Contents of N2/2015

all contents

Contents of № 2' 2015


The  implementation  of  scientific  and  practical  fundamentals of  financial  analysis  as  a  function  of  financial  management
Gubanov R.S., Phd Economics, Methodist Regional State Budgetary Educational Institution of Secondary Professional Education «Ryazan College of technology»
Abstract.  Research of the causes of deterioration of financial and economic conditions in Russia revealed that the weakening of the role of financial analysis, principles of its execution and opportunities at the micro level, led to the braking of financial balance at the macroeconomic level. The article considers the traditional methods and the financial analysis procedures specific to the new stages of economy development. The standards of the most significant financial coefficients in developed countries are given. Within the framework of financial analysis performance are compared different variants of investment project assessment on the basis of dynamic efficiency criteria.
Keywords: analysis, financial analysis, financial management, function of financial management, foundations of financial analysis, financial and investment analysis.

1. Anosova L. A. and Kabir H.P. The results of tax incentives for innovation and investment support // Economy and management№ 6 (92). - 2013. - P. 6.
2. Gibalova N. M. The influence of monetary policy on economic growth in conditions of instability // Banking No. 2. 2015. - P. 16.
3. Gubanov R. C. Changes in the business as the ID of the risk in the Russian economy // journal of Russian entrepreneurship. № 1 (247). 2014. - P. 58-63.
4. Gubanov R. C. implementation of the financial policy of the enterprise in order to minimize innovative risk // Financial management. No. 1. 2014. - P. 5-6.
5. Gubanov R. C. Insurance of financial risks as a method of risk management // Financial Analytics: problems and solutions. No. 8. 2014. - P. 31-35.
6. Erofeeva C. A. Auditing: textbook. manual / Century A. Erofeeva, V. A. Piskunov, T. A. Bityukova - 2nd ed., revised and enlarged extra - M.: Publishing house of writ, 2010. - 638 P. 
7. Efimova O. C. Financial analysis: modern tools for decision making: a textbook / O. Century Efimova - 2nd ed., wiped. - M. Publishing house "omega-L", 2010. - 350 P.
8. Kazakova N.A. Financial analysis: a tutorial and workshop / N. A. Kazakov. - M.: Publishing House Yurayt, 2015. - 539 P.
9. Kovalev Century Century Methods of evaluation of investment projects M.: Finance and statistics, 2012. - 784 P.
10. Magdenko V.G. Short-term and long-term financial policy: textbook. a manual for students / Century, Magdenko, M. C. Miller, I. L. Biconical. - M.: UNITY-DANA, 2010. - 471 P.
11. Likhachev O. N. Schurova C. A. Long-term and short-term financial policy of the enterprise: a Training manual edited by I. Ya Luckevich. - 2nd ed. Research: University tutorial: INFRA-M, 2011. - 288 P.
12. Lysenko, D. C. Financial management: a Training manual. - M.: INFRA-M, 2012. - 372 P.
13. Rumyantseva E. E. New economic encyclopedia 4th ed. - M.: INFRA-M, 2013 - VI - 826 P.
14. Financial management: textbook / the authors; edited by N. And. The Berzon, and So Century. Heat. - M. KNORUS, 2013. - 656 P.
15. 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 Group, 2011. - 800 P.
16. Chuev I. N. A comprehensive economic analysis of financial-economic activity: Textbook / I. N. Chuev, L. N. Chuev. - 3rd ed., Rev. and supplementary) Publishing and trading Corporation «Dashkov and», 2010. - 384 P.
17. Shokhin E. I. Financial management. M.: ID FBK-PRESS, 2013. - 903 P.



The  calculation  of  the  value  of  shares on  the  dividend  discount  model
Bobok V.S., Ph.D. Economics, Senior Lecturer, Department of Economics of the Russian State Social University
Abstract. The only kind of cash flows received from the company after the purchase of its shares on the open market – are the dividends. The simplest model for equity assessment – the dividend discount model, where the value of a share is the value of the expected dividends from it. This paper explores the Gordon model, model “H“ to assess growth, as well as special versions based on different assumptions about future growth. Apart from it are considered different uses of the dividend discounting and the result of research devoted to its effectiveness.
Keywords: action, dividends, capital, investment, the involved cost of equity, expected growth , discounting, ratio of retained earnings, the final price.
1. Adizes IK How to overcome the crisis management. Diagnose and resolve administrative problems . SPb .: Stockholm School of Economics in St. Petersburg, 2007.
2. Archibald R. Management of high-tech programs and projects : Trans. from English. M .: DNA Press , 2002.
3. Gray KF, Larson EW Project Management : A Practical Production : Trans. from English. M .: Business and Service, 2003.
4. Efremov VG Repin VV Business processes : Regulation and Control: A Textbook. M .: INFRA-M . 2005 .
5. Gordon, M. 1992, The investment, financing and valuation of the corporation. Homewood, iL: Yrwin. 



Crisis:  what  to  do  with  the  business? What  to  do  with  the  staff?
Nabokov A.B., Phd Technical Sciences, Project Manager of the Company ZAO «Strategy center», Business Coach
Abstract. In article on the basis of Business Performance Management technology (BPM-efficiency management), is considered a systemic, comprehensive approach of adaptation of companies management systems taking into account the threats and opportunities arising in time of crisis. The list of necessary in a crisis, initiatives aimed at optimizing the functioning of contours of strategic, operational, process management, as well as the optimization of structures, number of personal and changes in the motivation system. It is advisable to carry out the proposed changes by a professional, experienced team of trusting each other creators, accepting the company’s values and respecting the values of each other.
Keywords: adaptation of the business system in crisis conditions, business performance management company, process optimization, optimization of the organizational structure, reduction of staff, motivation of staff in crisis.

1. The performance management // Wikipedia: / performance Management.
2. Gary Cokins, performance Management programs in the public sector" // per.pdf.

The  issue  of  changing  the  economic  behavior of  the  entreprises of the mettalurgical sector  of  Russia  in  crisis conditions
Pleshchenko V.I., Ph.D. Economics, FSUE «Goznak», Head of Department
Abstract. Over the last decade, the domestic steel industry development strategy included plans to increase domestic sales and reduce dependence on export. However, the crisis of 2014-15 changed the economic behavior of industry players, resuming growth in steel exports. Herewith happened in parallel a

destabilization of the situation on the internal metallurgical market, because consumers were unable to purchase materials and components at the export parity price. Solutions of the arising problems can be found as a result of a balanced implementation of market, as well as administrative mechanism of regulation.
 Keywords: steel industry, domestic market, export, steel consumers, crisis, devaluation.

1. Shtanskiy 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.
2. Manturov gave metallurgists two weeks // Vedomosti, 10 February, 2015.
3. Annual report JSC "MMK" for the 2010 year. [Electronic resource]. URL: (accessed 15.02.2015).
4. Katunin V.V. Main indicators of the steel industry in Russia in 2013.// Iron and steel industry. 2014. No. 3. pp. 3-23.
5. Zhigir I. Prospects for the Russian steel industry: the point of non-redundancy / Metal supply and sales. 2013. No. 2. pp. 10-17.
6. Steelmakers were the first to work on weak ruble. [Electronic resource]. URL: (accessed 15.02.2015).
7. Commodity coincidence // Kommersant Money, No. 1-2, 19.01.-25.01.2015.
8. Growth of low processing. [Electronic resource]. URL: (accessed 15.02.2015).
9. Steelmakers and railcars plants suffer from have to conclude long-term contracts. [Electronic resource]. URL: (accessed 15.02.2015).
10. Il’ichev 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. 2013. No.3, pp. 55–63.
11. FAS has advocated the conclusion of long-term contracts between metallurgists and consumers. [Electronic resource]. URL: (accessed 15.02.2015).
12. Sergey Glazyev. It's time to enter the system control over pricing in the country. [Electronic resource]. URL: (accessed 15.02.2015).

Conceptualisation  of  sustainable  development  management of  the  production  systems  market  value  within  the  context of  economic  sociocoevolution
Bolshakov N.М., D. Sc. (Economics), Professor of «Management and marketing» Department, Syktyvkar Forest Institute (branch) of the Federal State Government-Financed Educational Institution of Higher Vocational Training «Saint-Petersburg state forest technical university named after S.M. Kirov»
Raush E.А., PhD student, Syktyvkar Forest Institute (branch) of the Federal State Government-Financed Educational Institution of Higher Vocational Training «Saint-Petersburg state forest technical university named after S.M. Kirov»
Abstract. The paper considers aspects of development of theoretical approaches to the development of methods and models of market value sustainable development management on the basis of conception formation of economic sociocoevolution. In quality of key goals are accepted issues of formulation of new understanding of the nature of the business fundamental value, allowing to carry out the development of the scientific basis for the creation of a metamodel of value and new method of management organization taking into account the functions of the state.
Keywords: conceptual model, market business value management, economical sociocoevolution, a dual dynamic value model.

1. Vilenkin N. Ia. Rasskazy o mnozhestvakh. M.: Nauka, 1969.
2. Grinberg R. S. Ekonomika sovremennoi Rossii: sostoianie, vyzovy, perspektivy // Problemy teorii i praktiki upravleniia. 2014. № 11. P. 13 – 24.
3. D`Monti D. Ekologiia i ekonomika: granitsy razvitiia // Ekologiia i zhizn. 2006. № 3. P. 23.
4. Evstigneeva L., Evstigneev R. Kontury novogo ekonomicheskogo prostranstva // Voprosy ekonomiki. 2014. № 11. P. 140 – 155.
5. Eliseeva I., Sokolov Ia. Finansovye resultaty i ikh dostovernost // Voprosy ekonomiki. 2010. № 10. P. 90 – 100.



What  can  help  protect  the  property  of  a holding  structure and  reduce  the tax burden?
Shestakova E.V., P.h.d. law, CEO LLC “Actual Management”
Abstract. In the construction of a holding the most important issues are issues of property protection and tax burden reduction. It is important to distinguish between holdings, which are located exclusively in one jurisdiction, in Russia, and diversified holdings located in different jurisdictions.
Keywords: protection of the holding, tax cuts, tax burden.

1. The Civil Code of the Russian Federation (part one) of 30.11.1994 № 51-FZ (ed. by 22/10/2014 rev. and ext., joined. in force from 02.03.2015).
2. Tax Code of the Russian Federation (part two) from 05.08.2000 № 117-FZ (ed. by 12/29/2014 rev. and ext., joined. in force from 01.03.2015).
3. The decision of the Arbitration Court of the Ural region from 11.09.2014 N F09-5639 / 14 in the case N A60-32798 / 2007

The  analysis  of incomes  of  Moscow  budget  to  identify  ways to  increase  of  tax  potential
Grishchenko A.V., Certified Auditor Russian Finance Ministry, Ph.D.Economics, Associate Professor, Department of Financial Management Moscow Metropolitan Governance University
Chigrakova N.M., Postgraduate student, Moscow State University of Management MoscowGovernment. Accountant, LLC "Terrafinans"
Annotation. With each passing year the expense of both the state as a whole and the individual subject increase. To cover the projected costs requires a certain level of income. The set of income and expenditure form the budget of the subject. Each budget is based on the projected volume of revenue and projected values of the expenditure side of the budget. According to the provisions of the Budget code of the Russian Federation budget revenue is separated on tax, non-tax and grant revenues.
Moscow has the largest budget among the subjects of the Russian Federation. In the conditions of the unstable economic situation observed in the country, particularly relevant is the consideration of the main source of revenue in the budget of the city of Moscow in 2015, the analysis of the revenues in the city budget in dynamics for the previous periods, in order to assess the impact of the adverse economic situation on the city budget. The main goal of the work- the analysis of tax revenues of Moscow city budget and the identification of ways to improve the city tax potential.
Keywords: tax revenues, the budget of Moscow, incomes of the budget of Moscow, tax potential.

1. Budget code of the Russian Federation dated 31.07.1998 No. 145-FZ (as amended on 26.12.2014) (to MEAs. and additional, takes. in force from 01.01.2015).
2. Tax code of the Russian Federation (part two) from 05.08.2000 No. 117-FZ (as amended on 29.12.2014) (to MEAs. and additional, takes. in effect 29.01.2015).
3. The law of the city of Moscow from 19.11.2014, No. 54 "On the Moscow budget for 2015 and the plan period to 2016, and 2017"// ConsultantPlus.
4. The law of the city of Moscow dated 18.12.2013, No. 70 On the Moscow budget for 2014 and the planned period of 2015 and 2016,"// ConsultantPlus.
5. The law of the city of Moscow dated 21.11.2012, No. 59 "On the Moscow budget for 2013 and the planning period of 2014 and 2015"// ConsultantPlus.
6. Open budget of the city of Moscow // the Network share: byudzhet.Moskva.rf /
7. The law of the city of Moscow dated 10.09.2008, No. 39 "On the budgetary structure and budget process in the city of Moscow"// Consultant Plus. 
8. The budget system of Russia: textbook for students of higher educational institutions in the field of Economics / Ed. by G. B. Pole - 2nd ed., Rev. and extra - M.:UNITY-DANA, 2012. - 703 S.
9. GrishchenkoAV, Chigrakova NM The problem of estimating the tax potential of the city of Moscow by the gross regional product. Financial management. 2014. № 3. with. 62 - 68.

Tax  shields  on  personal  investments  in  Russia
Teplova T.V., PhD Economics, Professor NRI HSE
Abstract. Until 2014, the growth model of the economy relied heavily on the long-term financing from abroad, the growth of investment was linked to foreign capital, with the services of foreign financial infrastructure. At the same time was missed such an important source of funding for the economy as the population savings. Since mid-2014 the situation has changed, the need for domestic financing has increased dramatically. Strategic objective was the development of an internal source of long-term investment. The article reviews the new investment instruments for the population with tax protection and interstate comparison on similar products. Along with well-known in corporate finance “tax shields” (D&A and debt) in  Russia there is 4 personal tax shields. The article reviews the new investment instruments for the population with tax protection and interstate comparison on similar products..
Keywords: tax shield, Individual retirement account, saving rate, private pension provision.

1. Site of the Moscow of the Exchange:
2. OECD Factbook 2014: Economic, Environmental and Social Statistics – © OECD 05-05-2014 – URL:;jsessionid=1boehjd1j4v3m.x-oecd-live-01
3. Canadian investment program with a tax shield:
4. British investment program with a tax shield:
5. On accounts with the tax protection in the United States Investment Company Institute. 2014. «The U.S. Retirement Market, Third Quarter 2013» (January):

Controlled  foreign  companies
Nefedova T.N., Head of internal audit department of an international holding,
Abstract. The target of the fight against “tax structures” and practices, which are focused on the erosion of the taxable base and the withdrawal of profits abroad, the legislators have developed and adopted a range of legislative (normative) documents. Some documents are still in draft form, but at the moment significant changes have been made. Changes are for the Russian legislation a novelty and are quite extensive, therefore a more detailed consideration with commentaries will be submitted to your attention in the coming issue.
Keywords: controlled foreign company, offshore, tax assistance.

1. Resolution of the Government of the Russian Federation from 15.04.2014 No. 320 "About approval of the state program of the Russian Federation "public Finance Management and regulation of financial markets"
2. The Federal law from 24.11.2014 No. 376-FZ "On amendments to parts one and two of the Tax code of the Russian Federation"V3. Bill No. 613077-6 "On urgent measures in connection with the tax Amnesty and incentives return to the Russian Federation funds of offshore territories and other countries near and far abroad"
4. The Federal law from 04.11.2014 No. 325-FZ "On ratification of the Convention on mutual administrative assistance in tax matters"
5. Resolution of the Government of the Russian Federation from 14.08.2014 No. 805 "agreements on the exchange of information on tax matters"
6. The draft Federal law № 599495-6 "On amendments to certain legislative acts of the Russian Federation"
7. The draft Federal law № 599584-6 "On amendments to the criminal code of the Russian Federation"
8. The Federal law from 22.10.2014 No. 308-FZ "On amendments to the Criminal procedure code of the Russian Federation"



The  process  of  raising  a  syndicated  loan by  a  corporate  borrower
Tarasov A.A., Ph. D. Economics, Leading expert of an audit firm
Abstract. This paper is devoted to the description of the process of syndicated loan attraction on the banking credit capital market. The key steps of the transaction and the functions of the involved parties, as well as the deal implementation timeline, are outlined.
Keywords: syndicated lending, corporate finance, raising capital.

1. Mark Campbell, Christoph Weaver. Syndicated Lending: Practice and Documentation. Euromoney Institutional Investor, 2013, 570 p.
2. Tarasov A.A. The trends and prospects of the Russian syndicated loans market // Analytical banking journal. - 2014. - № 5. - P. 36–38.
3.  Richard Wight, Warren Cooke, Richard Gray.  The LSTA's Complete Credit Agreement Guide. McGraw-Hill, 2009, 400 p.
4. Allison Taylor, Alicia Sansone. The Handbook of Loan Syndications and Trading. McGraw-Hill, 2006, 982 p.
5. Edited by Lobanova A.A., Chugunov A.V. The encyclopedia of financial risk management. - М.: Alpina Publisher, 2009.

Soldatov G., Head of Special Projects of the National Rating Agency, Managing Partner of Ltd «Laeto Consulting»
Abstract. How to buy a new bank, calculating its value correctly? What tricks can a seller use and what is «the deal between a rabbit and a boa»? Should a bank with «sick» capital expect support from the Central Bank and how long can the owner of the bank with «the hole» in the capital bargain? These and other questions you are interested in are answered by the author of the article «a Buying Bank – four factors of success»
Keywords: how to calculate the value of the bank, buying bank, acquisition of bank, hole in the bank capital, successful business, recapitalization of the bank , factor of  Central Bank.



Managerial  competences  of a financier
Lisitsyna E.V., Professor MIRBIS, Plekhanov Russian University of Economics
Agafonova E.V., CEO, SMG-Solution Management Group, member of the world Association of Business Coaches WABC
Abstract. The article is devoted to the assessment of managerial competencies of financial managers. The system of management competencies is analyzed, which provides the professional development of financiers.
Keywords: the competence of the financial manager, financial manager, management competence financiers.

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