Contents of N3/2017

all contents

Contents of №3' 2017

CORPORATE  FINANCE

Controlled debt owed to foreign creditors and its effect on taxation and the capitalization of russian companies
Kazakova N.A., Doctor of economic Science, professor, head of financial research center, professor of financial management department Plekhanov Russian University of Economics
Butenko D.O., PJSC «Sberbank», specialist Unit “risks”, Moscow
Denisyuk P.A., Ernst&Young, corporate tax specialist

Annotation. Compiled especially for categorizing debt to controlled, analyzed the mechanism of «thin capitalization» method of calculating a capitalization rate based on the amount of outstanding debt, equity and the share of foreign persons in the Charter capital of a Russian company. Analyzed changes in the normative regulation and arbitration practice paying interest on debt controlled by Russian companies before the interdependent foreign creditors.
Keywords: controlled debt, interdependent companies, tax base, outstanding debt, equity, foreign creditors, capitalization.

References
1. Belyakova E.I., Kazakova N.A. Analiticheskie protsedury otsenki nalogovykh riskov i kontrolya pravil’nosti raschetov naloga na dobavlennuyu stoimost’ // Upravlencheskiy uchet. 2014. № 6. S. 20–28.
2. Zinov’yeva A.A., Kazakova N.A., Khlevnaya E.A. Aktual’nye problemy kontrolya finansovoy bezopasnosti kompanii // Finansovyy menedzhment. № 2, 2016. S. 3–12.
3. Ivanova A.N., Kazakova N.A. Finansovaya bezopasnost' kompanii: analiticheskiy aspekt // Ekonomicheskiy analiz: teoriya i praktika. 2016. № 10 (457). S. 93–105.
4. Ivanova A.N., Kazakova N.A. Diagnostika i kontrol' finansovoy bezopasnosti kompanii: upravlencheskiy aspekt // Upravlencheskiy uchet. 2016. № 5. S. 20–32.
5. Kazakova N.A. Upravlencheskiy audit kompanii v usloviyakh krizisa // Upravlencheskiy uchet. 2009. № 5. S. 108-112.
6. Kazakova N.A.  Problemy obespecheniya ekonomicheskoy bezopasnosti deyatel'nosti khozyaystvuyushchikh sub''ektov v usloviyakh vysoko riskovoy rynochnoy ekonomiki // Fundamental'nye issledovaniya. № 12 (chast' 3). 2016. S. 634–639.
7. Krasheninnikova M.E.  Nekotorye problemy primeneniya pravil transfertnogo tsenoobrazovaniya i tonkoy kapitalizatsii k sdelkam po zaymam v Rossii // Imushchestvennye otnosheniya v Rossiyskoy Federatsii № 5 (152). 2014. S. 32–40.
8. Petrakova M.A. Problema dostizheniya kompromissa mezhdu interesami gosudarstva i nalogoplatel'shchikov pri funktsionirovanii sovremennoy nalogovoy sistemy Rossiyskoy Federatsii i puti ee resheniya // Innovatsionnaya nauka. № 6–1, 2015. S. 134–139.
9. Khlevnaya E.A., Angelovskaya A.A., Kazakova N.A. Finansovyy kontrolling v kholdingakh. Moskva. INFRA-M, 2016.
10.  Kazakova N.A., Bolvachev A.I., Gendon A.L., Golubeva G.F. Monitoring Economic Security in the Region Based on Indicators of Sustainable Development // Studies on Russian Economic Development, 2016, Vol. 27, No. 6, pp. 650–660.

Problems of managing free financial flows in oil corporations
Arnautov I., Master financial faculty Plekhanov economic university, a post graduate student Gaidar economic policy institute
Semenkova E., Doctor of Economics, professor, Department of “risk management, insurance and securities” Plekhanov economic university

Annotation. The development of oil and gas sector in any country is always associated with the interests of the government. This is due to the fact that every country endeavors to ensure energy security and receive energy at low cost. In most developing countries income from oil sales is a resource for the replenishment of the budget, as well as economic development. The oil national corporations in these counties are public companies, but the controlling stake, as a rule, is owned by the government, that can reduce management effectiveness.
Keywords: oil, mining, the company’s value, profits, dividends, capital expenditures, PDVSA, Petrobras, Statoil, privatization, rent.

References
1. Electronic resource: web-site [bcs-express.ru/dividednyj-kalendar] (Retrieved: 16.03.2017).
2. Jensen M.C., Meckling W.H. Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure // Journal of Financial Economics, 1973. – V. 3. – № 5.
3. Rajan R. and Zingales L. What do we know about the capital structure? Some evidence from international data // Journal of Finance/ 50. – 1995. – Pp. 1421–1460.
4. Yergin D. The prize: The epic quest for Oil, Money and Power // New York: Simon and Schuster, 1991. – P. 82.
5. David R. Hults Petroleos de Venezuela, S.A. (PDVSA): from independence to subservience. Oil and Governance // University Press, Cambridge, 2012. – P. 418.
6. Adilson de Oliveira Brazil’s Petrobras: strategy and performance. Oil and Governance // University Press, Cambridge, 2012. – P. 515.
7. Mark C. Thurber, Benedicte Tangen Istad. Norway’s evolving champion: Statoil and the politics of state enterprise. Oil and Governance // University Press, Cambridge, 2012. – P. 599.
8. Gaddy C.G., Ickes B.W. Resource Rents and the Russian Economy // Eurasian Geography and Economics. – 2005. – Vol. 46. № 8. – Pp. 559–583.

Conceptual bases of analysis of financial condition in corporate management: theory and practice
Gubanov R.S., candidate of economic Sciences, associate Professor, Department of Economics, management and marketing of the Ryazan Institute (branch) of the Moscow Polytechnic University, senior researcher of the Sectorial Economy Center Federal state budgetary institution «Scientific research Institute of Finance»

Annotation. This article discusses the goals, objectives, organizational modalities of financial analysis at the corporate level. We investigate the categorical apparatus of the conceptual foundations of the analysis of financial condition. The various methods of calculating financial ratios based on existing standards of values developed in the developed countries. Determine the nature of the impact of the financial condition of corporate results in the stabilization and further development of the Russian economy.
Keywords: analysis, finance, financial condition, financial analysis, management, financial management, corporate management.

References
1. Postanovlenie Pravitel'stva RF ot 25 ijunja 2003 g. № 367 «Ob utverzhdenii Pravil provedenija arbitrazhnym upravljajushhim finansovogo analiza» // SPS «GARANT».
2. Bezborodova T.M., Lyba A.I., Hohlov M.O.  Informacionnoe obespechenie finansovogo analiza // Sibirskij torgovo-jekonomicheskij zhurnal – 2009. – № 8.
3. Brighem Ju., Gapenski L. Finansovyj menedzhment: Polnyj kurs: V 2-h t. / Per. s angl.; pod red. V.V. Kovaleva. SPb: Jekonomicheskaja shkola, 1997.
4. Vesnin V.R. Menedzhment: uchebnik – 4-e izd., pererab. i dop. – Moskva: Prospekt, 2012. – 616 s.
5. Karatuev A.G. Finansovyj menedzhment: Uchebno-spravochnoe posobie. – M.: ID FBK-PRESS. – 2001. – 496 s.
6.  Mikituho A.A.  Analiticheskie pokazateli likvidnosti i platezhesposobnosti v sisteme finansovogo analiza bankrotstva firmy // Fundamental'nye issledovanija № 6-2 2014 – S. 309–313.
7. Osipova T.Ju. Finansovyj menedzhment hozjajstvujushhego sub'ekta (na primere organizacij) // Problemy ucheta i finansov. № 1. 2011. – S. 31–40.
8. Rumjanceva E.E. Novaja jekonomicheskaja jenciklopedija. – 4-e izd. – M.: INFRA-M, 2013. – VI. – 826 s.
9.  Tolkacheva N.A.  Finansovyj menedzhment: uchebnoe posobie / N.A. Tolkacheva, T.I. Mel'nikova. – M. – Berlin: Direkt-Media, 2014. – 228 s.
10. Turmanidze T.U. Finansovyj analiz: uchebnik dlja studentov vuzov, obuchajushhihsja po jekonomicheskim special'nostjam / T.U. Turmanidze. – 2-e izd., pererab. i dop. – M. JuNITI-DANA, 2013. – 287 s.
11. Finansy, denezhnoe obrashhenie i kredit: uchebnik dlja bakalavrov / pod red. M.V. Romanovskogo, O.V. Vrublevskoj. – 2-e izd., pererab. i dop. – M. Izdatel'stvo Jurajt; 2014. – 714 s.
12. Finansovyj menedzhment: uchebnik / kollektiv avtorov; pod red. N.I. Berzona i T.V. Teplovoj. – M.: KNORUS, 2013. – 656 s.
13. Finansovyj menedzhment: uchebnik / Endovickij D.A., Shherbakova N.F., Isaenko A.N. i dr.; pod obshhej red. d-ra jekon. nauk, professora D.A. Endovickogo. – M.: Rid Grupp, 2011. – 800 s.
14. Nezamajkin V.N. Finansovyj menedzhment: uchebnik dlja bakalavrov / V.N. Nezamajkin, I.L. Jurzinova. – M.: Izdatel'stvo Jurajt, 2015. – 467 s. – Serija Bakalavr. Bazovyj kurs.
15. Chuev I.N. Kompleksnyj jekonomicheskij analiz finansovo-hozjajstvennoj dejatel'nosti: Uchebnik / I.N. Chuev, L.N. Chueva. – 3-e izd., pererab. i dop. – M. Izdatel'sko-torgovaja korporacija «Dashkov i K», 2010. – 384 s.

Zero-based budgeting
Lantyugova D.S., magister of Financial Faculty of Plekhanov Russian University of Economics, Moscow, Russia

Annotation. The article deals with the concept of Zero-Based Budgeting (ZBB). The main stages of ZBB, its advantages and disadvantages, as well as some myths, related to ZBB are analyzed.
Keywords:  budgeting, Zero-Based Budgeting (ZBB), traditional method of budgeting, stages of budgeting, planning, forecasting.

References
1. Robinson M. Byudzhetirovanie, orientirovannoe na rezultat: uchebnoe posobie. – Clear, 2011 [Electronic resource]. URL: pempal.org/sites/pempal/files/attachments/pb-budgeting-manual_rus.pdf
2. Konev A. «Crisisnoye» byudzhetirovanie // Federalnoye Agentstvo Finansovoy Informatsii [Electronic resource]. URL: ippnou.ru/print/005691/ [Retrieved: 01.02.2017].
3. Parkinson John Byudzhetirovanie s nulya – kak eto delaetsya // GAAP.RU. 2015 [Electronic resource]. URL: gaap.ru/articles/Byudzhetirovanie_s_nulya_kak_eto_delaetsya (Retrieved: 01.02.2017).
4.  Timmermans Kris  Byudzhetirovanie s nulya: uzhe bolshe chem prosto antikrizisnyy instrument // GAAP.RU. 2015 [Electronic resource]. URL: gaap.ru/articles/Byudzhetirovanie_s_
nulya_uzhe_bolshe_chem_prosto_antikrizisnyy_instrument/ (Retrieved: 01.02.2017).
5. Hrutsky V.E. Byudzhetirovanie na nulevoy osnove, 2009 [Electronic resource]. URL: masters.donntu.org/2011/iem/lovikov/library/article2.htm
6. Renita Wolf Broken budgets? // Strategic Finance, vol. 6, 2015.
7. Shaun Callaghan, Kyle Hawke, Carey Mignerey Five myths (and realities) about zero-based budgeting // McKinsey, 2014 [Electronic resource]. URL: mckinsey.com/

 

INVESTMENTS AND BUSINESS

Competitiveness, innovative potential of national economy and small enterprise: kognitive model, estimation, management
Filobokova L.Y., Dr.Sc.(Econ), professor, certified auditor VPO MSTU n.a. N.E. Bauman
Drobkova O.S., graduate student, VPO MSTU n.a. N.E. Bauman

Annotation. Globalization of economic processes predetermines modernisation of going near a management by the system of national economy and forming her subsystems, including small enterprise, in the process of evolutional development of that transformation of functional role happened in forming of competition environment and providing of competitiveness of economy of country. A maximal administrative effect is arrived at in the conditions of addressness and actuality of measures of managing influence, taking into account connection and intercommunication of elements of the guided system, their qualitatively-quantitative estimation (calculation and measuring), the ground of the methodical going near that this article is sanctified.
Keywords: national economy, small enterprise, competitiveness, management and estimation.

References
1. Federal law № 209-FZ ot 24.07.2007g. «O razvitii malogo i srednego predprinimatel’stva Rossiiskoi Federacii».
2. Strategiya innovatsionnogo razvitiya Rossiiskoi Federacii na period do 2020 goda, ytvergdennaya rasporyageniem Pravitel’stva Rossiiskoi Federacii ot 8 dekabrya 2011 g. № 2227-r.
3. Smit A. Issledovaniya o prirode i prichinah bogatstva narodov. – M.: Eksmo. – 2007. – S.255.
4.  Gordon Ya. Tselevaya konkurenciya [Text] / Ya. Gordon / per. s angl. – M.: Vershina, 2006. – S.368.
5. Porter M. Konkurenciya [Text] / M. Porter / per. s angl. – M.: Izdatel’skii dom «Vil’yams», 2005. – S.608.
6. Prudskii V.G., Magdanov P.V. Genezis ponyatiya tseli upravleniya organizatsiei // Vestnik INGEKONa. Ser.: Ekonomika. – 2010. – Vip. 2 (37). – S. 17–21.
7. Ansoff H.I. Concept of Strategic Management // Journal of Business Policy. – 1972. – Vol. 2. – № 4.
8.  Shumpeter Y.  Teoriya ekonomicheskogo razvitiya: per. s nem. / obsh. red. A.G. Mileikovskogo. – M.: Progress, 1982. – S. 453.
9. Van Horn Dg.K. Finansovii menedgment – 12-e izd. – M.: «I.D. Vil’yams», 2008 – S.1232.
10. Filobokova L.Yu.  Upravlenie konkurentosposobnost’yu malogo predrinimatel’stva instrumentariem benchmarkinga // Finansovaya analitika: problem i resheniya. – 2014. – № 41. – S. 43–51.

Integrated statistical evaluation of investment attractiveness of  primorye and the way of its growth
Levkina E.V., Senior Lecturer, VVSU (Vladivostok State University of Economics and Service, Vladivostok)
Bagenova N.F., student VVSU (Vladivostok State University of Economics and Service, Vladivostok)

Annotation. The concept of “investment attractiveness” is multifaceted. The author examines the content of this definition. The article presents the results of a comprehensive statistical evaluation of investment attractiveness of the Primorsky Territory. The relevance of topics supported by the fact that in recent years Primorye increasingly transformed, both externally and internally. There are points of interest for both local residents and foreign nationals. For example, investors. It creates new ways to achieve draw attention to the Primorsky Krai. Conducted economic forms, conference, and others.
Keywords:  investments, investment attractiveness, investor, foreign investment, investment portfolio.

References
1. Ageenko A.A. Metodologicheskie podhody k ocenke investicionnoj privlekatel'nosti otraslejj ekonomiki regiona i otdel'nyh hozjajstvujushhih subektov // Voprosy statistiki. 2013. № 6. S. 48.
2. Derkach S.N., Levkina E.V. Innovacionnye napravlenij a razvitij a rybnoj otrasli PK // Materialy VII Mezhdunarodnoj studencheskojj elektronnoj nauchnoj konferencii «Studencheskij nauchnyj forum» [Electronic resource]. URL: scienceforum.ru/2015/1053/10271
3. Hramova O.O., Pavlov V.S. Nekotorye puti povyshenija investicionnoj privlekatel'nosti predprijatija // Molodoj uchenyj. – 2016. – № 11. – S. 1056–1059.
4. Juhtanova Ju.A., Bratenkova A.V. Sushhnost' investicionnoj privlekatel'nosti predprijatija i faktory, vlijajushhie na nee // Molodoj uchenyj. – 2015. – № 10. – S. 883–887.
5. Investicii v osnovnoj kapital – 2015 g. // Federal'naja sluzhba gosudarstvennoj statistiki [Electronic resource]. URL: gks.ru/

Issues of appointment, production of economic expertise and evaluation of its results in the cases of bankruptcy of legal entities
Chernov P.L., senior expert of the department of financial and analytical expertise and financial and credit expertise of the administration of economic expertise and construction and technical expertise of the Forensic Science Center of the Ministry of Internal Affairs of the Russian Federation, the police captain

Annotation. The article presents the peculiarities of execution of economic expertise in the cases of bankruptcy of legal entities in arbitration and criminal proceedings. Considered the questions of classification and timing of economic expertise. Analyzed the evaluation process of an expert report from the point of view of its relevance, admissibility, reliability and sufficiency.
Keywords: economic expertise, bankruptcy of legal entities, classification and timing of economic expertise, assessment of expert opinion.

References
1. O nesostoiatel’nosti (bankrotstve): feder. zakon ot 26 okt. 2002 g. № 127-FZ. Dostup iz sprav.-pravovoi sistemy «Konsul’tant Plius».
2. Ugolovnyi kodeks Rossiiskoi Federatsii: feder. zakon ot 13 iiunia 1996 g. № 63-FZ. Dostup iz sprav.-pravovoi sistemy «Konsul’tant Plius».
3. Ugolovno-protsessual’nyi kodeks Rossiiskoi Federatsii: feder. zakon ot 18 dek. 2001 g. № 174-FZ. Dostup iz sprav.-pravovoi sistemy «Konsul’tant Plius».
4. Arbitrazhnyi protsessual’nyi kodeks Rossiiskoi Federatsii: feder. zakon ot 24 iiulia 2002 g. № 95-FZ. Dostup iz sprav.-pravovoi sistemy «Konsul’tant Plius».
5. Voprosy organizatsii proizvodstva sudebnykh ekspertiz v ekspertno-kriminalisticheskikh podrazdeleniiakh organov vnutrennikh del Rossiiskoi Federatsii»: prikaz MVD Rossii ot 29 iiunia 2005 g. № 511. Dostup iz sprav.-pravovoi sistemy «Konsul’tant Plius».
6. Ob utverzhdenii metodicheskikh rekomendatsii po proizvodstvu sudebnykh ekspertiz v gosudarstvennykh sudebno-ekspertnykh uchrezhdeniiakh sistemy Ministerstva iustitsii Rossiiskoi Federatsii: prikaz Miniusta Rossii ot 12 dek. 2002 g. № 346. Dostup iz sprav.-pravovoi sistemy «Konsul’tant Plius».
7. O vnesenii izmenenii v prikaz MVD Rossii ot 29 iiunia 2005 g. № 511 «Voprosy organizatsii proizvodstva sudebnykh ekspertiz v ekspertno-kriminalisticheskikh podrazdeleniiakh organov vnutrennikh del Rossiiskoi Federatsii»: prikaz MVD Rossii ot 27 okt. 2015 g. № 1012. Dostup iz sprav.-pravovoi sistemy «Konsul’tant Plius».
8. Moiseeva T.F. Osnovy sudebno-ekspertnoi deiatel’nosti: Konspekt lektsii. – M.: RGUP. 2016. S. 76.
9. Orlov Iu.K. Sudebnaia ekspertiza kak sredstvo dokazyvaniia v ugolovnom sudoproizvodstve. M.: Institut povysheniia kvalifikatsii RFTsSE. 2005. S. 132.
10. O gosudarstvennoi sudebno-ekspertnoi deiatel’nosti v Rossiiskoi Federatsii: feder. zakon ot 31 iiunia 2001 g. № 73-FZ. Dostup iz sprav.-pravovoi sistemy «Konsul’tant Plius».

Testing the investor profiling routine under conditions of Russian stock market
Olkova A.E., Senior Lecturer, PhD student Russian Presidential Academy of National Economy and Public Administration, Moscow

Annotation. The article presents results of testing the investor profiling routine based on piecewise linear utility approximation. The essence of the method consists in imposing subjective investor features (described as a utility function) over portfolio return distribution. We analysed the piecewise linear model outputs on a sample of 255 Russian open-end funds. We discovered that under low asset management quality the model delivers feasible results, since expected utility estimates for diverse investor profiles prove to be consistent with initial assumptions. The given estimates capture both asset management quality level and return distribution parameters.
Keywords: private non-qualified investor, investor profile, utility function, piecewise linear approximation.

References
1. Olkova A.E. Ispol'zovanie kusochno-linejnoj approksimacii funkcii poleznosti v ocenke investicionnyh strategij // Global'nye rynki i finansovyj inzhiniring. 2015. T. 2. № 4. S. 263–288. DOI: 10.18334/grfi.2.4.2102
2. Olkova A.E. Kachestvo upravlenija paevymi investicionnymi fondami RF: kompleksnaja ocenka // Global'nye rynki i finansovyj inzhiniring. 2016. T. 3. № 1. S. 39–66. DOI: 10.18334/grfi.3.1.37064
3. Sovershenstvovanie sistemy zashhity investorov na finansovom rynke posredstvom vvedenija regulirovanija kategorij investorov i opredelenija ih investicionnogo profilja. Doklad Banka Rossii dlja obshhestvennyh konsul'tacij. Moskva, 2016 [Electronic resource]. URL:  cbr.ru/analytics/ppc/report_30062016.pdf
4. Sovershenstvovanie sistemy zashhity investorov na finansovom rynke. Prezentacija Banka Rossii. Moskva, 2016 [Electronic resource]. URL: cbr.ru/analytics/ppc/pres_30062016.pdf
5. Blurred Lines. How FinTech is shaping financial services. Global FinTech Report.PwC, 2016 [Electronic resource]. URL: pwc.com/gx/en/advisory-services/FinTech/PwC%20FinTech%20Global%20Report.pdf
6. FinTech 100. Leading Global Fintech Innovators. H2 Ventures and KPMG, 2016 [Electronic resource]. URL: h2.vc/reports/fintechinnovators/2016/
7. Moscow Exchange official website [Electronic resource]. URL: moex.com (Retrieved: 08.08.2016).
8. Bank of Russia official website [Electronic resource]. URL: cbr.ru (Retrieved: 08.08.2016).
9. Russian National Trustee League [Electronic resource]. URL: nlu.ru (Retrieved: 20.07.2016).
10. Russian National Stock Market Dealers Association [Electronic resource]. URL: naufor.ru (Retrieved: 20.07.2016).
11. Standard and Poor’s Rating [Electronic resource]. URL:  us.spindices.com (Retrieved: 20.07.2016).

 

BOOKKEEPING AND REPORTING

The specificity of goodwill assessment: the comparative characteristic of requirements of the russian accounting standards and international financial reporting standards
Telegina T.O., fourth-year student of Vladimir State University named after Alexander and Nikolay Stoletovs

Annotation. The article contains a definition of “goodwill”, a comparative description of assessing the company goodwill in accordance with international financial reporting standards and in accordance with the Russian principles. The article provides an example of goodwill assessment in the financial statements of an enterprise in international and Russian practice.
Keywords: goodwill, intangible assets, IFRS, Russian accounting standards, assets, business reputation.

References
 1. Konsaltingovoe agentstvo Brand Finance [Electronic resource]. URL: brandfinance.com
2. Blank I.A. Osnovy investicionnogo menedzhmenta T. 2. – K.: Jel’ga – N. Nika-Centr, 2012. – 512 s.
3. Mezhdunarodnyj standart finansovoj otchetnosti (IAS) 38 «Nematerial’nye aktivy», utverzhdennyj prikazom Minfina RF ot 18.07.2012 № 106n (red. ot 21.01.2015).
4. Polozhenie po buhgalterskomu uchetu «Uchet nematerial’nyh aktivov (PBU 14/2007)» (Prikaz Minfina Rossii ot 27.12.2007 № 153n (red. ot 16.05.2016).
5. Po materialam: Shodstva i razlichija – Sravnenie Mezhdunarodnyh standartov finansovoj otchetnosti s Obshheprinjatymi pravilami buhgalterskogo ucheta SShA i Rossijskimi pravilami buhgalterskogo ucheta – PWC. 2007.
6. Inozemceva Ju.A. Skol’ko stoit dobroe imja // Glavnaja kniga. – 2014. – № 8. – S. 71–74.

 

CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

 Credit portfolio optimization of the microfinance organization by the profitability, risk, and liquidity criteria
Kablukova A.V., Head of financing department microfinance organization «Khabarovsk Territory SME Support Fund» (Khabarovsk)
Barchukov A.V., Doctor of economic sciences, professor of Finance and Accounting department, Far Eastern State Transport University (Khabarovsk)

Annotation. It is impossible to establish an ideal credit portfolio due to instability of the Russian economy, but the proposed activities would enable the microfinance organization to streamline the lending strategy on the profitability, risk and liquidity criteria, as well as to allow the financial institution to minimize the risks in reaching the targeted credit policy.
Keywords: small business, microfinance organization, credit risk, collateral risk, risk reduction, credit policy alternatives, credit portfolio.

References
1. O poryadke formirovaniya kreditnymi organizaciyami rezervov na vozmozhnye poteri po ssudam, po ssudnoj i priravnennoj k ney zadolzhennosti: Polozhenie Banka Rossii ot 26 marta 2004 g. № 254-P (s uchetom izmenenyy i dopolnenyy [Electronic resource] // Spravochno-pravovaya sistema «Konsul’tantPlyus».
2. O tipichnyh bankovskih riskah: Pis’mo Banka Rossii № 70-T ot 23.06.2004 g. (s uchetom izmenenyy i dopolnenyy) [Electronic resource] // Spravochno-pravovaya sistema «Konsul’tantPlyus».
3.  Aliev B.H., Idrisova S.K., Rabadanova D.A.  Ocenka kreditnogo portfelya v celyah obespecheniya ustoychivosti bankovskogo sektora regiona // Finansy i kredit. – 2013. – № 25. – S. 2–8.
4. Barybin V.V., Kryksin G.V. O mekhanizme regulirovaniya kreditnyh riskov v usloviyah nestabil’nosti ekonomicheskoy kon’yunktury // Den’gi i kredit. – 2012. – № 3. – S. 43–47.
5. Bordakova M.V. Issledovanie ponyatiya «reytingovaya sistema ocenki kreditnogo riska» // Finansy i kredit. – 2012. – № 37. – S. 61–69.
6. Kovalev P.P. Bankovskiy risk-menedzhment. – M., INFRA-M, 2013. – 319 s.
7. Manuylenko V.V.  Risk-orientirovannyy podhod k formirovaniyu kreditnogo portfelya kommercheskogo banka: innovacionnyy aspekt // Finansy i kredit. – 2012. – № 16 (496). – S. 48–57.
8.  Muraveckiy A.N., Kuntashev P.A. O vozmozhnostyah snizheniya riska kreditnogo portfelya // Finansy i kredit. – 2013. – № 16 (544). – S. 61–65.
9. Petrosyan N.E. Metody maksimizacii dohodnosti portfelya kommercheskogo banka // Finansy i kredit. – 2013. – № 28 (556). – S. 22–25.
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Life insurance investment: the current state and prospects of development
Davletshina L.M., candidate of Economic Sciences, Associate Professor of Department of General Management of the Institute of Management, Economics and Finance in Kazan (Volga region) Federal University
Muhamadiyarova R.I., student of 1-year of master degree of the Institute of Management, Economics and Finance in Kazan (Volga region) Federal University

Annotation. The article deals with the main components of the life insurance investment in order to identify competitive advantages, features and disadvantages, which allow evaluating the current state and forecasting the prospects of its development. The relevance of the research topic is determined by the insufficient development of modern scientific conception about the investment insurance; lack of effectiveness of the insurance protection of the population against social risks. In the article basing on the analysis of periodicals were defined the basic advantages and disadvantages of «unit-linked»; the features that should be considered in the implementation of the product on the Russian insurance market.
In addition, was modulated an exemplary algorithm of insurance policy’s realization to clients on the Russian insurance market basing on the analysis of foreign experience.
Keywords: life insurance, investment products, the British insurance, unit-linked.

Referenses
1. Hakimov S. Unit-linked. Investing life insurance // Financial consultant. – 2013. – № 9. – P. 12–15.
2. A general report of Germany // Unit-linked insurance. – 2000. – С. 36–37.
3. Outreville F. Theory and practice of Insurance. – New York: Kluwer Academic Publishers, 1998.
4.  Connor P. Unit linked life insurance // Cambridge: International series on Actuarial Science. – 2008. – P. 1–27.
5. Saravanakumar S., Mahadevan A. Multi-dimensions of unit linked insurance plan among various investment avenues // International Journal of Enterprise and Innovation Management Studies. – 2010. – № 1 (3). – P. 53–60. business-functions/strategy-and-corporate-finance/our-insights/five-myths-and-realities-about-zero-based-budgeting (Retrieved: 01.02.2017).



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