CORPORATE  FINANCE

Content of the mechanism of effective management of own capital of a commercial organization
Ukhina O.I., Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of Finance and Credit of Voronezh State Agrarian University named after Emperor Peter the Great, e-mail: olga.ux@yandex.ru
SPIN-code: 5000–5012; AuthorID: 458848
Tkacheva Yu.V., Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of Finance and Credit of Voronezh State Agrarian University named after Emperor Peter the Great, e-mail: julchen19@yandex.ru
SPIN-code: 9421-2623; Author ID: 641248
Emtseva N.S., Master of Economics, Voronezh State Agrarian University named after Emperor Peter the Great, e-mail: cozmenko.natasha@yandex.ru

Annotation. The article is devoted to the formation of a mechanism for effective management of equity capital. The features of the management of own capital of an agricultural production cooperative, the criteria for assessing its effectiveness are considered. Proposals for rationalizing the management of own capital of a commercial enterprise are grounded.
Keywords: equity capital, equity capital management mechanism, efficiency assessment criteria, equity capital management tools, agricultural production cooperative.

References
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Planning and forecasting needs as a method for managing working capital of agricultural organization
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: 460 667

Annotation. The article discusses the features of working capital management of agricultural organizations, analyzes the dynamics and structure of working capital, as well as planning its overall optimal volume on the basis of an economic and mathematical model using regression analysis.
Keywords: working capital, agricultural organizations, management, demand, volume, structure, planning, forecasting, regression analysis.

References
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O.V. Novichkova // Audit i finansovyi analiz. – 2015. – № 4. – S. 212–219.
3. Fedotova M.Yu. Finansovoe sostoianie organizatsii i puti ego uluchsheniia / M.Yu. Fedotova // Regionalnye osobennosti rynochnykh sotsialno-ekonomicheskikh sistem (struktur) i ikh pravovoe obespechenie: materialy VI Mezhdunar. nauch.-prakt.i konf. Filial ChOUVO «Moskovskii universitet im. S.Yu. Vitte» v g. Penze. – 2015. – S. 255–260.
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INVESTMENTS AND BUSINESS

Some aspects of ensuring the state financial security
Sedova N.V., Doctor of Economics sciences, Professor Department of National and Regional Economics Plekhanov Russian University of Economics, e-mail: 79255181101@mail.ru
SPIN-code: 3189-2330
Zaytsev R.V., 4rd year student, Economics and Law faculty Plekhanov Russian University of Economics, e-mail: ruslanvlad15@gmail.com
SPIN-code: 3189-2330

Annotation. The article deals with the Russian Federation ensuring financial security system issues in terms of key indicators in the field of monetary and fiscal policy. The analysis of the instruments for the state financial security formation assesses the prospects for creating a national financial stability model of the Russian Federation during the economic recession period.
Keywords: Financial security system, financial stability, monetary policy, fiscal policy, economic recession.

References
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14. Sedova N.V., CHajnikova L.N., Gagarina G.Yu., Sorokina N.Yu., Arhipova L.S., Bezpalov V.V.,
Gorohova I.V., Gretchenko A.I., Bagratuni K.Yu., Latov V.Yu. Sul’povar L.B. Osnovy ekonomicheskoj bezopasnosti: uchebnik. – M. Izdatel’stvo REU im. G.V. Plekhanova. – 2017. – 196 s.

Monetary incomes of the population of the nordic region: the contradictions of the state regulation
Rudakov M.N., Doctor of Economical sciences, Professor, Professor of the department of Economics and Finance of the Karelian Branch of the Russian Academy of National Economy and Public Administration, e-mail: mnrudakov@mail.ru
SPIN-code: 3994-6647; Author ID: 423154

Annotation. The living standard and the dynamics of the population’s income are still as a goal as an indicator of the efficiency of state authority during the Soviet and Post-soviet era. Despite of radical economic change, the relation of the distribution as a stage of public perception, keep it’s non-market character, mainly. The theoretical reason of such situation causes the preservation of government financial instruments, based on past benchmarks, what the financial management uses to adapt quite successfully. As a result, the deficiency of the population resources available in the Norther Europe region is combining with the complicated structure of income and salary, limited abilities to receive their market forms and at the same time – with more stability and smaller differentials. The law income of the population of the region, compared to average Russian, in combination with their even distribution, is the base of low attractiveness of regional labor market and an insufficient motivational component of workplaces.
Keywords: financial income, salary, median and fashion of the salary, the available recourses of the household’s, income and salary differentiation, Gini ratio, funds ratio.

References
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Opportunities to involve financial resources of individuals in ensuring investment activities in Russia
Kornienko N.A., Lecturer, College of Innovation technology and entrepreneurship, Vladimir State University (VlSU), e-mail: kornienko-n@inbox.ru
SPIN-code: 3316-1199; ORCID: 0000-0002-7303-2121; Researcher ID: AAE-6275-2019

Annotaion. The article considers the impact of fixed investment on GDP dynamics, the structure of sources of investment financing; assesses the activity of individuals in investment processes and gives recommendations to increase the investment activity of the population.
Keywords: investments, fixed capital, GDP, source of financing, structure of funding sources.

References
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Macroeconomic indicators of the russian economy: «bid scissors» and tools for the growth
Cherednichenko O.V., PhD in Economics, Associate Professor of the Department of Economic Theory, REU by G.V. Plekhanov name, e-mail: Cherednichenko.ov@rea.ru
SPIN-code: 6501-2200; ORCID: 0000-0003-1900-8961; Author ID: 964498;
Scopus ID: 57204524652
Shults O.I., 2nd year of Masters degree, Faculty «International Business School and World Economy», REU by G.V. Plekhanov name, e-mail: Olya.schults@yandex.ru

Annotation. The article examines the complex problems of Russian economy caused by the global pandemic of coronavirus infection. The pandemic has had a negative impact to the domestic economy in the form of a worsening in the main macroeconomic indicators, as well as the emergence of the problem of the three figures skewing. The policy of the Central Bank of the Russian Federation, as well as the policy change from a stimulating one at the height of a pandemic to a restraining one in the post-crisis period are analyzed. A new round in the development of the stock market during a pandemic is considered.
Keywords: pandemic, crisis phenomenon, nominal GDP, real GDP, key rate, inflation, unemployment, «rate scissors», stock market.

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Economic strategy and budgeting of healthcare in the conditions of implementation of national development projects
Gabueva L.A., Doctor of Economics, Professor, Director of the Center for Management Training of the Faculty of Management in Medicine and Healthcare, Institute of Sectoral Management, RANEPA, е-mail: gabueva@ranepa.ru
SPIN-code: 7696-0939; Author ID: 568483; ID РИНЦ: 568483; ORCID: 0000-0001-6249-3443
Kozhevina O.V., Doctor of Economics, Lecturer at the Center for Management Training of the Faculty of Management in Medicine and Healthcare, Institute of Sectoral Management, RANEPA, е-mail: ol.kozhevina@gmail.com
SPIN-code: 6696-6538; Author ID: 346023; ID РИНЦ: 346023; Scopus ID: 57190430404;
Researcher ID: R-9605-2017; ORCID: 0000-0001-5347-2253

Annotation. Strategic decisions on the development of healthcare adopted at the turn of 2020, along with medical and social indicators of their achievement, have economic characteristics. In this regard, in an article written during the implementation of research work within the framework of the state assignment of the RANEPA 2021, a content analysis of the interrelationship of financial support for a number of key areas of organizing financial reimbursement of medical care costs to the population of the constituent entities of the RF before and after the implementation of new measures of state support and project management. The goal is to identify trends in strategic management in the public sector and, on this basis, to operationalize the tasks of the meso-economics of health care in the context of the implementation of national projects until 2030. The research methodology is based on medisciplinarity, strategic planning approaches, statistical analysis, economic efficiency assessment, content analysis of literature sources, modeling of economic results.
The existing and promising methods of budgeting of projects and development programs in the national health care are generalized, which makes it possible to apply a process approach to planning, substantiation of volume-financial indicators at the federal and regional levels of management in health care and medical insurance. In the context of new demographic shifts in the demand for health services, the massive spread of socially significant infectious (non-infectious) diseases of the population of the constituent entities of RF, the methods of forming health insurance programs, methods of paying for health insurance services, principles of budgetary insurance to ensure the financial stability of medical organizations require clarification.
Keywords: strategic management, economics of state programs, health financing, compulsory health insurance.

References
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CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Theoretical and methodological aspects and practice of market risk management in commercial banks
Shalaev I.A., Candidate of Economic Sciences, Associate Professor of the Department of Economics and Economic Security FSBEI HE «Central Russian Institute of Management – Branch of the RANEPA under the President of the Russian Federation», e-mail: viper18111988@yandex.ru
SPIN-code: 5734-6048; Author ID: 761770; Scopus ID: 57202502174;
ORCID: 0000-0003-0646-5506
Vasilyeva I.D., Master’s student of the Faculty of «State, Municipal Management and National Economy» FSBEI HE «Central Russian Institute of Management – Branch of the RANEPA under the President of the Russian Federation», e-mail: irinka999mwm@mail.ru
Vasilyeva T.D., Master’s student of the Faculty of «State, Municipal Management and National Economy» FSBEI HE «Central Russian Institute of Management – Branch of the RANEPA under the President of the Russian Federation», e-mail: tanechka999mwm@mail.ru

Annotation. This article examines the theoretical and methodological aspects of market risk management. The types of market risk, methods used in their management have been studied. Possible reasons for the manifestation of risk are identified, the Value at Risk indicator is considered. We also show the practice of market risk management on the example of a large commercial bank – PJSC «SberBank».
Keywords: market risk; stock, currency, interest rate and commodity risks, VaR, commercial banks, methodological aspects, principles, methods, assessment, risk management.

References
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2. Procevskij E.A. Antikrizisnaya politika bankovskogo sektora: metodika stress-testirovaniya // Sovershenstvovanie ucheta, analiza i kontrolya kak mekhanizmov informacionnogo obespecheniya ustojchivogo razvitiya ekonomiki. – 2017. – № 3–2. – S. 191–202.
3. Rynochnye riski kommercheskih bankov: metody ocenki i analiza [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/rynochnye-riski-kommercheskih-bankov-metody-otsenki-i-analiza/viewer (data obrashcheniya: 05.03.2021).
4. Polozhenie ot 03.12.2015 № 511-P «O poryadke rascheta kreditnymi organizaciyami velichiny rynochnogo riska» [Elektronnyj resurs]. URL: docs.cntd.ru/document/420324227 (data obrashcheniya: 14.05.2021).
5. Vyatkin V.N. Risk-menedzhment: uchebnik. – 2-e izd., pererab. i dop. – M.: Izd-vo «Yurajt», 2021. – S. 365.
6. Matveev V.V. Vnedrenie innovacionnyh strategij kak faktor snizheniya ugroz ekonomicheskoj bezopasnosti kommercheskih bankov // Finansovyj menedzhment. – 2018. – № 1. – S. 90–97.
7. Belov P.G. Upravlenie riskami, sistemnyj analiz i modelirovanie: v 3 ch.  Ch. 1: uchebnik i praktikum dlya vuzov. – M.: Izd-vo «Yurajt», 2020. – S. 88.
8. Politika upravleniya rynochnymi riskami [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/politika-upravleniya-rynochnymi-riskami-v-kommercheskih-bankah/viewer (data obrashcheniya: 18.03.2021).
9. Alabina T.A. Bankovskij menedzhment: ucheb. posobie dlya srednego professional’nogo obrazovaniya. – M.: Izd-vo «Yurajt», 2020. – S. 107.
10. Popova O.V. Razvitie raznourovnevyh finansovyh sistem v usloviyah globalizacii i mul’tipoliticheskih riskov // SIU – filial RANHiGS pri Prezidente RF. – Orel, 2018. – S. 268.
11. Kurcheeva E.M. Ipotechnoe kreditovanie: statisticheskij analiz rynka i vyyavlenie tendencij v usloviyah ekonomicheskih preobrazovanij // Finansovyj menedzhment. – 2019. – № 2. – S. 63–70.
12. Instrukciya Banka Rossii ot 28.12.2016 № 178-I «Ob ustanovlenii razmerov (limitov) otkrytyh valyutnyh pozicij, metodike ih rascheta i osobennostyah osushchestvleniya nadzora za ih soblyudeniem kreditnymi organizaciyami» [Elektronnyj resurs]. URL: docs.cntd.ru/document/456048788 (data obrashcheniya: 14.05.2021).
13. VaR [Elektronnyj resurs]. URL: ru.wikipedia.org/wiki/VAR (data obrashcheniya: 09.03.2021).
14. Protivodejstvie legalizacii prestupnyh dohodov i finansirovaniyu terrorizma [Elektronnyj resurs]. URL: sberbank.com/ru/compliance/finmonitoring (data obrashcheniya: 28.03.2021).
15. Oficial’nyj sajt Central’nogo banka Rossijskoj Federacii [Elektronnyj resurs]. URL: cbr.ru/today/resist/resist_sub/2019/(data obrashcheniya: 05.04.2021).
16. Shalaev I.A. Ocenka finansovoj bezopasnosti v sisteme protivodejstviya legalizacii (otmyvaniyu) dohodov, poluchennyh prestupnym putem // Tendencii i perspektivy razvitiya. – 2019. – №  2. – S. 237–238.
17. Gladkova S.B. Vovlechenie kreditnyh organizacij v nezakonnye skhemy legalizacii dohodov //Nauch. vedomosti Belgor. gos. un-ta. Ser.: Ekonomika. Informatika. – 2019. – № 2.
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19. Belgorodskaya V.L. Analiz effektivnogo korporativnogo upravleniya v sisteme minimizacii riskov kreditnoj organizacii // Izv. Tul. gos. un-ta. Ekonomicheskie i yuridicheskie nauki. – 2018. – S. 211.
20. Shalaev I.A. Analiz rossijskoj praktiki informacionnogo obespecheniya innovacionnoj deyatel’nosti finansovo-kreditnyh organizacij v oblasti oblachnyh tekhnologij // Mezhdunarodnaya ekonomika. – 2021. – № 3. – S. 219–231.

Formation and development of the social mortgage system  in Russia and the Uunited States
Fokina A.V., Postgraduate student of the second year of study Central Russian Institute of management – branch of Ranepa under the President of the Russian Federation, e-mail: albinarogaleva@yandex.ru
SPIN-code: 3385-6496

Annotation. The article describes and justifies the need for social housing mortgages in modern society, analyzes and compares the key programs of social housing lending in the United States and Russia. The parameters of social mortgage programs and the target categories of citizens who are targeted by state support for the purchase of housing are systematized. The prospects of adapting the successful experience of the United States in the field of social mortgage lending to the Russian conditions of Russia are studied and measures to improve social mortgage programs in Russia are justified.
Keywords: social mortgage, mortgage lending with state support.

References
1. Demirova V.A., Suhanova P.A. Ipotechnoe kreditovanie kak instrument social’no-ekonomicheskogo razvitiya Rossii // Gumanitarnyye, social’no-ekonomicheskiye I obshestvennyye nauki. – 2020. – № 3. – S. 222–226.
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3. Bezemer D. & Zhang L. Credit composition and the severity of post-crisis recessions // Journal of Financial Stability. – 2019.
4. Drehmann M., Juselius M. & Korinek A. Accounting for debt service: the painful legacy of credit booms // BIS Working Paper. – 2017.
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6. Ipotechnoe kreditovanie v cyfrah Ипотечное кредитование в цифрах [Elektronnyy resurs]. URL: rusipoteka.ru/ipoteka_v_rossii/ipoteka_statitiska/(data obrashcheniya: 25.04.2021).
7.  Trofimova E.A. Razvitie zakonodatel’stva ob ipotechnom zhilushchnom kreditovanii na sovremennom etape v Rossii // Tambovskie pravovye chteniya imeni F.N. Plevako: materialy IV Mezhdunar. nauch.-prakt. konf. – 2020. – S. 115–118.
8. Lihanova V.V. Sistema social’nogo ipotechnogo kreditovaniya dlya molodezhi // Aktual’nye voprosy teorii i praktiki razvitiya nauchnyh issledovaniy: sb. st. Mezhdunar. nauch.-prakt. konf. – 2019. – S. 298–303.

FINANCIAL MARKET

Formation of a portfolio of bonds using different strategies
Rebelsky N.M., Candidate of Economic Sciences, Associate Professor of the Department of Banking and Financial Markets of the Financial University under the Government of the RFE, e-mail: NRebelskiy@fa.ru
SPIN-code: 7982-8775; Author ID: 702648

Annotation. The article discusses approaches to the formation of a portfolio of bonds, taking into account the possible use of individual investment accounts. The well-known model of G. Markovets, but with certain modifications, can serve as a methodological basis for the formation of such portfolios. The practical use of this model is carried out on specific examples that open up wide investment opportunities for a different circle of investors.
Keywords: bond portfolio, duration, individual investment accounts, risk, profitability, effective frontier, immunization.

Reference
1. Uilson R., Fabotstsi F. Korporativnyye obligatsii: struktura i analiz. – M.: Al’pina, 2005.
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3. Burenin A.N. Upravleniye portfelem tsennykh bumag. – M.: Nauchno-tekhnicheskoye obshchestvo imeni akademika S.I. Vavilova, 2007.
4. Shapkin A.S., Shapkin V.A. Upravleniye portfelem investitsiy tsennykh bumag. – M.: Dashkov i Ko, 2018.
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6. Informatsionnoye agentstvo C-Bonds [Elektronnyj resurs]. – Rezhim dostupa: cbonds.ru (data obrashcheniya: 15.03.2021).
7. Informatsionnyy portal ob investitsiyakh i investitsionnykh instrumentakh [Elektronnyj resurs]. – Rezhim dostupa: allfi.biz (data obrashcheniya: 15.03.2021).
8. Sayt Moskovskoy birzhi [Elektronnyj resurs]. – Rezhim dostupa: moex.ru (data obrashcheniya: 15.03.2021).