Contents of N4/2018

all contents

Contents of №4' 2018

CORPORATE  FINANCE

The factorial analysis as the instrument of calculation of level of the materiality in financial records audit
Petrov A.N., Ph. D., associate Professor, Department of Financial control, analysis and audit REU im. G.V. Plekhanov
Veretina A.A., bachelor of Economics, REU im. G.V. Plekhanov, trainee of the Main control Department of Moscow
Kondrashova D.V., bachelor of Economics, REU im. G.V. Plekhanov, trainee of the Main control Department of Moscow

Annotation. During the research were made the main characteristics, shortcomings and benefits of some methodical acceptances of determination of level of a materiality in case of financial records audit were formulated. Also the element of a financial analysis, in particular the factorial analysis, as the tool for calculation of general level of a materiality was used.
Keywords: audit, materiality level, methods of calculation of level of a materiality, audit risk, factorial analysis.

References
1. Federalnyy zakon ot 30.12.2008 № 307-FZ «Ob auditorskoy deyatelnosti» (poslednyaya redaktsiya) // SPS «KonsultantPlyus». URL: consultant.ru/document/cons_doc_LAW_83311/ (data obrashcheniya: 14.04.2018).
2. Mezhdunarodnyy standart audita 320 «Sushchestvennost pri planirovanii i provedenii audita» (vveden v deystviye na territorii Rossiyskoy Federatsii Prikazom Minfina Rossii ot 24.10.2016 № 192n) // SPS «KonsultantPlyus». URL: consultant.ru/document/cons_doc_LAW_206945/ (data obrashcheniya: 16.04.2018).
3. Mezhdunarodnyy standart audita 450 «Otsenka iskazheniy. vyyavlennykh v khode audita» (vveden v deystviye na territorii Rossiyskoy Federatsii Prikazom Minfina Rossii ot 24.10.2016 № 192n) // SPS «KonsultantPlyus». URL: consultant.ru/document/cons_doc_LAW_206946/ (data obrashcheniya: 16.04.2018).
4. Audit Montgomeri / F.L. Defliz. G.R. Dzhenik. V.M. O’Reylli. M.B. Khirsh; red. Ya.V. Sokolov. – M.: Audit. 1997. – S. 542.
5. Akopyan A.T. Normativno-pravovyye i metodicheskiye problemy rascheta urovnya sushchestvennosti pri formirovanii bukhgalterskoy (finansovoy) otchetnosti i podtverzhdenii eye dostovernosti / A.T. Akopyan // Mezhdunarodnyy bukhgalterskiy uchet. – 2014. – № 5 (299). – S. 46–51.
6.  Vitkovskaya E.V. Metodika rascheta urovnya sushchestvennosti v audite finansovoy otchetnosti // Molodoy uchenyy. – 2016. – № 15. – S. 277–281.
7. Ivanov A.E., Kresina A.M. Otsenka urovnya sushchestvennosti informatsii bukhgalterskoy finansovoy otchetnosti pri provedenii audita na osnove analiza finansovo-khozyaystvennoy deyatelnosti organizatsii // Mezhdunarodnyy bukhgalterskiy uchet. – 2013. – № 30 (276). – S. 51–58.

Model weighted average of indicators of the cash flow
Vasiliev V.D., Doctor of Economics, professor of the Chair of Economics in construction Industrial University of Tyumen, Russia, Tyumen
Vasiliev E.V., Ph.D. in Economics, Assistant Professor of the Construction management and housing Chair Industrial University of Tyumen, Russia, Tyumen

Annotation. Standard classical schemes of discounted and compounded cash flows (CF) and duration (D) are presented. Authors’ original concepts in the form of extended,generalized analytical models for determining the weighted average indicators (WADCF – duration of CF, WARR – rate of return, WACF – value of CF element), internal rate of return (IRRCF), constant value of cash flow elements (CVCF), discounted entropy H (CF) are introduced. All models are functionally implemented, and illustrated by mathematical calculations. The obtained results make it possible to substantially increase objectivity and rationality of multidimensional calculations (in the format of cash flows) for determining efficiency of any decision.
Keywords: cash flow and its structure, discounting and compounding, weighted average estimates, flow structure, entropy indicator.

References
1. Asvat Damodaran.  Investitsionnaya otsenka. Instrumenty i metody otsenki lyubykh aktivov / per. s angl. – M.: Al’pina Pablisher, 2014. – 1316 s.
2. Brayley R., Myers S. Principles of Corporate Finance / Transl. with English. – M.: Olimp – Business, 2008. – 1008 p.
3. Van Horne James, Vahovich John Jr. Fundamentals of financial management / Transl. with English. – M.: Williams, 2016. – 1232 p.
4. Cheng F. Lee, Joseph E. Finnerty. Corporate Finance: Theory, Method and Applications / Trans. from English. – M.: INFRA-M, 2000. – 686 p.
5. Chetyrkin E.M. Metody finansovykh i kommercheskikh raschetov. – M.: Delo; Biznes Rech’, 1992. – 320 s.
6. Vasiliev V.D. Optimizatsionnyy podkhod k vyboru investitsionnykh proyektov i proyektov v stroitel'stve ob»yektov regiona. – SPb.: Izd-vo SPbGUEF, 2004. – 287 s.
7. Trukhayev R.I. Modeli prinyatiya resheniy v usloviyakh neopredelennosti. – M.: Nauka, 1981. – 258 s.
8. Kaneman D. Dumay medlenno ... Reshay bystro / per. s angl. – M.: AST, 2014. – 653 s.
9. Taler R. Novaya povedencheskaya ekonomika: pochemu lyudi narushayut pravila traditsionno i kak na etom zarabotat' / per. s angl. A. Prokhorovoy. – M.: Izdatel'stvo «E», 2017. – 368 s.
10.  Kini R.L., Rayfa Kh.  Prinyatiye resheniy pri mnogikh kriteriyakh: predpochteniya i zameshcheniya / per. s angl.; pod red. I.F. Shakhnova. – M.: Radio i svyaz’, 1981. – 560 s.

Methodical aspects of financial analysis in anti-crisis management
Leonova O.G., Ph.D. (Economics), Associate Professor of the department of applied Economics Saint Petersburg Electrotechnical University «LETI»

Annotation. The article considers methodical aspects of financial analysis in anticrisis management, substantiates the role of financial analysis, structured its goals and objectives. Schematically presented and disclosed the stages of financial analysis in the anticrisis management. The shortcomings of the existing methodology for conducting financial analysis by the arbitration manager are revealed. The paper suggests a methodology for determining the solvency of an enterprise and anti-crisis measures in the system of crisis management, including selection of anti-crisis measures taking into account the identified  reasons for insolvency and factors that affect the change in the control points of financial
analysis: profitability of sales and net cash flow.
Keywords: financial analysis, crisis management, arbitration management, insolvency (bankruptcy).

References
1. Postanovlenie Pravitelstva RF ot 25.06.2003 № 367 «Ob utverjdenii Pravil provedeniya arbitrajnim upravlyayuschim finansovogo analiza» [Elektronnyy resurs]. URL: consultant.ru/cons/cgi/online.cgi?req=doc&base=LAW&n=42901&fld=134&dst=1000000001,
0&rnd=0.053611391145597986#040234130172459803 (data obrashcheniya: 12.06.2018).
2. Rentabelnost prodaj. Formula. Raschet na primere OAO «Aeroflot». Finansovo_investicionnij blog Jdanova Vasiliya i Jdanova [Elektronnyy resurs]. URL: finzz.ru/rentabelnost-prodazh-ros-formula-primere.html (data obrashcheniya: 18.06.2018).
3. Chistij denejnij potok. Vidi denejnih potokov. Finansovo_investicionnij blog Jdanova Vasiliya i Jdanova Ivana [Elektronnyy resurs]. URL: finzz.ru/chistyj-denezhnyj-potok-net-cash-flow-ncf-vidy-denezhnyx-potokov.html (data obrashcheniya: 18.06.2018).

Assessment of the causes and consequences of the irrational behavior of the financial manager in the company
Plotnikova E.V., candidate of economic sciences, associate professor of FGAOU VO “St. Petersburg Polytechnic University of Peter the Great” Saint-Petersburg, Russia
Pogorelaya P.S., Master of FGAOU VO “St. Petersburg Polytechnic University of Peter the Great”, St. Petersburg, Russia
Shabelnikov P.G., Master of FGAOU VO “St. Petersburg Polytechnic University of Peter the Great”, St. Petersburg, Russia

Annotation. The prerequisite for the problem of information asymmetry was the removal of the owner from the management of the company in favor of the financial manager. Owners, having transferred part of their powers to the company’s manager, found themselves in a situation where they cannot fully control the activities of managers. The situation that has arisen creates the necessary conditions for the development of managerial opportunism in the enterprise. Within the framework of the research, the authors systematized the reasons for the irrational behavior of the financial manager in the company and developed an effective plan for liquidating the consequences of his activities. As a methodological basis for the study, the charting of the “bow tie” is used. The authors uncovered the causes of the problem, for each of which a corresponding group of possible counteractions was proposed.
Keywords: financial manager, opportunism, irrational behavior, “bow tie” chart, risk.

References
1. GOST R ISO/MEK 31010-2011. – Menedzhment riska. Metody otsenki riska. – M.: Standartinform, 2012.
2. Kozlova E.V.  Prichiny vozniknoveniya i upravlencheskiye metody preodoleniya opportunizma v sovremennom predprinimatelstve / E.V. Kozlova // Vestnik Chelyabinskogo gosudarstvennogo universiteta. – 2014. – № 21 (350).
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4. Libman A.V. Teoreticheskiye aspekty agentskoy problemy v korporatsii / A.V. Libian // Vestnik SPbGU. – 2005. – Vyp. 1 (№ 8).
5.  Makarov A.M. Prichiny vozniknoveniya i upravlencheskiye metody preodoleniya opportunizma v sovremennom predprinimatelstve / A.M. Makarov // Rossijskoe predprinimatelstvo. – 2005. – № 1 (61).
6.  Troshina K.E. Problema opportunizma menedzherov i mekhanizmy upravleniya opportunisticheskim povedeniyem // Molodoy uchenyy. – 2014. – № 8. – S. 605–610 [Elektronnyy resurs]. URL moluch.ru/archive/67/11314/ (data obrashcheniya: 18.05.2018).
7. The Trader's. Torgovyy pattern Galstuk-babochka [Elektronnyy resurs]. URL: unfx.ru/strategii-torgovli-forex/785-torgovyj-pattern-galstuk-babochka.html

 

INVESTMENTS AND BUSINESS

Some aspects of estimation of macroeconomic effect from implementation of state programs
Sedova N.V., Doctor of Economics, Professor of the Department of National and Regional Economics of the RGU named after GV. Plekhanova
Kolerov S.B., Deputy Head of the Department of Budget Planning and State Programs of the Ministry of Economic Development of Russia, Counselor of the State Civil Service of the Russian Federation, 3 classes

Annotation. The article analyzes the approaches to including in the evaluation of the macroeconomic effect from the implementation of state programs for the analysis of current and forecasted industry conditions. The authors emphasized the minimization of inflationary pressure from the implementation of a particular main event, the state program. The article emphasizes that when developing the problem of estimating inflationary pressures, it is preferable to develop a multi-sectoral model of general equilibrium DSGE. As an interim solution, a methodology for estimating the macroeconomic effect from the implementation of program activities in terms of inflationary expectations is proposed, and the results of calculating the macroeconomic DSGE model for the level of individual programs are scaled.
Keywords: macroeconomic effect, state programs, evaluation, methodology, inflation.

References
1. Federal’nyj zakon ot 28.06.2014 № 172-FZ (red. ot 03.07.2016) «O strategicheskom planirovanii v Rossijskoj Federacii» [Elektronnyy resurs]. URL: consultant.ru/document/cons_doc_LAW_164841/ (data obrashcheniya: 05.04.2018).
2. Postanovlenie Pravitel’stva RF ot 02.08.2010 № 588 (red. ot 10.02.2017) «Ob utverzhdenii Poryadka razrabotki, realizacii i ocenki ehffektivnosti gosudarstvennyh programm Rossijskoj Federacii» [Elektronnyy resurs]. URL: base.garant.ru/198991/ (data obrashcheniya: 05.04.2018).
3. Prikaz Minehkonomrazvitiya Rossii ot 16.09.2016 № 582 (red. ot 15.03.2017) «Ob utverzhdenii Metodicheskih ukazanij po razrabotke i realizacii gosudarstvennyh programm Rossijskoj Federacii» (zaregistrirovano v Minyuste Rossii 10.10.2016 № 43976) [Elektronnyy resurs]. URL: consultant.ru/document/cons_doc_LAW_164841/ (data obrashcheniya: 05.04.2018).
4. Ireland Peter N. Technology Shocks in the New Keynesian Model. National bureau of economic reseach // Cambridge, 2004. McElhattan, Rose, (1978), Estimating a stable-inflation capacity-utilization rate, Economic Review, issue Fall, p. 20–30.
5. Adjemian Stéphane, Bastani Houtan, Juillard Michel, Karamé Frédéric, Mihoubi Ferhat, Perendia George, Pfeifer Johannes, Ratto Marco and Villemot Sébastien (2011). «Dynare: Reference Manual, Version 4», Dynare Working Papers, 1, CEPREMAP.
6. Doklad MVF po Rossii № 05/379 za oktyabr’ 2005 goda («Proizvodstvennyj potencial i zagruzka faktorov proizvodstva – proiskhodit li peregrev ehkonomiki Rossii?» Ninke Oomes, Oksana Dynnikova) [Elektronnyy resurs]. URL: file:///D:/Downloads/_cr05214r.pdf (data obrashcheniya: 06.03.2018).
7. Otchet o provedenii prikladnogo ehkonomicheskogo issledovaniya P129-19-16 «Sovershenstvovanie metodov ocenki makroehkonom icheskih ehffektov ot realizacii gosudarstvennyh programm Rossijskoj Federacii» [Elektronnyy resurs]. URL: economy.gov.ru/wps/wcm/connect/5d7b77cf-7424-49dd-9f2f-9fffeab39cc6/2017030812.pdf?MOD=AJPERES&CACHEID=5d7b77cf-7424-49dd-9f2f-9fffeab39cc6 (data obrashcheniya: 06.03.2018).
8. Benchmark Input-Output Data. Bureau of Economic Analysis [Elektronnyy resurs]. URL: bea.gov/industry/io_benchmark.htm54 (data obrashcheniya: 26.03.2018).
9. Suvorov A.V., Ivanov V.N., Suhorukova G.M. Podhody k ocenke vozdejstviya sdvigov v urovne i strukture dohodov naseleniya na makroehkonomicheskie pokazateli. Nauchnye trudy: Institut narodnohozyajstvennogo prognozirovaniya RAN. – M.: MAKS Press, 2005. – T. 3. – S. 381–394.
10. Kossov V.V., Livshic V.N., Shahnazarov A.G. Metodicheskie rekomendacii po ocenke ehffektivnosti investicionnyh proektov (tret’ya redakciya, proekt, ne utverzhden). – M., 2008 [Elektronnyy resurs]. URL: niec.ru/Met/02redMR.pdf (data obrashcheniya: 06.03.2018).
11. Kuleshov V.V., Suslov N.I. (red.). Podhody k modelirovaniyu i analizu razvitiya mezo-i mikroehkonomicheskih sistem v obshchem social’no-ehkonomicheskom prostranstve. – Novosibirsk: IEHOPP SO RAN, 2014.
12. «National Income and Product Account (NIPA) Table». Bureau of Economic Analysis [Elektronnyy resurs]. URL: bea.gov/national/nipaweb/SelectTable.asp?Selected=N (data obrashcheniya: 06.03.2018).

Integration problem of tax and strategis analysis
Rumyantsev Y.V., Postgraduate of the Department of Accounting, Analyses and Audit Financial University under the Government of the Russian Federation, Moscow

Annotation. Taxes plays one of the key roles in the company’s activities. Nevertheless, its importance is often underestimated, hence, tax component is usually ignored by owners and management of the company during analysis and strategy development process. In this article the author examines the relationship problem between tax and strategic analysis as well as possibility of integration of tax factors into modern strategic analysis tools.
Keywords: tax analysis, strategic analysis, tax factors, SWOT-analysis, matrix tools.

References
1. O napravlenii metodicheskih rekomendacij po ustanovleniyu v hode nalogovyh i processual’nyh proverok obstoyatel’stv, svidetel’stvuyushchih ob umysle v dejstviyah dolzhnostnyh lic nalogoplatel’shchika, napravlennom na neuplatu nalogov (sborov) [pis’mo FNS ot 13.07.2017 № ED-4-2/13650@] [Electronnyy resurs]. URL: consultant.ru/document/cons_doc_LAW_220597/ (data obrashcheniya: 05.05.2018).
2. Ansoff I. Strategicheskij menedzhment: Klassicheskoe izdanie / I.Ansoff. – SPB.: Piter, 2009. – 344 s.
3. Vogan Eh. Klyuchevye strategicheskie instrumenty. 88 instrumentov, kotorye dolzhen znat’ kazhdyj menedzher / Eh. Vogan. – M.: BINOM. Laboratoriya znanij, 2015. – 456 s.
4. Grant R.M. Sovremennyy strategicheskijanaliz. – M.: Piter, 2011. – 516 s.
5. Lareshch Zh.K. Kak vyzhit’ v golubom okeane. – M.: MIF, 2009. – 400 s.
6. Middlton D. Biblioteka izbrannyh trudov o strategii biznesa: 50 naibolee vliyatel’nyh idej vsekh vremen. – M.: Olimp-Biznes, 2006. – 272 s.
7.  Plaskova N.S. Strategicheskij ehkonomicheskij analiz rezul’tativnosti biznesa: monografiya. – M.: Izdatel’stvo RGTU, 2009.
8. Porter M., Sampler Dzh., Prahalad S. i dr. Kurs MBA po strategicheskomu menedzhmentu / red. L. Faehj, R. Rehndell. – M.: Al’pina Biznes Buks, 2007. – 596 s.
9. Taranuha Yu.V. Konkurentnye strategii. Sovremennye sposoby zavoevaniya preimushchestv: prakt. posobie / Yu.V. Taranuha. – M.: RUSAJES, 2016. – 358 s.
10. Tompson-ml. A.A., Striklend A.Dzh. Strategicheskij menedzhment: koncepcii I situacii dlya analiza. – M.: Vil’yams, 2006. – 928 s.
11. Flyajsher K. Strategicheskij I konkurentnyj analiz. Metody I sredstva konkurentnogo analiza v biznese / K. Flyajsher, B. Bensussan. – M.: BINOM. Laboratoriya znanij, 2005. – 541 s.
12.  Chan Kim V., Moborn R.  Strategiya golubogo okeana. Kak najti ili sozdat’ rynok, svobodnyy ot drugih igrokov / V. CHan Kim, R. Moborn. – M.: MIF, 2017. – 336 s.
13. Dyson R.G. Strategic development and SWOT analysis at the University of Warwick. European journal of operational research // European Journal of Operational Research – 2004 – vol. 152 – issue 3 – 631–640 p.
14. Analiticheskij portal, posvyashchennyy biznesu [Electronnyy resurs]. URL: bcgperspectives.com/content/articles/corporate_strategy_portfolio_management_strategic_planning_growth_share_matrix_bcg_classics_revisited/ (data obrashcheniya: 05.05.2018).
15. Nikiforova N.A. Metodika operacionnogo analiza. Monografiya. – M.: Rusajns, 2017. – S. 194.
16. Nikiforova N.A., Yakovleva E.I. Faktornyj analiz vliyaniya biznes-modeli organizacii na nalogovye obyazatel'stva i aktivy // Uchetno-analiticheskoe obespechenie – informacionnaya osnova ehkonomicheskoj bezopasnosti hozyajstvuyushchih sub»ektov: mezhvuzovskij sbornik nauchnyh trudov i rezul'tatov sovmestnyh nauchno-issledovatel'skih proektov: v 2 ch. – M., 2017. – S. 410–415.
17. Sajt Verhovnogo Suda RF [Electronnyy resurs]. URL: vsfr.ru/documents/statistics/ (data obrashcheniya: 05.05.2018).
18. Sajt Federal'noj nalogovoj sluzhby RF [Electronnyy resurs]. URL: nalog.ru (data obrashcheniya: 05.05.2018).
19. Paying taxes 2018 [Electronnyy resurs]. URL: pwc.com/gx/en/services/tax/publications/paying-taxes-2018.html (data obrashcheniya: 05.05.2018).

Market risk models
Aris E.Т., post-graduate student of Moscow University for Industry and Finance «Synergy», Non-State Educational Institution of Higher Vocational Education (Synergy MUIF NSEI), Compliance officer for Ethical and Capital market compliance IC Allianz, Moscow

Annotation. The article is dedicated to a review of models enabling market risk assessment. However, the article is primarily focused on the VaR method. The indicator of potential losses of the VaR (Value at Risk) portfolio is the most popular market risk measure. The VaR concept is not limited to market risk assessment. The VaR idea is not to assess a risk level by an indicator, but to calculate the amount of loss carried by the risk. To date, this indicator is widely used in the private sector. Using the VaR indicator, investors and managers can decide on feasibility of holding a certain type of assets at a given risk level or assess the risk hedge effectiveness.
The article also covers market risk models, such as CAPM and similar APT and Market Model, which assess the risk in relative terms as a proportion of the market portfolio risk. The risk is assessed through a regression analysis.
Keywords: market risk, portfolio risk, VaR, Variation-covariance method, CAPM, APT, Market Model.

References
1. Horne James K. Van, Wachowicz John M. ml. Osnovy finansovogo menedjmenta, 12 izdanie: per. s angl. – M.: OOO «I.D. Vil’yams», 2008.
2. Value at Risk (VaR) [Elektronnyy resurs]. URL: pages.stern.nyu.edu/~adamodar/pdfiles/papers/VAR.pdf (дата обращения: 25.04.2018).
3. Jorion Philippe. Measuring the Risk in Value at Risk // Financial Analysts Journal. – Vol. 52. – No. 6 (Nov.-Dec., 1996). – Pp. 47–56.
4. Holton Glyn A. History of Value-at-Risk: 1922–1988 // Working paper. – 2002. – July 25.
5. Hull John K. Opcioni, fiuchersi i drugie finansovie instrumenti. Shestoe izdanie. – M.: OOO “I.D. Vil’yams”, 2008.
6. Introduction to Value at Risk [Elektronnyy resurs]. URL: economicsnetwork.ac.uk/archive/standrews_phd/menkens_Introduction_to_VaR.pdf (data obrashcheniya: 26.04.2018).
7. Brighem U., Gapenski L. Finansovyj menedjment: polnyi kurs: v 2 t. / per. s angl.; pod red. V.V.Kovaleva. – SPb., 2001 Т.1.ХХХ+497 s., Т. 2. – 669 s.
8. Fama Eugene F., French Kenneth R. The Capital Asset Pricing Model: Theory and Evidence // The Journal of Economic Perspectives. – Vol. 18. – No. 3 (Summer, 2004). – Pp. 25–46.
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Methods of quantitative risk assessment of innovative projects in industrial enterprises
Roslyakov F.A., Graduate student of the Department of business technologies and management, Russian Technological University (MIREA), Moscow

Annotation. The article describes the methods of risk assessment of innovative projects, high efficiency of which is provided at minimal cost for research, development and design work with the maximum achieved effect.
Keywords: risks, innovative projects, financial risks, heuristic methods, research.

References
1. Glazunov V.N. Ocenka investicii // Finansi. – 2002. – № 10. – S. 33–35.
2. Skriba N.N. Dialektika kolichestva i kachestva v probleme izmereniya hozyaistvennogo riska // Buhgalterskii uchet i analiz. – 2008. – № 5. – S. 3–6.
3. Konoplev S.P. Innovacionnii menedjment. – M.: Prospekt, 2007. – 128 s.
4. Pokrovskii A.K. Risk-menedjment na predpriyatiyah promishlennosti i transporta: ucheb. posobie / A.K. Pokrovskii. – M.: KnoRus, 2011. – 160 s.
5. Vesenin V.R. Menedjment. – M.: Prospekt, 2007. – 512 s.
6. Shapkin A.S. Teoriya riska i modelirovanie riskovih situacii: uchebnik. – M.: Izd.-torg. korporaciya «Dashkov i Ko», 2006. – 880 s.
7. Antonov G.D. Upravlenie riskami organizacii: ucheb. posobie dlya vuzov / G.D. Antonov, O.P. Ivanova, V.M. Tumin. – M.: INFRA-M, 2016. – 152 s. (Shifr v NTB MIREA: 338 A 72).
8. GOST R ISO/MEK 31010_2011. Menedjment riska. Metodi ocenki riska [Elektronnyy resurs]. URL: docs.cntd.ru/document/gost-r-iso-mek-31010-2011

 

TAXES AND TAXATION

Results, problems and prospects of Russian tax policy development
Grishchenko A.V., Certified auditor of the Russian Finance Ministry, Ph.D., Associate Professor, Department of Financial Management and Financial Law MGUU Moscow Government
Sergeenkov A.A., Master of the MGUU Moscow Government

Annotation. At the current 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 results of the implementation of the tax policy for 2016–2017 and provides a forecast for the development of the tax policy for the coming years.
Keywords: tax policy, tax system, tax burden, directions for improving the tax policy.

References
1. Ministerstvo finansov Rossiyskoy Federatsii [Elektronnyy resurs]. URL: minfin.ru (data obrashcheniya: 23.05.2018).
2. Stenogramma Zasedaniya Pravitelstva RF № 16 ot 14.06.2018 [Elektronnyy resurs]. URL: government.ru/meetings/32869/stenograms/ (data obrashcheniya: 15.06.2018).
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CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Marginal economic effect from improving the quality of bank borrower rating models
Pomazanov M.V., PhD in Physico-mathematical sciences, Associate Professor, Finance department, National Research University Higher School of Economics

Annotation. The paper substantiates a universal and simple marginal formula for guaranteed profit from improving the rating-scoring model underlying credit decisions. An example of the one-parameter family of Lorentz curve profiles (CAP-curve), which characterizes the discriminatory power of the rating, shows the range of applicability of the conservative estimate obtained. This area covers everything incoming parameters, that is most interesting from the point of view of practice – credit risk / profitability, the basic discriminatory capacity to be improved. The approach provides a reliable benchmark for making decisions about investing in improving the quality of the credit process and risk management in particular.
Keywords: bank management, credit risk, CAP-curve, ROC-curve, discriminative power, Gini index, risk – profitability, expected losses, probability of default, profitability modeling, economic profit.

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