Contents of N4/2014

all contents

Contents of № 4' 2014


Working capital is a fundamental factor in the development, competitiveness, the object of financial management of small businesses
Filobokova L.Y., Dr.Sc.(Econ), Professor of Innovative Business Department, MSTU n.a. N.E. Bauman
Abstract. Having analyzed the evolution of the economic and financial thought, the author offers to understand working capital as the placement of financial resources in current assets,, cyclically renewable for continuity of economic activity, and believes that to implement the set target of competitiveness growth of small entrepreneurship and the formation on this basis of the competitive environment of the national economy needs a scientific foundation of the model of innovative development of small business, in improving its institutional environment, in the formation of the adaptation mechanism of transformation of the entire infrastructure of support given the complexity of global and strategic tasks in the development instrumental and methodological apparatus of working capital management and financial resources based on implicit methodological approaches to analysis, planning, monitoring, controlling.
Keywords: small business, competitiveness, financial 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. J.. K. van Horne "Financial management" -M 12th ed. - M: "I.D. Williams".- 2008.
4. Marx K. Critique of political economy.- M: "Idea".- 1976
5. Kovalev V.V... "Analysis of economic activity of the enterprise"- M:Valby.- 2007
6. Raizberg B.A., Lozovsky LS Modern economic dictionary.-4-e Izd. Corr..M: INFRA-M - 2008
7. Ricardo D. "the Beginning of political economy and taxation"): state University-Higher school.- 1973
8. Smith A. a Study on the causes of the wealth of Nations .-M: state University-Higher school.- 1973

Financial management in the foreign jurisdictions 
Shestakova E.V., Phd Law, CEO “Aktualnyi menedjment”
Abstract. A lot of companies do business abroad. However, when doing business abroad it is necessary to correctly build export-import operations, correctly attract foreign investments and take into account the particularities of financial markets of different countries at the present stage.
Keywords: export-import operations, involvement of foreign investments, analysis of financial markets.

2. World investment report, 2013.
7. Drobot Governing law international contracts / / The Foreign Trade Law. , 2011. N 2. Pp. 7 - 8.
8. The global economy and international business: a crash course. - Moscow: KnoRus, 2010. - 280 p. - (The State University of Management).
9. I. Tkachenko Investments / Tkachenko, N. Small. - Moscow: Academia, 2009. - 240 E.



Influence of the company’s own capital structure during the transition to public status on indicators of operational efficiency in the coming years
Teplov Andy, Institute of Innovative Technology and Entrepreneurship, Software Engineer of Scientific Research Department,
Abstract. The article highlights the characteristics of the global and Russian IPO markets after the financial crisis 2008–2009 and the results of statistical analysis of indicators of companies’ operational efficiency before and after the public offering (IPO) under the control of the share capital structure. On a sample of 89 companies is shown that the transition to public status in the Russian market on a three year horizon does not increase the profitability of sales, return on capital, asset turnover, which corresponds to global trends. In companies where there is a high proportion of the former owners, the financial results are somewhat better than in the group with high dilution of equity capital.
Keywords: IPO, post-IPO performance, operational efficiency, equity structure.

1. Dreyho J. IPO: How and Why Companies Go Public / Per. from English. - Moscow: Publishing House "All The World", Publishing House "INFRA-M"», 2008. – P.329. 
2. Ross G. IPO and subsequent placement / Per. from English. M.: Olympus business, 2008. – 352 p. 
3. Teplova T.V. When participation in the IPO can be beneficial to market investors // Financial Management. – 2012. – № 6. – P.103-118. 
4. Teplova T.V. Corporate finance, textbook, chapter 2, M, Yurait, 2013 
5. Brau J., Fawcett St. Initial Public Offerings: An Analysis of Theory and Practice // The Journal of Finance. – 2006. – Vol. 61. – № 1. – Pp. 399–436.
6. Jain Bh.A., Kini O. The Post-Issue Operating Performance of IPO firms // Journal of Finance. – 1994. – Vol. 49. – № 3. – Pp. 1699–1726.
7. Jensen M., Meckling W. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure// Journal of Financial Economics. – 1976, 3 (4). – Pp. 305–360.
8. Kim K.A., Kitsabunnarat P., Nofsinger J.R. Ownership and Operating Performance in an Emerging Market: Evidence from Thai IPO Firms // Journal of Corporate Finance. – 2002. – № 10. – Pp. 355–381.
9. Kim W., Weisbach M. Do Firms Go Public to Raise Capital? NBER Working Paper. – 2005. – № W11197.
10. Leland, Hayne E., Pyle, David H. Informational asymmetrics, Financial structure and financial intermediation // The Journal of Finance. – 1977. – Vol 32. – № 2. – P. 371.
11. Nurwati A. Ah.-Z. Post-IPO Operating Performance and Earnings Management // International Business Research. – 2008. – Vol. 1. – № 2. – Pp. 39–48.
12. Pagano M., Panetta F., Zingales L. Why Do Companies go Pubic? An Emperical Analysis // Journal of Finance. – 1999. – Vol. 53. – № 1. – Pp. 27–64.
13. Ritter J.R., Welch I. A Review of IPO Activity, Pricing, and Allocations // The Journal of Finance. – 2002. – Vol. 57. – № 4.
14. Wang C. Ownership and Operating Performance of Chinese IPOs // Journal of Banking and Finance. – 2004. – № 29. – Pp. 1835–1856.
15. Yan D., Jun C. Long-Run Operating Performance of Initial Public Offerings in Japanese Over-the-Counter Market (1991–2001): Evidence and Implications // Asia-Pacific Financial Markets. – 2003. – Vol. 3. – Pp. 27–64.



The transfer of a debt under a simplified system of taxation
Nefedova T.N., Head of internal audit department of an international holding
Abstract. Transfer of debt is not a common form of relationship between parties. So when you use the transfer by the debtor of his or her debt on a different person, questions arise on how to reflect this operation. In this article is considered the transfer of debt within the framework of taxation, when using a simplified taxation system.
Keywords: debt transfer, simplified system of taxation.

1. The Tax Code of the Russian Federation. (part Two).
2. The Civil Code of the Russian Federation (Part I) of 30.11.1994 № 51-FZ.
3. Letter to the Russian Finance Ministry of 12.12.2008 № 03-11-04/2/195.
4. Letter UFNS Russia in Moscow of 10.11.2005 № 18-11/3/82713.
5. Letter to the Russian Finance Ministry of от 06.07.2012 № 03-11-11/204.
6. Letter to the Russian Finance Ministry of 18.12.2008 № 03-11-04/2/197.
7. Letter to the Russian Finance Ministry of 21.07.2008 № 03-11-04/2/108
8. The decision of the RF from 20.01.2006 № 4294/05.
9. Letter UFNS Russia in Moscow of 31.08.2011 № 16-15/084518@.
10. Accounting Regulations "Income" PBU 9/99, approved by Order of the Ministry of Finance of Russia from 06.05.1999 № 32n. 
11. Instructions for use of the Chart of accounts for financial and economic activities of organizations, approved by the Order of the Russian Finance Ministry of 31.10.2000 № 94n. 
12. Position on accounting "Accounting of inventories" RAS 1.5, approved by the Order of the Russian Ministry of Finance 09.06.2001 № 44n. 
13. 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." 
14. Typical recommendations number 64n "On the types of recommendations on the organization of accounting for small businesses." 
15. Letter to the Russian Finance Ministry of 30.07.2012 № 03-11-11/224.
16. Letter to the Russian Finance Ministry of 06.07.2012 № 03-11-11/204.

Analysis of the impact sac resolution number 57 on the procedure for the settlement of tax disputes
Grishchenko A.V., Ph.D. Economics, Auditor
Abstract. Resolutions of the Supreme Arbitration Court have a n important significance in tax disputes. Such decisions clarify contentious issues in taxation and determine the order of action in these situations. The large-scale by volume of information resolution of the Supreme Arbitration Court Plenum of the 30th of July 2013 N57 (further resolution number 57) is considered.
Keywords: Resolution of the Supreme Arbitration Court of the number 57, arbitration, tax disputes, analysis.

1. Resolution of the Plenum of the Russian Federation from July 30, 2013 № 57 "On some issues arising from the application of the arbitration courts of the Tax Code" 
2. Grishchenko AV Unjustified tax benefit NCOs receiving. Business-in-law. 2013. № 1. Pp. 177-180. 
3. Grishchenko AV Grishchenko YI RECEIPT OF TAX BENEFITS IN TAXPAYER payments to contractors. Bulletin of the Academy of Economic Security Interior of Russia.2011. № 2. Pp. 13-19.

Foreign experience of fiscal innovation stimulation in resource industries
Glazova E.S., Phd (Economics), Leading Researcher, Head of Group for Analysis of Price Formation, Inflation and Taxation at the Institute for World Economy and International Relations of RAS
Stepanova M.P., Phd of Science (Economics), Senior Researcher at the Institute for World Economy and International Relations of RAS
Abstract. The article deals with government support of R&D activity in the private industry focusing on indirect fiscal incentive regime implied in resource sphere. The specifics of innovations in the resource sphere, targets and types of applied tax benefits, mechanisms of their actions. The specifics of tax benefits with the framework of specific taxes, charged in the resource sectors (tax on corporation profit, rent taxes, tax on material benefits from the sale of securities). Are considered in detail such tax benefits as writing off all current expenditure on R&D, extra tax allowance, different schemes of R&D tax credit, special depreciation schemes for material assets used for innovation activities, investment tax credit are explained in detail. The practice of specific tax innovation stimulation in the extraction industries in UK, USA and Canada is presented.
Keywords: innovation, resource industries, government fiscal support, corporate income tax, rent taxes, tax incentives, innovation tax credit.

1. Tax and Royalty-related subsidies to oil extraction from high-cost fields. A study of Brazil, Canada, Mexico, United Kingdom and the United States. Research performed for: Greenpeace International. Prepared by: The Global Subsidies Initiative (GSI) of the International Institute for Sustainable Development (IISD). Final Report. November 2010.
2. Status of the Young Innovative Company (YIC). Paris, 2007 (//
3. Tax Incentives for Research and Development Trends and Issues. OECD. Paris. 2003.
4. Comparing Practices in R&D Tax Incentives Evaluation. Final Report. European Commission. Brussels. October 31, 2008. Appendix 2.
5. Tax incentives for innovation processes / holes. Ed. NI Ivanov. - M .: IMEMO, 2009.
6. Corporation Tax and Innovation: Issues at Stake and Review of European Union Experiences in the Nineties. European Commission. Innovation paper № 19. 2002.
7. Hall B.H. Tax Incentives for Innovation in the United States. A Report to the European Union. January 15, 2001.
8. Sullivan M. Oil Drillers Gain Billions from ‘Immoral’ Tax Break. June 16, 2010.
9. Kocieniewski D. As Oil Industry Fights a Tax, It Reaps Subsidies. New York Times. July 3, 2010.
10. Ernst & Young. Global Oil and Gas Tax Guide 2013. (
11. Dave Sawer, Seton Stiebert. Fossil Fuels – At What Cost? Government Support for oil activities in three Canadian provinces: Alberta, Saskatchewan, and Newfoundland and Labrador. (Geneva, Switzerland November 2010).



On the question of banking sector development forecast
Bobok V.S., Phd Economics, Senior Lecturer of Chair of Economy of the Russian State Social University
Abstract. The article analyzes the credit activity of Russian banks. The emergence of bankrupted banks in Russia, on one hand reflects the state of the general instability of the banking system, but on the other hand, is evidence of some positive qualitative changes, the emergence of competition and the emergence of self-regulation mechanisms in this field.
Keywords: assets, deposits, capital, financial crisis, credit, profit, rating assessment.

1. Glazyev SY On the objectives, problems and public policy measures development and integration. Scientific report of the Russian Academy of Sciences. – 2013.
2. Ershov, M. The global economy and the prospects for recovery pripyatstviya / / Problems of Economics – 2013. – № 12. – Pp. 61-83. 
3. Kravchenko, E. The Russian economy threatens to overheat the credit, says IMF / / Bulletin – 2013. – of April 23. 
4. Solntcev O. Stress test: whether Russian banks need to support the new state? / / Problems of Economics . – 2013. – № 4. – pp. 61-81.
5. Borio C., Disyatat P. Unconventional Monetary Policies An Appraisal // The Manchester School. – 2010. – Vol. 78. – No s1. – P. 53–89.
6. Guo K., Stepanyan V. Determinants of Bank Credit in Emerging Market Economies // IMF Working Paper. – 2011.



Actual issues of Ryazan region insurance market functioning
Gubanov R.S., Phd Economics, Associate Professor of Department of Finances and Credit, Branch of a Private institution of Higher Education «S.Y. Witte Moscow University» in the city of Ryazan
Abstarct. The article considers the trends in the activity of insurance organizations of the Ryazan region and Russian Federation; gives the dynamics of insurance premiums and payments for insurance contracts in the Ryazan region in comparison with subjects of the Russian Federation; summarizes problems of insurance market development of the Ryazan region and determines the prospects of its development.
Keywords: insurance market, insurance payments, insurance payments, insurance, insurers, options, Ryazan region.

1. Bogovis, A.V., Russian, I.E., Tinyakova, V.I. Comparative analysis of efficiency of activity of regional systems of compulsory medical insurance. / / Regional Economics: theory and practice № 6. 2014. - P. 2–12. 
2. Kuzovlev, NF Topical issues of regulation and control in the sphere of insurance Economics, Statistics and Informatics № 1, 2014. P. 84. 
3. The Regions Of Russia. Main socio-economic indicators of cities. 2011 : Stat. collection / Rosstat. - M, 2011 . - 396 P. 
4. Russia in figures. 2013. Crack. stat. collection / Rosstat. – M, 2013. – 581 P. 
5. Ryazan region in figures. 2013. Stat. collection of Ratingstar. – Ryazan, 2013. – 285 P. 
6. Insurers deprived of the award. The growth rate of the insurance market is slowing // Profile 2013. – № 47 48 P.
7. Tankevich, T.V., Germanovich, N.E. Insurance market of the Republic of Belarus: perspective directions of development / proceedings of IX International scientific-practical conference «Science and innovations – 2013» Economic science, 2013. P. 90. 
8. Yakovlev Century State insurance at the Ryazan land. - Ryazan: INFO. – 2001. – 172 P. 
10. http:




Quantitative methods for business
Donald Waters

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