CORPORATE  FINANCE

Strain the financial sustainability against possible losses of industrial enterprises in the non-use of purchased equipment
Kalmakova N.A., Аssociate Professor “Economics and Finance”, Candidate of Economic Science, Chelyabinsk branch of the Financial University under the Government of the Russian Federation, Chelyabinsk

Annotation. The article examines the practical task of maintaining financial stability and management of insurance reserves of unused equipment associated with the production. On a point of order and the lot size of supplies of material resources largely determines the production plan for the production of products of industrial enterprise. In conditions of uncertainty and crisis phenomena in the economy, project development allows us to account for situational changes between the need for additional equipment and the available possibilities of the enterprise. Promising the formation of plans of transformation of the results of production and economic activities using the tools of effective management of insurance reserves in time. The presence of emerging issues for the management of the insurance reserves of the enterprise is caused by the need for continuous improvement of techniques and introduction of universal approaches when making decisions related to improving the efficiency and effectiveness of the domestic industrial enterprises. The article suggests a way of solving problems arising in the General theory of the management of the insurance reserves, it is determined how much equipment should be purchased to minimize the expected total loss for a good balance between performance and resource-imposed constraints were expressed as linear equalities and inequalities.
Keywords: spare equipment, loss of industrial enterprise, reserves, the probability, the cost.

References
1. Bukan Dzh., Kenigsberg Je. Nauchno e upravlenie zapasami. – M.: Nauka, 1967.
2. Kublin S.I. Strategicheskoe upravlenie proizvodstvennymi zatratami mashinostroitel’nogo predprijatija. Saratov, 2006.
3. Macheret D.A. Sovershenstvovanie metodov planirovanija i regulirovanija jekspluatacionnyh rashodov / D.A. Macheret // Jekonomika zheleznyh dorog. – 2002. – № 8. – S. 15–28.
4. Brodeckij G.L. Sistemnyj analiz v logistike. Vybor v uslovijah neopredelennosti. – M.: Academia, 2010.
5.  Henscmen F. Primenenie matematicheskih metodov v upravlenii proizvodstvom i zapasami. – M.: Progress, 1965.
6.  Ishhenko A.N. Modeli i metody upravlenija torgovo-posrednicheskoj firmoj. – Sankt-Peterburg. Saint-Petersburg state engineering-economic Academy, 2000.

Economic performance as a category and classification (example of fish industries)
Levkina E.V., lector Vladivostok State University of Economics and Service, 690990, Russia, Vladivostok, street Gogol, 41

Annotation. Actuality: Cost-effectiveness is a key category of market economy, which is directly linked to the achievement of the ultimate goal of development of business andindustry as a whole and each company individually. The essence of the problem of increasing the efficiency of the fishing industry is to increase the economic results in the use of the limited resources available.
The purpose of research is to study the effectiveness of the theory. In the article the economic content of “efficiency” category and are grouped stages of development of the theory of efficiency. The authors identified and grouped symptoms classification efficiency industries. Particular attention is paid to the specifics of the industry and its influence on the content of the efficiency of the fishing industry.
Results. Based on the analysis of numerous scientific studies and specialized documents marked criterion signs, formulated especially the fishing industry, represented by the copyright definition of “efficiency” with respect to the fishing industry.
In this study, the authors have used such methods of scientific research, as the study and analysis of scientific, educational publications and articles, analytical method. Application results. Results of the study can be used in the financial activity of the enterprises of the fishing industry, as well as teaching practice in higher education.
Keywords:  criteria, evaluation, efficiency, cost-effectiveness, the fishing industry, social efficiency, absolute efficiency, the integrated efficiency, the efficiency of investment, a micro-level, meso-level.

References
1.  Vol’chik V.V. Jeffektivnost’ rynochnogo processa i jevoljucija institutov / [Electronic resource]. libertarium.ru/
2. Dolan Je.Dzh., Lindsej D.E. Mikrojekonomika / Per. s angl. – SPb.: Nauka, 1994. – 448 s.
3. Zhemchugov A.M., Zhemchugov M.K. Jeffektivnost’ predprijatija // Narodnoe hozjajstvo. Innovacionnoe razvitie, № 5. 2010 g. s.11-16.
4. Levkina E.V., Vasilenko M.E. Jeffektivnost' rybnoj otrasli: teorija, metodologija i praktika. Internet-zhurnal «Naukovedenie» 6 (19) nojabr'-dekabr' za 2013 god (Recommended by the HAC) Electronic resource]/ URL: cyberleninka.ru/article/n/effektivnost-rybnoy-otrasli-teoriya-metodologiya-i-praktika (Retrieved 26.12.2016).
5. Levkina E.V., Vasilenko M.E., Vorozhbit O.Ju. Rol’ innovacionnogo razvitija v povyshenii jeffektivnosti rybnoj otrasli Primorskogo kraja//Vestnik Adygejskogo gosudarstvennogo universiteta: setevoe jelektronnoe nauchnoe izdanie. 1 nomer 2014 goda.
6. Lopatnikov L.I. Jekonomiko-matematicheskij slovar' / L.I. Lopatnikov. – M.: Nauka, 1987. 510 s.

Evaluation of enterprise solvency based on future cash flows
Karzaeva E.A., financial controller of LLC “Delta UK”
Karzaev V.A., Candidate of Economic Sciences

Annotation. In modern practice, common method of evaluation is the calculation of the solvency of liquidity ratios. But this method can not explicitly confirm the possibility of the company to pay its obligations in the future. Alternative theory is also not fully meet the definition of solvency. A new method of assessment of solvency, based on a comparison of future cash flows, taking into account the separation of their activities, with obligations to maturity. If the net cash flow is a non-negative, we can talk about the company’s ability to repay its obligations in a particular period during the normal course of business. Having completed a number of calculations, the internal user accounts will be able to assess the solvency of the companies in the study period.
Keywords: solvency, liquidity, cash flow, receivables, payables, turnover.

References
1. Sheremet A.D. Kompleksnyj analiz hozjajstvennoj dejatel’nosti. – M.: Infra-M, 2006. 414 s.
2. Doncova L.V., Karzaeva N.N. Sravnitel’nyj analiz finansovogo sostojanija i rezul’tatov dejatel’nosti organizacij APK // Buhuchet v sel’skom hozjajstve. – 2012. – № 7 . – S.26-34.
3. Savickaja G.V. Metodika kompleksnogo analiza hozjajstvennoj dejatel’nosti. – M.: Infra-M, 2006. 320 s.
4. Kovalev V.V. Finansovyj menedzhment: teorija i praktika. – 2-e izd., pererab. i dop. – M.: Izd-vo Prospekt, 2009. – 1024 s.
5. Efimova O.V. Finansovyj analiz: sovremennyj instrumentarij dlja prinjatija jekonomicheskih reshenij: Uchebnik. 2-e izd. – M.: Omega-L, 2010. – 351 s.
6.  Ionova A.F., Selezneva N.N.  Finansovyj analiz: uchebnik. – M.: TK Velbi, Prospekt, 2006. – 624 s.
7. Derevjagin A.S. Ocenka platezhesposobnosti kompanii: rossijskij i zarubezhnyj opyt // Spravochnik jekonomista. – 2011. – № 8. – S. 13–18.
8. Karzaeva E.A. Depozit kak sposob obespechenija platezhesposobnosti predprijatija // Finansovyj menedzhment. – 2016. – № 3. – S. 23–30.
9. Karzaeva N.N., Zhuravleva O.S. Dostovernost’ ocenki platezhesposobnosti hozjajstvujushhih sub’ektov v prognozirovanii bankrotstva // Jekonomika i upravlenie: problemy; reshenija. – 2014. – № 8 (32). – S. 160–165.
10.  Tolpegina O.A.  Sistema ocenochnyh pokazatelej platezhesposobnosti // Jeffektivnoe antikrizisnoe upravlenie. – 2013. – № 1. – S. 43–56.
11. Jusubova G.K. Jevoljucija metodologii buhgalterskogo ucheta i analiza denezhnyh potokov // Avtoref. dis. kand. jekon. nauk. – Sankt-Peterburg. – 2016. – 25 s.
12. Savchuk V.P. Finansovyj analiz dejatel’nosti predprijatija (mezhdunarodnye podhody) // Korporativnyj menedzhment. – 2012. – № 1. – S. 12–21.

INVESTMENTS AND BUSINESS

Assessment of the status and use of innovative potential in the strategic audit of small enterprises
Filobokova L.Y., Dr.Sc.(Econ), professor, certified auditor MSTU n.a. N.E. Bauman

Annotation. Transformation of small entrepreneurship on sustainable development brought the need for the formulation and solution of strategic tasks and, above all, on the formation and effective use of innovative potential – a fundamental condition for the growth of competitiveness. The audit market offers entrepreneurship in small business management forms a wide range of services for the development of innovative solutions, which imply a formalized methodological approaches, the author's justification for which assessment and use of innovative potential is represented in this article.
Keywords: innovative potential, methodological approaches to the assessment, audit of small businesses.

References
1. Porter M. Konkurenciay / M.Porter; per. s angl. – M.: Izdatel'skiy dom «Vil'yams», 2005.
2.  Pil'nov G., Tarasova O., Yanovskiy A. Kak provodit' tehnologicheskiy audit. – Proekt Europe Aid «Nauka I kommercializacia tehnologiy», 2006.
3. Saenko K. Innovacionnyi audit v sisteme informacionnogo monitoringa hozyaistvennoi deyatel'nosti // Audit i finansovyi analiz. 2009 № 6 S. 98–99.
4. n-te/innovation.htm
5. Shumpeter Y. «Teoriya ekonomicheskogo razvitiya». M.: Vil'yams, 1982
6. Sheremet A.D., Suic V.P. Metody izmereniya  innovacionnogo potenciala malyh I srednih predpriyatiy [Electronic resource]. URL: //rcsme.ru

Financial instruments and indicators of achievement of sustainable development
Chernov V.A., Doctor of Economics, professor, head of the department of accounting and audit of Institute of economy, management and right, Nizhny Novgorod state architectural and construction university

Annotation. Article is devoted to search of ways of release of dependence of domestic economy on fuel and raw export, achievement of import substitution, development of domestic competitive productions, ensuring sustainable social and economic development. The question of financing and creation of favorable investment climate for development of non-oil productions remains the main condition of the solution of the specified tasks.
Based on methods of financial coefficients, the author considers key questions of financial policy, offers the concrete tools and indicators allowing to regulate finance in achievement of the specified purposes on the basis of dialectic logic and quantitative estimates.
Keywords: prices of fuel and raw export, mobilization of the income, export duties, tax burden, competitive advantages, investment appeal, non-oil component, innovative development, sustainable development.

References
1. Barilenko V.I. Biznes-analiz kak instrument obosnovanija uslovij ustojchivogo razvitija // Voprosy regional'noj jekonomiki. 2015. T. 24. № 3. S. 137–144.
2. Barsukov Ju. Neftjanikam predlozhili vojti v oblozhenie. NDD v otrasli mogut vvesti s 2018 goda // Gazeta Kommersant. № 169 ot 14.09.2016. S. 1 [Electronic resource]. URL: kommersant.ru/doc/3088461
3. Visloguzov V., Barsukov Ju. S poleznyh iskopaemyh nalogov bol'she ne dobyt'. Vlasti ishhut den'gi tam, gde ih videli v poslednij raz // Gazeta Kommersant № 178 ot 29.09.2015. S. 1 [Electronic resource] URL: kommersant.ru/doc/2820554?utm_source=kommersant&utm_medium=doc&utm_campaign=vrez
4. Gorbunov S.V. Formirovanie investicionnoj politiki predprijatija v izmenjajushhihsja uslovijah vneshnej sredy // Innovacionnaja jekonomika: informacija, analitika, prognozy. 2011. № 5-6. S. 88.
5. Egorova E. Putin v Turcii sdelal besprecedentnoe zajavlenie ob ogranichenii dobychi nefti // MKRU. 10.10.2016 [Electronic resource] URL mk.ru/politics/2016/10/10/putin-v-turcii-sdelal-besprecedentnoe-zayavlenie-ob-ogranichenii-dobychi-nefti.html
6. Zamministra finansov RF predupredila o finansovom kollapse strany // Maxpark. 30 ijulja 2016 [Electronic resource] maxpark.com/community/4109/content/5370815
7. Karnickaja Je.N., Popova S.V. Finansovoe stimulirovanie innovacionnoj aktivnosti sub#ektov malogo predprinimatel'stva v Chuvashskoj respublike. V sbornike: Sovremennye koncepcii nauchnyh issledovanij Materialy IV Mezhdunarodnoj nauchno-prakticheskoj konferencii. Nizhegorodskij filial MIIT; Pod redakciej N.V. Pshenisnova. 2015. S. 97–100.
8.  Kuvaldina T.B.  Jekologicheskaja rezul'tativnost' na zheleznodorozhnom transporte // Sibirskaja finansovaja shkola. 2012. № 2. S. 83–86.
9. Zaharov V.Ja., Zaharov I.V.  Rol' gosudarstva v ustojchivom razvitii jekonomiki. V sbornike: Jekonomicheskie aspekty razvitija rossijskoj industrii v uslovijah globalizacii. Materialy Mezhdunarodnoj nauchno-prakticheskoj konferencii kafedry «Jekonomika i organizacija proizvodstva». – Moskva: OOO «Nauchnyj konsul'tant». 2015. S. 81–84.
10.  Kolosova T.V. Monitoring innovacionnogo potenciala kak instrument obespechenija ustojchivogo razvitija predprijatij // Jekonomika i jeffektivnost' organizacii proizvodstva. 2011. № 14. S. 203–208.
11. Mel'nik M.V. Osnovnye jelementy ustojchivosti jekonomiki v sovremennyh uslovijah // Uchet. Analiz. Audit. 2015. № 4. S. 16–22.
12. Morozova N.A. Jeffektivnaja amortizacionnaja politika kak faktor povyshenija jekonomicheskoj bezopasnosti // Teoreticheskie i prikladnye aspekty jekonomicheskoj bezopasnosti regiona sbornik statej materialov III Mezhdunarodnoj nauchno-prakticheskoj konferencii v rezhime on-line. Glavnyj redaktor: Pshenisnov N.V. – Cheboksary: Negosudarstvennoe obrazovatel'noe uchrezhdenie dopolnitel'nogo professional'nogo obrazovanija «Jekspertno-metodicheskij centr». 2014. P. 53–54.
13. Pravitel'stvo ne prinjalo mobilizacionnye predlozhenija Minfina – Shuvalov // Vedomosti. 31.08.2016 [Electronic resource]. URL: vedomosti.ru/economics/news/2016/08/31/655109-pravitelstvo-minfina
14. Tret'jakova E.A., Permichev N.F. Formirovanie innovacionnogo organizacionno-jekonomicheskogo potenciala kreditnyh organizacij Upravlenie jekonomicheskimi sistemami: jelektronnyj nauchnyj zhurnal. 2012. № 4 (40). S. 10.
15. Chernov V.A. Geojekonomika i geopolitika Rossii: vlijanie jekonomicheskih i finansovo-politicheskih aspektov na importozameshhenie. V sbornike: Importozameshhenie oborudovanija i tehnologij v strategicheski vazhnyh otrasljah jekonomiki Rossii Materialy Vserossijskoj nauchno-tehnicheskoj konferencii 2015 [Electronic resource]. URL: opk.spb.ru/category/trainingcenter/business-coaching/business-coaching-conference/
16.  Chernov V.A. Investicionnyj analiz. Uchebnoe posobie dlja studentov vuzov, obuchajushhihsja po special’nostjam «Buhgalterskij uchet, analiz i audit», «Finansy i kredit», «Nalogi i nalogooblozhenie», po special’nostjam jekonomiki i upravlenija (081000) / pod redakciej M.I. Bakanova. 2-e izdanie, pererabotannoe i dopolnennoe. M.: JuNITI-DANA. 2009. 159 s.
17. Chernov V.A. Metodologija jekonomicheskogo analiza: istoricheskaja preemstvennost' i innovacii // Audit i finansovyj analiz. 2016. № 4. S. 139–159.
18.  Chernov V.A. Sposoby dostizhenija ustojchivogo social'no-jekonomicheskogo razvitija i jekologicheskie problemy Rossii. V sbornike: Velikie reki' 2015 Trudy kongressa 17-go Mezhdunarodnogo nauchno-promyshlennogo foruma: v 3-h tomah. Nizhegorodskij gosudarstvennyj arhitekturno-stroitel'nyj universitet. 2015. S. 382–387.
19. Chuzhmarova S.I. Regulirovanie vneshnejekonomicheskoj dejatel'nosti prirodopol'zovatelej respubliki Komi kak ob#ektivnoj osnovy nalogooblozhenija // Regional'naja jekonomika: teorija i praktika. 2010. № 30. S. 33–40.
20.  Sheremet A.D. Kompleksnyj analiz pokazatelej ustojchivogo razvitija predprijatija // Jekonomicheskij analiz: teorija i praktika. 2014. № 45. S. 2–10.
21. Jashina G. Svesti koncy s koncami. Pochemu bjudzhet 2017 goda ne shoditsja // Kapital strany. Federal’noe internet-izdanie. 15.09.2016 [Electronic resource]. URL: kapital-rus.ru/articles/article/svesti_koncy_s_koncami_pochemu_budjet_2017_goda_ne_shoditsya/

The development of anti-crisis strategy of Russian regions
Kapitskaya O.V., Ph.D., Associate Professor of “Management” Moscow Technological University MIREA

Annotation. In this article the development of a strategy of regional crisis management based on continuous monitoring of the financial and socio-economic status of Russia. The causes of the crisis, and crisis management programs offered to the Russian regions that provide opportunities to exit the crisis.
Keywords:  crisis management, crisis management strategy, crisis management regions, the anti-crisis program, the causes of the crisis.

References
1. Arutyunov Yu.A. Antikrizisnoe upravlenie: Uchebnik dlya studentov / Yu.A. Arutyunov. – M.: YUNITI-DANA, 2013. – 416 c.
2. Belyaev A.A. Antikrizisnoe upravlenie.: Uchebnik dlya studentov vuzov / A.A. Belyaev, Eh.M. Korotkov. – M.: YUNITI-DANA, 2013. – 319 c.
3. Zaharov V.Ya.  Antikrizisnoe upravlenie. Teoriya i praktika: Uchebnoe posobie dlya studentov vuzov / V.Ya. Zaharov, A.O. Blinov, D.V. Havin; Pod red. V.Ya. Zaharova. – M.: YUNITI-DANA, 2013. – 319 c.
4.  Zub A.T.  Antikrizisnoe upravlenie organizaciej: Uchebnoe posobie / A.T. Zub, E.M. Panina. – M.: ID «FORUM», NIC «INFRA-M», 2013. – 256 c.
5. Tumanova E.N. Sovershenstvovanie sistemy gosudarstvennogo regional'nogo antikrizisnogo upravleniya // Problemy i perspektivy ehkonomiki i upravleniya: materialy mezhdunar. zaoch. nauch. konf. (g. Sankt-Peterburg, aprel' 2012 g.). – SPb.: Renome, 2012. – S. 204–208.
6. Formirovanie strategii antikrizisnogo upravleniya na urovne regiona [Electronic resource]. URL: cyberleninka.ru (Retrieved: 14.12.2016).

CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Ranging of airlines for crediting by their bank on the basis of the game with the nature model
Labsker L.G., candidate of physical and mathematical sciences, professor, professor of Financial University under the Government of the Russian Federation
Dulneva D.D., student of faculty “Applied mathematics and information technologies” Financial University under the Government of the Russian Federation

Annotation. In article the task of formation of priority sequence of crediting by bank of potential corporate borrowers in the conditions of adverse financial and economic uncertainty is set and solved. As potential borrowers the Russian airlines are considered: AZUR AIR, NORDWIND AIRLINES, IKAR AIRLINE, AVRORA AIRLINE. Research is conducted on the basis of use of the mathematical model “Game with the Nature” in which for comparison of efficiency and an inefficiency of the chosen strategy Wald’s criteria, Savage and synthetic criterion of Wald-Savage are used.
Keywords: bank, crediting, airlines, net profit, game with the nature, synthetic criterion of Wald–Savage.

References
1.  Labsker L.G., Yaschenko N.A., Amelina A.V. Optimizatsiya vyibora korporativnogo zaemschika banka na osnove sinteticheskogo kriteriya Valda-Sevidzha // Finansovaya analitika: problemyi i resheniya. – 2011. – № 34 (76). – S. 43–54.
2. Labsker L.G., Yaschenko N.A., Amelina A.V. O strukture mnozhestva strategiy, optimalnyih po kriteriyu Valda-Sevidzha, i finansovoe prilozhenie // Materialy VII Mezinarodni vedecko-prakticka conference “Aktualni vymozenosti vedy – 2011”, 27.06.2011 – 05.07.2011, Dil 4 Ekonomicke vedi, Praha, Publishing House “Education and Science” s.r.o., 2011, 26–33.
3.  Labsker L.G., Yaschenko N.A., Amelina A.V.  Formirovanie prioritetnoy ocherednosti kreditovaniya bankom korporativnyih zaemschikov po sinteticheskomu kriteriyu Valda-Sevidzha // Finansyi i kredityu. – 2012. – № 38 (518), oktyabr. – S. 31–41.
4.  Labsker L.G., Yaschenko N.A., Amelina A.V.  Ocherednost kreditovaniya bankom korporativnyih zaemschikov. Formirovanie prioritetnogo poryadka na osnove sinteticheskogo kriteriya Valda-Sevidzha. Monografiya. – Saarbrucken (Germany): LAP (LAMBERT Academic Publishing GmbH & Co. KG), 2012. – 230 s.
5. Labsker L.G., Yaschenko N.A. K voprosu o dokazatelstve teoremyi o strukture mnozhestva strategiy, optimalnyih po kriteriyu Valda–Sevidzha // Nauka i Mir. Mezhdunarodnyiy nauchnyiy zhurnal. – 2013. – № 1 (1). – S. 158–167.
6. Labsker L.G. Teoriya kriteriev optimalnosti i ekonomicheskoe reshenie. (Monografiya). – M.: KNORUS, 2014. – 744 s.
7. Labsker L.G., Yaschenko N.A. Ekonomicheskie igryi s prirodoy. Praktikum s resheniyami zadach. Pod redaktsiey L.G. Labskera. – M.: KNORUS, 2015. – 506 s.
8. Savage L.J. The theory of statistical decision. // J. Amer. Statist. Assoc. – 1951. – Vol. 46. – № 1. – P. 55–67.
9. Wald A. Statistical decision functions. – N.-Y.: Wiley; L., Chapman & Hall, 1950. – 179 p.
10. Aviakompaniya Azur Eyr (Azur Air). Official site [Electronic resource]. URL: aviakompaniya/info/airlines/azur-air (Retrieved: 04.10.2016).
11. Aviakompaniya Severnyiy veter «Nordwind». Official site [Electronic resource]. URL: avia.pro/blog/aviakompaniya-severnyy-veter-nordwind (Retrieved: 04.10.2016).
12. Aviakompaniya Ikar. Official site [Electronic resource]. URL: avia.pro/blog/aviakompaniya-ikar (Retrieved: 04.10.2016).
13. Aviakompaniya Avrora (Aurora). Official site [Electronic resource]. URL: aviakompaniya.info/airlines/aurora (Retrieved: 04.10.2016).
14. URL: spark-nterfax.ru/#company/62DBD6C67E88448A88CE5741A3A7F672/508 (Retrieved: 20.10.2016).
15. URL: spark-interfax.ru/#company/A6F0FD2966974B1483FE2B5449188154/508 (Retrieved: 20.10.2016).
16. URL: spark-interfax.ru/#company/9FBAEA5147F24D64914 5587CE0A38860/508 (Retrieved: 20.10.2016).
17. URL: spark-interfax.ru/#company/2F920028E6B740B9AB4A0A365BC51F 3 7/508 (Retrieved: 20.10.2016).

Features of modern credit in the light of the development of the credit market
Gubanov R.S., candidate of economic Sciences, teacher of Regional State Budgetary Professional Educational Organization «Ryazan College of technology»
Alibegowa А.A., student Regional State Budgetary Professional Educational Organization «Ryazan College of technology»

Annotation. The article describes essence, types and functions of the credit market, the role of credit in market economy. Also statistics of growth of net profit is noted. And proposals for the extension of the existing underlying line of credit based on the experience of development of Public Joint Stock Company «Russian regional development bank» are considered.
Keywords: credit, credit market, crediting, national banking system.

References
1.  Andrjushin S.A.  Dolgovaja nagruzka i fiskal’nye disbalansy regional’nyh bjudzhetov Rossijskoj Federacii // Bankovskoe delo № 10, 2015 (273) – C. 12.
2. Glotova I.I. Finansy, denezhnoe obrashchenie i kredit: uchebnik /I.I. Glotova i dr. – Rostov n/D: Feniks, 2015. – 377.
3. Frolova T.A. Bankovskoe delo: konspekt lekciy Taganrog: TTI YUFU, 2010.
4.  Artem'eva S.S.  Finansy, denezhnoe obrashchenie, kredit: F59 Uchebnik dlya vuzov / S.S. Artem’eva, V.V. Mitrohin, V.I. Chugunov i dr. – 2-e izd. – M.: Akademicheskiy Proekt; Fond «mir», 2009. – 469 s.
5. cbr.ru.
6. Novikov A.M. Tekushchaya denezhno-kreditnaya politika i fundamental’nye problemy razvitiya rossiyskoy bankovskoy sistemy // Imushchestvennye otnosheniya v Rossiyskoy Federacii 9 2016. S. 45.
7. Popova I.V. Finansy, denezhnoe obrashchenie i ipoteka: Ucheb. Posobie. – M.: INFRA- M, 2015. – 304 s.
8. Vserossiyskiy bank razvitiya regionov // vbrr.ru/
9. abr.ru/
10. banki.ru/products/credits/

Heterogeneity of top management teams in banks on the Russian market
Prosvirkina E.Y., PhD, enrolled in Doctor of Business Administration studies at SBS Swiss Business School, senior lecturer of the National Research University «Higher School of Economics»
Emelianova A.A., student of the National Research University «Higher School of Economics»

Annotation. This article is devotedto analysis of top management team heterogeneity of banks on the Russian market. Sample of the research consists of 178 banks, which represent well the Russian banking sector. Data about age, gender, education, and work experience of Executive Board members is collected from websites of banks. Team heterogeneity is analysed based on the coefficient of variance calculation. The research demonstrated that top management teams in banks are homogenous in terms of citizenship, lack of international work experience and duration of Executive Board membership. High heterogeneity is found out in functional work experience and education.
Keywords:  top management, team, heterogeneity, banking sector, Russia.

References
1. Gabdreeva G.SH., Halfieva A.R. Sravnitel'nyj analiz struktury lichnostnyh svojstv uspeshnyh rukovoditelej-muzhchin i zhenshchin // Materials konferencii «Sovremennye koncepcii i tekhnologii garantirovannogo kachestva vysshego obrazovaniya» / podnayc. Red. V.I. Andreeva. – Kazan: Isd-vo Kazan un-ta, 2014, s. 45–51.
2. Groshev I.V., Pozdnyakov A.A. Gendernye, polovye i lichnostno-individual’nye razlichiya povedencheskih patternov v organizacionnyh konfliktah i ih vliyanie na kul’turu organizacii // Vestnik Tambovskogo gosudarstvennogo tekhnicheskogo universiteta, tom 11, № 1, 2005, s. 310–313.
3. Demicheva M., Kahkharov SH. Kulturnye razlichiya mezhdu nemeckim i rossijskim rukovoditelem // Kadrovik, № 7, 2011, s. 111–116.
4. Prosvirkina E.Y. Ocenka effektivnosti deklaririvaniya korporativnih cennostei v rossiiskom bankovskom sektore // Menedzhment v Rossii I za rubezhom, № 1, 2013. S. 88–93.
5. Prosvirkina E.Y., Prosvirkin N.Y. Korporativnie cennosti v bankovskom sektore// Menedzhment v Rossii I za rubezhom, № 3, 2016. S. 91–98.
6. Raskrytie informacii kreditnymi organizaciyami // Sajt Central'nogo Banka Rossijskoj Federacii [Electronic resource]. URL: cbr.ru/credit/transparent.asp
7. Stadnik V.V., Grizovskaya L.A. Faktor geterogennosti personala v narashchivanii intellektual'nogo kapitala innovacionno-aktivnogo predpriyatiya // Problemy ehkonomki, № 2, 2014, s. 197–204.
8. Tashmen M., O'Rehjlli Ch. Pobedit' s pomoshch'yu innovacij. Prakticheskoe rukovodstvo po izmeneniyu i obnovleniyu organizacii. – Moskva: Alpina Pablissher, 2014, s. 271.
9. Belbin M. Changing the Way We Work. – М.: Hippo, 2004.
10. Cosier R.A., Schwenk C.R. (1990). Agreement and Thinking Alike. Academy of Management Executive, 4(1), pp. 69–74.
11.  Gellert M., Nowak K.  All of teambuilding: a guide for trainers: Translated from the German. – M.: Vershina, 2006. – 352 p.
12. Kilduff M., Angelmar R., Mehra A.  (2000). Top Management Team Diversity and Firm Performance: Examining the Role of Cognitions. Organization science, pp. 21–34.
13. Knight D., Pearce C.L., Smith K.G., Olian J.D., Sims H.P., Smith K.A., Flood P.  (1999). Top Management Team Diversity: Group, Process, and Strategic Consensus. Strategic Management Journal, 20, pp. 445–465.
14.  O'Reile C.A., Caldwell D.F., Barnett W.P.  (1989). Work Group Demography, Social Integration, and Turnover. Administrative Science Quarterly, 34, pp. 21–37.
15. Vogt S., Weesie J. (2006). Social Support Among Heterogeneous Partners: An Experimental Test. Journal of Economic Interaction and Coordination, 1(2), pp. 215–232.

FINANCIAL MARKET

Problems and prospects of development of Russian financial market
Stepashkina A.Y, graduate student of the Department of corporate finance and corporate governance Financial University under the Government of the Russian Federation

Annotation. The subject of this article is to study the factors affecting the Russian financial system. The article deals with the prospects of development and current problems in the financial market, describes the main objectives of the regulator, aimed at developing the Russian financial sector with the implementation period until 2018. The paper compares some financial indicators of Russia and other countries. Described and analyzed development trends of the Russian financial market, as well as actions aimed at addressing the negative impact of factors or reducing its impact.
Keywords: financial market, financial literacy, financial sector, the Bank of Russia, financial institutions, the banking sector, mutual funds (PIF), credit institutions, noncredit institutions.

References
1. Nacional’naja associacija uchastnikov fondovogo rynka, «Rossijskij fondovyj rynok. Sobytija i fakty. Obzor za pervoe polugodie 2016 goda», 2016.
2. PAO «Upravljajushhaja kompanija «Arsagera», analiticheskij obzor «Fondovyj rynok Rossii», arsagera.ru, 2016.
3. Anna Nesterova, «Zashhitit’ ot samih sebja», Gruppa «Jekspert», 2016.
4. Central’nyj Bank Rossii, «Osnovnye napravlenija razvitija finansovogo rynka Rossijskoj Federacii na period 2016-2018 godov (Approved by the Board of Directors of the Central Bank of the Russian Federation 26.05.2016)»

ACTUAL THEME

Analysis of financial provision of education in the economic crisis: Russian and international practice
Tetushkin V.А., candidate of technical Sciences, associate Professor, chair of economic analysis and quality, Tambov state technical University

Annotation. The subject of the research in the paper is the financing of the education sphere in the conditions of crisis. The aim of this work is to analyze the impact of the economic downturn on education funding. The scope of the results covers research for the management of educational organizations as well as research students and teaching staff of universities.
Keywords: finance, analysis, economic crisis, education, support.

References
1.  Berezkin D.I. Gosudarstvennaja programma razvitija obrazovanija kak instrument povyshenija rezul'tativnosti i jeffektivnosti bjudzhetnogo finansirovanija vysshego obrazovanija // Jekonomika i predprinimatel'stvo. 2015. № 8–2 (61–2). S. 101–105.
2.  Akchurina G.R. Reformirovanie rossijskoj sistemy obrazovanija putem sozdanija jendaument-fondov kak al'ternativa bjudzhetnogo finansirovanija obrazovanija // Upravlenie jekonomicheskimi sistemami: jelektronnyj nauchnyj zhurnal. 2013. № 7 (55). S. 24.
3. Lopatkina A.E. Struktura ushherba ot podushevogo finansirovanija v obrazovanii // JeKO. 2014. № 8 (482). S. 176–182.
4. Glushhenko V.V., Glushhenko I.I. Strahovoj mehanizm finansirovanija v obrazovanii // Innovacionnaja nauka. 2016. № 2–1 (14). S. 86–88.
5.  Karavaev A.V., Iputatov D.Ju. Rossijskoe obrazovanie: finansirovanie, razvitie, konkurentosposobnost' // Narodnoe obrazovanie. 2016. № 4–5. S. 9–16.
6.  Lou D. Obrazovanie, podgotovka i jekonomika: razrabotka politiki, planirovanie i finansirovanie // Jekonomika obrazovanija. 2012. № 1. S. 8–17.
7.  Dzhonstoun B. Sistema vysshego obrazovanija v SShA: struktura, rukovodstvo, finansirovanie // Jekonomika obrazovanija. 2013. № 3. S. 72–79.
8. Grigoryev L. Problemy finansovogo obespechenija sfery obrazovanija // Bjulleten' o sfere obrazovanija. M.: Analiticheskij centr pri Pravitel’stve RF. 2016.
9. Anisimova A.Je. Vysshee obrazovanie v razvivajushhihsja stranah: voprosy finansirovanija // Naukovedcheskie issledovanija. 2013. № 2013. S. 257–270.