Contents of N1/2018

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Contents of №1' 2018


Key financial planning indicators for business
Stanislavchik E.N., PhD in Economics, docent, Russian State Social University

Annotation. The article addresses some of the key aspects in financial planning. It emphasizes the need to identify strategic, tactical and operational levels, as well as a systematic approach in determining key financial indicators for business prosperity. Errors in planning lead to direct losses, or to a loss of opportunities to strengthen market positions and to reduce competitiveness.
Keywords: performance modeling, planning miscalculations, success factors and conditions, designation and content of financial planning, financial equilibrium, Du-Pont pyramid, key indicators: WACC (weighted average capital cost), EVA (economic added value), ROE (return on equity), ROA (return on assets), coefficients of financial stability.

1. Kulik O.S. Finansovoe planirovanie deyatelnosti predpriyatiya istoriya vozniknoveniya i razvitiya sovremennoe sostoyanie // Finansovyj menedzhment. – 2009. – № 5.
2. Andreeva D.E., Pukova O.V. Problemy finansovogo planirovaniya na predpriyatii // Aktualnye voprosy i problemy finansov v usloviyah modernizacii ehkonomiki strany. – 2016. – № 1.
3. Stanislavchik E.N. Finansovyj menedzhment. – M.: Delo i Servis, 2015. – 272 s.
4. Belikov P., Stanislavchik E. Strategiya bystrorastushchih kompanij finansovye instrumenty // Problemy teorii i praktiki upravleniya. – 2011. – № 10. – С. 31–39.
5. Borisov R. Prognoz rosta prodazh na 10 procentov v tekushchih rynochnyh usloviyah vpolne pozitiven // Finansovyj direktor. – 2015. – № 2.

Methods of the assessment of the crisis situation and the possibility of their use for electric power companies
Voyko A.V., Ph. D., associate Professor of School of Finance Faculty of Economic Sciences National Research University Higher School of Economics, Moscow

Annotation. The issue of financing the power industry in recent time is one of the sharpest in the industry. The need for investment and new technologies of generation and transportation of electricity, the need to make electricity generation more environmentally friendly offers to attract a large number of funds into the sector. However, the access to investment capital will get only financially strong companies with well-organized management system. In this regard, the selection and use of methods of prediction of crisis developments in the electricity industry is one of the keys to a correct choice of object of investment.
The article describes existing models and techniques for analyzing and predicting the crisis state of enterprises of the power industry of the Russian Federation, and also the analysis of an example of the largest energy companies in order to determine their effectiveness in modern conditions of industry.
Keywords: electric power industry, financial stability, a model of bankruptcy forecasting.

1. Annual Energy Outlook 2016//
2. Postanovlenie Pravitelstva RF ot 25.06.2003 № 367 «Ob utverzchdenii pravil provedeniya arbitrazchnim upravlyayuschim finansovogo analiza (data obrashcheniya: 07.08.2017).
3. Prikaz Mineconomrazvitiya RF ot 21 aprelya 2006 g. № 104 «Ob utverzchdenii metodiki provedeniya Federalnoy nalogovoy sluzhboy ucheta i analiza finansovogo sostoyaniya i platezhesposobnosti strategicheskih predpriyatiy I organizatsiy». (data obrashcheniya: 04.08.2017).
4. Federalnyj zakon ot 26.10.2002 № 127-FZ (red. ot 25.11.2017) «O nesostoyatel'nosti (bankrotstve)» (data obrashcheniya: 07.08.2017).
5. Prikaz Ministerstva promyshlennosti i energetiki RF i Mineconomrazvitiya RF ot 25 aprelya 2007 № 57/134 «Ob utverzhdenii metodicheskikh rekomendatsiy po sostavleniyu plana (programmi) finansovogo ozdorovleniya / (data obrashcheniya: 10.08.2017).
6. Prikaz Minfina Rossii i FKCB Rossii ot 29 yanvarya 2003 g. № 10n/03-6/PZ «Ob utverzhdenii poryadka ocenki stoimosti chistyh aktivov akcionernyh obshchestv (data obrashcheniya: 05.08.2017).
7. Prikaz Minehkonomrazvitiya RF ot 18.04.2011 № 175 «Ob utverzhdenii Metodiki provedeniya analiza finansovogo sostoyaniya zainteresovannogo lica v celyah ustanovleniya ugrozy vozniknoveniya priznakov ego nesostoyatelnosti (bankrotstva) v sluchae edinovremennoj uplaty ehtim licom naloga». (data obrashcheniya: 17.08.2017).
8. Zhilkina A.N. Finansovyj analiz. – M.: YUrajt, 2017.
9. Godovoj otchet za 2016 g. PAO «InterRAO EEHS»; (data obrashcheniya: 07.08.2017).
10. Godovoj otchet za 2016 g. PAO «FSK EEHS»; (data obrashcheniya: 07.08.2017).
11. Godovoj otchet za 2016 g. PAO «RusGidro»; (data obrashcheniya: 07.08.2017).
12. Godovoj otchet za 2016 g. PAO «Kvadra – generiruyushchaya kompaniya»; (data obrashcheniya: 07.08.2017).
13. Godovoj otchet za 2016 g. PAO «Rosehnergoatom»; (data obrashcheniya: 07.08.2017).
14. Godovoj otchet za 2016 g. PAO «Rosseti»; (data obrashcheniya: 07.08.2017).
15. Oficialnyj sajt Moskovskoj birzhi // (data obrashcheniya: 07.08.2017).

Dynamic standards as a tool for economic analysis of the activities of a small enterprise
Сozma E.S., senior lecturer, Department of Management, Transnistrian State University T.G. Shevchenko in Rybnitsa

Annotation. In this paper we consider the possibilities of applying the dynamic normative system in the analysis of the economic activity of a small enterprise. The bases of application of this methodology and the tasks solved with its help are studied, as well as the requirements to the economic performance indicators included in the normative (reference) model of the correlation of the basic performance indicators of the organization.
Keywords: dynamic standards, reference model, key indicators of economic activity of the organization, model of an effective operating mode of the organization, correlation analysis.

1. Dinamicheskie normativyi (slovar Lopatnikova) [Elektronnyiy resurs]. URL: (Data obrascheniya: 14.12.2017).
2. Kirillov A.A. Byudzhetnoe planirovanie deyatelnosti tovaroproizvodyaschih predprinimatelskih struktur s primeneniem dinamicheskih normativov: dis. ... kand. econ. nauk: 08.00.05. – Sankt-Peterburg, 2007. – 207 s.
3. Syiroezhin I.M. Sovershenstvovanie sistemyi pokazateley effektivnosti i kachestva. – M.: Ekonomika, 1980.
4.  Kiselyov M. Retrospektivnyiy analiz finansovogo sostoyaniya predpriyatiya // Audit i nalogooblozhenie. – 2001. – № 9.



Value creation practice in Russian fintech firms: analysis
Gusev A.A., Ph.D. in Economics, associate professor at the Department of corporate finance and corporate governance, Finance university under the government of the Russian Federation; leading researcher, IBS, the Russian presidential academy of the national economy and public administration, Moscow city; business consultant

Annotation. Fintech firms have experienced phenomenal growth in value during the past several years. Many specialists would like to know the reasons for such success. In this article based on VBM methodology we will try to analyze four cases from Russian fintech best practice of value creation from different market clusters (payment services, online services, IT outsourcing, banking). Lastly, there is a concluding section on the fintech firms most important value factors.
Keywords: Company Valuation, Value Factors, Fintech Companies, Value Creation, Value Based Management.

1. Belinky M., Rennick E., Veitch A. The Fintech 2.0 Paper: rebooting financial services, 2015, p. 19.
2. Cook S. Selfie banking: is it a reality?, Biometric Technology Today, March 2017, pp. 9–11.
3. Dorfleitner G. Fintech in Germany, Springer International Publishing, 2017, pp. 5–10.
4. Feuerriegel S., Neumann D. Fintech Transformation: How IT-Enabled Innovations Shape the Financial Sector, (Eds.): FinanceCom 2016, pp. 75–88.
5. George E. The Fintech Funding Handbook, 1st Edition, L., 2012, p. 21.
6. 10 ways to Enhance Fintech Valuation Multiples



Game-theoretic approach to investing on the example of the optimal choice of the issuer for the purchase of shares Russian oil and gas companies
Labsker L.G., Candidate of Physical and Mathematical Sciences, Professor of Financial University under the Government of the Russian Federation
Korzon M.S., 4th year student of the Faculty of Applied Mathematics and Information Technologies of the Financial University under the Government of the Russian Federation

Annotation. A game-theoretic approach is proposed to the optimal choice of the issuer in order to invest funds in the acquisition of shares. The analysis is based on the "Game with Nature" model, in which the optimality of strategies is determined by the Hurwicz optimism-pessimism criterion with a new technology of its application. The economic appendix is considered on an example of actions of some Russian companies of oil and gas branch.
Keywords: investment, stocks, issuers, oil and gas companies, stock returns, loss of shares, game with nature, strategies, nature conditions, payment matrix, Wald criterion, maximax criterion, Hurwitz criterion, optimism index, smoothing property by Hurwicz criterion.

1. LabskerL.G. Optimizatsiya kommercheskoy deyatelnosti i svoystvo sglazhivaniya kriteriya Gurvicza // Mikroekonomika. – 2009. – № 5. – S. 96–106.
2.  Labsker L.G. O svoystve sglazhivaniya kriteriya pessimizma-optimizma Gurvicza otnositelno vyiigryishey // Statisticheskie issledovaniya sotsialno-ekonomicheskih sistem v usloviyah mirohozyaystvennyih svyazey / Sbornik materialov III Mezhdunarodnoy nauchno-prakticheskoy konferentsii, 26-27 noyabrya 2009 g. – Orel: Orel GTU. – 2009. – S. 100–106.
3. Labsker L.G. O kriterii Gurvicza v igrah s prirodoy // BIZNES INFORM, Sovremennyie problemyi modelirovaniya sotsialno-ekonomicheskih sistem / Uchreditel: Harkovskiy natsionalnyiy ekonomicheskiy universitet; Izdatelskiy Dom «INZhEK». – 2009. – № 2 (2). – S. 11–14.
4.  Labsker L.G. Kriteriy Gurvicza: svoystvo sglazhivaniya, algoritmyi, ekonomicheskoe prilozhenie // Mikroekonomika. – 2010. – № 5. – S. 181–194.
5. Labsker L.G. K voprosu o probleme sglazhivaniya kriteriem Gurvicza i ekonomicheskoe prilozhenie // Innovatsii i investitsii. – 2016. – № 6. – S. 134–145.
6. Labsker L.G. Usloviya otsutstviya u kriteriya Gurvicza svoystva sglazhivaniya i ekonomicheskoe prilozhenie // Ekonomika i predprinimatelstvo. – 2016. – № 9 (74). – S. 141–149.
7. Labsker L.G. Problema sglazhivaniya kriteriem Gurvicza i eyo reshenie // Sbornik trudov IV Mezhdunarodnoy nauchno prakticheskoy konferentsii-bienalle Sistemnyiy analiz v ekonomike», sektsiya 2 «Metodyi sistemnogo modelirovaniya», Moskva, 9–10 noyabrya 2016 g. – M.: FGOBU VO «Finansovyiy universitet pri Pravitelstve Rossiyskoy Federatsii». – 2016. – Tom 1. – S. 195–200.
8. Labsker L.G. Teoriya kriteriev optimalnosti i ekonomicheskie resheniya: monografiya. – M.: KNORUS, 2014. – 744 s.
9. Labsker L.G., Yaschenko N.A. Ekonomicheskie igryi s prirodoy. Praktikum s resheniyami zadach. – M.: KNORUS, 2015. – 506 s.
10. Rozen V.V. Matematicheskie modeli prinyatiya resheniy v ekonomike. – M. : Knizhnyiy dom «Universitet»; Vyisshaya shkola, 2002. – 288 s.
11.  Hurwicz L.  Optimality Criteria for Decision Making under Ignorance // Cowles commission papers. – 1951. – № 370.
12. Wald A. Statistical decision functions. – N.-Y.: Wiley; L., Chapman & Hall. – 1950. – 179 p.
13. Eksport kotirovok MosBirzha aktsii [Ehlektronnyj resurs]. URL: neft/export/?market=1&em=2&code=SIBN&apply=0&df=12&mf=10&yf=2017&from=12.11.2017&dt=12&mt=10&yt=2017&to=12.11.2017&p=7&f=SIBN_171112_171112&e=.txt&cn=SIBN&dtf=1&tmf=1&MSOR=1&mstime=on&mstimever=1&sep=1&sep2=1&datf=1&at=1 (data obrascheniya: 30.10.2017).

Analytical substantiation and description of non-state pension fund risk assessment model «fora»
Malinina E.A., Chief Financial Officer, «FOR Analitics» LLC, post-graduate student at the department of the financial control, analysis and audit Russian Economic University n. G.V. Plehanov
Metelkin A.E., Chief Executive Officer, «FOR Analitics» LLC

Annotation. This article describes automated model «FORA» that was developed to implement the requirements of Instruction of Bank of Russia N 4060 [1] and to provide risk assessment driven by business of non-state pension fund (NPF): mandatory pension insurance and private pension provision. The model is based on the requirements of the legislation of Russian, international standards and best practices, as well as currently available in NPF data sets and reporting formats. The article covers the mathematical model of «FORA», describes the tools and functionality of the model, gives recommendations on the use of counted financial indicators in order to ensure a risk-based management, decisions making and formulate possible further directions of development of the model.
Keywords: risk management, financial analysis, non-state pension funds, mathematical modeling.

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: 01.10.2017).
2.  Dontsova L.V., Malinina E.A., Metelkin A.E. Analiz sistemy upravleniya riskami negosudarstvennykh pensionnykh fondov: normativnyye trebovaniya i organizatsionnyye aspekty// Finansovyy menedzhment. – 2017. – № 5. – S. 71–91.
3.  Dontsova L.V., Nikiforova N.A. Riski: analiticheskiy aspekt. Vestnik Bryanskogo gosudarstvennogo universiteta,№ 3 (2014).Ekonomika. Bryansk: RIO BGU. – 2014. – S. 263–269.
4. Postanovleniye Pravitel’stva RF ot 1 fevralya 2007 g. № 63 «Ob utverzhdenii Pravil razmeshcheniya sredstv pensionnykh rezervov negosudarstvennykh pensionnykh fondov i kontrolya za ikh razmeshcheniyem» [Electronic resource]. URL: (Retrieved: 01.10.2017).
5. Polozheniye Banka Rossii № 580-P ot 1 marta 2017 goda «Ob ustanovlenii dopolnitel’nykh ogranicheniy na investirovaniye sredstv pensionnykh nakopleniy negosudarstvennogo pensionnogo fonda, osushchestvlyayushchego obyazatel’noye pensionnoye strakhovaniye, sluchayev, kogda upravlyayushchaya kompaniya, deystvuya v kachestve doveritel’nogo upravlyayushchego sredstvami pensionnykh nakopleniy, vprave zaklyuchat’ dogovory repo, i usloviy, pri soblyudenii kotorykh takaya upravlyayushchaya kompaniya vprave zaklyuchat’ dogovory, yavlyayushchiyesya proizvodnymi finansovymi instrumentami, dopolnitel’nykh trebovaniy k kreditnym organizatsiyam, v kotorykh razmeshchayutsya sredstva pensionnykh nakopleniy i nakopleniya dlya zhilishchnogo
obespecheniya voyennosluzhashchikh, a takzhe dopolnitel’nykh trebovaniy, kotoryye upravlyayushchiye kompanii obyazany soblyudat’ v period deystviya dogovora doveritel’nogo upravleniya sredstvami» [Electronic resource]. URL: (Retrieved: 01.10.2017).
6. Prikaz Federal’noy sluzhby po finansovym rynkam (FSFR Rossii) ot 18 marta 2008 g. № 08-11/pz-n g. Moskva «Ob utverzhdenii Polozheniya o strakhovom rezerve negosudarstvennogo pensionnogo fonda» [Electronic resource]. URL: (Retrieved: 01.10.2017).
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8. Polozheniye Banka Rossii ot 28 dekabrya 2015 goda № 527-P «Otraslevoy standart bukhgalterskogo ucheta "Poryadok sostavleniya bukhgalterskoy (finansovoy) otchetnosti negosudarstvennykh pensionnykh fondov"» [Electronic resource]. URL: (Retrieved: 01.10.2017).
9. Bazovaya versiya modeli «FORA» i opisaniye modeli [Electronic resource]. URL: (Retrieved: 01.10.2017).
10. Ukazaniya Banka Rossii ot 30 maya 2016 g. № 4028-U «O poryadke rascheta sobstvennykh sredstv negosudarstvennykh pensionnykh fondov» [Electronic resource]. URL: (Retrieved: 01.10.2017).
11. Federal’nyy standart aktuarnoy deyatel’nosti ot 28 dekabrya 2016 g. № 015-51/10508 «Aktuarnoye otsenivaniye deyatel’nosti negosudarstvennykh pensionnykh fondov» [Electronic resource]. URL: (Retrieved: 01.10.2017).
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13. Belolipetskiy A.A., Gorelik V.A. Ekonomiko-matematicheskiye metody. – M.: Akademiya, 2010. – 363 s.
14. Polozheniye Banka Rossii ot 5 noyabrya 2015 goda № 502-P «Otraslevoy standart bukhgalterskogo ucheta operatsiy negosudarstvennykh pensionnykh fondov, svyazannykh s vedeniyem imi deyatel’nosti v kachestve strakhovshchika po obyazatel’nomu pensionnomu strakhovaniyu i deyatel’nosti po negosudarstvennomu pensionnomu obespecheniyu» [Electronic resource]. URL: (Retrieved: 01.10.2017).

Modern methods for calculating the economic activities of investment projects
Mandych I.A., candidate of economic sciences, associate professor, Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of management, associate professor
Lukmanov V.B., candidate of technical sciences, associate professor, Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of management, associate professor
Kudryavtseva I.G., candidate of technical sciences, associate professor, Federal State Budget Educational «Moscow Technological University», Institute of innovative technologies and public administration, Department of management, associate professor

Annotation. Evaluating the investment project, it is necessary to precisely consider many different factors allowing to make right decision about the ex pediency of investing in it, comparing to alternative offers. One of the most important economic valuation of investment project is discounted payback period of made investments which doesn’t consider cash flows after the end of payback period. The purpose of this work is to demonstrate the method of calculating traditional temporal investment project index for make informed investment decisions. The calculations were made with Excel Solver add-in, and this result suggests the possibility of practical application of the methods in making optimal investment decisions.
Keywords:  investments, evaluation of investment projects, discounted payback period, internal rate of return.

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4. Volkov A.S., Marchenko A.A. Ocenka jeffektivnosti investicionnyh proektov [tekst]: ucheb. posobie. – M.: IC RIOR; INFRA-M, 2012. – 111 c.



Problems of forming a reliable evaluation of material-production reserves received from processing
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 named N.I. Lobachevsky

Аnnotation. The subject of the study of the article are the issues of the formation of reliable estimates of raw materials and materials, as well as finished products received by the customer (davaltsem) from processing under the contract agreement. Analyzed current legislation in the field of law and accounting for transactions with give-and-take raw materials and materials, on the basis of which conclusions were drawn on the specifics of reflecting the recycled materials and finished products on the customer’s accounting records (davaltsa), taking into account the likelihood of tax and administrative liability for incorrect reflection on accounts Accounting for these transactions during inspections by regulatory authorities.
Keywords:  inventories, finished products, customer, contractor, commissioning materials, expenses, invoice, accounting (financial) reporting, use, production.

1. Nalogovyj kodeks Rossijskoj Federacii (chast’ pervaya): [feder. zakon: prinyat Gos. Dumoj 16 iyulya 1998 g. № 146-FZ (red. ot 18.07.2017)] [Ehlektronnyj resurs]. URL: (data obrashcheniya: 20.08.2017).
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5. Ob utverzhdenii metodicheskih ukazanij po buhgalterskomu uchetu material’no-proizvodstvennyh zapasov: [prikaz Minfina RF ot 28 dekabrya 2001 g. № 119n (red. ot 24.10.2016)] [Ehlektronnyj resurs]. URL: (data obrashcheniya: 20.08.2017).
6. Ob utverzhdenii Plana schetov buhgalterskogo ucheta finansovogo-hozyajstvennoj deyatel’nosti organizacij i Instrukcii po ego primeneniyu: [prikaz Minfina RF ot 31 oktyabrya 2000 g. № 94n (red. ot 08.11.2010)] [Ehlektronnyj resurs]. URL: (data obrashcheniya: 20.08.2017).
7. Pis'mo Minfina RF ot 9 fevralya 2010 g. № 03-11-11/27 [Ehlektronnyj resurs]. URL: (data obrashcheniya: 21.08.2017).
8.  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.
9.  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.
10. Bazhenov A.A., Mizikovskij I.E. Buhgalterskij upravlencheskij uchet v unitarnyh predpriyatiyah: uchebnoe posobie. – Nizhnij Novgorod: NNGU im. N.I. Lobachevskogo, 2016.
11. Bryzgalin A.V. Tematicheskij vypusk: Slozhnye operacii i sdelki: buhgalterskij uchet // Nalogi i finansovoe pravo. – 2016. – № 11.
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13. Mizikovskij I.E., Bazhenov A.A. Strukturirovanie ucheta ispol’zovaniya predmetov truda v unitarnom predpriyatii // Upravlencheskij uchet. – 2016. – № 5. – S. 50–56.
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16. Semenihin V.V. Sovmestnaya deyatel'nost' (prostoe tovarishchestvo). – M.: GrossMedia; ROSBUH, 2016.
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Analysis of audits of the organization of internal financial control and internal financial audit by the regional executive body
Oparina S.I., PhD, Deputy head of Department of financial management and financial law of the Moscow city University of Moscow Government, Russia

Annotation. In world practice, the tendency to appearance of new types of control, modernization of its forms, methods and procedures is traced. The practice of delegating control functions from public authorities to other entities is expanding. The issues of the organization of internal financial control in the budgetary sphere and its compliance with the requirements of the legislation do not lose their relevance. In the article features of checks of the organization of internal financial control and internal financial audit by the regional executive authority on an example of a city of Moscow are considered. Typical mistakes identified during the control activities of the state internal control bodies are given.
Keywords: internal financial control, internal financial audit, control methods, budgetary sphere.

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Shalaev I.A., candidate of economic Sciences, associate Professor of Department “Economy and economic security” the middle management Institute (branch of the Russian Academy of national economy and state service under the President of the Russian Federation)
Matveyev V.V., candidate of economic sciences, associate professor of the department “Economics and economic security” of the Central Russian Institute of Management (branch Russian Academy of National Economy and Public Administration under the President of the Russian Federation)
Volkova D.A., master of the Central Russian Institute of management (branch of Russian presidential Academy of national economy and state service under the President of the Russian Federation)
Nikolaenko N.M., master Central Russian Institute of management (branch of Russian presidential Academy of national economy and state service under the President of the Russian Federation)

Annotation. This article explores the implementation of innovative strategies as a factor in the reduction of threats to economic security of commercial banks. The influence of different indicators on the economic security of commercial banks. The algorithm development strategies of commercial banks. We also examined the levels of safety of commercial banks.
Keywords: innovation, economic security, commercial banks, management strategy, strategic development.

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2.  Shalaev I.A.  Osnovnye napravleniya strategicheskogo upravleniya innovacionnymi proektami // Innovacii, kachestvo i servis v tekhnike i tekhnologiyah. – 2014. – № 4. – S. 361–365.
3.  Shalaev I.A. Modelirovanie innovacionnoj sredy regiona na osnove vybora prioritetov ehffektivnyh strategicheskih innovacij // Integraciya nauki i praktiki.. – 2014. – № 1. – S. 255–257.
4.  Shalaev I.A., Budaeva A.Yu., Halfeeva S.M.  Innovacionnaya sostavlyayushchaya ehkonomicheskoj bezopasnosti finansovo-kreditnyh organizacij // Iinnovacionnaya nauka: proshloe, nastoyashchee, budushchee – 2016. – № 1. – S. 274–277.
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Risks the funding of the ICO projects
Lisitcyna E.V., doctor of economic Sciences, Professor
Tokarenko G.S., doctor of economic Sciences, Professor Moscow international higher business school MIRBIS (Institute)

Annotation. The article discusses potential risks while investing in projects ICO. The ICO market – the market is promising and growing market. But despite the potential of this, investors forget that most of the ICO projects fail, and investors lose their money as the market ICO is even more dangerous than the venture. It is therefore very important to investors to show the possible dangers and risks when investing in the projects of the ICO.
Keywords: market ICO, cryptocurrency, stock market, bitcoin, blockchain, blockchain is the platform token, Ethereum, ether, phishing, startup, Internet resources, mining.


List of articles published in journal «Financial management» in 2017

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