CORPORATE  FINANCE

The mechanism of influence of macroeconomic and governance factors on company finance solutions
Lutsenko S.I., Expert of the Corporate and Project Management Research Institute (Moscow), Analyst of Institute for Economic Strategies of the Social Sciences Division of the Russian Academy of Sciences

Annotation. The author considers influence of macroeconomic conditions and governance decisions on the financing policy of the Russian companies. Negative macroeconomic consequences influence the investment policy. The crucial role in issue activity of the company is played by the reasonable governance policy which, finally, brings the contribution to value of firm. Financial constraints focus a management on financing by means of internal sources. The Russian companies aspire to use internal financing for the subsequent debt acquittal and capital structure adjustment.
Keywords: GDP, internal growth, governance policy, financial constraints, earnings, shock, information signal.

References
1.  Korajczyk R., Levy A.  Capital structure choice: Macroeconomic conditions and financial constraints // Journal of Financial Economics. – 2003. – Vol. 68. – Pp. 75–109.
2. Opler T., Pinkowitz L., Stulz R., Williamson R. The Determinants and Implications of Corporate Cash Holdings // Journal of Financial Economics. – 1999. – Vol. 52. – Pp. 3–46.
3. Harford J., Mansi S., Maxwell W. Corporate Governance and Firm Cash Holdings in the US // Journal of Financial Economics. – 2008. – Vol. 87. – Pp. 535–555.
4. Brav A., Graham J., Harvey C., Michaely R. Payout Policy in the 21st Century // Journal of Financial Economics. – 2005. – Vol. 77. – Pp. 483–527.
5. Ham C., Kaplan Z., Leary T. Do Dividends Convey Information About Future Earnings? // Working paper Washington University, 2017. – Pp. 1–59.
6. Choe H., Masulis R., Nanda V. Common stock offerings across the business cycle: Theory and evidence // Journal of Empirical Finance. – 1993. – Vol. 1. – Pp. 3–31.
7. Chang X., Chen Y., Dasgupta S. Macroeconomic Conditions, and Firms’ Financing Decisions // Working paper Chinese University of Hong Kong, 2018. – Pp. 1–48.
8. Chang X., Dasgupta S., Hilary G. Analyst coverage and financing decisions // Journal of Finance. – 2006. – Vol. 61. – Pp. 3009–3048.
9. Daniel K., Titman S. Market reactions to tangible and intangible information // The Journal of Finance. – 2006. – Vol. 61. – Pp. 1605–1643.
10.  Lutsenko S.I.  O kontrole za finansirovaniem vyplat rossijskih kompanij // Obshhestvo i jekonomika. – 2017. – № 3–4. – S. 82–97.
11.  Frank M., Goyal V. The Profits-Leverage Puzzle Revisited // Working Paper Carlson School of Management, University of Minnesota, Hong Kong University of Science and Technology, 2014. – Pp. 1–52.
12. Leary M., Roberts M. Do firms rebalance their capital structures? // The Journal of Finance. – 2005. – Vol. 60. – Pp. 2575–2619.
13. Myers S., Majluf N. Corporate financing and investment decisions when firms have information that investors do not have // Working paper NBER, 1984. – Pp. 1–57.

Improving the methodology of accounting for changes in the normalized costs of the main production of industrial enterprises
Mizikovsky I.E., Doctor of Economics, professor, head of “Accounting” of National research Nizhny Novgorod State University NI Lobachevsky

Annotation. The aim was to substantiate the ways to institutionalize the results of cost-saving measures and make appropriate changes to the regulatory cost base. Used scientific methods of description and systematic analysis of interrelations, status and dynamics of the subject field under research; they have performed the necessary observation, generalization and comparison of the target parameters. The matrix of coherence of results of actions and changes of the normalized expenses and the technique of their synchronization in the uniform technological process providing integration of information space of management of the economic entity is developed.
Keywords: coherence matrix, the base of normalized costs, cost, costs, mode of economy.

References
1. Karpova T.P. Upravlencheskij uchet: uchebnik dlya vuzov. – M.: YUNITI-DANA, 2004. – 351 s.
2. Vahrushina M.A., Rasskazova-Nikolaeva S.A., Sidorova M.I. Upravlencheskij uchet-1 : ucheb. posobie. Bazovyj kurs. – M.: Izdatel’skij dom BINFA, 2011. – 173 s.
3. Upravlencheskij uchet: Oficial’naya terminologiya SIMA / per. s angl. O.E. Nikolaevoj, T.E. Shishkovoj. – M.: ID FBK-PPESS, 2004. – 200 s.
4. Polozhenie po buhgalterskomu uchetu «Raskhody opganizacii» PBU 10/99. – AO «Kodeks», 2017 [Elektronnyy resurs]. URL: doss.sntd.ru/dosument/901735798 (data obrashcheniya: 21.03.2018).
5. Liberman I.A. Upravlenie zatratami. – M.: IKC «MarT»; Rostov n/D: Izdatel’skij centr «MarT», 2006. – 619 s.
6. Ivashkevich V.B. Buhgalterskij upravlencheskij uchet.  – 2-e izd., pererab. i dop. – M., 2011. – 576 s.
7. Uchet zatrat na proizvodstvo i kal’kulirovanie sebestoimosti produkcii (rabot, uslug): ucheb.- prakt. posobie / pod red. Yu.A. Babaeva. – 3-e izd., ispr. i dop. – M.: Vuzov. ucheb.; NIC INFPA-M, 2014. – 188 s.
8. Prikaz Mintorehnergo RF ot 17.11.1998 № 371 (red. ot 12.03.1999) «Ob utverzhdenii Instrukcii po planirovaniyu, uchetu i kal’kulirovaniyu sebestoimosti produkcii na neftepererabatyvayushchih i neftekhimicheskih predpriyatiyah». – SPS «Konsul’tantPlyus», 1992–2014 [Elektronnyy resurs]. URL: sonsultant.ru/dosument/sons_dos_LAW_21779 (data obrashcheniya: 29.03.2017).
9. Metodicheskie rekomendacii (instrukciya) po planirovaniyu, uchetu i kal’kulirovaniyu sebestoimosti produkcii lesopromyshlennogo kompleksa (izvlecheniya). – SPS «Konsul’tantPlyus», 1992–2014 [Elektronnyy resurs]. URL: sonsultant.ru/dosument/sons_dos_LAW_105793 (data obrashcheniya: 30.03.2017).
10. Kondrakov N.P., Ivanova M.A. Buhgalterskij upravlencheskij uchet: ucheb. posobie. – 2-e izd., pererab. i dop. – M.: NIC INFRA-M, 2013. – 352 s.
11. Upravlencheskij uchet: ucheb. posobie (bakalavriat) / pod red. Ya.V. Sokolova. – M.: Magistr; NIC INFRA-M, 2013. – 428 s.
12. Mizikovskij I.E. Buhgalterskij upravlencheskij uchet. – 2-e izd. – M.: Magistr; NIC INFRA-M, 2016. – 144 s.

INVESTMENTS AND BUSINESS

Analysis of control and supervisory activities of targeted and effective use of budget funds allocated for the improvement of streets and public spaces
Oparina S.I., PhD, Deputy head of Department of financial management and financial law of the Moscow city University of Moscow Government, Russia Specialty: 08 00 10 «Finance, money circulation and credit» Specialty: 38.04.04 «State and municipal management»

Annotation. The article deals with the rules of control measures and a list of procedures in the implementation of control in the financial and budgetary sphere. On the example of control measures of the authorized body of Executive power of the region, the sequence of control procedures of control and Supervisory measures of target and effective use of budget funds allocated for the improvement of streets and public spaces is considered. Typical violations and actions which contain signs of an administrative offense are given.
Keywords: control measures, internal state financial control, typical violations, supervision, control.

References
1. Grazhdanskiy kodeks Rossijskoj Federacii от 30.11.1994 № 51-FZ [Elektronnyy resurs]. Ragjim dostypa: KonsultantPlus.
2. Kodeks Rossijskoj Federacii ob administrativnih pravonarusheniah от 30.12.2001 № 195-FZ [Elektronnyy resurs]. Ragjim dostypa: KonsultantPlus.
3. Budzhetniy kodeks Rossijskoj Federacii от 31.07.1998 № 145-FZ [Elektronnyy resurs]. Ragjim dostypa: KonsultantPlus.
4. Federal’nyj zakon от 06.12.2011 № 402-FZ (red. ot 04.11.2014) «O buhgalterskom uchete» [Elektronnyy resurs]. Ragjim dostypa: KonsultantPlus.
5. Doklad o rezul’tatah monitoringa primeneniya Federal’nogo zakona ot 18 iyulya 2011 g. № 223-FZ «O zakupkah tovarov, rabot, uslug otdel’nymi vidami yuridicheskih lic» za 2016 g., mart, 2017 [Elektronnyy resurs]. Ragjim dostypa: zakupki.gov.ru/epz/main/public/news/news_preview.html?newsId=18094
6. Monitoring primeneniya Federal’nogo zakona ot 18 iyulya 2011 g. № 223-FZ «O zakupkah tovarov, rabot, uslug otdel’nymi vidami yuridicheskih lic» v 2017 g. [Elektronnyy resurs]. Ragjim dostypa: minfin.ru/common/upload/library/2018/04/main/Monitoring_223-FZ__2017_1.pdf

Sensitivity analysis of investment projects efficiency indicators by the method of parameter variation
Biryukov A.N., doctor of Economics, associate Professor, Professor of the Department of Economic theory and analysis, Sterlitamak branch “Bashkir state University”, Sterlitamak
Nafikova G.R., master’s student of the Department of Economic theory and analysis, Sterlitamak branch “Bashkir state University”, Sterlitamak

Annotation. The article describes in detail the research in the field of investment design with elements of the method of variation of parameters for the need for a thorough assessment of the effectiveness of the investment project. The methodology for identifying the most common environmental factors in the assessment of risks that affect the effectiveness of the investment project and the amount of possible deviations in financial indicators is presented.It is concluded that it is necessary to use the method of variation of parameters to analyze the sensitivity of indicators, which allows to quantify the impact on the investment project changes in its main input variables.
Keywords: investment project, method of parameters variation, discount rate, net discounted income.

References
1. Metodicheskiye rekomendatsii po otsenke effektivnosti investitsionnykh proyektov (2-ya red.) / M-vo ekon. RF. M-vo fin. RF. GK po str-vu. arkhit. i zhil. politike; ruk. avt. kol.: V.V. Kossov, V.N. Livshits, A.G. Shakhnazarov. – M.: Izd-vo «Ekonomika». 2000. – 421 s.
2.  Biryukov A.N., Rayanova G.N. Analiz chuvstvitelnosti dlya kriteriya otsenki investitsionnogo proyekta // Innov: elektronnyy nauchnyy zhurnal. – 2017. – № 2 (31) [Elektronnyy resurs]. URL: innov.ru/science/economy/analiz-chuvstvitelnosti-dlya-kriter/
3. Biryukov A.N. Analiz chuvstvitelnosti pokazateley effektivnosti investitsionnykh proyektov na osnove dinamicheskikh metodov // Vestnik Uralskogo gosudarstvennogo federalnogo universiteta. Ser. «Ekonomika i upravleniye». – 2017. – № 6. – T. 16. – S. 954–968.
4.  Biryukov A.N., Kasimova L.I.  Metod postroyeniya dinamicheskoy modeli bankrotstv ekonomicheskikh obyektov // Nauchnyye vedomosti Belgorodskogo gosudarstvennogo universiteta». Ser. «Ekonomika. Informatika». – 2018. – № 1. – Vyp. 45. – S. 47–58.
5.  Biryukov A.N. Monitoring. analiz i korrektirovka investitsionnoy programmy razvitiya OOO «Bashkirskaya generiruyushchaya kompaniya» // Sovremennyye nauchnyye issledovaniya i razrabotki. – 2018. – № 3 (20) – ISSN 2415-8402 [Elektronnyy resurs]. URL: olimpiks.ru/d/1340546/d/zhurnal_nomer_320.pdf (data obrashcheniya: 28.07.2018).

Methodological aspects of evaluation of intellectual property in terms of management of economic security of business
Kulagina N.A., doctor of Economics, Professor, Professor of Department “Public administration and Finance” of the Bryansk State Engineering and Technology University, Russia
Perepechko O.V., post-graduate student of the Department of Public administration and Finance, of the Bryansk State Engineering and Technology University, Russia

Annotation. In the scientific article the analysis of theoretical approaches to the valuation of a business entity., their bottlenecks are defined. Special emphasis is placed on the need to take into account the impact of intellectual capital on the economic security of modern companies, which predetermined the development of appropriate methods. The conclusions drawn from the results of correlation and regression analysis prove the feasibility of using the proposed assessment tools to build the company’s capitalization management algorithm.
Keywords: intellectual capital, company capitalization, market value, business value, economic security.

References
1. Leont`ev B.B., Mamadzhanov Kh.A. Osnovy` organizacii upravleniya intellektual`noj sobstvennost`yu na predpriyatii. Ch. I. – M.: INICz «PATENT», 2010.
2. Berezina I.V., Girzheva Yu.S. Stanovlenie ponyatiya «e`konomicheskaya bezopasnost`» v Rossii / I.V. Berezina, Yu.S. Girzheva // Novaya nauka: sovremennoe sostoyanie i puti razvitiya. – Ufa: OOO «Agentstvo mezhdunarodny`kh issledovanij». – 2015. – № 6–1. – S. 42–45.
3. Zabrodskij V., Kapustin N. Teoreticheskie osnovy` ocenki e`konomicheskoj bezopasnosti otrasli i firmy` // Biznes Inform. – 2002. – № 15–16. – S. 34–38 [E`lektronny`j resurs]. URL:
cyberleninka.ru/article/n/otsenka-ekonomicheskoy-bezopasnosti-predprinimatelskih-struktur-teoretiko-metodicheskiy (data obrashheniya: 21.10.2016).
4. D`yakonova I.I., Petrenko Yu.M. Resursno-funkcional`ny`j podkhod v issledovanii finansovoj bezopasnosti predpriyatiya i korporativnogo upravleniya // Biznes Inform. – 2013. – № 2. – S. 118–123 [E`lektronny`j resurs]. URL: cyberleninka.ru/article/n/resursno-funktsionalnyy-podhod-v-issledovanii-finansovoy-bezopasnosti-predpriyatiya-i-korporativnogo-upravleniya (data obrashheniya: 20.10.2016).
5. Atramonova N.S., Atrashkova A.V. Opredelenie urovnya e`konomicheskoj bezopasnosti predpriyatiya dlya obespecheniya e`ffektivnogo administrirovaniya // E`konomika: realii vremeni. – 2012. – № 1 (2). – S. 19–23 [E`lektronny`j resurs]. URL: economics.opu.ua/files/archive/2012/nl.html (data obrashheniya: 20.10.2016).
6. Shly`kov V.V. Kompleksnoe obespechenie e`konomicheskoj bezopasnosti predpriyatiya: nauch. izd. / V.V. Shly`kov. – MVD Rossii: Aletejya, 2002. – S. 42 [E`lektronny`j resurs]. URL: absopac.rea.ru/OpacUnicode/index.php?url=/notices/ (data obrashheniya: 21.10.2016).
7. Berezina I.V., Girzheva Yu.S. Rossijskij i ukrainskij podkhody` k opredeleniyu e`konomicheskoj bezopasnosti predpriyatiya // Materialy` zaochnoj Mezhdunarodnoj nauchno-prakticheskoj konferencii «E`konomika i bankovskaya sistema: teoriya i praktika» (2016, Makhachkala) / pod red. B.Kh. Alieva, G.S. Sultanova. – Makhachkala: NICz «Aprobaciya», 2016. – S. 77–81.
8. Mesyacz M.A.  Zalog prav na ob``ekty` intellektual`noj sobstvennosti: Evropejskij opy`t i vozmozhnosti dlya Rossii // Fundamental`ny`e issledovaniya. – 2017. – № 3. – S. 160–165.
9. Leont`ev B.B., Mamadzhanov Kh.A. Osnovy` organizacii upravleniya intellektual`noj sobstvennost`yu na predpriyatii. Ch. II. – M.: INICz «PATENT», 2011.
10. Leont`ev B.B., Mamadzhanov Kh.A. Upravlenie intellektual`noj sobstvennost`yu na predpriyatii. – Ekaterinburg: Raritet, 2011.
11. Prezentaciya doklada 2017 g. o polozhenii v oblasti intellektual`noj sobstvennosti v mire «Nematerial`ny`j kapital v global`ny`kh cepochkakh sozdaniya stoimosti» [E`lektronny`j resurs]. URL:
wipo.int/econ_stat/ru/economics/wipr/
12. Leont`ev B.B., Mamadzhanov Kh.A. Ocenka nematerial`ny`kh aktivov vy`sokotekhnologicheskikh predpriyatij. – M.: INICz «PATENT», 2012.

Peculiarities of risk factors in valuation of innovation projects
Gordina V.V., candidate of economic Sciences, associate Professor of Economics, Finance and accounting Department of Orel state University. I.S. Turgenev

Annotation. The article considers the peculiarities, advantages and disadvantages of the main methods of risk accounting when estimating the value of innovative projects, proposals are made to improve methodological approaches to risk management when evaluating the effectiveness of innovative projects, and the use of an integral indicator is proposed.
Keywords: innovative project, factors, risks, methods, analysis.

References
1.  Vasileva T.A., Didenko O.N., Epifanov A.A.  i dr. Risk-menedzhment innovacij: monografiya. Sumy: Delovye perspektivy, 2005. – 260 s.
2.  Gorbunov D.V.  Riski innovacionnyh proektov i metody ih ocenki // Vektor nauki TGU. – 2014. – № 3 (29). – S. 123–126.
3. Gracheva M.V. Upravlenie riskami v innovacionnoj deyatelnosti: ucheb. posobie / S.Yu. Lyapina, M.V. Gracheva. – M.: Yuniti-Dana, 2015. – 352 s.
4. Risk-analiz investicionnogo proekta / pod red. M.V. Grachevoj. – M.: Yuniti-Dana, 2001. – 352 s.

BOOKKEEPING AND REPORTING

New methods in overhead factory variance cost analysis
Tunteg Yondon, Professor, lecturer at Mongolian Association of Professional Financial Analysts (MAPFA)
Gombo Dariimaa, Professor

Annotation. The purpose of publication consisted in an introduction learners to modern methods of overhead factory variance analysis on the basis of econometrics and accounting mathematics, which demonstrated in more detailed combination with traditional direct calculation method. Co-authors have demonstrated in this given article only three easiest and feasible new methods, which created by co-authors and successfully realized in practical training in Mongolian higher education of cost accounting and managerial accounting last decade.
Keywords: the direct calculation method, the differential calculus method, the analytical method, the stepwise elimination method of variables, the two-way variance, the three-way variance approach-A, and the three-way variance approach-B.

References
1. Мilton F. Usry, Laurence H. Hummer, William К. Cаrтеr. Mongolian Edition. 2000. Cost accounting, 10 th edition. – Pp. 472–479.
2. John J. Wild, Kermit D. Larson, Barbara Chiappetta. 2005. Financial and Managerial Accounting, Information for Decisions. The McGraw-Hill Companies. – Pp. 806–831.
3. Ray H. Garrison, Eric W. Noreen, Peter C. Brewer. 2006. Managerial Accounting. The McGraw-Hill Companies, 11th edition. – Pp. 502–512.
4. Analysis of overhead factory variable cost – Studopedia [Elektronnyy resurs]. URL: studopedia.ru/9_99914_analiz-otkloneniy-po-peremenni...
5. Analysis of overhead factory variance cost – Studopedia [Elektronnyy resurs]. URL: studopedia.ru/7_26654_analiz-otkloneniya-obshchehozy...
6. Analysis of overhead factory variance cost – Studopedia [Elektronnyy resurs]. URL: studopedia.ru/5_58880_otklonenie-obshcheproizvodstve...

CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Trends in the development of the Russian banking sector in the context of its recovery policy
Polyanin A.V., doctor of economic Sciences, Professor of management and public administration, Federal State Educational Institution of Higher Education «Russian Presidential Academy of National Economy and Public Administration» Middle management Institute-branch
Dolgova S.A., candidate of economic Sciences, associate Professor of management and public administration, Federal State Educational Institution of Higher Education «Russian Presidential Academy of National Economy and Public Administration» Middle management Institute-branch
Ivashchenko T.N., candidate of economic Sciences, associate Professor of economic Sciences, associate Professor of Economics and economic security, Federal State Educational Institution of Higher Education «Russian Presidential Academy of National Economy and Public Administration» Middle management Institute-branch

Annotation. The sanctions imposed by the US and the EU in 2014 continue to have a negative impact on the Russian economy, and the restriction of Russian banks ' access to refinancing processes has a negative impact on the entire banking sector. In order to ensure the stability of the financial market of the Russian Federation, the Bank of Russia in cooperation with the Government of the Russian Federation is pursuing a policy of recovery of the banking sector, which involves the implementation of a set of measures. The article describes the main trends in the development of the banking sector as a result of the policy, as well as its impact on the level of competition and stability of the banking system.
Keywords:  the business model, the cluster, the Herfindahl-Hirschman index, the concentration of the banking sector, return on assets, sustainability index, monetary multiplier, the operating efficiency.

References
1. Godovoy otchet Banka Rossii za 2017 god [Elektronnyy resurs]. URL: cbr.ru (data obrashcheniya: 16.11.2018).
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8. Rossiyskaya ekonomika v 2016 godu. Tendentsii i perspektivy (Vyp. 38) / [V. Maudr.; pod red. S.G. Sinelnikova-Muryleva (gl. red.), A.D. Radygina]; In-t ekon. politiki im. E.T. Gaydara. – M.: Izd-vo In-ta Gaydara, 2017. – 520 s.
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FINANCIAL MARKET

Impact of the digital economy on the development and competitiveness of the Russian financial sector
Kazakova N.A., Doctor of Economic Science, Professor, Head of the Center for financial studies, Plekhanov Russian University of Economics, Moscow, Russia
Romanova N.V., PhD in Economy, Head of the Accounting and Audit Research Center at the Institute of Digital Economics and Law

Annotation. The article discusses current issues of digital transformation of the financial system of the Russian Federation as a new economic reality. The rapid development of the financial and technological sector is aimed at improving the competitiveness of the Russian banking system. However, in the context of introducing new financial instruments into practice, not only innovative opportunities appear in the financial sector, but also problems related to the legal aspects of using digital financial assets, ensuring the economic security of financial resources, training personnel to implement new types of activities, and developing control methods efficiency of innovative technologies in the financial market.
Keywords: financial sector, digital economy, financial technologies, blockchain, banking, banking risks, digital financial assets.

References
1. Programma «Tsifrovaya ekonomika Rossiyskoy Federatsii» [Elektronnyy resurs]. Rezhim dostupa: government.ru/docs/28653/ (data obrashcheniya: 09.10.2018).
2. Osnovnye napravleniya razvitiya finansovykh tekhnologii na period 2018–2020 [Elektronnyy resurs]. Rezhim dostupa: cbr.ru/content/document/file/35816/on_fintex_2017.pdf (data obrashcheniya: 09.10.2018).
3. Poslanie Prezidenta RF k Federal’nomu Sobraniyu RF ot 01.03.2018 [Elektronnyy resurs]. Rezhim dostupa: kremlin.ru/events/president/news/56957 (data obrashcheniya: 09.10.2018).
4. EY – issledovanie dlya dorozhnoij karty FinNet Natsional’noij tekhnologicheskoij initsiativy Agentstva strategicheskikh initsiativ [Elektronnyy resurs]. Rezhim dostupa: readtiger.com/https/asi.ru/nti/ (data obrashcheniya: 09.10.2018).
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10. Luk’yanov A.V., Kazakova N.A., Shemetkova O.L., Bolvachev A.I. Sovershenstvovanie metodov upravleniya riskami v sisteme finansovoy bezopasnosti kommercheskikh bankov // Finansovyy menedzhment. – 2018. – № 3. – S. 88–100.
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ACTUAL THEME

Fintech market in russia: impacts on traditional financial institutions
Khudko E.V., Candidate of economic science, lecturer, Lecturer in Institute of Economics,
Mathematics and Information Technology of Russian Presidential Academy of National Economy and Public Administration (RANEPA), Senior researcher in Gaidar Institute of Economic Policy (the Gaidar Institute)

Annotation. This article considers the main trends in development of financial technology market in Russia. The article systematizes market segments and assesses their level of development, describes government initiatives on this issue and special aspects of practical application of digital services. The author focuses on reinforced competition due to rapid emergence of a large number of market player and emphasizes the main impacts of financial technology extension on traditional financial institutions.
Keywords: financial technologies, traditional financial institutions, Internet-services.

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List of articles published in journal «Financial management» in 2018