CORPORATE  FINANCE

Modelling of efficiency performance indicators for airbroadcasting
Malyarevskaya L.A., candidate REU named by G.V. Plekhanov, Department of financial analysis, control and audit, Deputy general director on economics and finance ZAO Russian Mediagroup

Annotation. There is a number of various performance indicators in air-broadcasting industry. These indicators are mostly represented by marketing indicators which do not describe the company’s performance from the financial point of view. Moreover, typical financial indicators do not represent industrial specifics and do not allow setting goals in relation to production indicators specific for air-broadcasting industry. In air-broadcasting such indicators are represented by the total time on the air, total advertising time, auditory specifics. In fact, these indicators precisely generate sales revenue and net profit of an air-broadcasting company.
Keywords: performance productivity, efficiency, profitability, net profit, shareholding capital increase.

References
1. Malyarevskaya L.А. Аnaliz vliyaniya izmeneniya rynka na rentabel'nost' deyatel'nosti radioveshhatel'nykh kompanij // Upravlencheskij uchet. – 2016. – № 9. – S. 29–35.
2.  Ojner O.K. Upravlenie rezul'tativnost'yu marketinga: uchebnik dlya magistrov. – M.: Izdatel'stvo Yurajt, 2015. – 343 s.
3.  Satsuk T.P. Klyuchevye pokazateli rezul'tativnosti torgovoj kompanii. Klyuchevye pokazateli rezul'tativnosti v sisteme finansovogo kontrollinga // Rossijskoe predprinimatel'stvo. – 2009. – № 8 (1). – S. 147–151.
4. Copeland T., Coller T., Murrin J. Stoimost-kompani // Olimp-Biznes. – 2008. – 576 s.
5. Black A., Wright P., Bachman J., Davis J. 1998. In Search of Shareholder Value: Managing the Drivers of Performance. Financial Times: London.
6. Stewart B. 1991. The Quest for Value: A Guide for Senior Managers. Harper Business: N.Y.
7.  Scheglov I.А.  Opredelenie strategicheskogo pokazatelya rezul'tativnosti deyatel'nosti nezavisimykh nefteservisnykh kompanii v usloviyakh krizisa // Ekonomika i upravlenie: novye vyzovy i perspektivy. – 2010. – № 1. – S. 218–219.
8. Plaskova N.S. Finansovye kriterii otsenki rezul'tativnosti biznesa // Finansy. – 2007. – № 6. – C. 61–63.
9.  Dontsova L.V. Аnaliz ehffektivnosti proizvodstvenno-khozyajstvennoj deyatel'nosti organizatsii // Menedzhment v Rossii i za rubezhom. – 2000. – № 5.
10. Federal'nyj zakon ot 26.12.1995 № 208-FZ (red. ot 29.07.2017) «Ob aktsionernykh obshhestvakh»: prinyat Gosudarstvennoj Dumoj 24 noyabrya 1995 g.
11. Malyarevskaya L.А. Аnaliz i mery preduprezhdeniya riskov i ugroz deyatel'nosti organizatsij v sfere radioveshhaniya. Informatsionnoe obespechenie ehkonomicheskoj bezopasnosti: problemy i napravleniya razvitiya. Material Mezhdunarodnoj nauchno-prakticheskoj konferentsii. – M.: Izdatel'stvo «Nauchnyj konsul'tant», 2017. – S. 130–135.

The management contribution of the russian companies in liquidity of stocks
Lutsenko S.I., analyst

Annotation. The author considers influences of corporate governance policy on liquidity of stocks. In the conditions of wide discretion management possess a necessary tooling for increase in market capitalization (growth of the price of a stock). The author considers influence of corporate investments on liquidity of stocks. We expand horizons of financing of perspective projects of the company. The author shows a special role of the contribution of management in a stock value.
Keywords: stock liquidity, internal growth, investment, management, precautionary motive, risk of a stock, financial constraints, price of a stock.

References
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2. Carlson M., Fisher A., Giammarino R. Corporate investment and asset price dynamics: Implications for the cross-section of returns // Journal of Finance. 2004. Vol. 59, p. 2577–2603.
3. Kang M., Wang W., Eom C. Corporate investment and stock liquidity: evidence on the price impact of trade // Working paper Frostburg State University. 2016, p. 1–40.
4. Becker-Blease J., Paul D. Stock liquidity and investment opportunities: evidence from index additions // Working paper Washington State University. 2003, p. 1–22.
5. Derrien F., Kecskes A. The real effects of financial shocks: Evidence from exogenous changes in analyst coverage // Working paper Virginia Polytechnic Institute and State University. 2012, p. 1–49.
6. Opler T., Pinkowitz L., Stulz R., Williamson R. The determinants and implications of corporate cash holdings // Journal of Financial Economics. 1999. Vol. 52, p. 4.
7. Myers S., Majluf N.  Corporate financing and investment decisions when firms have information that investors do not have // Working paper NBER. 1984, p. 1–57.
8. Fazzari S., Hubbard R., Petersen B. Financing constraints and corporate investment // Brookings Papers on Economic Activity. 1988. Vol. 1988, p. 141–195.
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10. Amihud Y. Illiquidity and stock returns: cross-section and time-series effects // Working paper Stern School of Business, New York University. 2000, p. 1–48.
11. Daniel K., Titman S. Market reactions to tangible and intangible information // Journal of Finance. 2006. Vol. 61, p. 1605–1643.
12. Lucenko S.I. O kontrole za finansirovaniem vyplat rossijskih kompanij // Obshhestvo i jekonomika. – 2017. – № 3–4. – S. 82–97.
13. Eisfeldt A. Endogenous liquidity in asset markets // Working paper Kellogg Graduate School of Management, Northwestern University. 2001, p. 1–46.

Paradoxes of financial stability analysis in assessment of suppliers 'reliability
Stanislavchik E.N., PhD in Economics, docent, docent, Russian State Social University
Chubarov S.A., General Director of Energoservice-Tender LLC
Scherbakov V.V., Consultant, Energoservice LLC Project Head

Annotation. The article is devoted to the problems of assessing the reliability of suppliers, in particular the calculation of the coefficients of financial stability. It emphasizes that the simplified calculation schemes prevalent in existing methods and the fuzzy interpretation of the term “loan capital” leads to exclusion from the lists for participation in the tender for the supply of an unreasonably large number of participants. To overcome this problem, the authors propose more precise schemes for calculating the coefficients of financial stability.
Keywords: reliability of the supplier/counterpart, analysis of the financial condition of the provider, financial stability, the coefficient of financial independence (autonomy), loan capital, security and the risks of supply disruptions.

References
1. Investitsionnyi konsalting i resheniia dlia razvitiia biznesa [Elektronnyy resurs]. URL: expert-systems.com/financial/methods.php (data obrashcheniya: 02.03.2018).
2. Stanislavchik E.N. Finansovyi menedzhment. – M.: Delo i Servis, 2015. – 272 s.
3. Banki. Dengi. Investitsii. Biznes [Elektronnyy resurs]. URL: bankmib.ru/1145 (data obrashcheniya: 02.03.2018).
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5. Kovalev V.V. Korporativnye finansy i uchet poniatiia algoritmy pokazateli. – M.: Prospekt; KNORUS, 2015. – 1006 s. [Elektronnyy resurs]. URL: ozon.ru/context/detail/id/30660248/ (data obrashcheniya: 02.03.2018).

Operational financial solutions on product assortment of distribution company
Trach D.M., Candidate of Economic Sciences, Associate Professor of the Department of Management of Shevchenko State University, Rybnitsa brach
Melnitchuk L.D., Candidate of Sociological Sciences, Associate Professor of the Department of Management of Shevchenko State University, Rybnitsa brach
Zvereva M.I., Master’s degree student of the Department of Management of Shevchenko State University, Rybnitsa branch

Annotation. The paper analyses the types of financial solutions and market strategies illustrated by an example of product assortment management at a distributor company using modern methods of market positions diagnosing and financial instruments.
Keywords:  financial management, financial solutions, distribution, product assortment, price formation, Marcon matrix, marginal profit.

References
1. Bagiev G.L., Tarasevich V.M., Ann H. Marketing: uchebnik dlja vuzov. – 3-e izd. / pod obshh. red. G.L. Bagieva. – SPb.: Piter, 2007.
2. Lamben Zh.-Zh. Menedzhment, orientirovannyj na rynok / per. s angl.; pod red. V.B. Kolchanova. – SPb.: Piter, 2005.
3. Finansovaja i marketingovaja otchetnost’ firmy «Del’ta» R. Moldova za 2016 god. Vnutrenneaea otchetnost’ firmi (Otcheti o prodajah za 2016 v ed. I denigah).

Factoring and forfaiting: assessment of the current state and prospects for financing foreign economic transactions
Ligus A.S., a second-year graduate student of the SEI of HPE “Vladivostok State University of Economics and Services” (VSUES)
Savaley V.V., Doctor of Economic Sciences, Professor of Economics at the SEI of HPE “Vladivostok State University of Economics and Services” (VSUES)

Annotation. The article examines the tendencies of the Russian factoring market from 2010 to 2017 and rewies both industry and geography aspects of the factoring portfolio.
Today factoring industry structure is mainly represented by processing industry and trade. Companies that provide basic services like transportation, communication and construction almost do not use factoring scheme.
The main reasons of insufficient development of factoring in Russia are: 1) relatively high cost of the service, 2) complicated and conflicted legal framework, 3) lack of proper software, 4) underqualification of both factoring companies staff and their clients.
Forfaiting market is much less developed in Russia due to several reasons: 1) a “conflict” with national currency legislation, 2) absence of the notion “forfaiting transaction” and transactions procedure, 3) absence of the secondary market for bills 4) problems with bookkeeping of forfaiting transactions.
In the context of poor forfaiting market, Russian companies tend to use letters of credit with the installments of payment. Yet, as stated in the article, these financial instruments are different and should complement rather than substitute each other.
The expansion of such financial instruments as factoring and forfaiting in Russia depends on eliminating the existing regulatory gaps and applying a number of organizational proposals, stated in the article.
Keywords: factoring, forfaiting, letter of credit, financing

References
1. Payevska-Kvas’ny R., Krechman’ska-Gigol’ K. Primenenie faktoringa v usloviyakh krizisa // Effektivnoe antikrizisnoe upravlenie. – 2012. – № 6 [Elektronnyy resurs]. URL: info.e-c-m.ru/magazine/75/eau_75 _197.htm
2. Informatsionnyy obzor rynka faktoringa po itogam pervogo polugodiya 2017 goda // Assotsiatsiya faktoringovykh kompaniy [Elektronnyy resurs]. URL: asfact.ru/wp-content/uploads/2017/08/AFC-1H2017_open.pdf
3. Khachpanov G.V. Forfeyting kak mekhanizm finansirovaniya mezhdunarodnoy torgovli // Servis v Rossii i za rubezhom. – 2010. – № 6. – S. 162–176 [Elektronnyy resurs]. URL: elibrary.ru/item. asp?id=15361952
4. Rannikh N.A. Forfeyting: perspektivy i problemy // Izdatel'skiy dom «REG-LAMENT». – 2005. – № 4/2005 [Elektronnyy resurs]. URL: reglament.net/ bank/mbo/2005_4_article_2.htm
5. Riski uchastnikov operatsii forfeytirovaniya // Elektronnaya biblioteka Eco-nomics. Studio [Elektronnyy resurs]. URL: economics.studio/finansy-kredit/riski-uchastnikov-operatsii-36512.html
6. Podtverzhdenie dokumentarnykh akkreditivov: vozmozhnosti i riski // Izdatel'skiy dom «REGLAMENT» [Elektronnyy resurs]. URL: reglament.net/ bank/mbo/2011_1_article_4.htm

Highly liquid assets valuation adjusted for credit risk
Tegin A.V.,Ph. D, manager of Treasury department, MC Polyus LLC, Moscow

Annotation. New approach to valuation of highly liquid financial assets available in every economic subject portfolio is discussed. Valuation consists in calculation of credit risk value which is experienced by assets owner transferring money into settlement and deposit accounts in credit foundations and in adjustment of nominal amounts of cash being placed. Calculation of risk value is based on series of counterparty’s credit quality indices such as probability of default and recovery (return) rate of money in the case of default event.
Keywords: highly liquid assets, credit default swaps, credit value adjustment, fair valuation, recovery rate, probability of default.

References
1. Damodaran A. Investicionnaja ocenka. – 2-e izd. – M.: Al’pina Biznes Buks, 2005.
2. Koupljend T., Koller T., Murrin Dzh. Stoimost' kompanij. – M.: Olimp-Biznes, 2005.
3. Gregory Jon. Counterparty credit Risk and Credit value Adjustment. 2nd ed. – UK: John Wiley and Sons Ltd, 2012.
4. Hall Dzhon K. (2014) Opciony, f’juchersy i drugie proizvodnye finansovye instrumenty. – M.: ID Vil’jams, 8-e izd.

INVESTMENTS AND BUSINESS

Crowdfunding as a new source of funding for projects in social and cultural sphere
Shekova E.L., PhD in Economics, Associate Professor of Chair of Economic and Social Processes Management in Film and Television Industry St. Petersburg State Institute of Film and Television

Annotation. The article discusses the features of crowdfunding as a new source of funding that is gaining popularity in the social and cultural sphere in Russia. Special attention is paid to the process of raising funds for projects on crowdfunding platforms.
Keyword: crowdfunding, project, donors, crowdfunding platform, social and cultural sphere.

References
1. Shekova E.L. Fandrajzing kak tehnologiya privlecheniya finansirovaniya v uchrezhdeniya kul’tury // Finansovyy menedzhement. – 2017. – № 2. – S. 103.
2. Oficial'nyj sait «Kickstarter» [Elektronnyy resurs]: kickstarter.com (data obrashcheniya: 04.03.2018).
3. Kollektivnye zarabotki: pochemu rastet populyarnost' kraudlendinga // Den’gi. – 06.09.2017 [Elektronnyy resurs]: URL: rbc.ru/money/06/09/2017/59afe8b49a794741cec9313f (data obrashcheniya: 04.03.2018).
4. Oficial'nyj sait «Boomstarter» [Elektronnyy resurs]. URL: boomstarter.ru (data obrashcheniya: 20.12.2017).
5. Oficial'nyj sait «Planeta.ru» [Elektronnyy resurs]. URL: planeta.ru (data obrashcheniya: 03.03.2018).
6. Oficial'nyj sait «Crowdsourcing» [Elektronnyy resurs]. URL: crowdsourcing.ru (data obrashcheniya: 12.01.2018).
7. Oficial'nyj sait «Kicktraq» [Elektronnyy resurs]. URL: kicktraq.com (data obrashcheniya: 15.01.2018).
8. Startovalo golosovanie za luchshie proekty konkursa «Molodaya Moskva» // Moskva 24. – 18.07.2014 [Elektronnyy resurs]. URL: m24.ru/articles/семейная-и-молодежная-политика18072014/50722 (data obrashcheniya: 19.09.2017).
9. MTS profinansiroval ns BoomStarter pervjy proekt #WOWMOSCOW // RUSBASE. – 20.12.2014 [Elektronnyy resurs]. URL: rb.ru/news/wow-wowmoscow/ (data obrashcheniya: 22.09.2017).
10. Peterburzhenka sobiraet den'gi na knigu, napisannuyu posle strashnoj tragedii // Metro. – 15.08.2017 [Elektronnyy resurs]. URL: metronews.ru/novosti/peterbourg/reviews/peterburzhenka-sobiraet-dengi-na-knigu-napisannuyu-posle-strashnoy-tragedii-1296092/ (data obrashcheniya: 14.01.2018).
11. Kraudfandingovye platformy v Rossii i v mire // RIA Novosti. – 22.08.2016 [Elektronnyy resurs]. URL: ria.ru/disabled_know/20160822/1474985105.html (data obrashcheniya: 21.12.2017).

TAXES AND TAXATION

Strategic tax management in small business:  the macro, meso and micro levels
Filobokova L.Y., doctor of economic Sciences, Professor of innovative entrepreneurship VO MSTU N.E. Bauman
Eprikian O.A., graduate student of the Department of innovative entrepreneurship of FGBOU VO MGTU im. N.E. Bauman

Annotation. Small business represents a real, open, active, dynamic system, represented by small enterprises and individual entrepreneurs, acting as a subject and object of strategic management in the interest of creating a competitive environment in the national economy and improve its competitiveness. The achievement of the stated objectives determines the development and introduction in practice of management strategic tax management,organization and methodical support of which it is proposed to consider three levels: macro, meso and micro. Target settings, mechanism and Toolkit strategic tax management in small business at the macro, meso and micro level focus of this article.
Keywords: strategic tax management, machinery and tools tax management, small business.

References
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4. Sajt «NISIPP» Handrikov I.N.  Itogi 2016 dlya malogo i srednego predprinimatel’stva (MSP) [Elektronnyy resurs]. URL: nisse.ru/about/experts/?ELEMENT_ID=4899&mode =opinions&ARTICLE_ID=131345 (data obrashheniya: 11.01.2016).
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8. Strategicheskij menedzhment: Uchebnik dlya vuzov. 3-e izd. Standart tret’ego pokoleniya / pod red. A. Petrova. – SPb.: Piter, 2012. – 400 s.
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10. Postroenie biznes-modelej: Nastol’naya kniga stratega i novatora / Aleksandr Osterval’der, Iv Pin’e; per. s angl. – 2-e izd. – M.: Al’pina Pablisher, 2012. – 288 s.
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Tax risk management of the credit institution
Borovikova E.V., Doctor of economic sciences, associate Professor, Professor, Department of crisis management and risk management of Institute of state service and management, Ranepa, member of the Chamber of tax consultants

Annotation. Specificity of the activity of credit organizations determines not only the specifics of their taxation but the specifics of tax risks that are created by different factors. The author proposes a classification of tax risks of credit institutions, principles and algorithm of risk management, approach to the ranking of risks and the designation of measures to influence risks, depending on their level. The author considers several taxation situations that reveal the specifics of the calculation of certain taxes by the credit institution and the specifics of the level of tax risks, if the organization does not take into account the norms of tax legislation.
Keywords: tax risks, credit organization, risk management, value added tax, corporate profit tax.

References
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3. Pis'mo Banka Rossii ot 26.06.2009 № 78-T «O nalogooblozhenii NDS informacionnyh uslug» (vmeste s pis'mom Minfina Rossii ot 05.05.2009 № 03-07-05/19) [Elektronnyy resurs]. URL: consultant.ru/cons/cgi/online.cgi?req=doc&base=LAW&n=91658&fld=134&dst=100001,0&rnd=0.3056365908338592#025876302538045953 (data obrashcheniya: 22.01.2018).
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CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Liquidity analysis as financial sustainability factor of organizations’ credit
Mahmadov O.S., Post-Graduate Student, Department of financial control, analysis and audit, Plekhanov Russian University of Economics, Moscow, Russia

Annotation. Financial stability of credit organization is the main characteristic of her activity. In this article the question of the analysis of one of the most important factors of financial stability of credit organization -liquidity is bought up. Such concepts as, liquidity, the main methods of the management of liquidity of credit organization, groups of liquidity indicators of the credit organization and also major of factors influencing liquidity are considered. Special attention is paid to historical analysis of the methods of liquidity management. The article also gives the formula for calculating the sales ratio, liquidity and net liquidity ratio positions. The author studied two main approaches to the definition of liquidity ratios for credit institutions: directive and liberal. This article examines two international standard developed by the Basel Committee. They assess the risk of liquidity in cash banks and are applied by the banking supervisory authorities. In addition, the main system of liquidity of credit institutions is systematized. In conclusion, the author offers a number of actions to credit organizations for the correct management of the level of liquidity.
Keywords: liquidity, liquidity of a credit is organization, liquidity analysis of a credit organization, liquidity assessment of a credit organization, liquidity types, liquidity management of a credit organization, management methods of a credit organization, liquidity coefficients (standards) and financial sustainability of a credit organization.

References
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ACTUAL THEME

Development of the accounting and analytical functions of the system of financial management in the public sector
Kazakova N.A., Doctor of economic Science, professor, head of financial research center, professor of financial management department Plekhanov Russian University of Economics
Fedchenko E.A., Doctor of Economic Science, assistant professor of the Department of financial monitoring, analysis and audit Plekhanov Russian University of Economics
Bolvachev A.I., Doctor of Economics, Professor of the Department of Finance and Prices  Plekhanov Russian University of Economics

Annotation. The article presents the author’s differentiation and analysis of the main stages of development of financial management in the public sector of the Russian Federation, examined their contents. Based on the study of dynamics of irregularities in spending of budget funds for the period of public sector reform, as well as indicators for monitoring financial management quality assessment on major budget managers in the context of individual component are highlighted in the main directions of improving financial management in the public sector, to strengthen the accounting and analytical functions, inter alia, improving the quality of the accounting and analytical information and methodical support of verification activities for the use of public finance.
Keywords:  financial management, analysis, budget accounting, reporting, state control, the public sector.

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