Аuthors

Kaloshina M. N.^*, Ermakova O. V.^**

Moscow Aviation Institute (National Research University), 4, Volokolamskoe shosse, Moscow, А-80, GSP-3, 125993, Russia

*e-mail: 508vvo@mail.ru
**e-mail: over_ecnom@mail.ru

Abstract

Funding research and development (R&D) in aerospace industry is associated with such uncertainties as the value of work and the achievement of specified technical, technological, financial and economic results. Securitization could be used as an insurance method. Securitization is assets funding by means of issuance of derivative securities based on some pool of assets.
There are different types of securitization. Traditional securitization implies that illiquid assets or liabilities are converted into liquid derivatives and their actual sale takes place. Its purpose is to provide cheap funding sources. Synthetic securitization is an issue of instruments which execution is determined by event specified in the underlying asset. In this situation collateral transaction is realized instead of selling. The main function is to hedge risks.
It is suggested to use securitization methodology in determining the value of R & D in the aerospace industry. To ensure traded derivatives not only underlying assets but also liabilities can be used. As the assets and liabilities may be characteristic Development stages of R & D, some work and unfinished study, volume of the funding needed to carry out R & D and other assets could be used assets and liabilities to security traded derivatives.
During the securitization of research and development in the aerospace industry it is suggested to use different types of contracts being derivative financial ’instruments: options, futures, exchange forwards, OTC forwards and swaps. Considered derivative characteristics assumes the possibility not only to securitize financial obligations, but also obligations for conducting the research and performance of work during the R & D. Specified technical indicators, complexity and cost of research could be used as underlying asset. Securitization allows distributing the possible risks between the parties as the liabilities could be transferred as a whole and as a part. When the part of work is transferred to contractor R & D value could be defined as the specified amount in the contract instead of calculation the costs of the certain part of work. Thus the use of the securitization methodology in the organization of contractual relations during research and development and calculation of its value is suggested.

Keywords:

research and development (R&D) in the aerospace industry, R&D value, research results securitization, hedging

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