CORPORATE  FINANCE

Actual  problems  of  financial  security  monitoring  company
Zinovieva A.A., accountant of company «Kromos»
Kazakova N.A., Doctor of Economics, professor, head of the Department analysis of economic activities, Russian university of economics G.V. Plekhanova
Khlevnaya E.A., the candidate of economic sciences, the docent of the Department analysis of economic activities, Russian university of economics G.V. Plekhanova

Annotation. Abstract the authors examine a company's financial security as the level of the maintenance of stability and fiscal sustainability, sufficiency of funding for operating, financial and investment activities, cash flow balance, sufficient independence from contractors and business partners. The article identified the risks of financial security business, as well as the directions of their control: assets (property), information, personnel, information resources (databases), the company's reputation. The authors of the systematized financial security company, distributed control centres.
Keywords: financial analysis, monitoring, financial security, indicators.

References:
1. Federalny zakon ot 25.12.2008 № 273-FZ «O protivodeystvii korruptsii» (s izmeneniyami i dopolneniyami);
2. Metodicheskiye rekomendacii po razrabotke i prinyatiju organizatsiyami mer po preduprezhdeniju I protivideistviju korruptsii (utv. Ministerstvom truda i socialnoy zaschity RF 8 noyabrya 2013g.)
3. Kazakova N.A., Efremova E.I. Kontsepciya vnutrennego kontrolya effectivnosti organizacii. Monografiya. M. INFRA-M, 2015.-243s.- (Nauchnaya mysl)- DOI 10.12737/741.
4. Khlevnaya E.A., Kazakova N.A. Operativnyi analiz i controlling finansovyh potokov v holdingah.// Upravlencheskiy uchet. -№10, 2015. M.:Finpress. S. 38-48.
5. Khlevnaya E.A., Kazakova N.A. Operativnoye upravlenie finansovymi potokami v ramkah budjetnoy modeli upravleniya.// Upravlencheskiy uchet. - №12, 2015. M.: Finpress. S. 99-106.
6. Khlevnaya E.A., Kazakova N.A. Finansovyi controlling v holdingah. Monogfiya. M.: INFRA-M, 2015.
7. Papekhin R.S. Vzaimosvyaz finansovoy bezopasnosti, stabilnosti, gibkosti i ravnovesiya corporacii.// Osnovnye napravleniya povysheniya effectivnosti economiki, upravleniya i kachestva podgotovki specialistov. Sb. st. III Mezhdunar. Nauch.-praktich. Conf. Penza, 2007.
8. Kazakova N.A. Konceptsiya controllinga economicheskoy bezopasnosti regiona.// Fundamentalnye issledovaniya. № 11 (chast 6) 2015, s. 1180-1183.
9. Buhonova S.M. Kompleksnaya metodika analiza finansovoy ustoychivosti predpriyatiya. / Buhonova S.M., Doroshenko U.A., Benderskava O.B. // Ekonomicheshiy analiz: teoriya i praktika.-2004.- № 7 (22).- s. 7-12.

Management  of  social  tax,  risks  and  optimization
Shestakova E.V., Candidate of Legal Sciences, General director LLC Actual management

Annotation. Today a lot of people are talking aboutsocial taxes. So, currently it is being discussed the calculation of insurance contributions for compulsory pension, amounts and limits base for calculating insurance taxes, as well as the introduction of co-payment of insured persons in the payment of contributions. Another important issue is related with payment of insurance taxes, they may be transferred to union administration of taxes and insurance contributions. But this is something what will happened in 2016, we will discuss it in this article.
Keywords: insurance taxes, co-payments, the risk of payment of insurance premiums, optimization of insurance premiums.

References:
1. Government Decree of 26.11.2015 N 1265 "On the limiting value base for calculating premiums in the Social Insurance Fund of the Russian Federation and the Pension Fund of the Russian Federation from January 1, 2016"
2. Federal Law of 01.12.2014 N 406-FZ "On Amendments to Certain Legislative Acts of the Russian Federation on the issues of compulsory social insurance"
3. Federal Law of 24.07.2009 N 212-FZ (ed. By 11.28.2015) "On the insurance premiums to the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, the Federal Compulsory Medical Insurance Fund"

Multiproductbreak-evenpoints
Mandych I.A., candidate of economic sciences, associate professor, acting head of department Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of marketing
Lukmanov V.B., candidate of technical sciences, associate professor Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of marketing
Bykov V.M., candidate of economic sciences, associate professor The Russian Presidential Academy of National Economy and Public Administration, Graduate school of Corporate Management, Department of Corporate Management
Vikhrova A.S., assistant professor Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of Economics, organization and management of innovative enterprise development

Annotation. The aim of this paper is to find the break-even point depending on the tasks for multiproduct enterprises. The article contains the specific examples of the break-even points’(BEP) calculations, taking into account constraints on the structure of manufactured products. For this reason there were considered some cases of multiproduct BEP: without conditions of the production’s structure invariability; without conditions of the production’s structure invariability, allocating from common fixed costs direct fixed costs for each product; the case when some products have shared direct fixed costs. The calculations were made with Excel Solver add-in. The obtained results show the possibility of applying the method into making decisions’ practice, requiring to determine the maximum allowable limit of break-even production activities.
Keywords: break-evenpoint, marginofsafety.

References:
1. Grischenko, O.V. Management Accounting [e-resource] / Lecture notes.Taganrog: Taganrog’s Technological Institute of South Federal University 2007. – Url: producm.ru/books/business_accounting_books/book30/index.php?sphrase_id=14208 08.09.2015
2. Zakolodina, T.V. Finance, credit and monetary circulation. Vol.1 [text]: textbook/ Zakolodina, T.V., Tsoy A.V. – Moscow State University of Fine Chemical Technologies, 2010, 80 p.
3. Zakolodina, T.V. Finance, credit and monetary circulation. Vol.2 [text]: textbook/ Zakolodina, T.V., Tsoy A.V. – Moscow State University of Fine Chemical Technologies, 2010, 76 p.
4. Metelev, A.E. Theoretical bases of harmonistic approach in enterprise’s financial crisis management [text]: monograph. 2-nd edition, revised and enlarged/ Metelev, A.E., Metelev, I.S. – Omsk, Omsk institute (affiliation) of Russian State University of Trade and Economics, 2010. – 383 p.
5. Mitckevich, A.A. Various methods of break-even analysis [e-recourse] / Corporate management: independent project. URL: cfin.ru/management/finance/cost/cvp_var.shtml 08.09.2015

The  recognition  algorithm  identifies  financially  unstable companies,  the  estimate  of  probability  of  bankruptcy
Ivannikov I.S., chief accountant LLC EVROMEDPRESTIZH

Annotation.Тhe article describes the effective algorithm for assessing the financial condition of the company. It illustrates the practical application of the proposed financial analysis algorithm to identify unreliable companies on the example of «Transaero» airline and travel agency «Neva». The analysis revealed the characteristic dynamics of deterioration in the financial condition of the reviewed companies before the bankruptcy, a method that allows predicting a high probability of bankruptcy of financially unstable economic actors.
Keywords: the probability of bankruptcy, unreliable company, financially unstable company, financial analysis, analysis of bankruptcy probability, the financial condition indicator.

References:
1. Ivannikov I.S. Universal indicator of the financial condition of the organization / Journal of Economy and entrepreneurship, Vol. 9, Nom. 9-2
2. Dontsova L.V., Nikiforova N.A. Analysis of the financial statements. Workshop. M .: Business and Service, 2015. - 160 p.
3. Nikolaeva T.P. Finance companies. M .: EOI, 2008. - 311 p.
4. Fomin Y.A. Pattern recognition. The theory and application. M .: Fazis, 2014. - 460 p.

Practical  aspects  of  an  assessment  of  financial  stability of  the  enterprises
Khrapova E.V., Candidate of Economic Sciences, associate professor of economy and FGBOU VPO’S management “OGIS”
Kychanov B.I., Candidate of Economic Sciences, the associate professor of economy and management on transport of OIVT (branch) FGBOU IN “SGUVT”

Annotation. In article questions of an assessment of financial stability and solvency of the enterprises are considered. Financial stability and solvency of six Russian shipping companies of an inland water transport is analyzed. Conclusions are drawn on decrease in financial stability of the navigable companies in 2013-2014. New approaches to an assessment of financial stability are offered. The main directions of increase of financial stability and solvency of the enterprises are defined.
Keywords: financial stability, solvency level, financial stability of shipping companies, actions for increase of financial stability.

References:
1. Vladyka, M. V. Financial management: manual / M. V. Vladyka, T. V. Goncharenko. – M.: KNORUS – 2006. – 264 pages.
2. Kychanov, B. I. Metodologiya of the comparative analysis of work of shipping companies. – River transport (21st century). – 2013. – No. 1. – Page 82 – 86.
3. Finance of the organizations (enterprises) / Under N. V. Kolchina's edition. – 5th prod. – M.: UNITY-DANA. – 2011. – 407 pages.

Factoring  as  an  instrument  of  net  management of  working  capital  efficiency
Azimina E.V., PHD of Economics, associate professor, professor of SPSEU, Head of Audit Committee, Member of BOD Plc. “Russian Akvaculture”

Annotation. The article describes supply financing as a modern tool of Supplier – Customer relationship optimization in value chain as an example of network efficiency management approach. Formulated principles of supply financing with or without regress are given, economical model of synergy realization and how it could be shared between Supplier and Customer are provided here.
Keywords: factoring, supply financing, working capital efficiency, net management system, value chain, Supplier–Customer relationship, value chain efficiency growth model, payments terms, interests payments optimization.

References:
1. Jeremy Rifkin. The Third Industrial Revolution; How Lateral Power is Transforming Energy, the Economy and the World. Alpina non-fikshen Ltd. 2014.
2. Peter Marsh. The New Industrial Revolution: Consumers, Globalization And The End Of Mass Production, translated by Anna Sharomizkaya – M.: Gaidar Institute Publishing, 2015.
3. Azimina E.V. How to form the Efficiency Management System at the modern enterprise. // Problems of the business management. –SPb: Polytechnic University Publishing, 2010.
4. Azimina E.V. Target setting in the Baltika Brewery Management System.// “EngeconVestnik” magazine, N3 (46).-SPb.: SPSUE, 2011.
5. Azimina E.V., Andreev V.N. Business Management Organizing. – SPB.: Nestor-History, 2011.
6. Azimina E.V., Andreev V.N. From Entrepreneurship to Net structure (about the main problems of business management system development)// Business management systems problems. The book of articles N13. – SPb: PIMASH, 2010.
7. Consignment is a way of efficiency improvement within distribution chain. // “EngeconVestnik” magazine, N7 (66). –SPb.: SPSUE, 2013.
8. banki.ru/
9. factorings.ru/

Financial  business  planning  problem  for  small  businesses  Russia
Prodanova N.A., Doctor of Economics, Professor Department of Accounting REU them. GV Plekhanov
Malykh N.I., candidate of Economics, Associate Professor of the department of world and national economics The Russian foreign trade academy of the ministry for economic development of Russia
Molchagina A.S., student REU them. GVPlekhanov

Annotation. The article highlights the issues in financial business planning as a basic instrument of company management. The article describes the purpose, objectives and stages of financial planning. As an illustration of the described problems and difficulties of preparing a financial business plan is considered an example of a specific organization.
Keywords: financial business planning, key financial assumptions, CVP Analysis, margin profit and loss, projected financial statements, finance analysis.

References:
1. The problem on the small firms 2010-2015 [electronic resource]: the Prime Minister's Advisor on Enterprise - London, UK, access: gov.uk/government/uploads/system/uploads/attachment_data/file/402897/Lord_Young_s_enterprise_report-web_version_final.pdf/ free (reference date 03/11/15).
2. Federation of Small Business [electronic resource]: FSB Ltd - London, UK, access mode: fsb.org.uk/ free (reference date 04/11/15).
3. National Enterprise Network [electronic resource]: National Enterprise Network - London, UK, access mode: nationalenterprisenetwork.org/ free (reference date 04/11/15).
4. Why Business Plans Do not Get Funded [electronic resource]: Cayenne Consulting Ltd - London, UK, access mode: caycon.com/why-business-plans-dont-get-funded.php/ free (reference date 04/11/15).
5. How to Write the Financial Section of a Business Plan [electronic resource]: publishing INC.EDU - London, UK, access mode: inc.com/guides/business-plan-financial-section.html / free (reference date 04/11/15).
6. Dyson J.R. (2010) Accounting for Non-Accounting Students 8th Ed. Prentice Hall: London Library.
7. The International Accounting Standard (IAS) 7, "Cash Flow Statements" (ed. By 05/07/2013) (entered into force in the territory of the Russian Federation Order of the Russian Ministry of Finance dated 25.11.2011 N 160n) // SPS Consultant.
8. Atrill P. & Mclaney E. 2011 Accounting & Finance for Non-Specialists. Pearson Education.
9. International Accounting Standard (IAS) 1 "Presentation of Financial Statements" (ed. By 08/26/2015) (entered into force in the territory of the Russian Federation Order of the Russian Ministry of Finance dated 25.11.2011 N 160n) // SPS Consultant.
10. Malykh NI The method of analysis of the budget execution of the enterprise // Public service 2013 -№6 C. 45-49
11. Malykh NI, Prodanova NA Short-term financial planning in the financial management system of the organization // Audit and financial analysis. -2011. - №5. -FROM. 278-285.

A  method  of  capital  structure  optimization based  on  the  financial  distress  costs
Kirshin I.A., doctor of economic Sciences, professor, the head of financial management chair, Kazan Federal University

Annotation. The aim of this article is to analyze the theoretical problems and methodical aspects concerning optimizing of the capital structure of the firm and working out of a method to optimize the capital structure of the firm. Formation of the optimal structure of the firm’s capital is important for the effective management of corporate finances and decision-making on corporate governance. The capital structure decisions directly related to the interests of owners, creditors and other stakeholders on the distribution of free cash flow. A choice of sources and methods of funding has an impact on the effectiveness of the company and the ability to achieve the targets of financial management systems. Formation of the optimal structure of the firm’s capital aims to maximize market firm value and minimize the weighted average cost of capital based on an assessment of costs of financial distress.
Keywords: capital structure, financial leverage, company value, weighted average cost of capital, financial distress cost.

References:
1. Modigliani F., Miller M. The cost of capital, corporation finance and the theory of investment // American Economic Review. 1958. Vol. 48, pp. 261–297.
2. Kraus A., Litzenberger R.H. A State-Preference Model of Optimal Financial Leverage // Journal of Finance. September 1973, pp. 911–922.
3. Donaldson G., Fox B. Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Washington D.C. Board Books. 1961.
4. Myers S.C. The Capital Structure Puzzle// Journal of Finance. 1984. Vol. 39, pp. 575–592.
5. Myers S.C., Majluf N. Corporate financing and investment decisions when firms have information that investors do not have // Journal of financial economics. 1984. Vol. 13, рр. 187–221.
6. Fazzari S., Hubbard G., Petersen B.C. Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity. 1099. Vol. 1, pp. 141–205.
7. Akerlof G.A.  The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism// Quarterly Journal of Economics. 1970. Vol. (3), pp. 488–500.
8. Hitt M., Hoskisson R. and Harrison J.  Strategic competitiveness in the 1990s: Challenges and opportunities for U.S. executives // Academy of Management Executive. 5(2), pp. 7–22.
9. Brav O. Access to Capital, Capital Structure, and the Funding of the Firm // The Journal of Finance. 2009. 64 (1), pp. 263–308.
10. Pavlovec V. What credit load will be optimal for the company // Financial Director. 2010. Vol. 7 - 8, pp. 29 -35.

INVESTMENTS AND BUSINESS

The  use  of  the  elements  of  analysis  of  variance in  the  task  of  assessing  the  quality  of  clustering of  economic  and  financial  information
Leszczynski A.F., Doctor of Economics, professor, Department of financial management REU after G.V. Plekhanov
Podlepa V.A., Assoc Ph.D. of The Department of financial management REU after G.V. Plekhanov

Annotation. The use of dispersive analytical methods traditionally used in the tasks group, research results of cluster analysis, however, is quite rarely used by analysts in order to solve practical problems related to the assessment of market and business environment.
Variance analysis helps to determine the influence of qualitative factors on quantitative results that can be used in management, in marketing.
The article discusses the possibility of using elements of analysis of variance, for example, marketing research of consumer preferences and to evaluate the quality of segmentation, the second example shows the evaluation of the impact of training on performance in tasks of personnel management.
Keywords: dispersion, analysis, cluster method, intergroup, intragroup, the total variance of the empirical correlation coefficient, the quality of clustering, entrepreneurship, Economics, management, personnel management.

References:
1. Kotler F. New trends in the development of marketing // Marketing in Russia and abroad. – 2003. – № 1.
2. Golubkov EP Modern trends in the development of marketing // Marketing in Russia and abroad. – 2004. – № 1.
3. Svetunkov SA Research methods of marketing information. - SPb., 2001.
4. Statistical Theory / ed. RA Shmoilova // Finance and Statistics. – М., 1999.
5. KotlerF. Basics of marketing. – М., 2000.

Assessment  of  the  risks  and  the  chances  of  the  project in  the  investment  planning
Stanislavchik E.N., PhD in Economics, docent, Institute of Management of the Moscow City Pedagogical University

Annotation. The work is devoted to problems of risk management in the development and monitoring of investment projects. The success of the project laid since the realization of the project idea in the process of clarifying the basic parameters and determine the scope of the project in accordance with the existing financial constraints. Particular attention is given prior express analysis of the project.
Keywords: feasibility studies, opportunity studies, key questions, financial restrictions, opportunities and risks, static and dynamic methods for evaluating the effectiveness of investments.

References:
1. Stanislavchik E.N. Financial management. Cash Flow Management – M.: Delo i servis, 2015.
2. Cicero Marcus Tullius. De inventione - amazon.com/De-Inventione-Marcus-Tullius-Cicero/dp/1419115359.
3. Behrens W., Hawraneck P.M. Мanual for the Preparation of Industrial Feasibility Studies.  – Vienna: UNIDO,  1995.
4. Sell A. Investition und Finanzierung unter besonderer Beruecksichtigung der Planung und Bewertung von Projekten – M.: Axis-89, 2001.

Key  aspects  of  financial  security  for  infrastructure  projects
Petrova I.V., Assistant researcher Financial Research Institute Senior researcher of the Sectorial Economy Center

Annotation. The article discusses the features of financial support of infrastructure projects, opportunities and prospects for the financing of industrial parks. Marked difference schemes of financial support when creating industrial parks at the expense of the Ministry of economic development and Ministry of industry and trade of Russia. The main directions of activities of the regional development corporations. Systematized are the main sources of financing for complex investment projects.
Keywords: infrastructure projects, comprehensive investment projects, industrial parks, financial support.

References:
1. Chuvardinskiy I. V. Formation of industrial parks // invest.irkobl.ru/_stock/page/part_10/107/docs/kpi1.pdf
2. Government resolution of 11 October 2014 No. 1044 "On approval of the Program of support of investment projects implemented on the territory of the Russian Federation on the basis of project financing"// base.garant.ru/70764842/
3. economy.gov.ru/minec/press/news/20150430_01
4. Yuryev D. V. Point of growth – agriculture and infrastructure projects // the Budget. № 3 (147). – 2015. – P. 49.
5. The Russian Finance Ministry order from 17.03.2015 No. 38н "On the procedure of formation and submission of the main managers of means of the Federal budget justifications of appropriations" // ATP Garant
6. Federal law from 02/12/2013 N349-FL "On the Federal budget for 2014 and the planning period of 2015 and 2016 (as amended on December 26, 2014)" // docs.cntd.ru/document/499061941
7. The Federal law from 25.02.1999 N 39-FZ (edition of 28.12.2013) "About investment activity in the Russian Federation implemented in the form of capital investments" // ATP ConsultantPlus.

Problems  of  method  economically  feasible  expenses  (rate) with  pricing  in  electricity
Mizikovsky I.E., Doctor of Economics, professor, head of “Accounting” of Nizhny Novgorod State University. NI Lobachevsky
Bazhenov А.А., Ph.D., associate professor, assistant professor of “Accounting, finance and service” Vladimir State University named after Alexander G. and Nicholas G. Stoletovs Vladimir, a doctoral student of Nizhny Novgorod State University. NI Lobachevsky, a certified consultant on taxes and dues category I, a member of the Chamber of Tax Advisers of Russia, certified auditor (single audit), member of the Russian Collegium of Auditors, a professional accountant, member of the Institute of Professional Accountants and Auditors of Russia

Annotation. In this article it is proved that the method of economically reasonable expenses when determining tariffs in the electricity industry is the most effective, because it is a certain balanced decision that meets the interests of energy producers and consumers in terms of electricity prices continued growth.
As used in this method of structuring the provisions of legal acts allowed the authors to conclude that the application of the method of economically substantiated expenses based on the rules governing accounting. However, the current legislation on pricing in the power allows the use of tax rules in the formation of the list of expenses. In this part of the costs to be included in the fare, for tax purposes in respect of article 270 of the Tax Code, to the expenses for accounting purposes are not relevant. As a consequence – inflated rates to be paid by consumers, and accounting (financial) statements of the organizations of electric power industry in terms of revenue recognition would be distorted.
Based on the above, the authors recommended that by making the necessary changes to the existing legislation on pricing in the electricity industry, clearly determined on the basis of legislation in the field of accounting and tax accounting in forming a list of expenses to be included in the tariff.
Keywords: rate, power, cost, tax, financial reporting, regulation, unitary enterprise, study, accounting method.

References:
1. Accounting: Federal law of December 6, 2011 №402-FZ // official. Internet portal rights. Inf. pravo.gov.ru, 07.12.2011, Parla. Gas. - 2011. - 09-15 Decem. №54, Ros. gas. - 2011. - 09 Decem. №278, Coll. of Legislative. Russian Federation. - 2011. - 12 Decem. №50, Art. 7344.
2. Tax Code of the Russian Federation. Part Two on Aug 5. 2000 №117-FZ adopted by the State. Duma Feder. Coll. Ros. Federation of July 19. 2000 // Parla. gas. - 2000 - 10 August .; Coll. Ros legislation. Federation. - 2000. - № 32, Art. 3340.
3. Approval of the Regulations on Accounting "Expenses of an organization" PBU 10/99 ": Order of the RF Ministry of Finance dated May 6, 1999 // Ross №33n gas - 22.06.1999 - №116 (beginning - paragraph 16 of the Regulation.... perform Vlas end), Bull norms act fader org - -.. 28.06.1999 -. №26), №117 (paragraph 16 of the Regulation.......
4. On pricing in regulated prices (tariffs) in the electric power industry (with the "Fundamentals of price formation in the electricity industry in the field of regulated prices (tariffs)," "Rules of state regulation (revision, application) of prices (tariffs) in the electric power industry"): Resolution of the Government Russian Federation of 29.12.2011 number 1178 // Coll. Of Legislative. Russian Federation. - 2012 - January 23, № 4, p.. 504.
5. Bazhenov AA Federal taxes and fees: a tutorial in the schemes [Text] / AA Bazhenov; M of Education and Science Ros. Federation VPO Vlad. state. Univ - Vladimir: Transit - X. 2013 - 82.
6. Bazhenov AA The problem of identity of settlement between the company and the tax authority [Text] // Taxes and Taxation. 2013. № 7. S. 504-511.
7. Bazhenov AA, VG Chernyateva Methodological basis of a business valuation [Text] // National Security / nota bene. - 2013 - 3 - S. 516-522.
8. Mizikovsky EA, ES Druzhilovsky New requirements for the valuation of assets in the Russian accounting [Text] // Audit statements. 2013. number 7, pp 3-14.
9. Mizikovsky IE, Miloserdova AN, Sofin A. Formation of the decision-making process of the organization performing auxiliary operations [text]. - M: Modern problems of science and education. 2014. № 5., p. 297-299.
10. Mizikovsky EA, IE Mizikovsky Production Accounting [Text] - M .: Master: Infra-M, 2015 - 272 pp..
11. Mizikovsky IE Methods of peer review organization variant maintenance and operation of industrial plant equipment [Text] // Audit and financial analysis. 2011. № 4. S. 348-350.
12. Mizikovsky I.E Process-oriented simulation of the transformation of an industrial enterprise costs [Text] // Audit and financial analysis. 2011. № 3. S. 150-151.
13. Suglobov AE Accounting and auditing [Text]: Tutorial. M., TITAN EFFECT. 2011.

Institutional  factors  increase  financial  flows from  the  oil  trade
Semenkova E.V., Doctor of Economics, professor, Department of “risk management, insurance and securities” Plekhanov economic university
Arnautov I.E., Master financial faculty Plekhanov economic university, a graduate student Gaidar institut economic policity

Annotation. The period of decline in energy prices have a negative impact on the economic growth of Russia, so it is necessary to seek new methods for diversification and development. However, structural changes in the economy takes time, therefore improving the efficiency of the existing mechanism of sale of Russian oil through the creation of a national oil trader can be an opportunity for the development of other industries, as well as to maintain its share in the international oil market.
Keywords: oil, the commodity market, oil, mining, exchange rate, GDP, consumer basket, exporters, financial markets, oil trader, OPEC.

References:
1. Data on the use of the structure of GDP Ministry of Finance info.minfin.ru/gdp_s.php
2. Draft Guidelines of budgetary policy for 2016 and the planning period of 2017 and 2018 on 01/07/2015
3. Tax Code of the Russian Federation Chapter 26, the Law "On customs tariff» № 5003-1 as amended on 11.28.2015, the 324-FZ
4. Export of crude oil from the Russian Federation for 2000-2015. According to the Federal Customs Service of Russia and Rosstat
5. Data on the value of Federal Service of statistics in Russia, consumer basket by quarters
6. International Enargy Agency. Publications: Oil Market Report
7. Operative report CDU TEK oil production for 2015
8. Presentation of the Ministry of Energy, the forecast for 2017
9. International Enargy Agency. Russian Oil Market Overview for 2013 year
10. Deliveries of Russian crude oil traders in May, the source Thompson Reuters
11. Daniel Yergin - article: The Globalization of Energy Demand 18.02.2015

TAXES AND TAXATION

Methodical  aspects  of  formation  and  operation  tax  of  management  is  discussed  in  the  organization
Kirina L.S., d.e.n., professor of department the «Tax advising» of the Financial university at Government of Russian Federation
Nazarova N.A., k.e.n., associate professor of department, zam. zav. by a department the «Tax advising» of the Financial university at Government of  Russian Federation

Annotation. The article considers the role of tax management as an independent part of financial management; outline the functions of special units; the algorithm of interaction with other services of financial management.
Keywords: financial management, tax management, tax payments, op-streamlining of tax liabilities, internal controls, cooperation of departments, the tax burden.

References:
1. Bablenkova II Forecasting and planning in taxation / II Bablenkova, LS Kirinа, GN Karpova, N. Gorokhovа - M .: Economics, 2009.
2. Bablenkova II Tax planning in the organization: a monograph / II Bablenkova, LS Kirinа, ES Migashkina, NA Gorohova.- M .: VGNA Russian Ministry of Finance, 2009.
3. Barulin SV Tax Management / SV Barulin, EA Ermakova, VV Stepanenko - M .: Omega-L, 2008.
4. Voronina NV Tax planning in the system of financial management / N.V.Voronina, VA Babanin // Finances and Credit. - 2006. - № 27.
5. Gunyakova AA Instrumentation corporate tax management organization (an industrial plant): Abstract. Dis ....kand. ehkon. Sciences: 08.00.05. - GOU VPO "Ufa State Aviation Technical University." - Ufa, 2010.
6. Eseneev MM Formation and development of the organization tax management: Abstract. Dis ....kand. ehkon. Sciences: 08.00.10. - GOU VPO "Rostov State Economic University (RINE)." - Rostov-on-Don, 2010.
7. Kirinа LS Tax management in organizations / LS Kirin, NA Gorokhovа - M .: Yurayt 2014.
8. Kuznetsova VV Fundamentals of tax management. - Publishing House: World of Books, 2010.
9. Podkopaev AP Improving corporate tax management as a way to achieve a balance of interests of business and the state abstract dis ....kand. ehkon. Sciences: 08.00.10; Moscow State University of Economics, Statistics, and Informatics, Moscow, 2007.
10. The official website of the Tax Management tax-management.info
11. Official site of the Electronic-Russian economic magazine-http: //econom.nsc.ru/
12. SV Barulin, EA Ermakova, VV Stepanenko Official site of the Library Gramotey-electronic version of the publication "Tax Management" - gramotey.com
13. The official website of the Publications of the "Business and Service" - the electronic version of the magazine "Financial Management" - Article Khotyn GI "Tax management and its efficiency." - 2002. №3. dis.ru
14. The official website of the journal Financial Management Company "Financial Director» - fd.ru
15. The official website of Distance Education Center Elitarium- elitarium.ru
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CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Managing  the  syndicated  lending  department  in  a  bank
Tarasov A.A., Ph. D. in Economics, Executive MBA program of the Institute of Business Studies RANEPA and Antwerp Management School

Annotation. This paper is dedicated to an overview of the management of the loan syndications department in a bank. The key processes of strategic planning, budgeting and activity reporting.
Keywords: syndicated lending, bank management, financial management in financial institutions.

References:
1. Taylor А., Sansone A.  The Handbook of Loan Syndications and Trading. – McGraw-Hill, 2006, 982 p.
2. Campbell M., Weaver C. Syndicated Lending: Practice and Documentation. – Euromoney Institutional Investor, 2013, 570 p.