FINANCIAL MANAGEMENT COMPANIES
Lease financing as a special model of state-private partnership
Gubanov R.S., Phd Economics, Associate Professor of Department of Finances and Credit, Branch of a Private Institution of Higher Education «Moscow University named by S.Y. Witte,» in the city of Ryazan
Abstract. The article considers the peculiarities of lease financing in the conditions of development of public-private partnership (PPP). The international experience in implementing public-private partnership is described. Theoretical approaches to the organization of leasing finance are summarized. The interpretation of authorities in business-process organization under the terms of PPP. Examples of calculation of use efficiency of leasing finance through the mechanism of public-private partnership are shown.
Keywords: leasing, financing, lease financing, business, public-private partnerships, investment, investors.
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2. Endovitskii, D. A. Financial management: textbook / endovitskii D. A. Shcherbakova N. F., Isayenko A. N. and others; under the General editorship of Dr. of Econ. Sciences, Professor D. A. Endovascular. - M : reed Groups, 2011. - 800 P.
3. Matasova M Models of interaction of large business corporations and the state in a regional format // the Power, 2013. - № 2 P. 119.
4. Russia 2013. Annual report of the Franco-Russian analytical centre for French-Russian Observatory / led Arnaud Dubien, publication, 2013 - 534 P.
5. Fresh solution: leasing companies are actively developing new markets // Profile 2013. - № 44 (November). 56 P.
6. Improving the management of municipal property and municipal economy. Analytical materials and practical recommendations // Under the editorship of E. Markwart. - Rostov-on-Don, 2013. - 344 P.
Common problems in firm performance measurement
Cheremushkin S.V., Ph. D Economics
Abstract. The paper addresses the widespread problem of indicators application measuring the firm activity performance. The final activity of the firm is assessed on the basis of financial indicators, but these indicators are not suitable for strategic or operational management, because they are the consequence and not the cause. With the purpose of management forward indicators are needed, revealing the logic of interconnection between the controlled drivers and the financial results.
Keywords: performance measurement, performance management, key performance indicators, effectiveness, efficiency productivity, balanced scorecard.
1. Goldratt Eliyahu M., Jeff Cox. 2004. «The Goal: A Process of Ongoing Improvement,» Great Barrington: North River Press. 3rd rev. ed. 384 p.
2. Meyer Marshall W. 2002. »Rethinking Performance Measurement: Beyond the Balanced Scorecard,» Cambridge: Cambridge University Press. 206 p.
3. Spitzer Dean R. 2007. «Transforming Performance Measurement: Rethinking the Way We Measure and Drive Organizational Success,» New York: AMACOM. 288 p.
4. Adizes, Ichak K. Ideal'nyjrukovoditel': Pochemuimnel'zja stat' ichtoizjetogosleduet // IchakKalderonAdizes; Per. s angl. M.: Al'pinaBiznesBuks, 2007. – 262 s.
5. Korbett, Tomas. Upravlencheskijuchjotpo TOS. Uchjotprohoda. – K.: Izd-voNeobhіdnoidostatn'o, 2009.
.– 240 s.
Management of competitiveness of small business of toolkit financial benchmarking
Filobokova L.Y., Dr. Sc.(Econ), professor of Innovative Business cathedra, MSTU n.a. N.E. Bauman
Abstract. Leading scientists and practicing economists have concluded that a competent working capital management should be the content of the strategy and tactics of financial management and management of small business in general. Predominance and high share of working capital (up to 90%), allow to state that the level of entrepreneurship competitiveness in small organizational and economic forms might be diagnosed with the use of non-formalized tools-benchmarking, allowing to identify the reference for comparison and subsequent development of adequate means of management effects.
Keywords: small business, competitiveness, management.
1. Federal law no 209-FZ of 24.07.2007г. «On development of small and medium businesses in the Russian Federation»
2. The strategy of innovative development of the Russian Federation for the period until 2020, approved by decree of the Government of the Russian Federation from December 8, 2011 № 2227-R.
3. Maslov D. Global benchmarking// Consultant, 2013.-C. 1-7
4. Mikhailova E.A. Basics of benchmarking: the basic principles of the concept and planning of benchmarking project// Corporate management, 2001 . C. 1 - 26
5. Schumpeter J. The theory of economic development./ - a collection . - A.G. Mileikovskogo. - M: Progress publishers, 1982 - 453с.
INVESTMENTS AND BUSINESS
Paradox of energy services
Semenov S.A., Head of Implementation of Energy Service Contracts Schneider Electric in Russia MIRBIS MBA
Abstract. Article is devoted to energy services – the business model under which the investments necessary today for the implementation of energy efficient solutions are covered by future energy savings while hedging. The author shows the global energy challenges (problems) and demonstrated how to overcome them through increased energy efficiency. Examples of implementation models of energy services are described. The advantages of energy service as a contemporary trend in the world and its future in Russia are described.
Keywords: energy service, energy efficiency, energy conservation, energy consumption, energy resources, energy, manufacturing, business model, economy, legislation, performance contract, product cost.
Analysis of quality strategy
Nikiforova N.A., PhD (Economics), Associate Professor of the Department of Economic Analysis of the Federal State-Funded Educational Institution of Higher Professional Education «Financial University under the Government of the Russian Federation»
Abstract. Quality strategy is a strategy for success, which is based on the difference of a product (goods, services) of an enterprise from the products of competitors, and this difference has a great value. In the article is considered the analysis of strategy, focused on quality, including indicators such as organizational structure, staff, culture, strong brand. Focus on the production quality increase necessitates effort, additional investment and risk. Yes and we will receive the returns, associated with the additional value in the long term. But, on the other hand, all this may deter competitors from copying this strategy. And in this case, the company receives a strategic advantage.
Keywords: strategic analysis, quality indicators, analysis of success factors, total quality management, monitoring needs, the evaluation of the indicators of the production, sale and services.
1. Neff R. Quality: Overview – Japan // Business Week. October 29, 1991. P. 22–23;
2. Jacobson R., Aaker D.A. The Strategic Role of Product Quality //Journal of Marketing. 1987. October. P. 31-44.
3. Young J. The Quality Focus at Hewlett-Packard // The Journal of Business Strategy 1985. № 5. Winter. P. 7.
4. Aaker D.A., Jacobson R. The Financial Information Content of Perceived Quality // Journal of Marketing Research. 1994. May.
5. Peters Т., Austin N. Passion for Excellence. New York: Random House, 1985. P. 77.
6. Sager I. IBM Leans on Its Sales Force// Business Week. February 7,1994. P. 110.
7. A brief overview of the problems of integrated quality management in the USA. Special issue«California Management Review»- (Spring 1993)
Innovations in the field of natural resources mining and increased investment risks in the steel industry in the conditions of globalization
Pleshchenko V.I., Ph.D. in Economics, FSUE «Goznak», Head of department
Abstract. The globalization of the world economy and the rapid development of new technologies of mining considerably increase investment risks associated with investing in the development of industries whose products have replacement alternatives by consumers, taking place in other sectors of the economy as well. The author considers the given situation on the example of realization by Russian metallurgical holdings of projects of coking coal development, noting the radical transformation of the world market of energy ressources as the cause for the sustained reduction of the world conjecture of raw coal.
Keywords: globalization, technological development, iron and steel industry, raw coal, resource substitution, vertical integration, investment risk.
1. Ilichev I.P., Brinza V.V., Ugarova O.A. The influence of Russia's accession to the WTO on the development of the national iron and steel industry // Economics in industry. 2013. No. 3. pp. 55-63.
2. Vladimir Lisin is expecting bankruptcies competitors. [Electronic resource]. – URL: http://rbcdaily.ru/industry/562949990517645 (accessed 10.04.2014).
3. Zhigir I. Mining divisions of metal holdings of Russia: raw around the head // Metal supply and sales. 2012. No. 9. pp. 24–32.
4. Katunin V.V. Main indicators of the steel industry in Russia in 2013.// Ferrous metallurgy. 2014. No. 3. pp. 3–23.
5. Current year could have for Russian steel makers worst of the past. [Electronic resource]. – URL: http://top.rbc.ru/economics/22/05/2013/858606.shtml (accessed 10.04.2014).
6. Shtanskii V.A., Krasnova N.A. Incentives and constraints of different forms of integration of Russian steel companies in a globalizing world economy // Economics in industry. 2011. No. 3. pp. 3-10.
7. The accident at the "Raspadskaya" will not stop production on MMK. [Electronic resource]. – URL: http://old.fedpress.ru/federal/econom/tek/id_184262.html (accessed 10.04.2014).
8. Steelmakers don't need raw materials // Vedomosti, January 21, 2013.
9. NLMK are not the champion // Vedomosti, March 31, 2011.
10. Black wave shale revolution // NG-Energiya, January 15, 2013.
11. NLMK will wait until the rise of coal prices // Vedomosti, 4 February, 2014.
12. "Mechel" driven into coal. [Electronic resource]. – URL: http://www.gazeta.ru/business/2013/04/26/5281789.shtml (accessed 10.04.2014).
13. Hydrate victory// Dengi, No. 19 (927), May 20, 2013.
TAXES AND TAXATION
Aggressive tax planning
Aparyshev I.V., Adviser to the State Civil Service of the Russian Federation 3 class, Leading Consultant of the Federal Financial Monitoring Service, Applicant under the Financial University under the Government of the Russian Federation
Abstract. Tax planning is recognized as one of the most important ways to optimize the economic activity of a company. To achieve the objectives an organization must have qualified tax advisors. Tax planning when toughly used becomes aggressive tax planning. Aggressive tax planning in some cases has features of a criminal offence.
Keywords: tax optimization, tax evasion, taxpayer, risks, criminal law.
1. The Tax Code of the Russian Federation.
2. Chamkinа NS Comment (itemized) to Chapter 21, "Value Added Tax" and 22 "Excise" of the Tax Code of the Russian Federation.
3. Aggressive tax planning is equated a criminal offense. – www.klerk.ru
4. Tax Planning. – www.grandars.ru
5. Global tax persecution. – www.bakertillyrussaudit.ru
6. Aggressive tax planning in light of the OECD Report. – nalogoved.ru
7. Tax Planning. – www.pnalog.ru
Problem of assessment of tax potential of the city of Moscow using the method of gross regional product
Grishchenko A.V., Ph. D. Economics, Moscow City University of Management of the Moscow Government
Chigrakova N.M., Post-graduate student, Moscow City University of Management of the Moscow Government
Abstract. Tax potential is characterized the maximum possible amount of taxes and fees in the budget of the region and is an important indicator in tax planning.
Evaluation and forecast of the tax capacity of each subject of the Russian Federation have an important role in planning the budgets of all levels and the development of tax policy. In the economic literature and practice financial assessment of the tax potential of the region is widely used in the field of budgetary control, however, is only one of the interrelated aspects of the role of tax potential in the region’s economy. Regional tax potential assessment has no less a significance for the improvement of reproduction management of the economic complex of the Russian federation subject and its budgetary and tax component.
There are various methods of assessment of tax capacity, one of the assessment methods used in Russia and abroad is a method using the gross regional product.
Keywords: tax potential, methods of assessment, gross regional product, tax capacity estimation problem.
1. Institutional approachto the study oftax capacityandtax burden//VV Kuzmenko, EA Efimets-Collection of scientific papersNCSTU. Series "Economy"- 2005- №1
2. Intergovernmental Relations in the Russian Federation: Proc. benefits.for students studying in the field of "Finance and Credit", "State and Municipal Management" /AE Suglobov, YI Cherkasova, VA Petrenko.-Moscow: UNITY-DANA, 2010, -263.
3. Evaluation of tax capacity and expenditure needs of the Russian Federation / et al. : PA Kadochnikov , OV Lugovoi , IV Trunin . - IET , CEPRA, 2001 . URL: http://www.ru-90.ru/content/ ( date of access : 15.04.2013 )
4. Gross regional product and its calculation practice in Russia. URL: http://www.cisstat.com/meet-sna2004/glukhova.htm ( date of access : 27.04.2013 )
5. Informational portal of the Federal State Statistics Service. URL: http://www.gks.ru/ ( date of access : 30.04.2013)
6. Uniform Information Gateway interagency statistical information system . URL: fedstat.ru ( date of access : 30.04.2013 )
7. A. Mishachkova Legal budget estimates of tax potential of the region and the formation of tax policy of Moscow / Finansy.ru URL: http://www.finansy.ru/st/post_1276490241.html ( date of access : 13.04.2013 )
8. A. Lossan What problems "New Moscow" has brought to market participants .URL: http://www.gdeetotdom.ru/expert/author/ 1854655 / ( dateaccessed : 05/05/2013 )
Territory business climate and the estimation of its influence on tax revenues planning to the local budget on the example of the Vladivostok city district budget
Samsonova I.A., Associate Professor «Finance and Taxes» VGUES
Zhuravlyova M.O., Student VGUES, 4th course
Abstract. Territory business climate- is the attitude of the subject, executive agencies to business , the possibility to do business comfortably in a particular region. In order to improve the entrepreneurship climate and increase the tax revenues of the budget by decree of the Vladivostok city administration from 18.09.2013 N2673 has been approved the municipal program “Development of small and medium enterprises in the city of Vladivostok” in 2014-2018. The system of taxation, which entered into force on 1 January 2013, is quite a “young” tax regime and of course will continue to be subject to correction and addition.
Keywords: business climate, planning, tax revenues, budget Vladivostok.
1. Kuznetsov A.A. Analysis of the investment attractiveness of the business climate in Cuba for Russian business. M: Moscow State University named after M.V. Lomonosov, 2002
2. Official website SUPPORT OF RUSSIA [electronic resource]. - Mode of access: http://new.opora.ru/
3. Official site of the city of Vladivostok [electronic resource]. - Mode of access: http://www.vlc.ru/
4. Decision of Vladivostok City adminstration from 18.09.2013 № 2673 «On approval of the municipal program «Development of small and medium enterprises in the city of Vladivostok», 2014-2018».
5. Decision of Vladivostok City adminstration from 28.09.2012 № 3456 «On approval of the long-term target program «Development of small and medium enterprises in the city of Vladivostok», 2013-2015».
6. What to Expect local budgets from a new tax on patent // News Vladivostok and Primorsky region [electronic resource]. - Mode of access: http://vladnews.ru/3231/politika/chto_zhdat_mestnim_byudzhetam_ot_novogo_naloga_na_
BOOKKEEPING AND ACCOUNTING
Balance formation on a cash basis
Nefedovа T.N., Head of Internal Audit Department of an International Holding
Abstract. From January 1, 2013, all organizations regardless of the applied tax regime must keep accounting records and submit financial statements to tax authorities. Thus, companies that use the simplified system of taxation, which were “liberated” from reporting due 2013 must provide accounting reports to tax authorities. But how can I create a balance, if since 2003 accounting records had not been maintained? And, if the company uses the cash method of accounting for income and expenses it is possible when forming an accounting balance to form undistributed profits based on the profits, which are reflected in the accounting ledger and income under the simplified system. In this article we will consider a method of balance formation when using the cash method of accounting of income and expenses.
Keywords: balance, cash method of accounting for income and expenses, the simplified system of taxation.
1. The Tax Code of the Russian Federation.
2. Federal Law of 24.07.2007 № 209-FZ "On the development of small and medium entrepreneurship in Russian Federation."
3. Letter to the Russian Finance Ministry of 04.02.2013 № 07-01-06/2253.
4. Letter to the Russian Finance Ministry of 23.10.2012 № 03-11-09/80.
5. Letter to the Russian Finance Ministry of 26.03.2012 № 03-11-06/2/46.
6. Information number PZ-3/2012 "A simplified accounting system and accounting for small businesses."
7. Order Russian Finance Ministry of 31.10.2000 № 94n "On approval of the accounts for financial and economic activities of organizations and instructions for its use."
8. Typical recommendations on the organization of accounting for small businesses, approved by order of the Russian Finance Ministry of 21.12.1998 № 64n.
9. PBU 9/99 «Incomes organization».
10. PBU 10/99 «Expenses organization».
11. PBU 6/01 «Asset Accounting».
12. Order Russian Finance Ministry of 02.07.2010 № 66n «Forms of Financial Statements organizations».
13. Letter to the Russian Finance Ministry of 10.01.2006 № 03-11-05/2.
14. Letter to the Russian Finance Ministry of 15.12.2005 № 03-11-04/2/154.
15. Letter UFNS Russia in Moscow от 11.11.2004 № 21-09/72969.
International and national standards of the account risk with derivative financial instruments
Bobok V.S., Phd Economics, Senior Lecturer of Department of Economy of the Russian State Social University
Abstract. The main issues of financial risk management are described in this article in accordance with international standards. Contemporary methods of management quantitative assessment of forward interest rate. New materials on organizational aspects of risk management, models of evolution of interest rates and the analysis of macroeconomic risks are given. A systematized review of methods of quantitative analysis, used in risk-management, models of pricing and application of derivative financial instruments is given.
Keywords: risk, financial instruments, bonds, interest rates, default, coefficients of a percentage covering and calculation of an extra charge for credit risk.
1. Douglas L.G. Risk analysis of operation with bonds on the securities market/lane with English – M.: Filin 2008
2. Allen S. Financial risk management: A practitioner’s guide to managing market and credit risk. – Hoboken, N. S.: John Wiley & Sons, Inc., 2003.
3. Cauoette J.B., Altman E.I., Narayanan P. Managing credit risk: The next great financial challenge. – L.: John Wiley & Sons, Inc., 2008.
4. Historical default rates of corporate bond Issuere, Moody’s special report.
5. Jorion P. Financial risk magager instruction manual 4thed – N.Y.: John Wiley & Sons, Ltd., 2009.
6. Moody’s Investors Service, 2009, January.
7. Moody’s rating mi gration and credit quality correlation. Special report, Moody’s Investor Service, 2004.
Order from January 9, 2014 number 1N "On approval of Operations Management remaining funds in a single account of the federal budget to the purchase (sale) of securities under repurchase agreements"
Features and development of the Islamic financial industry at the present stage
Irniyazov B.S., Phd Economics, Associate professor, FSFEI “Financial university under the Government of the RF”
Abstract. The Islamic finance industry continues to grow, extending its niche within the international financial market. Attracting considerable interest as a non-traditional model of financial intermediation, Islamic financial institutions have shown strong growth of their assets and facilitate the spread of the Islamic financial services in the global financial market.
Keywords: Islamic finance industry, Islamic financial institutions, Sukuk securities, the development of Islamic banks, the global financial system.
1. UK Excellence in Islamic Finance / www.ukti.gov.uk
2. The Banker. Top 500 Islamic Banks.2012/ www.thebanker.com
3. Annual report 2012 /zawya.com
4. Thomson Reuters, Islamic Asset Management Report 2013
5. International Islamic Financial Market /www.iifm.net