Contents of N6/2016

all contents

Contents of №6' 2016

CORPORATE  FINANCE

Managing cash flows for solving investment problems
Mandych I.A., candidate of economic sciences, associate professor Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of management
Lukmanov V.B., candidate of technical sciences, associate professor Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of management
Bykov V.M., candidate of economic sciences, associate professor The Russian Presidential Academy of National Economy and Public Administration, Graduate school of Corporate Management, Department of Corporate Management
Vikhrova A.S., assistant professor Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of Economics, organization and management of innovative enterprise development

Annotation. Currently in a general crisis situation, almost all enterprises are faced with the problem of financial resources’ lack. And often businesses refuse to implement investment projects, through which it would be possible to bring the enterprise to a new stage of development. On the other hand, the optimal use of leverage, in itself, contributes to the solution of a number of financial issues. The purpose of this study is to show a slightly different perspective on the use of methods for calculating the discounted present value and to show opportunities to maneuver enterprise’s own and borrowed funds for solving investment tasks. The paper presents some concrete examples of calculations for attraction and distribution of additional fund sallowing you to find the best option of investment.
Keywords: investments, return on investments, own funds, borrowed funds.

References
1.  Zakolodina T.V.  Finansy, kredit i denezhnoe obrashhenie. Chast’ 1: uchebno-metodicheskoe posobie / Zakolodina T.V., Tsoy A.V. – M.: MITHT, 2010. – 80 c.
2.  Zakolodina T.V. Finansy, kredit i denezhnoe obrashhenie. Chast’ 1: uchebno-metodicheskoe posobie / Zakolodina T.V., Tsoy A.V. – M.: MITHT, 2010. – 76 c.
3. Narashhenie i diskontirovanie denezhnyh summ [Electronic resource] / Edinyj portal jelektronnogo obuchenija i testirovanija JuNII IT. URL: do.uriit.ru/mod/resource/view.php?id=532- Retrieved 17.09.2016.
4.  Savchuk V.P.  Ocenka effektivnosti investicionnyh proektov [Electronic resource] / Korporativnyj Menedzhment: nezavisimyj proekt. URL: cfin.ru/finanalysis/savchuk/- Retrieved 17.09.2016.
5. Volkov A.S. Ocenka effektivnosti investicionnyh proektov: Ucheb. posobie / A.S. Volkov, A.A. Marchenko. – M.: IC RIOR, INFRA-M, 2012. – 111 c.

Evaluation of the reliability of the accounting (financial) statements of a unitary enterprise subject to the risks of manipulation and theft of assets
Bazhenov А.А., Ph.D., associate professor, assistant professor of “Accounting, finance and service” Vladimir State University named after Alexander G. and Nicholas МG. Stoletovs Vladimir, a doctoral student of Nizhny Novgorod State University. NI Lobachevsky, member of the Russian Collegium of Auditors, member of the Institute of Professional Accountants and Auditors of Russia
Mizikovsky I.E., Doctor of Economics, professor, head of “Accounting” of Nizhny Novgorod State University. NI Lobachevsky

Аnnotation. The subject of study of this article is to study the process of evaluating the accounting (financial) statements of the unitary enterprise in terms of its reliability for interested users. The object of the study are unitary enterprises of the Vladimir and Nizhny Novgorod regions.
The research methodology is based on the dialectical method of cognition involves the study of economic relations and phenomena in the development and interconnection of the system and methods of comparative analysis, methods of analysis and synthesis, graphical modeling, process method and structuring method.
The novelty of the study lies in the fact that the formation of the accounting (financial) unitary enterprise reporting in accordance with the principles of reliability, completeness or neutrality is impossible, if you do not take into account the risks that inevitably arise in the preparation of the accounting (financial) statements, such as: risks of manipulation of accounting and asset theft risks.
Keywords: unitary enterprise, completeness, reliability, neutrality, risk, manipulation, accounting (financial) statements, embezzlement, reliability, dishonesty.

References
1. Efimova O.V., Kuzmina L.V., Kalinina D.V. Effektyi berezhlivogo proizvodstva // Mir transporta. 2012. № 5 (43).
2. Efimova O.V., Morozov A.B. Razrabotka metodologii i tehnologii konstruirovaniya modeli biznesa transportnoy kompanii // Sovremennyie gumanitarnyie issledovaniya. 2011. № 1.
3. Avdiyskiy V.I., Bezdenezhnyih V.M. Riski hozyaystvuyuschih sub'ektov: teoreticheskie osnovyi, metodologii analiza, prognozirovaniya i upravleniya: Uch. pos. -M.: Alfa-M: NITs INFRA-M, 2013 – 368 s.
4. Sokolov D.V., Barchukov A.V. Bazisnaya sistema risk-menedzhment organizatsiy realnogo sektora ekonomiki: Monografiya. – M.: NITs INFRA-M, 2013. – 126 s.
5. Chernova G.V., Kudryavtsev A.A. Upravlenie riskami: Uchebnoe posobie. – M.: TK Velbi, Izd-vo Prospekt, 2005. – 160 s.
6. Lapusta M.G. Predprinimatelstvo: uchebnik dlya vyissh. ucheb. zavedeniy. – M.: INFRA – M, 2012. – 608 s.
7. Hohlov N.V. Upravlenie riskom. – M.: YuNITI-DANA, 1999. – 239 s.
8. Granaturov V.M. Ekonomicheskiy risk: suschnost, metodyi izmereniya, puti snizheniya: uchebnoe posobie. – 4-e izd., pererab. i dop. – M.: Delo i servis, 2016. – 282 s.
9.  Dzagoeva M.R. Mehanizm kompleksnoy otsenki i upravleniya riskami predpriyatiy promyishlennosti: monografiya / M.R. Dzagoeva, A.R. Tshovrebov, L.E. Komaeva. – Moskva: NITs INFRA-M, 2016. – 120 s.
10. Ob utverzhdenii Polozheniya po buhgalterskomu uchetu «Buhgalterskaya otchetnost organizatsii» (PBU 4/99): Prikaz Minfina RF ot 6 iyulya 1999 g. № 43n // Finan. gaz. – 1999. – № 34.
11. Bazhenov A.A. Aktualnyie problemyi nalogooblozheniya i buhgalterskogo ucheta: novatsii teorii i praktiki: monografiya / FGBOU VPO Vladim. Gos. Un-t. – Vladimir: Tranzit-Iks, 2013. – 163 s.
12.  Bazhenov A.A., Chernyateva V.G.  Metodologicheskie osnovyi otsenki biznesa // Natsionalnaya bezopasnost / nota bene. – 2013. – № 3. – C. 516-522. DOI: 10.7256/2073-8560.2013.3.7746.
13. Bazhenov A.A. Problema obespecheniya tozhdestvennosti raschetov mezhdu organizatsiey i nalogovyim organom // Nalogi i nalogooblozhenie. – 2013. – № 7. – C. 504-511. DOI: 10.7256/1812-8688.2013.7.9134.
14. Bazhenov A.A.,Tsarkova L.S. Audit nalogooblozheniya hozyaystvuyuschih sub'ektov pri osuschestvlenii auditorskoy deyatelnosti // Nalogi i nalogooblozhenie. – 2013. – № 1. – C. 41-49. DOI: 10.7256/1812-8688.2013.01.4.
15. Bazhenov A.A., Polyakova N.N. Nedobrosovestnoe formirovanie pokazateley pribyili v buhgalterskoy (finansovoy) otchetnosti organizatsiy // Natsionalnaya bezopasnost / nota bene. – 2013. – № 4. – C. 636-642. DOI: 10.7256/2073-8560.2013.4.9070.
16.  Bazhenov A.A. Uchet interesov polzovateley buhgalterskoy (finansovoy) otchetnosti unitarnyih predpriyatiy // Finansovoe pravo i upravlenie. – 2016. – № 2. – C. 129-137. DOI: 10.7256/2310-0508.2016.2.17791.
17.  Bazhenov A.A., Gudkov A.S.  Test: Znaete li vyi pravila formirovaniya buhgalterskoy otchetnosti? // Vestnik IPB (Vestnik professionalnyih buhgalterov). – 2009. – № 1. – S. 30–31.
18. Mizikovskiy I.E., Bazhenov A.A. Buhgalterskaya (finansovaya) otchetnost kak instrument obespecheniya transparentnosti vedeniya hozyaystvennoy deyatelnosti ekonomicheskih sub'ektov // Uchet. Analiz. Audit. 2016. № 2. S. 69-77.
19. Mizikovskiy I.E., Bazhenov A.A. Strukturirovanie ucheta ispolzovaniya predmetov truda v unitarnom predpriyatii // Upravlencheskiy uchet. 2016. № 5. S. 50-56.
20. Bazhenov A.A., Mizikovskiy I.E. Rezervirovanie predstoyaschih rashodov kak effektivnyiy instrument organizatsii uchetno-finansovoy informatsii unitarnogo predpriyatiya // Finansovyiy menedzhment. 2016. № 3. S. 111-120.
21. Mizikovskiy I.E., Shtefan M.A. Upravlencheskiy kontrol hozyaystvennyih riskov predpriyatiy zheleznodorozhnogo transporta // Ekonomika zheleznyih dorog. 2010. № 8. S. 73.
22.  Mizikovskiy I.E., Miloserdova A.N., Sofin A.A. Formirovanie protsessa prinyatiya resheniya ob organizatsii vyipolneniya vspomogatelnyih rabot // Sovremennyie problemyi nauki i obrazovaniya. 2014. № 5. S. 297.
23. Mizikovskiy I.E. Metodika ekspertnoy otsenki varianta organizatsii soderzhaniya i ekspluatatsii oborudovaniya promyishlennogo predpriyatiya // Audit i finansovyiy analiz. 2011. № 4. S. 348-350.
24.  Mizikovskiy I.E., Chinchenko M.N. Kontseptsiya spravedlivoy stoimosti // Mezhdunarodnyiy buhgalterskiy uchet. 2006. № 11. S. 22–26.

 

MANAGEMENT OF THE FINANCE OF THE PUBLIC COMPANIES

Attracting long-term capital in the stock markets
Prodanova N.A., Doctor of Economics, professor of financial control, analysis and audit FGBOU IN Russian University of Economics. GV Plekhanov
Malykh N.I., Аssociate professor, Department of economy and finances of public sector Civil Service Institute and managing FGBOU IN “Russian Academy of National Economy and Public Administration under the President of the Russian Federation

Annotation. The article deals with the long-term sources of financing the activities of the corporation and the ability to attract them by entering the stock market. The authors are the main differences between equity and debt capital, analyzes the factors that must be considered when making decisions about the choice of this or that source of funding.
Keywords: capital, financial assets, stocks, bonds, convertible financial instruments, capital structure, basic earnings per share, diluted earnings per share, the weighted average cost of capital.

References
1. Kovalev V.V. Finansovyi menedzhment: teoriia i praktiki. – M.: Prospekt, 2010. – s. 1024.
2. MSFO (IAS) 33 «Pribyl’ na aktsiiu» Mezhdunarodnyi standart finansovoi otchetnosti.
3. Damodoran A. Investitsionnaia otsenka. Instrumenty i metody otsenki liubykh aktivov. – M.: Al’pina Pablisher, 2016. – 1316 s.
4. Brigkhem Iudzhin F., Kh’iuston Dzhoel A. Finansovyi menedzhment. Ekspress-kurs. – SPb.: Piter, 2016. – 592 s.
5. Vankhorn D.S., Vakhovich D.M. ml. Osnovy finansovogo menedzhmenta. – M.: OOO «I.D. Vil’iams», 2007.

 

INVESTMENTS AND BUSINESS

Public-private partnership as one of the areas financing projects in Russia
Borisova O.V., Department of corporate Finance and corporate governance Financial University under the Government of the Russian Federation, Candidate of Economics, Associate Professor

Annotation. This article explores the issues related to the financing of projects through Public-private partnerships. Investigated existing definitions, objects, forms, requirements for private partners, and the benefits of its implementation. The analysis of the key indicators of the state of the global PPP market, the emphasis is on the Eurozone. Identified the volume of Russian market of PPP and describes the organization responsible for funding such projects.
Keywords: finance, public-private partnership, forms of PPP, the state of the PPP market.

References
1. O gosudarstvenno-chastnom partnerstve, munitsipal'no-chastnom partnerstve v RF i vnesenii izmenenii v otdel'nye zakonodatel'nye akty RF [Electronic resource]: federal'nyi zakon ot 13.07.2015 g. 224-FZ // SPS «Konsul'tantPlyus».
2. O kontsessionnykh soglasheniyakh [Electronic resource]: federal'nyi zakon ot 21.07.2005g. № 115-FZ // SPS «Konsul'tantPlyus».
3. Vilisov M.V. Gosudarstvenno-chastnoe partnerstvo: politiko-pravovoi aspekt // Vlast'. – N7. – 2006. – s.14-19.
4. Gosudarstvenno-chastnoe partnerstvo v obrazovanii: [sbornik] / Nauchnye redaktory O.P. Molchanova, A.Ya. Livshin. – M.: KDU, 2009. – 242 s.
5. Zavadskaya V.V., Savka D.A.  Klyuchevye voprosy privlecheniya vnebyudzhet-nogo finansirovaniya v proekty GChP: uchastie institutov razvitiya i finansiruyushchikh organizatsii // Sovremennye tendentsii razvitiya nauki i tekhnologii. – 2015. – № 8-9. – s. 43-48.
6. Morozova I.A., D'yakonova I.B. GChP – optimal'naya model' vzaimodeistviya chastnogo biznesa i gosudarstva v usloviyakh innovatsionnoi ekonomiki // Uspekhi sovremennogo estestvoznaniya. – 2010. – № 11. – s. 93-95.
7. Reiting regionov Rossii po urovnyu razvitiya gosudarstvenno-chastnogo partnerstva [Electronic resource]. M., 2015. URL: mrpp.gov-murman.ru
8. Rekomendatsii Ministerstva ekonomicheskogo razvitiya RF po realizatsii proektov GChP [Electronic resource]. 2015 g. URL: pppinrussia.ru/userfiles/upload
9.  Serdtseva E., Kizim A. Mirovoi opyt i rossiiskaya praktika primeneniya GChP v sfere logistiki // Logistika. – 2011. – № 8 (61). – s. 31-35.
10. Sovershenstvovanie metodov antikrizisnoi restrukturizatsii gradoob-razuyushchikh organizatsii v munitsipal'nykh obrazovaniyakh: Monografiya / Pod red. A.N. Ryakhovskoi, S.E. Kovana. – M.: INFRA-M, 2016. – 187 s.
11. Formy chastno-gosudarstvennogo partnerstva v mezhdunarodnoi praktike [Electronic resource]. URL: fregat51.narod.ru
12. Economic and Financial Report 2010/04 [Electronic resource]: July 2010. URL: eib.org/infocentre/search.htm?keywords=The+number+of+PPP+agreements
13. Global PPP report Q3 2015. November 2015. Research report [Electronic resource]: infrapppworld.com/documents/reports/Global-PPP-Report-Q3-2015_file_109.pdf
14. Market Update. Review of the European PPP Market. First half of 2015 [Electronic resource] URL: eib.org/epec/resources/publications/epec_market_update_2015 _h1_en

Prospects of adaptation of experience of state support for the agricultural sector in the countries of the North Atlantic oecd area to the conditions of Russia
Popova O.V., doctor of economic Sciences, Professor of the Department of Economics and economic, Federal State Educational Institution of Higher Education «Russian Presidential Academy of National Economy and Public Administration» Orel branch
Dolgova S.A., candidate of economic Sciences, associate Professor of management and public administration, Federal State Educational Institution of Higher Education «Russian Presidential Academy of National Economy and Public Administration» Orel branch

Annotation. In the article the expediency of modernization of Russia’s agrarian policy in reducing the tax burden on agricultural producers and indirect taxation of consumers of agricultural raw materials and food, changes in the structure of support to primary agricultural producers on the basis of comparative analysis of agrarian policies of the North Atlantic region of the OECD.
Keywords: OECD, embargo, national agricultural policy, support of the agricultural producers, monitoring the agricultural policy.

References
1. Popova O.V.  Kompleksnaja ocenka agrarnoj politiki Rossii: vzgljad so storony / O.V. Popova // Upravlenie obshhestvennymi ij ekonomicheskimi sistemami. – 2016. – № 1 (27) [Electronic resource] URL: umc.gu-unpk.ru/umc/arhiv/2016/1 (retrieved: 28.09.2016).
2. Shik O., Tihonova T., Volovik N., Izrjadnova O. Regulirovanie agrarnyh rynkov i podderzhka sel'hozproizvoditelej / O. Shik, T. Tihonova, N. Volovik, O. Izrjadnova [Electronic resource] URL: iep.ru/files/text/usaid/Shick-1.pdf (retrieved: 3.10.2016).
3. Agricultural Policy Monitoring and Evaluation 2016 [Electronic resource] URL: oecd-ilibrary.org/content/book/agr_pol-2016-en (retrieved: 3.10.2016).
4. Introduction to the OECD producer support estimate and related indicators of agricultural support [Electronic resource] URL: oecd.org/tad/agricultural-policies/pse-introduction-august-final.pdf (retrieved: 6.10.2016).
5. Monitoring and evaluation: Reference Tables: support [Electronic resource] URL: stats.oecd.org/viewhtml.aspx?QueryId=70972&vh=0000&vf=0&l&il=&lang=en
6. Overview of CAP Reform 2014-2020 [Electronic resource] URL: ec.europa.eu/agriculture/policy-perspectives/policy-briefs/05_en.pdf (retrieved: 6.10.2016).
7. OECD Economic Outlook – URL: oecd-ilibrary.org/economics/oecd-economic-outlook-volume-2016-issue-1_eco_outlook-v2016-1-en (retrieved: 01.10.2016).
8. Ralph M. Chite The 2014 Farm Bill (P.L. 113-79): Summary and Side-by-Side [Electronic resource] URL: nationalaglawcenter.org/wp-content/uploads/2014/02/R43076.pdf (retrieved: 10.10.2016).

Valuation investment properties as object housing market
Ermilova M.I., Ph.D, Associate professor, Russian Plekhanov University of Economics

Annotation. Currently, one of the new directions in the Russian housing market is the construction of apartment buildings. The article carried out the valuation of the apartment house, in order to determine the most current method of assessment in the present conditions. As a result of assessment, the author formulates recommendations for improving the value of non-income homes. The research allowed to determine the existence of problems with the use of the cost approach, associated with significant changes in housing market conditions. It was found that the most reliable is the income approach using a discounted cash flow method. The calculation results show the need for mandatory state participation in financing the construction of apartment buildings.
Keywords: the housing market, apartment houses, the valuation, income approach, discounted cash flow method, rental housing.

References
1. Vlasenko T.V., Belokobylenko S.A. Rynok nedvizhimosti i ego struktura // Ekonomika i ekologiya territorial’nykh obrazovanii. № 1. – 2015. – S. 7.
2. Levin Ju.A. Finansirovanie stroitel’stva dohodnyh domov: balans interesov gosudarstva i chastnogo predprinimatel’stva // Finansy. № 11. – 2014. – S. 25–28.
3. Veselkov V.V. Problemy i tendencii razvitija stroitel’stva dohodnyh domov v Rossii // Problemy jekonomiki i menedzhmenta. № 7 (47). – 2015. S. 16–19.
4. Lapko K.S., Bablenkova I.I. Analiz metoda diskontirovanija denezhnyh potokov i ego primenenie v sovremennyh uslovijah // Audit i finansovyj analiz. № 6. – 2009. – S. 170–176.
5.  Gavrilenko A.A. Faktory, vlijajushhie na ocenku stoimosti nedvizhimosti // Transport: nauka, tehnika, upravlenie. № 11. – 2009. – S. 52–54.
6. Kuz’minskij A.G., Izatov V.A., Cherenkov V.V. Metody i modeli formirovanija smetnyh ocenok stoimosti, ispol’zuemyh v zadache vybora konstruktivnogo reshenija zhilogo zdanija investorom // Nauchnye trudy SWorld. № 1. T. 8. – 2008. – S. 74–80.
7. Larionova Yu.V., Larionov A.N., Pavlova S.A., Gorshkov N.G. Rynok dostupnoi zhiloi nedvizhimosti: voprosy gosudarstvennogo regulirovaniya. – M., 2013. – S. 169.
8. Torgashina I.G. Rynok nedvizhimosti: sostoyanie i faktory rosta // Vestnik Irkutskogo gosudarstvennogo tekhnicheskogo universiteta. № 2 (97). – 2015. S. 287–291.
9. Martynova A.V. Perspektivnye napravlenija razvitija stroitel’stva dohodnyh domov v Rossii // Molodoj uchenyj. № 10. 2015. S. 739–741.

Analysis of credit financing in the economic crisis
Tetushkin V.А., Tambov state technical University, Tambov, Tambov region, Russian Federation

Annotation. The subject of research is the funding crisis. The aim of this work is to analyze the impact of economic recession on the financing of the savings. In the present work using econometric methods to analyze the financing structure of investments in fixed capital. The scope of the results covers research for management of banks and companies, as well as conducting research of students and faculty of the universities.
Keywords: finance, credit, analysis, economic crisis, capital, investment.

References
1. Krutova I.N., Fedotkina O.P. Krizis i bankovskoe proektnoe finansirovanie // Bankovskoe delo. 2009. № 6. S. 52-57.
2. Fedorova S., Fedorov K. Venchurnoe finansirovanie rynka innovacij v uslovijah krizisa // RISK: Resursy, informacija, snabzhenie, konkurencija. 2016. № 1. S. 247-250.
3. Kiselev D.A., Fokanova E.A. Kraudinvesting kak istochnik finansirovanija malogo biznesa v uslovijah jekonomicheskogo krizisa // Science Time. 2015. № 11 (23). S. 246-250.
4. Videnin T.O. Finansirovanie malogo biznesa v uslovijah krizisa // Molodoj uchenyj. 2016. № 2 (106). S. 442-444.
5. Pokrovskaja N.V. Vlijanie krizisa na nalogovye uslovija zaemnogo finansirovanija rossijskih kompanij // Nauchnyj zhurnal NIU ITMO. Serija: Jekonomika i jekologicheskij menedzhment. 2015. № 4. S. 70-76.
6. Medvedeva M.B., Mohamad A.S. Mezhdunarodnyj opyt finansirovanija infrastruktury v uslovijah krizisa // Mezhdunarodnaja jekonomika. 2014. № 11. S. 51-62.
7.  Lucenko S.I. Istochniki i cena finansirovanija (investirovanija) rossijskih kompanij v uslovijah finansovogo krizisa // Finansovyj menedzhment. 2011. № 1. S. 54-61.
8. Finansovaja sistema Rossii i jekonomicheskij rost / pod red. L.M. Grigor’eva / Serija «Nauchnye doklady: nezavisimyj jekonomicheskij analiz», № 173. M.: MONF, ANCJeA, 2006, 428 s.
9. Analiticheskij centr pri Pravitel’stve RF. ac.gov.ru
10. Mazurina T.Ju. Amortizacionnye otchislenija i ih rol’ v formirovanii investicionnogo potenciala predprijatija // Finansy i kredit. – 2012. – № 11 (491). – S. 14-23.

 

TAXES AND TAXATION

Operation of the consolidated groups of taxpayers in the Russian Federation: current issues and prospects
Pleschenko V.I., Ph.D. in Economics, JSC «Goznak», Head of department

Annotation. In the year 2012 to large corporations in Russia was given the opportunity of creation of consolidated groups of taxpayers. Consolidated tax regime allows holding structures and further use in domestic transactions transfer prices, significantly different from the market. However, the practical application of prescribed in law paid distribution mechanism within the framework of the new group income tax between the regions seriously alarmed many jurisdictions, losing revenues of local budgets. Also a certain resonance with the authorities summoned used corporations deduct all losses of the
group members of total profits. In the face of a budget deficit the Russian Government declared a moratorium on the formation of new groups and initiated adjustments to the regulatory framework.
Keywords: consolidated group of taxpayers, income tax, transfer pricing, controlled transactions.

References
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13. Dokhody byudjeta Belgorodskoi oblasti vyrastut na 7,3 mlrd. URL: regnum.ru/news/1925594.html
14. Kurskii gubernator poruchil deputatam Gosdumy rabotat’ Nad byudjetom-2016 v tesnoi koordinacii s federal’nym centrom. URL: adm.rkursk.ru/index.php?id=13&mat_id=47486
15. Smirnov D.A., Babenko D.A. Instrumenty minimizacii riskov, svyazannykh s primeneniem pravil kontrolya tranfertnogo cenoobravovaniya // Imuschesstvennye otnosheniya v RF. 2015. № 6. S. 85-93.
16. «Severstal’» rashiryaet konsolidirovannuyu gruppu nologoplatel’schikov. URL: severstal.com/rus/media/news/document8054.phtml
17. Kondrashova N.A. Predposylki sozdaniya konsolidirovannykh grupp nalogoplatel’schikov // Mezhdunarodnyi buhgalterskii uchet. 2013. № 2. S. 28-33.
18. Shtanskii V.A., Krasnova N.A. Stimuly i factory razlichnykh form integracii rossiiskikh metallurgicheskikh kompanii v usloviyakh globalizacii mirovoi ekonomiki // Ekonomika v promyshlennosti. 2011. № 3. S. 3-10.

 

CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Formation of effective insurance management in modern conditions
Akhvlediany Y.T., doctor of economic science, Professor of chair risk management, insurance and securities Plekhanov Russian University of Economic

Annotation. The article discusses the peculiarities of insurance management, taking into account economic and geopolitical conditions. Formulates topical strategic directions of development of insurance activities which will facilitate the adoption of effective administrative decisions in modern conditions. The main factors of an efficient insurance management.
Keywords: insurance management, the insurance market, insurance activities, financial market, insurance supervision, participants of the insurance market.

References
1. Obzor klyuchevy’x pokazatelej straxovshhikov // Informacionno-analiticheskie materialy’ CB RF, № 2, 2016 g. [Electronic resource]. URL: cbr.ru/
2. E’kspertiza straxovogo ry’nka. Analiticheskij ezhegodnik. Itogi 2015 goda. Yubilejny’j vy’pusk. – М.: RAEX (E’kspert RA), 2016 g.
3. Zhuk I.N. Straxovoj nadzor-2016: regional'ny'j aspekt [Electronic resource]. URL: insur-info.ru/experts
4. Osnovny’e napravleniya razvitiya finansovogo ry’nka Rossijskoj Federacii na period do 2016-2018 godov. cbr.ru/

The methodology and analysis indicators of credit risk in the bank
Nikiforova N.А., Candidate of Economics, Associate professor of the Department of Accounting, Analysis and Audit Federal State-Funded Educational Institution of Higher Education «Financial University under the Government of the Russian Federation»

Annotation. Common sense articles can be formulated as follows: Credit risk: problems and solutions. The author focused on the approaches to the development of techniques of credit risk analysis in credit organization. How to determine the rating of counterparties in terms of credit risk? There are two ways: The Basel International Convergence on the measurement of capital and capital standards and internal rating. Internal rating determines the probability of the counterparty has performed its obligations to the Bank, and allows you to calculate the credit risk of the bank on a particular counterparty and determine a fee for the received bank credit risk.
Keywords: quantitative credit risk measures, risk assessment for the individual components of credit transactions, the analysis of the effect of internal ratings migration, the procedure of mapping , the model of migration of assets, the value of the expected and unexpected losses, simulation method Monte Carlo.

References
1. Principles for effective risk data aggregation and risk reporting. Bank for International Settlements Communications CH-4002 Basel, Switzerland, Issued for comment by 28 September 2012.
2. Review of the Credit Valuation Adjustment Risk Framework. Basel Committee on Banking Supervision. Issued for comment by 1 October 2015.
3. International Convergence of Capital Measurement and Capital Standards. A Revised Framework Comprehensive Version. Bank for International Settlements Communications (Basel Committee on Banking Supervision, June 2006).
4. Basel III: A global regulatory framework for more resilient banks and banking systems. Bank for International Settlements Communication, Basel, Switzerland, 2011.

Researching banking services market infrastructure of the Russian Federation
Sharkov N.N., Postgraduate at the Department of Financial Management and Financial law, Moscow Metropolitan Governance University, Moscow, Russian Federation

Annotation. The article provides results of the Russian Federation banking services market infrastructure researching. Based on assessment of the conditions and efficiency of activities of the Russian banks the conclusion is drawn that, despite the banking model of development of a financial infrastructure of Russia, its key subsystem is characterized by low quality and global noncompetitiveness. The importance of quality of a competitive environment in the context of development of financial institutions is shown, assessment of a competitive environment of the domestic banking sector is carried out. Justification of the necessity of qualitative change of the informational and regulatory environment of the financial infrastructure and creation of the institutional conditions for the sustainable development of banking and non-banking financial intermediation as an equal elements of the financial infrastructure is given.
Keywords: banking services market infrastructure, efficiency, competitive environment.

References
1.  Sharkov N.N. Razvitie finansovoj infrastruktury Rossii kak neobhodimoe uslovie obespechenija jekonomicheskogo rosta v uslovijah finansovoj globalizacii. Finansy i Credit = Finance and Credit, 2015, no.29, pp. 47-60.
2. Largest 100 banks in the world. SNLbeta. Available at: snl.com/web/client?auth=inherit&utm_source=Viber&utm_medium=Chat&utm_campaign=Private#news/article?id=36076706&KeyProductLinkType=0&cdid=A-36076706-13862
3. Bankers Almanac. Accuity. Available at: accuity.com/useful-links/bank-rankings/
4. Bankovskaja sistema v sovremennoj jekonomike: uchebnoe posobie. Executive editor Lavrushin O.I., Moscow, KnoRus Publ., 2011, 360 p.
5. Programma «Nacional'naja bankovskaja sistema Rossii 2010–2020». Associacija rossijskih bankov = The Association of Russian Banks. Available at: arb.ru/site/docs/NBS_10-20_050506.doc
6. Kuzina O.E. Finansovaya gramotnost' rossiyan (dinamika i perspektivy). Den’gi i kredit = Money and Credit, 2012, no. 1, pp. 68–72.
7. Kto profinansiruet modernizaciju?. Rejtingovoe agentstvo RAEX («Jekspert RA») = «Expert RA» Rating Agency. Available at: raexpert.ru/sproject/bfsr/kto_profinansiruet/#top.
8. Mozhno li sozdat' v Rossii «dlinnyj» investicionnyj resurs? Ministerstvo finansov rabotaet nad jetim (Interv'ju s zamestitelem ministra finansov Rossii Federacii A.V. Moiseeva). Finansy = Finance, 2013, no. 6, pp. 3-8.
9. Federal'nyj zakon ot 02.12.1990 no. 395-1 «O bankah i bankovskoj dejatel'nosti». Konsul’tant-Pljus = Consultant Plus. Available at: consultant.ru/
10. Veron N. Bank versus non-bank credit in the United States, Europe and China. Bruegel policy contribution. 2013. ISSUE 2013/07. Available at: bruegel.org/wp-content/uploads/imported/publications/pc_2013_07_credit_1_.pdf
11. Garry J. Schinasi Defining Financial Stability. IMF Working paper. 2004. no. WP/04/187. Available at: imf.org/external/pubs/ft/wp/2004/wp04187.pdf
12. cbr.ru
13. gks.ru

 

FINANCIAL MARKET

Contemporary aspects of fundamental analysis in stock market
Semenkova E.V., doctor of economic sciences, professor at the department of “Risk Management, Insurance and Securities” at Russian Economic University named after Plekhanov
Edilbaev A.A., graduate student at the department of “Risk Management, Insurance and Securities” at Russian Economic University named after Plekhanov

Annotation. This article deals with the influence of fundamentals on the dynamics of stock prices in emerging markets. Various examples of the influence of fundamentals on share prices in the different countries were studied. On example of several Russian companies there has been calculated the relationship between the selected fundamentals and stock prices. The conclusion has been made about the need to analyze the business model of the company, and the current state of the economy to select the most relevant fundamental parameters.
Keywords: fundamental analysis, emerging markets, financial analysis.

References
1. Abarbanell J.  and Bushee B. Fundamental Analysis, Future Earnings, and Stock Prices, Journal of Accounting Research, 35, 1–25, 1997.
2. Aby C., Briscoe N., Jones M. and Kromis S. Selection of Undervalued Stock Investments for Pension Plans and Deferred Compensation Programs, Journal of Deferred Compensation, 6, 64–77, 2001.
3. Al-Abduljader. The Profitability of Fundamental Trading Rules in Emerging Stock Markets: The Case of Kuwait. International Journal of Economics and Finance. Vol. 3, No. 2; May 2011.
4. Alexander Schiebel. Value Relevance of German GAAP and IFRS Consolidated Financial Reporting: An Empirical Analysis on the Frankfurt Stock Exchange, Vienna University of Economics and Business Administration, July 10, 2007.
5. Benesh G.A., Keown A.J. and Pinkerton J.M. An Examination of Market Reaction to Substantial Shifts in Dividend Policy. Journal of Financial Research, Vol. VII(2), Summer, pp. 131–142, 1984.
6. Cheol-Ho Park, Scott Irwin. The Profitability of Technical Analysis: A Review, AgMAS Project Research Report No. 2004–04, October 2004.
7. Cooper M., Gulen H. & Schill M. Asset growth and the cross-section of stock returns. The Journal of Finance, 63(4), 1609–1651, 2008.
8. Dhankani D. Fundamental Analysis and Stock Returns: India. (2000–2005), The Business Review, Cambridge, 4, 218–23, 2005.
9. Dimitrov V. & Jain P.C. The value-relevance of changes in financial leverage beyond growth in assets and GAAP earnings. Journal of Accounting, Auditing & Finance, 23(2), 191–222, 2008.
10. Dr. Majed Abdel Majid Kabajeh, Dr. Said Mukhled Ahmed AL Nu’aimat, Dr. Firas Naim Dahmash. The Relationship between the ROA, ROE and ROI Ratios with Jordanian Insurance Public Companies Market Share Prices. International Journal of Humanities and Social Science, Vol. 2 No. 11; June 2012.
11.  Gerwin A.W. Griffioen. Technical Analysis in Financial Markets, University of Amsterdam – Faculty of Economics and Business, March 3, 2003.
12.  Graham B., Dodd D.  Security Analysis: The Classic 1934 Edition, McGraw-Hill, NewYork, NY, 1996.
13. Hatta & Dwiyanto. Factors influencing share prices in the Nigerian insurance industry, 2012.
14. Hunjak T. & Cingula M.  The Securities Portfolio Modelling for Emerging Markets. ISAHP, Honolulu, Hawaii, July 8–10. Retrieved December 20, 2008.
15. Jenni L. Bettman, Stephen Sault, Emma Welch. Fundamental and Technical Analysis: Substitutes or Compliments? Australian National University (ANU), March 28, 2006.
16. John R. Graham, Campbell R. Harveya and Shiva Rajgopal. The Economic Implications of Corporate Financial Reporting, January 11, 2005.
17. John Y. Campbell, Robert J. Shiller. Stock prices, earnings, and expected dividends. The Journal of Finance, Vol.43, No. 3, Papers and Proceedings of the Forty-Seventh Annual Meeting of the American Finance Association, Chicago, Illinois, December 28-30, 1987, 661–676.
18.  Julia Bistrova, Natalja Lace. Relevance of fundamental analysis on the Baltic Equity Market., 2009.
19. Kiete K. & Uloza G. The Information Efficiency of the Stock Markets in Lithuania and Latvia. Stockholm School of Economics in Riga, 2005.
20. Mahmoud A. and Sakr S. The Predictive Power of Fundamental Analysis in Terms of  Stock Return and Future Profitability performance. International Research Journal of Finance and Economics, 2012.
21. Michael J. Cooper Huseyin Gulen and Michael J. Schill. Asset Growth and the Cross-Section of Stock Returns. The Journal of Finance, Vol. LXIII, No. 4, August 2008.
22. Moube A. & Jannach M. Mutual funds and Stock Selection. Göteborg University, School of Economics and Commercial Laws, 2003.
23. Mukherji S., Dhatt M. and Kim Y.A. Fundamental Analysis of Korean Stock Returns. Financial Analysts Journal, 53, 75–81, 1997.
24. Ogilo Fredrick, Benard Nthenge Muiva. Fundamental analysis of stock returns of Non-financial Firms Listed at the Nairobi Securities Exchange. Universal Journal of Accounting and Finance 3(3): 113–116, 2015.
25. Pascal Nguyen. Fundamental analysis and stock returns: Japan 1993-2003, docs.fce.unsw.edu.au/banking/seminar/2003/Pascal%20Nguyen.pdf
26. Quirin J.J., Berry K.T. and O’Bryan D. A fundamental analysis approach to oil and gas firm valuation. Journal of business finance and accounting 27(7), 785–820, 2001.
27. Ridwan Nurazi and Berto Usman. Bank Stock Returns in Responding the Contribution of Fundamental and Macroeconomic Effects. Department of Management, Faculty of Economics and Business, University of Bengkulu – Indonesia.March 23, 2016.
28. Scott Whisenant, Patricia M. Fairfield. Using Fundamental Analysis to Assess Earnings Quality: Evidence from the Center for Financial Research and Analysis. Journal of Accounting, Auditing & Finance (Fall 2001, Volume 16, No. 4: 273–295) , October 1, 2000.
29.  Shostak F. In Defense of Financial Analysis: A Critique of the Efficient Market Hypothesis. Review of Austrian Economics 10, 2, 27–45, 1997.
30. Swanson E.P., Rees L.L., Juarez-Valdes L.F. The Contribution of Fundamental Analysis in the Presence of Inflation and a Currency Devaluation. Retrieved December 20, 2008, from SSRN: ssrn.com/abstract=260596
31. Swanson E.P., Rees L.L., Juarez-Valdes L.F. The Contribution of Fundamental Analysis in the Presence of Inflation and a Currency Devaluation. Retrieved December 20, 2008.
32. Venkates C.K., Dr. Madhu Tyagi , Dr.Ganesh L. Fundamental analysis and stock returns: An Indian evidence, Professor, Institute of Management, Christ University, Hosur Road, Bangalore-560 030, 2007.
33. Zarezadeh E., Mirfakhr-Al-Dini S.H., Dehavi H.D., Armesh H., Manafi M. & Zraezadehand S. Fitting the Relationship between Financial Variables and Stock Price through Fuzzy Regression Case study: Iran Khodro Company. International Journal of Business and Social Science, 2(11), 140–180, 2011.

Problems of managing international debt market
Balyuk I.A., PhD (Economics), associate professor of the Department of World Economy and Global Finance, the Financial University under the Government of the Russian Federation, Moscow, Russia

Annotation. Recent deepening of the problem of globalization of external debt impedes recovery of stability and maintenance of sustainable growth of the modern world economy.As a considerable part of different counties’ external debt is formed by operations in the international debt market, the problem of managing international debt market has become of a special importance.
The paper has an analysis of specifics of managing international debt market, considers institutions regulating operations in the issuing and non-issuing segments of the international debt market and their main activities, identifies new goals in the field of control over the international debt market related to complicating its structure and lack of clear borders. A special focus is made on the analysis of current changes in approach and methodology of external borrowings in the national, regional and international level.
The author makes a conclusion that recently internationalization of regulating international debt market has been enhancing. In the coming years a consolidation of actions of international financial institutions and national authorities regulating local financial markets in the area of managing operations in the international debt market and tightening control over external borrowings will continue.
Keywords: international debt market, globalization of external debt, debt securities, syndicated loans, regulation of external debt.

References
1.  Reinhart C., Rogoff К. Na etot raz vsio budet inache. Vosem’ stoletii fionansovogo bezrassudstva. М.: Kar’era Press, 2011.
2. O’Malley C. Bonds without Borders: A History of the Eurobond Market. Wiley, November 2014.
3.  Johnston R.B.  Economics of the Euro-Market: History, Theory and Policy. Palgrave MacMillan, December 1982.
4. Rhodes Т. Syndicated lending. Practice and documentation. Euromoneybooks, 2004.
5. Liamenkov А.К., Liamenkova Е.А. Evroobligatsii i drugie evrobumagi kak instrumenty mezhdunarodnogo finansirovaniia rezidentov Rossii. Vestnik IEAU. – Bulletin of IEAU. – 2015. – no. 10.
6. Mozgin D. Euroclear i Clearstream: 35 let konkurentsii i sotrudnichestva. Rynok tsennykh bumag. – Securities Market. – 2005. – no. 4.
7. Rubtsov B.B. Sovremenniie fondoviie rynki: Uchebnoie posobie dlia vuzov.  – М.: Al’pina Biznes Buks, 2007.
8. A guide to 50 years of Eurobonds in Luxembourg. International Financing Review Guide, May 2013. URL: bourse.lu (accessed: 25.07.2016).
9. Platonova I.N. Mirovaia dolgovaia problema i ustoichivoe razvitie global’noi ekonomiki // Ekonomika. Nalogi. Pravo. [Economy. Taxes. Law.] – 2016. – no. 2.
10.  Paunovich I.  Problemy reformy upravleniia global’noi ekonomikoi, ili Kak zastavit’
mezhdunarodnuiiu finansovuiu sistemu rabotat’ v interesakh razvitiia. Den’gi i kredit – Money and credit, 2016, no. 2.and credit, 2016, no. 2.

 

PUBLICATIONS

List of articles published in journal « Financial management» in 2016



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