Contents of N2/2022

all contents

Contents of 2' 2022


CORPORATE FINANCE

Development of the company’s financial strategy in the conditions of financial instability (on the example of the company PJSC KAMAZ)
Petrikova E.M., doctor of economic science, professor of chair of finance and prices, Plekhanov Economic University, e-mail: petrikova@mail.ru
SPIN-code: 3457-7077; Author ID: 407212; Scopus ID: D-6976-2014; ID : 3457-7077; ORCID: 0000-0001-6816-1175; Researcher ID: D-6976-2014
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, e-mail: clusterwings@mail.ru
SPIN-code: 8187-8715; Author ID: 57204361648; Scopus ID: ABB-9639-2020; ID : 8187-8715; ORCID: 0000-0003-2219-6318; Researcher ID: ABB-9639-2020
Zarifov R.R., project manager, SIG Kombiblock LLC, e-mail: raf785@mail.ru

Annotation. The relevance of the chosen topic is the need to build a financial strategy of the company in the conditions of financial instability in the economy caused by the COVID-19 pandemic. The article compares the results of the effectiveness of the actual implementation of the strategy of KAMAZ PJSC in 20152019 and plans to achieve key performance indicators of the financial strategy in 20212025, taking into account the current unstable financial situation in the economy. Much attention is paid to the analysis of the situation on the product sales market, the need to adjust the financial strategy taking into account cost optimization, productivity improvement, profit growth and profitability. The main external risks of the company that the company may face in the conditions of financial instability are identified, and proposals are presented for managing the external risks of the company, ways to attract additional sources of financing, including using the state shield.
Keywords: financial strategy, key performance indicators, financing, investments, cash flow management, profit, profitability, risks.

References
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2. Rasleva K.S., Savchuk R.R. Finansovaya strategiya v sisteme strategicheskogo upravleniya predpriyatiem / Aktual’nye problemy social’no-gumanitarnogo znaniya. M.: Pero, 2019. S. 148153.
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4. Petrikova E.M. Kompleksnaya investicionnaya programma razvitiya monogorodov // Territoriya i planirovanie. 2011. 2. S. 80.
5. Shchegolevatyh N.L. Faktory, vliyayushchie na finansovuyu strategiyu kompanii // Russian economic bulletin. 2020. 2 (3). S. 107112.
6. Puzikov A.A. Teoreticheskie aspekty formirovaniya finansovoj strategii predpriyatiya // Innovacionnaya nauka. 2019. 10. S. 5456.
7. Ternavskij A.A., Petrikova E.M. Investicionnyj fond Rossijskoj Federacii: teoriya, metodologiya, praktika // Finansy i kredit. 2007. 33 (273). S. 1832.
8. Belolipcev I.A., Lukina I.I. et al. Finansovaya strategiya, planirovanie i byudzhetirovanie: ucheb. posobie v 2-h ch. Ch. 1 / I.A. Belolipcev, I.I. Lukina, A.S. Kabirova, D.V. Chuvilin. M.: Prometej, 2018. 92 c. S. 30.

Corporate control in the system of value-based management
Voskanian R.O., Candidate of Economics Sciences, Docent, Associate Professor of the Department of financial and investment management, Financial University under the Government of the Russian Federation, e-mail: rose.01@mail.ru
SPIN-code: 1340-6220; Author ID: 705009; ORCID: 0000-0002-1690-8262;
Researcher ID: N-8350-2016

The research was carried out within the state assignment of the Financial University at the expense of budgetary funds.

Annotation. This paper describes the economic essence of corporate governance in the system of value-oriented financial management. The author emphasizes the need to change approaches to implementing corporate governance in the context of new opportunities to attract investors-coowners with various ways to achieve the goal of increasing their well-being. The article proposes the author’s definition of corporate governance as a system of monitoring the activities of a corporation aimed at ensuring sustainable development, improving the welfare of owners and preventing manipulation by investors-co-owners and the management of the corporation. The importance of corporate governance as a tool for preventing hostile takeover is emphasized. Furthermore, the author focuses on increasing the transparency of internal information among investors-co-owners and management.
The author’s conclusions correlate with the studied foreign experience in implementing corporate governance models, which allows us to conclude that each country must form its models that meet the culture and peculiarities of doing business. Because the global economy has undergone significant changes in recent years, it is proposed to develop models of corporate control for Russian practice in certain sectors of the economy, taking into account the prevailing peculiarities of doing business and the current legal regulation.
Keywords: agency relations, financial security, conflict of interest, majority owner, minority owner, hostile takeover.

References
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4. Chebotar’ Ju.M. Korporativnoe upravlenie: monografija. M.: Akademija menedzhmenta i biznes-administrirovanija, 2017. 136 s.
5. Beljaeva I.Ju., Danilova O.V., Uskov K.V. Vlijanie otnoshenij sobstvennosti na jelementy korporativnogo upravlenija v rossijskih kompanijah // Vestn. Astrah. gos. tehn. un-ta. Ser.: Jekonomika. 2019. 4. S. 713.
6. Crisóstomo V.L., de Freitas Brandão I. The ultimate controlling owner and corporate governance in Brazil // Corporate Governance. 2019. Vol. 19. No. 1. Pp. 120140.
7. Bezhenar A.N. Mehanizmy priobretenija korporativnogo kontrolja v akcionernom obshhestve // Problemy jekonomiki i juridicheskoj praktiki. 2018. 6. S. 176179.
8. Fama E.F., Jensen M.C. Separation of Ownership and Control // The Journal of Law & Economics. 1983. No. 26 (2). Pp. 301325.
9. Vil’danova M.M. Soderzhanie i instrumenty korporativnogo kontrolja v sovremennom rossijskom prave // Zhurnal rossijskogo prava. 2020. 5. S. 6677.
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12. Jiang F., Kim K.A. Corporate Governance in China: A Survey // Review of Finance. 2020. Vol. 24. No. 4. Pp. 733772.
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Analytical support for forecasting the risk of insurance of the organization
Nikiforova N.A., Professor, Phd (Economics), Department of Business Intelligence Faculty of Taxes, Audit and Business Analysis, FSBEI HE Financial University under the Government of the Russian Federation, Moscow, e-mail: nanikiforova@fa.ru
ORCHID: 0000-0003-4973-1448

Annotation. The purpose of the article is a mechanism for predicting the risk of insolvency of organizations. The article presents the result of the author’s analytical study of the essence of the problem. The variety of methods for predicting insolvency does not at all give an answer to the question: is it possible to avoid the risk of insolvency of an activity? The article discusses the mechanism of operation of a particular model in order to direct the thoughts of analysts to the search for exactly the tool that will maximize the inclusion of risks in future models.
Keywords: forecasting mechanism, insolvency risk, bankruptcy state, discriminant analysis, logit and probit models, credit risk theory, artificial intelligence methods.

References
1. Bellovary J. A review of bankruptcy prediction studies: 1930 to present / J. Bellovary, A. Giacomino, M. Akers // Journal of Financial Education. 2007. No. 33. Pp. 142.
2. Aziz A. Predicting corporate bankruptcy: where we stand?/A. Aziz, H. Dar // Corporate Governance. 2006. No. 6 (1). Pp. 1833.
3. Zhdanov V.Yu. Model’ diagnostiki riska bankrotstva predpriyatij aviacionno-promyshlennogo kompleksa / V.Yu. Zhdanov, O.A. Afanas’eva // Korporativnye finansy. 2011. 4. S. 7789.
4. Filimonov S.V., Nikiforova N.A. Analiz riska vybora investirovaniya na osnove modeli BlekaSHoulza (BLACKSCHOLES OPTION PRICING MODEL) na primere ugol’noj kompanii ARCH COAL INC // Ugol’. 2020. 3 (1128). S. 4953.
5. Hajdarshina G.A. Kolichestvennye metody ocenki riska bankrotstva predpriyatij: klassifikaciya i prakticheskoe primenenie / G.A. Hajdarshina // Vestnik Finansovoj akademii. 2007. 4 (44). S. 169178.
6. Janer J. Bankruptcy Prediction and its Advantages: Empirical Evidence from SMEs in the French Hospitality Industry [Elektronnyj resurs]. / J. Janer. Copenhagen Business School. 2011 [Elektronnyj resurs]. URL: research.cbs.dk/en/studentProjects/85cdb997-3f00-458b-aa86-35a827072a66 (data obrashcheniya: 21.02.2022).
7. Merton R.C. On the Pricing of Corporate Debt: The Risk Structure of Interest Rates / R.C. Merton // Journal of Finance. 1974. No. 29 (2). Pp. 449470.
8. Shumway T. Forecasting bankruptcy more accurately: a simple hazard model / T. Shumway // Journal of Business. 2001. No. 74 (1). Pp. 101124 [Elektronnyj resurs]. URL: jstor.org/stable/10.1086/209665?seq=1#metadata_info_tab_contents (data obrashcheniya: 21.02.2022).
9. Nikiforova N.A., Doncov E.V. Primenenie nejrosetevogo modelirovaniya dlya prognozirovaniya finansovogo sostoyaniya predpriyatij // Upravlencheskij uchet. 2011. 4. S. 3646.
10. Nikiforova N.A. Analiz koncepcij diagnostiki neplatezhesposobnosti, nesostoyatel’nosti, bankrotstva organizacii // Finansovyj biznes. 2021. 7 (217). S. 7073.

Solving issues on the capital structure of aircraft manufacturing companies
Naumov A.Yu., graduate student of the Financial University under the Government of the Russian Federation, Department of Corporate Finance and Corporate Governance, Program: Economics and Finance of High-Tech Companies, e-mail: naymov_a00@mail.ru
ID : 95.29.166.35; ORCID: 0000-0001-7970-5625

Annotation. The article reveals the issues of substantiating the choice of sources of financing for aircraft manufacturing companies. Based on the construction and testing of panel data models of international and domestic aircraft manufacturing companies for 20112020, the preference for equity financing is determined compared to raising debt obligations. The study showed the theoretical and practical significance of using a set of variations of panel data models in financial management and is recommended for use not only for sample companies, but also for other science-intensive and high-tech companies.
Keywords: capital structure, equity and debt financing, data panel models, aircraft manufacturing companies.

References
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2. Wojahn O. Why does the airline industry over-invest? // Journal of Air Transport Management. 2012. No. 19. Pp. 614.
3. Panagushin V.P. Metody finansirovaniya i cenoobrazovaniya na opytno-konstruktorskie razrabotki aviacionnoj tekhniki oboronnogo naznacheniya/V.P. Panagushin, V.Yu. Ivanisov // Strategicheskie resheniya i risk-menedzhment. 2015. 2 (89). S. 7283 [Elektronnyj resurs]. URL: doi.org/10.17747/2078-8886-2015-2-2 (data obrashcheniya: 23.01.2022).
4. Gibson W. Airline finance and aircraft financial evaluation: evidence from the field / W. Gibson, P. Morrell [Elektronnyj resurs]. URL: researchgate.net/publication/281624760_Airline _ Finance_and_Aircraft_Financial_Evaluation-_Evidence_from_the_Field (data obrashcheniya: 25.11.2021).
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8. Chadha S., Sharma A.K. An Empirical Study on Capital Structure in Indian Manufacturing Sector [Elektronnyj resurs]. URL: journals.sagepub.com/doi/abs/10.1177/0972150915619817 (data obrashcheniya: 25.01.2022).
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INVESTMENTS AND BUSINESS

Methodological aspects of assessing the logistics potential of airlines
Guzenko A.G., Candidate of Technical Sciences, Associate Professor of the Department of Mathematics and Modeling, Vladivostok State University of Economics and Service, e-mail: zavoiko2@bk.ru
SPIN-code: 6181-9444; Author ID: 305471; ORCID: 0000-0001-5768-0957
Loksha A.V., Candidate of Philology, Associate Professor of the Department of Marketing and traiding, Vladivostok State University of Economics and Service, e-mail: Anna.Loksha@vvsu.ru
SPIN-code: 7934-5386; Author ID: 643411; ORCID: 0000-0003-2002-2402
Gusev E.G., Candidate of Economics Associate Professor of the Department of Management and Logistics, Admiral G.I. Nevelskoy, Vladivostok, st. Stanyukovich, 62, e-mail: gusev.eg@dgtru.ru
Author ID: 509026; ORCID: 0000-0002-6905-079

Annotation. According to the results of the scientific review, it can be noted that there are many methods that consider the potentials (capabilities, resources) of enterprises in various fields of activity. Often, the indicators are not grouped and reflect only individual elements that characterize the logistics processes and the potential of the logistics subsystem. The most frequently encountered indicators are cargo and passenger traffic, indicators of transport capacity and occupancy, indicators characterizing the level of automation of the enterprise and the logistics infrastructure of the warehouse. A number of authors believe that returns are important and calculate the profitability of logistics costs or the return on investment effect. In this regard, regardless of the selected indicators, an algorithm is needed that would ensure the phased assessment of logistics potential, while ensuring compliance with certain principles.
The authors defined the scope of the evaluated potentials, formulated the name of the block of the studied area, identified the most significant criteria in each block, and selected suitable evaluation methods based on synthesis analysis. The proposed methodological aspects will make it possible to identify the weakest areas and potential capabilities of the logistics system, logistics infrastructure, on the basis of which measures will be formed in the future, pointwise aimed at revealing and more fully revealing the potential of each of the areas of logistics of the enterprise.
Keywords: logistics, logistics potential, logistics infrastructure, methodology, algorithm, warehouse element, logistics system.

References
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3. Belyakova E.V. Ocenka logisticheskogo potenciala predpriyatiya raketno-kosmicheskoj otrasli na osnove indikatornogo metoda / E.V. Belyakova // Vestn. Sib. gos. aerokosm. un-ta im. akad. M.F. Reshetneva. 2019. 2. S. 498502.
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10. Kireeva O.F. Pokazateli ocenki logisticheskoj deyatel’nosti predpriyatij / O.F. Kireeva // Innovacionnaya deyatel’nost’ v promyshlennosti. 2020. 2. S. 104106.
11. Kurshakova N.B. Obespechenie effektivnosti predpriyatij-uchastnikov transportno-logisticheskoj sistemy / N.B. Kurshakova // Logisticheskij audit transporta i cepej postavok: ater. III Mezhdunar. nauch.-prakt. konf. Tyumen’, 2020. S. 300306.
12. Shmulevich T.V. O praktike primeneniya finansovo-logisticheskogo analiza / T.V. Shmulevich // Putevoditel’ predprinimatelya. 2020. 1. S. 8696.
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Separate aspects of improving the procurement process in the Russian Federation
Borisova O.V., Candidate of Economic Sciences, Associate Professor of the Department public finance, Financial University, Russian Federation, Moscow, e-mail: OLVBorisova@fa.ru
SPIN-code: 5297-3667; ORCID: 0000-0002-7889-2745; Researcher ID: AAW-9161-2020; Scopus ID: 57191410077
Yaschenko A.I., 3rd year student, group KFiBA19-8, Faculty of Economics and Business, Financial University, Russian Federation, Moscow, e-mail: aleksayashchenko@gmail.com
SPIN-code: 5156-1981

Annotation. The article discusses the prospects for the implementation of international practice and corporate experience in procurement. The problems of the development of the Russian public procurement market are identified. The result of the research is the development of proposals for the qualitative improvement of the procurement system. Their implementation in Russia will help to save taxpayers’ funds, minimize workplace abuse and develop a public procurement system.
Keywords: government procurement, corporate procurement, procurement system problems.

References
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Choice of investment attractiveness of projects taking into account environmental factors at the stage of pre-investment analysis
Savostyanov D.A., postgraduate student of Department of Business Intelligence Faculty of Taxes, Audit and Business Analysis, FSBEI HE Financial University under the government of the Russian Federation, Moscow, e-mail: sawostyanov.denis@yandex.com
ORCID: 0000-0002-4737-5374

Annotation. The article is devoted to the creation of modeling tools in order to support the adoption of investment decisions by the top management of companies at the stage of preinvestment analysis of intellectual projects. As a basis for the choice, it is proposed to consider the qualitatively defined characteristics of investment projects and the environment. The economic and mathematical models that form the basis of the toolkit are built using the mathematical apparatus of fuzzy logic, which makes it possible to describe the poorly structured knowledge of specialists, as well as their application in deciding the degree of influence of the proposed investment projects on the environment. The author classifies investment projects according to the degree of environmental impact, environmental criteria required by investors to make investment decisions. The toolkit was created on the basis of the concept of intellectualization, in which economic and mathematical models for the analysis of investment projects are programmatically implemented using the tools and functions available in the MATLAB package.
Keywords: pre-investment analysis, analysis of investment projects, analytical modeling, mathematical model, fuzzy logic method, support in making an investment decision, sustainable development.

References
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7. Ptuskin A.S., Levner E., Zhukova Yu.M. Mnogokriterial’naya model’ opredeleniya nailuchshej dostupnoj tekhnologii pri nechetkih iskhodnyh dannyh // Vestn. Mos. gos. tekhn. un-ta im. N.E. Baumana. 2016. 6. S. 105127.
8. Tindova M.G. Ispol’zovanie nechetkogo logicheskogo vyvoda pri reshenii razlichnyh klassov ocenochnyh zadach // Modeli, sistemy, seti v ekonomike, tekhnike, prirode i obshchestve. 2013. 3. S. 106108.
9. Alekseev V.A., Telegina M.V., Yannikov I.M. Primenenie metodov nechetkoj logiki v zadachah analiza ekologicheskih dannyh // Izv. Yuzh. feder. un-ta. Tekhnicheskie nauki. 2009. 101. S. 142149.
10. Nedosekin A.O., Abdulaeva Z.I., Shkatov M. Razrabotka sistemy sbalansirovannyh pokazatelej (SSP) dlya morskoj neftegazovoj smeshannoj kompanii (MNSK) s ispol’zovaniem nechetko-mnozhestvennyh opisanij // Audit i finansovyj analiz. 2013. 3. S. 126134.

 
TAXES AND TAXATION

Taxation of subjects of medium and small businesses Penza region: problems and development prospects
Novichkova O.V., PhD in Economics, Associate Professor of the Department of Finance and Business Informatization, FSBEI HE Penza State Agricultural University, e-mail: novolka@mail.ru
SPIN-code: 4259-8853; Author ID: 397275; Scopus ID: 57221332080
Tagirova O.A., PhD in Economics, Associate Professor of the Department of Finance and Business Informatization, FSBEI HE Penza State Agricultural University, e-mail: tagirowa2008@mail.ru
SPIN-code: 4259-8853; Author ID: 397275; Scopus ID: 57225181400

Annotation. The article discusses the features of the development of medium and small businesses in the region, classifies businesses according to the form of registration and size of management, analyzes the main performance indicators, including financial results, analyzes the features of taxation of business entities of the analyzed group and, based on the proposed measures of state support, predicted possible results of the application of these measures in relation to small businesses.
Keywords: entrepreneurship, small and medium-sized businesses, key indicators of economic activity, taxation, taxation systems, tax burden, support measures.\

References
1. Oficial`ny`j sajt FNS Rossii [Elektronnyj resurs]. URL: nalog.gov.ru/rn58 (data obrashheniya: 23.01.2022).
2. Prognoz social`no-e`konomicheskogo razvitiya goroda Penzy` [Elektronnyj resurs]. URL: pgduma.ru/site_docs/byudzhet-goroda-penzy (data obrashheniya: 23.01.2022).
3. Novichkova O.V. Ocenka e`ffektivnosti funkcionirovaniya sistemy` upravleniya finansovy`mi rezul`tatami agrarnogo predpriyatiya / O.V. Novichkova, O.A. Tagirova, A.V. Nosov, M.Yu. Fedotova // Finansovy`j menedzhment. 2021. 3. S. 2634.
4. Oficial`ny`j portal Pravitel`stva Penzenskoj oblasti [Elektronnyj resurs]. URL: pnzreg.ru/(data obrashheniya: 23.01.2022).
5. Zakon Penzenskoj oblasti ot 30.06.2009 1754-ZPO Ob ustanovlenii nalogovy`x stavok otdel`ny`m kategoriyam nalogoplatel`shhikov pri primenenii uproshhennoj sistemy` nalogooblozheniya [Elektronnyj resurs]. URL: base.consultant.ru/cons/cg (data obrashheniya: 23.01.2022).


CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Research on the impact of financial resources on ensuring the economic security of banks
Abdullaev A.Ya., doctor of economic science, professor, Basic chair of economics and management, Jizzakh Polytechnic Institute, Uzbekistan, e-mail: oltinbek60@gmail.com
ORCID ID: 0000-0002-6649-2541; Researcher ID: RID21822
Abdullaeva G.A., independent researcher, Tashkent state university of economics, Uzbekistan,e-mai: guzalabdullayeva88@gmail.com

Annotation. The article discusses topical issues of improving scientific and methodological approaches to ensuring the achievement of economic security using financial tools of banking management, taking into account the features of economic and mathematical methods and techniques of system analysis, the formation of a program for the effective use of funds and the influence of the structure of financial resources on ensuring the economic security of the bank based on the optimization of the turnover and structure of bank resources, as well as the possibility of forecasting the economic security of the bank by simulating the parameters of the equations. The influence of the structure of financial resources on ensuring the economic security of the bank is analyzed. The article reveals the questions of the methodological nature of the use of economic and mathematical methods and methods of system analysis of the assessment in the analytical practice of the bank.
The provisions of a methodological nature proposed in the article are aimed at ensuring the economic security of the functioning of banks in modern economic conditions. The possibilities of using economic and mathematical methods and methods of system analysis of the assessment to increase the reliability of their analytical assessment in the disclosed financial information for a wide range of users in general are shown.
Keywords: structure banking resources, provision economic security, financial sustainability, economic insolvency, economic threat, banking risks.

References
1. Abdullaev A.Y. Empirical study of the economic security rating of the bank of Uzbekistan // Indian Journal of Economics and Business. 2021. No. 20 (4). Pp. 393408.
2. Abdullaev A.Y.& Abdullaeva G.A. Research on economic security of commercial banks // SAARJ Journal on Banking & Insurance Research. 2021. No. 10 (6). Pp. 2136.
3. Abdullaev A.Y. Forecasting of processes the turnover and structure of the financial resources of the banking sector // SAARJ Journal on Banking & Insurance Research. 2019. No. 8 (5). Pp. 2844.
4. Natocheeva N. Metodika otcenki finansovoy bezopasnosti kommercheskix bankov // Sovremennie problema i perspektivi razvitiya finansovoy i kreditnoy sfer ekonomiki Rossii XXI veka: mejvuz. sb. nauch. tr. 2004. 2. S. 3544.
5. Storozhuk I. Problema izmereniya, otcenki i analiza ekonomicheskoy bezopasnosti // Problemi razvitiya sotcialno-economicheskix protccecov v sovremennix economicheskix usloviyax: sb. nauch.tr. 2005. 2. S. 4547.
6. Svetlova V.V. Ekonomicheskaya bezopasnost kommercheskix bankov i ee znacheniye bezopasnosti strani // Voprosi regionalnoy ekonomiki. 2016. 1. S. 8995.
7. Statisticheskie otchetiy lokabnk n 01.01.2020 [Elektronnyj resurs]. URL: https: cbu.uz/oz/credit-organizations/banks/head-offices/ao/aloqabank

Problems and prospects for the development of microfinance organizations in Russia
Vasilyeva D.P., Bachelor of Economics, Faculty of Economics and Business, Financial University under the Government of the Russian Federation, Moscow, e-mail: dashacasi2002@gmail.com
ORCID: 0000-0003-1714-9429

Annotation. The article is devoted to the study of the main problems of the development of Russian microfinance organizations. The relevance of the study is due to the need to consider the directions of development of microfinance organizations in modern conditions of an insufficiently high level of well-being of the Russian population. The work used methods such as statistical, analytical and system analysis. As a result, the main directions of development of the activities of microfinance organizations are presented in the direction of softening lending conditions, increasing the efficiency of assessing the creditworthiness of borrowers and developing investment activities.
Keywords: icrofinance organizations, small business, microloans, government regulation, credit.

References
1. Federal’nyj zakon ot 02.07.2021 151-FZ (dejstv. redakciya, 2021) O mikrofinansovoj deyatel’nosti i mikrofinansovyh organizaciyah [Elektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_102112/(data obrashcheniya: 08.11.2021).
2. Tendencii mikrofinansovogo rynka v I kvartale 2021 goda // Sajt Banka Rossii [Elektronnyj resurs]. URL://cbr.ru/Collection/Collection/File/35403/mmt_2021_1.pdf (data obrashcheniya: 10.11.2021).
3. Oficial’nyj sajt Central’nogo banka RF / Statistika [Elektronnyj resurs]. URL: cbr.ru/microfinance/registry/(data obrashcheniya: 23.10.2021).
4. Obzor klyuchevyh pokazatelej mikrofinansovyh organizacij. 2016. 1. [Elektronnyj resurs]. URL: cbr.ru/finmarkets/files/supervision/review_mfo_270616.pdf
5. Federal’nyj zakon ot 30.12.2004 218-FZ (red. ot 23.06.2021) O kreditnyh istoriyah [Elektronnyj resurs]. URL: consu ltant.ru/document/cons_doc_LAW_51043/
6. Federal’nyj zakon ot 13.07.2015 223-FZ (red. ot 02.07.2021) O samoreguliruemyh organizaciyah v sfere finansovogo rynka [Elektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_182662/
7. Shavrin V.E. Vliyanie pandemii koronavirusa na mikrofinansovyj sektor ekonomiki RF // Aktual’nye problemy ekonomiki i upravleniya. 2021. 3 (11). S. 6873 [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/vliyanie-pandemii-koronavirusa-covid-19-na-mikrofinansovyy-sektor-ekonomiki-rf (data obrashcheniya: 08.11.2021).
8. Federal’nyj zakon ot 21.12.2013 353-FZ (red. ot 22.08.2021) O potrebitel’skom kredite (zajme) [Elektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_155986/
9. Zakonoproekt 1135194-7 O vnesenii izmenenij v otdel’nye zakonodatel’nye akty Rossijskoj Federacii // Sajt Gosdumy [Elektronnyj resurs]. URL://sozd.duma.gov.ru/bill/1135194-7 (data obrashcheniya: 08.11.2021).
10. Bykovec M.V. Perspektivy razvitiya rynka mikrofinansovyh uslug v Rossii i osnovnye napravleniya ego gosudarstvennogo regulirovaniya // Gosudarstvennoe upravlenie. Elektronnyj vestnik. Vyp. 41/2014 [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/perspektivy-razvitiya-rynka-mikrofinansovyh-uslug-v-rossii-i-osnovnye-napravleniya-ego-gosudarstvennogo-regulirovaniya

Prospects for the development of accumulative life insurance in Uzbekistan
Yuldashev O.T., candidate of economic science, associated professor of the department of Insurance and Pension affairs, Tashkent Institute of Finance, e-mail: obiddin@inbox.ru
ORCID: 0000-0002-9640-8128

Annotation. The article is devoted to the problems of the development of accumulative life insurance, various scientific and theoretical views on its economic essence are analyzed, the advantages and disadvantages in comparison with other investment instruments are considered, the directions of the development of accumulative life insurance are determined, scientific proposals and practical recommendations on them are given.
Keywords: accumulation, insurance coverage, life insurance, accumulative life insurance, micro life insurance, accumulative and insurance behavior of the population.

References
1. Asadullin M.R. Straxovanie jizni v Rossiyskoy Federatsii: osobennosti i napravleniya razvitiya: avtoref. dis. ... kand. ekon. nauk. Irkutsk, 2005. S. 24.
2. Jegalova E.V. Razvitie straxovaniya jizni v Rossii: avtoref. dis. ... kand. ekon. nauk. Samara, 2005. S. 20.
3. Sulimenko A.V. Straxovanie jizni v sovremennoy Rossii: perspektivi razvitiya: avtoref. dis. ... kand. ekon. nauk. Rostov n/D, 2013. S. 26.
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6. Adamchuk N.G. Mejdunarodnaya praktika straxovaniya jizni: uchebnik. M.: Ankil, 2009. S. 128.
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8. Muxlinina M.M. Aktualnie voprosi pravovogo regulirovaniya nakopitelnogo i riskovogo straxovaniya jizni // Vestnik gumanitarnogo obrazovaniya. 2015. S. 4648.
9. Brizgalov D.V. Teoreticheskie podxodi k straxovaniyu jizni: problemi i puti ix preodoleniya // Finansovaya analitika: problemi i resheniya. 2018. T. 11. 4. S. 415427 [Elektronniy resurs]. URL: doi.org/10.24 891/fa.11.4.415
10. Donetskova O.Yu. Sravnitelnaya xarakteristika bankovskogo depozita i nakopitelnogo straxovaniya jizni // Intellekt. Innovatsii. Investitsii. 2016. 1. S. 1013.
11. Bolshunova T.V. Sotsialnaya effektivnost instituta kommercheskogo straxovaniya: sotsiologo-upravlencheskiy aspekt: avtoref. dis. ... kand. sotsiol. nauk. M., 2008. S. 24.
12. Sulimenko A.V. Perspektivi razvitiya nakopitelnogo straxovaniya jizni v Rossii // Finansovaya politika v usloviyax modernizatsii Rossiyskoy ekonomiki. RINX. Rostov n/D, 2011. S. 6472.
13. Yuldashev O.T. Development prospects of investment insurance product Unit-Linked // International Finance and Accounting [Online]. October 2020. Vol. 5. Pp. 110. Available: interfinance.uz/en/
14. Ministerstvo finansov Respubliki Uzbekistan [Elektronniy resurs]. URL: mf.uz/ru/?option=com_content&view=article&id=354 (data obrasheniya: 10.10.2021).



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