Contents of N5/2015

all contents

Contents of № 5' 2015


Forecasting  of  bankruptcy  of  the  enterprise in  the  transport  industry
Fedorova E.A., Doctor of Economics, Professor of Financial Management Chair, Financial University under the Government of the Russian Federation
Fedorov F.Yu., Student of the faculty of Information Technology MIREA
Abstract. In this paper, based on the analysis of reporting of 529 enterprises of the transport sector a model forecasting bankruptcy is built. The final model included indicators of the absolute liquidity ratio, repayment period of receivables, operating cycle, the ratio of current assets to total assets, profitability ratio, the ratio of receivables to total assets and the liquidity ratio when raising funds. In the paper the limit effects for a better interpretation of results is calculated. The predictive power of the model obtained amounted to 89.8% which seems quite high level of quality of the obtained models.
Keywords: bankruptcy prediction models of bankruptcy, logit model, marginal effects, the transport industry.

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2. Ohlson J.А. (1980). Financial ratios and the probabilistic prediction of  bankruptcy. Journal of Accounting Research, 18(1), 109–132.
3. Gorbatkow S. A., Bellypan I. I., Farhieva S. A. Logistic neural network method for constructing dynamic models of bankruptcy with incomplete data/Internet journal of the sociology of Science. 2014. No. 2. S. 22.
4. Kucherenko S. A. Application of existing discriminant models to predict bankruptcy in the organizations of agriculture. Financial Analytics: problems and solutions. 2008. No. 12. P. 46-51.
5. Makeeva, E. Y., Gorbatkow S. A., Bellypan I. I. Models of diagnostics of bankruptcy organizations/Management and business administration. 2014. No. 1. P. 151-172.
6. Muradov, D. A. Logit regression models predicting bankruptcy Proceedings of the Russian state University of oil and gas. I. M. Gubkin. 2011. No. 3. P. 160-172.
7. Patlasov O. Yu., Sergienko O. V. Multiple discriminant analysis in the prediction models of altman bankruptcy: interpretation and limitations of USING Siberian financial school. 2007. No. 1. P. 76-80.
8. Fedorova E. A., Gilenko E. V. Application of binary choice models to predict Bank failures, economic and mathematical methods. 2013. V. 49. No. 1. P. 106-118.
9. Fedorova E. A., Gilenko E. V., Dovzhenko S.E. Models predicting bankruptcy: peculiarities of russian enterprises/problems of forecasting. 2013. No. 2. P. 85-92.

Analysis  and  financial management  of  human  resources
Chernov V.A., Doctor of Economics, Professor, Chair of Accounting and Audit Department Nizhny Novgorod State University of Architecture and Civil Engineering
Abstract. Under the conditions of activation of import-substitution to ensure the rise of domestic production human resources become the decisive factor in efficiency and competitiveness of an organization, as a key resource, having economic utility and social significance. In the article a method to manage human resources including the management of investments in human capital, social security of personnel. A method of evaluation of production of human resources security and labour efficiency. A financial policy aimed at stimulating production is disclosed. Recommendations on the distribution of the wage fund, ensuring workforce motivation, self-actualization of personality is considered. An analysis of the forms of salary according to their impact on motivation to work with quantitative and qualitative assessment of the financial performance of the described forms is performed.
Keywords: human capital; savings of human effort, the size and composition of  RA-employed, social security, art and financial policy, sameccwith-tion of human potential, performance management, efficiency factors of labour, forms of remuneration, motivation to work.

1. Genkin B. M. Economics and sociology of labour: a Textbook for high schools. – 7th ed., extra – M.: Norma, 2007. 448 p.
2. Zgonnik L. V. Evaluation of human capital // Management in Russia and abroad. 2008. No. 1. P. 100-103.
3. Privalova G. A. staff Remuneration in the light of the concept of human resource management // Management in Russia and abroad. 2008. No. 1. P. 108-112.
4. Privalova G. A. Modern concept of remuneration as the removal of "wage" // Economic and philosophical newspaper (Moscow). – 2006. No. 25-26.
5. Chernov V. A. The geoeconomics and geopolitics of Russia: the impact of economic and finansovoekonomicheskikh aspects of import substitution. All-Russian scientific-technical conference: "the Substitution of equipment and technologies in strategically important branches of economy of Russia", JSC "OPK" (St. Petersburg) and the Federal state unitary enterprise "all-Russian research Institute of standardization defense products and technologies" (Moscow). M.: JSC "Technopark Slava", may 28-29, 2015 (Electronic resource)
6. Chernov V. A. Methods and models of information-analytical support in management accounting. The dissertation on competition of a scientific degree of the doctor of economic Sciences / Moscow, 2005.
7. Chernov V. A. The problem of self-actualization - the cornerstone of economic development // Management in Russia and abroad. - 1999. - № 3 
8. Chernov V. A. Managerial accounting and analysis of commercial activity / Under the editorship of M. I. Bakanova. M. Finance and statistics. 2001. 320 p.
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11. Chernov V. A. Economic analysis: Trade, public catering, tourism. Under the editorship of M. I. Bakanova. – 2-e Izd., revised and enlarged extra-M.: UNITY-DANA, 2012.
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Management  of  material  cost  organizations a  dairy-processing  industry  tools,  financial  budgeting
Filobokova L.Y., Doctor of  Economics, Professor of Innovative Entrepreneurship FGBOU VPO MGTU im. N.Uh. Bauman
Ulanova I.A., Phd Economics, Lecturer of the Chair of Environmental Economics FSBEI HPE Volga
Abstract. The successful development of the domestic dairy processing industry complex provides a solution to a global socially important task ensuring food security and improving the quality of life of the population, which is actualized in terms of the imperatives of import-substitution. Effective management innovations in dairy processing industries through the development of tools, financial budgeting – a synergistic effect from rational use of available material resources, the results of research in the area, which is the subject of this article.
Keywords: tools, financial budgeting, material costs, milk-processing plants.

1. The concept of long term socio-economic development of the Russian Federation for the period till 2020, approved. The order of the Government of the Russian Federation No. 1662 R dated 17.11.2008. [Electronic resource] : access Mode :
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3. Blatov N. A. the Use of fixed and current assets of agriculture in market conditions. M.: publishing house of the ICCA 2006.
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Analytical  tools  in  the  practice  of  risk-management
Medvedeva G.I., Phd Economics, Assistant Professor of the Management Chair of Tambov State Technical University
Abstract. The search for effective methods of risk assessment that could be adapted to a particular enterprise is an important task of financial analysts under the conditions of the economic crisis. As a practical tool to assess economic risks, it is proposed to use sensitivity analysis that allows to determine the effective behavior of final value when changing the factorial variables. The application of the proposed risk assessment method based on the sensitivity analysis does not require complex estimations or additional working hours and can be successfully implemented in the practice of risk- management.
Keywords: risk assessment, sensitivity analysis, the analyzed factors, mechanism of breakeven, forecasting earnings.

1. Balabanov I.T. Risk management – M.: Finance and statistics, 1996.
2. Malashihina N.N., Belokrylova O.S. Risk management: Teaching guide. – Fenix, 2004

Financial  aspects of a motivational system of employees under the conditions of a crisis
Shestakova E.V., Phd Law, CEO Ltd. «Aktualnyi management»
Abstract. During the period of persistent financial development companies choose the standard system of motivation of employees: pay premiums depending on the company's received net income of certain categories of employees, such as managers, set wages as a percentage of sales. But in times of crisis such motivation mechanisms do not work, because sales are down, and the award set depending on the received premium is not paid, because many companies get losses in crisis. In this connection, a number of companies develop non-standard motivation systems for employees.
Keywords: motivation of employees, rewarding staff, personnel management, cost reduction and the promotion of staff.

1. Labour Code of the Russian Federation "of 30.12.2001 N 197-FZ (ed. By 13.07.2015)2. Kistereva EV Financial aspects of the formation of the motivational system employees in times of crisis, published in the journal "Financial Management" №2 – 2009



Do  market  investor  recognize  the  attractiveness  of  the  business  development  projects,  announced  by  publicly  non-financial  companies?
Teplova T.V., Professor of HSE, Financial Department, Heard of Financial Market Laboratory of HSE
Manikin I.E.,  Analyst, Corporate Finance Advisory and Capital Markets, UniCredit Bank
Teplov A.S., Economist of Quality Management Department, Academy of Social Management
Annotation. We present the results of comparative empirical research of Russian and German public company’s sample in testing the impact of the declared investment decisions (projects to expand capacity, alliances, etc.) on the market value. The research method – event study (ES) over a event window 5 days. The paper analyzes a wide range of investment and operational decisions (including cost savings, the creation of alliances, divestments) and examines four issues: how different market reaction to the investment decisions of different directions (expansion of activity, reduction of assets and costs, work in the alliance, divestitures); are there differences in reaction in the data of the Russian market, taking into account the structure of the share capital (private companies and companies with state participation), how different the reaction of the Russian and German stock markets, what characteristics of companies and the announced projects could explain the difference of the reaction by companies. To investigate the last problem we apply multivariate regression analysis.
Keywords: investment decisions, projects, event study, the reaction to the news, the stock market, value creation.

1. Teplova T. V., The impact of dividend payments on the market reaction of Russian stocks: an empirical study by event study on Russian and foreign stock exchange, Audit and financial analysis, 2008, V2. p. 1-15 (in Rus). 
2. Teplova T. V., The reaction of stock prices to cash dividends announcement: signaling on the Russian market before and after the crisis, Financial management, 2011, №1, p. 11-24 (in Rus).
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4. Cherkashina A. V. Influence decisions on divestitures in the BRIC company's on share prices, Management of Corporate Finance, 2015, №4, p. 208-227 (in Rus).
5. Anand B., Khanna T. 2000. Do companies learn to create value? // Strategic Management Journal, 21(3): 295–316.
6. Burton B., Lonie A., Power D.M. 1999. The stock market reaction to investment announcements: The case of individual capital expenditure projects // Journal of Business Finance & Accounting, 26(5/6): 681–709.
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11. Chirinko R.S., Schaller H. 2004. A Revealed Preference Approach to Understanding Corporate Governance Problems: Evidence from Canada // The Journal of Financial Economics, V. 74.
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13. Coakley J., Thomas H., Wang H. 2008. The short-run wealth effects of foreign divestitures by UK firms // Applied Financial Economics, 18: 173–184.
14. Das S., Sen P., Sengupta S. 1998. Impact of strategic alliances on firm valuation // Academy of Management Journal, 41(1): 27–41.
15. Gadad A., Thomas H. 2005. Sources of shareholder's wealth gains from assets sales // Applied Financial Economics, 15(1): 137–141.
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Evaluation of performance effectiveness of the joint-stock сompanies: requirement or necessity?
Ashurov Z., Senior Teacher of the Department of Corporate Governance of Tashkent State University of Economics, Tashkent, Uzbekistan
Abstract. This paper studies the general methods and approaches to the evaluation of performance effectiveness of the joint-stock companies in modern conditions. It is noted that evaluation of performance effectiveness of the joint-stock company should be based on a system of indicators that meet the requirements for assessing the effectiveness of production, management, investment, use of financial and other resources. Based on a comprehensive study of international experience, are given author’s suggestions and recommendations on formation of a system of key performance indicators to assess the effectiveness of financial and economic activity of joint-stock companies, which can be used by managers for development of their own evaluation system of performance effectiveness of their enterprise.
Keywords: joint-stock company, economic effectiveness, key performance indicators, corporate governance, liquidity, profitability, solvency, management efficiency.

1. Muratalieva A. Metodicheskiye voprosy otsenki effektivnosti raboty AO (Methodical Issues for Evaluation of Operating Efficiency of the JSC) // Proceedings of the international scientific and practical conference on “The News of Scientific Thought - 2012”.
2. Asaul A., Pavlov V., Beskiyer F., Myshko O. Menedjment korporatsii i korporativnoye upravlenie (Management of Corporation and Corporate Governance). Textbook. - St. Petersburg: Gumanistika, 2006. – p. 328. 
3. Kuznetsov N. Otsenka effektivnosti deyatelnosti otkrytykh aksionernykh obshestv na osnove pokazateley stoimosti bizbesa (Evaluation of Performance Effectiveness of Public Joint-Stock Companies on the Basis of Cost of Business Indicators) // Electronic scientific journal  “Upravleniye ekonomicheskimi sistemami” (, 10/2011.
4. Averchev I. Kak otsenit effektivnost raboty kompanii (How to Assess the Operating Efficiency of a Company) // Journal “Finansoviy Direktor”. 2006, №3.
5. Kotane I., Kuzmina-Merlino I. Assessment of Financial Indicators for Evaluation of Business Performance // European Integration Studies, No.6 2012, pp. 216-224.
6. Teresa M.H. Ho. How to Deal with Questions on assessing the performance of a company? // Hong Kong Institute of Accredited Accounting Technicians, 2008.



Evaluation  of  tax  risk  and  organization  of  fiscal  policy in  small  business  enterprises
Ovchinnikova K.S., Accountant of LLC «Klinika Sovremennih Tehnologii–DV»,   postgraduate of the Finance and Accounting department, Far Eastern State Transport University (Khabarovsk)
Barchukov A.V., Doctor of Economics Science, Professor of Finance and Accounting Department, Far Eastern State Transport University (Khabarovsk)
Abstract. In this article are determined practical procedures of rationalization and creation of an efficient fiscal policy with the purpose of evaluation and control of tax risks for aversion of potential threats, that allow insuring small business enterprises from outrageous financial losses.
Keywords: fiscal policy, tax planning, tax risk, control of tax offences, tax diary.

1. Internal Revenue Code. Part 2 from 05.08.2000 y. № 117-FZ (ed. from 02.05.15, with cor. And add., come into effect since 01.05.2015 y.) // Judicial communication system «Garant».
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5. Ivanova E. V. Organization of tax inspections realization in Russia // Bulletin of SIBIT. . – 2015. – № 2. – P. 17 – 24.
6. Sokolov D. V., Barchukov A. V. Management scheme of operational risks in basis system of risk-management // Research activities and development: management. – 2013. – T. 1. –Publication 4. – P. 215 – 225.

Corporation tax risk management
Malykh Natalia, Phd Economics, Associate Professor , Department of Public sector Economy and Finances, Russian Presidential Academy of National Economy and Public Administration
Prodanova N.A., Doctor of Economics, Professor Department of Accounting REU them. GV Plekhanov
Abstract. The article highlights the issues of tax risk management of corporations. The authors note that managers can ensure a normal functioning of a corporation in an unstable socio-economic environment and a quality management of financial resources only if they have developed a conception of tax management. The paper considers directions of tax influence analysis on the results of corporation activity, elements and types of planning.
Keywords: accounting policy for tax purposes, tax management, tax risk, tax policy, tax planning.

1. Tax Code of the Russian Federation, Part 2 (as amended December 30, 2012)
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Features  of  tax  risks  in  organizations
Grishchenko A.V., Certified auditor of the Russian Finance Ministry, Ph.D., Associate Professor, Department of Financial Management MGUU Moscow Government
Abstract. In the process of their activity economic agents are faced with all types of risks. A quality level of optimal management decision-making of tax risks of both commercial and non-commercial activity is a necessary condition for a stable functioning of an organization taken separately as well as individual sectors of the economy as a whole.
Keywords: tax risk, the taxpayer, the state organization.

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