Contents of N5/2020

all contents

Contents of №5' 2020

CORPORATE  FINANCE

Information and analytical support for managing the organization’s financial resources structure
Plaskova N.S., doctor of economic science, professor, Вasic chair of Financial Control, Analysis and Audit, of the Main control Department of Moscow, Plekhanov Russian University of Economics

Annotation. The article reveals the mechanism for creating reliable information and analytical support for solving problems of optimizing the organization’s capital structure management policy based on optimizing the cost for servicing of own and borrowed capital components, maintaining the necessary level of financial stability, assessing risks and determining protective measures against the consequences of their implementation. A methodological tool for retrospective assessment and forecasting of the weighted average price of borrowed financial resources used by the organization, based on realistic accounting and analytical information, is suggested. The traditional algorithms for calculating the percentage levels of payment of funding sources in monetary and non-monetary forms have been clarified to justify their optimal needs in various conditions of the organization activity on the basis of predicted parameters, as well as for retrospective evaluation of the effects obtained from financial, tax and analytical accounting data.
Keywords: financial resources, capital, liabilities, payment of funding sources, optimization of the capital structure, capital cost factors.

References
1. Blank I.A. Finansovy`j menedzhment / I.A. Blank. – Kiev: Nika-Centr, 2010. – 655 s.
2. Brejli R. Principy` korporativny`x finansov. – 7-e izd: per. s angl. / R. Brejli, S. Majers. – M.: Olimp-Biznes, 2015. – 1008 s.
3. Brigxe`m Yu. E`nciklopediya finansovogo menedzhmenta: per. s angl. / Y. Brigxe`m. – M.: E`konomika, 1998. – 815 s.
4. Van Xorn Dzh.S. Osnovy` finansovogo menedzhmenta: per. s angl. / Dzh. S. Van Xorn, Dzh. M. Vaxovich. – M.: Izdatel`skij dom «Vil`yams», 2018. – 1232 s.
5. Kovalev V.V. Finansovy`j menedzhment: teoriya i praktika / V.V. Kovalev. – 3-e izd., pererab. i dop. – M.: Prospekt, 2017. – 1103 s.
6. Lisicyna E.V. Finansovy`j menedzhment / E.V. Lisicyna, T.V. Vashhenko, M.V. Zabrodina; pod red. K.V. Ekimovoj. – M.: NICz INFRA-M, 2013. – 184 s.
7. Finansovy`j menedzhment: teoriya i praktika / pod red. E.S. Stoyanovoj. – M.: Perspektiva, 2010. – 656 s.
8. E`trill P. Finansovy`j menedzhment dlya nespecialistov: per. s angl. / Piter E`trill. – 3-e izd.– SPb.: Piter, 2006. – 608 s.
9. Federal`ny`j zakon ot 26.12.1995 № 208-FZ «Ob akcionerny`x obshhestvax» (red. ot 04.11.2019, s izm. ot 07.04.2020) // SPS «Konsul`tantPlyus» (data obrashheniya: 24.07.2020).
10. Nalogovy`j kodeks Rossijskoj Federacii (chast` vtoraya) ot 05.08.2000 № 117-FZ (red. ot 08.06.2020) // SPS «Konsul`tantPlyus» (data obrashheniya: 24.07.2020).
11. Prikaz Minfina Rossii ot 19.11.2002 № 114n «Ob utverzhdenii Polozheniya po buxgalterskomu uchetu «Uchet raschetov po nalogu na priby`l` organizacij» (PBU 18/02)» (red. ot 20.11.2018) // SPS «Konsul`tantPlyus» (data obrashheniya: 24.07.2020).

The relationship between sustainable company growth and macroeconomic indicators
Borisova O.V., Candidate of Economic Sciences, Associate Professor of the Department of Financial and Investment Management of FGOBU VPO «Financial University under the Government of the Russian Federation», Moscow

Annotation. The article is devoted to the study of the nature of company growth. It summarizes the experience of Russian and foreign authors, which makes it possible to understand the direction of further development of theoretical provisions. Based on the research, macroeconomic indicators have been identified that are influenced by the sustainable growth of companies. The absence of a linear relationship between the sustainable growth of companies and the financial performance of their activities is proved, which indicates the complex nature of the relationship, which will need to be taken into account by financial analysts in the modeling of this indicator.
Keywords: business growth, sustainable growth, growth factors of companies.

References
1. Limitovskij M.A. Ustojchivyj rost kompanii i effekty leveridzha // Rossijskij zhurnal menedzhmenta. – 2010. – T. 8. – № 2. – S. 35–46.
2. Astrahanceva I.A., Dubova S.E. Optimizaciya stoimosti kompanii kak realizaciya koncepcii ustojchivogo rosta // Sovremennye naukoemkie tekhnologii. Regional’noe prilozhenie. – 2011. – № 2 (26). – S. 17–23.
3. Stepanova Yu.A., Gorskaya D.T. Razvitie korporativnogo upravleniya – real’nyj faktor ustojchivogo rosta kompanij//Vestnik Ros. gos. torg.-ekon. un-ta (RGTEU). – 2009. – № 4 (31). – S. 143–149.
4. Karpenko A.V. Osobennosti vyyavleniya strategicheskih faktorov ustojchivogo rosta stoimosti kompanii // Ekonomika i predprinimatel’stvo. – 2013. – № 12-4 (41). – S. 372–375.
5. Matyash I.V. Investicionnaya privlekatel’nost’ i ustojchivyj rost telekommunikacionnyh kompanij: cennostno orientirovannyj podhod i interesy stejkkholderov//Ekonomika regiona. – 2018. – T. 14. № 4. – S. 1411–1423.
6. Mukherjee Т., Som S.S. Sustainable growth rate and its determinants: a study on some selected companies in India // Global Multidisciplinary. – 2018. – № 10 (1). – Pp. 100–108.
7. Steblyanskaya A., Wang Zh., Ryabova E.V., Razmanova S.V. Russian gas companies’ financial strategy considering sustainable growth // Economy of Region. – 2019. № 15 (1). – Pp. 231–241.
8. Yakimova V.A. Perspektivnyj analiz finansovogo polozheniya predpriyatij kapitaloemkih otraslej na osnove modeli dostizhimogo rosta // Korporativnye finansy. – 2013. – № 1 (25). – S. 81–95.
9. Hotinskaya G.I. Korporativnyj rost: teoriya, finansovye indikatory, empiricheskie zakonomernosti // Upravlenec. – 2015. – № 4 (56). – S.12–17.

Statistical relationship of solvency on current liabilities and сonsolidated liquidity indicator of balance sheet with results of scoring analysis
Bukharin S.V., D.T. Sc., Professor, Department of Economic Security and Financial Monitoring, Voronezh State University of Engineering Technology, Voronezh, Russian Federation

Annotation. The article defines the statistical relationship between the degree of payment on current liabilities and the results of indirect methods of assessment of capacity – liquidity of balance sheet and scoring analysis for a group of enterprises of the same industry is determined. A mathematically sound statistical comparison of fundamentally different methods of direct and indirect assessment of solvency made it possible to assess the reliability of solvency estimates.
In order to build a generalized liquidity indicator (rating number), a methodology based on the modern hierarchy analysis method has been proposed. The generalized liquidity indicator and scoring estimates provide useful additional information on the financial condition of the enterprise that could be used in resolving disputes in a group of enterprises and helped to predict solvency in the medium term.
Keywords: solvency on current liabilities, generalized liquidity indicator, scoring analysis, correlation.

References
1. Endovitskiy D.A., Lyubushin N.P., Babicheva N.E. Finansovyiy analiz: uchebnik. – 3-e izd., pererab. – M. : KNORUS, 2020. – 300 s.
2. Karzaeva E.A., Karzaev V.A. Otsenka platezhesposobnosti predpriyatiya na osnove buduschih denezhnyih potokov // Finansovyiy menedzhment. – 2017. – № 1. – S. 30–36.
3. Mamedova G.K. Denezhnyie potoki i likvidnost organizatsii: otechestvennaya i zarubezhnaya praktika // Buhgalterskiy uchet. – 2015. – № 8. – S. 119–121.
4. Blazhevich O.G., Mrischuk V.D. Suschnost oborotnyih aktivov i povyishenie effektivnosti ih ispolzovaniya na predpriyatii // Nauchnyiy vestnik: finansyi, banki, investitsii. – 2016. – № 1. – S. 27–35.
5. Kulakova Yu.N., Kulakov A.B., Meshkova N.P. Klassifikatsiya i analiz strategiy formirovaniya oborotnyih aktivov predpriyatiya // Finansyi i kredit. – 2010. – № 30. – S. 35–39.
6. Kolbova N.A., Mirosedi S.A. Povyishenie effektivnosti upravleniya oborotnyimi aktivami na predpriyatii // Sovremennyie aspektyi ekonomiki. – 2015. – № 5. – S. 22–26.
7. Tagirova O.A., Novichkova O.V. Otsenka riska poteri platezhesposobnosti i finansovoy ustoychivosti selskohozyaystvennyih organizatsiy regiona // Audit i finansovyiy analiz. – 2018. – № 4. – S. 161–166.
8. Stanchulyak Yu.N., Erastova K.O. Optimizatsiya strukturyi oborotnogo kapitala v tselyah minimizatsii riska likvidnosti // Ekonomicheskiy analiz: teoriya i praktika. – 2019. – T. 18. – Vyip. 1. – S. 121–135.
9. Buharin S.V., Melnikov A.V. Klasterno-ierarhicheskie metodyi ekspertizyi ekonomicheskih ob’ektov: monografiya. – Voronezh: Nauchnaya kniga, 2012. – 276 s.
10. Zadeh L.A. Toward a theory of fuzzy information granulation and its centrality in human reasoning and fuzzy logic // Fuzzy Sets and Systems. – 1997. – Vol. 90 (2). – Pp. 111–127.
11. Saaty T.L. Relative Measurement and Its Generalization in Decision Making // RACSAM (Review of the Royal Spanish Academy of Sciences, Series A, Mathematics). – 2008. – Vol. 102 (2). – № 6. – Pp. 251–318.

 

INVESTMENTS AND BUSINESS

Strategic risk management methods: from localization to risk compensation
Lisitsyna E.V., Doctor of Science (Economics), Professor, Director of the Educational-Scientific Center «Economics» Plekhanov Russian University of Economics
Tokarenko G.S., Doctor of Science (Economics), Professor, Professor MIRBIS

Annotation. The article is devoted to the analysis of strategic risk management methods: localization of risks, distribution of risks, risk compensation.
The article analyzes the advantages and disadvantages of each of the methods presented. Depending on the degree of danger of the identified risks, recommendations are given on the application of the methods considered.
Keywords:  Risk, strategic methods of risk management, tactical methods of risk management, risk localization, risk limitation, risk distribution, risk diversification, risk compensation, amount of losses, probability of losses.

References
1.  Lisicyna E.V., Tokarenko G.S. Metody ukloneniya i peredachi riskov v strategicheskom risk-menedzhmente // Finansovyj menedzhment. – 2020. – № 2. – S. 22–31.

Institutional forms of cluster financing as a tool for socio-economic development of territories
Petrikova E.M., doctor of economic science, professor of chair of finance and prices, Russian university of economics named after G. V. Plekhanov
Artamonova Yu.S., candidate of economic science, associate professor of the department of economics, organization and production management, Penza state university of architecture and construction
Golovanov Ya.S., candidate of historical science, deputy general director of the Agency of the Far East for attracting investment and supporting exports

Annotation. The actuality of the chosen topic is the necessity to analyze the cluster form of cooperation of enterprises located on the same territory in order to develop the local economy, attract investment, improve the quality and standard of living of the population. The article compares the institutional forms of cluster financing (industrial parks, technoparks, SEZs, territories of advanced development), summarizes the foundations for the creation and development clusters at the federal level, and analyzes current trends in the development of cluster policy in regions. Much attention is paid to the development of recommendations and proposals for launching a new stage of cluster policy development in the Russian Federation, both at the federal and regional levels through participation in state programs and national projects. The paper presents proposals for integrating cluster policy into state programs, developing a «cluster development strategy», as well as forms of state support for clusters for the purpose of socio-economic development of territories.
Keywоrds: clusters, technoparks, territories of advanced development, special economic zones, sources of financing, investments, development institutions, national projects.

References
1. Artamonova Yu.S., Salihov R.U., Kolesnikov P.V. Realizaciya klasternoj politiki v Penzenskoj oblasti // Sovremennye problemy nauki i obrazovaniya. – 2014. – № 3. – S. 351.
2. Artamonova Yu.S., Bajnishev S.M., Han’zhov I.S. K voprosu o formirovanii regional’noj klasternoj politiki // Sovremennye problemy nauki i obrazovaniya. – 2014. – № 5. – S. 305.
3. Korobova O.V., Popova M.K.  Svobodnye ekonomicheskie zony kak instrument privlecheniya investicij v regiony // Ekonomika i predprinimatel’stvo. – 2020. – № 3 (116). – S. 365–369.
4. Kucenko E.S., Abashkin V.L., Islankina E.A. Fokusirovka regional’noj promyshlennoj politiki cherez otraslevuyu specializaciyu // Voprosy ekonomiki. – 2019. – № 5. – S. 65–89.
5. Petrikova E.M., Slobodyanyuk N.V.  Finansovye osobennosti gosudarstvenno-chastnogo partnerstva v sportivnoj industrii // Finansy i kredit. – 2013. – № 32 (560). – S. 29–41.
6. Petrikova E.M., Ternavskij A.A. Investicionnyj fond Rossijskoj Federacii: teoriya, metodologiya, praktika // Finansy i kredit. – 2007. – № 33 (273). – S. 18–32.
7. Razumova Yu.V., Shiryakov D.V.  Promyshlennye klastery i polyusa ekonomicheskogo rosta: sravnitel’nyj analiz teorij // Molodoj uchenyj. – 2019. – № 20 (258). – S. 242–244.
8. Yusupov K.N., Yangirov A.V. Mezhotraslevye kompleksy i klastery v ekonomike regiona // Izvestiya Bajkal. gos. un-ta. – 2018. – T. 28. – № 4. – S. 694–700.
9. Hardaev N.E., Platonov V.A. Territoriya operezhayushchego razvitiya kak osnovnoj mekhanizm razvitiya Dal’nego Vostoka i Bajkal’skogo regiona // Ekonomika i predprinimatel’stvo. – 2015. – № 12-3 (65). –  S. 355–357.

 

CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Scoring method of financial assessment: relevance and perspective
Gusev A.A., Ph. D. in Economics, associate professor at the Department of corporate finance and corporate governance, Finance University under the Government of the Russian Federation, Moscow city; business consultant, leading researcher, IBS, the Russian presidential academy of the national economy and public administration
Indeeva A.I., graduate student of Institute of Distance and Open Education, Financial University under the Government of the Russian Federation
Motuzenko P.A., graduate student of Institute of Distance and Open Education, Financial University under the Government of the Russian Federation

Annotation. The article reveals the essence of banking scoring and the importance of compiling high-quality scoring models for assessing risks when working with borrowers. The complexity of processing surface information about the borrower and the need for clarification with additional questions are indicated. The history and causes of the appearance of scoring modeling in the middle of the 20th century are described. The main criteria for scoring used to create algorithms for assessing the financial reliability of the borrower are listed. The contribution of post-Soviet scientists to the improvement of scoring models is indicated. Further prospects of banking scoring and its relevance in the light of the emergence of more progressive evaluation programs.
Keywords: underwriter, scoring, scoring models, Application-scoring.

References
1. Krejnina M.N. Finansovyj menedzhment: ucheb. posobie / M.N. Krejnina. M.: Delo i servis, 2001. – 140 s.
2. Bakanov M.L. Teoriya ekonomicheskogo analiza: uchebnik / M.I. Bakanov, A.D. SHeremet. – M.: Finansy i statistika, 2002. – 356 s.
3. Solozhencev E.D., Stepanova N.V., Karasev V.V. Prozrachnost’ metodik ocenki kreditnyh riskov i rejtingov. – SPb.: Izd-vo S.-Peterb. un-ta, 2006. – 197 s.
4. Vishnyakov I.V. Metody i modeli ocenki kreditosposobnosti zaemshchikov. – SPb.: SPbGIEA, 1998. – 267 s.
5. Starshinov V.S. Programmnaya realizaciya kreditnogo skoringa v vide ekspertnoj sistemy dlya ocenivaniya platezhesposobnosti klientov / V.S. Starshinov, S.A. Tkachyov // Informacionnye tekhnologii v nauke, upravlenii, social’noj sfere i medicine: sb. nauch. tr. V Mezhdunar. nauch. konf., 17–21 dekabrya 2018 g., Tomsk: v 2 ch. – Tomsk: Izd-vo TPU, 2018. – Ch. 2. – S. 100–106.
6. Vorob»eva O.A.  Skoringovaya model’ ocenki kreditosposobnosti. – M.: Izd-vo Aktion Upravlenie i Finansy Podrazd. «Preimushchestva skoringovoj sistemy ocenki kreditosposobnosti predpriyatiya.», p. «Vtoroj plyus», Rossiya, 2020. [Elektronnyj resurs]. URL: fd.ru/articles/159622-skoringovaya-model-otsenki-kreditosposobnosti –-chto-eto-metody (data obrashcheniya: 16.06.2020).
7. Zhosan Yu.S. «Metody selektivnogo kombinirovaniya priznakovoj informacii v zadache kreditnogo skoringa pri nalichii ogranichenij», magist. dis. – M.: Izd-vo Mos. gos. un-ta imeni M.V. Lomonosova, 2017. – S. 6 [Elektronnyj resurs]. URL: machinelearning.ru/wiki/images/e/e2/2017_617_ZhosanYS.pdf (data obrashcheniya: 16.06.2020).
8. Sorokin A.S. Postroenie skoringovyh kart s ispol’zovaniem modeli logisticheskoj regressii // Vestnik evrazijskoj nauki. – 2014. – № 2 (21) [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/postroenie-skoringovyh-kart-s-ispolzovaniem-modeli-logisticheskoy-regressii (data obrashcheniya: 17.06.2020).
9. Grin’ N.V. Metodologicheskie aspekty postroeniya skoringovyh modelej. Grodn. gos. un-t imeni YAnki Kupaly, Belorussiya, 2012. – S. 7, 8, 12 [Elektronnyj resurs]. URL: docplayer.ru/35162944-Metodologicheskie-aspekty-postroeniya-skoringovyh-modeley-n-v-grin-grodnenskiy-gosudarstvennyy-universitet-imeni-yanki-kupaly.html (data obrashcheniya: 24.06.2020).
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Modelling of customers behavior during banking loan’s redemption
Veselov A.I.,Phd. (Economics), CFO OOO «Enfant»

Annotation. The article discusses practical approaches to the behavioral prerequisites of loan repayment by individuals. During portfolio managing, banks analyze not only the creditworthiness of the borrower, deciding whether to issue a loan to him or not. This analysis evaluates the likelihood that the loan will be successfully repaid, as well as the fact that on its metrics (rate, term) the bank will be able to make a profit. When deciding on a loan, the bank also assesses the possibility of early redemption of the loan. This is very important, because if customers repay loans not only at the end of the term, the bank will receive less of its interest income.
Keywords: consumer behavior, bank lending, early repayment, household economy.

References
1. Veselov A. Cenoobrazovanie kreditov v bankax: osobennosti raschetov i ih vliyanie na chistuyu marzhu // Upravlenie corporativnymi finansami. – 2013. – № 2. – S. 124–131.

 

BOOKKEEPING AND REPORTING

The internal audit system formation: theory, practice and modern Russian realities
Altukhova N.V., PhD in Economics, certified auditor, associate professor of Department of Economics, Lomonosov Moscow State University, Sevastopol Branch, Sevastopol, Russia
Kulinich I.N., PhD in Economics, associate professor of Department of Economics, Lomonosov Moscow State University, Sevastopol Branch, Sevastopol, Russia

Annotation. The Internal Audit formation topic is extremely relevant, since this structure can prove to be serious support to the enterprise during the growth of economic uncertainty and the risks, thet associated with it. The article defines a wide range of employees powers of this unit. These are the control environment and IT sphere, management consulting, assessment of accounting and reporting, protection against abuse and assistance to management in building a risk management system. Factors of effectiveness of the Internal Audit Service have been studied – both from the point of internal audit institutions view, and the requirements of “external” audit guideline. This is the unit independence from management, the employees professionalism and the availability of a planned systematic approach to the activities of the Service. Separately, the requirements for the professional qualities of internal auditors, affecting the effectiveness of the unit, such as analytical thinking, a non-trivial approach to assessing and solving problems, the ability and desire to learn throughout the activity, are examined. The real current state of internal audit in Russia was studied from the point of view of the auditors themselves.
Keywords: internal audit, risk management system, professional qualities of the auditor, International internal audit standards.

References
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9.  Baranova Yu.K. Pravovy`e aspekty` osushhestvleniya vnutrennego finansovogo kontrolya i vnutrennego finansovogo audita // Social`no-e`konomicheskie yavleniya i processy`. – 2018.  – T. 13. – № 103. – S. 163–168.
10.  Ankudinov A.B., Marxanova E.S. Ocenka e`ffektivnosti vnutrennego audita v sisteme korporativnogo upravleniya: e`mpiricheskij analiz po danny`m rossijskix kompanij // Uchet. Analiz. Audit. – 2018. – T. 5. – № 1. – S. 18–29.
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The impact of the construction industry on the organization of accounting
Gerasimova L.N., Doctor of Economic Sciences, Associate Professor, Professor of the Department of Economics and Management in Construction, Moscow State University of Civil Engineering (National Research University) (MGSU), ORCID 0000-0003-1144-6019, SPIN-код: 9300-2350

Annotation. The article deals with the issues of accounting organization related to the specific features of the construction industry. The main legislative documents that are primarily used by accountants in their work are given. The concept of the cost of a unit of capital construction object as an accounting object is described. Options for forming the cost of a unit of capital construction object are analyzed: in accordance with the methodology of MDS 81-35-2004 No. 15/1 and according to the rules of PBU 6/01. For accounting purposes, it is necessary to generate the cost of a capital construction project by inventory items. Accounting should reflect the cost of an item of fixed assets, taking into account its subsequent operation. The article provides an example of the differences between the considered options. The variants of the organization of accounting in relation to the territorial and technological features of the construction industry are analyzed. The influence of these features on the organization of accounting is analyzed. The mechanisms of accounting for use in the accounting process are proposed. The accounting of capital construction objects, especially in the case of Contracting and economic methods, is considered. The specific rules of document flow for commissioning capital construction projects are studied.
Keywords: construction, investment, capital construction object, accounting, account.

References
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ACTUAL THEME

Unbalanced federal and regional budgets in the Russian Federation
Volobuev N.A., PhD in Low, The Head of the Department of Economic Analysis and Corporate Governance of Production and Export of High-Tech Products of the State Corporation «RosTec» Plekhanov Russian University of Economics, Moscow
Sizova D.A., PhD in Economics, Associate professor, Associate professor of the Department of Economic Analysis and Corporate Governance of Production and Export of High-Tech Products of the State Corporation «RosTec» Plekhanov Russian University of Economics, Moscow
Sizova T.V., PhD in Economics, Associate professor, Associate professor of the Department «Financial management» Plekhanov Russian University of Economics, Moscow

Annotation. The article is devoted to the consideration of the reasons for the imbalance between the federal budget of Russia and regional budgets at the present stage. The article proposes ways to overcome the imbalance of regional budgets in the Russian Federation to ensure a balance between the federal and consolidated budgets. The implementation of the proposed directions will increase the efficiency of budgetary policy, ensure long-term stability and balance of the federal budget of the Russian Federation and regional budgets, which will have a positive impact on the rate and quality of economic growth in the country as a whole.
Keywords: budget, budget balance, unbalanced Federal budget, unbalanced consolidated budget of the Russian Federation, budget revenues, budget expenditures.

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