Contents of N2/2014

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Contents of № 2' 2014


Shestakova E.V., Phd Law, CEO LLC “Aktyalnyi menedjment”, e-mail:
Abstract. The beginning of the 2014 was associated with a significant increase of foreign exchange rates. In this regard, companies had to change contracts, financial plans, keep a record of the exchange rate and sum difference. In addition, we can expect a decrease in demand. Therefore, companies have to correct their work this year.
Keywords: increase in exchange rates, the exchange rate difference, financial plans, reducing demand.

1. http://xn--b1ae2adf4f.xn--p1ai/analytics/research/5866-analiz-export-import.html
3. Annual Report - 2013 / General. Ed. VI Meshcheriakova. International Agency accounting information in 2013. –704. 
4. O. Berg Translation differences / / Russian accountant. 2012. N 9. Pp. 35 - 59.

Filobokova L.Y., Dr. Sc. (Econ), Professor of Innovative Business Department, MSTU n.a. N.E. Bauman, e-mail:
Abstract. Market stability and competitiveness of small business is provided by a high level equilibrium of the social-ecological-economic system and is largely dependent on the efficient management of working capital and its components. The effectiveness of the measures of control action is achieved by the correct choice of strategy, tactics and development of informal assessment tools and analysis regarding each element of working capital. This article is devoted to the author’s justification of approaches to setting targets of the strategy and tactics of accounts receivable management of small enterprises and development of informal tools for its assessment and analysis.
Keywords: small business, non-formalized methodical approaches to an estimation and the analysis of accounts receivable.

1.Hiragasy Code of the Russian Federation.- Federal law № 14 of 26.01.1996
2.Foderalen law 209-FZ of g. «On development of small and medium businesses in the Russian Federation»
Form I.A. Financial management.- Kiev, Thought 2008
JC van horn Fundamentals of financial management - M:Williams, 2010
5. Efimova Obvineniy analysis .-M: OMEGA-L, 2010
6. Kovalev V.V., Volkova O.N. Analysis of economic activities of enterprises. M: TC Valby, Leningrad Avenue, 2007.
7. Lyubushin, I.E. a Comprehensive economic analysis of economic activity: textbook. - 2-e Izd., Rev. and extra - M: UNITY-DANA, 2005.
8. Melnik M.V., Gerasimova E.B. Analysis of financial and economic activity. M: FORUM:INFRA-M, 2007.
9.Otchetnosti (IAS) 39 "Financial instruments: recognition and measurement"

Medvedeva G.I., Phd of Economics, Assistant Professor of the Management Chair of Tambov State technical university, e-mail:
Abstract. Creation of a system of risk management in the enterprise realizing an innovation strategy is connected with certain changes in the organizational administrative structure. It is important to solve the problem of integration and subordination of the risk management system with the main departments of organizational enterprise structure. The offered method for assessing risk management efficiency allows to unlock the professional capacity of the management team, to check the actions execution and procedures of risk management, which in turn allows to receive the maximum effect from the implementation of innovative projects.
Keywords: the integrated risk management, judgment method, adapted management structure, the risk management efficiency.

1. Vorobyov S.N., Baldin K.V. Risk management in industry. – M.: Dashkov and K, 2005
2. Vyatkin V.N. Risk management: Text book/ V.N. Vyatkin, V.A. Gamzi, U.U. Ekaterinoslavskiy, J.J. Hampton – M.; Dashkov and K, 2003
3. Malashichina N.N., Belokrylova O.S. Risk management: Teaching guide. – Fenix,2004
4. PolesR.K. Razvitierisk management in the enterprise: a conceptual approach//Management in Russia and abroad. – 2008. – № 1. – с.63 – 64.



Cheremushkin S.V., Phd Economics, Senior Lecturer of the Mordovian state university of N.P. Ogaryov, e-mail:
Abstract. The widely accepted view is that the target function of any commercial firm is to produce financial results, i.e. to earn money. Although management is about using available resources effectively and efficiently and accomplishing desired goals, in practice quite often these goals pass into the background. To date management focuses on handling people, resources (money, materials, equipment etc.), processes, authorities, rules, relations between organizational units, quality etc. There is a need in performance management to ensure that various organizational activities are consistent with goals and aligned to strategic objectives. Performance management links strategy and everyday separate operational activities. This paper considers various components of performance measurement. A stakeholder approach to the effectiveness scorecard is suggested. An analysis of relationships between main groups of stakeholders is provided. A structure of an indicators system, taking into account the mutual interests of firms and stakeholders is proposed.
Keywords: performance measurement, performance management, key performance indicators, effectiveness, efficiency productivity, balanced scorecard.

1. Artley Will, Suzanne Stroh. The Performance-Based Management Handbook: A Six-Volume Compilation of Techniques and Tools for Implementing the Government Performance and Results Act of 1993. Vol. 2. Establishing an Integrated Performance Measurement System / U.S. Department of Energy and Oak Ridge Associated Universities: Performance-Based Management Special Interest Group (PBM SIG). – 2001. – 100 p. – URL:
2. Axson David A.J. Best Practices in Planning and Performance Management: Radically Rethinking Management for a Volatile World. 3rd ed. – Hoboken: John Wiley & Sons, Inc. – 2010. – 302 p.
3. Borland Jim. Financial Performance. New York: Scitech Educational, Ltd. – 2000. – 155 p.
4. Capon Noel, John U. Farley, Scott Hoenig. Toward an Integrative Explanation of Corporate Financial Performance. Norwell: Kluwer Academic Publishers. – 1996. – 405 p.
5. Carton Robert B., Charles W. Hofer. 2006. Measuring Organizational Performance: Metrics for Entrepreneurship and Strategic Management Research. Bodmin: MPG Books, Ltd. 280 p.
6. Ebinger Jane O. Measuring Financial Performance in Infrastructure: an Application to Europe and Central Asia. Washington, D.C.: World Bank Policy Research Working Paper. – 2006. – 24 p.
7. Goldratt Eliyahu M., Jeff Cox. The Goal: A Process of Ongoing Improvement. Great Barrington: North River Press. 3rd rev. ed. – 2004. – 384 p.
8. Hershman Stuart, Joyce G. Mazero. Financial Performance Representations: the New and Updated Earnings Claims. Chicago: ABA Publishing. – 2008. – 308 p.
9. Jex Steve M. Organizational Psychology: A Scientist-Practitioner Approach. New York: John Wiley & Sons, Inc. – 2002. – 555 p.
10. Kaplan, Robert S. and David P. Norton. The Balanced Scorecard – Measures that Drive Performance.
Harvard Business Review, January-February 1992. – Рp. 71–79.
11. Kaplan Robert S. and David P. Norton. Using the Balanced Scorecard as a Strategic Management System. Harvard Business Review, January-February 1996. – Рp. 75–85.
12. Knight Rory, Marc Bertonche.Financial Performance. Oxford: Butterworth – Heinemann. – 2001. – 208 p.
13. Meyer Marshall W. Rethinking Performance Measurement: Beyond the Balanced Scorecard. Cambridge: Cambridge University Press. – 2002. – 206 p.
14. Mulford Charles W., Eugene E. Comiskey. Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance. Hoboken: John Wiley & Sons, Inc. – 2005. – 414 p.
15. Neely Andy, Chris Adams, Mike Kennerley. The Performance Prism: The Scorecard for Measuring and Managing Business Success. Pearson Education. – 2002. – 377 p.
16. Druker, Piter F. Praktikamenedzhmenta. / Per s angl.M.: Izdatel'skijdom «Vil'jams», 2003. – 398 s.
17. Korbett, Tomas. Upravlencheskijuchjotpo TOS. Uchjotprohoda. – K.: Izd-voNeobhіdno i dostatn'o, 2009. – 240 s.
18. Norton D.P., Kaplan R.S. Sbalansirovannajasistemapokazatelej. Otstrategii k dejstviju. – Olimp-Biznes, 2003. – 304 s.

Nazarova V.V., Ph.D. in Economics, Assistant Professor, Department of Financial Markets and Financial Management, National Research University – Higher School of Economics,St.Petersburg, e-mail:
Abstract. In the article is risen the issue of optimal capital structure for a company and the choice of financing sources. The correctly chosen structure of company capital contributes to an effective target spending of funds, realization of investment projects, disciplines financial managers, responsible for investment decision-making.
Keywords: The optimal capital structure, funding sources, financial leverage, the financing of company, APV methods, company’s equityand debt.

1. Blank IA Manage capital formation. - K.: "Nika - Center", 2000. - 512.
2. Elmurzaeva AB Company manages its capital structure / / Russian Entrepreneurship. - 2010. - № 5 (2). – S. 90 - 93.
3. Mescheryakov DA YA Mescheryakov Economic entity financing the enterprise / / Bulletin of the TSU. - 2009. – № 4. - S. 350 - 354.
4. Rudyck NB Corporate capital structure : theory and practice . - Moscow: Delo, 2004. - 272.
5. Teplova TV Modeling the cost of corporate borrowing in Russia / / Corporate Finance Department. - 2011. – № 5 (47). - S. 198 -220.
6. Teplova TV Effective CFO. - M. : Publishing Yurait 2011. - 507.
7. AV Fomin, N. Smirnov Raising funds from zero to infinity. - M.: Berator - Publishing, 2008. - 240. 
8. Bаtrаncea M., Popa A., Ardelean V. and Moscviciov A. The Financial Structure and Its Role in the Financing of the Entity // Annals of the University of Oradea : Economic Science, Vol. 3, 2008, pp. 75–80.
9. Bhabra H.S., Liu T. and Tirtiroglu D. Capital Structure Choice in a Nascent Market: Evidence from Listed Firms in China // Financial Management, Summer 2008, pp. 341–364.
10. Bodie Z. Merton R.C. Finance. – New Jersey: Prentice Hall, 2008. – 593 pp.
11. Brealey R.A. Meyers S.C. Principles of Corporate Finance. – The McGraw-Hill Companies, 2003. – 1061 pp.
12. Frank M.Z. and Goyal V.K. Сapital Structure Decisions: Which Factors Are Reliably Important? // Financial Management, Spring 2009, pp. 1–37.
13. Graham J., Harvey C. The theory and practice of corporate finance: evidence from thefield // Journal of Financial Economics, 60, 2001, pp. 187–243.
14. Hennessy C.A. and Whited T.M. How Costly Is External Financing? Evidence from a Structural Estimation // The Journal of Finance, Vol. 62, 2007, pp. 1705–1745.
15. Van Horne J.C. Wachowicz J.M. Fundamentals of Financial Management. – New York: Financial Times/Prentice Hall, 2008. – 719 pp.




Fedorova E.A., Associate Professor of Chair of «Financial management», Financial University under the Government of the Russian Federation, e-mail:
Odegova L.Y., Post-graduate student of Chair the «Financial management», Financial University under the Government of the Russian Federation, е-mail:
Abstract. In the paper we satisfy the effectiveness of the use of investment attractiveness evaluation of organizations of the retail sector with the help of economic and mathematical modelling of stability provision under the conditions of concurrence. As an empirical basis was used data for 39 companies for the year 2010-2012. The importance of companies’ investment attractiveness for investors’ decision-making about the investment of their means in shares of companies.
Keywords: investment attractiveness, Q-Tobin coefficient, a binary probit-model, retail branch.

1. Kreinina M. N. Finansovyi menedgment: uchebnoye posobie. – M.: Delo i servis, 1998/ - 304 s. 
2. Agentstvo strategicheskih iniciatiiv. - 
3. Analis finansovogo sostoyaniya predpriyatiya i investitsionnoiy privlekatelnosty predpriyatiya: uchebnoye posobie / E.I. Krylov, V.M. Vlasova, M.G. Yegorova, I.V. Zhuravkova. – M.: Finansy i statistika, 2003. – 191 s.
4. Tobin J. A general equilibrium approach to monetary theory // Journal of Money, Credit and Banking. – 1969. – № 1. – P. 15–19.
5. Fedorova E.A., Pankratov K.A. Vliyaniye makroeconomicheskikh factorov na fondovyi rynok Rossii. // Problemy prognozirovaniya. – 2010. – № 2. – S. 78-83 (80)
6. Economicheskiye modeli s tsenzurirovannymi dannymi: uchebno-metodicheskoiye posobie / Tikhov M.S., Borodina T.S. – Nizhniy Novgorod: Nizhegorodskiy gosuniversitet, 2012/ - 50 s. Нижний Новгород: Нижегородский госуниверситет, 2012. – 50 с. (18) 
7. Shandor Zolt. Econometricheskiy likbez: ogranichennyie zavisimyie peremennyie. Multinominalnyie modeli discretnogo vybora // Kvantil/ - 2009. – № 7. – S. 9-20 (25) 
8. Baza dannykh Ruslana.-



Grishchenko A.V., Ph.D., Auditor, e-mail:
Abstract. On January 1, 2012 came into force Section V.1 of the Tax Code, which regulates the determination of prices for taxation , the legal status of related parties and tax control features between them. By this section was introduced a new concept – controlled transactions. Transactions, which are not controlled were distinguished to a special rate, but in practice cases often happen, when non-controlled deals become controlled deals. In this article will be considered the most often happening cases, allowing to understand when an uncontrolled deal becomes a controlled one.
Keywords: controlled transactions uncontrolled transactions, tax control.

1. Letter from the Russian Ministry of Finance May 18, 2012 № 03-01-18/4-65
2. Letter to the Russian Finance Ministry from October 5, 2012 № 03-01-18/7-137
3. Letter from the Russian Ministry of Finance May 16, 2013 № 03-01-18/17074
4. Letter to the Russian Finance Ministry from July 9, 2013 № 03-01-18/26632
5. Letter from the Russian Ministry of Finance July 17, 2013 № 03-01-18/28094
6. Letter to the Russian Finance Ministry from August 6, 2013 № 03-01-18/31678
7. Letter from the Russian Ministry of Finance October 18, 2013 № 03-01-18/8-145

Glazova E.S., PhD in Economics, Leading Researcher at the Institute for World Economy and International Relations of RAS, e-mail:
Stepanova M.P., PhD in Economics, Senior Researcher at the Institute for World Economy and International Relations of RAS

Abstract. The article deals with the evolution of resource taxation focusing on standard and resource rent taxes. The issue of resource rent evaluation and its distribution between the state and private investors by means of fiscal design are presented. The stages and factors determining the direction, character of development and tax regimes variants and instruments in resource centers of various countries are distinguished. The impact of significant global factors on the evolution of resource taxation is discussed, namely, the balance of power shifts between resource–rich countries and international companies; the state role evolving as an economic regulator through fiscal regime; resource price dynamics; Government support to the mineral resource sector through fiscal incentives. 
Keywords: evolution of resource taxation, rent evaluation, rent distribution, resource extracting industries, concessionary fiscal regime, contractual regimes, corporate income tax, royalty, resource rent tax, windfall tax, fiscal incentives.

1. Aarsness Frian and Petter Lindgren (Pyry Management Consulting AS (Norway). Fossil Fuels – At What Cost? Government support for upstream oil and gas activities in Norway. For the Global Subsidies Initiative (GSI) of the International Institute for Sustainable Development (IISD) (Geneva, Switzerland). – January 2012.
2. BP Statistical Review of World Energy. – June 2013 (
3. Calder J. Resource tax administration: the implications of alternative policy choices // The Taxation of Petroleum and Minerals: Principles, Problems and Practice. Ed. by Ph. Daniel, M. Keen and Ch. McPherson. International Monetary Fund. Routledge. – 2010.
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5. Energy Tax Group of PricewaterhouseCoopers. Conventional and Beyond: Oil and Gas Taxation in Canada. – April 2008.
6. The Extractive Industries Transparency Initiative (
7. Hogan L. and B. Goldsworthy. International Mineral Taxation// The Taxation of Petroleum and Minerals: Principles, Problems and Practice. Ed. by Ph. Daniel, M. Keen and Ch. McPherson. International Monetary Fund. Routledge. – 2010.
8. Land B.C. Resource Rent Taxes// The Taxation of Petroleum and Minerals: Principles, Problems and Practice. Ed. by Ph. Daniel, M. Keen and Ch. McPherson. International Monetary Fund. Routledge. – 2010.
9. McPherson C. State Participation in the natural resource sectors // The Taxation of Petroleum and Minerals: Principles, Problems and Practice. Ed. by Ph. Daniel, M. Keen and Ch. McPherson. International Monetary Fund. Routledge. – 2010.
10. Nakhle C. Petroleum Fiscal Regimes // The Taxation of Petroleum and Minerals: Principles, Problems and Practice. Ed. by Ph. Daniel, M. Keen and Ch. McPherson. International Monetary Fund. Routledge. – 2010.
11. Oil: Crude oil prices. (;
12. Oliveira Adilson de and Tara Laan. Lessons Learned from Brasil’s Experience with Fossil-Fuel Subsidies and their Reform. – June 2010. (
13. Sawer Dave and Seton Stiebert. Fossil Fuels – At What Cost? Government Support for oil activities in three Canadian provinces: Alberta, Saskatchewan, and Newfoundland and Labrador. For the Global Subsidies Initiative (GSI) of the International Institute for Sustainable Development (IISD). Geneva, Switzerland. – November 2010.
14. Glazova E.S., Stepanova M.P. The distinctive features of oil and gas taxation // Financial management – 2012. – № 5.


DoncovaL.V., Doctor of Economics, Professor. REU named after GV Plekhanov, e-mail:
IvushkinaO.O., Director of Finance and Economics, LLC "Crimean vodka company", e-mail:
Abstract.The balanced sequence of tax system improvement solutions is one of the main tasks of government finances. The monitoring of the Ukrainian tax system has shown that there are many financial contradictions in this sphere, namely: legal instability of tax regulation, complexity of tax administration, social justice and tax distribution principles violations, negative impact of tax mechanisms on the national economy, poor tax discipline. So the definition methods of tax control seem to be a significant problem of government regulation. The article proves that when the quality of tax control is assessed everyone should consider not only quantitative indicators, but also the adequacy of the legal framework, the validity of the audit results, and the scale and frequency of control actions. The criteria of the the effectiveness assessment of tax control should include the rate of additional charges afte an audit completion, which will be a prerequisite of its preventive function.
Keywords: tax control, tax administration, government regulation, Ukraine, control measures.

1. Goldsmith R. Financial structure and development / Goldsmith R. Vale University Press: New Haven, 1969.– 561 p.
2. Z.Bodie, R.Merton Finance / Per. with Engl. - Izd. house "Williams", 2000. - S. 38.


Gubanov R. S., Phd Economics, Associate Professor of Department of Finances and Credit, a Branch of the Non-State Educational Institution of Higher Professional Education «Moscow University named by S. Y. Witte» in the city of Ryazan, e-mail:
Abstract. The article proposes criteria for the classification of the cash flows in the system of enterprise financial management. Researches in the field of evaluation, analysis and distribution of cash flows on the example of milk processing enterprise LLC «Molpromtorg». Risk inherent to milk processing enterprises, at the organization of cash-flow movements are systematized.
Keywords: cash flows, financial management, risks, system, enterprise.

1. BlankI.A. Financial management: a Training course. - K.: nick Centre, Elga, 2010. - 478 P.
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7. Financial management: textbook / group of authors, Ed. by N.I. Берзона and T.V. Heat. - M. KNORUS, 2013. - 656 P.


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