THE INDUSTRY STRUCTURE OF THE RUSSIAN FACTORING MARKET: DISTRIBUTION AND LEADING SECTORS

Abstract

With the development of financial instruments and the growing importance of working capital financing mechanisms, factoring is becoming increasingly important in the system of settlements between economic entities. The relevance of this study is determined by the steady growth of the factoring market in Russia, as well as the uneven distribution of its use across economic sectors. The purpose of this study is to analyze the sectoral structure of the factoring market in Russia and identify the factors determining the leading position of individual industries. The study is analytical in nature and is aimed at identifying factors that determine the sectoral concentration of factoring in the Russian economy. The study's methodological basis is based on statistical, structural, and comparative analysis. The study utilizes data from the Bank of Russia, the Association of Factoring Companies, as well as rating agency and scientific publication data. The study found that the highest concentration of factoring is observed in sectors such as wholesale trade, manufacturing, and mining. Key factors for industry leadership include the high prevalence of payment deferrals, a significant share of accounts receivable, high product turnover, the presence of large, solvent debtors, and standardized document flow. It is concluded that the industry distribution of factoring is determined not so much by the specific economic sector, but by the characteristics of the cash cycle, the organization of supply chains, and the structure of settlements between counterparties. Particular attention is paid to the stations of factoring development in industries with project-based transactions and a high degree of uncertainty regarding the fulfillment of obligations.