated lending in Russia are the following:

The underdevelopment of the syndicated lending market, caused by the low degree of interaction between banks. The organization of syndicated lending involves interaction between banks, so correspondent relations in the banking system play an important role here. A syndicated loan requires banks to trust each other. Thus, when studying the structure and significance of banking risks in Russia, it was revealed that, according to the heads of Russian credit institutions, only 17% of respondents believe that Russian banks are well prepared to manage risks.

Lack of legal infrastructure. The development of syndicated lending can be facilitated by the existence of an adequate legal infrastructure. Thus, already in 2001, the Bank of Russia, in its policy document "Conceptual Issues of the Development of the Banking System of the Russian Federation," named syndicated loans among the instruments that should be used to manage banks' risks. However, official legal documents(except for Instruction N 110, which affects some aspects of syndication), there are no regulations on syndicated lending.

Russian legislation has a significant drawback - it does not provide for a bank's ability to sell its stake in a syndicated loan to third-party investors through a derivative instrument.

In Russia, only a mechanism for assigning a loan is provided, which, as analysis shows, entails a number of problems:

· the need to create direct contractual relations between the new lender and the borrower;

· the need to notify the borrower of the assignment and, possibly, to obtain refusal or consent;

· in the event of a loan assignment to a non-resident, the need to take into account claims on loans from non-residents (transaction passport);

· the need to re-register the collateral;

· an obligation to transfer loan documents to a new lender;

· the impossibility of assignment of loans for which there was a partial drawdown or loans provided by revolving lines.

However, it seems that syndication is interesting not only because it is possible to distribute risks among several credit institutions, but also because it can sell at any time, in whole or in part, its share in the transaction.

Lack of experience and knowledge of syndicated lending. This problem is interrelated and interdependent with those mentioned above. To carry out syndicated lending, bank specialists with certain skills, qualifications, knowledge and experience in this area are required, while this knowledge must be both Russian and international.

Weak methodological support. The indicated problem is also interconnected with the other reasons listed above, since the lack of practice and experience in syndication in Russian banks is due to the fact that the Bank of Russia does not have a developed methodology and, accordingly, internal methodological support in Russian credit institutions.

Thus, the development of syndicated lending in Russia will be facilitated by the development by the state of clear rules governing the activities of banks in this area. An urgent and long overdue direction of improving the legislative framework is the adoption of the federal law-code "On credit business in the Russian Federation". True, this law should, in a separate chapter, qualitatively highlight all aspects of syndicated lending: determine its essence and types; possible mechanisms for providing participants, their rights and obligations; provide for secondary treatment. In addition, it is necessary to develop a special state regulatory document that would fix the basic principles of organizing syndicated lending, qualitative (for example, the presence of certain qualifications of risk managers) and quantitative (for example, special standards) requirements for participants in syndicated lending. It is also necessary to develop a unified and standard documentation for processing loans in this area, which will reduce the time and cost of participants in these transactions.

Other important problem, the solution of which could contribute to the development of syndicated lending in Russia, it is the strengthening of control and regulation of the general system of banking risks in credit institutions. Bank risk management is a necessary and obligatory element of banking management. Banks must be able to prudently evaluate changes in their risks over time so as not to take on excessive risks today that cannot be managed tomorrow.

The entry of Russian banks into public capital markets, including as participants in syndicates, sets them tasks that require an adequate risk management system:

· obtaining an international credit rating is associated with the introduction of risk management that meets international standards;

· reporting in accordance with international standards: inclusion in IFRS reporting of IFRS 7 standard, which implies disclosure of information on financial risk management in accordance with international standards;

· compliance mandatory requirements Bank of Russia, involving the creation of a separate structural unit risk management;

· inclusion in the calculation of the capital adequacy ratio H1 (assuming, in addition to credit and market risks, also the magnitude of operational risk);

· the introduction of Basel II, which implies the need to calculate economic capital and its distribution between business lines.

Thus, based on the analysis of the above reasons hindering the development of syndicated lending in Russia, we can note the need for active participation of the state in this area. Important, however, is the issue of strengthening the risk management system in Russian banks and increased attention to risk control in syndicated lending. In addition, the relevant factors contributing to the development of syndicated lending, in our opinion, are: the presence of a stable economy diversified by its sectors, products and regions, the presence of a developed banking system, reliable business relations between banks, borrowers and their partners.

Classification of syndicated loans:

) Loans raised to finance working capital;

) loans attracted to finance the import of technological equipment and components;

) loans attracted to finance various projects;

) loans raised to refinance costs associated with the acquisition of other companies;

) loans raised to refinance bank loan portfolios or in anticipation of a bond issue

How to form a syndicate:

) Jointly initiated syndicated loan - a set of individual loans provided by creditors to one borrower;

) individually initiated syndicated loan - a loan granted by a bank (original creditor) on its own behalf and at its own expense to the borrower, the rights of claim (part of them) under which were subsequently assigned by the original creditor to a third party (persons);

) a syndicated loan without defining share terms - in this case, a loan issued by the organizing bank to the borrower on its own behalf in accordance with the terms of the loan agreement concluded with the borrower, subject to the conclusion of the loan agreement by the organizing bank of the syndicate loan agreement with a third party.

Loan granting technique:

) Term syndicated loan - a loan that is issued for a specific period of time and in a certain amount;

) revolving syndicated loan: unlike a term loan, the borrower has additional opportunities for obtaining, repaying and prolonging all or part of the loan at his discretion;

) standby syndicated loan: it is assumed that the borrower cannot dispose of the outstanding loan amount, which is in the reserve, in the standby mode;

) convertible syndicated loan - a revolving loan that can be converted into a fixed-term contract or into shares on agreed terms by agreement of the parties;

) combined syndicated loan - a loan with the help of which it is possible to obtain two interrelated types of loans: long-term and short-term

Conditions for providing funds to the borrower:

) Syndicated "commitment" loans: give the borrower a guarantee that the funds will be provided exactly on the agreed terms;

) syndicated loans on the terms of a partial obligation: they give the borrower a guarantee that at least part of the funds will be provided on previously agreed terms, while the rest of the funds within the announced syndication amount will be provided by other lenders on different terms;

) syndicated loans on the terms of "maximum effort": the organizer does not assume an unconditional obligation to execute the transaction in this case

Types of contractual execution between the subjects of the syndicate:

) Loans issued using the following documentation: a loan agreement is concluded between the agent bank and the borrower, separate loan agreements are concluded between the agent bank and participating banks;

) loans issued using the following documentation: loan agreements with the same conditions for granting a loan are concluded between each bank and the borrower, and the agent bank and participating banks conclude a multilateral cooperation agreement;

) loans issued using the following documentation: a loan agreement is concluded between the borrower and the agent bank, the agent bank concludes agreements on the assignment of rights under the loan agreement with each participating bank, banks conclude a multilateral agreement between themselves on the procedure for actions in the event of the borrower's bankruptcy;

) loans issued using the following documentation: the participating bank provides the agent bank with a deposit in the amount of the corresponding amount, and the loan itself is provided to the borrower by the agent bank both at its own expense and at the expense of an already placed deposit, an agreement is concluded between all participants on cooperation;

) loans issued with the help of a general loan agreement between all participants;

) loans issued with the help of the following documentation: contractual execution of the obligation of the participating bank to the agent bank to be responsible (in the amount of its participation) for the fulfillment by the borrower of obligations to repay the loan and pay interest (bank guarantee). At the same time, the participating bank does not lend money to the agent bank, its obligation arises only in the event of a breach of obligations by the borrower, i.e. such a loan can be considered "conditionally syndicated"

2.2 Advantages and disadvantages of credit

Often the main motive for companies in their desire to enter the market of syndicated loans is a strategic moment associated with the interests of not only the treasury, but also top management: attracting a syndicated loan is seen as a way to form a group of international financial institutions that will be ready to become long-term in the future. company partners. Unlike the bond market, where investors tend to take a more mercantile approach, for banks that are investors in the syndicated loan market, the main motive for participating in a loan is to create partnerships that will allow them to cooperate with the company for a long period of time and offer it various banking products. The company, in turn, gets the opportunity to expand access to financial products and services in general, and this also increases competition among the suppliers of these products cooperating with it. By creating partnerships with a number of banks, the company also secures the opportunity to receive additional funding in the future, both in the form of a direct loan from given banks, and by using their intermediary services to enter other financial markets.

Since the syndicated loan market is based on building long-term partnerships, investors do not participate in loan syndication because of the potential profits from these transactions, but rather because of the future business opportunities that are created as a result of the development of these relationships. This commercial approach assumes that banks feel morally obligated to participate in a syndicated loan in order to support the company, even if the profit from the transaction does not meet their expectations. Therefore, the pricing of syndicated loans is sometimes characterized as including a "partnership subsidy", that is, a discount offered by banks in the hope of creating a more profitable business in the future. This behavior can be compared to the tactics of supermarkets displaying a certain product at a disadvantageous price in the hope of attracting customers to the store who will certainly buy something else in addition to it, and the supermarket will profit as a result. Syndicated banks are well aware of this phenomenon, and this motivates them to underwrite loans with a much lower interest rate than when issuing Eurobonds. It is also often cheaper for the borrower than taking out a bilateral loan. This advantage of syndicated loans explains their popularity among borrowers, as well as why most companies prefer to first enter the syndicated loan market and only then begin to diversify assets by turning to other financial instruments.

Sometimes a company can still attract a bilateral loan cheaper than a syndicated one, since in this case there is no fee for organizing a market transaction. However, in most cases, a syndicated loan is a more cost-effective way to raise funds than bilateral loans. This is due to the fact that borrowers often use syndicated loans as a means of attracting public attention: at the end of syndication, a press release is issued announcing that the company was able to successfully raise financing on favorable terms for it. That is why borrowers are more persistent in trying to negotiate a syndicated loan on favorable terms for them than in discussing bilateral loans, which by definition are non-public transactions. Banks are also often inclined to offer attractive syndicated loan pricing due to competition for the prestigious right to arrange the deal. As a result, it appears that many companies pay higher interest rates on bilateral loans than on syndicated loans.

Another important advantage of syndicated loans over other instruments is their flexibility. In particular, borrowers greatly appreciate the fact that syndicated loans can be repaid early without penalty at any time, unlike, for example, Eurobonds (where the borrower must pay a fixed interest throughout the life of the securities). This feature of syndicated loans is of particular interest to borrowers in an unstable period, if market conditions are expected to improve in the future. Instead of paying high interest up to due date repayment of the loan, you can refinance it at a lower interest rate, when the market situation improves, there are no penalties for early repayment of the loan.

The flexibility of syndicated loans is also evident in that the terms of the loan can be adjusted over time to suit the needs of the borrower. Regardless of the type of debt instrument with which a company chooses to raise funding, there will be certain obligations and restrictions that it must adhere to in its financial statements. Thus, the borrower will seek to negotiate financing on terms that will allow the company to carry on business as usual for the life of the debt. At the same time, the business evolves over time, which means that in a few months or years it is possible that the borrower will not be able or willing to adhere to the restrictions prescribed in the loan documentation (for example, this may relate to the obligation to adhere to certain financial indicators, to have certain assets, etc.). In this case, the borrower needs to convince the lenders to amend the terms of the financing. As a rule, for public debt instruments (for example, Eurobonds), this process is complex and expensive due to the large number of holders of securities, among which there are private investors, about whom the company may not know anything. In the case of a syndicated loan, the borrower deals with a limited circle of investors, mainly consisting of partner banks of the company. These investors are usually willing to find a mutually agreeable solution if the borrower can no longer function within the limits of the loan documentation. This flexibility, which allows for amendments to certain items of documentation over time, is also an important advantage of syndicated loans compared to bilateral loans, as it implies the ability to negotiate with a significant number of investors at once to change the terms of the loan, since lenders usually accept decision in the presence of 2/3 of the votes in his favor.

One might think that syndicated loans have no fundamental flaws, but in the financial world there are no ideal tools for all occasions, which means that it cannot be argued that syndicated loans will always suit any company in terms of financing requirements. Therefore, the issue is rather one of comparing syndicated loans with other instruments on a number of criteria that are important to borrowers. Let's turn to the list of the main criteria by which other financial instruments in some cases may be more attractive to borrowers than syndicated loans.

Borrowing term: Bank loans (syndicated, bilateral or club) are usually short or medium term, but not long term. In Russia, private banks can usually take out loans for up to a year, banks with state participation- for a period of up to three years, and corporate borrowers - for a period of up to five years. In this, the credit market is fundamentally different from the Eurobond market, where it is possible to raise funds for 10 years or more due to the requirements imposed by investors on Eurobonds. Also, lending banks often insist that a loan (especially a loan for a period of three years or more) be paid under an amortization scheme, while Eurobonds are repaid in full at the end of the circulation period. This suggests that Eurobonds may be more suitable for financing the company's Long-Term Investments.

Financial covenants: banks generally provide financing at a lower interest rate than other investors, but in exchange for this they control their own credit risks by requiring the borrower to accept a number of restrictions, in particular in relation to the proportions associated with the company's debt load, cash flows , shares, etc. These financial covenants are stricter than the covenants that institutional investors impose on borrowers in the Eurobond or ruble bond market, since investors here tend to trust rating agencies in assessing and monitoring a borrower's credit quality. It is important to note that financial covenants are typical for any type of loan, whether it is syndicated or not, as they are the requirements of almost all credit committees of banks.

Technical aspects: Since syndicated loans involve several lenders, the procedure for disbursing funds from a loan should be simple and streamlined. For example, the borrower is required to submit an application for funds at least three days before disbursement, after which special procedures are required. When a company raises a direct bilateral loan, only one bank participates in it, which implies greater deal flexibility in this sense. Bilateral loans can be provided with an overdraft facility, or a company can send a request for financing a few hours before receiving the money. Syndicated loans do not have these benefits. Therefore, a borrower seeking greater funding flexibility should have at least one or two bilateral loans available, even if most of its funding needs are met through syndicated loans.

Clear terms: In the bond market, pricing changes every second as volatility is usually very high, hence borrowers authorize banks to issue without knowing exactly how much the financing will cost. In the market of syndicated loans, pricing changes much more slowly, which means that banks can negotiate this parameter with the borrower before signing a mandate to arrange a loan. You may get the impression that the pricing is fixed and guaranteed by banks. However, this is not the case: syndicated loans, like Eurobonds, are market transactions, where the task of the organizer is to find investors and make sure that the transaction meets their investment requirements. In the lending market, it is difficult to track the cost of borrowing, as there are no quotes displayed on computer screens in banks, and syndication usually takes several weeks, and market expectations may change in the process of obtaining a loan. As a result, in the practice of attracting syndicated loans, the organizers have the right to change the terms of the loan if the subscription level is insufficient, which allows them to increase the pricing of the loan, if necessary for the successful completion of the transaction. That is, the pricing level agreed upon at the stage of signing the mandate is rather indicative (and, as a rule, corresponds to reality) than a fixed parameter, in this he similar to Eurobond pricing. The only tool that can provide full confidence in the cost of borrowing is a bilateral loan, since its attraction does not take place on the open market. However, the amounts that can be raised through a bilateral loan are significantly limited, and its cost will not necessarily be more attractive.

Reporting requirements: Since a syndicated loan is a kind of introduction of a borrower to new investors, it is expected that investors will be provided with a certain amount of information. This level of disclosure may sometimes exceed the usual practice for a borrower when raising a bilateral loan: in particular, IFRS statements in English are usually required, and a list of the borrower's shareholders must also be disclosed. However, the reporting requirements are generally not as numerous as those for a market offering of securities. It is important to note that syndicated loans are private contracts, and therefore, information is communicated only to specific investors on conditions of strict confidentiality, about which an appropriate agreement is signed.

2.3 Evaluation of credit investments of Russian commercial banks

Currently, according to the Ministry economic development and trade of the Russian Federation, the average depreciation of equipment in the country is 70%. In order to renew the funds by at least 10%, 270 billion dollars are required. Thus, the industrial sector, processing (for example, timber, petrochemicals, agricultural products), trade are in dire need of loans.

Loans to enterprises of the industrial complex are provided mainly for the purchase of equipment, which allows them to increase production volume, expand the range and quality of products manufactured both domestically and abroad. foreign market.

The strengthening of the financial condition of the real sector in 2009-2011 and the expansion of the resource base of credit institutions contributes to an increase in lending to the Russian economy. The volume of loans to the real sector increased by 43%, in real terms, according to the data of the Central Bank of the Russian Federation as of 01.01.11. amounted to 1191.5 billion rubles. There are a number of objective reasons for increasing lending volumes: political and social stability, a favorable investment environment, and the absence of alternative financial markets.

The sectoral structure of the loan portfolio of commercial banks in Russia shows that the manufacturing sector occupies the largest share - about 40%, for the period from 2010 to 2011, the share of industry loans increased by 6.2 percentage points, and in 2012 slightly decreased by 2.1 %. This fact is regarded as positive, as it is a consequence of the diversification of Russia's loan portfolio. However, the growth rate of loans provided to the industrial sector in 2011 compared to 2010 was 153.4%. Thus, the increase in lending to industry occurred by 53.4% ​​(Appendix 3).

In the process of comparing the sectoral structures of loans granted to legal entities in Russia as a whole. Just a comparison of the sectoral structures of the Tyumen region and Saratov. It turned out that the share of loans to industrial enterprises in the Tyumen region is higher than the average for Russia by 27%. (Appendix 4). This is due to the fact that oil and gas enterprises are concentrated in the Tyumen region, which are the main borrowers of regional commercial banks.

However, the industry still lacks credit resources. Loans received by borrowers in the region, as a percentage of industrial production, amount to 5.9% or 32.9 billion rubles, of which banks in the region provided loans in 2010 to 13.2 billion rubles, which is 3.4 billion rubles. rub. more in real terms than in 2009. (Annex 4)

The Saratov region is a steadily deficient region, even taking into account gratuitous receipts from the federal center (in 2010 - a deficit of 7.9 billion rubles, in 2011 - 7.2 billion rubles). Own revenues of the regional budget, i.е. excluding gratuitous receipts, they grow rather weakly (in 2010 there was an increase of 15.3%, in 2011 - by 17.1%). At the same time, the state debt of the region increased by 48.3% in 2010, and by another 34.4% in 2011 and reached 30.9 billion rubles. As a result, the ratio of the state debt of the region and the regional budget revenues, excluding gratuitous receipts, reached 79.1%, which is the 8th place in Russia.

In the structure of the state debt of the region, the main component is bank loans, and this is the most expensive and non-transparent type of borrowing for the constituent entities of the Russian Federation, while the amount of bank loans to the regional budget is steadily growing. As of January 1, 2012, bank loans to the budget amounted to 24.6 billion rubles, or 79.5% (in 2010 - 18.7 billion rubles, or 81.4%).

Attracted credit organizations means of legal and individuals located in the Saratov region increased in 2011 by 20.9% to 153.6 billion rubles.

The balance of total debt on loans granted to borrowers of the Saratov region in 2011 increased by 27.3% to 162 billion rubles. Of the total debt on loans, 59% (or 95.5 billion rubles) accounted for loans to legal entities and entrepreneurs, which is 20.8% more than in the beginning of 2011.

The balance of overdue debt on loans granted to borrowers of the Saratov region increased by 14% over the year and at the beginning of 2012 amounted to 7.6 billion rubles. At the same time, the share of non-performed loans slightly decreased - from 5.3% to 4.7%.

In the sectoral structure of borrowings legal entities and entrepreneurs as of 01/01/2012, the main shares of debt fell on manufacturing enterprises (31.2%), trade and repair (22.2%), Agriculture(10.7%) and construction (7.5%).

An analysis of the time distribution of issued loans indicates the development of the Russian money market (loans up to 1 year) and the extremely weak development of the capital market (from 1 year and more) (Appendix 5).

The largest share in the structure of loans by terms is occupied by loans granted for a period of 181 days to 1 year, their share is 31.9% or 380.2 billion rubles. on 01.01.11., although on 01.01.10. the share of such loans was 4.7% higher. This is explained by the increase in the share of loans up to 30 days in the structure of the loan portfolio as of 01.01.11. up to 15.1%. The smallest share was noted in loans granted for a period of more than 3 years, their share is 7.7%. This fact is characterized by the fact that the majority of commercial banks in Russia do not have long-term resources, but rather a high share of loans over 3 years in the structure of Russia's loan portfolio as of 01.01.09. - 18.2% and as of 01.01.10. - 12.4% is associated with the prolongation of long-term loans provided in the pre-crisis period.

Financing the activity of real production, both current and investment, makes high demands on capital. Banks with large capital are moving towards medium-term lending to industrial projects. This is primarily Sberbank, Sobinbank, Zenit, Alfa - Bank, as well as a number of other large banks. Medium-sized banks, and even more so small ones, unable to independently serve the needs of profitable industrial structures due to lack of capital, will be forced to go out of business.

The Guidelines for the Unified State Monetary Policy for 2010 noted that an important prerequisite for the development of bank operations with the real sector of the economy is sufficient capitalization of credit institutions. In 2010, 90% of credit institutions had an increase in capital. In real terms, the increase in capital was 46% compared to 2009, but, nevertheless, the economic results are such that the needs of solvent borrowers in the aggregate have increased, and the ability of banks to finance them is still insufficient.

The assets of the largest domestic enterprises significantly exceed those of most banks. In 2010 Gazprom's revenue amounted to 984 billion rubles. rubles, Mezhregiongaz - 142 billion rubles, Yukos - 365 billion rubles. For comparison: the assets of Sberbank at the end of 2010 amounted to 795.9 billion rubles, that of Vneshtorgbank - 160.2 billion rubles, Gazprombank - 106.4 billion rubles, MMB - 68.5 billion rubles.

As a result, no bank alone can provide the largest companies with the required amount of resources. For example, the amount received by Gazprom in more than 40 billion rubles. was formed from large loans provided by 140 Russian banks, and a loan of 8 billion rubles. issued to the Tyumen Oil Company by 15 banks.

It should also be noted that capital constraints also play a role, forcing banks to diversify their loan portfolios. Under these conditions, one of the most attractive ways of lending is syndication.

Participation in syndicates allows banks to provide clients with resources and diversify credit risks. For many credit institutions, syndicates are the only way to issue a large loan, and compliance with the Central Bank standard (per borrower) is the diversification of risks.

An important indicator of the bank's riskiness is the ratio of large loans to capital. Large banks take significantly higher risks in order to retain their customers.

An analysis of the diversification of credit risks of Russian banks depending on the size of assets shows that the largest loan in relation to capital in the group of large banks (1-100) averages 31.5%, which exceeds the maximum value set by the Central Bank of the Russian Federation for H6 (the maximum size risk per borrower or a group of related borrowers) - 25%. In the group of banks with the smallest assets (1201-1300) the average value of the standard is 16.1%.

Central bank The Russian Federation also regulates the total amount of large credit risks taken on by banks (Normative H7), understanding a large credit risk as a loan exceeding 5% of the bank's capital. The maximum allowable value of the H7 ratio for banks is set at 800%, however, in reality, for banks, the value of the ratio does not exceed 300%). It should also be noted that in the groups of banks leading in terms of assets, the value of H7 is significantly higher than in banks with small assets.

Thus, the credit risks of the largest banks in Russia are higher than those of banks with smaller assets, and in order to diversify such risks, banks need to organize syndicates, but due to the fear of losing large customers, not all banks are ready to do this.

Syndicated loans are a real way out for bank lending to large projects, but even here there are difficulties, in particular, Russian banks lose a solvent client due to the fact that the latter, by attracting loans from foreign banks, generates their income, and not the income of Russian banks. If before the crisis the bank around which the Russian financial-industrial group was organized could borrow money from Western investors and then lend to affiliated industrial enterprises, now foreign bankers prefer to work with industrialists without intermediaries.

There are more and more syndicated loans organized by Russian banks without the participation of foreigners. This form of lending makes it possible for medium and small banks suffering from the dumping of large ones to earn money; they are quite capable of joining a large loan.

The need of the Russian industry for credits is huge. Judging by the documents of the Central Bank of the Russian Federation, the exchange rate priorities for the Russian industry will be preserved in the future, so that credit needs will not decrease. Loan syndication will allow several times to increase the ability of the Russian banking system to lend to solvent clients, medium-sized banks will be able to keep the clientele in competition with multi-branch banks.

2.4 Participants and technology for obtaining a syndicated loan

syndicated loan commercial bank

The main participant in syndicated lending is, of course, the borrower, who may himself be a credit institution (bank).

To characterize banks participating in syndicated lending, it is more reasonable to first highlight the functions that, in principle, need to be performed by banks participating in a syndicate:

) regulation and coordination of all issues related to the transaction with the borrower prior to the execution of the loan agreement;

) selection of participating banks;

) coordination of signed documentation between the borrower and participating banks;

) communication with lawyers regarding the preparation of documentation;

) analysis of the project and the borrower;

) lending (funding) of the transaction;

) collection of the necessary amounts from participating banks;

) transfer of funds to the borrower;

) control over the intended use of the loan;

) distribution between banks of funds received from the borrower (repayment of principal, interest);

) administration of the issued loan;

) informing the participating banks about the progress of syndication and project implementation;

) coordination of all issues arising both from the borrower and banks, responses to the borrower's requests after signing the loan agreement;

) tracking and checking the collateral for the loan.

The distribution of roles between participating banks in the abstract case can be as follows:

organizing functions are performed by the organizer;

coordinating functions - the bank leading the syndication book (the bookrunner);

documentary function - documentation agent;

settlement functions - credit agent (settlement bank or just an agent);

banks participating in lending participate in funding the borrower, that is, they perform the function of monetary participation;

the collateral control function is performed by the collateral agent.

In practice, most often all participating banks are divided into two groups:

in the period before the signing of the documentation - the organizer and other participating banks. The organizer performs the functions of both the organizing bank and the bank keeping the syndication book;

after signing the documentation - the agent bank and other participating banks. The agent bank is both a settlement agent, a collateral agent, and a documentation agent. If the agent bank does not combine these three roles, then a conflict of interest is possible.

As an organizer, as a rule, large well-known banks with repeated positive experience in participating in syndicates act.

Various financing schemes are possible that require the performance of additional functions not included in the above classification. For example, when financing exports, the source of repayment of the loan will be export earnings coming from pre-agreed transaction passports. Thus, it may be necessary to have a special "passport" bank that will open passports of export transactions (in another case, this role may be assigned to a bank that performs settlement functions). The role of a passport bank in Russia is very popular, as it receives additional commissions for the conversion of foreign exchange earnings into rubles and the reverse conversion of the latter into foreign currency, as well as for maintaining a transaction passport and performing currency control functions.

Thus, it is possible to have many participants in syndicated lending with different functions, while the obligatory participants in the syndicate of creditors are:

) borrower (borrowing bank);

Syndicated loan mechanism:

The borrower enters into one loan agreement, regardless of the number of creditors;

The borrower negotiates only with the organizer;

Payments on the loan are made by all creditors simultaneously, in proportion to the share in the loan.

There are four main phases in attracting syndicated loans:

· formation of the client's image,

· choice of the organizing bank,

syndication,

· preparation of documentation and signing.

Formation of the client's image:

In essence, this phase is outside of the syndication process. International financial contacts suggest that the borrower makes a favorable impression on potential lenders. Therefore, before, and preferably long before, syndication, the borrower, with the help of an experienced adviser, must go through the process of "financial make-up" (window dressing, putting Western face onto Russian client). Let's just name the key points of the financial image. These are credit history, international audit, credit rating, annual report and other presentation documents in English, as well as publications and - if any - rumors about the borrower. A competent financial adviser will help professionally prepare these papers, and will also draw up - taking into account the characteristics of the borrower - a detailed information memorandum, which greatly facilitates the first contacts with creditors and their subsequent work. In addition, he will teach you what to focus on in negotiations with Westerners, and what should not be mentioned categorically.

2. Choice of the organizing bank:

The choice of the arranger bank is a key moment in the history of every syndicated loan. Firstly, it determines the success of the syndication, and secondly, in this phase, the main parameters of the deal are agreed upon. For Russian borrowers, this process is often easier than it is. An experienced adviser uses the available offers in a different way. He will start the process of informal bargaining using the method of shuttle diplomacy, and in doing so will try to interest the banks, even if they did not send their proposals. Competing parties are always inclined to make big concessions. At the same time, it is important not to overdo it in this process, precisely distinguishing between conditions that are possible and expedient to improve, and those that should be accepted without dispute.

More advanced borrowers will take into account other important points. The higher the organizer's own rating, the more reputable creditors will join the syndicate.

The track record of the organizer in the field of syndication is important. Even very respectable banks do not always specialize in this area, or do not have enough experience. Finally, even experienced banks often undergo staff renewal, and it is important who exactly - personally - will work with the borrower and look for money. For borrowers - industrial and trading companies the experience of the Organizer in the financing of a particular industry matters.

3. Syndication

The task of syndication is to recruit a sufficient number of syndicate members, often with some excess, to provide the amount declared at the beginning and most often even slightly exceed it (say, to recruit not 20, but 25 million, not 50, but 75). The tactic of claiming a smaller amount is justified by the fact that it is easier to collect it. The shortfall to the declared amount is a stain on the reputation of the borrower and the organizer. In addition, a smaller initial demand does not allow the market to warm up too much.

Syndication is the scope of the organizer. However, the financial adviser or consultant will tightly control the process and skillfully manage it. After all, it is his client - the borrower, whose time and money should be used in the best possible way - who pays for the work of the syndication organizer.

The syndication process includes the preparation of information materials on the transaction (memorandum), invitations to banks - potential participants. Having decided on the main participants, they are engaged in fine-tuning the loan agreement and preparing documentation.

4. The organizer must instruct his law firm to prepare the text of the loan agreement. It is in the interest of the borrower to receive the draft agreement as early as possible in order to have sufficient time to study and discuss it. Otherwise, a situation may arise when, in principle, an agreed loan cannot be obtained quickly due to unresolved legal issues.

Also, the borrower, regardless of the organizer, must hire a law firm that will give an independent opinion on legal status the borrower, as well as the legitimacy of the loan under local law.

A syndicated loan agreement is a complex document, sometimes up to 60-70 pages long. A lot of people who are simultaneously involved in several cases at once are always involved in its discussion (external lawyers of the organizer, its full-time legal department, syndication managers of the organizer, external lawyers of the borrower, its legal department, 1 or 2 more units responsible for the loan, other creditors) , and their coordination is a very time-consuming, but important task.

The main sections of the agreement on syndicated lending:

§ Interpretation - the definition of terms used in the contract.

§ Credit, loan (The Facility) - determination of the nature of the transaction and its structure

§ Interest (Interest) - the definition of the components and the level of interest.

§ Changes in circumstances (Changes in Circumstances) -

§ Representations and Warranties - assurances by the borrower that the documents and information provided by him are true, that he has the right to take a loan, etc.

§ Default Interest and Indemnities - Determination of the interest and penalties that the borrower pays if the loan is not repaid on time.

§ Payments - a description of the method of repaying the loan and paying interest.

§ Commissions and expenses (Fees and Expenses) - a description of the various expenses of the borrower and remuneration for lenders, which are not formally interest (although actually included in the full price of the loan for the borrower);

§ Law and Jurisdiction - more often contracts are concluded under English, German or Swiss law - depending on the location of the organizer and the agreement of the parties.

§ Miscellaneous.

There are three main points to keep in mind when drafting a contract.

First, it is necessary to achieve the correct and most beneficial for the borrower reflection of the preconditions in the text of the contract.

Secondly, it is very important to pay attention to those articles that impose various restrictions on the rights of the borrower for the duration of the contract. It is also important to carefully set out the conditions under which the lender can demand early repayment of money.

Finally, thirdly, much attention should be paid to the taxes that the borrower will have to pay in connection with the loan. Sometimes it is such a sensitive issue that the structure of the transaction that determines the taxes.

The signed agreement takes effect immediately. But the money doesn't come right away. It also requires the opinion of independent lawyers. His readiness is determined by the timely transfer to him of the correctly executed documents listed in the appendix to the contract.

Most unsecured syndicated loans to Russian borrowers were issued for a period of 6 and 12 months, as lenders did not have limits on longer risks. Many contracts allowed for the extension of loans, so that their total duration was 2 - 3 years. However, it has always been possible for any of the creditors to withdraw their money after 6 or 12 months.

The difference between this kind of extension and the conclusion of a new contract is that the borrower will have to pay additional fees for legal services and incur other syndication overheads. Therefore, a contract with extensions is more beneficial for the borrower. Unfortunately, this is not always welcomed by the instructions of the Russian regulatory authorities.

The point of a financial advisor's job is to help the borrower obtain the best possible terms for each of the elements of the full value of the money. The total savings reached 1 - 2% of the loan amount, that is, 500 thousand - 1 million dollars in the amount of 50 million dollars. Practice suggests that the remuneration of a financial adviser is on average at the level of 50 - 30% of the savings received from his help. At the same time, in addition to financial gain, the borrower receives confidence in the quality of the signed documents, that he received the money on the best possible terms, and acquires valuable professional experience. Thus, in general view the answer to the question is clear: working with a financial advisor is beneficial.

In difficult cases, when the issuance of a loan is not obvious (that is, either we are talking about project financing with a high risk, or the borrower's rating is insufficient), the borrower wants to increase the likelihood of attracting funds due to the knowledge, experience, qualifications, and reputation of the adviser. A professionally working adviser will usually tell the borrower himself what the probability of success is in his eyes, and will not take on a project if he does not believe in it. However, there is always the possibility that funds will not be raised.

To insure a financial adviser against losses of this kind, such a form of payment developed by world practice as a retainer allows. This is the payment of some remuneration either as a lump sum at the beginning of work, or in the form of periodic payments, which remains with the adviser if the project is not implemented. From the borrower's point of view, paying a retainer can be likened to buying a lottery ticket: you need to pay for the right to increase the probability of winning.

The amount of retainer is usually 10 - 20% of the final success reward, although it can fluctuate significantly depending on the type and size of the transaction. At the same time, it is often associated with the adviser's own expenses for participation in the project (employee salaries, office rent, etc.), although various kinds of expenses - business trips, telephone communications, copying and publishing documents, etc. - paid regardless of the retainer. In fact, such an interpretation is not economically accurate. Time-based payment is typical for ordinary consultants (for management, for preparing business plans). The retainer of a financial adviser is closer to the "rent" for using his experience, qualifications, reputation, connections - his main, albeit intangible, assets.

Until now, there have been no syndicated loans in Russia in the full sense of the word, although there have been projects for which several banks have tipped off. For example, the Moscow government persuaded several banks dependent on it to give money to ZIL a couple of years ago.

There is no normal secondary market for loans in Russia either. Assignment of rights of claim developed spasmodically in 1998, after the crisis, when many debtors sought to buy cheaply the debts of creditor banks in order to carry out offsets. However, this is an unhealthy market. Here we are talking about a normal secondary market, which increases the liquidity of loans, bringing them closer to securities, and giving banks the opportunity to significantly increase the volume of loans issued.

Today, these words sound fantastic, but it is time to prepare for such a development of affairs. If the economic recovery gains momentum and the government decides to convert accounting to international standards, lending opportunities will progressively grow. You should start with syndicated loans. First, the largest borrowers-exporters, with normal audit and management, will be the clients. Secondly, the organizers of such loans will be the most reputable banks associated with these borrowers.

Ideally, a dozen of these loans should be arranged at the same time. Each organizer would act as a creditor in the remaining syndications. Thus, there would be cross-lending, where the mutual obligations of banks would help to neutralize the risks associated with mistrust to each other.

Syndications are very beneficial for banks. Working on a loan as an organizer, they get paid well for it. On the other hand, participating in a "foreign" syndication as a lender, they save on the costs associated with issuing loans, entrusting the verification and work on the contract mainly to the organizer. The amount of loans issued is increasing, while the work on their registration is relatively reduced.

Of course, it is necessary that banks trust each other, so that the procedures they use are unified. However, this is the only way to develop the banking system.

Chapter 3. Prospects for the development of syndicated lending in the Russian Federation

3.1 Analysis of the development of a syndicated loan in Russia

In international practice, syndicated lending is a fairly common phenomenon. In Russia, this market took shape only in 2004 and, despite numerous, including legislative, obstacles, it has very encouraging prospects. Of particular importance is the development of the segment of ruble syndicated lending to regional borrowers.

The main constraints to the development of lending to the real sector of the economy are the low capitalization of the Russian banking system and the requirements for compliance with prudential standards. In this situation effective tool development of credit relations can become syndicated lending.

In international practice, syndicated lending is a fairly common phenomenon. Thus, according to the American consulting company Thomson Financial, in the first half of 2010, the market for syndicated loans grew to $1.5 trillion. The largest syndicated loan for this period was raised by General Electric Capital Corp. ($25 billion), and in Europe the most significant borrower was Volkswagen ($15.3 billion).

In Russia, the syndicated lending market began to develop since the end of 1995. Until June 1998, only foreign banks acted as lenders, and until 1997, only large Russian banks were the main borrowers, and only then - companies in the fuel and energy complex. The main volume of external syndicated borrowings fell on 1997 and amounted to $10 billion (in 1996 - only $250 million), of which over 65% were credits to Gazprom. The first syndicated loan arranged by a Russian bank (Bank Evrofinance) was a $25 million loan provided by ALROSA in 1998. The 1998 crisis had a severe impact on the syndicated loan market. Thus, in 1999, the amount of loans decreased to the level of 1996 and amounted to $230 million.

Since 2000, a revival began in the syndicated lending market. As a result, the national syndicated lending market took shape only in 2004.

If we consider the indicators for the syndicated loan for 2008, then a sharp decline is noticeable (Fig. 1). Perhaps one of the main reasons for this situation was the crisis, and many banks were not able to issue large loans, and there was also a high risk of loan defaults, and therefore lenders were more cautious about borrowers. According to the forecasts of many analysts, by 2012 the volume of the Russian market of syndicated loans will begin to grow and exceed $90 billion.

The entire market is developing dynamically - the volume of loans is growing, and the rates are falling. Over five years, for Russian borrowers abroad, they decreased on average from LIBOR + 4.3% to LIBOR + 1.8% per annum and from 11.6% to 8.7% per annum in US dollars domestically. The average loan term abroad has increased from one to three years, and in Russia - from six months to two.

Rice. 2. The largest banks - organizers of syndicated loans in Russia in 2011.

The leading positions in 2011 belong to five investment banks: BNP Paribas, ABN AMRO, Calyon, Citigroup, Societe Generale, which together occupy more than 50% of the market (Fig. 2).

Foreign banks dominate this market, but participation Russian organizations is becoming increasingly popular in syndications, but Russian banks arrange such loans infrequently, for example, the main organizers of syndications were VTB subsidiaries: VTB Bank Deutschland ($180 million) and VTB Bank Europe ($138 million).

In addition, until recently, financial resources in the Russian market were quite expensive, and their limitations were obvious. Therefore, the majority of syndicated loans are organized by foreign banks, which, in comparison with domestic ones, have not only much more experience, but also more connections in the market of Western, Eastern and Asian capitals.

It can be assumed that this situation will not change significantly in the near future. Under these conditions, Russian banks need to develop the segment of ruble syndicated lending to regional borrowers. The development of this segment will be facilitated by: support from the EBRD, increased liquidity of the ruble market, the predictability of the national currency exchange rate, the introduction of its convertibility, the growth of retail and corporate lending in rubles by banks, the emergence of medium and small borrowers on the market. The development of a regional mechanism for syndicated lending with the participation of regional banks may become an alternative for large and medium-sized Russian banks to expand their branch network.

Syndicated lending for present stage is one of the most promising ways for large banks to penetrate the regions. The development of syndicated lending in the regions will have a positive effect on both banks and borrowers.

For banks, the positive trends in the use of consortium financing are:

expansion of credit expansion in conditions of unlimited resources;

increasing the competitiveness of regional banks and maintaining priority in the banking market;

diversification of credit risks and their minimization;

improving the quality of loan portfolios of participants and assessing the borrower.

For regional borrowers, syndicated loans also have a number of advantages:

the resources attracted in this way are longer and "cheaper" compared to traditional loans, due to the fact that the sources of lending are diversified;

the borrower creates a public credit history with a large number of creditors;

For many regional companies, attracting syndicated loans may be the first experience of conducting public transactions, which will be useful when organizing loans in the future. At the same time, attracting a syndicated loan by a borrower will require him to have a credit history, provide reports<#"justify">In the Russian Federation in the past few years, the problem of insufficient investment and capital investment remains very acute and relevant for the modern Russian economy. The depreciation of fixed assets in a number of sectors of the economy has reached an unacceptable critical value, which is due to a lack of long-term financing and, as a result, limited investment opportunities for companies. At the same time, the high indicators of macroeconomic development in recent years have been achieved to a greater extent due to growth in the fuel and energy sector and a favorable external economic environment.

The growth of the majority of Russian enterprises is currently extensive and is provided largely by the general expansion of the market, which will certainly become limited over time. Moreover, in the context of increasing competition in the world markets for goods and services and the possible entry of Russia into the WTO, the positive effect of the existing Russian companies competitive advantage in the form of cheap labor force, the low cost of electricity and gas will either be minimized or disappear altogether. In this regard, the only opportunity not to lose in the competition for the subjects of the real sector of the Russian economy is to make full-scale investments in the renewal of fixed assets and the introduction of new technologies that will be designed to increase the competitiveness of manufactured products and services provided not only in the oil and gas industry, but also in other industries. sectors of the economy.

To make these investments, Russian companies need to raise a large amount of financing, both in the form of new equity capital and in the form of debt investors. Along with attracting direct investment to the economy, debt capital markets around the world are one of the key mechanisms that governments, corporations and banks use to raise financing for capital investments, upgrade production facilities, refinance and implement development strategies. In this regard, the key to a country's stable economic growth is the access of its companies and enterprises to internal and external sources of long-term debt financing.

Against this background, it seems especially relevant to develop a mechanism for Russian companies to attract financing on international capital markets through syndicated lending, which provides for the provision of a loan to a borrower by a group of banks on identical agreed terms within a single loan documentation.

The ratio of the use of syndicated loans by industry

As the experience of developed countries shows, debt financing and, in particular, bank lending, helps to revive the economy and make it competitive. However, the complexity of the situation in Russia at present lies in the fact that today domestic banks are not able to fully finance long-term production programs enterprises, and the volume of operations of international financial institutions remains insufficient to meet the needs of domestic companies in long-term financing.

Russia today has the most favorable combination of price and risk, and this is also proved by the positive dynamics of increasing syndicated loans by Russian companies:

The main problems hindering the introduction of the syndicated lending mechanism are the lack of unified lending procedures and the continuing deficit of mutual trust in the banking sector. Among the reasons for the insufficient development of international syndicated lending in Russia, the main ones are:

high organizational costs of Russian banks - members of the syndicate,

companies do not have a credit history in international capital markets,

lack of transparency and quality corporate governance Russian enterprises,

the lack of a history of preparation of an audited report by most Russian companies financial reporting according to international standards,

long terms of organization (difficulty in finding creditors with equivalent capabilities),

lack of legal support for transactions of this kind,

lack of the necessary qualified management personnel,

insufficient degree of integration of Russia into the system of international capital movement in general, and in particular, into the system of movement loan capital.

The creation of an efficient system for organizing syndicated loans in Russia will contribute to a multiple increase in the capabilities of the banking system as a whole. The use of syndicated loans will allow accumulating the necessary credit resources, in particular, for making large long-term investments in project financing, investment lending, issuing bank guarantees, and reducing the risks of banking activities in the country.

The development of the syndicated loan market will stimulate the development of the secondary market in terms of the sale by banks of their shares in syndicated loans under assignment or assignment agreements, which will increase the liquidity of debt obligations and give banks the opportunity to participate in new credit and other transactions.

3.3 Economic efficiency of a syndicated loan in a crisis

In Russia, in the most difficult conditions of the transition period to a market economy, great hopes were placed on the influx of external resources. The official authorities considered them as the engine of the investment process and economic growth. Russia was allegedly "doomed" to become the largest importer of capital. Reality dispelled these illusions. But isolationist sentiments, which have intensified after the first failures to integrate into the world capital market and complicated relations with international financial institutions, are also dangerous.

The influx of external financial resources into the USSR occurred mainly through syndicated loans from international banks and export credits. Banks, not without reason, considered the USSR as a reliable debtor. However, after serious violations in servicing the external debt in 1991-1992. Banks have drastically reduced their lending. The net inflow of bank loans in 1994 turned out to be close to zero, and in 1995 it was negative.

However, since 1996, bank lending began to revive rapidly. This was facilitated by the strengthening of the international positions of Russian banks. About 100 banks have passed the international audit, about 40 of them have received ratings from international agencies. If foreign investments in companies were attracted mainly in the form of direct or portfolio investments in shares, then for banks, loans from international banks were a source of increasing their resources. As of December 1, 1997, the ratio of foreign liabilities to net assets of the Russian banking system, having reached its maximum level, amounted to 14%, i.e. at the level of Southeast Asian countries on the eve of the crisis. For some Moscow banks, which accounted for 90% of external loans, this figure was above average (SBS-AGRO - 38%, Imperial - 28%). As of January 1, 1998, the share of non-residents in the total volume of interbank loans attracted by Russian banks reached 60%.

The flow of medium-term and long-term banking resources resumed both in the form of syndicated (consortium) loans and export loans. V Soviet times The government made extensive use of syndicated loans, resulting in a $28 billion debt. However, the Russian central authorities practically did not resort to such loans, preferring other forms of external borrowing noted above. In addition, as world experience shows, international banks themselves try not to deal with borrowers who have violated debt service schedules. Therefore, in Russia, the main recipients of syndicated bank loans have become commercial banks, as well as some large companies and individual regions. A significant advantage of a syndicated loan is that it is provided in an unrelated form and usually without guarantees.

Although syndicated lending does not require state and other guarantees, this does not mean a complete lack of control over the borrower. The borrower may be agreed to comply with the agreed standards, not to pledge certain types of assets, etc.

Russian banks preferred loans over raising resources in the form of Eurobonds, since in the first case the costs are lower and the procedure is simpler. In addition, they got the opportunity to establish business contacts with leading Western banks.

Syndicated loans brought high profits to Russian banks. Receiving loans at 9-12% per annum, they left the final borrower a loan at least 20%. They were mainly firms that carried out external and internal trade. Syndicated loans were also used for transactions in the foreign exchange market. The environmental impact of syndicated loans raised by banks was low.

Syndicated loans have also attracted some large Russian companies. Gazprom was the first to enter this market, followed by Lukoil, Tatneft, Rostelecom, and others. However, companies preferred equity instruments to mobilize external resources. Of the regions, Moscow has achieved the greatest success in the syndicated loan market.

An export loan, unlike a syndicated one, is of a tied nature and from this point of view it is less attractive to the borrower. A loan is issued by a bank in the exporting country, usually directly to the importer-borrower for crediting commodity deliveries, usually machinery and equipment. The borrower is obliged to use the loan to purchase goods in the creditor country. Export credits are usually of an investment nature.

Such lending, carried out for a period of 5-8 years, is subject to numerous risks. Western states, interested in promoting their equipment to world markets, insure export credits and partially participate in these credits, as a result of which their rates are lower than market rates.

Export credits are mostly issued under the state or other form of reliable guarantee. The Russian authorities were reserved about export credits, despite their investment nature. This position was argued by the fact that, due to their connectedness, they contribute to the growth of production and employment in the creditor country, and not in the recipient country. It can be noted that many other countries with emerging markets also prefer other forms of attracting resources for investment needs, and the share of export credits in the flow of financial resources fell in the 1990s.

The government provided in 1993-1997. $20 billion in export credit guarantees. However, a significant number of enterprises that received guarantees went bankrupt or disappeared. But even normally operating enterprises do not fulfill their obligations to the budget. So in May 1998 Russian government decided to limit the provision of export credit guarantees. However, after the financial crisis, when access to other financial resources was limited, this practice was resumed.

It is important for enterprises to attract loans without government guarantees. In Russian practice, such a form of guarantee as mutual supply agreements is used. In these cases, the proceeds from the supply of export goods serve as collateral for the loan.

However, for enterprises operating in the domestic market, mutual supply agreements are not very suitable. For them, project financing is most acceptable. But in Russian conditions, this method of financing, including with the attraction of export credits, is problematic from the point of view of the technique of its implementation. In addition, it is expensive, requiring large expenditures for preliminary examination.

The syndicated lending market is currently not free from a number of unresolved problems, the lack of a solution of which hinders its development.

First, the lack of legally stipulated lending procedures and the continuing deficit of mutual distrust in the banking community.

Secondly, differences in financial condition banks, their resource base, requirements for the borrower. Therefore, in the process of syndication, it is necessary to search for partners with equal capabilities, which is not always possible to do quickly.

Thirdly, the complexity of the procedure for the implementation of syndicated lending, in particular, the choice of the organizer of syndication; selection of possible participating banks; preparation of an information memorandum (satisfactory for all participants, etc.)

Fourth, the lack of a unified package of documents used by various banks in the lending process.

In this regard, the Bank of Russia needs to solve the identified problems by creating a structure whose functions would include the following aspects:

• assistance and direct participation in the preparation of the relevant documentary base for the procedure of syndicated lending;
• development and implementation of criteria for selecting member banks without prejudice to the rights of each of them - ensuring participation in the syndicate only of banks that have "transparent financial statements" and have proven themselves as decent credit institutions, as well as banks with real capital growth;
• development of legislative bases and regulations for the creation and registration of a syndicate, which stipulates the rights and obligations of members of the syndicate and the basis of their relationship.

In addition, the law “On Banks and Banking Activities” should change the definition of “banking operation”, which is defined as an operation to attract and place funds by a bank on its own behalf and at its own expense. A syndicated loan is contrary to this definition, as a result of which it is not possible to classify it as a banking operation. Federal Service on financial markets, it is necessary to develop a mechanism for commercial banks participating in syndicated lending to enter the market in order to sell their shares secured by assets. In addition, recommendations should be developed on the disclosure of information by banks selling shares, in particular, a list of statements, the frequency of their publication, etc.

Conclusion

A syndicated loan is a method of bank lending that provides for the provision of a loan by a group of banks under one loan agreement in order to attract large customers, meet CBR regulations and diversify risk.

Currently, syndicated lending is one of the promising ways to provide a loan for both the bank and the borrower. Consolidation of banking financial capabilities allows diversifying credit risks and improving the quality of loan portfolios of banks participating in the syndicate, as well as simplifying the procedure for preliminary study of the borrower's activities. It should be noted that high risks and non-transparency of enterprises, domestic bankers call the main obstacle to increasing the volume of financing. Therefore, the development of syndicated lending can increase the overall volume and improve the conditions for granting loans.

When organizing a syndicated loan, it is possible to have many participants with different functions, while the obligatory participants in the syndicate of creditors are:

) borrower (borrowing bank);

) an organizing bank that performs coordinating functions before signing the loan documentation;

) an agent bank that performs settlement functions, controls the provision and approval of documentation.

An analysis of the Russian syndicated lending market indicates that most loans are provided in foreign currency, and foreign banks are in the lead. This situation has developed due to a number of objective factors:

foreign financial institutions have a high capitalization, ten times higher than the capitalization of Russian banks;

foreign banks have many years of experience in conducting syndicated lending operations by foreign banks;

foreign arrangers have an excellent reputation, which attracts first-class borrowers.

In addition, until recently, financial resources in the Russian market were quite expensive, and their limitations were obvious. Therefore, the majority of syndicated loans are organized by foreign banks, which, compared to domestic ones, have not only much more experience, but also more connections in the market of Western, Eastern and Asian capitals.

If we consider the indicators for the syndicated loan for 2008, then a sharp decline is noticeable by the end of the year. Perhaps one of the main reasons for this situation was the crisis, and many banks were not able to issue large loans, and there was also a high risk of loan defaults, and therefore lenders were more cautious about borrowers.

At the same time, there are a number of obstacles to the formation of a syndicated market in Russia that must be overcome for successful development: lack of trust between Russian banks, imperfection of the legislative and regulatory framework, the imperfection of financial statements, the heterogeneity of the capabilities of various banks.

Also, due to the underdevelopment of this loan in Russia, it is necessary to pay more attention to the organization of a syndicated loan, methods of its repayment and other nuances for more efficient transactions.

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• Specialty HAC RF08.00.10
• Number of pages 147

1. SYNDICATED LENDING AS A SOURCE OF FINANCIAL RESOURCES FOR ENTERPRISES.

1.1. Features of credit relations of enterprises with the banking sector.

1.2. Essence and specifics of syndicated lending.

1.3. The role and place of syndicated lending in the modern Russian economy.

2. WAYS AND WAYS OF SOLVING THE PROBLEMS OF THE DEVELOPMENT OF SYNDICATED LENDING.

2.1. Analysis of foreign experience in syndicated lending and the possibility of its application in Russia.

2.2. Organization of syndicated lending in Russian banks.

2.3. Syndicated lending risk management.

Recommended list of dissertations in the specialty "Finance, money circulation and credit", 08.00.10 VAK code

• Entry of Russian companies to international capital markets by attracting international syndicated loans 2008, candidate of economic sciences Aronov, Boris Bakhbievich

• Formation and development of an effective mechanism for organizing syndicated lending in the Russian Federation 2009, Candidate of Economic Sciences Semenova, Anastasia Viktorovna

• Syndicated loans and Eurobonds as forms of attracting external debt financing by Russian banks 2007, Candidate of Economic Sciences Korchminsky, Alexander Vladimirovich

• New banking products and their implementation in the Russian economy 2009, Candidate of Economic Sciences Ivanov, Artem Alexandrovich

• Organization of syndicated lending in Russia 2004, Candidate of Economic Sciences Grigoryeva, Olga Mikhailovna

Introduction to the thesis (part of the abstract) on the topic "Syndicated lending to enterprises in modern conditions"

Relevance of the research topic. The problem of lack of investment remains relevant for the modern Russian economy. Depreciation of fixed assets in some industries has reached a critical threshold, due to insufficient investment opportunities for enterprises. The needs of the real sector of the economy for investments to expand capital investments and increase working capital require the creation of an effective credit system and its improvement. Bank lending helps to revive the economy and make it competitive. However, the ability of banks to provide investment loans is limited by a lack of domestic long-term resources and high credit risks.

Few Russian banks alone are able to provide the large volume of loans needed to meet the needs of enterprises. In this regard, syndicated lending to Russian enterprises as Russian ones is relevant; as well as foreign banks. The experience of foreign countries gives grounds to assert that it is the development and improvement of syndicated bank lending that will become one of the significant factors in the growth of investments in fixed capital of enterprises, as well as overcoming the raw material orientation of the Russian economy through its diversification and realization of competitive advantages. The development of syndicated loans will allow banks to expand the range of their active operations and optimize risk management. This will strengthen, on the one hand, the functional role of banks in the Russian economy, and on the other hand, it will create conditions for strengthening their financial stability.

The problems of using a syndicated loan for lending to enterprises necessitate scientific understanding of the most important aspects of its theory and practice. The study of the theoretical foundations of this financial instrument was rather limited. In this regard, there is a need to analyze the specifics of syndicated lending, its place and role in the theory and practice of credit, identify its inherent risks, develop measures to minimize them and create a system of state regulation.

The degree of development of the problem. Recently, scientific studies have appeared on the problems of bank lending and investment, to one degree or another, affecting syndicated lending. In the domestic economic literature, the general aspects of syndicated lending are considered by Dovgyallo M., Zhemchugov A., Lavrushin O., Matovnikov M., Mekhryakov V., Pivkov R., Sukhushina G. Abroad, lending and investment issues are covered in scientific publications of such authors as Anderson A., Weaver PM, Kingsley GD Among the works of foreign authors studying syndicated lending, one should highlight Robert P. McDonald, Peter Gabriel, Norton J.J., Tony Rhodes, Barry Howcroft, Christine Solomon, Andrew Fight. Conducted analysis Russian literature on lending problems shows that the theoretical and practical aspects of syndicated lending have not yet been studied enough.

Purpose and objectives of the study. The main goal is to substantiate the syndicated loan as an important source of resources for the real sector of the economy, identify the factors that limit its development, develop the necessary ways to minimize them, aimed at strengthening its role in the modern Russian economy.

To achieve the goal in the study, the following tasks were set and solved: to determine the essence of a syndicated loan and clarify the conceptual apparatus associated with it; identify the place and role of a syndicated loan in the system of credit relations and the factors of its development; propose and substantiate methodological approaches to assessing the creditworthiness of participants in syndicated lending; substantiate proposals for improving the regulatory framework for syndicated lending in Russia; to analyze the foreign experience of syndicated lending and the possibility of its application in Russia; identify specific risks inherent in syndicated lending and develop recommendations for their minimization.

The object of the study is a syndicated loan, which is widely used in economically developed countries.

The subject of the study is the organization of a syndicated loan in Russia as one of the most important sources of financial resources for business entities and the identification of the reasons for its insignificant volumes.

Theoretical and methodological basis of the study. Theoretical basis research served as the works of well-known foreign and domestic scientists in economics, finance, credit theory, devoted to banking and syndicated lending.

As a methodological basis of the study, a stage-by-stage system analysis of the organization of the syndicated lending process, its patterns and cause-and-effect relationships at the micro and macro levels was used. On the basis of statistical data, a comparative analysis of the use of syndicated loans in Russia and abroad was carried out in the work.

The information base of the study was the data of the State Committee of the Russian Federation on Statistics, reference information materials and publications of the Bank of Russia, the Ministry of Economic Development and Trade of the Russian Federation, central banks of near and far abroad, as well as rating and information agencies (AKM, Interfax, RosBusinessConsulting) and other databases . Loan and security agreements, internal correspondence and decisions of the Credit Committees of banks participating in syndicated lending, and materials obtained in the course of the author's practical work in a commercial bank were widely used.

The scientific novelty of the dissertation lies in the development of the concept of syndicated lending in the modern Russian economy.

The most significant results characterizing the scientific novelty of the study:

1. Based on the identification of the specifics of objects and subjects of lending, the features of a syndicated loan are disclosed as a tool for the functioning of a large banking syndicate. The object of a syndicated loan, taking into account the long terms of organizing a syndicate and, accordingly, additional costs, should be a single business transaction that has a long-term and targeted character (investment goals).

The functions of the syndicate participants are defined: creditor banks (distributing the total amount of the loan and associated risks), the agent bank (serving cash flows on the loan) and the organizing bank (carrying out the process of arranging the loan), the features of the relationship between them are revealed. It is proved that all settlements between creditors and the borrower must be carried out through an agent bank.

2. It was revealed that the advantage of a syndicated loan compared to other forms of bank lending is the ability of borrowers to attract larger amounts of money while reducing the costs and time for processing and diversifying the risks of creditors who are able to provide a loan in an amount exceeding the limits of credit risks by one borrower.

The advantages of a syndicated loan over such financial instruments as the issue of shares and bonds are shown. These advantages for the borrower consist in the possibility of obtaining a stable source of investment (resistance to changes in the capital market) and the optimal use of attracted resources. For lenders, they consist in a higher level of control over the security of credit funds and their intended use, leading to a reduction in syndicate risks.

It has been proven that a syndicated loan contributes to solving the problem of the most risky captive lending, since allows banks to provide their shareholders with the funds they need without violating credit risk limits.

3. The reasons for the development of syndicated lending in foreign countries and in Russia are identified. The spread of syndicated loans in developed countries is more related to the need to diversify the credit risks of banks than to the problem of their low capitalization.

The stages of syndicated lending, the structure of the syndicate are identified, the features of its formation in Russia are determined:

The functions of the organizing bank, as well as the agent bank and partially the creditor (usually providing a significant share of the loan), as a rule, are performed by one bank;

Absence of some syndicate participants required abroad (for example, a syndicate manager, a loan underwriter, etc.) and organizations that regulate the syndicated lending process and are responsible for standardizing documentation.

To mitigate the risks caused by the insufficient experience of the syndicate participants, the use of the international practice of securing syndicated loans is justified:

Restriction of the borrower's actions by the provisions of the loan agreement (the principle of "cross insolvency");

Transfer of part of the functions to more experienced participants in the syndicated loans market;

Establishing limits on the total debt of the borrower to creditors (excluding trade debt).

4. For the first time, the need to determine the minimum and maximum share of the bank's participation in a syndicated loan was identified and justified. The determination by the organizing bank of the minimum share of the lender in the provided syndicated loan is due to the need to limit the unreasonable increase in the number of lenders and, as a result, increase the time and organizational costs for the formation of a syndicate. Establishing the maximum share of a bank's participation in a syndicated loan is associated with the need to ensure equal conditions for all creditors and limit the largest of them in making unilateral decisions that are unacceptable to other participants and infringe on their rights.

5. The specific risks of syndicated lending were identified: the insolvency of the borrower, the agent bank, default by the agent bank, creditors, lack of experience of the organizing bank, and ways to minimize them were proposed:

The need for lenders to assess the creditworthiness of not only the borrower, but also the agent bank, and in some cases other lenders, given the specifics of the movement of capital in syndicated lending;

Participation of an agent bank and an organizing bank in a syndicated loan as lenders (accepting lending risks together with other participants);

The independence of banks in providing their shares of the loan, since their obligations should not depend on the failure of other participants to fulfill their obligations;

Acceptance of all decisions on controversial issues within the framework of the syndicate by the banking majority;

Determination of the procedure for changing the agent bank in case of improper performance of its functions.

The theoretical significance of the study lies in the fact that the main conclusions and recommendations contained in the work can be used in research papers that contribute to the further study of the problems of syndicated lending. The provisions of the dissertation research can be used in the preparation of textbooks and lectures on the disciplines "Money, credit, banks", "Finance, monetary circulation and credit", etc.

The practical significance of the study lies in the fact that the theoretical and practical conclusions, recommendations, proposals and results formulated in the dissertation research can be used by Russian commercial banks for the implementation of syndicated lending to enterprises, as well as the Bank of Russia in the development of specific measures to draw up and improve banking legislation in the field of syndicated lending.

The practical significance of the dissertation lies in the development of a methodological apparatus, the preparation of proposals and recommendations for minimizing the risks of syndicated lending, which have been tested and can be used in the activities of commercial banks.

Testing and implementation of research results. The main provisions of the dissertation and the results of the study were reported and approved at the Conference " Economic theory and Practice: Problems of Interaction" held at MESI (Moscow, 2003).

The recommendations received as a result of the study were partially reflected in the Credit Policy, the Regulations for a syndicated loan with the participation of JSCB "BIN" as an agent bank, and were also repeatedly used in loan agreements with the participation of JSCB "BIN" in syndicated loans as a lender .

Volume; and; dissertation structure; The dissertation is presented on 147 pages, consists of an introduction, two chapters, a conclusion, a list of references (148 titles). The work contains 12 tables in the text of the dissertation and 6 appendices.

Dissertation conclusion on the topic "Finance, monetary circulation and credit", Boyarenkov, Andrey Vladimirovich

CONCLUSION

The transformations taking place in the Russian economy in recent years have necessitated the creation of an efficient banking sector capable of bringing domestic production to a new level of development and increasing the competitiveness of Russian products. The analysis of international and domestic credit relations shows that one of the ways to solve this problem is to involve more and more commercial banks in the investment process.

Dissertation research devoted to the analysis of syndicated lending as one of the most important sources of financial resources for business entities, its place and role in the modern Russian economy, the specifics of the organization, the development of methodological provisions for ensuring the conditions for the effective functioning of this type of credit relations between banks and the real sector of the Russian economy and the formation of risk management mechanisms for syndicated lending, allows us to draw the following conclusions:

1. A comparative analysis of the definitions of syndicated lending existing in economic science, due to the need to systematize various theoretical approaches to the interpretation of this concept, showed that in scientific papers theoretical aspects of syndicated lending are not fully covered, which makes it difficult to create effective mechanisms for its practical application. Based on the analysis, a definition was developed and formulated that most fully reveals the economic essence of a syndicated loan: The results of this stage of the study made it possible to formulate the cause-and-effect relationships that led to the emergence of this financial instrument, and on their basis to develop a theoretical basis for syndicated lending, its main principles and characteristics, taking into account the functions of its subjects, the specifics of the object of lending and the movement of capital,

2. A systematic analysis of the organization of credit relations between banks and the real sector of the economy shows that syndicated lending is widely used in the modern economy, as. source of long-term investment. This circumstance is due to the borrower's ability to attract larger amounts of funds than an individual bank can afford, reduce costs and time for arranging a loan, diversify credit risks of lenders, etc. Syndicated loans serve as a tool for enterprises to attract significant resources and are able to influence the capitalization of the economy in order to increase economic growth and competitiveness of products.

3. An analysis of the practice of using syndicated lending by Russian banks made it possible to determine the further direction of research into the place and role of this financial instrument in the modern system economic relations. In this regard, the study assessed the extent of the use of syndicated loans, as a result of which it was revealed that in the modern Russian economy, syndicated loans still play an insignificant role as a tool for investing in the real sector of the economy. The paper establishes the reasons for the insignificant volume of syndicated loans provided by commercial banks to large Russian borrowers, among which the main ones are high organizational costs of banks, long organization periods (difficulty in finding lenders of equal capabilities), lack of legal support, etc.: This situation has a deterrent effect on the development of operations syndicated lending in Russia. The study developed methodological approaches to the unification of the legal support of syndicated lending, which made it possible to determine the conditions for the sustainable development of the object under study and set priority tasks, the solution of which will enhance the role of this financial instrument in the investment process.

4. Consideration of the process of organizing syndicated lending in Russia made it possible to determine possible ways to improve its economic and organizational structure, taking into account the responsibility of syndication participants, their actions in case of bad faith performance by one of the parties of their obligations, and development of legal relations. Based on the study of the mechanism of syndicated lending, as the main tool for the modernization and renewal of fixed assets of Russian enterprises, methodological approaches to its organization have been developed, and the need to determine the minimum and maximum stakes in syndication has been identified. This makes it possible to prevent an unreasonable increase in the number of creditors, an increase in the term and organizational costs of forming a syndicate, on the one hand, and to ensure equal conditions for all creditors under a syndicated loan, on the other.

5. An analysis of the foreign theory and practice of syndicated lending showed that this financial instrument has a long history and accumulated extensive experience in regulating the relationship of its subjects, while in Russia for many decades in the published literature the syndicated loan was essentially not covered, and in practice was poorly used. Based on a study of the practice of using syndicated lending in developing and developed countries of the world, it has been determined that the main emphasis in organizing syndication is on securing loans. In this regard, the paper developed a model of relationships between the subjects of syndicated lending, identified the stages and determined the structure of syndication, and formulated recommendations on the use of international experience in Russia.

6. In order to minimize possible losses associated with the lack of experience of syndicate participants, the need to expand the number of syndication participants is justified. Suggested to apply foreign practice to secure syndicated loans, that is, to provide for a "cross insolvency" clause in the loan agreement at the stage of organizing a syndicated loan.

7. As a result of the study of the conditions for the effective organization of syndicated lending in Russia, certain aspects of imperfection have been identified legal framework, which regulates the relations of subjects of lending, which made it possible to formulate recommendations for improving the legal support of syndicated lending. The necessity of regulating the procedure of syndicated lending at the level normative documents Bank of Russia, including the development of a section containing definitions of syndication participants, their functions, legal liability of creditors and borrowers to each other, as well as possible risks of participants and mechanisms for minimizing them. The necessity of unification of internal legal documentation used by commercial banks in syndication is substantiated. Methodological approaches have been developed to the conclusion of a single multilateral loan agreement between a syndicate of banks and a borrower, which should more fully and clearly reflect the rights, obligations and actions of participants in syndicated lending.

8. In order to improve the efficiency of syndicated lending, the need to identify specific risks inherent in syndicated lending and develop recommendations for their minimization is substantiated. In the course of the analysis of the process of organizing syndicated lending in Russia, it was revealed that the features of such risks are practically not taken into account by modern practice. The main task is to identify and prevent possible adverse events, as well as to find ways to reduce their consequences.

9. Based on the results of the study, the specific risks of syndicated lending are formulated: the insolvency of the borrower, the agent bank, default by the agent bank and creditors, lack of experience of the organizing bank.

While investigating the possible consequences of an incorrect or insufficiently developed assessment of the creditworthiness of syndication entities, the need for a more detailed analysis of these risks has been established. In the course of the study, a methodology for managing the risks of syndicated lending was developed and, for each separately, recommendations were proposed to minimize possible damage. In particular, taking into account the specifics of the movement of capital in syndicated lending, lenders are asked to assess the creditworthiness of not only the borrower, but also the agent bank, and in some cases other lenders, in order to minimize risks.

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146. Main indicators of the 30 largest banks as of 01.01.04, billion rubles.

147. Bank Assets Capital NBS net loans as % of assets

148. Sberbank of the Russian Federation 1453.90 149.02 812.24 55.9

149. Vneshtorgbank 257.70 52.72 119.78 46.5

150. Gazprombank 212.43 30.41 106.68 50.2

151. Alfa-bank 176.24 24.70 107.69 61.1

152. MPB 125.68 28.23 84.39 67.1

153. Rosbank 113.50 12.02 71.87 63.3

154. Bank of Moscow 110.07 11.31 71.25 64.78; MDM Bank 99.62 11.81 53.01 53.2.9. MMB 83.49 6.67 36.16 43.310. PSB 65.92 5.82 40.57 61.5

155. Uralsib 64.79 10.15 39.25 60.6

156. Raiffeisenbank 61.21 5.54 30.01 49.0

157. Citibank 60.76 8.59 30.57 50.3

158. Petrocommerce 43.50 7.26 19.93 45.8

159. Promsvyazbank 37.33 4.26 21.16 56.7

160. Menatep St. Petersburg 36.53 3.76 16.40 44.9

161. Trust 33.90 5.37 8.70 25.7

162. NIKoil 33.64 6.49 20.76 61.7

163. Nomos Bank 30.63 5.01 16.10 52.6

164. Zenith 30.21 4.13 18.50 61.2

165. Avtobank-Nikoil 30.04 6.54 11.07 36.9

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168. Eurofinance-Mosnarbank 26.67 5.31 11.18 41.9

169. Commerzbank (Eurasia) 26.48 1.17 12.25 46.3

170. Revival 26.48 3.04 17.33 65.4

171. Impexbank 22.51 3.24 11.86 52.7

172. Akbars 22.15 3.41 12.60 56.9

173. Ingosstrakh-Soyuz 21.29 4.10 11.08 52.1

Panel research is a type of research that includes a fixed sample of elements of the general population, the characteristics of which are measured repeatedly. The sample remains unchanged over time, providing a series of pictures that, taken together, provide a vivid illustration of the situation of change.

A panel is a sample of respondents who agreed to provide information at specified intervals over an extended period of time.

Cohort analysis - Multiple profile research, consisting of a series of surveys conducted at certain time intervals.

A cohort is a group of respondents with whom the same events occur within the same time interval.

An omnibus study (survey) conducted by an independent research company at its own expense, in which several different interested customers can take part, paying for the inclusion of only those questions that are of direct interest to them.

The timing of the study, the general population, the volume and procedure for sampling are determined by the research company independently

Information services offered by marketing research organizations that provide information from a common database to various firms and companies that subscribe to their services.

syndicated research. Information services offered by marketing research organizations that provide information from a common database to various firms and companies that subscribe to their services

30. Omnibus studies and syndicated studies.

An omnibus study (survey) conducted by an independent research company at its own expense, in which several different interested customers can take part, paying for the inclusion of only those questions that are of direct interest to them. The timing of the study, the general population, the volume and procedure for sampling are determined by the research company independently

Syndicated research - Information services offered by marketing research organizations that provide information from a common database to various firms and companies that subscribe to their services

31. The concept, types and scope of expert methods for obtaining and evaluating marketing information.

Methods of expert assessments

The essence of the method of expert assessments is that experts conduct an intuitive-logical analysis of the problem with a quantitative assessment of judgments and formal processing of the results.

The generalized opinion of experts obtained as a result of processing is accepted as a solution to the problem.

Principles of conducting IER

Scientifically substantiated organization of all stages of examination

Application of quantitative methods

Two classes of problems

Problems for which there is sufficient information capacity

Problems in relation to which the information potential of knowledge is insufficient to be sure of the validity of these hypotheses

Areas of application of the IEO

Drawing up a list of possible events in various areas for a certain period of time;

Determination of the most probable time intervals for the completion of a set of events;

Determining the goals and objectives of management with ordering them in order of importance;

Definition of alternative (options for solving the problem with an assessment of their preferences;

Alternative distribution of resources for solving problems with an assessment of their preference;

Alternative decision-making options in a certain situation with an assessment of their preference.

Interview method

A conversation between a forecaster and an expert (question-answer) according to a pre-developed program.

The success of an assessment depends on the ability of an expert to give an impromptu opinion on various issues.

Analytical Method

Careful independent work of an expert on the analysis of trends, assessment of the state and development paths of the predicted object.

An expert can use all the information he needs about the forecast object. He writes his findings in the form of a memorandum.

Group Methods

Working group appoints experts who provide answers to the questions raised regarding the prospects for the development of this object.

Number of experts: from 10 to 150 people, depending on the complexity of the object.

The purpose of the forecast is determined, questions for experts are developed.

Peculiarities

Using a set of assessments of relative importance made by experts in each of the areas of scientific research assessed.

Importance ratings are expressed in points and can take values ​​from 0 to 1, from 0 to 10, from 0 to 100, etc.

Brainstorm

Idea generation first

Then their destructuring (destruction, criticism) with the promotion of counter-ideas and the development of an agreed point of view.

Six participants, each of whom must write down three ideas within five minutes.

The leaf moves around. In half an hour, each expert will write down 18 ideas in his asset, and all together - 108

An individual survey of experts is carried out in the form of questionnaires.

Statistical processing and formation of the group's collective opinion, arguments in favor of various judgments are identified and summarized.

The processed information is reported to the experts, who can correct the estimates, while explaining the reasons for their disagreement with the collective judgment. This procedure can be repeated up to 3-4 times.

As a result, there is a narrowing of the range of estimates and a consistent judgment is made regarding the prospects for the development of the object.

Features of the Delphi Method

Anonymity of experts (members of the expert group are unknown to each other, the interaction of group members when filling out the questionnaires is completely excluded).

Ability to use the results of the previous round of the survey.

Statistical characteristics of group opinion.

Commission Method

Groups of experts at the "round table" discuss a particular issue in order to agree on points of view and develop a common opinion.

The disadvantage of this method is that the group of experts in their judgments is guided mainly by the logic of compromise.

Scenario Method

Based on the definition of the logic of a process or phenomenon in time under various conditions.

Morphological analysis

Systematized consideration of the characteristics of the object, using the "morphological box" method, which is built in the form of a tree of goals or a matrix, in the cells of which the corresponding parameters are entered.

Serial connection of the first level parameter with one of the parameters of the subsequent levels is a possible solution to the problem.

The total number of possible solutions is equal to the product of the number of all parameters presented in the "box", taken row by row.

Through permutations and various combinations, it is possible to develop the probabilistic characteristics of objects.

32. Focus group as a tool for collecting primary data.

A focus group is an unstructured interview that a specially trained facilitator takes at ease from a small group of respondents.

The purpose of the FG is to get an idea of ​​​​what a group of people representing a specific target market thinks about the problems of interest to the researcher

Tasks solved by FG:

Determination of customer preferences and their attitudes towards this product

Obtaining feedback on new product ideas

Presenting new ideas for existing products

・Price opinions

Obtaining preliminary consumer reaction to certain marketing programs

Methodical tasks of MI:

A more precise definition of the marketing research problem itself

Development of alternative options for management decisions

Developing an approach to problem solving

Obtaining information useful in creating questionnaires for consumer surveys

Developing hypotheses that can be tested quantitatively

Processing of previously obtained quantitative results

Features of focus groups

Composition: Homogeneous with preliminary selection of respondents

Ambiance: Informal, relaxed atmosphere

Time: 1-3 hours

Recording: Audio and video recording

Leading Requirements

· Tolerance

· Getting involved

Incomplete understanding

· Encouragement

Flexibility

Sensitivity

FG process

Determination of the task and problems of MI

Specifying the task of qualitative research

Formulating a problem for consideration during the focus group

· Drawing up a questionnaire for the selection of FG participants

Development of a plan for conducting a FG (incl. Type of FG)

· Carrying out FG

Record review and data analysis

Information processing and reporting

· Carrying out FG

· Preliminary briefing

Introduction of participants and information about them

Setting the discussion context

main discussion

Questions from observers

FG monitoring

· Preliminary preparation

Observation from the very beginning

Focus on the big picture

Attention to the words of each participant

Attention to comments

No hasty conclusions

Judgments about the personality of the participants should not influence their statements

Avoid the opinions of dominant participants

incentive reward

· The fee paid to the respondent for participating in the FG. Depends on the complexity of the selection of the respondent

The amount of FG depends

The nature of the object of study under discussion

Number of market segments

Number of new ideas proposed by groups

time and money

・Two way interview

With two leaders

With two leading opponents

With a leading respondent

· With the customer as a participant

· Mini-groups

Remote focus group

Benefits of FG

Synergy effect

snowball effect

· Stimulate conversation

· Safety

spontaneity

· Intuitive insight

· Specialization

· Scrupulousness

Structure

· Speed

Disadvantages of FG

Incorrect application

・Misjudgment

FG management

Messiness

· Non-representativeness

33. Requirements for a focus group leader.

Host: observant and sociable

Leading Requirements

・Benevolence and determination

· Tolerance

· Getting involved

Incomplete understanding

· Encouragement

Flexibility

Sensitivity

34. Limitations of the focus group method.

Limitations of the Focus Group Method

The main problems of the focus group method are centered around the characteristics of the personality of the participants in the discussion. Respondents involuntarily perform many destructive roles that impede the effective receipt of information. This is a significant drawback of focus groups in comparison with a related research method - in-depth interviews. Only very experienced moderators are able to keep the course of the discussion within the boundaries of the developed scenario and lead it to the full achievement of the set goals.

In the process of focus groups, it is quite difficult to identify deep motivations, since participants are not always ready to express the relationships that characterize their weaknesses. Often, the true motivations of focus group participants are hidden behind a psychological defense mechanism. When in a focus group, participants often seek to appear as experts on the issues under discussion, delving into the discussion of the obvious properties of the products and not reflecting their own deep motivations.

According to conventional wisdom, the high cost is an obvious disadvantage of the focus group method. We can agree with this, given that the average cost of organizing a focus group in Moscow exceeds 50,000 rubles.

35. Projection methods for collecting primary data.

Projection methods are represented by a whole group of interview techniques, including:

Associative projection methods;

completion of a sentence or drawing;

role playing;

retrospective conversations.

Associative projection methods include associative conversations (what thoughts do you have in connection with a particular event, object, etc. or an associative test of words, when the respondent is offered a set of words, and he must pronounce the association. The scope of the method is to clarify associations, arising with a certain name, event, action, invention.

Sentence or picture completion is a projection method technique in which the respondent is asked to complete a phrase or picture. The scope of the method is to obtain information about the feelings or reactions of potential consumers regarding a product or its brand.

Role-playing is a technique of the projection method, according to which the subjects are asked to enter the role of one of the participants in the situation and describe the intended actions. The scope of the method is the study of hidden human reactions to the proposed role, the study of values potential consumers.

Retrospective conversations use a technique in which the respondent is asked to recall some events in his life. The scope of the method is to identify factors that determine the behavior of potential consumers.

36. Observation as a tool for collecting primary data.

Observation

Gathering information by registering objects, events, situations, or human behavior

Observation

used

To determine the quantitative characteristics of behavior that are inadequately captured through self-reporting

For behaviors that respondents are unable or unwilling to report

Surveillance Options 1

Situation:

· Natural

・Manufactured

Natural (field) observation

Observation of people, situations, objects or events without the intervention of observers and interaction with them

It is applied for:

Counting the number and types of people visiting a particular establishment and then recording the total number and types of orders made by them

Observations on the behavior of bank tellers

Observations on the behavior of consumers buying specific types of products, time to read the instructions on the package

Records the time shoppers spend in the store looking at different window display options

Laboratory observations

Recording a target behavior or event in the context of an artificially created situation

Observation examples

· "Mystery shopper"

· Commercial trials

Mystery shopper

Information about the event:

・Opening

・Without opening

Purchase returns:

· With return

· No refund

Surveillance Options 2

Observer Presence:

· Open

Hidden

Open Surveillance

The object of study is aware of the presence of an observer

covert surveillance

The object is not informed about the presence of the observer

Surveillance Options 3

Data entry form:

Structured

· Unstructured

Structured form

Recording is carried out on a special form, which is possible if it is known in advance about the types of information that the researcher receives and the behavior that he observes

unstructured form

Data is recorded in narrative form

Surveillance Options 4

Use of technical means:

With the use of technical means

Surveillance Options 5

· Content analysis

・Trace analysis

Retail audits

Content analysis

Objective, systematic recording of quantitatively determined characteristics of the main parameters of the communicative connection of the elements of the observed object

Application

Scientific content analysis

Applied content analysis

Track analysis

A technique in which information is collected based on physical features or evidence of past events

Q-sort

A way to collect information about consumers' attitudes and opinions about themselves, brand and product users, product categories, advertisers and advertising

37. The mystery shopper method. Its types and features.

Mystery shopper

A method of evaluating the work of personnel in which the inspector acts as a buyer, and the inspector does not know about it.

Information about the event:

・Opening

・Without opening

Purchase returns:

· With return

· No refund

Objects of study

The objects of study are salespeople and consultants in outlets, telephone managers and consultants, online consultants on the site (using instant messaging, voice and video), managers who process requests for e-mail and through the order form on the site.

Criteria for evaluation

compliance with the norms of etiquette by employees (friendliness, goodwill, etc.);

the speech of employees (literacy, politeness, understandability);

· appearance employees in terms of neatness and compliance with the corporate identity of the company;

Compliance with the accepted standards of the company by employees;

cleanliness and order in the premises and workplaces of employees;

merchandising;

the speed of service;

Availability of employees for the client.

· Reviews may also assess product knowledge and sales skills. However, it must be understood that this method does not replace, but is additional to other procedures for evaluating personnel performance, such as appraisals, expert opinions, testing, observation, etc.

Additional features during checks

· Control purchase. During the test, a test purchase may be made. In this case, an additional document that allows you to control the work of a mystery shopper is a cash receipt.

· Dictaphone recording of the conversation.

· Photo and video recording.

To organize the collection and processing of information in the course of such studies, companies often resort to specialized online reporting systems that allow them to improve the quality of information by reducing the human factor, automate the routine work of processing and collating a large amount of data received from field personnel. As a rule, a mystery shopper has access to such a program using the Internet and a browser - he enters the collected information and submits reports online. Managers and customers immediately see the information received and can analyze it.

The norms, standards and ethics of conducting mystery shopping research are developed and regulated by the International Association of Mystery Shopper Services (MSPA) and independent companies, employees of inspected sites must be warned in advance that they will be periodically checked by mystery shoppers over a certain period , and the results of “mystery shopper” checks should not serve as a basis for punishing and dismissing employees.

In the Russian Federation, the activities of providers of the “mystery shopper” service are in fact not regulated by anything. MSPA does not have effective mechanisms for quality control of the services provided in the Russian Federation and the CIS, so Russian market Users of the Mystery Shopper service have to independently check the quality of services, usually based on the recommendations of colleagues, through competitions when choosing a contractor, checking whether the contractor company is a member of MSPA.

38. Content analysis as a method of observation.

Content analysis is an objective, systematic recording of quantitatively determined characteristics of the main parameters of the communicative connection of the elements of the observed object

Application

Scientific content analysis

Applied content analysis

Stages of applying content analysis

· First stage

Determination of the set of sources or messages under study using a set of specified criteria that each message must meet:

· Second phase

Formation of a selective set of messages. In some cases, it is possible to study the entire set of sources determined at the first stage, since the cases (reports) to be analyzed are often limited in number and are readily available. However, sometimes content analysis must rely on a limited sample taken from a larger body of information.

The third stage

Identification of units of analysis. They can be words or topics. The correct choice of units of analysis is an important component of the whole work. The simplest element of a message is a word. A topic is another unit, which is a separate statement about a subject. There are fairly clear requirements for the choice of a possible unit of analysis:

it must be large enough to express the meaning;

it should be small enough not to express many meanings;

it should be easily identifiable;

the number of units must be large enough to be able to make

The fourth stage

Identification of units of account, which may coincide with semantic units or be of a specific nature. In the first case, the analysis procedure is reduced to counting the frequency of mentioning a selected semantic unit, in the second case, the researcher, on the basis of the analyzed material and the objectives of the study, himself puts forward units of account, which can be:

physical length of texts;

text area filled with semantic units;

number of lines (paragraphs, characters, columns of text);

the duration of the broadcast on radio or TV;

film footage for audio and video recordings,

the number of drawings with a certain content, plot, and so on.

The fifth stage

direct counting procedure. In general, it is similar to the standard methods of classification according to selected groups. The compilation of special tables, the use of computer programs, special formulas, and statistical calculations are used.

The sixth stage

Interpretation of the results obtained in accordance with the goals and objectives of a particular study. Usually, at this stage, such characteristics of the text material are identified and evaluated, which allow making conclusions about what the author wanted to emphasize or hide. It is possible to identify the percentage of prevalence in society of the subjective meanings of an object or phenomenon.

Quantitative content analysis

Quantitative content analysis (also called content analysis) is based on the study of words, topics and messages, focusing the researcher on the content of the message. Thus, when going to analyze the selected elements, one must be able to anticipate their meaning and determine each possible result of observation in accordance with the expectations of the researcher.

In effect, this means that, as a first step in conducting this type of content analysis, the researcher must create a kind of dictionary in which each observation is defined and assigned to the appropriate class.

Qualitative content analysis

In addition to words, themes and other elements that indicate the content side of messages, there are other units that allow you to conduct a qualitative or, as it is also called, structural content analysis. In this case, the researcher is interested not so much in what is said, but in how it is said.

For example, the task may be to find out how much time or print space is devoted to a subject of interest in a particular source, or how many words or newspaper columns were devoted to each of the candidates during a particular election campaign.

On the other hand, other, perhaps more subtle, issues related to the form of the report may be taken into account: whether a particular newspaper report is accompanied by a photograph or some kind of illustration, what is the size of the headline of a given newspaper report, whether it is printed on the front page or placed among numerous advertisements. When answering such questions, the researcher's attention is focused not on the subtleties of the content, but on the way the message is presented. The main issue here is the fact of the presence or absence of material on the topic, the degree of its emphasis, its size, and not the nuances of its content. This analysis often results in much more reliable measurements than in the case of a content-oriented study (because formal indicators are less ambiguous), but, as a result, are much less significant.

The amount of information that will be obtained during the study

39. Questionnaire as a marketing research tool

40. Depth interview as a tool for collecting primary data.

There is a huge variety of research methods and techniques for collecting primary information. The main sources of marketing information are:

· Interviews and surveys; Registration (observation); Experiment; Panel; Expert review.

Interview (poll)- finding out the position of people or obtaining information from them on any issue. A survey is the most common and essential form of data collection in marketing. Approximately 90% of studies use this method. The survey can be oral (personal) or written.

Personal (Face-to-face) and telephone surveys are called interviews. Face-to-face interviews can be formalized and non-formalized. In-depth interviews and hall tests refer to individual non-formalized interviews. Individual non-formalized interviews are conducted with the respondent one on one in the form of a dialogue, while the respondent has the opportunity to express detailed judgments on the problem under study.

In-Depth Interviews - are a series of individual interviews on a given topic, conducted according to the discussion guide. The interview is conducted by a specially trained highly qualified interviewer who is well versed in the topic, owns the technique and psychological methods of conducting a conversation. Each interview lasts 15-30 minutes and is accompanied by the active participation of the respondent - he lays out cards, draws, writes, etc. In-depth interviews, unlike structured ones used in quantitative surveys, allow you to penetrate deeper into the psychology of the respondent and better understand his point of view, behavior, attitudes, stereotypes, etc. In-depth interviews, although time consuming (compared to focus groups), are very useful in situations where the atmosphere of a group discussion is undesirable. This may be necessary when studying individual problems and situations that are not usually discussed in a wide circle, or when individual points of view may differ sharply from socially approved behavior - for example, when discussing issues of gender relations, sex, certain diseases, hidden political beliefs, etc. .P. In-depth interviews are used when testing and developing initial advertising developments (creative ideas) when it is required to get direct, individual associations, reactions and perceptions - without looking at the group. At the same time, the combination of the method of in-depth interviews and focus groups with the same respondents is optimal. And, finally, in-depth interviews are indispensable when conducting qualitative research, when the characteristics of the target group make it impossible to collect respondents in a focus group - i.e. at one time in one place for 2-3 hours. For example, when it comes to busy businessmen, wealthy citizens, narrow professional groups, etc.

41. Online research. Comparison with traditional methods of information collection.

What is the difference between offline and online qualitative research? Everyone has it

them in more detail.

Traditional Qualitative Research (offline)

1) At the offline focus group, you can use the product (try it

taste, smell, etc.)

3) The researcher and the customer can observe and analyze non-verbal

participants' behavior

5) Face-to-face interaction allows you to experience a synergistic effect, when the result of group interaction is always greater than the sum of individual efforts.

Qualitative research online

1) It is easier to involve representatives of hard-to-reach people in online research

2) Respondents can participate in the online survey at their convenience

time, which reduces the failure rate.

3) During an online focus group, it is easier to control group dynamics.

The leader of the group (moderator) can easily minimize opportunities

an individual participant to dominate or overwhelm the rest.

4) Interaction with focus group participants on the Internet allows

receive sincere and unconstrained answers and reactions.

5) One of the main advantages of online focus groups is the ability to

test Internet products and services in their natural environment.

6) On-line mode provides a convenient opportunity for the client to observe

during a focus group or in-depth interview from anywhere you have access

in Internet.

7) Conducting qualitative research online saves time on

search for participants and allows you to get instant results

8) Online research is cheaper.

Thus, online focus groups are a cost-effective alternative

traditional focus groups. Unlike offline focus groups, online surveys are not geographically restricted; people from different regions can participate in the same focus group at the same time.

42. Online polls. Sample formation, site selection, questionnaire design and evaluation of results.

The entire study group as a whole, for example, all consumers who have bought a product, is called the general population or simply the population in statistics. Sometimes the population is small enough in size and it is possible to study all its members. Usually this is not possible. Therefore, only a part of the population, called the sample, is studied.

Sampling is the basic level of ongoing research.
When forming the sample, probabilistic (random) and improbability (non-random) methods are used.

If all sample units have a known chance (probability) of being included in the sample, then the sample is said to be probabilistic. If this probability is unknown, then the sample is called improbable.
Probabilistic methods include: simple random selection, systematic selection, cluster selection and stratified selection.

Simple random selection assumes that the probability of being included in the sample is known and is the same for all units in the population. This probability is determined by the ratio of the sample size to the size of the population.

Simple random selection can be carried out using the following methods: blind sampling and using a table of random numbers.

When using the blind sampling method, the population units in accordance with their surnames, names or other characteristics are entered into cards, which are placed in a mixed form in some kind of opaque container (box, box, etc.). From this container, someone randomly draws a number of cards, determined by the sample size.
The initial part of the systematic selection method corresponds to the initial stage of the simple random selection method: it is necessary to obtain full list units of the general population. However, below, instead of assigning sequence numbers to them, the "jump interval" indicator is used, calculated as the ratio of the population size to the sample size. For example, if a phone book is used and the hop interval is set to 250, this means that every 250th phone number is included in the sample. However, random numbers are used to determine the initial pages and columns of the reference book.
Another method of probabilistic selection is cluster selection, based on dividing the population into subgroups, each of which represents the population as a whole. The basic concept of this method is very similar to the basic concept of the systematic selection method, however, the implementation of this concept is carried out differently.
The meaning of the selection method based on the principle of convenience is that the sampling is carried out in the most convenient way from the standpoint of the researcher, for example, from the standpoint of minimal time and effort, from the standpoint of the availability of respondents.

The formation of a sample based on judgments is based on the use of the opinions of qualified specialists, experts regarding the composition of the sample. Based on this approach, the composition of the focus group is often formed.

The sampling during the survey process is based on the expansion of the number of respondents based on the proposals of respondents who have already taken part in the survey. Initially, the researcher forms a sample much smaller than required in the study, then it expands as the survey progresses.

Panel research is a type of research that includes a fixed sample of elements of the general population, the characteristics of which are measured repeatedly. The sample stays the same over time, providing a series of pictures that, taken together, provide a vivid illustration of the situation and the changes that have taken place.

A panel is a sample of respondents who have agreed to provide information at specific intervals over an extended period of time.

Cohort analysis - A multiple profile study consisting of a series of surveys conducted at specific time intervals.

A cohort is a group of respondents with whom the same events occur within the same total time interval.

An omnibus study (survey) conducted by an independent research company at its own expense, in which several different interested customers can take part, paying for the inclusion of only those questions that are of direct interest to them.

The timing of the study, the general population, the volume and the sampling procedure are determined by the research company independently

Information services offered by marketing research organizations that provide information from a common database to various companies that subscribe to their services.

syndicated research. Information services offered by marketing research organizations that provide information from a common database to companies that subscribe to their services

30. Omnibus studies and syndicated studies.

An omnibus study (survey) conducted by an independent research company at its own expense, in which several different interested customers can take part, paying for the inclusion of only those questions that are of direct interest to them. The timing of the study, the general population, the volume and procedure for sampling are determined by the research company independently

Syndicated research - Information services offered by marketing research organizations that provide information from a common database to various firms and companies that subscribe to their services

31. The concept, types and scope of expert methods for obtaining and evaluating marketing information.

Methods of expert assessments

The essence of the method of expert assessments is that experts conduct an intuitive-logical analysis of the problem with a quantitative assessment of judgments and formal processing of the results.

The generalized opinion of experts obtained as a result of processing is accepted as a solution to the problem.

Principles of conducting IER

Scientifically substantiated organization of all stages of examination

Application of quantitative methods

Two classes of problems

Problems for which there is sufficient information capacity

Problems in relation to which the information potential of knowledge is insufficient to be sure of the validity of these hypotheses

Areas of application of the IEO

Drawing up a list of possible events in various areas for a certain period of time;

Determination of the most probable time intervals for the completion of a set of events;

Determining the goals and objectives of management with ordering them in order of importance;

Definition of alternative (options for solving the problem with an assessment of their preferences;

Alternative distribution of resources for solving problems with an assessment of their preference;

Alternative decision-making options in a certain situation with an assessment of their preference.

Interview method

A conversation between a forecaster and an expert (question-answer) according to a pre-developed program.

The success of an assessment depends on the ability of an expert to give an impromptu opinion on various issues.

Analytical Method

Careful independent work of an expert on the analysis of trends, assessment of the state and development paths of the predicted object.

An expert can use all the information he needs about the forecast object. He writes his findings in the form of a memorandum.

Group Methods

The working group appoints experts who provide answers to the questions raised regarding the prospects for the development of this object.

Number of experts: from 10 to 150 people, depending on the complexity of the object.

The purpose of the forecast is determined, questions for experts are developed.

Peculiarities

Using a set of assessments of relative importance made by experts in each of the areas of scientific research assessed.

Importance ratings are expressed in points and can take values ​​from 0 to 1, from 0 to 10, from 0 to 100, etc.

Brainstorm

Idea generation first

Then their destructuring (destruction, criticism) with the promotion of counter-ideas and the development of an agreed point of view.

Six participants, each of whom must write down three ideas within five minutes.

The leaf moves around. In half an hour, each expert will write down 18 ideas in his asset, and all together - 108

An individual survey of experts is carried out in the form of questionnaires.

Statistical processing and formation of the group's collective opinion, arguments in favor of various judgments are identified and summarized.

The processed information is reported to the experts, who can correct the estimates, while explaining the reasons for their disagreement with the collective judgment. This procedure can be repeated up to 3-4 times.

As a result, there is a narrowing of the range of estimates and a consistent judgment is made regarding the prospects for the development of the object.

Features of the Delphi Method

Anonymity of experts (members of the expert group are unknown to each other, the interaction of group members when filling out the questionnaires is completely excluded).

Ability to use the results of the previous round of the survey.

Statistical characteristics of group opinion.

Commission Method

Groups of experts at the "round table" discuss a particular issue in order to agree on points of view and develop a common opinion.

The disadvantage of this method is that the group of experts in their judgments is guided mainly by the logic of compromise.

Scenario Method

Based on the definition of the logic of a process or phenomenon in time under various conditions.

Morphological analysis

Systematized consideration of the characteristics of the object, using the "morphological box" method, which is built in the form of a tree of goals or a matrix, in the cells of which the corresponding parameters are entered.

Serial connection of the first level parameter with one of the parameters of the subsequent levels is a possible solution to the problem.

The total number of possible solutions is equal to the product of the number of all parameters presented in the "box", taken row by row.

Through permutations and various combinations, it is possible to develop the probabilistic characteristics of objects.

32. Focus group as a tool for collecting primary data.

A focus group is an unstructured interview that a specially trained facilitator takes at ease from a small group of respondents.

The purpose of the FG is to get an idea of ​​​​what a group of people representing a specific target market thinks about the problems of interest to the researcher

Tasks solved by FG:

Determination of customer preferences and their attitudes towards this product

Obtaining feedback on new product ideas

Presenting new ideas for existing products

・Price opinions

Obtaining preliminary consumer reaction to certain marketing programs

Methodical tasks of MI:

A more precise definition of the marketing research problem itself

Development of alternative options for management decisions

Developing an approach to problem solving

Obtaining information useful in creating questionnaires for consumer surveys

Developing hypotheses that can be tested quantitatively

Processing of previously obtained quantitative results

Features of focus groups

Composition: Homogeneous with preliminary selection of respondents

Ambiance: Informal, relaxed atmosphere

Time: 1-3 hours

Recording: Audio and video recording

Leading Requirements

· Tolerance

· Getting involved

Incomplete understanding

· Encouragement

Flexibility

Sensitivity

FG process

Determination of the task and problems of MI

Specifying the task of qualitative research

Formulating a problem for consideration during the focus group

· Drawing up a questionnaire for the selection of FG participants

Development of a plan for conducting a FG (incl. Type of FG)

· Carrying out FG

Record review and data analysis

Information processing and reporting

· Carrying out FG

· Preliminary briefing

Introduction of participants and information about them

Setting the discussion context

main discussion

Questions from observers

FG monitoring

· Preliminary preparation

Observation from the very beginning

Focus on the big picture

Attention to the words of each participant

Attention to comments

No hasty conclusions

Judgments about the personality of the participants should not influence their statements

Avoid the opinions of dominant participants

incentive reward

· The fee paid to the respondent for participating in the FG. Depends on the complexity of the selection of the respondent

The amount of FG depends

The nature of the object of study under discussion

Number of market segments

Number of new ideas proposed by groups

time and money

・Two way interview

With two leaders

With two leading opponents

With a leading respondent

· With the customer as a participant

· Mini-groups

Remote focus group

Benefits of FG

Synergy effect

snowball effect

· Stimulate conversation

· Safety

spontaneity

· Intuitive insight

· Specialization

· Scrupulousness

Structure

· Speed

Disadvantages of FG

Incorrect application

・Misjudgment

FG management

Messiness

· Non-representativeness

33. Requirements for a focus group leader.

Host: observant and sociable

Leading Requirements

・Benevolence and determination

· Tolerance

· Getting involved

Incomplete understanding

· Encouragement

Flexibility

Sensitivity

34. Limitations of the focus group method.

Limitations of the Focus Group Method

The main problems of the focus group method are centered around the characteristics of the personality of the participants in the discussion. Respondents involuntarily perform many destructive roles that impede the effective receipt of information. This is a significant drawback of focus groups in comparison with a related research method - in-depth interviews. Only very experienced moderators are able to keep the course of the discussion within the boundaries of the developed scenario and lead it to the full achievement of the set goals.

In the process of focus groups, it is quite difficult to identify deep motivations, since participants are not always ready to express relationships that characterize them from weaknesses. Often, the true motivations of focus group participants are hidden behind a psychological defense mechanism. When in a focus group, participants often seek to appear as experts on the issues under discussion, delving into the discussion of the obvious properties of the products and not reflecting their own deep motivations.

According to conventional wisdom, the high cost is an obvious disadvantage of the focus group method. We can agree with this, given that the average cost of organizing a focus group in Moscow exceeds 50,000 rubles.

35. Projection methods for collecting primary data.

Projection methods are represented by a whole group of interview techniques, including:

Associative projection methods;

completion of a sentence or drawing;

role playing;

retrospective conversations.

Associative projection methods include associative conversations (what thoughts do you have in connection with a particular event, object, etc. or an associative test of words, when the respondent is offered a set of words, and he must pronounce the association. The scope of the method is to clarify associations, arising with a certain name, event, action, invention.

Sentence or picture completion is a projection method technique in which the respondent is asked to complete a phrase or picture. The scope of the method is to obtain information about the feelings or reactions of potential consumers regarding a product or its brand.

Role-playing is a technique of the projection method, according to which the subjects are asked to enter the role of one of the participants in the situation and describe the intended actions. The scope of the method is the study of a person's hidden reactions to the proposed role, the study of the values ​​of potential consumers.

Retrospective conversations use a technique in which the respondent is asked to recall some events in his life. The scope of the method is to identify factors that determine the behavior of potential consumers.

36. Observation as a tool for collecting primary data.

Observation

Gathering information by registering objects, events, situations, or human behavior

Observation

used

To determine the quantitative characteristics of behavior that are inadequately captured through self-reporting

For behaviors that respondents are unable or unwilling to report

Surveillance Options 1

Situation:

· Natural

・Manufactured

Natural (field) observation

Observation of people, situations, objects or events without the intervention of observers and interaction with them

It is applied for:

Counting the number and types of people visiting a particular establishment and then recording the total number and types of orders made by them

Observations on the behavior of bank tellers

Observations on the behavior of consumers buying specific types of products, time to read the instructions on the package

Records the time shoppers spend in the store looking at different window display options

Laboratory observations

Recording a target behavior or event in the context of an artificially created situation

Observation examples

· "Mystery shopper"

· Commercial trials

Mystery shopper

Information about the event:

・Opening

・Without opening

Purchase returns:

· With return

· No refund

Surveillance Options 2

Observer Presence:

· Open

Hidden

Open Surveillance

The object of study is aware of the presence of an observer

covert surveillance

The object is not informed about the presence of the observer

Surveillance Options 3

Data entry form:

Structured

· Unstructured

Structured form

Recording is carried out on a special form, which is possible if it is known in advance about the types of information that the researcher receives and the behavior that he observes

unstructured form

Data is recorded in narrative form

Surveillance Options 4

Use of technical means:

With the use of technical means

Surveillance Options 5

· Content analysis

・Trace analysis

Retail audits

Content analysis

Objective, systematic recording of quantitatively determined characteristics of the main parameters of the communicative connection of the elements of the observed object

Application

Scientific content analysis

Applied content analysis

Track analysis

A technique in which information is collected based on physical features or evidence of past events

Q-sort

A way to collect information about consumers' attitudes and opinions about themselves, brand and product users, product categories, advertisers and advertising

37. The mystery shopper method. Its types and features.

Mystery shopper

A method of evaluating the work of personnel in which the inspector acts as a buyer, and the inspector does not know about it.

Information about the event:

・Opening

・Without opening

Purchase returns:

· With return

· No refund

Objects of study

The objects of the study are salespeople and consultants in retail outlets, telephone managers and consultants, online consultants on the site (using instant messaging, voice and video communication), managers who process applications by e-mail and through the order form on the site.

Criteria for evaluation

compliance with the norms of etiquette by employees (friendliness, goodwill, etc.);

the speech of employees (literacy, politeness, understandability);

appearance of employees in terms of neatness and compliance with the corporate style of the company;

Compliance with the accepted standards of the company by employees;

cleanliness and order in the premises and workplaces of employees;

merchandising;

the speed of service;

Availability of employees for the client.

· Reviews may also assess product knowledge and sales skills. Nevertheless, it is necessary to understand that this method does not replace, but is additional to other procedures for evaluating the performance of personnel, such as certification, peer review, testing, observation, etc.

Additional options for checks

· Control purchase. During the test, a test purchase may be made. In this case, an additional document that allows you to control the work of a mystery shopper is a cash receipt.

· Dictaphone recording of the conversation.

· Photo and video recording.

To organize the collection and processing of information in the course of such studies, companies often resort to specialized online reporting systems that allow them to improve the quality of information by reducing the human factor, automate the routine work of processing and collating a large amount of data received from field personnel. As a rule, a mystery shopper has access to such a program using the Internet and a browser - he enters the collected information and submits reports online. Managers and customers immediately see the information received and can analyze it.

The norms, standards and ethics of conducting mystery shopping research are developed and regulated by the International Association of Mystery Shopper Services (MSPA) and independent companies, employees of inspected sites must be warned in advance that they will be periodically checked by mystery shoppers over a certain period , and the results of “mystery shopper” checks should not serve as a basis for punishing and dismissing employees.

In the Russian Federation, the activities of providers of the “mystery shopper” service are in fact not regulated by anything. MSPA does not have effective mechanisms for quality control of the services provided in the Russian Federation and the CIS, therefore, in the Russian market, users of the “mystery shopper” service have to independently check the quality of services, as a rule, focusing on the recommendations of colleagues, through tenders when choosing a contractor, checking whether the company is -contractor member of MSPA.

38. Content analysis as a method of observation.

Content analysis is an objective, systematic recording of quantitatively determined characteristics of the main parameters of the communicative connection of the elements of the observed object

Application

Scientific content analysis

Applied content analysis

Stages of applying content analysis

· First stage

Determination of the set of sources or messages under study using a set of specified criteria that each message must meet:

· Second phase

Formation of a selective set of messages. In some cases, it is possible to study the entire set of sources determined at the first stage, since the cases (reports) to be analyzed are often limited in number and are readily available. However, sometimes content analysis must rely on a limited sample taken from a larger body of information.

The third stage

Identification of units of analysis. They can be words or topics. The correct choice of units of analysis is an important component of the whole work. The simplest element of a message is a word. A topic is another unit, which is a separate statement about a subject. There are fairly clear requirements for the choice of a possible unit of analysis:

it must be large enough to express the meaning;

it should be small enough not to express many meanings;

it should be easily identifiable;

the number of units must be large enough to be able to make

The fourth stage

Identification of units of account, which may coincide with semantic units or be of a specific nature. In the first case, the analysis procedure is reduced to counting the frequency of mentioning a selected semantic unit, in the second case, the researcher, on the basis of the analyzed material and the objectives of the study, himself puts forward units of account, which can be:

physical length of texts;

text area filled with semantic units;

number of lines (paragraphs, characters, columns of text);

the duration of the broadcast on radio or TV;

film footage for audio and video recordings,

the number of drawings with a certain content, plot, and so on.

The fifth stage

direct counting procedure. In general, it is similar to the standard methods of classification according to selected groups. The compilation of special tables, the use of computer programs, special formulas, and statistical calculations are used.

The sixth stage

Interpretation of the results obtained in accordance with the goals and objectives of a particular study. Usually, at this stage, such characteristics of the text material are identified and evaluated, which allow making conclusions about what the author wanted to emphasize or hide. It is possible to identify the percentage of prevalence in society of the subjective meanings of an object or phenomenon.

Quantitative content analysis

Quantitative content analysis (also called content analysis) is based on the study of words, topics and messages, focusing the researcher on the content of the message. Thus, when going to analyze the selected elements, one must be able to anticipate their meaning and determine each possible result of observation in accordance with the expectations of the researcher.

In effect, this means that, as a first step in conducting this type of content analysis, the researcher must create a kind of dictionary in which each observation is defined and assigned to the appropriate class.

Qualitative content analysis

In addition to words, themes and other elements that indicate the content side of messages, there are other units that allow you to conduct a qualitative or, as it is also called, structural content analysis. In this case, the researcher is interested not so much in what is said, but in how it is said.

For example, the task may be to find out how much time or print space is devoted to a subject of interest in a particular source, or how many words or newspaper columns were devoted to each of the candidates during a particular election campaign.

On the other hand, other, perhaps more subtle, issues related to the form of the report may be taken into account: whether a particular newspaper report is accompanied by a photograph or some kind of illustration, what is the size of the headline of a given newspaper report, whether it is printed on the front page or placed among numerous advertisements. When answering such questions, the researcher's attention is focused not on the subtleties of the content, but on the way the message is presented. The main issue here is the fact of the presence or absence of material on the topic, the degree of its emphasis, its size, and not the nuances of its content. This analysis often results in much more reliable measurements than in the case of a content-oriented study (because formal indicators are less ambiguous), but, as a result, are much less significant.

The amount of information that will be obtained during the study

39. Questionnaire as a marketing research tool

40. Depth interview as a tool for collecting primary data.

There is a huge variety of research methods and techniques for collecting primary information. The main sources of marketing information are:

• Interviews and surveys; Registration (observation); Experiment; Panel; Expert review.

Interview (poll)- finding out the position of people or obtaining information from them on any issue. A survey is the most common and essential form of data collection in marketing. Approximately 90% of studies use this method. The survey can be oral (personal) or written.

Personal (Face-to-face) and telephone surveys are called interviews. Face-to-face interviews can be formalized and non-formalized. In-depth interviews and hall tests refer to individual non-formalized interviews. Individual non-formalized interviews are conducted with the respondent one on one in the form of a dialogue, while the respondent has the opportunity to express detailed judgments on the problem under study.

In-Depth Interviews - are a series of individual interviews on a given topic, conducted according to the discussion guide. The interview is conducted by a specially trained highly qualified interviewer who is well versed in the topic, owns the technique and psychological methods of conducting a conversation. Each interview lasts 15-30 minutes and is accompanied by the active participation of the respondent - he lays out cards, draws, writes, etc. In-depth interviews, unlike structured ones used in quantitative surveys, allow you to penetrate deeper into the psychology of the respondent and better understand his point of view, behavior, attitudes, stereotypes, etc. In-depth interviews, although time consuming (compared to focus groups), are very useful in situations where the atmosphere of a group discussion is undesirable. This may be necessary when studying individual problems and situations that are not usually discussed in a wide circle, or when individual points of view may differ sharply from socially approved behavior - for example, when discussing issues of gender relations, sex, certain diseases, hidden political beliefs, etc. .P. In-depth interviews are used when testing and developing initial advertising developments (creative ideas) when it is required to get direct, individual associations, reactions and perceptions - without looking at the group. At the same time, the combination of the method of in-depth interviews and focus groups with the same respondents is optimal. And, finally, in-depth interviews are indispensable when conducting qualitative research, when the characteristics of the target group make it impossible to collect respondents in a focus group - i.e. at one time in one place for 2-3 hours. For example, when it comes to busy businessmen, wealthy citizens, narrow professional groups, etc.

41. Online research. Comparison with traditional methods of information collection.

What is the difference between offline and online qualitative research? Everyone has it

them in more detail.

Traditional Qualitative Research (offline)

1) At the offline focus group, you can use the product (try it

taste, smell, etc.)

3) The researcher and the customer can observe and analyze non-verbal

participants' behavior

5) Face-to-face interaction allows you to experience a synergistic effect, when the result of group interaction is always greater than the sum of individual efforts.