Contents of N5/2016

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Contents of №5' 2016


Methodical contradiction of fundamental and technical analysis in the field of monitoring the financial statements of the Crimean sanatorium
Malyshenko V.A., candidate of Economics, Associate Professor, Humanities and Education Academy (filial) Federal State Autonomous Educational Institution of Higher institution «V.I. Vernadsky Crimean Federal University» in Yalta, Republic of Crimea, Russian Federation
Malyshenko K.A., doctoral candidate, Candidate of Economics, Associate Professor, Humanities and Education Academy (filial) Federal State Autonomous Educational Institution of Higher institution «V.I. Vernadsky Crimean Federal University» in Yalta, Republic of Crimea, Russian Federation

Annotation. In terms of providing information about your business or a potential object of investment, – to solve the problem of constructing an analytical system of monitoring financial management is certainly not on an equal footing. That is compounded by the weak development of regional stock markets. Fundamental or technical analysis alone can be quite accurate, but for seasonal enterprises crucial period in financial terms is reduced to half of the year, that only reinforces the temporary nature of the contradiction between these types of analysis. In this paper, the problem of lack of quotes from the companies-issuers and sufficient information about ongoing strategic programs in public sources suggested to solve by means of an alternative monitoring the financial condition of the company on the basis of highly-system models linking financial stability assessment guidelines for all phases of a single analytical procedure.
Keywords:  fundamental and technical analysis, financial strategy, financial and analytical model, monitoring of financial statements.

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2. Prekter R., Frost A. Volnovoj princip Ehlliotta. Klyuch k ponimaniyu rynka [Elliott Wave Principle: Key to Market Behavior]. Moscow, «Al’pina Pablisher» Publ., 2012. 270 p.
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6. Chernyak Yu.I. Sistemnyj analiz v upravlenii ehkonomikoj. – M.: Ehkonomika, 1975. – 193 c.
7. Malyshenko V.A. Model’ sistemno-strategicheskogo finansovogo analiza sanatornyh predpriyatij Kryma / V.A. Malyshenko // Ehkonomika regiona. – 2016. – № 2, S. 510–525.

Express-method of analyzing of the financial status of the company
Shestakova E.V., Candidate of Legal Sciences, General director LLC Actual management

Annotation. In some cases you need to estimate financial status of the company as soon as possible. When do you have such situation? For example, if you estimate the counterparty of the conclusion of a major transaction, choose the counterparty to tender or decide to buy a company with a profitable asset. In this case, you need to conduct a rapid analysis of the financial condition of the company.
Keywords:  financial analysis company management financial analysis, financial performance report, accounts receivable and accounts payable, unpaid taxes, projected plans.

1. Letter of the FTS Russia of 17.07.2013 № АС-4-2/12722 “O rabote komissii nalogovyh organov po legalizacii nalogovoi bazy”.
2. Order of the Ministry of Finance of Russia of 06.05.1999 № 33н (red ot 06.04.2015) “Ob utverzdenii Polozenija po buhgalterskomu uchetu “Rashody organizacii” PBU 10/99.
3. Order of the Ministry of Finance of Russia of 06.05.1999 № 32н (red ot 06.04.2015) “Ob utverzdenii Polozenija po buhgalterskomu uchetu “Dohody organizacii” PBU 9/99.
4. Order of the FTS Russia of 21.07.2014 № ММВ-7-8/378@ Ob utverzdenii formy spravki ob ispolnenii nalogoplatelschikom (platelschikom sbora, nalogovym agentom).
5. Nalogovyi kodeks Rossiiskoi Federacii (chastpervaja) ot 31.07.1998 № 146-FZ (red ot 15.02.2016).
6. Ugolovnyi kodeks Rossiiskoi Federacii ot 13.06.1996 № 63-FZ (red ot 30.12.2015).
7. Chikov D. Kontrol nad debitorskoi zadolzennosnju // Finansovaja gazeta. Regionalnii vypusk, 2011. № 11. S. 15; № 12. S. 14–15.



Empirical testing of asset pricing models: comparison of time-series and cross-section of approaches
Teplova T.V., PhD, Professor of NRU HSE, Financial Department, Heard of Financial Market Laboratory of HSE
Mikova E.S., PhD, analyst of Financial Market Laboratory of HSE

Annotation. The article is devoted to the theoretical aspects of testing pricing models. The main purpose of the article is to compare different methods and techniques for testing the asset pricing models, data collection and analysis, as well as the application of software packages (including the R-studio language). Testing pricing models is based on two main approaches: time-series regression tests and a cross-section regression tests (or rolling cross-section tests). These two approaches have some drawbacks and considered like complementary, so we advice to use simultaneously both approaches in order to get more reliable results. All methods of testing models based on ex-post analysis – historical performance of financial assets. Traditionally, there is used the coefficient of determination and the GRS statistic (that tests whether the estimated intercepts from a multiple regression model are jointly zero) for
estimating the quality of the model. If the model is appropriate, the GRS statistics should tend to zero. The effectiveness of portfolio managers, investment funds and strategies are evaluated directly by alpha. If alpha after adjusting for risks (CAPM or 3FF) and transaction costs is not zero, then the pattern could be considered as stock anomaly. Therefore, this work has both theoretical and practical value.
Keywords: САРМ, GRS-test, cross-section, time-series.

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3. Black Fischer, Michael Jensen C. and Myron Scholes, 1972. “The Capital Asset Pricing Model: Some Empirical Tests, ”in Studies in the Theory of Capital Markets. Michael C. Jensen, ed. New York: Praeger, 79–121.
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Analytical models of operational activities
Nikiforova N.А., Candidate of Economics, Associate professor of the Department of Accounting, Analysis and Audit Federal State-Funded Educational Institution of Higher Education «Financial University under the Government of the Russian Federation»

Annotation. Analysis of the operational activities of help in the organization of the required changes, and implement best practices. For this purpose, various modern and classical methodological approaches. The author stopped at the approaches to formation of methods of analysis of the operating activities of the organization, developed and proposed by foreign authors. They are successfully used in analytical support of the process of management of business processes in major foreign companies.
Keywords: the analysis of operational activities, analytical models, analysis, elimination of waste, efficient use of resources, analysis of production analysis of risks and rewards.

2. Nikiforova N.A. Innovatsionnye protsesy i strategicheskiy analiz // Innovatsionnoe razvitie ekonomiki. – 2014. – № 4 (21). – Pp. 91–93.
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Formation crisis management mechanisms in business aviation sector
Simonenko E.V., Coordinator of company Universal Aviation LLC (Khabarovsk)
Barchukov A.V., Doctor of economic sciences, professor of Finance and Accounting department, Far Eastern State Transport University (Khabarovsk)
Feschenko I.V., Ph. D. in Economics, associate professor of Finance and Accounting department, Far Eastern State Transport University (Khabarovsk)

Annotation. The article proposed crisis management mechanism, involving the introduction of «Protection» component (protection) that will play a role of a central key element in marketing mix model, uniting around itself all the other elements and ideally defining by its target settings the development of other components in the marketing mix 7P model.
Keywords:  crisis management, service sector, service, pricing, business aviation, marketing mix model, package price.

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7. Sokolov D.V., Barchukov A.V. Porjadok upravlenija operacionnymi riskami v bazis-noj sisteme risk-menedzhmenta // Nauchnye issledovanija i razra-botki: menedzhment. – 2013. – T. 1. – Vypusk 4. – S. 215–225.
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Strategic instruments of identification of financial risks in agrarian economy
Samygin D.Yu., Candidate of Economics, Associate Professor at the Department of Economical Cybernetics, Penza state university
Artamonova Ju.S., Candidate of Economics, Associate Professor at the Department of Economy, organization and production management, Penza state university of architecture and construction
Divnenko Z.A., research associate of scientific research institute of basic and applied researches, Penza state university

Research carried out within the RF President Grant MK-5177.2016.6 and with the financial support of the project Russian humanitarian scientific fund 16-32-00015.

Annotation. On the basis of generalization of experience of implementation of documents of a strategic development of agrarian sector in total with the retrospective analysis it is shown that forming of forecast indicators happens without due methodical providing in this connection the risks assessment is not carried out. It does not promote operational and effective management of changes in case of implementation of priority projects in agrarian and industrial complex. The technique of diagnostics of financial and economic risks is provided and on the example of agricultural organizations of the Penza region the assessment of the called risks for the period is carried out 2013–2015 on it. Indicators of a factorial assessment of probability of deterioration in a financial condition of producers allow to identify the most significant risks and to determine extent of their influence on a financial system of the agricultural organizations for the purpose of timely taking measures to their leveling. Results of research are supposed to be used for preparation of practical recommendations to regional bodies of authority and management of agrarian and industrial complex on enhancement of methods and models of strategic planning and forecasting of development of agrarian economy.
Keywords: strategic planning, tool support, risks assessment, financial risks, agrarian economy.

1. Federal law of 28.06.2014 № 172-FZ «O strategicheskom planirovanii v Rossijskoj Federacii».
2. Resolution of the Government of the Russian Federation of 14.07.2012 № 717 «O Gosudarstvennoj programme razvitija sel'skogo hozjajstva i regulirovanija rynkov sel'skohozjajstvennoj produkcii, syr'ja i prodovol'stvija na 2013 – 2020 gody».
3. Resolution of the Government of the Russian Federation of 11.10.2014 № 1044 «Ob utverzhdenii Programmy podderzhki investicionnyh proektov, realizuemyh na territorii Rossijskoj Federacii na osnove proektnogo finansirovanija».
4. Instruction of the Government of the Russian Federation of 06.05.2015 № 803-r «Ob utverzhdenii nacional'nogo doklada o hode i rezul'tatah realizacii v 2014 godu Gosudarstvennoj programmy razvitija sel'skogo hozjajstva i regulirovanija rynkov sel'skohozjajstvennoj produkcii, syr'ja i prodovol'stvija na 2013 – 2020 gody».
5. Instruction of the Vinistry of the Economic Development of the Russian Federation of 14.04.2014 № 26R-AU «Ob utverzhdenii Metodicheskih rekomendacij po vnedreniju proektnogo upravlenija v organah ispolnitel'noj vlasti».
6. Instruction of the Sberbank of the Russian Federation  «O kreditovanii juridicheskih lic uchrezhdenijami Sberbanka RF» ot 26.10.93g № 26-r.
7. Baryshnikov N. Prognoznye scenarii razvitija sel'skogo hozjajstva regiona / N. Baryshnikov, D. Samygin // Jekonomist. – 2013. – № 12. – S. 77–85.
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Improvement of the assessment methodology of the economic entities’ innovation potential
Shvarova E.V., PhD (Economics), Assistant professor, Bryansk State Engineering and Technological University
Tkach Zh.A., Expert at Home Credit and Finance, LLC

Annotation. Current economic environment places ever growing pressure on the selection of the most effective techniques for utilizing and assessment of the economic entities’ innovation potential. To achieve correct and comprehensive assessment of an economic entity’s innovation potential and to choose long-term strengthening strategies, it is essential to carry out systematic assessment based on clear criteria and indicators. The article substantiates the importance of innovation potential in business operations. The authors propose the improved methodology for business innovation potential assessment based on  calculation models.
Keywords:  innovation potential, innovation activity, potential components, innovation activity indicators.

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4. Belousov D.A.  Otsenka innovatsionnogo potentsiala proizvodstvennoi deyatel'nosti organizatsii // Avtoreferat dis. ... kand. ekon. nauk. Novosibirsk, 2010.
5. Ivanova O.E.  Innovatsionnyi potentsial energeticheskikh setevykh kompanii: otsenka i ispol'zovanie pri formirovanii investitsionnoi stoimosti // Avtoreferat dis. ... kand. ekon. nauk. – Ivanovo, 2011.
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8. Safonov E.N., Palamarenko G.A.  Osobennosti formulirovaniya tselei innovatsionnoi strategii predpriyatiya v sovremennykh usloviyakh khozyaistvovaniya. Problemy sovershenstvovaniya upravleniya predpriyatiem v sovremennykh usloviyakh // Sbornik materialov mezhregional'noi nauchno-prakticheskoi konferentsii, Permskii universitet. Penza, 2000 g. S. 92.
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Classification of risks in activities of infrastructure organizations of the financial market of the Eurasian economic union and the measures for their reduction
Rykova I.N., Doctor of Economics The Academy of natural Sciences Head of the Sectorial Economy Center Federal state budgetary institution «Scientific research Institute of Finance»
Gubanov R.S., candidate of economic Sciences, senior researcher of the Sectorial Economy Center Federal state budgetary institution «Scientific research Institute of Finance»

Annotation. The article provides the analysis of these regulations and the requirements of legal acts of international organizations in the field of classification and assessment of risks of infrastructure organizations. The essence of risk-oriented supervision in infrastructure organizations of financial markets of the Eurasian Economic Union. Is the grouping of risks in the conditions of formation of a uniform financial infrastructure of the Eurasian Economic Union. The authors identified risks, subject to prudential supervision in the participating countries of the Eurasian Economic Union.
Keywords:  risk, risks, financial market, financial infrastructure, infrastructure organization, the Eurasian economic Union.

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Evaluation of the reliability of the accounting (financial) reports of the unitary enterprises
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
Mizikovsky I.E., Doctor of Economics, professor, head of «Accounting» of Nizhny Novgorod State University. NI Lobachevsky

Аnnotation. The subject of study of this article is to examine the process of formation of the combined information and accounting space of unitary enterprises. The object of the study are unitary enterprises of the Vladimir and Nizhny Novgorod regions – budgetary funds. The authors found that during the economic crisis, the effective use of budgetary funds declared at the state level as one of the most important tasks of implementing the budget process. The formation of accounting information and space received budgetary funds and their use in the framework of a unitary enterprise accounting procedures may be of a complex structure, requiring the relevant organization of logistic flows of financial information in order to form a reliable accounting (financial) statements.
The research methodology is based on the dialectical method of cognition involves the study of economic relations and phenomena in the development and interconnection of the system and methods of comparative analysis, analysis and synthesis techniques, graphical simulation.
The novelty of the study lies in the fact that the current system of building information and accounting space of unitary enterprises involves a complex structure consisting of commercial and budgetary accounting. This commercial accounting of fixed assets and budgetary funds received for their creation or acquisition, in accordance with the requirements of PBU 6/01, taking into account the norms of the Tax Code and the budget accounting of fixed assets and budgetary funds received for their creation or acquisition on behalf of the authorized authority on the basis of an agreement on the transfer of powers. It is also noted that if a unitary enterprise organized budget accounting of fixed assets and budgetary funds, the transfer unitary enterprise fixed assets is carried out with the budget balance on a commercial for an increase in their authorized fund or with a subsequent increase in value of fixed assets at the unitary enterprises based on the operational management.
Keywords:  unitary enterprise, budget, funds, commercial accounting, budgetary accounting, accounting (financial) statements, capital investments, the agreement, broadcast, powers.

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Market lending business structures of agribusiness in the conditions of economic instability
Popova O.V., doctor of economic Sciences, Professor of the Department of Economics and economic, Federal State Educational Institution of Higher Education «Russian Presidential Academy of National Economy and Public Administration» Orel branch
Polyanin A.V., doctor of economic Sciences, Professor of management and public administration, Federal State Educational Institution of Higher Education «Russian Presidential Academy of National Economy and Public Administration» Orel branch
Dolgova S.A., candidate of economic Sciences, associate Professor of management and public administration, Federal State Educational Institution of Higher Education «Russian Presidential Academy of National Economy and Public Administration» Orel branch

Annotation. The agricultural sector is an important component of the state economy, which depends on its food security and independence. Because of the nature of its activities, the producers are deprived of the long and short-term equity, and therefore are forced to engage technical and technological re-borrowed sources of funding, and the main one of which is a Bank loan. The dynamic development of agriculture in the conditions of strengthening of competition in the agro-food market depends on the existence of effective loan products.
Keywords: funding, lending products, agricultural sector, the backbone of the Bank’s financial markets.

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Education level of executive board members in banks on the russian market
Prosvirkina E.Y., PhD, enrolled in Doctor of Business Administration studies at SBS Swiss Business School, teacher of the National Research University "Higher School of Economics"
Agikova A.G., student of the National Research University "Higher School of Economics"

Annotation. The article is devoted to the research of the education level of executive board members of banks on the Russian market. The key source of information is banks’ websites, which publish data about characteristics of executive board and board of directors. Data collected includes information about university, major, additional studies, and PhD both for chairman and members of executive board. Data is analysed in SPSS program; frequency analysis is arranged. Results of the research demonstrate that members of executive boards have high level of education: their education is not limited to one degree; the majority has either additional education or even PhD. This is in line with the Rosstat data, which shows that education level of employees in the banking sector in Russia is higher in all other industries, except a scientific sphere.
Keywords: executive Board, level of education, banking sector, Russia.

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