Contents of N3/2018

all contents

Contents of №3' 2018


Intellectual capital of the company as a driver of short-term value creation in corporate sell-offs strategies
Teplov A.S., Higher School of Economics – National Research University, Moscow, Russia, State University of Management, Moscow, Russia

Annotation. The paper tests several hypotheses about the factors that are recognized by market investors when companies from different countries announce the sell-off. A short-term price reaction is compared with the firms intellectual capital (IC). The emphasis is on two elements of intellectual capital: human and innovative. The sample is built on 1247 announcements of companies in the BRICS countries and 2039 announcements of companies from Germany (from 2000 to 2016). For each 21 trading day of observations around the announcement day, an abnormal return and a cumulative return is calculated.
The hypothesis about the significance of the choice of the model for calculating the normal stocks return is tested also. Regression analysis made it possible to identify those significant factors that make the market reaction more pronounced.
Keywords: sell off; divestitures; financing hypothesis; financial distress, BRICS firms, Germany, determinants of market reaction.

1. Otchet InVenture Investment Group [Elektronnyy resurs]. URL:
2. Hammes P. and Krouskos S. EY Global Corporate Divestment Study (January 2016). Private equity: experts at extracting hidden value. EY Report.
3. Kengelbach J., Ross A. and Keienburg G. Don’t miss the exit: creating shareholder value through divestitures, BCG 2014 report.
4. Teplova T.V., Manikin I., Teplov A.S. Raspoznaut li rinochnie investory prevlekaemost obyavlaemix publechnimy nefinancivomy companiamy proektov razvitia biznesa? // Financovy menedgment. – 2015. – № 5. – С. 66–98.
5. Teplov A.S. Prodaga i videlenie aktivov so storony publichny company Rossii I Brasilii: kak reagiruut na eti sdelky rinochnie investory // Financy I bizness. – 2017. – № 1.
6. Teplov A.S. Spin-Off ETF i Smart Beta strategii na divestichia cherez videlenie aktivov // Upravlenchesky uchet I financy. – 2017. – № 4 (52). – С. 290–305.
7. Rajan R., Servaes H. and Zingales L. The cost of diversity: the diversification discount and inefficient investment // Journal of Finance. – 2000. – No. 55. – Pp. 35–80.
8. Nguyen P. The role of the seller’s stock performance in the market reaction to divestiture announcements // Journal of Economics and Finance. – 2014. – No. 40 (1). – Pp. 19–40.
9. Cooney M., Finn F. and Karl A. Australian divestiture activity: an examination of gains to sell-off announcements // Australian Journal of Management. – 2004. – No. 29. – Pp. 135–152.
10. Hayward M. When do firms learn from their acquisition experience? Evidence from 1990–1995. Strategic Management Journal. – 2002. – No. 23 (1). – Pp. 21–39.
11. Morck R., Shleifer A., Vishny R. Do managerial objectives drive bad acquisitions? // Journal of Finance. – 1990. – No. 45. – Pp. 31–48.
12. Morgan J.P. 2017 Equity Research [Elektronnyy resurs]. URL: (data obrashcheniya: 24.04.2018).
13. Prezas A.P. and Simonyan K. Corporate divestitures: Spin-offs vs. sell-offs // Journal of Corporate Finance. – 2015. – No. 34. – Pp. 83–107.
14. Blume M.E. Betas and their regression tendencies // Journal of Finance. – 1975. – No. 30. – Pp. 785–799.

Analysis of insolvency organizations: history and reality
Nikiforova N.А., 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. The article deals with the historical aspects of the development of the institution of bankruptcy of organizations in Russia. The author highlights the factors and stages of bankruptcy in the economy. The dynamics of the number of bankruptcy in the economy and the dynamics of the number of bankrupt legal entities over the past 10 years in General and for individual industries and types of business. A grouping of methods and models for analyzing the probability of insolvency of organizations is presented.
Keywords: analysis of the failure, the factors and stages of bankruptcy, the models and methods of analysis of sustainable development.

1. Doncova L.V., Nikiforova N.A. Analiz buhgalterskoj (finansovoj) otchetnosti: praktikum / L.V. Doncova, N.A. Nikiforova. – 6-e izd., pererab. i dop. – M.: Delo i servis, 2018. – 160 s.
2.  Kucherenko S.A. Primenenie sushchestvuyushchih diskriminantnyh modelej prognozirovaniya bankrotstva v organizaciyah sel’skogo hozyajstva // Finansovaya analitika: problemy i resheniya. – 2008. – № 12.
3. Endovickij D.A., Shcherbakov M.V. Diagnosticheskij analiz finansovoj nesostoyatel’nosti organizacij: ucheb. Posobie / pod red. prof. D.A. Endovickogo. – M.: EHkonomist”, 2007. – 287 s.
4. Kovalev V.V. Finansovyj analiz: metody i procedury. – M.: Finansy i statistika, 2011.

Fixed assets financial analysis technique as a method for capital-intensive companies competitiveness management
Ivanova A.N., Leading Specialist of the Treasury of JSC “Systematica Group”, PhD student of the Department of Financial Management, Plekhanov Russian University of Economics

Annotation. Modern high risk economy dictate capital-intensive businesses enough hard operation conditions. Key factors for achieving such important competitive advantages, as superiority in quality, the ability to release products without interruption at the time and in the right quantities, at the outset, constant updating and ensuring an optimal state of fixed assets (funds), so their analysis is of high importance for companies involved in the production of fondoemkim. The article presents the methodology of complex analysis of fixed assets (funds) of the company, as well as its approbation by the example of the joint-stock company «Rosneft».
Keywords: financial analysis, basic tools, the level of wear and tear, ratios, intensity, competitiveness update.

1. Garifullina A.A. Razlichnye podkhody k opredeleniyu ponyatiy «osnovnye sredstva», ikh «otsenka» i «amortizatsiya» // Molodoy uchenyy. – 2014. – № 7. – URL: (data obrashcheniya: 04.03.2018)
2. Kazakova N.A., Kisnichyan M.B. Ekspress-analiz i otsenka predprinimatel’skikh riskov proizvodstvennoy kompanii // Uchet. Analiz. Audit. – 2015. – № 3. – S. 61–66.
3. Prikaz Minfina Rossii ot 30.03.2001 № 26n (red. ot 16.05.2016) «Ob utverzhdenii Polozheniya po bukhgalterskomu uchetu «Uchet osnovnykh sredstv» PBU 6/01» (Zaregistrirovano v Minyuste Rossii 28 aprelya 2001 g. – № 2689) – URL: 31472/71350ef35fca8434a702b24b27e57b60e1162f1e/ (data obrashcheniya: 04.03.2018).
4. Finansovaya (bukhgalterskaya) otchetnost' AO «NK «Rosneft'» – URL: (data obrashcheniya: 04.03.2018).
5.  Dun I.R., Kazakova N.A. Analiz prognozirovaniya ostatochnoy stoimosti lizingovogo imushchestva // Lizing. – 2014. – № 5. – S. 8–15.
6. Ivanova A.N., Kazakova N.A. Otsenka riska neoptimal'nogo sostoyaniya osnovnykh fondov dlya kompaniy neftegazovoy otrasli // Lizing. – 2016. – № 2. – S. 29–36.
7. Ivanova A.N., Kazakova N.A. Diagnostika i kontrol' finansovoy bezopasnosti kompanii: upravlencheskiy aspekt // Upravlencheskiy uchet. – 2016. – № 5. – S. 20–32.
8. Ivanova A.N., Kazakova N.A., Kogut E.A. Analiz vliyaniya amortizatsionnoy politiki na finansovyye rezultaty khozyaystvennoy deyatelnosti lizingovoy organizatsii // Lizing. – 2015. – № 1. – S. 32–35.
9. Ivanova A.N., Kazakova N.A. Finansovaya bezopasnost' kompanii: analiticheskiy aspekt // Ekonomicheskiy analiz: teoriya i praktika. – 2016. – № 10 (457). – S. 93–105.

Development of the depreciation method in a direct costing accounting system: transformation of fixed costs into variable costs
Khairytdinov Z.R., post graduate student of chair « Management of information systems and programming», The Plekhanov Russian University of Economics (Moscow city)

Annotation. Constant development of business models requires the same effective approaches and methods for management of a company. The system of accounting which is widely applied at the Russian and foreign enterprises known as a direct-costing – one of such approaches. The author suggests an advanced method of proportional depreciation which will allow to transfer fixed costs into variable costs that will influence on a decisions making quality.
Keywords: management (managerial) accounting, overhead costs, direct costing accounting system, variable costs, fixed costs, method of proportional depreciation, transformation of fixed costs into variable costs.

1. Atkinson Anthony A., Kaplan Robert S., Matsumura Ella Mae, Young S. Mark. Management accounting. Information for Decision-Making and Strategy Execution. – Upper Saddle River, New Jersey, Pearson Education, Inc., 2012. – 526 p. – 6th edition.
2. Sokolov A.Yu. Upravlencheskii uchet nakladnikh raskhodov. – M.: Phinansi I statistika, 2011. – 448 s.: il.
3.  Upchurch Alan. Management accounting: Principles and Practice. Financial Times Professional Limited, 1998 (2002).
4. Khairytdinov Z.R. Sovershenstvovanie metodicheskikh polozhenii po uchetu amortizatsii aktivov v tselyakh soblyudeniya printsipa sootnosheniya dokhodov I raskhodov organizatsii // Audit I finansovii analiz. – 2013. – № 1. – S. 68–71.
5. PBU 6/01 “Uchet osnovnikh sredstv”, PBU 14/2007 “Uchet nematerial’nikh aktivov” [Electronic resource]. URL:
6. Dobrovol’skii E., Karabanov B., Borovkov P., Gluhov E., Breslav E. Budzhetirovanie: shag za shagom. 2izd., dopoln.-SPb.: Piter, 2014. 480 s.: il.
7.  Il’ina A.V. Upravlencheskii uchet: uchebnoe posobie / A.V. Il’ina, N.N. Ilisheva. – Ekaterinburg: Izd-vo Ural, un-ta, 2016. – 180 s.
8. Fre'nks B. Revolutsiya v analitike: Kak v epohu Big Data ulutshit’ vash biznes s pomosh’u operatsionnoi analitiki / B. Fre'nks; per. s angl. – M.: Al’pina Pablisher, 2017. – 316 s.



Sovereign wealth funds as a new investor type on the global financial market
Glazova E.S., PhD in economics, leading researcher at Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences
Stepanova M.P., PhD in economics, senior researcher at Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences

Annotation. The article deals with salient features of SWF as a new investor type on the world financial market, the causes for their establishment and proliferation. The different kinds of SWF, their diverse asset allocation as well as the evolution of their investment strategy are reviewed. Their role in the aggravation of modern competition between public and private financial markets is examined. The article concludes with a discussion of new trends in the world investment process and the conflicting reaction to SWF in the West, which is in fact neoprotectionist under formally proclaimed commitment to global free trade.
Keywords: sovereign wealth funds, investment policy, world financial market, foreign direct investments, financial assets, ‘Santiago principles’.

1. Abdullah Al-Hassan, Papaioannou M., Skancke M.  Cheng Chih Sung. Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management. IMF Working Paper/13/231. November 2013 [Electronic resource]. URL:
2. Delaney J. A Brave New World for Sovereign Wealth Funds. // Institutional Investor. May 16, 2017 [Electronic resource]. URL:
3. Hemphill Th. A. Sovereign Wealth Funds: National Security Risks in a Global Free Trade Environment // Thunderbird International Business Review. Vol. 51, No. 6 November/December 2009. Pp. 551–566 [Electronic resource]. URL:
4. International forum of Sovereign Wealth Funds. Santiago Principles: 15 Case Studies, 2014/ How IFSWF Members implement the Santiago Principles. Published at the IFSWF ‘s 6-th Annual Meeting in Doha, November 2014 [Electronic resource]. URL:
5. International Working Group of Sovereign Wealth Funds. “Sovereign Wealth Funds: Generally Accepted Principles and Practices (‘Santiago Principles’).” October 2008 [Electronic resource]. URL: htpp://
6. Rozanov A. Who Holds the Wealth of Nations? [Electronic resource]. URL:
7. Setser B. and Ziemba R. GCC Sovereign Funds: Reversal of Fortune // Washington, DC: Council on Foreign Relations. Working Paper. 2009 [Electronic resource]. URL: htpp://
8. Sovereign Wealth Fund Institute. What is a Sovereign Wealth Fund? November 16, 2009 [Electronic resource]. URL:
9. Sovereign Wealth Funds. 2014. ESADE-geo – Center for Global Economy and Geopolitics. KPMG [Electronic resource]. URL:
10. The Brave New World of Sovereign Wealth Funds. Lauder Sovereign Wealth Fund report 2010. The Lauder Institute of Management & International Studies, University of Pennsylvania [Electronic resource]. URL:
11.  Truman E.M. A Scoreboard for Sovereign Wealth Funds.Peterson Institute for International Economics. Washington, D.C.2007 [Electronic resource]. URL:
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Projects valuation in mining sphere by managerial options method
Tegin A.V.,Ph. D, manager of Treasury department, MC Polyus LLC,

Annotation. The paper describes the emergence of so-called managerial options in economic practice and their influence on current value of projects in mining sector. The conclusion is drawn that the valuation techniques taking into account the option aspect, including the combined approach applied by author, showed to be promising for relevant fast valuation of existing investment projects and planned for development ones for enterprises in the sector included with exams in gold mining.
Keywords: managerial options, gold-mining, mineral developer, sector-specific coefficients, probability, enterprise capital valuation.

1. Dzhon K. Hall. Opciony, f’juchersy i drugie proizvodnye finansovye instrumenty. – 8-e izd. – M.: ID Vil’jams, 2014.
2. Dzhejms Van Horn, Dzhon Vahovich (ml.). Osnovy finansovogo menedzhmenta. – 12-e izd. – M.: Vil'jams, 2008.
3. [Electronic resource]. URL: (data obrashcheniya: 20.12.2017).

Planning the economic risks of agribusiness organizations
Matveev V.V., Candidate of Economic Sciences, Associate Professor of the Department “Economics and Economic Security”, Federal State Educational Institution of Higher Professional Education, Central Russian Institute of Management – branch of the Russian Academy of Science and Technology
Shalaev I.A., Candidate of Economic Sciences, Associate Professor of the Department “Economics and Economic Security”, Federal State Educational Institution of Higher Professional Education, Central Russian Institute of Management – branch of the Russian Academy of Sciences

Annotation. The activity of agricultural organizations is one of the riskiest types of economic activities, therefore management of these organizations should provide for the use of modern tools for making managerial decisions aimed at minimizing business risks. But, in conditions of limited financial stability and low solvency, the use of certain tools in the activities of agribusiness organizations is not effective. Therefore, we proposed the development of a methodology for planning economic risks, including the creation of a specialized fund, that remains active within the organization, and directed to cover the
negative consequences of the impact of business risks.
Keywords: economic risk, agribusiness organizations, risk planning, reserve fund, risk assessment, risk management.

1. Alpatov A.V. Jeval’vacija urovnej hozjajstvennyh riskov sel’skohozjajstvennyh organizacij Orlovskoj oblasti / A.V. Alpatov, E.I. Lovchikova, V.V. Matveev, Je.A. Novoselov // Jekonomika sel’skogo hozjajstva Rossii. – 2017. – № 7. – S. 4–11.
2.  Avarskij N.D. Ocenka vlijanija upravlencheskih reshenij na jekonomicheskuju bezopasnost’ el’skohozjajstvennoj organizacii / N.D. Avarskij, O.A. Fedotenkova, N.V. Parushina, L.I. Pronjaeva // Jekonomika sel’skogo hozjajstva Rossii. – 2017. – № 8. – S. 2–8.
3. Pavlova A.V.  Upravlenie processami formirovanija klasternyh struktur v regione / A.V. Pavlova // Menedzhment v Rossii i za rubezhom. – 2017. – № 1. – S. 39–46.
4. Matveev V.V. Sistema gosudarstvennogo regulirovanija upravlenija biznes-riskami agrarnyh formirovanij / V.V. Matveev, L.N. Vetrova // Audit i finansovyj analiz. – 2016. – № 5. – S. 412–417.
5.  Vetrova L.N.  Konceptual’nyj podhod k vyboru metoda upravlenija biznes-riskami v sel’skohozjajstvennyh organizacijah / L.N. Vetrova, V.V. Matveev // Vestnik APK Stavropol’ja. – 2015. – № 4 (20). – S. 305–309.
6.  Fedotenkova O.A.  Ocenka finansovogo sostojanija organizacij dlja obespechenija ih jekonomicheskoj bezopasnosti / O.A. Fedotenkova // Nacional’nye interesy: prioritety i bezopasnost’. – 2018. – T. 14. – № 1 (358). – S. 78–96.
7. Matveev V.V. Koncepcija upravlenija biznes-riskami organizacij APK / V.V. Matveev // Jekonomika i predprinimatel’stvo. – 2015. – № 8–1 (61–1). – S . 879–883.

Analysis of economic efficiency of investment tax credit attraction by discounting method
Petrov A.N., candidate of economic Sciences, associate Professor, Department of Financial control, analysis and audit, Russian University of Economics by G.V. Plekhanov

Annotation. This article discusses the issues concerning the evaluation of the effect of the use of the investment tax credit in the process of activity of the commercial organizations operating in the Russian Federation.
The main task of the article is to study the possibility of using the financial analysis tools in the management of taxes of the organization.
Keywords: investment tax credit, economic efficiency, discount theory.

1. Nalogovyi kodeks Rossiiskoy Federatsii (tshast pervaya) ot 31.08.1998 № 146-FZ (red. ot 19.02.2018) // SPS Konsultant Plus.
2. Federalnyi zakon ot 03.12.2011 (red ot 28.12.2013) № 392-FZ «O zonach territorialnogo razvitiya v Rossiyskoy Federatsii».
 3. Postanovlenie Pravitelstva RF ot 17.06.2015 № 600 (red. ot 25.08.2017) “Ob utverjdenii perechnya ob’ektov I technologiy, kotorie otnosyatsya k ob’ektam I technologiyam visokoy energetitcheskoy effektivnosti» // SPS «Konsultant Plyus» [Electronniy resurs]. URL: (data obrashcheniya: 14.04.2018).
4.  Dontsova L.V., Nikiforova N.A.  Analys buchgalterskoy (finansovoy) ottshyotnosti // Praktikum. – M.: Delo I servis, (5-e izd. pererab. i dop.), 2015.
5.  Efimova O.V.  Finansoviy analys: sovremenniy instrumentariy dlya prinyatiya ekonomitsheskich resheniy Utshebnik / O.V. Efimova. – M: Omega-L, 2013.
6.  Zhilkina A.N.  Upravlenie finansamy. Finansoviy analiz predpriyatiya: Utshebnik / A.N. Zhilkina. – M.: NITS INFRA-M, 2015.
7. Sheremet A.D., Negashev E. V. Metodika finansovogo analiza deyatelnosti commertsheskich organizatsiy. Practitsheskoe rukovodstvo. – M: Infra-M, 2014.
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Improved risk management practices in financial security system for commercial banks
Kazakova N.A., Doctor of Economy, professor, head of financial research center, professor of financial management department Plekhanov Russian University of Economics
Lukianov A.V., the graduate student of the department of the financial management, Plekhanov Russian University of Economics
Shemetkova O.L., PhD, assistant professor, head of the Faculty of finance Plekhanov Russian University of Economics
Bolvachev A.I., Doctor of Economics, professor, professor of the Department of Finance and Prices, Plekhanov Russian University of Economics

Annotation. The article analyzed the State of the Russian economy and credit system classified Bank risks, methods of assessment and risk management as the basis of a system of financial security for the banking sector. Summarized the views of experts on the application of Bank of Russia implemented international standards for banking Basel III and a new approach to assessing Bank risks, aimed at ensuring the financial security of credit institutions Of The Russian Federation. This study made it possible to identify the advantages and disadvantages of Bank risk assessment methods used, including the IRB-based approach, which is based on an assessment of the adequacy of regulatory capital, calculated using internal ratings of borrowers that are installed by the banks. According to the authors, the introduction of the IRB approach in financial security risk management system in commercial banks will require great expenses on creation of uniform information base of borrowers, but it will track changes in their rankings and Accordingly more accurately assess the risks of lending.
Keywords: financial security, commercial bank, methods of analysis, score banking  risks, the creditworthiness of the borrower, analytical tools.

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5. Bank Rossii razreshil Sberbanku pereyti na otsenku riskov na osnove vnutrennikh reytingov [Elektronnyy resurs]. URL:
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7. Kazakova N.A., Nikitina A.N. Otsenka i upravlenie bankovskimi operatsionnymi riskami v usloviyakh integratsii standartov kapitala // Finansovyy menedzhment. № 1, 2016. S. 115–123.
8. Kazakova N.A., Ivanova A.N. Finansovaya bezopasnost' kompanii: analiticheskiy aspekt // Ekonomicheskiy analiz: teoriya i praktika. 2016. № 10 (457). S. 93–105.
9. Kazakova N.A. Kontseptsii kontrollinga ekonomicheskoy bezopasnosti kompanii: analiz rossiyskogo i zarubezhnogo podkhodov. M.: Fundamental'nye issledovaniya. № 12 (chast' 2). 2016. S. 416–421.
10. Kazakova N.A., Ivanova A.N. Diagnostika i kontrol' finansovoy bezopasnosti kompanii: upravlencheskiy aspekt // Upravlencheskiy uchet. 2016. № 5. S. 20–32.
11.  Kazakova N.A.  Problemy obespecheniya ekonomicheskoy bezopasnosti deyatel'nosti khozyaystvuyushchikh sub''ektov v usloviyakh vysoko riskovoy rynochnoy ekonomiki. M.: Fundamental'nye issledovaniya. № 12 (chast' 3). 2016. S. 634–639.
12. Kazakova N.A., Khlevnaya E.A., Zinov'yeva A.A.  Aktual'nye problemy kontrolya finansovoy bezopasnosti kompanii // Finansovyy menedzhment. № 2, 2016. S. 3–12.
13. Kazakova N.A., Dun I.R., Khlevnaya E.A.  Metody povysheniya ekonomicheskoy bezopasnosti rossiyskikh kholdingov: optimizatsiya resursnogo potentsiala i kontrol' lizingovykh sdelok // Lizing. 2017. № 1. – S. 18–25.
14. Kazakova N.A., Bolvachev A.I., Gendon A.L., Golubeva G.F. Monitoring Economic Security in the Region Based on Indicators of Sustainable Development // Studies on Russian Economic Development. – 2016. – Vol. 27. – No. 6. – Pp. 650–660.
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Instruments of the syndicated ledning market for corporate financing
Tarasov A.A., Ph. D. in Economics, Executive MBA program of the Institute of Business Studies RANEPA and Antwerp Management School

Annotation. This article presents an overview of the key instruments of the syndicated loans market for raising corporate finance. We analyze the key structural elements of syndicated loans and provide a description of the following market instruments: bridge loans, revolving credit facilities, term loans, pre-export finance facilities, investment loans. For each of the considered instruments we discuss the key characteristics, including amount, tenor, repayment, banks, industrial specifics. The key finding is that depending on the purpose of raising a syndicated loan by corporate borrowers there are optimal loan market instruments that correspond to such purposes.
Keywords: syndicated loans market, financial management, raising of corporate funding, loan capital market, banking services.

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9.  McGrath D., Riddick A. Acquisition Finance. Syndicated Lending: Practice and Documentation. Euromoney Institutional Investor, 2013, pp. 88–105.

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