Contents of N4/2019

all contents

Contents of №4' 2019

CORPORATE  FINANCE

Features of formation family company's capital structure
Voskanian R.O., Candidate of Economic Sciences, Docent, Associate professor of the Department of Financial management, Plekhanov Russian University of Economics

Annotation. The wide distribution of family companies in the European market, the emergence of separate groups of stock indices for family companies, predetermined the study of their financial management. The purpose of this article is to identify the characteristics of the formation of the capital structure of family companies in the European and Russian markets. The research results can be used to develop strategic guidelines for the development and improvement of management mechanisms for the long-term financial sustainability of Russian family companies.
Keywords:  principal–agent problem, debt capital, family business, financial stability, financial risk, financial leverage.

References
1. Bhaumik S.K., Dimova R.  Agency Problems and Familiness. In: How Family Firms Differ. Palgrave Macmillan, London. Doi: doi.org/10.1057/9781137473585_2
2. Schulze W.S., Lubatkin M.H., Dino R.N. Toward a theory of agency and altruism in family firms // Journal of Business Venturing. – 2003. – Vol. 18. – No. 4. – Pp. 473–490. Doi: doi.org/10.1016/S0883-9026(03)00054-5
3. Ordov K.V. Vliyanie finansovoj globalizacii na denezhno-kreditnuyu politiku i konkurentosposobnost' kompanij // Finansovaya analitika: problemy i resheniya. – 2011. – № 30 (72). – S. 67–71.
4. How the world’s largest family businesses are responding to the Transformative Age [Elektronnyy resurs]. URL: familybusinessindex.com/
5.  Nersisyan M.V., Saginova O.V. Problemy i perspektivy razvitiya semejnogo biznesa // Chelovecheskij kapital i professional'noe obrazovanie. – 2017. – № 3 (23). – S. 39–44.
6.  Chumakova O.V.  O vozmozhnosti primeneniya v Rossijskoj Federacii zarubezhnogo opyta po obespecheniyu kachestva besplatnoj yuridicheskoj pomoshchi // Monitoring pravoprimeneniya. – 2017. – № 2 (23). – S. 19–24.

Modern approaches to definition of essence of cash flow and their role in the assessment of the financial condition of the organization
Tolpegina O.A., Ph.D., associate professor of chair «Accounting, analysis and audit» of the Finance and Banking Faculty of the Russian Academy of National Economy and Public Service under the President of Russian Federation», Moscow, Russia
Seregina E.Yu., Ph.D., assistant professor of the Financial University under the Government Department of Corporate Finance and Corporate Governance, Moscow, Russia

Annotation. The relevance of the study is determined by the increased role of cash flows in assessing the effectiveness of management of companies. A critical analysis of existing approaches to understanding the nature of cash flows, the methodology of its formation, recommendations aimed at streamlining the conceptual framework and improving the methodology for calculating net and free cash flows. The author proposes the definition of cash flows from the standpoint of their diversity and evaluation capabilities, a comparative assessment of the analytical capabilities of cash flows calculated by direct indirect methods.
Keywords: cash flow, net cash flow, free cash flow, operational efficiency, financial condition.

References
1.  Tompson A.A., Striklend Dzh. Strategicheskij menedzhment. Iskusstvo razrabotki i realizacii strategii: uchebnik dlya vuzovv / per. s angl.; pod red. L.G. Zajceva, M.I. Sokolovoj. – M.: Banki i birzhi; YuNITI, 1998. – S. 49.
2. Bernstajn L.A. Analiz finansovoj otchetnosti: teoriya, praktika i interpretaciyav: per. s angl. – M.: Finansy i statistika, 2003. – 622 s.
3. Brighem Yu., Gapenski L. Finansovyj menedzhment. Polnyj kurs v 2-h t.: per. s angl. – SPb.: Ekonomicheskaya shkola, 1997. – T. 1. – 497 s.; T. 2. – 669 s.
4. Van Horn Dzh.K., Vahovich Dzh.M. Osnovy finansovogo menedzhmenta. – M.: Izd-vo «Vil'yams I.D.», 2007. – 532 s.
5.  Bocharov V.V. Upravlenie denezhnym oborotom predpriyatij i korporacij. – M.: Finansy i statistika, 2002. – 142 s.
6. Bocharov V.V., Leont'ev V.E. Korporativnye finansy. – SPb.: Piter, 2008. – 592 s.
7. Blank I.A. Upravlenie denezhnymi potokami. – Kiev: Nika-Centr, 2002. – 736 s.
8. Helfert E. Tekhnika finansovogo analiza: per. s angl. – 10-e izd. – SPb., 2003. – 640 s.
9.  Sorokina E.M. Analiz denezhnyh potokov predpriyatiya: teoriya i praktika v usloviyah reformirovaniya rossijskoj ekonomiki. – M.: Finansy i statistika, 2004. – 176 s.
10. Kovalev V.V. Finansovyj analiz: metody i procedury. – M.: Finansovaya statistika, 2002. – 560 s.
11. Rajs T., Kojli B. Finansovye investicii i risk: per. s angl. – M.: Finansy i statistika, 2006. – 592 s.
12. Hil Lafuente A.M. Finansovyj analiz v usloviyah neopredelyonnosti. – Minsk: Tekhnologiya, 1998. – 150 s.
13. Kogdenko V.G., Mel'nik M.V., Bykovnikov I.L. Kratkosrochnaya i dolgosrochnaya finansovaya politika. – M.: YuNITI-DANA, 2010. – 521 s.
14.  Perej'ya Ignasio Valez. Zachem nuzhno vychitat' izmenenie oborotnogo kapitala iz sootvetstvuyushchih statej pri opredelenii denezhnyh potokov // Voprosy ocenki. – 2010. – № 4. – S. 58–60.
15.  Damodaran A.  Investicionnaya ocenka: Instrumenty i metody ocenki lyubyh aktivov: per. s angl. – 7-e izd. – M.: Al'pina Pablisher, 2011. – S. 104.
16. Cherkashnev R.Yu., Chernyshova O.N., Fedorova A.Yu. Raschet svobodnogo denezhnogo potoka i ego ekonomicheskoe ponimanie // Wschodnioeuropejskie Czasopismo Naukowe (East European Scientific Journal). EKONIMIA. – 2016. – № 7. – S. 139–143, 169.

Improvement of the method of cost allocation for maintenance and operation of industrial enterprise equipment
Mizikovsky I.E., Doctor of Economics, professor, head of «Accounting» of National research Nizhny Novgorod State University NI Lobachevsky

Annotation. The objectives of the study presented in the article is to improve the accuracy of the distribution of costs for the maintenance and operation of the equipment of an industrial enterprise between the cost of production and ensure the relevance of the calculation results to the needs of the management of industrial enterprises. Studies conducted at a number of enterprises of Nizhny Novgorod and Nizhny Novgorod region, allowed to develop a methodology for the distribution of the studied costs based on the time parameters of the equipment maintenance process.
Keywords: cost, maintenance costs and the operation of equipment service time, equipment, distribution, production costs.

References
1. Metodicheskie rekomendacii po uchetu zatrat na proizvodstvo i kal’kulirovaniyu sebestoimosti maslozhirovoj produkcii [Elektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_98331/b8f8a972665d401855bd040aa02c0d13a5771760/ (data obpashcheniya: 29.10.2018).
2. Metodicheskie rekomendacii po buhgalterskomu uchetu zatrat na proizvodstvo i kal’kulirovaniyu sebestoimosti produkcii (rabot, uslug) v sel’skohozyajstvennyh organizaciyah [Elektronnyj resurs]. URL: referent.ru/1/22253?l68 (data obpashcheniya: 27.10.2018).
3. Instpukciya po planipovaniyu, uchetu i kal’kulipovaniyu sebestoimosti ppodukcii na neftepepepabatyvayushchih i neftekhimicheskih ppedppiyatiyah [Elektronnyj resurs]. URL: sonsultant.ru/dosument/sons_dos_LAW_21779// (data obpashcheniya: 29.10.2018).
4. Metodicheskie pekomendacii (instpukciya) po planipovaniyu, uchetu i kal’kulipovaniyu sebestoimosti ppodukcii lesoppomyshlennogo kompleksa (izvlecheniya) [Elektronnyj resurs]. URL: sonsultant.ru/dosument/sons_dos_LAW_105793/ (data obpashcheniya: 01.11.2018).
5. Bekhtereva E.V. Sebestoimost’: racional’nyj i ehffektivnyj uchyot raskhodov. – 5-e izd., pererab. – M.: Izd-vo «Omega-L», 2011. – 148 s. (Ser. «Prakticheskaya buhgalteriya»).
6. Upravlencheskij uchet-1: ucheb. posobie po programme podgotovki i attestacii professional’nyh buhgalterov. Bazovyj kurs / M.A. Vahrushina, S.A. Rasskazova-Nikolaeva, M.I. Sidorova. – M.: Izd. dom «BINFA», 2011. – 141 s.
7. Kondrakov N.P. Buhgalterskij uchet: uchebnik / N.P. Kondrakov. – 4-e izd., pererab. i dop. – M.: NIC INFRA-M, 2014. – 681 s.
8.  Babaev Yu.A. Uchet zatrat na proizvodstvo i kal’kulirovanie sebestoimosti produkcii (rabot, uslug): ucheb.-prakt. posobie / pod red. Yu.A. Babaeva. – M.: Vuzovskij uchebnik, 2007. – 160 s.
9. Kas’yanova G.Yu. Cebestoimost’ produkcii, rabot, uslug: buhgalterskaya i nalogovaya. – M.: ABAK, 2017. – 424 s.
10. Ivashkevich V.B. Buhgalterskij upravlencheskij uchet: uchebnik. – 2-e izd., pererab. i dop. – M.: Magistr, 2008. – 574 s.
11. Uchet zatrat, kal’kulirovanie i byudzhetirovanie v otdel’nyh otraslyah proizvodstvennoj sfery / V.Eh. Kerimov. – 9-e izd. – M.: Dashkov i K°, 2017. – 384 s.
12. Bazhenov A.A., Mizikovskij I.E. Modelirovanie ehndogennogo uchetno-analiticheskogo prostranstva unitarnyh predpriyatij s primeneniem insorsingovyh faktov hozyajstvennoj zhizni // Vestnik IPB (Vestnik professional’nyh buhgalterov). – 2018. – № 3. – S. 8–14.
13.  Ivan’ko V.A. Mnogofaktornost’ uslovij formirovaniya sistem uchetno-informacionnogo obespecheniya v korporacii // Vestnik IPB (Vestnik professional’nyh buhgalterov). – 2018. – № 3. – S. 15–19.
14.  Vasenev K.P.  Strukturirovanie processa planirovaniya na promyshlennom predpriyatii i ego podderzhka v koncepcii kontrollinga // Vestnik IPB (Vestnik professional’nyh buhgalterov). – 2017. – № 4. – S. 35–43.
15. Ivashkevich V.B. Osobennosti kal’kulyacii i analiza sebestoimosti produkcii novyh proizvodstv // Vestnik IPB (Vestnik professional’nyh buhgalterov). – 2017. – № 2. – S. 12–17.

Intra-firm trade and transfer pricing
Glazova E.S., PhD in economics, leading researcher at Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences
Stepanova M.P., PhD in economics, senior researcher at Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences

Annotation. The article deals with a most salient quality change of global trade, its rapid transformation into intra-firm trade of multinational enterprises as well as the transformation of market prices into transfer administered prices. The process results in the reduction of the open global market and increase in the monopoly-based controlled market of multinational groups. The intra-firm distinct characteristics, the distinguishing features of transfer pricing as compared to arm’s-length prices, the different measures of intra-firm trade by American statistics are examined.
Keywords: multinational enterprise, world trade, intra-firm trade, transfer pricing, arm’s-length prices, intra-firm transactions.

References
1.  Dr. Metin Uyar. A Study on Accounting of Transfer Pricing and Its Effect on Taxation // Accounting and Finance Research. – 2014. – Vol. 3. – No. 1 [Elektronnyj resurs]. URL: sciedu.ca/afr
2. International Transfer Pricing 2013/14 [Электронный ресурс]. URL: pwc.com/gx/en/international-transfer-pricing/assets/itp-2013-final.pdf
3. Lakatos C., Ohnsorge F. Arm’s-Length Trade: A Source of Post-Crisis Trade Weakness // Policy Research Working Paper. – 2017. – No. 8144. World Bank, Washington, DC [Elektronnyj resurs]. URL: openknowledge.worldbank.org/handle/10986/27647
4. Lanz R. and Miroudot S. Intra-Firm Trade: Patterns, Determinants and Policy Implications // OECD Trade Policy Papers. – 2011. – No. 114. OECD Publishing, Paris [Elektronnyj resurs]. URL: dx.doi.org/10.1787/5kg9p39Irwnn-en
5. Ruhl Kim J. How Well is US Intrafirm Trade Measured? // American Economic Review: Papers & Proceedings. – 2015. – No. 105 (5) [Elektronnyj resurs]. URL: dx.doi.org/10.1257/aer.p20151045
6. United Nations. Practical Manual on Transfer Pricing for Developing Countries (2017). UN. N.Y., 2017 [Elektronnyj resurs]. URL: mnetax.com/wp-content/uploads/2017/04/UN-2017-Manual-TP.pdf

Modeling of revenues’ volume for small and medium companies with the use of factoring
Voyko D.V., Candidate of Economic Sciences, Associate Professor of «Finance and Credit» FSBEI HE «State University of Management»
Voyko A.V., Candidate of Economic Sciences, Associate Professor of «Finance and Credit» FSBEI HE «State University of Management»

Annotation. At the present stage of development of the financial system, banks and other financial institutions are ready to offer businesses a choice of a huge number of financial products and services to meet a variety of needs, starting from cash management services and ending with more complex structured products such as factoring.
The need of business entities for the most effective borrowing and reducing the risk of losses when granting a delay of payment to their counterparties, as well as the high growth rates of the Russian factoring market over the past decade, necessitate the development of a model for assessing the effectiveness of service companies using factoring.
Keywords: factoring, accounts receivable, revenue, financial modeling.

References
1. Еdinyj reestr sub”ektov malogo i srednego predprinimatel’stva [Elektroniy resurs]. URL: rmsp.nalog.ru/ (data obrashcheniya: 25.05.2019).
2. Associaciya faktoringovyh kompanij [Elektroniy resurs]. URL: asfact.ru/wp-content/uploads/2019/05/AFC_1Q2019_open.pdf (data obrashcheniya: 29.05.2019).
3. Federal'naya gosudarstvennaya sluzhba statistiki [Elek troniy resurs]. URL: gks.ru/bgd/regl/b18_51/Main.htm (data obrashcheniya: 26.05.2019).
4. Ilysheva N.N., Krylov S.I.  Analiz finansovoj otchetnosti: uchebnik // Finansy i statistika. – 2015. – S. 368.
5. Finansovyj menedzhment v malom biznese: uchebnik / N.I. Morozko, V.Yu. Didenko. – M.: INFRA-M, 2017. – S. 347.
6. Grazhdanskiy kodeks RF. St. 824. Dogovor finansirovaniya pod ustupku denezhnogo trebovaniya
(v red. Federal'nogo zakona ot 26.07.2017 № 212-FZ) // KonsultantPlus [Elektroniy resurs]. URL: consultant.ru/document/cons_doc_LAW_9027/ecb7fc23c4d401b4b9b63970aa7bbf6c75059bc8/ (data obrashcheniya: 03.06.2019).
7. Makarovich V.K. Prognoznoe modelirovanie ekonomicheskogo effekta ispol’zovaniya faktoringa // Ekonomicheskij analiz: teoriya i praktika. – 2014. – № 28. – S. 53.

Who stands up for financial interests of the company – legal fiction
Lutsenko S.I., The Expert, The Corporate Corporate and Project Management Institute, Analyst, Institute for Economic Strategies of the Social Sciences Division of the Russian Academy of Sciences (Moscow)

Annotation. The author considers a company category (legal fiction) in a plane of the corporate finance. The company is presented in the form of set nexus of contracts between its participants (in particular, between management and shareholders). Financial interests of the company are derivative of interests of its shareholders (founders). A company Ultimate goal is not simply reception have arrived taking into account time and competition horizon, and realization of the chosen economic strategy of development of business by the best method in interests of its shareholders, taking into account risk and possible business miscalculations. The clause has interdisciplinary character, including elements of corporate governance which are a part of the corporate finance as sciences, and also, the corporate right.
Keywords:  corporate finance, legal fiction, interests of shareholders, fiduciary duties, implied limitations, interests of the company, agency relations.

References
1.  Bainbridge S., Henderson M. Limited Liability: A Legal and Economic Analysis // Edward Elgar Pub. – 2016. – P. 336.
2. Heaton J.B. Corporate Governance and the Cult of Agency // Working paper. The University of Chicago Law School. – 2018. – Pp. 1–22.
3. Johnson L., Millon D. Corporate Law After Hobby Lobby // The Business Lawyer. – 2014. – Vol. 70. – Pp. 1–31.
4. Hansmann H., Kraakman R. The Essential Role of Organizational Law // Working paper. Harvard Law School. – 2000. – Pp. 1–44.
5. Jensen M. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers // The American Economic Review. – 1986. – Vol. 76. – Pp. 323–329.
6. Lutsenko S.I. Smena prioritetov v upravlenii kompaniej // Obshhestvo i ehkonomika. – 2017. – № 1. – S. 27–39.

 

INVESTMENTS AND BUSINESS

Financing of priority investment projects in the development of the national economy of the Russian Federation
Gubanov R.S., candidate of economic Sciences, lecturer OGBO «Ryazan College of technology», senior research fellow, Centre of industrial Economics, Federal state budget institution «Research financial Institute» of the Ministry of Finance of the Russian Federation, Ryazan
Lukovnikova N.S., candidate of economic Sciences, associate Professor of Economics and Finance, Moscow University. S.Yu. Witte, Ryazan branch, Ryazan

Annotation. The article is devoted to the study of the application of new forms of financing of priority investment projects. The authors study the volume of financing in various Federal districts, based on which the need for funds for the production of products under import substitution programs is estimated. The article emphasizes the role of government programs (in education, health) and project financing activities. As a result of the analysis of the impact of financial losses on the implementation of priority investment projects, an estimated scale of risk accounting has been developed.
Keywords: finance, investment project, priority investment project, financing, risk, financial risk.

References
1. Mandych I.A., Lyukmanov V.B., Kudryavceva I.G. Sovremennye metody rascheta ekonomicheskih pokazatelej investicionnyh proektov // Finansovyj menedzhment. – 2018. – № 1. – S. 60–69.
2. Proekt nacional'nogo doklada + Rejting regionov 2017–2018 [Elektronnyj resurs]. URL: pppcenter.ru/assets/files/260418-rait.pdf (data obrashcheniya: 01.05.2019).
3. Minekonomrazvitiya Rossii [Elektronnyj resurs]. URL: economy.gov.ru/minec/activity/sections/macro/politic/201507018970 (data obrashcheniya: 06.05.2019).
4. Ukaz Prezidenta Rossijskoj Federacii ot 07.05.2018 № 204 «O nacional'nyh celyah i strategicheskih zadachah razvitiya Rossijskoj Federacii na period do 2024 goda» [Elektronnyj resurs]. URL: kremlin.ru/events/president/news/57425 (data obrashcheniya: 06.05.2019).
5. Lukovnikova N.S. K voprosu o vneshnej torgovle v svete razvitiya mezhdunarodnyh ekonomicheskih otnoshenij // Ekonomicheskie otnosheniya. – 2018. – T. 8. – № 2. – S. 139–150. Doi: 10.18334/eo.8.2.39109
6. Investicionnye proekty. Investicionnyj portal [Elektronnyj resurs]. URL: investprojects.info/support_measures (data obrashcheniya: 06.05.2019).

 

CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Russian Central Bank policy in the cyber-safety sphera
Vasilenko O.A., PhD in Economics, associate Professor of HAC on specialty «Finance, Money Circulation, and Credit», Head of the «Economy & Finance» Department, the Socio-Legal Institute of Economic Safety

Annotation. Cybercrime and fraud in the financial sector bring huge damage not only to the banking sector, but also to the entire economy of Russia. The article analyzes the policy of the Bank of Russia on regulation of information security and protection of financial transactions. The author, on the basis of the experience of JSC CB «Unistream», in the development, implementation and financial monitoring of banking products (remittances and payments), sets out her author’s position in relation to the ongoing Central Bank of the Russian Federation policy in the fight against cybercrime.
Keywords: cyber-attacks, hacker attacks, cybercrime, Big Data, transaction.

References
1. Vasilenko O.A. Osnovnyye tseli i zadachi gosudarstvennoy politiki Rossii v sfere ekonomicheskoy bezopasnosti // Voprosy nauki i obrazovaniya. – 2018. – № 16 (28). – S. 11–12.
2. Ukazaniye Banka Rossii ot 7 maya 2018 g. № 4793-U «O vnesenii izmeneniy v polozheniye Banka Rossii ot 9 iyunya 2012 goda № 382-P «O trebovaniyakh k obespecheniyu zashchity in-formatsii pri osushchestvlenii perevodov denezhnykh sredstv i o poryadke osushchestvleniya Bankom Rossii kontrolya za soblyudeniyem trebovaniy k obespecheniyu zashchity informatsii pri osushchestvlenii perevodov denezhnykh sredstv» [Elektronnyy resurs]. URL: garant.ru/products/ipo/prime/doc/71875536/
3.  Komissarov E.A.  Tendentsii razvitiya ugroz informatsionnoy bezopasnosti // Obrazovaniye i nauka bez granits: sotsialno-gumanitarnyye nauki. – 2016. – № 3. – S. 209.
4. Federalnyy zakon ot 27 iyunya 2011 g. № 161-FZ «O natsionalnoy platezhnoy sisteme» (po-slednyaya redaktsiya s izmeneniyami i dopolneniyami) [Elektronnyy resurs]. URL: base.garant.ru/12187279/
5. Federalnyy zakon ot 27iyulya 2006 g. № 149-FZ «Ob informatsii. informatsionnykh tekh-nologiyakh i o zashchite informatsii» [Elektronnyy resurs]. URL: legalacts.ru/doc/FZ-ob-informacii-informacionnyh-tehnologijah-i-o-zawite-informacii/
6. Strategiya gosudarstvennoy politiki Rossiyskoy Federatsii v oblasti zashchity prav potrebiteley na period do 2030 goda [Elektronnyy resurs]. URL: rospotrebnadzor.ru/upload/iblock/543/strategiya-gosudarstvennoy-politiki-rossiyskoy-federatsii-v-oblasti-zashchity-prav-potrebiteley-na-period-do-2030-goda.pdf

 

FINANCIAL MARKET

Prospects of development of the world currency system
Grigoriev V.N., Ph.D (Economics), Expert in Finance and Banking of Moscow branch of «OPORA Russia»

Annotation. The article is devoted to the transformation of the world monetary system. The paper analyzes the causes of the emergence of the modern monetary system and its current state. The causes of global financial instability are considered. Analyzed the prospects for the US dollar, euro and other currencies in world finances. An assessment of the role and place of gold in the present and the future is given. Cryptocurrency analysis is made as a possible alternative to traditional currencies. The forecast of the transformation of the world monetary system in the short and medium term is given.
Keywords: world currency system, IMF basket of currencies, gold, cryptocurrency, foreign exchange market, international currency reserves, international payments, world crisis, financial instability.

References
1. [Elektronnyy resurs]. URL: imf.org/ (data obrashcheniya: 01.05.2019).
2. [Elektronnyy resurs]. URL: libertystreeteconomics.newyorkfed.org/2019/02/the-us-dollars-global-roles-where-do-things-stand.html/ (data obrashcheniya: 01.05.2019).
3. [Elektronnyy resurs]. URL: treasurydirect.gov/ (data obrashcheniya: 03.05.2019).
4. [Elektronnyy resurs]. URL: forbes.com/sites/davekeating/2018/12/05/the-eu-just-made-a-push-to-dislodge-the-dollar-from-energy-transactions/#219282938d3c/ (data obrashcheniya: 05.05.2019).
5. [Elektronnyy resurs]. URL: thelocal.dk/20180503/smaller-eu-should-mean-a-smaller-budget-danish-pm/ (data obrashcheniya: 05.05.2019).
6. [Elektronnyy resurs]. URL: worldbank.org/ (data obrashcheniya: 10.05.2019).
7. [Elektronnyy resurs]. URL: gold.org/ (data obrashcheniya: 10.05.2019).
8. [Elektronnyy resurs]. URL: ilsole24ore.com/art/oro-giallo-riserve-auree-che-banche-centrali-non-riescono-recuperare-AEdbI6oG/ (data obrashcheniya: 10.05.2019).
9. [Elektronnyy resurs]. URL: etfdailynews.com/2018/11/16/is-the-re-monetization-of-gold-much-closer-than-we-think// (data obrashcheniya: 15.05.2019).
10. [Elektronnyy resurs]. URL: thephaser.com/2019/03/basel-iii-gold-the-big-picture-mike-maloney// (data obrashcheniya: 15.05.2019).
11. [Elektronnyy resurs]. URL: coinmarketcap.com/ (data obrashcheniya : 15.05.2019).

ISO as way of capital attraction: opportunities, advantages, risks
Averchenko O.D., PhD of Economics, Associate Professor of the Department «Financial markets» of the Plekhanov Russian University of Economics, Russian Federation

Annotation. Importance. Investment into startups by means of ІCO on a basis a blockchain technologies became the driver of global development of innovations. The relation to the mechanism of attraction of financing of ІCO is ambiguous. However, its dynamic distribution demonstrates presence of innovative potential and ability to satisfy inquiries of information society and calls of digital economy.
Objectives. The purpose of this article is research of opportunities, advantages and risks of ICO as way of attraction of the capital.
Methods. In this article by means of methods of the analysis, logical generalization, scientific abstraction, and also the system and structural analysis advantages and shortcomings of ICO are considered.
Results. ICO market development trends are investigated. Advantages of primary placement of coins are marked out. The existing risks of ICO are revealed.
Conclusions .The conclusion is drawn that for the purpose of reduction of risk of ІCO researches in terms of legal, technological, economic aspects of rather further use of ІCO are necessary for all participants of its carrying out and development of the ІCO standards for the purpose of regulation of these processes is necessary.
Keywords: ICO, Initial Coin Offering, token, сrowdfunding, cryptocurrency.

References
1. Obzor po kriptovalyutam, ICO (Initial Coin Offering) i podhodam k ih regulirovaniyu. Bank Rossii, dekabr 2017 [Elektronnyiy resurs]. URL: cbr.ru/Content/Document/File/36009/rev_ICO .pdf
2. Cryptocurrency ICO Stats [Electronic resource]. URL: coinschedule.com/stats.html
3. EY Research: Primary Coin Offerings (ICO). December 2017 [Electronic resource]. URL: ey.com/Publication/vwLUAssets/ey-research-initial-coin-offerings-icos/$File/ey-research-initial-coin-offerings-icos.pdf
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ACTUAL THEME

Key areas for improving financial literacy of the population
Kozhevina O.V., Dr. econ Sci., professor, Institute of Economics and Crisis Management Chamber of Commerce and Industry of the Russian Federation

Annotation. The institution of bankruptcy of individuals is one of the effective regulators of sustainable development of the economy. The article examines the issues of law enforcement and the social orientation of insolvency (bankruptcy) of citizens. The problem of improving the financial literacy of the population is actualized; foreign experience is pleased to see the countries, which allowed us to formulate basic principles for improving financial literacy in Russia and to determine the most effective forms of implementing programs and activities in this area.
Keywords: bankruptcy of citizens, financial literacy, social rehabilitation.

Reference
1. Nacional’noe byuro kreditnyh istorij [Elektronnyy resurs]. URL: nbki.ru/ (data obrashcheniya: 04.02.2019).
2. Analitika Ob”edinennogo byuro kreditnyh istorij [Elektronnyy resurs]. URL: bki-okb.ru/corp/analitika (data obrashcheniya: 04.09.2017).
3. Strategiya povysheniya finansovoj gramotnosti v Rossijskoj Federacii na 2017–2023 gody. Rasporyazhenie Pravitel’stva RF ot 25.09.2017 № 2039-r [Elektronnyy resurs]. URL: vashifinancy.ru/upload/docs/Strategy.pdf (data obrashcheniya: 23.04.2019).
4.  Alferov V.N., Kovan S.Е., Kozhevina O.V.  i dr. Institut bankrotstva fizicheskih lic: praktika i napravleniya razvitiya: monografiya / pod red. A.N. Ryahovskoj, S.Е. Kovana. – M.: Knorus, 2018. – 182 s.



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