Contents of N5/2017

all contents

Contents of №5' 2017


Modeling of the capital structure as a strategic planning method of the firm value
Kirshin I.A., doctor of economic Sciences, professor, the head of financial management chair, Kazan Federal University
Ignasheva K.S., Master’s student of 2nd year, Kazan Federal University

Annotation. In the article, the modeling of the company’s capital structure in the system of strategic planning, focused on the growth of its value is conducted. As the part of strategic planning, the authors proposed ways of quantifying various financial indicators that form the value of a firm. In order to approbate the proposed approach of strategic planning of the company’s value, the structure of PJSC «Tatneft»’s capital was modeled according to the financial statements for the period from 2007 to 2016. Applied research made it possible to supplement the theoretical model with practical content.
Keywords: strategic planning, capital structure, weighted average cost of a firm’s capital, firm value, cost of financial distress.

1. Hamilton-Piercy G. How Capital Structure Affects Business Valuation // Clark Schaefer Hackett. – 2012 [Electronic resource]. URL: (Retrieved: 25.05.2017).
2. Kirshin I.A. Metod optimizacii struktury kapitala firmy s uchetom izderzhek finansovyh zatrudnenij // Finansovyj menedzhment. – 2016. – № 2. – S. 69–76.
3. Voroncov D., Zubkov N. Ocenka optimal’noj struktury kapitala kompanij MD Medical Group i X5 Retail Group // Korporativnye finansy. – 2014. – № 1.
4. Strategiya PAO «Tatneft’» [Electronic resource]. URL: (Retrieved: 20.05.2017).
5. InvestFunds, Tatneft’, akciya obyknovennaya [Electronic resource]. URL: (Retrieved: 01.06.2017).
6. InvestFunds, Tatneft', akciya privilegirovannaya [Electronic resource]. URL: (Retrieved: 01.06.2017).

Transformation of differential of a financial leverage in aspect of justification of expediency of attraction of the credit
Chernov V.A., Doctor of Economics, professor of Finance and Credit department of Institute of economy and business of Federal public autonomous educational institution of the higher education "National research N.I. Lobachevsky State University of Nizhni Novgorod" (NNSU)

Annotation. Proceeding from the conducted researches, the author notes that negative value of differential of a financial leverage not always indicates unprofitability of the attracted loans and can be shown at the enterprises with positive financial result. As practice shows, some enterprises at negative differential can keep ability of a covering of an average settlement rate of percent for the credit own income. In article the specified contradictions are considered and the way of their permission by means of changes in calculations of effect of a financial leverage is offered.
Keywords: effect, differential, shoulder, contradictions, paradox, investment balance, working capital, financial expend.

1. Stojanova E.S., Bykova E.V., Blank I.A. Upravlenie oborotnym kapitalom / Pod red. E.S. Stojanovoj. [Management of working capital / Under the editorship of E.S. Stoyanova]. – (“Financial Management for Practicians” series). – M.: Prospect, 1998.
2.  Stojanova E.S., Shtern M.G. Finansovyj menedzhment dlja praktikov: Kratkij professional’nyj kurs. [Financial management for practicians: Short professional course.] – M.: Prospect, 1998.
3. Chernov V.A. Analiz riska bankrotstva na osnove integral’noj ocenki finansovoj ustojchivosti i denezhnyh potokov [The analysis of risk of bankruptcy on the basis of an integrated assessment of financial stability and cash flows]. Audit and the financial analysis. 2002. No. 3. Page 119–126.
4. Chernov V.A. Analiz riska kreditnoj okupaemosti tovarnyh zapasov: Malyj i srednij biznes: organizacionno-finansovyj mehanizm funkcionirovanija [Analysis of risk of credit payback of commodity stocks: Small and medium business: organizational and financial mechanism of functioning]. Theses of the second International scientific conference. – N. Novgorod: National research N.I. Lobachevsky State University of Nizhni Novgorod, 1997. P. 100.
5. Chernov V.A. Upravlencheskij uchjot i jekonomiko- matematicheskij analiz kommercheskoj dejatel’nosti v uslovijah neopredeljonnosti i riska [Management accounting and the economical mathematical analysis of commercial activity in the conditions of uncertainty and risk]. The thesis for a scientific degree competition Doctor of Economics. – M.: Moscow State University of commerce, 2000.
6.  Dmitrieva I.M.  Jekonomicheskij analiz v torgovle. [The economic analysis in trade]. The manual for the students studying in «Accounting, the analysis and audit» / I.M. Dmitrieva, L.R. Smirnova, M.B. Chirkova, V.G. Stepanov, N.A. Tarasova, V.A. Chernov. – M.: Finance and statistics, 2005.

On the replacement of the paradigm of information disclosure in public reporting. National aspects
Solodov A.K., Candidate of Economic Sciences, Associate Professor of the Financial University under the Government of the Russian Federation, Moscow, State Councilor of the Russian Federation, grade

Annotation. There is no doubt that the goals of the business and the culture of its management have national characteristics. But the widely spread western model of the economy and the accounting system that serves it do not take into account this circumstance. This fact is an obstacle to the successful development of national economies. This article is devoted to solving this problem.
Keywords: capital, balance, wealth, idea, value, stakeholders.

1. Saymon G. Racionalnost kak process & product mishleniy // THESIS. – 1993. – Vip. 3.
2.  Solodov A.K. Sistemnay neyroeconomika: opit postroeniy modeli nacionalnoy economicheskoy sistemy & obespechvaushay ee podsistemi finansovogo menedgmenta (model) socialnogo rinka): monografiy. – M: Izdanie Aleksandra K. Solodova, 2015. – 164 s.
3. Norton R., Kaplan C. Sbalansirovannay sistema pokazateley. Ot strategii k deystviu: per. s angl. – М.: ZAO «Olimp-Biznes», 2003, 304 s.
4. Solodov A.K. Amortizaciy kak instrument socialno – ecjnjmicheskoy politiki gosudarstva // Obshestvo & economika. – 2007. – № 2–3. – S. 129–137.
5. Solodov A.K. Metodologicheskie problem primeneniy pokazatelya srednevzveshennoy ceny kapitala (WACC) v finansovykh raschetakh // Finansoviy menedgment. – 2013. – № 3. – S. 22–39.
6.  Brusov P.N., Filatova T.N., Orekhova N.P.  Sovremennye korporativnye fifansy i investitsyy. – M.: KNORUS, 2014. – S. 520.



Contents, designation and main directions of tax policy for the Russian Federation for 2018–2019
Grishchenko A.V., Certified auditor of the Russian Finance Ministry, Ph.D., Associate Professor, Department of Financial Management and Financial Law MGUU Moscow Government

Annotation. At the present stage of the country’s economic development, the tax policy acts as the central link of the state’s financial policy. The tax policy is a set of measures in the field of tax regulation, whose task is to determine the optimal level of tax burden, depending on the nature of the current economic tasks. The article analyzes the main directions of the tax policy of the Russian Federation for the planning period 2018–2019. Author’s comments on certain areas of the state tax policy are given.
Keywords: tax policy, tax system, tax burden, directions of improving the tax policy.

1. The Civil Code of the Russian Federation: [Feder. Law: adopted by the State. The Duma: Part I – November 30, 1994; Part II – January 26, 1996; Part III – November 26, 2001, Part IV – November 24, 2006: as of May 30, 2016] [Electronic resource]. URL: (Retrieved: 27.07.2017).
2. The Tax Code of the Russian Federation: [Feder. Law: adopted by the State. The Duma: Part I – July 31, 1998; Part II – August 5, 2000: as of 01.05.2016] [Electronic resource]. URL: (Retrieved: 25.07.2017).
3.  Grishhenko A.V. Nalogovoe regulirovanie dejatel'nosti nekommercheskih organizacij: monografija / pod nauch. red. L.I. Goncharenko. – M. : Finpress, 2016. – S. 234.
4. Grishhenko A.V., Grishhenko Ju.I. Itogi realizacii nalogovoj politiki Rossijskoj Federacii i plany na 2016–2018 gg. // Finansovyj menedzhment. – 2016. – № 1. – S. 92.
5.  Panskov V.G. Nalogovye l'goty: teorija i praktika primenenija // Jekonomika. Nalogi. Pravo. – 2016. – № 1. – S. 120–122
6. Report on the implementation of state control (supervision) in relevant areas of activity and on the effectiveness of such control (supervision) in 2015 [Electronic resource]. URL: https: // (Retrieved: 22.06.2017).
7. The main directions of the tax policy of the Russian Federation for 2010 and for the planning period of 2011 and 2012 [Electronic resource]. URL: = HTML_MAIN (Retrieved: 22.07.2017).
8. The main directions of the tax policy of the Russian Federation for 2016 and the planning period 2017 and 2018 [Electronic resource]. URL: (Retrieved: 25.07.2017).



Audit in the sphere of state purchasing
Oparina S.I., PhD, Deputy head of Department of financial management and financial law of the Moscow city University of Moscow Government, Russia
Litvenko I.Y., Graduate student of Department of financial management and financial law of the Moscow city University of Moscow Government, Russia

Annotation. The scope of procurement is undergoing great changes. Audit purchases – a direction that requires a deep theoretical understanding and a professional approach to approbation of new criteria and indicators. This article examines the specifics of auditing in the sphere of public security, its stages and results of work.
Keywords: procurement, audit, contract system, audit, stages of audit.

1. Federal'nyj zakon «O schyotnoj palate Rossijskoj Federacii» ot 05.04.2013 № 41-FZ // Spravochno-pravovaya sistema «Garant», mart 2017.
2. Standart 2.2 «Audit ehffektivnosti» (utv. prikazom Kontrol'no-schetnoj palaty Moskvy ot 08.07.2015 № 61/01-05) (vmeste s «Perechnem primernyh kriteriev i pokazatelej ehffektivnosti deyatel'nosti», «Perechnem obshchih kriteriev i pokazatelej ehffektivnosti operacij») // Spravochno-pravovaya sistema «Garant», mart 2017.
3. Postanovlenie Pravitel'stva Moskvy ot 29.03.2016 № 117-PP «Ob ustanovlenii razmera nachal'noj (maksimal'noj) ceny kontrakta na postavku lekarstvennyh preparatov, vhodyashchih v perechen' zhiznenno neobhodimyh i vazhnejshih lekarstvennyh preparatov, dlya obespecheniya nuzhd goroda Moskvy» // Spravochno-pravovaya sistema «Garant», mart 2017.
4.  Batueva D.I. Ehfektivnost' deyatel'nosti organov ispolnitel'noj vlasti v sisteme gosudarstvennyh zakupok regiona: avtoref. dis. ... kand. ehkon. nauk: 08.00.05. Mesto zashchity: Vost.-Sib. gos. un-t tekhnologij i upr. – Ulan-Udeh, 2014. – 23 s.
5. Volkova M.V. Oformlenie tekhnicheskogo zadaniya v sfere zakupok // Silovye ministerstva i vedomstva: buhgalterskij uchyot i nalogooblozhenie. – 2014. – № 9 – S. 31.
6. Ermakova A.V. Priyomka rabot, tovarov, uslug // Goszakaz v obrazovanii. – 2016. – № 3. – S. 91.
7. Repin A. Pravila ocenki zayavok // Aktual'nye voprosy buhgalterskogo uchyota. – 2016. – № 8. – S. 30.
8. Ryabuhin S.M. Audit ehffektivnosti ispol'zovaniya gosudarstvennyh resursov. – M.: Nauka, 2009. – 284 s.
9. Doklad o rezul'tatah monitoringa primeneniya Federal'nogo zakona ot 18 iyulya 2011 g. № 223-FZ «O zakupkah tovarov, rabot, uslug otdel'nymi vidami yuridicheskih lic» za 2016 g. [Electronic resource]. URL:
10. Federalnyiy zakon ot 05.04.2013 № 44-FZ (red. ot 29.07.2017) «O kontraktnoy sisteme v sfere zakupok tovarov, rabot, uslug dlya obespecheniya gosudarstvennyih i munitsipalnyih nuzhd».

Verification o f insorting operations in the system of endogenic account-analytical space of a unitary creation
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
Mizikovsky I.E., Doctor of Economics, professor, head of “Accounting” of Nizhny Novgorod State University. NI Lobachevsky

Annotation. The subject of the study of the article are the insourcing accounting processes aimed at accurate and timely verification of the semantics of the contents of the accounts of accounting when the unitary enterprise reflects the facts of economic life in order to ensure the reliability of the external accounting (financial) reporting as well as reducing the losses of the internal added value of its responsibility centers. An updated and updated methodology for the formation of a working plan for accounts of a unitary enterprise is proposed, the application of which makes it possible to significantly improve the quality of managerial accounting.
Keywords:  unitary enterprise, soundness, reliability, transparency, documenting, expediency, accounting (financial) statements, shuttle, endogenous, account.

1. O gosudarstvennyih i munitsipalnyih unitarnyih predpriyatiyah: [feder. zakon: prinyat Gos. Dumoy 11 oktyabrya 2002 g. № 161-FZ (red. ot 29.07.2017)] [Electronic resource]. URL: (Retrieved: 30.08.2017).
2. O buhgalterskom uchete: [feder. zakon: prinyat Gos. Dumoy 22 noyabrya 2011 g. № 402-FZ (red. ot 18.07.2017)] [Electronic resource]. URL: (Retrieved: 30.08.2017).
3. Ob utverzhdenii polozheniya po buhgalterskomu uchetu «Rashodyi organizatsii» PBU 10/99: [prikaz Minfina RF ot 06 maya 1999 g. № 33n (red. ot 06.04.2015)] [Electronic resource]. URL: (Retrieved: 30.08.2017).
4. Ob utverzhdenii plana schetov buhgalterskogo ucheta finansovogo-hozyaystvennoy deyatelnosti organizatsiy i instruktsii po ego primeneniyu: [prikaz Minfina RF ot 31 oktyabrya 2000 g. № 94n (red.ot 08.11.2010)] [Electronic resource]. URL: (Retrieved: 30.08.2017).
5. Informaciya Minfina Rossii № PZ-11/2013 «Organizaciya i osushchestvlenie ehkonomicheskim sub»ektom vnutrennego kontrolya sovershaemyh faktov hozyajstvennoj zhizni, vedeniya buhgalterskogo ucheta i sostavleniya buhgalterskoj (finansovoj) otchetnosti».
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7. Bazhenov A.A., Car'kova L.S.  Audit nalogooblozheniya hozyajstvuyushchih sub»ektov pri osushchestvlenii auditorskoj deyatel'nosti // Nalogi i nalogooblozhenie. – 2013. – № 1. – C. 41–49. DOI: 10.7256/1812-8688.2013.01.4.
8. Bazhenov A.A. Aktual'nye problemy nalogooblozheniya i buhgalterskogo ucheta: novacii teorii i praktiki: monografiya/A.A. Bazhenov; M-vo obrazovaniya i nauki Ros. Federacii, FGBOU VPO Vladim. Gos. Un-t. – Vladimir: Tranzit-Iks, 2013. – 163 s.
9. Bazhenov A.A. Problema obespecheniya tozhdestvennosti raschetov mezhdu organizaciej i nalogovym organom // Nalogi i nalogooblozhenie. – 2013. – № 7. – C. 504–511. DOI: 10.7256/1812-8688.2013.7.9134.
10.  Bazhenov A.A.  Uchet interesov pol'zovatelej buhgalterskoj (finansovoj) otchetnosti unitarnyh predpriyatij // Finansovoe pravo i upravlenie. – 2016. – № 2. – C. 129-137. DOI: 10.7256/2310-0508.2016.2.17791.
11.  Bazhenov A.A., Gudkov A.S.  Test: Znaete li vy pravila formirovaniya buhgalterskoj otchetnosti? // Vestnik IPB (Vestnik professional'nyh buhgalterov). – 2009. – № 1. – S. 30–31.
12.  Bazhenov A.A., Mizikovskij I.E. Rezervirovanie predstoyashchih raskhodov kak ehffektivnyj instrument organizacii uchetno-finansovoj informacii unitarnogo predpriyatiya // Finansovyj menedzhment. – 2016. – № 3. – S. 111–120.
13. Bazhenov A.A., Polyakova N.N. Nedobrosovestnoe formirovanie pokazatelej pribyli v buhgalterskoj (finansovoj) otchetnosti organizacij // Nacional'naya bezopasnost' / nota bene. – 2013. – № 4. – C. 636–642. DOI: 10.7256/2073-8560.2013.4.9070.
14.  Bazhenov A.A., Chernikova E.V. Obshchegosudarstvennye problemy neformal'nyh vzaimodejstvij v sfere oplaty truda // Nacional'naya bezopasnost' / nota bene. – 2014. – № 3. – C. 516–522. DOI: 10.7256/2073-8560.2013.3.7746.
15.  Bazhenov A.A., Chernyat'eva V.G. Metodologicheskie osnovy ocenki biznesa // Nacional'naya bezopasnost' / nota bene. – 2013. – № 1. – C. 108–116.
16. Bazhenov A.A. Buhgalterskij upravlencheskij uchet v unitarnyh predpriyatiyah: uchebnoe posobie / A.A. Bazhenov, I.E. Mizikovskij. – Nizhnij Novgorod: NNGU im. N.I. Lobachevskogo, 2016.
17. Mizikovskij I.E., Bazhenov A.A. Buhgalterskaya (finansovaya) otchetnost' kak instrument obespecheniya transparentnosti vedeniya hozyajstvennoj deyatel'nosti ehkonomicheskih sub»ektov // Uchet. Analiz. Audit. – 2016. – № 2. – S. 69–77.
18. Mizikovskij I.E., Bazhenov A.A.  Problemy primeneniya metoda ehkonomicheski obosnovannyh raskhodov (tarifov) pri cenoobrazovanii v ehlektroehnergetike // Finansovyj menedzhment. – 2016. – № 2. – S. 101–107.
19. Mizikovskij I.E., Bazhenov A.A. Strukturirovanie ucheta ispol'zovaniya predmetov truda v unitarnom predpriyatii // Upravlencheskij uchet. – 2016. – № 5. – S. 50–56.
20.  Mizikovskij I.E.  Formirovanie uchetno-kontrol'nogo prostranstva organizacij gosudarstvennogo (municipal'nogo) sektora ehkonomiki: teoretiko-metodologicheskij aspekt: monografiya / I.E. Mizikovskij, T.S. Maslova, T.Yu. Druzhilovskaya, Eh.S. Druzhilovskaya, A.A. Bazhenov. – Nizhnij Novgorod: NNGU im. N.I. Lobachevskogo, 2016.



Risk assessment of the innovative project of the bank with the use of a balanced system of indicators
Ragimova S.S., competitor of the department “Taxes, money circulation and credit” of the Dagestan State University

Annotation. Modern market conditions are characterized by a different degree of awareness of the participants about the quality, quantity of goods, on the ongoing intramarket processes, in connection with which any entrepreneurial activity will be characterized by a certain degree of uncertainty, and therefore riskiness. The innovative activity of credit institutions has an inherent characteristic of uncertainty, in connection with which the article proposes and justifies the application of the methodology for assessing the project’s risk based on a balanced system of indicators.
Keywords: banking innovations, risk, balanced system of indicators.

1. Slovar terminov antikrizisnogo upravleniya, 2000 g.
2. Rayzberg B.A., Lozovskiy L.Sh. Sovremennyiy ekonomicheskiy slovar. – M.: Infra-M, 2007. – 495 s.
3. Kaplan R., Norton D. Sbalansirovannaya sistema pokazateley: ot strategii k deystviyu. – M.: Olimp-Biznes, 2006. – 304 s.
4. Koh L.V.  Sbalansirovannaya sistema pokazateley i otsenka effektivnosti bankovskih innovatsiy // Nauchno-prakticheskiy zhurnal «Sibirskaya finansovaya shkola». – 2008. – № 6. – S. 97–99.
5. Eroshkin Yu.V. Metodicheskie osobennosti otsenki riskov innovatsionnoy deyatelnosti kommercheskih bankov // Innovatsionnoe razvitie ekonomiki. – 2014. – № 5. – S. 63–69.
6. Fomenko E.V. Metodika formirovaniya sbalansirovannoy sistemyi pokazateley // Vestnik AGTU. – 2007. – № 4. – S. 87–90.

Clarification of the concept «of crisis management in the enterprise»
Bikkulova M.K., student «The Kazan Innovative University. V.G. Timirjasоwa (IEML)»

Annotation. Item overview of domestic and foreign scientists-economists on the term “crisis management” has identified the following main problems are present: crisis management comes down to events during the advancing and deployer crisis; not mention the need for the implementation of crisis management during the development and economic growth in the enterprise. For their elimination are proposed several areas of corrections that disclosure of the definition of crisis management. First, crisis management should be considered only in the short term. Secondly, we should admit that a crisis exists at all stages of the enterprise life cycle, not only at the stage of recession and depression. Thirdly, proved the importance of mandatory implementation of psychological support of employees in the period of apparent crisis.
Keywords: Crisis management, crisis, crisis prevention, management measures, enterprise, firm, company.

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Risk management system of the non-state pension funds: regulations and organizational aspects
Dontsova L.V., Prof. department of the financial control, analysis and audit Plekhanov Russian University of Economics
Malinina E.A., Chief Financial Officer, “FOR Analitics” LLC
Metelkin A.E., Chief Executive Officer, “FOR Analitics” LLC

Annotation. This article analyzes the legislative requirements for the risk management system (RMS) of the non-state pension fund (NPF), provides recommendations for solving tasks driven by the implementation of these requirements. The internal documents of risk management system (Policy, Regulations) developed at the first stage of the implementation of requirements for RMS NPF are analyzed and recommendations are given for their adjustment to meet the requirements [1], increase the effectiveness and efficiency of RMS. Comparison of approaches to risk assessment that should be developed and implemented by NPFs at the second stage of building RMS and the stress testing model published by the Bank of Russia [2] devoted to the third stage of the organization of RMS.
Keywords: Risk management system, financial management, non-state pension funds.

1. Ukazaniye Banka Rossii ot 4 iyulya 2016 g. № 4060-U «O trebovaniyakh k organizatsii sistemy upravleniya riskami negosudarstvennogo pensionnogo fonda» [Electronic resource]. URL: (Retrieved: 01.08.2017).
2. Metodika stress testirovaniya negosudarstvennykh pensionnykh fondov [Electronic resource]. URL: (Retrieved: 01.08.2017).
3. Prikaz Ministerstva finansov Rossiyskoy Federatsii ot 28 dekabrya 2015 g. № 217n “O vvedenii mezhdunarodnykh standartov finansovoy otchetnosti i raz”yasneniy mezhdunarodnykh standartov finansovoy otchetnosti v deystviye na territorii Rossiyskoy Federatsii i o priznanii utrativshimi silu nekotorykh prikazov (otdel’nykh polozheniy prikazov) Ministerstva finansov Rossiyskoy Federatsii” [Electronic resource]. URL: (Retrieved: 01.08.2017).
4. Polozheniye Banka Rossii ot 28 dekabrya 2015 g. № 527-P “Otraslevoy standart bukhgalterskogo ucheta «Poryadok sostavleniya bukhgalterskoy (finansovoy) otchetnosti negosudarstvennykh pensionnykh fondov»“ [Electronic resource]. URL: (Retrieved: 01.08.2017).
5. Polozheniye Banka Rossii ot 28.12.2015 g. № 526-P “Otraslevoy standart bukhgalterskogo ucheta «Poryadok sostavleniya bukhgalterskoy (finansovoy) otchetnosti strakhovykh organizatsiy i obshchestv vzaimnogo strakhovaniya»” [Electronic resource]. URL: (Retrieved: 01.08.2017).
6. Federal’nyy zakon «O negosudarstvennykh pensionnykh fondakh» ot 07.05.1998 № 75-FZ [Electronic resource]. URL: (Retrieved: 01.08.2017).
7. Standart SRO, utverzhdennyy Sovetom NAPF Protokol № 09-17 ot 01 iyunya 2017 g., «NAPF» «Sistema standartizatsii NAPF. STANDART PO ORGANIZATSII RISK-MENEDZHMENTA V NPF» [Electronic resource]. URL: (Retrieved: 01.08.2017).
8. Manual for the completion of the QIS5 Spreadsheet by groups [Electronic resource]. URL: (Retrieved: 01.08.2017).
9. Ukazaniye Banka Rossii ot 15.04.2015 № 3624-U (red. ot 03.12.2015) “O trebovaniyakh k sisteme upravleniya riskami i kapitalom kreditnoy organizatsii i bankovskoy gruppy” (vmeste s “Trebovaniyami k organizatsii protsedur upravleniya otdel’nymi vidami riskov”) [Electronic resource]. URL: (Retrieved: 01.08.2017).
10. Polozheniye Banka Rossii ot 3 dekabrya 2015 g. № 511-P “O poryadke rascheta kreditnymi organizatsiyami velichiny rynochnogo riska” [Electronic resource]. URL: (Retrieved: 01.08.2017).
11. Pis’mo Banka Rossii ot 29 dekabrya 2012 g. № 192-T “O Metodicheskikh rekomendatsiyakh po realizatsii podkhoda k raschetu kreditnogo riska na osnove vnutrennikh reytingov bankov» [Electronic resource]. URL: (Retrieved: 01.08.2017).
12. Ukazaniye Banka Rossii ot 3 aprelya 2017 g. № 4336-U «Ob otsenke ekonomicheskogo polozheniya bankov» [Electronic resource]. URL: (Retrieved: 01.08.2017).

Modern features of the global sukuk securities market
Shevchenko D.A., candidate of Economic Sciences, Associate Professor of Department “Finance and Credit”, Southern Federal University

Annotation. Islamic securities sukuk are an important part of Islamic finance. The international sukuk market is relatively new, but developing fast. It responds the need to take into account diverse interests in financial relations. The article considers the dynamics and structure of the sukuk market, the main issuers of national and international sukuk. The author identifies main obstacles to the development of the sukuk market. These include difficulty for Western investors, obligatory Shariah control, and the lack of benchmarks for pricing. The article presents forms of sukuk using in the Russian Federation. One of them is to attract foreign investors from Muslim countries for implementing major infrastructure projects.
Keywords: Islamic Finance, Securities, Sukuk, Securities Market.

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4. IIFM Sukuk Report (5th Edition). A Comprehensive study of the Global Sukuk Market / International Islamic Financial Market. – Manama, 2016. URL: S. 5.М
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6. Razvitie Islamskih principov finansirovaniya v Velikobritanii / Posol'stvo Velikobritanii v Bishkeke, 2015. P. 5 [Electronic resource]. URL:
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Evaluation of factors affecting the value of net assets of management companies on the russian stock 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 branch of collective investments is the most important component of financial markets. It is this industry that provides long-term funds to participants in the financial market, and also stabilizes the financial system at the expense of its assets. In this paper, the impact of certain factors on the net asset value (NAV) of management companies (MCs) is considered. NAV is positioned as an indicator of the attractiveness of management companies for customers.
Keywords: management company, net asset value, unit investment fund, collective investments, the Bank of Russia, the stock market, the investor, the inflow of funds, securities.

1.  Abramov A.E.  Institucionalnye investory v mire: osobennosti deyatelnosti i politika razvitiya: v 2 kn.: kn. 1 // M.: Izdatelskij dom «Delo» RANXiGS. – 2014.
2.  Ferreira M., Keswani A., Miguel A., Ramos S.  The Determinants of Mutual Fund Performance: A Cross-Country Study // Review of Finance. – 2013.
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Stylized equity portfolio optimization with copulas
Atskanov I.A., Master of Economic Science, student at National Research University – Higher School of Economics

Annotation. The paper proposes methodology for stylized portfolio optimization. Stylized portfolio is a portfolio consisting of stocks, that can be classified by a particular investment style – value, growth, quality, dividends, momentum. The optimized portfolios are compared using multiple criteria. As a result, performance of the developed portfolios is proved to be better that the benchmark – MICEX Total Return Index.
Keywords: investment styles, portfolio optimization, GAS-copula, CVaR.

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