Contents of N3/2021

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Contents of ¹ 3' 2021

CORPORATE  FINANCE

Ways to manage the company’s cash flows
Gerasimova L.N., Doctor of Economic Sciences, Associate Professor, Professor Department of Industrial Economics, Plekhanov Russian University of Economics, Moscow, e-mail: 22969@mail.ru
ORCID: 0000-0003-1144-6019; SPIN-code: 9300-2350

Annotation. Two main money management policies are considered, the main problems and errors that may arise during their implementation, and ways to solve them. The article analyzes what tools to use to manage the company’s liquidity and solvency, and how to organize payment planning. The algorithm of effective money management is considered: organization of the treasury’s work, regulation and automation of the cash flow management process. One of the important issues that the CFO solves is working with the bank.
Keywords: policy, cash, bank, payment, currency risk, cash gap.

References
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18. Gerasimova L.N. Teoriia bukhgalterskogo ucheta. – Rostov n/D: Feniks, 2010.
19. Endovitskii D.A., Frolov I.V., Shirobokov V.G. i dr. Predreitingovyi analiz kreditosposobnosti zaemshchika: organizatsiia i metodika obespecheniia: Monografiia. – M.: Prospekt, 2018. – 192 s.
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Outsourcing risks in the corporate economic security system
Grishchenko A.V., doctor of economics, certified auditor of the Russian Ministry of Finance, head of a private expert Bureau, Professor of the Department of economic expertise and financial monitoring MIREA – Russian Technological University, e-mail: grishchenko7@gmail.com
SPIN-code: 8736-3619; ID РИНЦ: 304358; ORCID: 0000-0003-3923-1247
Simakova D.E., student MIREA – Russian Technological University, e-mail: simakova.diana@list.ru
SPIN-code: 3171-8926
Grishchenko Yu.I., Candidate of Economic Sciences, Associate Professor Department of Financial and Investment Management Financial University under the Government of the Russian Federation, e-mail: pochta2807@gmail.com
SPIN-code: 4877-5335; ID РИНЦ: 304395; ORCID: 0000-0003-2238-6170

Annotation. The article explores the specifics of outsourcing services on economic security of economic entities. According to the analysis of the regulatory framework and judicial practice there are various risks of using certain outsourcing schemes. The article attracts the attention of readers on certain advantages and disadvantages of outsourcing. In addition, the article studies the main directions of improving the level of corporate structure’s economic security due to using of outsourcing services. Moreover, in article indentifies the role and objective reasons for the use of outsourcing services, also the identification of risks allows to make recommendations for minimizing possible problems, which can threat the economic security of the organization.
Keywords: economic security, risks outsourcing, outsourcing, enterprise, threats of  outsourcing, corporation.

References
1. Anikin B.A. Autsorsing i autstaffing: vysokie tehnologii menedzhmenta: ucheb. posobie / pod red. B.A. Anikina, I.L. Rudoj. – M.: INFRA-M, 2020. – 330 s.
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5. Autsorsing buhgalterskih uslug [Elektronnyj resurs]. URL: 4dk.ru/news/d/20201222120057-autsorsing-bukhgalterskikh-uslug-na-chto-obratit-vnimanie (data obraschenija: 08.03.2021).
6.  Rogošić  Andrijana. Accounting outsourcing issues // Eurasian Journal of Business and Management. – 2019. – No. 7. – Pp. 44–53.
7. Nearshore Outsourcing Explained – What, When & Why Plus All The Facts & Stats For The Sector In 2020 [Elektronnyj resurs]. URL: kruschecompany.com/nearshore-outsourcing/ (data obraschenija: 08.03.2021).

Assessment of functioning and efficiency financial results management systems of agrarian enterprise
Novichkova O.V., PhD in Economics, Associate Professor of the Department of Finance and Business Informatization, FSBEI HE «Penza State Agricultural University», e-mail: novolka@mail.ru
SPIN-code: 4259-8853; Author ID: 397275
Tagirova O.A., PhD in Economics, Associate Professor of the Department of Finance and Business Informatization, FSBEI HE «Penza State Agricultural University», e-mail: tagirowa2008@mail.ru
SPIN-code: 4033-9203; Author ID: 447458
Nosov A.V., PhD in Economics, Associate Professor of the Department of Finance and Business Informatization, FSBEI HE «Penza State Agricultural University», e-mail: a_nosov83@mail.ru
SPIN-code: 6155-2637; Author ID: 662303
Fedotova M.Yu., PhD in Economics, Associate Professor of the Department of Finance and Business Informatization, FSBEI HE «Penza State Agricultural University», e-mail: fedotova_my@mail.ru
SPIN-code: 9045-4718; Author ID: 460667

Annotation. The article examines the features of the formation and use of the organization’s financial results, identifies the main factors influencing their change, determines the optimal proportions of profit distribution in order to strengthen the welfare of the owner and the growth of the company’s market value.
Keywords: financial results, profit, profit structure, methods of analysis, factor analysis, dividend policy, need for financing.

References
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INVESTMENTS AND BUSINESS

North-western federal district: development parameters and investment potential
Borisova E.V., PhD in Economics, Associate Professor of the Department of International Economic and Financial Relations, Russian State Academy of Intellectual Property, Moscow, 8 (965) 131 56 79, e-mail: e.v.borisova@bk.ru
SPIN-code: 3407-1689; Author ID: 738125; ORCID: 0000-0003-1362-5213;
Researcher ID: Х-7675-2018

Annotation. The North-Western economic region is one of the most industrially developed regions of the Russian Federation and plays an important role in shaping the market. The main branches of industrial specialization are energy, tractor and agricultural machinery, tool manufacturing, electronics, shipbuilding, as well as the production of phosphoric and nitrogen fertilizers, paper, pulp, furniture and food. This macroregion has great investment potential, which has not yet been fully realized. The article specifies the conditions that allow 4 regions to enter the Top-30 in attracting investments in the current period, identifies the reasons that impede the more effective attraction of investments to the region.
Keywords: region, development, specialization, industry, transport, investments.

References
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9. Agentstvo strategicheskih iniciativ. Nacional’nyj rejting [Elektronnyj resurs]. URL: asi.ru/news/150340/(data obrashcheniya: 03.03.2021).

Development of the conceptual apparatus of spatial economics and spatial analysis
Mudrova S.V., Candidate of Economics, Associate Professor, Head of the Department of Political Economy and History of Economic Science, Plekhanov Russian University of Economics, e-mail: мudrova.sv@rea.ru
SPIN-code: 7714-3400; Author ID: 389125

Annotation. The article presents the subject of the study of spatial economics, which is defined as the current stage in the evolution of ideas about regional development. The aim of the study is to identify alternative approaches to the interpretation of economic space as a central category of spatial economics, as well as to substantiate the need to develop a methodological platform for this area of   scientific knowledge. In accordance with the purpose of the study, territorial, resource and informational approaches to the interpretation of economic space have been identified; the limitation of the orthodox economic theory, based on the principles of methodological individualism, is revealed when explaining spatial effects and spatial development. The result of the study is the formulation of the author’s definition of economic space as a set of interactions of economic agents, which allows us to abandon the linear interpretation of the regional economy in favor of its definition as a multidimensional formation. The conclusion is made about the need for further development of the relativistic methodological platform of regional development, taking into account the principles of methodological individualism and methodological holism. In the course of the research, general scientific research methods were used – comparative analysis, classification, the unity of the historical and the logical.
Keywords: Economic space, spatial economics, methodological individualism, methodological holism, relativistic methodological approach, regional economics.

References
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Household finance: essence and role in developing the economic potential of the country
Tagaverdieva D.S., Ph. D., associate professor of the department of economics GAOU VO «Dagestan state university of folk economy», е-mail: tagaverdieva@yandex.ru
SPIN-code: 4183-9427; Author ID: 649986

Annotation. Recently, the role of households in the model of the circulation of goods and services, income and expenditure has been increasing, and therefore there is a need for a comprehensive analysis of their economic activities in order to identify the role of economic resources of households on the economic potential of the country. The paper considers the elements and functions of household finances, as well as analyzes the structure of GDP by expenditure as of 2019.
Briefly demonstrated the statistical data characterizing the financial relations of households with the state and municipal Finance, commercial banks; insurance companies, commercial enterprises, etc. As a result, it was revealed that the largest volume of financial flows accounted for the purchase of goods and services, wages, loans and deposits of commercial banks.
Keywords: households, household finances, elements of the financial system, household income and expenditure, GDP.

References
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CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Assessing the effectiveness of digital financial institutions
Bataev A.V., candidate of technical sciences, associate professor, Peter the Great St. Petersburg Polytechnic University, Russian Federation, e-mail: bat_a68@mail.ru
SPIN-code: 1061-0409; AUTHOR ID: 269948; ORCID: 0000-0003-1521-7547;
Researcher ID: O-4948-2017; Scopus ID: 56835460500

Annotation. The paper examines one of the innovative forms of a financial institution – digital banks. The main task in banks of a new type is to assess the effectiveness of their activities. In this regard, the paper discusses methods for performance evaluation of financial institutions based on the development of econometric models, analyzes their applicability to assessing the effectiveness of digital banks. On the basis of the carried out research, an econometric model with a variable structure was proposed, which evaluated the effectiveness of digital banks. On the basis of the proposed model, the factors influencing the efficiency of the digital financial institution were analyzed.
Keywords: innovation, digital banks, efficiency, profit, variable structure econometric model.

Digitalization in the banking sector: the cost and efficiency of Russian banks in terms of the variability of marketing and fintech COSTS
Gusev A.A., Ph. D. in Economics, associate professor at the Department of corporate finance and corporate governance, Finance University under the Government of the Russian Federation, Moscow city; business consultant, leading researcher, IBS, the Russian Presidential Academy of the national economy and public administration, Moscow city, e-mail: gusevaa@yandex.ru
SPIN-code: 1004-1850; Author ID: 306591
Melikhova D.A., Undergraduate student of the Financial University under the Government of the Russian Federation, e-mail: darina260899@yandex.ru
SPIN-code: 9888-7964; Author ID: 1091317
Fedotova A.P., Undergraduate student of the Financial University under the Government of the Russian Federation, e-mail: fedotova.nastasi24@gmail.com

Annotation. The authors consider the impact of changes in costs for marketing and FINTECH organizations in the banking sector during the digitalization process. Financial indicators in non-banks and traditional banks using FINTECH are compared. Implemented a comparison of the cost of the objects under consideration. The result of the study was to identify the relationship between profit and marketing expenses and profit and scientific research expenses by performing a correlation and regression analysis on the example of Sberbank and VTB banks.
Keywords:  FINTECH, bank, neobank, digitalization of the banking sector, costs, marketing, scientific research.

References
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5.  Blazhevich A.A., Ryabchenko A.A. Neobank kak novoe napravlenie finansovyh innovacij v Rossijskoj Federacii // Vestnik Instituta ekonomicheskih issledovanij. – 2018. – № 4 (12). – S. 160–168.
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Far eastern mortgage: expectations and reality
Gorina T.I., Candidate of Economic Sciences, Associate Professor of Finance and Accounting department Far Eastern State Transport University (Khabarovsk), e-mail: gorinaevtushenko@mail.ru

Annotation. The program «Far Eastern Mortgage» was studied on the basis of processing statistical data using methods of analysis and synthesis. It has been argued that government-backed mortgage programs have disadvantages. Real estate prices are growing faster than inflation and real incomes of the population, which leads to a decrease in housing affordability. The effectiveness of the measures taken is critically examined, the possibility of the risk of closing mortgage lending programs with state support is indicated. In this article, the author analyzes the main expectations and the real development of the state program «Far Eastern Mortgage».
Keywords: far Eastern Federal district, the state program of preferential mortgage terms.

References
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6. Bulavin A.I. Problemy osvoeniya territorii DFO v kontekste pravovogo regulirovaniya s ispol’zovaniem federal’nyh programm / A.I. Bulavin // V sb.: Osnovnye tendencii razvitiya pravovoj nauki: мaterialy I Mezhdunar. stud. nauch.-prakt. konf. /redkol.: V.E. Stepenko (predsedatel’) [i dr.]. – 2020. – S. 362–365.


FINANCIAL MARKET

How non-professional investors create financial bubbles in the stock market
Vashchenko T.V., Ph.D. in Economics, Associate Professor, Department of Financial and Investment Management, Financial University under the Government of the Russian Federation, e-mail: t.v.vashchenko@yandex.ru
SPIN-code: 2233-4182; AuthorID: 504624; ORCID: 0000-0003-0249-3307;
Researcher ID: C-3953-2017

Annotation. In the context of financial globalization, frequent crises and the increasing involvement of the population in the financial sphere, a serious problem of financial science is the emergence of financial bubbles in the stock market. Although now a fairly large number of causative factors have been identified and the mechanism of their occurrence has been described, the real causes have not yet been found. Therefore, there are no tools to predict and prevent the occurrence of a bubble. In the article, the author proposes a new approach to solving this problem, based on the concretization of the concept of «irrational investor», using the tools of behavioral finance and the results of modern research in the field of anomalies in the stock market.
Keywords: financial bubble, behavioral finance, unprofessional investors, irrational behavior, retail investors.

References
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Estimation of the profitability of securities operations PJSC Goldman Sachs
Patlasov D.A., Junior Researcher, Marketing Department, Perm State University, e-mail: dmitriypatlasov@gmail.com
Kuznetsova E.R., Candidate of Economic Sciences, Associate Professor of the Marketing Department of the Perm State University, e-mail: elviratashgres@mail.ru
SPIN-code: 9914-5080; Author ID: 656474

Annotation. The article analyzes the trend towards an increase in the freely circulating liabilities of investment banks, that is, securities. The same is true for assets. The money that is freely in the accounts of banks can be invested in securities. In many countries, the activity of banks in the securities market has intensified. Now there is a process of weakening and lifting of restrictions on combining the activities of investment and commercial banks (in the USA, Canada, Japan). The goals pursued by banks are to make a profit, for this they expand their range of services and the specifics of their activities. The standard and serial nature of securities, their ability to actively circulate on financial markets makes them attractive to banks, helps maintain liquidity in financial and credit institutions.
Keywords: investments, banks, securities, stocks, profitability, portfolio.

References
1. Godovoi otchet kompanii PAO Goldman Sachs za 2018 g [Elektronnyj resurs]. URL: goldmansachs.com/investorrelations/financials/current/annual-reports/2018-annual-report/annual-report-2018.pdf (data obrashcheniia: 19.03.2021).
2. Otchet o godovom sobranii aktsionerov 2019 g. [Elektronnyj resurs]. URL: goldmansachs.com/investor-relations/financials/current/proxy-statements/2019-proxy-statement-pdf.
pdf (data obrashcheniia: 19.03.2021).
3. Forma 13F. Informatsiia, trebuemaia institutsionalnymi investitsionnymi menedzherami v sootvetstvii s razdelom 13 (f) deiatelnosti obmena tsennymi bumagami 1934 goda i pravila Terundera [Elektronnyj resurs]. URL: sec.gov/about/forms/form13f.pdf (data obrashcheniia: 19.03.2021).
4. Forma 10-K. GODOVOI OTChET V OTNOShENII RAZDELA 13 ILI 15 (d). Akt obmena tsennykh bumag 1934 goda [Elektronnyj resurs]. URL: sec.gov/fast-answers/answers-form10khtm.html (data obrashcheniia: 19.03.2021).
5. Vygodchikova I.Iu. Metody analiza rynka tsennykh bumag: ucheb. posobie / I.Iu. Vygodchikova. – Saratov: Ai Pi Ar Media, 2019. – 200 c.
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8. Kovaleva V.D. Uchet i audit operatsii s tsennymi bumagami v sootvetstvii s RSBU i MSFO: ucheb. posobie / V.D. Kovaleva. – Saratov: Vuzovskoe obrazovanie, 2018. – 300 c.
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