Contents of N6/2017

all contents

Contents of ¹6' 2017


Assessment of effective management of working capital of shipping companies
Khrapova E.V., Candidate of Economic Sciences, associate professor of economy and management Federal state-funded educational institution of the higher education “Omsk state technical university”
Kychanov B.I., Candidate of Economic Sciences, the associate professor of economy and management on transport the Omsk institute of the water transport (branch) Federal state-funded educational institution of the higher education “Siberian state institute of the water transport”

Annotation. In the majority of the works devoted to management of working capital the main attention it is paid to the analysis of use of separate elements of the reverse capital, definition of need for these elements and loudspeakers of their turnover. In this article the attempt to apply the general criterion to assessment of effective management of working capital at the enterprises of the inland water transport which can be used by the management of the company for assessment of results of work of firm and its structural divisions is made. As such criterion duration of a financial cycle is taken.
Keywords: working capital, purposes of management of working capital, criterion for evaluation of effective management of working capital, financial cycle, profitability of assets, economic value added.

1. Artyunov Yu.A. Finansovyj menedzhment: ucheb. posobie. – 2-e izd., stereotip. – M.: KNORUS, 2007. – 312 s.
2.  Brighehm Yu.F. Finansovyj menedzhment: ehkspress-kurs / Yu.F. Brighehm. – SPb.: Piter, 2013. – 592 s.
3. Volkov D.L., Nikulin E.D. Upravlenie oborotnym kapitalom: analiz vliyaniya finansovogo cikla na ren-tabel’nost’ aktivov // Vestnik S.-Peterb. un-ta. Ser. Menedzhment. – 2012. – Vyp. 25.
4.  Vladyko M.V. Finansovyj menedzhment: ucheb. posobie / M.V. Vladyko, T.V. Goncharenko. – M.: KNORUS, 2006. – 264 s.
5. Kovalev V.V. Finansovyj menedzhment: teoriya i praktika. – M.: Prospekt, 2013. – 1104 s.
6.  Hrapova E.V., Kychanov B.I. Metodicheskie podhody k upravleniyu debitorskoj zadolzhennost’yu // Transportnoe delo Rossii. – 2017. – ¹ 2.

Profit-sharing as an instrument of a profit management
Lisitcyna E.V., doctor of economic Sciences, Professor

Annotation. The system of “profit-sharing” is most often used in motivational programs for the staff. This article examines the role of this system in the management of the company’s finances and assessing the effectiveness of the company’s activities.
Keywords:  the distribution of profits, profit-sharing, performance indicators, performance evaluation, motivation, managing finances.

1. Profit sharing plans for small businesses. Publication 4806 (Rev. 10-2016) Catalog Number 53787K Department of the Treasury Internal Revenue Service. URL:
2. Moffatt, Mike.  (2008) Sharing Rule Economics Glossary; Terms Beginning with S. Accessed June 19, 2008.
3. Dietderich, Andrew. "Survey: Pay based on performance gains ground". Crain's Detroit Business. 3 April 2006.
4. "In Depth Profit Sharing: Share Peace of Mind". Employee Benefits. 12 January 2006.

Integrated assessment of trade fair exhibitor performance: marketing and finance
Simonov K.V., Ph.D. in Economics, associate professor of Department of Marketing of Faculty of Economics of Lomonosov Moscow State University

Annotation. The methodical approach allowing to determine how full, successfully, rationally and economically reasonable exhibitors manage to realize their goals and plans is offered. Besides methodical part, it relies on quantitative financial and non-financial indices of exhibitor activities, which are considered in short-term and long term that gives the opportunity to correlate goals of trade fair participation to obtained and really expected marketing and commercial results and, thereby, in a complex, comprehensively and fully estimate exhibitor efficiency.
Keywords: trade fair, exhibitor, marketing and financial performance.

1. GOST R 53103-2008. Deyatel’nost’ vystavochno-yarmarochnaya. Terminy i opredeleniya. – M.: Standartinform. – 2009. – 31 s.
2. Koncepciya razvitiya vystavochno-yarmarochnoj i kongressnoj deyatel’nosti v RF i Plan eyo realizacii (utverzhdeny rasporyazheniem Pravitel’stva RF 10 iyulya 2014 g. ¹ 1273-r).
3. Kirchgeorg M., Springer C., Kastner E. Objectives for successfully participating in trade shows // Journal of Business & Industrial Marketing. – 2010. – No. 25 (1). – Pp. 63–72.
4. Tafesse W., Korneliussen T. The dimensionality of trade show performance in an emerging market // International Journal of Emerging Markets. – 2011. – No. 6 (1). – Pp. 38–49.
5. Krasina N.N. Tekhnologiya prodazh na vystavkah // Lichnye prodazhi. – 2010. – ¹ 1. – S. 58–67.
6. Sarmento M., Farhangmehr M., Simões C. Participating in Business-to-Business Trade Fairs: Does the Buying Function Matter? // Journal of Convention & Event Tourism. – 2015. – No. 16 (4). – Pp. 273–297.
7.  Federbush J. Beyond ROI and ROO: Using Measurement to Enhance Decisions and Improve Exhibit Results. CEO Exhibit Surveys, Inc. – 2012. – 7 p.
8.  Siskind B. Managing for Results: Benchmarks for Exhibit Growth. CEIR. 2015 [Jelektronnyj resurs]. URL: (data obrashhenija: 21.08.2017).
9. Menon S., Edward M.  Exhibitors and visitors’ motivations at destination trade shows // International Journal of Services, Economics and Management. – 2014. – No. 6 (2). – Pp. 193–208.
10. Alberca-Oliver P., Rodríguez-Oromendía A., Parte-Esteban L. Measuring the Efficiency of Trade Shows: A Spanish Case Study // Tourism Management. – 2015. – No. 47. – Pp. 127–137.
11. Pomaz, I.V., Shingirej S.A. Podhody k ocenke ehffektivnosti vystavochnoj deyatel’nosti organizacii // Potrebitel’skaya kooperaciya. – 2015. – ¹ 3 (50). – S. 24–28.
12. Sridhar S. & Voorhees C.M. & Gopalakrishna S. Assessing the Drivers of Short- and Long-Term Outcomes at Business Trade Shows // Customer Needs and Solutions. – 2015. – No. 2. – Pp. 222–229.
13. Karasyov N.V. Kak ocenit’ ehffektivnost’ uchastiya v vystavke // Mir vystavok. – 2014. – spec. vyp. – S. 66–68.
14. The Role of Exhibitions in the Marketing Mix. Steinbeis Transfer Centre “Exhibition, Convention and Event Management” at the Cooperative State University, Ravensburg, Germany. – UFI. – 2010. – 129 p.
15. Kak rasschityvat’ ehffekti vnost’ uchastiya v vystavkah? // EHkspo Vedomosti. – 2014. – ¹ 2–3. – S. 20–22.

Bankruptcy tools in financial recovery of real sector enterprises: domestic and foreign experience
Kozhevina O.V., Doctor of Economics, Professor, Higher School of Economics
Muratov A.V., graduate student of the Department of Management, Financial University under the Government of the Russian Federation (Financial University)

Annotation. The article analyzes the problems of financial stability of enterprises and aspects of its restoration. The content of financial sustainability is disclosed, bankruptcy procedures and measures are considered in the framework of procedures, the directions of increasing the financial stability of enterprises in the real sector of the economy on the basis of domestic and foreign experience are also described. Based on the statistical analysis of the relevance and effectiveness of procedures for restoring the financial soundness of enterprises, conclusions are drawn about the key problems of bankruptcy of enterprises in the real sector.
Keywords: Crisis Financial Management of the enterprise, Bankruptcy, Adaptive Gegulation, improvement of the Real Sector.

1. Ionova A.F. Finansovyj analiz / A.F. Ionova, N.N. Selezneva. – M.: Prospekt, 2008. – 624 s.
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3. NP «CMAKP». Bankrotstvo juridicheskih lic v Rossii: osnovnye tendencii II kvartal 2017 goda [Jelektronnyj resurs]. URL: (data obrashhenija: 03.10.2017).
4. Plaskova N.S. Analiz finansovoj otchetnosti / N.S. Plaskova. – M.: Jeksmo, 2010. – 384 s.
5.  Ronova G.N.  Finansovyj analiz / G.N. Ronova, S.E. Popova, V.L. Slepunin. – M.: Moskovskij gosudarstvennyj universitet jekonomiki, statistiki i informatiki, 2007. – 211 s.
6. Sudebnyj departament pri Verhovnom Sude Rossijskoj Federacii «Otchet o rabote arbitrazhnyh sudov sub#ektov Rossijskoj Federacii po rassmotreniju del o bankrotstve za 2016 g.» [Jelektronnyj resurs]. URL: (data obrashhenija: 03.10.2017).
7. Operativnaja statisticheskaja otchetnost’ o dejatel’nosti arbitrazhnyh sudov Rossijskoj Federacii za I polugodie 2017 goda [Jelektronnyj resurs]. URL: (data obrashhenija: 03.10.2017).
8. Federal’nyj zakon ot 26.10.2002 ¹ 127-FZ (red. ot 03.07.2016) “O nesostojatel’nosti (bankrotstve)” (s izm. i dop., vstup. v silu s 01.09.2016) [Jelektronnyj resurs] // Konsul’tantPljus URL: (data obrashhenija: 18.03.2017).
9. Federal’nyj zakon ot 02.10.2007 ¹ 229-FZ (red. ot 03.07.2016) “Ob ispolnitel’nom proizvodstve” (s izm. i dop., vstup. v silu s 01.10.2016) [Jelektronnyj resurs] // Konsul’tantPljus URL: (data obrashhenija: 18.03.2017);
10. American Bancruptcy Institute [Jelektronnyj resurs]. URL: (data obrashhenija: 18.03.2017).
11. United States Bankruptcy Code [sajt] // URL:
12. Insolvency Act 1986 [Jelektronnyj resurs]. URL: (data obrashhenija: 18.03.2017).
13. Loi n° 85-98 du 25 janvier 1985: relative au redressement et à la liquidation judiciaires des entreprises [Jelektronnyj resurs]. URL: (data obrashhenija: 18.03.2017).
14. Insolvenzordnung (Deutschland) [Jelektronnyj resurs]. URL: (data obrashhenija: 18.03.2017).
15. Trading Economics [Jelektronnyj resurs]. URL: (data obrashhenija: 18.03.2017).

The special status of the shareholder in management of the company
Lutsenko S.I., analyst

Annotation. The author considers a special role of the shareholder in corporate governance. The company purpose is not only shareholder wealth maximization, but also creation of the social welfare in modern realities. The author notices that the strategic role in management is taken away to such interested person, as to the shareholder. The shareholder should in internal corporate documents specify the complex purpose of development of the firm, a role of the management body, their behavioural model. Management should be subordinated not only to interests of shareholders, but also interests of a society.
Keywords: shareholder, corporate governance, statute, fiduciary duties, management, interests of the company, social welfare.

1. Denis D. Corporate Governance and the Goal of the Firm: In Defense of Shareholder Wealth Maximization // Working paper. University of Pittsburgh. 2016, pp. 1–18.
2.  Jensen M., Meckling W. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure // Journal of Financial Economics. 1976, vol. 3, pp. 305–360.
3. Lucenko S.I. Povyshenie kachestva korporativnogo upravlenija cherez mehanizm vnutrennih korporativnyh standartov // Obshhestvo i jekonomika. – 2016. – ¹ 11. – S. 32–40.



Analysis of factors internal environment of formation of manufacturing strategy
Nikiforova N.À., 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. Importance strategic analysis involves the study of many parameters of different types of strategies that are generated in commercial organizations. One of the key strategies that are Central for any organization and determines to a significant extent, its economic efficiency is production strategy. The development of production strategies depends on a detailed analysis of the factors and reasons. The indicators of the production strategy are usually influenced by external and internal, financial and non-financial factors. Analytical study of internal factors is the subject of the research of the author and this article.
Keywords: factors, internal environment, sources of financing, resource potential, analysis manufacturing strategy.

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Organization of efficient intraproductive management system renewal of capital assets in the railway transport
Kondratova E.P., Ph. D of economics, associate professor of Finance and Accounting department, Far Eastern State University of communication (Khabarovsk)
Barchukov A.V., Doctor of economic sciences, professor of Finance and Accounting department, Far Eastern State Transport University (Khabarovsk)

Annotation. For appraisal of performance of intraproductive management system renewal of capital assets there are efficiency criterions for main spheres of railway transport activity (economical, technological, technical and innovative, social, ecological, and also fitting criterion of strategic aims) suggested in this article and described methods of their definition.
Keywords: railway transport, capital assets, investment process, sources of financing, efficiency criterias.

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4.  Kondratova E.P., Barchukov A.V. Metodiki otsenki osnovnih fondov kak instrument finansovogo menedgmenta na zheleznodorozhnom transporte // Financial management. – 2017. – ¹ 2. – S. 24–36.
5.  Korobeinikova O.O. Analiz I formirovanie normativnogo podhoda k vosproizvodstvu osnovnogo kapitala predpriyatii na baze vnutrennih istochnikov investitsii // Economic analysis: theory and practice. – 2004. – ¹ 1. – S. 41–45.
6.  Kurmakaeva E.Sh. Upravlenie sistemoi vosproizvodstva osnovnogo kapitala na mashinostroitelnih predpriyatiyah: avtoref. dis. ... kand. econ. nauk: 08.00.05. – Saratov: SGSEU, 2006. – 23 s.
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9. Losev V.S., Sabitova P.M. Upravlenie effektivnim razvitiem predpriyatii zheleznodorozhnogo transporta. – Khabarovsk: RIOTIP, 2004. – 198 s.
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Dynamic methods of sensitivity analysis for the criterion of estimation of investment project
Biryukov A.N., doctor of economic Sciences, associate Professor, Professor of Department “Economic theory and analysis”, Sterlitamak branch “Bashkir state University”, Sterlitamak
Rayanova G.N., graduate student of Department “Economic theory and analysis”, Sterlitamak branch “Bashkir state University”, Sterlitamak

Annotation. This article discusses the evaluation of the effectiveness of the investment project as the most important stage in the process of investment decision-making. The technique of forming a database that includes economic and financial indicators for an objective and comprehensive assessment of investment project efficiency. With the help of classical methods of financial analysis in the article assessed the effectiveness of the project and the feasibility of its implementation. The conclusion about the need to use when evaluating the effectiveness of investment projects in addition to traditional criteria, the discounting method.
Keywords:  investment risk, sensitivity analysis, discounting method, the effect of the implementation, profitability, business activity.

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4. Gross M.V., Aryshev V.A., Ivanyuk T.N. Osobennosti metodiki investitsionnogo analiza // Sovremennyye tendentsii v ekonomike i upravlenii: novyy vzglyad. – 2016. – ¹ 38. – S. 129–136.
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10.  Yagumova Z.N.  Klassifikatsiya investitsiy kak usloviye povysheniya effektivnosti investitsionnoy politiki otrasley promyshlennogo kompleksa // Ekonomika i upravleniye: analiz tendentsiy i perspektiv razvitiya. – 2013. – ¹ 5. – S. 271–275.

Implementation of production development and modernization projects on a basis of export-credit finance source
Silakov A.V., Dr. Sc. in Economics, professor, Chair of Finance and Business Analytics A.N. Kosygin Russian State University
Generalova A.V., Ph.D. in Economics, docent, Head of Chair of Finance and Business Analyticzs A.N. Kosygin Russian State University

Annotation. The paper deals with opportunities, aspects and risks of implementation of modernization projects at industrial enterprises on a basis of financial sources of export credit. Issues concerned: the matter of export-credit financing and its’ applicability to the projects for industrial implementation, advantages and disadvantages of such a financial source use for industrial projects, risks and opportunities of this type of financing. Procedures of managerial expertise are proposed to the decision making process on implementation of modernization and production development on a basis of export credit financing.
Keywords: export-credit financing, modernization projects, projects expertise  procedures, Fuzzy Sets models.

1.  Balyhin M.G. Vazhneyshie problemy kommercializacii rezultatov intellektualnoy deyatelnosti v vysshih uchebnyh zavedeniyah Rossii i napravleniya ih resheniya // Kreativnaya ekonomika. – 2015. – ¹ 1(97) – S. 111–124.
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9. Abdulaeva Z.I. Nedosekin A.O. Strategicheskij analiz innovacionnyh riskov: monografiya. Sankt-Peterburg: Federalnoe gosudarstvennoe avtonomnoe obrazovatelnoe uchrezhdenie vysshego obrazovaniya “Sankt-Peterburgskij politekhnicheskij universitet Petra Velikogo”, 2013 – 150 s.

Modeling of the value of objects of the world housing market in modern conditions
Ermilova M.I., Ph.D, Associate professor, Russian Plekhanov University of Economics

Annotation. The article analyzes the possibility of using the main methods for estimating the cost of housing. It is determined that the most suitable is the income approach. However, to analyze the cost of residential real estate in the global housing market, it is necessary to use econometric modeling. The author selected the most significant factors affecting the cost of housing. They include the average price per square meter of housing, the average actual cost of building a square meter of housing, the gross domestic product per person, the average wage per person, the average loan rate for the highest category of borrowers. The author has built and tested the relevance of the model of housing evaluation, taking into account these factors.
Keywords: housing market, cost of housing, methods of valuation, income approach, discounted cash flow method, econometric modeling.

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