CORPORATE  FINANCE

Assessment of the level of disclosure of voluntary information on the external responsibility of a business in annual reports of issuers
Fedorova E.A., doctor of Economics, Professor, Department of Financial and Corporate Governance, Financial University under the Government of the Russian Federation
Grishchenko Yu.I., PhD in Economics, Associate Professor, Department of Financial and Corporate Governance, Financial University under the Government of the Russian Federation
Khrustova L.E., PhD in Economics, Assistant of the Department of Financial and Corporate Governance, Financial University under the Government of the Russian Federation
Demin I.S., doctor of Economics, Professor, Department of Data Analysis, Decision Making and Financial Technologies, Financial University under the Government of the Russian Federation

The article was prepared based on the results of studies carried out at the expense of budget funds on the state order of the Financial University of 2019.

Annotation. The theoretical foundation of the non-financial activity influence of the company on its market indicators are laid in the works of domestic and foreign scientists. However, in Russia there is still no strict legal regulation of the procedure for disclosing non-financial information, which leads to different representations of issuers about the content and form of publication of this information. Under the current conditions, there is a need to determine the degree of disclosure of non-financial information by Russian issuers. For consideration in the study, a separate area of corporate social responsibility was taken – external social responsibility of business. The purpose of the presented study is to identify the level of information disclosure on the external responsibility of business in the public annual reports of Russian issuers. To achieve the goal of the study, the authors applied a text analysis methodology based on the construction of the author’s “bag of words”. The empirical basis was the annual reports of 69 major Russian companies for the period from 2009 to 2018. The results obtained made it possible to build a rating of Russian companies by the degree of disclosure of information on external social responsibility.
Keywords: CSR, GRI, issues body, non-financial statement.

References
1. Bowen H.R. Social Responsibilities of the Businessman. – N.Y.: Harper & Brothers, 1953. – 276 p.
2. Kumar A. et al. Evaluating sustainable drivers for social responsibility in the context of ready-made garments supply chain // Journal of Cleaner Production. – 2019. – Pp. 119–231.
3. Crane A. et al. (ed.). The Oxford handbook of corporate social responsibility. – Oxford University Press on Demand, 2008. – 608 p.
4. Austin J., Seitanidi M. Creating value in non-profit-business collaborations: New thinking and practice. – San-Francisco: Jossey-Bass, 2014. – 320 p.
5. Blagov Yu.E., Petrova-Savchenko A.A. Nefinansovaya otchetnost’: raskrytie informacii o vypolnenii obyazatel’stv // Ekonomicheskaya nauka sovremennoj Rossii. – 2012. – № 2 (57). – S. 130–135.
6. Melihov V.A., Ahmanova S.I.  Ocenka perspektiv predstavleniya kogerentno-integrirovannoj otchetnosti i raskrytiya nefinansovoj informacii agropromyshlennymi holdingami // Teoriya i praktika obshchestvennogo razvitiya – 2014. – № 9. – S. 122–125.
7. Turilin I.S. Razvitie institucionalizacii otchetnosti i raskrytiya nefinansovoj informacii // Vestnik Ros. ekon. un-a imeni G.V. Plekhanova. Vstuplenie. Put’ v nauku. – 2019. – № 1 (25). – S. 25–34.

Determining the optimal capital structure as part of the company's financial position assessment
Aliev A.A., Ph. D., associate professor in the financial management department, Plekhanov Russian University of Economics

Annotation. The paper examines the totality of theoretical, practical and methodological issues related to determining the financial condition of the company by optimizing the capital structure through the methodology of integral evaluation. The methodology of the study is the application of the European concept of the effect of financial leverage (DFL1), graphic analysis tools, fuzzy set theory tools and the Descartes coordinate system to calculate common integral indicators that characterize a generalized assessment of the company’s financial position. The main findings of the study are to determine the optimal balance of capital structure, in which financial indicators are located in the recommended ranges and the financial situation of the company is improved, as well as increase the efficiency of the use of their own resources.
Keywords: capital structure, financial position, quadrant of optimality, financial leverage.

References
1.  Shevchenko A.A.  Otsenka finansovogo potentsiala pri opredelenii sposobnosti predpriyatiya k modernizatsii / A.A. Shevchenko // Vestnik molodezhnoi nauki. Kaliningr. gos. tekhn. un-t. – 2013. – S. 202–204.
2. Savitskaya G.V. Kriterii i pokazateli ekonomicheskoi effektivnosti biznesa // Zhurnal issledovanii po upravleniyu. – 2017. – T. 3. – № 2. – S. 26–48.
3. Markar'yan E.A., Gerasimenko G.P., Markar'yan S.E. Ekonomicheskii analiz khozyaistvennoi deyatel'nosti. – Rostov: Izd. tsentr «MarT», 2007. – 320 s.
4. Sheshukova T.G., Kolesen' E.V. Otsenka finansovogo potentsiala innovatsionnykh predpriyatii i grupp kompanii s primeneniem mnogokriterial'noi optimizatsii // Vestnik Perm. un-ta. – 2012. – № 3 (14). – S. 39–49.
5.  Tolpezhnikov R.A., Mamatova L.Sh. Otsenka i prognozirovanie finansovogo potentsiala predpriyatiya // Dnepropetr. gos. agrar. un-t. Effektivnaya ekonomika. – 2012. – № 12. – S. 101–104.
6. Parushina N.V., Vasina S.A., Il'khaeva L.I. Sovremennye aspekty metodiki analiza likvidnosti kommercheskikh organizatsii // Nauchnye zapiski ORELGIET. – 2010. – № 1. – S. 152–157.
7. Shtele E.A. Otsenka investitsionnogo potentsiala otrasli // Vestnik Chelyab. gos. un-ta. – 2009. – № 26 (164). – S. 151–154.
8. Kuz'minykh N.A. Podkhody k otsenke rezul'tatov innovatsionnogo razvitiya / N.A. Kuz'minykh // Vestnik SamGU. – 2011. – № 3 (84). – S. 47–48.
9.  Gorbunov V.L., Matveev P.G. Metodika otsenki innovatsionnogo potentsiala predpriyatiya / V.L. Gorbunov, P.G. Matveev // Innovatsii. – 2002. – № 8. – S. 67–69.
10.  Fedoraev S.V. Innovatsionnyi potentsial: soderzhanie, struktura, metodika otsenki / S.V. Fedoraev // Vestnik S.-Peterb. un-ta GPS MChS Rossii. Ekonomika, sistemy upravleniya. – 2010. – № 2. – S. 23–31.
11. Shevchenko A.A. Otsenka finansovogo potentsiala pri opredelenii sposobnosti predpriyatiya k modernizatsii // Vestnik molodezhnoi nauki. Kaliningr. gos. tekhn. un-t. – 2013. – № 1. – S. 202–204.
12.  Makusheva O.N. Optimizatsiya struktury kapitala oborotnykh aktivov kak faktor konkurentosposobnosti prepriyatiya // Vestnik Chelyab. gos. un-ta. – 2009. – № 26 (164). – S. 141–150.
13. Aliev A.A., Solov'eva M.G., Kachalina A.D. Integral'naya otsenka finansovogo sostoyaniya predpriyatiya // Finansy i kredit. – 2018. – T. 24. – № 2 (770). – S. 288–303.

Coefficient evaluation crisis state of the enterprise
Mishlanova M.Yu., Ph. D., associate Professor of the Department of Economics and management in construction, Moscow State University of Civil Engineering (National Research)
Saakian A.G., student of the Department of Economics and management in construction, Moscow State University of Civil Engineering (National Research)

Annotation. The article discusses the methodological significance of the coefficient analysis of the financial condition of the enterprise. The characteristic of financial ratios, ranked in accordance with the objectives of the study. The authors have identified the relationship between the dynamics of the coefficients and the life cycle of the enterprise in approaching the crisis. The range of numerical values   of the coefficients and the pace of their changes in the zones: pre-crisis, acute and chronic crisis.
Keywords: financial condition of the enterprise, crisis, coefficient analysis, liquidity ratios, equity ratio, debt to equity ratio, financial stability ratio, financial independence ratio in the formation of reserves.

References
1. Abryutina M.S. Analiz finansovo-ekonomicheskoj deyatel’nosti predpriyatiya / M.S. Abryutina A.V. Grachev. – 3-e izd., pererab. i dop. – M.: Delo i servis, 2015. – 272 c.
2. ArtemenkoV.G. Analiz finansovoj otchetnosti: ucheb. posobie dlya studentov / V.G. Artemenko – 3-e izd. – M.: Omega-L, 2016. – 270 c.
3. BerdnikovaT.B. Analiz i diagnostika finansovo-hozyajstvennoj deyatel'nosti predpriyatiya / T.B. Berdnikova. – M.: INFRA-M, 2015. – 224 c.
4. Markar'yanE.A. Finansovyj analiz (dlya bakalavrov) / E.A. Markar'yan, G.P. Gerasimenko, S.E. Markar'yan. – M.: KnoRus, 2018. – 128 c.
5. Grigor'evaT.I. Finansovyj analiz dlya menedzherov: ocenka, prognoz: uchebnik dlya magistrov / T.I. Grigor'eva. – M.: Yurajt; ID «Yurajt», 2017. – 462 c.
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7. Blazhevich O.G. Kompleksnaya finansovaya diagnostika predpriyatiya // Nauchnyj vestnik: finansy, banki, investicii. – Krym. feder. un-t im. V.I. Vernadskogo (Simferopol'), 2018. – S. 29–40.
8. Lenskaya A.V. Analiz finansovogo sostoyaniya stroitel'noj organizacii // Mezhdunarodnyj zhurnal prikladnyh i fundamental'nyh issledovanij. – Penza: ID «Akademiya Estestvoznaniya». – 2017. – № 7–2. – S. 283–287.
9. Doncova L.V., Nikiforova N.A.  Analiz finansovoj otchetnosti: uchebnik – M.: Delo i servis, 2009. – 376 s.
10. Popova N.I. Problemy rejtingovoj ocenki finansovogo sostoyaniya predpriyatiya // Uchet, analiz i audit: problemy teorii i praktiki. – 2017. – № 18. – S. 134–139.
11. Timoshenko N.E. Metodika analiza finansovogo sostoyaniya predpriyatiya // Vestnik sovremennyh issledovanij. – 2018. – № 9.4 (24). – S. 291–295.
12. Habibulina E.R. Finansovaya ustojchivost' predpriyatiya // Vestnik Astrah. gos. tekhn. un-ta. – 2004. – № 3. – S. 229–234.
13. Sheremet A.D. Analiz i diagnostika finansovo-hozyajstvennoj deyatel'nosti predpriyatiya. – 2-e izd., dop. – M.: INFRA-M, 2017. – 374 s.
14. Demidov Ya.P. Ocenka sostoyaniya organizacionnyh sistem: principy, modeli, tekhnologiya / Ya.P. Demidov, N.G. Bagautdinova, L.B. Shabanova. – Kazan': Izd-vo Kazan. un-ta, 2016. – 316 s.
15. Grafov A.V., Yusupov A.V., Shahvatova S.A., Mihalev D.Yu. K voprosu ocenki finansovogo sostoyaniya predpriyatiya // Auditor. – 2018. – T. 4. – № 11. – S. 47–51.

Evaluation of the efficiency of the organizational-economic management system by the values and their purposes of state corporations
Tolpegina O.A., candidate of economic Sciences, associate Professor of “Theory and practice of state control” of the faculty of State management of the economy Institute of Public service and administration of Russian presidential Academy of national economy and state service under the RF President
Seregina E.Yu., candidate of economic Sciences, assistant Pofessor of the Financial University under the Government of the Russian Federation Department of Corporate Finance and Corporate Governance

Annotation. The considered methodology for assessing effectiveness in the concept of management by values   and goals is aimed at coordinating the development strategy, objectives and the compliance of the results. The proposed principle of goal decomposition involves the value direction “Efficiency of the organizational and economic management system” to be examined according to the basic structured functional subsystems with their subsequent refinement to assessment objects, including traditional as well as integral indicators. A number of final key indicators of relative management effectiveness are proposed.
Keywords:  strategy, values and goals, efficiency, management, state-owned companies, integrated indicators system, risks.

References
1. Akoff R.L. Planirovanie budushhego korporacij. – M.: Progress, 1985. – 328 s.
2. Ansoff I. Strategicheskoe upravlenie. – SPb.: Piter. 1999. – 358 s.
3. Druker P. Praktika menedzhmenta. – M.: Vil`yams, 2000. – 400 s. – S. 86.
4. Keller T. Koncepcii holdinga. Organizacionnye struktury i upravlenie / per .s nem. N.M. Dvuhsherstinovoj; pod obshch. red. Yu.P. Rudneva i R.M. Grineva. – 2-e izd., pererab. – Obninsk: GCIPK, 1996. – 311 s.
5.  Akulin D.Yu. Metody` ocenki e`konomicheskoj e`ffektivnosti korporativnogo upravleniya v sovremenny`h rossijskih usloviyah // E`konomika i finansy`. – 2006. – № 1. – S. 11–16.
6. Dolgopyatova T. Predpriyatiya s gosudarstvenny`m uchastiem: sostoyanie i vozmozhny`e podhody` k razvitiyu korporativnogo upravleniya // Menedzhment i biznes-administrirovanie. – 2012. – № 2.
7. Minczberg G., Al`stre`nd B., Le`mpel Dzh. Shkoly` strategij. – SPb.: Piter, 2000. – 336 s.
8. Kuinn Dzh.B. Strategiya peremen / G. Minczberg, Dzh.B. Kuinn, S. Goshal. Strategicheskij process. – SPb.: Piter, 2001. – 688 s.
9. Golubev M.P. Metodologiya sozdaniya e`ffektivny`h vertikal`no integrirovanny`h holdingov: monorgafiya. – M.: Infra-M, 2019. – S. 528.
10. Ignasio Valez Perej`ya. Zachem nuzhno vy`chitat` izmenenie oborotnogo kapitala iz sootvetstvuyushhix statej pri opredelenii denezhny`x potokov // Voprosy` ocenki. – 2010. – № 4. – S. 58–60.
11. 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.

INVESTMENTS AND BUSINESS

Features and problems of estimation of the size of the lost profits and its proof for collecting in trials
Zharskiy I.P., postgraduate of Plekhanov Russian University of Economics, managing partner of expert group Veta, Moscow

Annotation. The article discusses the features of assessing the size of lost profits and its evidence by valuation methods in professional calculations (prepared for forensic examination). The author considers the general conditions for correct calculations and the main approaches, classified by the presence of retrospective data. The main emphases is placed on the identified problems of calculating lost profits, leading to errors or complete discredit of the assessment results.
Keywords: loss assessment, prove the amount of lost profit, retrospective assessment, economic modeling, problems in assessing lost profit, cost accounting, economic reliability of indicators.

References
1. Egorov. A.V. Uby`tki i praktika ih vozmeshheniya: sb. statej / otv. red. M.A. Rozhkova. – M.: Statut, 2009.
2. Bogdanov D.E. Vozmeshhenie uby`tkov: problemy` teorii i praktiki // Vestnik Moskov. un-ta MVD Rossii. – 2011. – № 2.
3. Zharskij D.P. Ocenka upushhennoj vy`gody` v ramkah sudebnoj e`kspertizy` // Vestnik Universiteta imeni O.E. Kutafina. – 2016. – № 7 (23).
4. Kosorukova I.V., Mirzoyan N.V. Problemy` ocenki upushhennoj vy`gody` v raschete material`nogo ushherba v sovremenny`h rossijskih usloviyah // Imushhestvenny`e otnosheniya v RF. – 2018. – № 12 (207).
5.  Gorodilov M.A. Metodika rascheta upushhennoj vy`gody` v finansovo-e`konomicheskih e`kspertizah // Auditorskie vedomosti. – 2016. – № 10.
6. Zharskij I.P., Zharskij D.P. Vzy`skanie upushhennoj vy`gody`: praktika primeneniya i osobennosti raschetov. – M.: E`kspertnaya gruppa VETA, 2017.

Mathematical and statistical model of pricing in the art market: finance and market equilibrium
Bolvachev A.I., Doctor of Economics, Professor, Director Educational and scientific center «Finance» PREU
Kushnarev K.A., student of Finance faculty of the PREU

Annotation. The article analyzes the features of the formation of prices for art objects. The author draws attention to the ambiguity of the formation of the value of the art object and the specific mechanisms and institutions of the art market. A mathematical and statistical model is proposed to explain the formation of the price of an art object as an equilibrium of supply and demand. The article substantiates the insufficient study of the art market in the Russian-language scientific discourse. At the same time, it is proposed not previously used in the Russian-language scientific literature. approach to the study of the art market. The essence and role of Finance in the formation of prices for art objects are analyzed. The work can be useful to auction houses as institutions of the art market, theoretical and practical economists, anyone interested in art.
Keywords: art market, art object, price, value, auction houses, art market institutions, talent, demand, supply, predictors of the model.

References
1. Baumol W.J. Unnatural Value: Or Art Investment as Floating Crap Game // American Economic Review. – 1986. – No. 76. – P. 10–14; Singer L. The Utility of Art versus Fair Bets in the Investment Markets // Journal of Cultural Economics. – 1990. – No. 14. – Pp. 1–13.
2. Stein J.P. The Monetary Appreciation of Paintings // Journal of Political Economy. – 1977. – No. 5 (85). – Pp. 1021–1035.
3. Nejman fon Dzh., Morgenshtern O. Teoriya igr i ekonomicheskoe povedenie. – M.: Nauka, 1970.
4. Tversky A., Kahneman D. Prospect theory: An analysis of decision under risk // Econometrica. – 1979. – Vol. 47. – No. 2. – Pp. 263–291.
5. Kahneman D., Tversky A. Choices, values, and frames. – Cambridge: Cambridge University Press, 2000. – 840 p.
6. Veblen T. The instinct of workmanship and the state of industrial arts. – N.Y., 1918.
7. Kushnarev K.A. Otbor i ocenka prediktorov povedencheskoj modeli cenoobrazovaniya na art-rynke / K.A. Kushnarev // Plekhanovskij barometr. – 2018. – № 3. – S. 65–69.

Entrepreneurial income of subjects of the agricultural sector of the economy in the conditions of investment policy implementation
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 formation of entrepreneurial income in the organizations of the agro-industrial complex of Russia in terms of the implementation of their investment policy. As you know, the investment policy of business entities depends on many factors: the level of investment activity, the riskiness of transactions with counterparties of the consumer market, quantitative indicators of the effectiveness of regional programs. Taking into account these prerequisites, the subjects of the agricultural sector receive budget support, attract foreign direct investment, create new production facilities within the framework of an improved investment policy. These factors and conditions allowed to investigate in the article the categorical apparatus in the field of investment support of economic activity of agricultural enterprises, to determine the essence and content of the term “entrepreneurial income”. As a result of the research, the article presents the classification of types of entrepreneurial income in the implementation of the investment policy of the subjects of the Russian agricultural sector.
Keywords: investment, finance, income, business income, investment policy, enterprises, agricultural sector.

References
1. Svetlov N.M., YAnbyh R.G., Loginova D.A. O neodnorodnosti effektov gospodderzhki sel'skogo hozyajstva // Voprosy ekonomiki. – 2019. – № 4. – S. 59–73.
2. Ekonomicheskaya teoriya: uchebnik dlya bakalavrov / pod red. E.N. Lobachyovoj. – 3-e izd., pererab. i dop. – M.: Izd-vo «Yurajt», 2013. – 516 s.
3.  Dembik K. Nizkij rost i vysokie riski [Elektronnyj resurs]. URL: finversia.ru/publication/experts/nizkii-rost-i-vysokie-riski-60208) (data obrashcheniya: 24.08.2019).
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5.  Strikunova L.I. Sovershenstvovanie upravleniya tekhnologicheskimi processami v otrasli rastenievodstva (na materialah Pskovskoj oblasti): avtoref. dis. ... kand. ekon. nauk. – SPb.: Pushkin, 2010. – 23 s.
6.  Nikonova G.N., Trafimov A.G., Gubanova N.S., Nikonov A.G.  Osobennosti sovremennyh investicionnyh processov v agrarnom sektore // Agrarnaya nauka Evro-Severo-Vostoka. – 2012. – № 3 (28). – S. 73–77.
7. Denisova N.I., Gubanova N.S. Regulirovanie investicionnyh processov v vosproizvodstvennoj sisteme sel'skohozyajstvennyh predpriyatij. – M., 2014. – 162 s.
8. Rosstat [Elektronnyj resurs]. URL: gks.ru/wps/wcm/connect/rosstat_main/rosstat/ru/statistics/economydevelopment/# (data obrashcheniya: 24.08.2019).
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10. Zueva I.A. O razvitii metodiki analiza i ocenki social'no-ekonomicheskogo razvitiya regionov // Vestnik Mosk. un-ta im. S.Yu. Vitte. Ser. 1. Ekonomika i upravlenie. – 2017. – № 4 (23). – S. 27–36.
11. Uzun V.Ya., Shagajda N.I. Ocenka vliyaniya institucional’nyh i strukturnyh izmenenij na razvitie agrarnogo sektora Rossii // Voprosy ekonomiki. – 2019. – № 4. – S. 39–58.

STOCK MARKET

Role of national and international syndicates of underwriters in the process of attraction of capital
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
Ivaniva Y.Y., PhD in Economics, Associate professor, Associate professor of the Department «Financial management» Plekhanov Russian University of Economics, Moscow

Annotation. This article describes national and international syndicates of underwriters in the process of raising capital. The authors consider such concepts as underwriting, syndicate of underwriters. Separately, the analysis of the Russian and foreign underwriters market is carried out, the role of the syndicate in the issuance of securities by the Issuer is determined.
Keywords: underwriting, issuer, syndicate, issuing syndicate, securities market, Eurobonds market, risk, capital.

References
1. Renkingi organizatorov i anderrajterov obligacij Rossii 01.01.2019–30.09.2019 // Informacionnyj internet-portal cbonds, 2019 [Elektronnyj resurs]. URL: ru.cbonds.info/rankings/item/613
2. Renkingi organizatorov i anderrajterov obligacij Rossii // Informacionnyj internet-portal cbonds, 2019 [Elektronnyj resurs]. URL:  ru.cbonds.info/rankings/item/563
3. Debt capital market review // Informacionnyj internet-portal, 2018 [Elektronnyj resurs]. URL: thomsonreuters.co.jp/content/dam/openweb/documents/pdf/japan/market-review/2018/global-dcm-review.pdf
4. Bank Morgan Stanley lidiruet v sfere anderrajtinga cennyh bumag v etom godu [Elektronnyj resurs]. URL: finversia.ru/news/markets/bank-morgan-stanley-lidiruet-v-sfere-anderraitinga-tsennykh-bumag-v-etom-godu-62980

On approaches to regulating monetary emissions
Gorina T.I., Candidate of Economic Sciences, Associate Professor of Finance and Accounting department Far Eastern State Transport University (Khabarovsk)

Annotation. The article shows the relationship between the issue of money and maintain their purchasing power based on the methods of analysis and synthesis in the processing of statistical data. It is proved that a low coefficient of monetization characterizes a significant amount of unsecured money supply. Critically reflect on the issue of money model used by the Bank of Russia in the management of the monetary base, based on the use of cash in circulation.
Keywords:  issuance of money, monetary stability, equity transactions, monetary base, seigniorage, Bank of Russia.

References
1. Ofical'ny sait Rosstata [Elektronnyj resurs]. URL:  gks.ru (dada obrasheniya: 09.01.2020).
2. Prognoz dolgosrochnogo sozial'no-ehkonomicheskogo razvitiya Rossijskoj Federacii na period do 2030 goda. – M.: Minehkonomrazvitiya Rossii, 2013. – 354 s.
3. Oficial'nyj sait Banka Rossii [Elektronnyj resurs]. URL:  cbr.ru/ statistika (data obrasheniya: 09.01.2020).
4. Gorina T.I. O perekosach mechanizma rossiiskoi denejnoi emissii // Sibirskaya finansovaya shkola. – 2015. – № 2. – S. 18–22.
5.  Rozhkov Yu.V. Den’gi i denezhnaya mul’tiplikaciya // Vest. Habar. gos. akad. ehkonomiki i prava. – 2008. – № 2. – S. 22–30.
6. Glaz'ev S.Yu. O vneshnih i vnutrennih ugrozah ehkonomicheskoj bezopasnosti Rossii v usloviah amerikanskoi agressii:nauch.dokl. – M.: RAN, 2014. – 60 s. – S. 24–25.
7. Glaz'ev S.Yu. Potenzial`nye vozmozhnosti rosta rossiiskoj ehkonomiki i denezhno-kreditnaya politika Banka Rossii // Ehkonomicheskie i sozial’nye peremeny: fakty, tendentsii, prognoz. – 2018. – № 5. – S. 30–48.
8. Ershov M.V. Ob actual’nykh denezhno-kreditnukh podkhodakh // Nauchnye trudy Volunskogo ehkonomicheskogo obshchestva Rossii. – 2017. – № 3. – S. 323–333.
9. Tulin D.V. V poiskah sen’orazha, ili legkih putej k procvetaniyu ( obzor polemiki vokrug politiki Banka Rossii ) // Den’gi i kredit. – 2014. – № 12. – S. 6–16.
10. Gluhov V.V., Ostanin V.A., Rozhkov Yu.V.  O prichinah vozniknoveniya i problemah funkcionirovaniya ehlektronnyh deneg // Ehkonomika i predprinimatel’stvo. – 2014. – № 1. – Ch. 3. – S. 664–667.

ACTUAL THEME

Linguistic and theological aspects of financial management
Solodov A.K., Candidate of Science (Economics), Associate Professor of the Financial University under the Government of the Russian Federation, Acting State Counselor of the Russian Federation of the 3rd class

Аnnotation. This article describes the study of the hypothesis about the influence of mother tongue and religion of the leaders of commercial organizations on the capital structure and risk appetite of companies.
Keywords: nationality, religion, risk, capital structure, language, leadership structure, financial behavior.

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Instruments of state budget policy and living standards
Arkhipova L.S., Ph.D. in Economics, Associate Professor of the Department of National and Region Economics, Plekhanov Russian University of Economics

Annotation. For more than a quarter century, the state has pursued a policy of socio-economic development of the country, aimed at improving the level and quality of life of the population. For this, various fiscal and financial policy instruments are used, the priority of which is undeniable in solving the problem of reducing poverty. At different stages of the development of society, the achievement of this goal remains the highest priority. Success, of course, is available. If in 2005 the share of the population with cash incomes below the subsistence level was 17.8%, then by 2019 it dropped to 13.2%. However, this is not enough to improve the quality of life of Russian citizens. In this regard, the authorities are faced with the task of solving this problem. Only a systematic approach can be effective. One of the instruments of public policy should be budgetary mechanisms aimed at supporting poor citizens. The public debates the issue of the tax minimum for certain groups of the population. In this regard, the study considers issues of reducing the tax burden, as well as the possibility of budgets of different levels to compensate for shortfalls.
Keywords: standard of living, cash income, personal income tax, polarization of regions.

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