CORPORATE  FINANCE

Coefficient method for assessing the financial stability of leasing companies
Gusev A.A., Candidate of Economic Sciences, Associate Professor at the Department of Corporate Finance and Corporate Management of the Financial University under the Government of Russian Federation
Volkova E.A., Master’s Degree student at the Department of Corporate Finance and Corporate Management of the Financial University under the Government of Russian Federation, ZM-ECF3-1
Lukyanova M.M., Master’s Degree student at the Department of Corporate Finance and Corporate Management of the Financial University under the Government of Russian Federation, ZM-ECF3-1

The article is based on the results of research carried out at the expense of budgetary funds on the state assignment of the Finuniversitet.

Annotation. The purpose of this article is to identify the peculiarities of application of the coefficient method with regard to the analysis of financial position of the leasing companies. The article defines the concept of solvency based on the opinions of Russian and foreign scientists. Reviewed the main indicators of the financial stability of the company with using the example. It contains analysis of solvency indicators with specific examples. The article includes the overview of peculiarities and problems arising in connection with the application of coefficient method to leasing companies. It contains comparison of standard ratios with are used in course of the analysis of companies financial stability with indicators customized specifically to leasing industry.
Keywords: financial sustainability, methods for assessing financial sustainability, financial sustainability indicators, financial condition, leasing company.

References
1.  Sheremet A.D. Analiz i diagnostika finansovo-hozyajstvennoj deyatel’nosti predpriyatiya: uchebnik. – 2-e izd., dop. – M.: INFRA-M, 2019. – 374 s.
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4. Leopold A. Bernstein. Financial statement analysis: theory, application, and interpretation. – 5th ed. – Homewood, IL: Irwin, 1993. – 1003 p.
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9. Prikaz Minregiona Rossii ot 17.04.2010 № 173 “Ob utverzhdenii Metodiki rascheta pokazatelej absolyutnoj i otnositel’noj finansovoj ustojchivosti, kotorym dolzhny sootvetstvovat’ kommercheskie organizacii, zhelayushchie uchastvovat’ v realizacii proektov, imeyushchih obshchegosudarstvennoe, regional’noe i mezhregional’noe znachenie, s ispol’zovaniem byudzhetnyh assignovanij Investicionnogo fonda Rossijskoj Federacii” [Elektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_101269/ (data obrashcheniya: 29.07.2019).
10.  Hromcova L.S., Panenko A.I. Sovershenstvovanie metodiki rascheta pokazatelej analiza buhgalterskoj (finansovoj) otchetnosti lizingovoj kompanii // Vestnik YUGU. – 2014. – № 4 (35).
11. Konsolidirovannaya finansovaya otchetnost’ akcionernogo obshchestva «Lizingovaya kompaniya «Evroplan» i ego dochernih organizacij za 2017 god [Elektronnyj resurs]. URL: europlan.ru/portal/investor/reports (data obrashcheniya: 30.07.2019).
12. Bazhenova V.I. Ocenka likvidnosti i platezhesposobnosti lizingovoj kompanii // Innovacionnoe razvitie ekonomiki. – 2012. – № 5. – S. 74–78.
13. Kovalyov V.V., Voronova E.A. Osobennosti ekonomicheskogo analiza lizingovyh kompanij // Ekonomicheskij analiz: teoriya i praktika. – 2018. – № 1 (472).
14.  Kovalev V.V., Voronova E.A.  Logika i kriterii ocenki finansovogo sostoyaniya lizingovoj kompanii // Vestnik Sankt-Peterburgskogo universiteta. Ekonomika. – 2019. – T. 35. – Vol. 1. – S. 50–82
15. Fundamental’nyy analiz na rynke tsennykh bumag: uchebnik / kol. avtorov; pod red. Ye.V. Semenkovoy. – M.: RUSAYNS, 2017. – 274 p.

Financial model: variability and sensitivity
Tabolin A.V., Ph.D. in economics, director of economics at «Orelstroy» PLC

Annotation. The article is devoted to a variability of a financial model as a crucial condition for effective usage of the model. Much attention is paid to a connection between model’s variations and various methods of assessment of risks and sustainability of modeling results, in particular, sensitivity analysis and scenarios analysis. Approaches to the given types of analysis, implementation algorithm are analyzed, examples are given. Methods for assessing the reliability of the results are highlighted.
Keywords: model, modelling, economic, finance, scenario, result, assessment, variant.

References
1. Tabolin A.V. Finansovaya model': sushchnost', klassifikaciya, zhiznennyj cikl // Mikroekonomika. – 2016. – № 1. – S. 37–42.
2. Smolyakova M.K., Suhov V.D. Osobennosti analiza scenariev investicionnogo proekta v usloviyah sushchestvennogo kolebaniya vneshnih parametrov // Teoreticheskaya ekonomika. – 2015. – № 4. – S. 41–47.
3. Glagolev M.V. Analiz chuvstvitel'nosti modeli // DOSiGIK. – T. 3. – № 3. – S. 31–53.
4. Volkov A.S. Investicionnye proekty: ot modelirovaniya do realizacii. – M.: Vershina. – 2006.
5. Gracheva M.V. Risk-menedzhment investicionnogo proekta / pod red. M.V. Grachevoj. – M.: Yuniti-Dana, 2009. – 544 s.
6. Dybov A.M. Sravnitel'nyj analiz metodov ocenki investicionnyh riskov // Vestnik Udmurtskogo universiteta. – 2005. – № 3. – S. 27–38.
7. Mel'nikov V.I. Primenenie teorii nechetkih mnozhestv v analize riskov investicionnyh proektov // ETAP: ekonomicheskaya teoriya, analiz i praktika. – 2010. – № 3. – S. 57–71.
8. Nedosekin A.O., Voronov K.I. Analiz riska investicij s primeneniem nechetkih mnozhestv // Upravlenie riskom. – 2000. – № 1.

ИНВЕСТИЦИИ И ПРЕДПРИНИМАТЕЛЬСТВО
INVESTMENTS AND BUSINESS

Government control of 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 the development of transfer pricing government control. The attention focuses on the current challenges as stated in international and national documents for tax administrations and multinational enterprises. Those include the key trends in statutory transfer pricing rules, the fundamental arm’s-length principle and its alternative non-arm’s-length approach, the transfer pricing methods, tax controversy and dispute resolution by tax authorities and MNE.
Keywords: transfer pricing, multinational enterprise, controlled transactions, arm’s-length prices, related parties, transfer pricing methods.

References
1. Fleming J. Clifton Jr., Peroni Robert J., & Shay Stephen E. Formulary Apportionment in the U.S. International Income Tax System: Putting Lipstick on a Pig? // Michigan Journal of International Law. – 2015. – Vol. 36. – No. 1 [Elektronnyy resurs]. URL: htpp://nrs.harvard.edu/urn-3:HUL.InstRepos:13851373/ (data obrashcheniya: 18.04.2019).
2. International Transfer Pricing 2013/2014 PWC [Elektronnyy resurs]. URL: httpc://pwc.com.gx/en/international-transfer-pricing/assets/itp-2013-finql.pdf/ (data obrashcheniya: 20.02.2019).
3. OECD Developing Capacity in BEPS and Transfer Pricing [Elektronnyy resurs]. URL: oecd.org/ctp/tax-global/developing-capacity-in-beps-and-transfer-pricing.pdf/ (data obrashcheniya: 18.03.2019).
4. OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2017, OECD publishing, Paris [Elektronnyy resurs]. URL: dx.doi.org/10.1787/tpg-2017-en/ (data obrashcheniya: 21.02.2019).
5. Tax Insights from Tax Controversy and Dispute Resolution. June 19, 2018 [Elektronnyy resurs]. URL: pwc.com (data obrashcheniya: 08.04.2019).
6. UN Practical Manual on Transfer Pricing for Developing Countries. United Nations. – New York, 2017 [Elektronnyy resurs]. URL: mwe.com/insights/expansion-of-subpart-f-under-the-tax-reform-act-2// (data obrashcheniya: 24.01.2019).
7. Glazova E.S., Stepanova M.P. Vnutrifirmennaya Torgovlya I Transfertnoe Tsenoobrazovanie // Finansoviy Menedzment. – 2019. – № 4.

Using the methodology of financial analysis of firms to assess the competitiveness of the industry
Katernyuk A.V., Applicant, Far Eastern Federal University, School of Economics and Management

Annotation. In this article an attempt is made, using the classification of the main five groups of financial ratios (for the analysis of financial and economic activity of firms), to offer a method of calculating competitiveness in the industry, choosing for each group of coefficients such management and economic indicators, which (according to the author) will be able to more effectively analyse the state of the industry (from the standpoint of its competitiveness) compared to the current methodology of assessment of competition in the industry based on Federal law № 135-FZ «On protection of competition» in Russia.
The basic hypothesis that needs to be confirmed (or refuted) by the author is the possibility to use a universal methodology based on the methods of financial analysis of firms (removing the indicators of individual evaluation and adding statistical indicators of the development of industries) to assess the state of industries.
Keywords:  financial analysis, investments, MBO, KPI, statistical methods, integrated competitiveness.

References
1.  Sheremet A.D., Negashev E.V. Metodika finansovogo analiza deyatel’nosti kommercheskih organizacij. – 2-e izd., pererab. i dop. – M., 2008. – 208 s. [Elektronnyj resurs]. URL: alleng.org/d/econ-fin/econ-fin322.htm (data obrashcheniya: 28.10.2019).
2. Itogi osushchestvleniya gosudarstvennogo kontrolya i nadzora za soblyudeniem zakonodatel’stva Rossijskoj Federacii o reklame [Elektronnyj resurs]. URL: fas.gov.ru/pages/rezultati_raboti_v_reklame (data obrashcheniya: 18.02.2019).
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4.  Bogackaya S.G. Pravovoe regulirovanie reklamnoj deyatel’nosti: monografiya. – M.: Universitetskaya kniga, 2013. – 590 c.
5.  Ivanov Yu.B. Konkurentnye preimushchestva predpriyatiya: ocenka formirovaniya i razvitiya: monografiya. – M.: ID «IZHEK», 2014. – 352 s.
6. Porter M. Konkurenciya. – M.: ID «Vil’yams», 2016. – 496 s.
7.  Danilenko N.N., Arbatskaya E.A. Konkurentosposobnost’ predpriyatiya sfery uslug: teoriya i metodika: monografiya. – M.: RusNajt, 2016. – 160 s.

BOOKKEEPING AND REPORTING

Financial electronic document turnover as a factor of effective management of organization business processes
Ivanova Y.Y., PhD in Economics, Associate professor, Associate professor of the Department «Financial management» Plekhanov Russian University of Economics, Moscow
Sizova D.A., PhD in Economics, Associate professor, Associate professor of the Department of Economic Analysis and Corporate Governance of Production and Export of High-Tech Products of the State Corporation «RusTech» Plekhanov Russian University of Economics, Moscow
Sizova T.V., PhD in Economics, Associate professor, Associate professor of the Department «Financial management» Plekhanov Russian University of Economics, Moscow

Annotation. The article discusses the features of implementing an electronic document management system at an enterprise. The authors note that the effective management of any organization depends on the efficiency of processing documents, the speed of distribution of information between the internal divisions of the organization and external contractors. Separately, the article provides a description of the stages of the process of transition of the organization from paper to electronic document management.
Keywords: electronic document management, information technology, electronic document management system, electronic digital signature, automation of financial activities, software.

References
1. Klimova M.A. Dokumentooborot v buhgalterii // Ekonomiko-pravovoj byulleten. – 2013. – № 10.
2. Knizhnikova A.N. Deloproizvodstvo i rezhim sekretnosti: ucheb. – M.: Yusticiya, 2018.
3.  Semenihin V.V. Materialy: buhgalterskij i nalogovyj uchet. – 4-e izd., pererab. i dop. – ID «GrossMedia»; ROSBUH, 2018.
4. Sizova T.V., Sizova D.A., Gordeeva Yu.V. The conditions for digital economy development as the modern trend of knowledge society formation» // 5th International Multidisciplinary Scientific Conference on Social Sciences & Arts, SGEM. – Bulgari: Albene, 2018.
5. Sizova T.V., Sizova D.A., Adulova E.S., Kalinkina K.E. Transaction costs and the ways to optimize them» // 5th International Multidisciplinary Scientific Conference on Social Sciences & Arts, SGEM. – Bulgari: Albene, 2018.
6. Milostivaya Yu.S. Problemy razvitiya elektronnogo dokumentooborota v Rossii // Nauchnoe soobshchestvo studentov XXI stoletiya. Tekhnicheskie nauki: sb. st. po mat. XLVI Mezhdunar. stud. nauch.-prakt. konf. – № 9 (45 – 2017 g.) [Elektronnyj resurs]. URL: sibac.info/archive/technic/9(45).pdf (data obrashcheniya: 22.09.2019).

Methodical approaches to the inventory process at the industrial enterprise based on the generalization of foreign and domestic practice
Sechenova L.P., Senior Lecturer at the Department «Economics and Production Management», Polzunov Altai State Тechnical University
Tsomaeva I.V., Deputy Director for Economics AIMP «ROTOR», Head of the Department “Instrument Making”, Polzunov Altai State Тechnical University
Lyubitskaya V.A., Ph.D., Docent, Head of the Department «Economics and Production Management», Polzunov Altai State Тechnical University

Annotation. The inventory process is the most important tool for monitoring the safety of property and liabilities of a manufacturing enterprise, the main purpose of which is to verify the actual availability of property and liabilities with accounting data. In the process of achieving this goal, a number of important tasks are solved that are directly and indirectly related to accounting and management accounting. They will be discussed in this article.
Keywords:  inventory, inventory as a business process, inventory steps, inventory goals, inventory tasks.

References
1. Prikaz Minfina Rossii ot 13.06.1995 № 49 (red. ot 08.11.2010) «Ob utverzhdenii Metodicheskih ukazanij po inventarizacii imushhestva i finansovyh objazatel’stv» [Jelektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_7152/
2. Orhej S.S. Porjadok provedenija inventarizacii v Rossii i za rubezhom // Jekonomika i socium. – 2018. – № 11. – S. 723–733.
3.  Alekseeva G.I. Buhgalterskij uchet: uchebnik / G.I. Alekseeva, I.V. Safonova. – M.: Market DS, 2018. – 720 s.
4.  Fovanov M.V.  Teoretiko-prakticheskie aspekty provedenija inventarizacii jekonomicheskimi sub#ektami stran ES i SShA // Vestnik Saratovskogo gosudarstvennogo social’no-jekonomicheskogo universiteta. – 2017. – № 1. – S. 56–59.
5.  Kuligina E.A.  Inventarizacija. Porjadok provedenija i buhgalterskij uchet itogov // V sb.: Sovremennyj buhgalterskij uchet: vektor razvitija: materialy Mezhdunar. nauch.-prakt. konf. molodyh uchenyh. – 2017. – S. 212–216.
6. Pravovoe obespechenie kontrolja, ucheta, audita i sudebno-jekonomicheskoj jekspertizy: uchebnik dlja akademicheskogo bakalavriata / E.M. Ashmarina [i dr.]; pod red. E.M. Ashmarinoj; otv. red. V.V. Ershov. – M.: Jurajt, 2018. – 289 s.
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The problem of distribution of works general expenses of the enterprise manufacturing sector
Mizikovsky I.E., Doctor of Economics, professor, head of «Accounting» of National research Nizhny Novgorod State University N.I. Lobachevsky

Annotation. The article is devoted to the study of the problem of distribution of plant-wide costs for the cost of production and inventories of work in progress of manufacturing enterprises. Theoretical and methodological approaches to the solution of this problem are investigated, the features of their implementation in accounting practices are analyzed. The need to clarify the definition of «plant-wide costs», the decomposition of the costs of this class in the context of the relevant business processes; as a tool of accounting and calculation proposed the use of the method of “activity vased costing»; the economic justification of a set of indicators of distribution of the studied costs is made. It is proved that the application of the proposed methods and methods of decomposition and distribution meets modern criteria and parameters of productive management and accounting, improves the quality of internal control, reporting and management decision-making.
Keywords: calculation method, decomposition, distribution base, General plant costs, activity based costing, indirect costs, business processes, cost of production, manufacturing industries.

References
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11. Druri K. Upravlencheskij i proizvodstvennyj uchet. Vvodnyj kurs: ucheb. dlya studentov vuzov / K. Druri. – 5-e izd., pererab. i dop. – M.: YUNITI-DANA, 2012. – 735 s.
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FINANCIAL MARKET

Impact of inflation rate on Russian financial market monthly returns
Wesam AlSaady, Post graduate student at faculty financial markets in Russian University of Economics (Plekhanov)
Semenkova E.V., Doctor of Economics, Professor Department of Financial Markets of the Plekhanov Russian University of Economics

Annotation. The paper examines the impact of inflation rate on the Russian financial market monthly returns for the period from January 1, 2012 to December 31, 2018 by using monthly observations of MOEX index and inflation rate in Russia. individual root Fisher ADF test, Lag length estimation and VAR test were employed in this research. The results provide sufficient evidence about the influence of inflation rate change directly on the monthly returns of the Russian stock market. Therefore, investors cannot achieve abnormal returns by using inflation rate data.
Keywords: inflation rate, MOEX index, Russian financial market, macroeconomic factors, stock market efficiency, random walk hypothesis.

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Monetary incomes of the population: formation and structure in modern economic conditions
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 problems of formation and distribution of cash income, economic justification of the structure of income. The factors affecting the dynamics of monetary incomes of the population of the real sector of the economy are considered. The model of distribution of the financial resources accumulated taking into account the income of citizens and attraction of the state to process of investment and financial support of savings and savings is offered.
Keywords: income, financial resources, population, budget, income of citizens, investment, distribution, structure.

References
1.  Rahimov G.M. Problemy formirovaniya i ispol’zovaniya denezhnyh dohodov naseleniya // Mezhdunarodnyj zhurnal gumanitarnyh i estestvennyh nauk. – 2017. – № 11. – S. 194–201.
2. Statistika naseleniya [Elektronnyj resurs] URL: gks.ru/wps/wcm/connect/rosstat_main/rosstat/ru/statistics/population/level/ (data obrashcheniya: 26.07.2019).
3. Razvitie effektivnoj social'noj podderzhki naseleniya v Rossii: adresnost', nuzhdaemost', universal'nost': nauchnyj doklad / pod red. kand. ekon. nauk V. Nazarova i A. Posharac. – M.: Nauch.- issled. finans. in-t; Vsemirnyj bank, 2017. – 144 s.
4.  Tatynov S.I.  Finansovye resursy nacional'noj ekonomiki // Finansy i kredit. – 2013. – № 1 (529). – S. 57–65.
5.  Denisova N.I. Finansovaya politika organizacii (predpriyatiya) [Tekst] / N.I. Denisova, R.S. Gubanov, S.Ya. Polyanskij; CHOU VO «Moskovskij universitet imeni S.Yu. Vitte», fil. v g. Ryazani. – Ryazan’: Moskovskij un-t im. S.Yu. Vitte, fil., 2014. – 119 s.
6. Neravenstvo dohodov naseleniya i ekonomicheskaya nestabil’nost’ [Elektronnyj resurs]. URL: nauchniestati.ru/primery/nauchnaja-statja-na-temu-neravenstvo-dohodov-naselenija-i-jekonomicheskaja-nestabilnost/ (data obrashcheniya: 26.07.2019).
7. Lukovnikova N.S. Analiz nalogooblozheniya denezhnyh dohodov v zarubezhnyh stranah s uchetom faktora bednosti // Potencial rosta sovremennoj ekonomiki: vozmozhnosti, riski, strategii: materialy V Mezhdunar. nauch.-prakt. konf. / pod red. A.V. Semenova, M.Ya. Parfenovoj, L.G. Rudenko. – 2018. – S. 1135–1142.
8. Okorokova O.A. Vliyanie gosudarstvennyh i municipal’nyh finansov na zhizn’ grazhdan // Vektor ekonomiki. – 2018. – № 1. – S. 139.

Foreign and Russian experience in the regulation of the cryptocurrency market
Averchenko O.D., PhD of Economics, Associate Professor of the Department «Financial markets» of the Plekhanov Russian University of Economics

Annotation. The cryptocurrency market gathers the increasing popularity around the world. Considering this, the competent response of this industry is becoming increasingly important, by studying both foreign and Russian experience in creating and implementing market regulation of cryptocurrencies in the dynamic development of the global digital economy.
The purpose of this article is research of foreign and Russian experience of regulation of cryptocurrencies market.
In this article by means of methods of the system and structural analysis, logical generalization, scientific abstraction instruments of regulation of cryptocurrencies market in foreign countries and in Russia are considered.
The key risks connected with operations with cryptocurrency are marked out. Approaches of the different countries to legal status and taxation of cryptocurrencies market are investigated. The Russian approach to cryptocurrency market regulation has been studied.
The conclusion is drawn on need of taxation of cryptocurrency market according to the international standards. Recommendations are provided to the laws under consideration on the regulation of Russian cryptoeconomics.
Keywords: cryptocurrency market, cryptocurrency, risks, state regulation, cryptoeconomics, instruments of regulation, taxation.

References
1. Missing: hard drive containing Bitcoins worth £4m in Newport landfill site // The Guardian. – 2013. – No. 27 [Elektronnyy resurs]. URL: theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
2. Virtual currency schemes – a further analysis. February 2015 [Elektronnyy resurs]. URL: ecb.europa.eu/pub/pdf/other/virtualcurrencyschemesen.pdf
3. More than 10 percent of $3.7 billion raised in ICOs has been stolen: Ernst & Young [Elektronnyy resurs]. URL: reuters.com/article/us-ico-ernst-young/more-than-10-percent-of-3-7-billion-raised-in-icos-has-been-stolen-ernst-young-idUSKBN1FB1MZ
4. UK national risk assessment of money laundering and terrorist financing 2017 [Elektronnyy resurs]. URL:gov.uk/government/uploads/system/uploads/attachment_data/file/655198/National_risk_assessment_of_money_laundering_and_terrorist_financing_2017_pdf_web.pdf
5. China to crack down on crypto and online pyramid schemes [Elektronnyy resurs]. URL: thepaypers.com/cryptocurrencies-bitcoin-virtual-currencies/china-to-crackdown-on-crypto-and-online-pyramid-schemes/771605-39
6. Cryptocurrency regulation. Cross-country analysis [Elektronnyy resurs]. URL: news.blackmooncrypto.com/cryptocurrency-regulation-cross-country-analysis-67452f1df80e
7. Judge Rules Bitcoin is Money in Coin.mx cases [Elektronnyy resurs]. URL: themerkle.com/judge-rules-bitcoin-is-money-in-coin-mx-cases
8. Virtual Currency Regulation // Washington State Department of Financial Institutions [Elektronnyy resurs]. URL: dfi.wa.gov/documents/money-transmitters/virtual-currency-regulation.pdf
9. IRS Virtual Currency Guidance // The Internal Revenue Service [Elektronnyy resurs]. URL: irs.gov/newsroom/irs-virtual-currency-guidance
10. CFTC Orders Bitcoin Options Trading Platform Operator and its CEO to Cease Illegally Offering Bitcoin Options and to Cease Operating a Facility for Trading or Processing of Swaps without Registering // The U.S. Commodity Futures Trading Commission [Elektronnyy resurs]. URL: cftc.gov/PressRoom/PressReleases/pr7231-15
11. New York Codes, Rules and Regulation: New York State Department of financial servies [Elektronnyy resurs]. URL: dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf
12. Japan can recognize cryptocurrency as a financial product [Elektronnyy resurs]. URL: blockchaininvest.io/japan-can-recognize-cryptocurrency-as-a-financial-product
13. Financial Services Agency. Initial Coin Offerings (ICOs). User and business operator warning about the risks of ICOs. 27 October 2017 [Elektronnyy resurs]. URL: fsa.go.jp/policy/virtual_currency/07.pdf
14. European Central Bank. Virtual Currency Schemes. October 2012 [Elektronnyy resurs]. URL: ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf
15. Opinion of the European Central Bank. CON/2016/49. European Central Bank [Elektronnyy resurs]. URL: ecb.europa.eu/ecb/legal/pdf/en_con_2016_49_f_sign.pdf
16. European Parliament. A8-0056/2017 [Elektronnyy resurs]. URL: europarl.europa.eu/sides/getDoc.do?pubRef=-%2F%2FEP%2F%2FTEXT%2BREPORT%2BA8-2017-0056%2B0%2BDOC%2BXML%2BV0%2F%2FEN&language=EN#title1
17. Bergman A. What You Should Know About Taxation Of Cryptocurrencies [Elektronnyy resurs]. URL: forbes.com/sites/greatspeculations/2018/01/03/what-you-should-know-about-taxation-of-cryptocurrencies/#26b6a83f1346

ACTUAL THEME

Behavioral finance – a new scientific direction or element of a classic financial theory?
Vashchenko T.V., Ph.D., Associate Professor, Department of Financial Management Plekhanov Russian University of Economics

Annotation. In recent years behavioral finance has become very popular in various areas of Russian financial science and practice, has expanded into the field of education and has taken strong positions in the curriculum of general educational programs in financial and economic profiles. Also has become the subject of short-term seminars and master classes at various business schools. In this article, the author raises the question of the place of behavioral finance in modern financial science, their real practical benefits, opportunities, advantages and disadvantages.
Keywords: behavioral finance, rational behavior, stock market, investment strategies, investor behavior.

References
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10. Voskanian R.O. Prognozirovanie stoimosti innovatsionnoi kompanii s ispolzovaniem realnogo optsiona v usloviiakh nestabilnogo razvitiia ekonomiki // Finansovyi biznes. – 2015. – № 5 (178). – S. 38–42.
11. Voskanian R.O. Rol kovenantov v finansirovanii innovatsionnykh kompanii // Sovremennaia ekonomika: problemy i resheniia. – 2016. – T. 79. – № 7. – S. 8–14.
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13. Bondarenko T.G. Osobennosti investitsionnogo i proektnogo finansirovaniia // V sb.: Mekhanizmy snizheniia uiazvimosti bankovskogo sektora Rossii: materialy nauch.-prakt. konf. «Segodnia i zavtra bankovskogo sektora Rossii». – 2016. – S. 54–65.