COMPANIES FINANCIAL MANAGEMENT

IMPLEMENTATION OF THE FINANCIAL POLICY OF THE ENTERPRISEIN ORDER TO MINIMIZE THE INNOVATION RISK
Gubanov R. S., Phd Economics, Associate Professor of Department of Finances and Credit, a Branch of a Non-state Educational Institution of Higher Professional Education «Moscow University named after S. Y. Witte» in the city of Ryazan, e-mail: gubanof@mail.ru
Abstract: The article reveals the essence, types and forms of financial policy of enterprise. The scientific and practical instruments for assessment and minimization of innovation risk are set out. Calculations and justifications for the least risky options of an enterprise in the implementation on the innovation project is proposed.
Keywords: financial policy; financial assets; financial losses; budgeting; risks; risks of innovation; innovation risk minimization.

References: 
1. BlaugM.100 great economists after Keynes: SPb. 2009. - 382.
2. Short-term and long-term financial policy: textbook. allowance for students / VG Kogdenko, M.V. Melnik, I.L. Bykovnikov. - M: UNITY-DANA, 2010. - 471.
3. Whether Bolmen, Terrence DIL Reframing organizations: the Company as a factory, the family, the jungle and the temple. - M: Alpina pablisher, 2012. - 632.
4. Likhachev O.N., Schurova S.A. Long-term and short-term financial policy of the enterprise: a manual edited by 
IJ Luskevicha.- 2-e Izd. - I.: University textbook: INFRA-M, 2011. - 288.
5. Encyclopedia of public administration in Russia: in 2 tons / Pedagogika. VK Egorova. Resp. Ed. I.N. Barcic / Volume II. M: publishing house of rcsa, 2008. - 520.
6. Innovative digest on open sources // FSBI «research Institute - Republican research scientific-consulting center for expertise». Moscow, 01-31 Aug 2013. - 4.
7. Moskvin V.Century New risks of projects for the future // Investments in Russia, 2012 № 12. - 3.

PERFORMANCE DASHBOARDS APPLICATION IN THE PROCESS OF PUBLISHING ACTIVITY PERFORMANCE MANAGEMENT
Limarev P.V., PhD Economics, Associate Professor Economics and Marketing, FSEI HPE «Magnitogorsk State Technical University named after G. I. Nosov», 
e-mail: lavrenty_p@mail.ru
Limarevа Y.A., PhD Pedagogical sciences, Associate Professor Economics and Marketing, FSEI HPE «Magnitogorsk State Technical University named after G. I. Nosov»,  e-mail: y.limareva@mail.ru
Shponko M., Student of FSEI HPE «Magnitogorsk State Technical University named after G. I. Nosov».
Mugutasimova Ju., student of FSEI HPE «Magnitogorsk State Technical University named after G. I. Nosov».
Abstract: The article describes the methodological bases of economic cost performance of printed mass media publishers on the regional market, is proposed conceptual model of cost-performance management to organizations; it is shown approbation of methods of management cost-performance economic subject on base of the using the panels of indicators.
Keywords: economic efficiency, mass media, panels of indicators.

References: 
1. Abrjutina M.  Financial analysis of commercial activity. – Moscow: Finpress, 2002. 176 p.
2. Beljanchev V. Competition management of cost-performance managing subject in economic crisis. PhD economy dissertation. – Moscow: 2011.
3. Vasilovskaya M. Estimation of efficiency state management by economy of publishers. PhD economy dissertation. – Moscow: MGUP named by Ivan Fedorov, 2005
4. Volchek V. Efficiency market’ processes and evolution of institutes // Herald of high schools. Northern-Caucasian region. Society’s sciensis. – 2002. – №4. – P. 43-50.
5. Datsko C. Technical efficiency of firm by publishers: monographic. – Moscow: MGUP named by Ivan Fedorov, 2008. – 128 p.
6. Limarev P. Management instruments of economical efficiency by regional print-media. PhD economy dissertation. – Moscow: MGUP named by Ivan Fedorov, 2012
7. Merzlikina E. Estimation of efficiency organization activity: monografic. – Moscow: MGUP named by Ivan Fedorov, 2012. – 93 p.
8. Practic of finansial management: Scholastic-business situations, problems and decisions; edited by E. Stoyanova. – Moscow: Perspektiva, 1998. 574 p.
9. Chvanov R. The Cost-performance polygraphic production. The Ways of increasing. – Moscow: Kniga, 1981.

ESTIMATION OF HORIZONTAL-INTEGRATED ENTERPRISE'S EFFICIENCY TAKING INTO ACCOUNT SYNERGY AND NEW STRATEGIC ACTIVITY
Kradenih I.A., Researcher of Institute of Mining Affairs of FEB RAS (Khabarovsk), e-mail: romamishka@mail.ru
Barchukov A.V., Doctor of Economics Science, Department of Finance and Credit Professor, Far Eastern State Transport University (Khabarovsk), e-mail: barchukov_alex@mail.ru
Abstract: In the article is proposed the formation of an horizontal integrated enterprise taking into account economic considerations in the contemporary state of the mineral raw base on the basis of two gold-extracting companies merger and is developed the strategy of its activity, aimed at the development of deep-lying alluvial mines.
Keywords: gold producers, transactions М&А, horizontal-integrated enterprises, business strategy, synergetic evaluation, performance evaluation, mining of deep-lying alluvial mines.

References: 
1. Barchukov A.V. Financial estimate of transaction M&A in processes of holding establishments formation // Financial management. – 2010. – № 5. – P. 3 – 18.
2. Simonenko N.N., Barchukov A.V., Ostrovski P.Y. Financial management. In the 2nd part. – Kahabarovsk: DVGUPS, 2012.
3. Mergers and acquisitions: transl. from eng. – M.: United Press, 2009. – (The series «Classics Harvard Business Review»).
4. Samsonov N.Y., Dudkin N.V. Gold industry of Siberia and Far East growth factors till 2020 year // Gold and technologies. – 2011. – № 4 (14
5. Anniversary report of Gold industry entrepreneur Union «Gold – 2011» // Gold and technologies. – 2012. – № 2 (16).
6. Kradenih I.A., Arhipova Y.A. The variant of rising operating effect of mining enterprises in modern conditions // Far East – 1: materials of III international scientific meeting. Fascile of Mining research and information bulletin. -–2010. – № OV 4. – P. 442 – 450.
7. Ampilov Y.P., Gert A.A. Applied geology. – M.: Geoinformmark, 2006. – 329 p.

TO THE QUESTION OF MANAGEMENT OF FINANCIAL STREAMS OF A FIRM
Isik L.V., Candidate of Economic Sciences, finance director of LLC «Avto-Lider», e-mail: lyana-isik@yandex.ru
Abstract: In article need of realization of credit policy of firm for the purpose of timely synchronization of cash flows, especially regarding work with debtors is proved. The example of an assessment of credit history of contractors is given. Recommendations regarding the part of receivables management of risky enterprises, where as a financial instrument to work with debtors is proposed factoring. The comparative analysis of factoring and traditional forms of short-term financing, as well as the efficiency of applied factoring is calculated.
Keywords: Credit policy, management of receivables, assessment of credit history of the enterprises, factoring.

References: 
1. Leffel, A.O. Factoring and its features as financial service//Sustainable development of Russia: Problems and Prospects. VEO, MEO, – M.:  MATI, 2005. 
2. Leffel, A.O. I am helping with the head//The Russian business, No. 7, 2006.
3. Belov V. M. Advantages of factoring to business before the credit - an access Mode: http://viperson.ru/wind.php? ID=359832

FINANCIAL MANAGEMENT OF PUBLIC COMPANIES

DIVIDEND ARISTOCRATS. DO THEY EXIST ON THE RUSSIAN MARKET?
Teplova T.V., Professor NRU HSE, Head of Financial Market Laboratory of Economics Department NRU HSE, e-mail: tamarateplova@mtu-net.ru
Zaltsman A.А., Analyst of Design and Training Laboratory of Financial Markets Analysis of Economics Faculty NRU HSE
Abstract: The article explains the concept of “dividend aristocrats”, set out the criteria used for the construction of stock indices and dividend aristocrats portfolios (funds) on the allocation of shares in developed capital markets. We present the comparison of investment results in shares with stable dividends (DPS,DY) and with traditional benchmarks (broad stock indices with TR and risk means). We provide an overview of dividend public payers on the Russian market on frequency of intermediate payments, on dividends payment and overall returns, on the stability of annual dividends. We identify the dividend aristocrats of the Russian market of public companies for 3, 5 and 7 years and evaluate their dividend returns.
Keywords: dividend stocks, dividend aristocrats index, dividend funds, total return, dividend yield, Russian stock market.

References: 
1. Galperin Mikhail, Teplova Tamara, 2012, Dividend Investing Strategies in the Russian Stock Market: “Dogs of the Dow” and Portfolios Filtered by Fundamental Factors, HSE Economic Journal, Vol.16, №2, pp 205-242
2. Teplova Tamara, A. Zaltsman, 2013, How to be a rentier in Russia, Bulletin of the Russian National Association of Securities Market Participants (NAUFOR), Vol.3
http://www.thestreet.com/quote/CDVIX/details/fund.html

FUTURE IN RELATION TO THE ANALYSIS OF MODEL STRUCTURE OF COMPANY CAPITAL: CRITICAL REMARKS
Lutsenko S.I., Consultant, e-mail: scorp_ante@rambler.ru
Abstract: The present work considers the shortcomings specifics of the existing models analyzing the capital structure of a company. Using the methodology of Welch, the proposed model considers the shortcomings of the Strebulaev model. Apart from this in the given work are proposed a range of proxies, which characterize the behavior modl of company management when making financial decisions (capital structure policy) in the light of recent research. JEL classification: G32
Keywords: capital structure, proxies, financial policy, corporate finance

References: 
1. Lutsenko S.I. Investment and distribution of the rights of the control over company assets. The Journal of Financial Management. 2009. № 3.
2. Lutsenko S.I. Debt reclassification as a component of refinancing of activity of the company. The Journal of Financial Management. 2010. № 5.
3. Lutsenko S.I. Policy of management of cash flows of the company and adjustment costs.  The Journal of Financial Management. 2011. № 3.
4. Lutsenko S.I. Identification of the conflict of interests between shareholders and creditors. The Journal of Financial Management. 2011. № 5.
5. Baker M., Wurgler J. 2002. Market Timing and Capital Structure. The Journal of Finance 57, 1-32.
6. DeAngelo H., DeAngelo L., Stulz R. 2010. Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle. Journal of Financial Economics 95, 275–295.
7. Dittmar A., Thakor A. 2007. Why do firms issue equity? The Journal of Finance 62, 1-54.
8. Fama E., French K. 2002. Testing Trade-Off and Pecking Order Predictions about Dividends and Debt. Review of Financial Studies 15, 1–33.
9. Graham J. 1996. Debt and the Marginal Tax Rate. Journal of Financial Economics 41, 41–73.
10. Hennessy C., Whited T. 2005. Debt Dynamics. Journal of Finance 60, 1129 - 1165.
11. Leary M., Roberts M. 2005. Do firms rebalance their capital structures? Journal of Finance 60, 2575 - 2619.
12. Leland H. 1998. Agency costs, risk management and capital structure // Journal Finance. 53. 1213-1244.
13. Myers S.,  Majluf S. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187–221.
14. Parrino R., Weisbach M. 1999. Measuring Investment Distortions Arising from Stockholder-Bondholder Conflicts. Journal of Financial Economics 53, 3–42.
15. Rampini A., Viswanathan S. 2008. Collateral and Capital Structure. Working paper. Duke University.
16. Roberts M., Sufi A. 2009. Control Rights and Capital Structure: An Empirical Investigation. The Journal of Finance 64, 1657–1695.
17. Strebulaev I. 2007. Do Tests of Capital Structure Theory Mean What They Say? Journal of Finance 62, 1747-1787. 
18. Welch I. 2004. Capital Structure and Stock Returns. Journal of Political Economy 112, 106–131.
19. Welch I. 2010.  A Critique of Recent Quantitative and Deep-Structure Modeling in Capital Structure Research and Beyond. Working paper. Brown University.

INVESTMENTS AND ENTERPRENEURSHIP

PREVENTION OF MISTAKES IN INVESTMENT PROJECTS EVALUATION: DISCOUNTING RATES
Cheremushkin S.V., Phd Economics, Senior Lecturer, N.P.Ogaryov Mordovian state university, e-mail: chermserg@yandex.ru
Abstract: The paper considers issues of discounting rates application to different types of cash-flow. The flaws and limitations of COLE and WACC rates are shown, related to the assumptions, which are often ignored by specialists in the practice of firms and investment projects assessment. We clarify the details of the concepts behind CoLE and WACC and examine the arguments provided in original papers written in 1980th. Finally, we present the details of an Excel-based valuation model implementing a simple and error-proof discounting by components approach using the end of period and mid-period assumptions.
Keywords: firm valuation, investment project, capital budgeting, WACC, COE, discount rate, cash flow, capital structure.

References: 
1. Arditti, Fred D. The Weighted Cost of Capital: Some Questions on Its Definition, Interpretation and Use // Journal of Finance, 1973. – Vol. 28. –  No. 4. – P. 1001–1008.
2. Arzac, Enrique R. and Glosten, Lawrence R. A Reconsideration of Tax Shield Valuation // European Financial Management, 2005, Vol. 11. – Issue 4. – P. 453–461.
3. Brick, John R. and Howard E. Thompson. The Economic Life of an Investment and the Appropriate Discount Rate // Journal of Financial and Quantitative Analysis, 1978. – Vol. 13. –  No. 5. – P. 831–846.
4. Brigham, Eugene F., Michael C. Ehrhardt. Financial Management Theory and Practice. – Mason: South-Western Cengage Learning, 2010. – 1152 p.
5. Cheremushkin, Sergei V. How to Ensure Consistency between Discount Rates and Cash Flows? // The Valuation Journal, 2011. – Vol. 6. – No. 2. – P. 4–45.
6. European Commission. Guide to Cost-Benefit Analysis of Investment Projects, Brussels: European Commission – Directorate General Regional Policy, 2008. – URL:
http://ec.europa.eu/regional_policy/sources/docgener/guides/cost/guide2008_en.pdf
7. Fernandez, Lopez, Pablo. 201 errores en la valoracion de empresas: diagnostico para conocerlos y prevenirlos (201 Mistakes Never To Make When Valuing a Company). – Barcelona: Deusto, 2008. – 273 p.
8. Fernandez, Pablo. Valuing Companies with a Fixed Book-Value Leverage Ratio //IESE Business School Working Paper, 2005. – Available at SSRN: http://ssrn.com/abstract=843325
9. Fernandez, Pablo. A More Realistic Valuation: APV and WACC with Constant Book Leverage Ratio // IESE Business School Working Paper, 2007. –  No. 715. – Available at SSRN: http://ssrn.com/abstract=946090
10. Harris, Robert S. and John J. Pringle. Risk-Adjusted Discount Rates – Extensions from the Average Risk Case // Journal of Financial Research, 1985. – Vol. 8. – P. 237–244.
11. Miles, James and John Ezzell. The Weighed Average Cost of Capital, Perfect Capital Markets, and
Project Life: A Clarification // Journal of Financial and Quantitative Analysis, 1980. – Vol. 15. – P. 719–730.
12. Modigliani, Franco, and Merton H. Miller. Corporate Income Taxes and the Cost of Capital: A Correction // American Economic Review, 1963. – Vol. 53, Issue 3. – P. 433–443.
13. Myers, Stewart C. Interactions of Corporate Financing and Investment Decision Implications for Capital Budgeting // Journal o f Finance, 1974. – Vol. 29. – No. 1. – P. 1–25.
14. Pinto, Jerald E. et al. Equity Asset Valuation, 2 ed. Hoboken, 2010. New Jersey: Wiley & Sons, Inc. – 445 p.
15. Reilly, Raymond R. and William E. Wecker. On the Weighted Average Cost of Capital Journal of Financial and Quantitative Analysis, 1973. – Vol. 8. –  No. 1. – P. 123–126.
16. Velez-Pareja, Ignacio and Joseph Tham. A New WACC with Losses Carried Forward for Firm Valuation // 8th Annual Conference, Multinational Finance Society, June 23–27, 2001 at Garda, Verona, Italy.
17. Velez-Pareja, Ignacio and Joseph Tham. A Note on the Weighted Average Cost of Capital WACC // Working Paper, 2005. – Available at SSRN: http://ssrn.com/abstract=254587
18. Velez-Pareja, Ignacio, and Antonio Burbano-Perez. Consistency in Valuation: a Practical Guide // Academia Revista Latinoamericana de Administracion, 2010. – No 44. – P. 21–43.
19. Cheremushkin SV Investigation of the effect of financial leverage on firm value and in discount rate cash flows using the methodology of probabilistic of imitating modeling / / Audit and Financial Analysis. - 2012. -  No 6. – 
S. 169-194.

INFLUENCE ASSESSMENT OF SOCIO-ECONOMIC FACTORS OF HOUSING MARKET IN SAMARA REGION
Sorokinа I.O., Phd Economics, Assistant Professor of Finance and Credit Volga University V. N. Tatishchev,e-mail: byyf.byyf1970@yandex.ru
Abstract: In science, and to date there is no comprehensive and scientifically based classification of socio-economic factors that impact the level of development of the housing market, which does not develop a full range of activities focused on its growth, which is reflected in an increase of indexes of population housing security. This raises the need to determine factors groups, providing a forming impact on the housing market, accounting which will contribute to the development of the most effective financial mechanisms of its development.
Keywords: factors of the housing market, the level of development of the housing market.

References: 
1. Bachurinskaya IA Management methodology development of the regional real estate market [Text] abstract diss ... Doctor of Economic Sciences: 08.01.10/Sankt Petersburg, 2009.
2. Borisenok NK Statistical study of the housing market of the Russian Federation [Text] abstract diss ... The candidate of economic sciences : 08.01.10 / Moscow , 2013 .
3. Egorov S. Formation of a regional market of affordable housing through mortgage [Text] abstract diss ... The candidate of economic sciences : 08.01.10 / Cheboksary, 2009
4. Makhrova AG, GM Sternik Trends and factors of development of the housing market in the Moscow region // Regional studies. -2005. - № 2 (6)
5. As economic indicators are changing the cost of housing? // [Elektron.resurs] http://finam.info/news/kak-ekonomicheskie-pokazateli-menyayut-stoimost-gilya/ official website of the finance company Finam
6. Rosstat official website of the Samara region / /. Http://www.samarastat.ru
7. Official site of the Bank of Russia http://www.cbr.ru

TAXES AND TAXATION

ANALYSIS OF THE RESOLUTION OF THE PLENUM OF THE HIGHER ARBITRATION COURT OF THE RUSSIAN FEDERATION № 57 REGARDING THE APPLICATION OF PART 1 OF THE TAX CODE
Grishchenko A.V., Ph. D., the auditor, e-mail: grishchenko7@gmail.com
Annotation: September 13, 2011 on the website of the Supreme Arbitration Court published a draft Regulation number 57, but it took the arbiters another two years to revise and amend the document. As a result, the resolution N57 of 30th July 2013 is voluminous and covering a wide range of issues.
Keywords: jurisprudence, Resolution number 57, the tax code, ar-arbitral courts, tax disputes, tax.

References:
1. " Tax Code of the Russian Federation (Part One) " July 31, 1998 № 146-FZ
2. The Federal Law of July 2, 2013 N 153 -FZ "On Amendments to the first part of the Tax Code of the Russian Federation"
3. Resolution of the Plenum of the Supreme Arbitration Court of July 30, 2013 № 57 " On some issues arise in the application of arbitration courts of the first part of the Tax Code "
4. Ministry of Finance letter of November 30, 2011 № 03-02-07/1-411
5. Letter of the Federal Tax Service of Russia on December 29, 2012 number AS-4-2/22690
6. FAS ruling the West Siberian District 29 June 2011 number A46-14218/2010
7. Resolution of the Federal District of the Moscow August 30, 2010 in case number KA-A40/7199-10 number A40-136409/09-111-1013
8. Resolution of the Federal District of the Moscow March 31, 2011 number A40-58950/10-129-321
9. Resolution of the Federal District of the Moscow August 26, 2011 number A40-152125/10-107-906
10. Resolution of the Federal District of the Moscow December 25, 2012 in case number A40-523/11-20-3
11. Resolution of FAC North Caucasus Military District June 20, 2012 in the case number A53-15913/2011
12. Resolution of FAC North Caucasus region of 28 December 2012 on the case number A32-22042/2009
13. Resolution of the Federal District Urals from December 27, 2012 in case number F09-12320/1212 number A47-7155/2012
14. The decision of the Arbitration Court of Sverdlovsk region from May 21, 2013 in the case number A60-11156/2013
15. The decision of the Arbitration Court of Kabardino- Balkaria on November 25, 2013 number A20-3466/2013

MANAGEMENT OF TAX AUDIT RESULTS
Shestakova E.V., Phd Law, CEO LLC “Aktualnyi menedjment”, e-mail: shestakova.ekaterina@gmail.com
Abstract: Few companies know how to use correctly the errors of tax organs and correctly challenge the results of a tax audit, additional taxes, and other negative consequences of tax audits. In this article we will tel, how to do it.
Keywords: challenge actions of the tax, the errors in the audit, violations.

FEDERAL LAW FROM NOVEMBER 2, 2013 № 293-FZ «ОN ACTUARIAL ACTIVITYIN THE RUSSIAN FEDERATION»

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