Contents of N4/2022

all contents

Contents of 4' 2022

CORPORATE FINANCE

Improvement of methodological support for the analysis and planning of the organization’s cash flows
Plaskova N.S., doctor of economic science, professor, asic chair of Financial Control, Analysis and Audit of the Main Control Department of Moscow, Plekhanov Russian University of Economics, -mail: plaskova@rambler.ru
SPIN-code: 7485-1384; ORCID: 0000-0002-5520-1016; Researcher ID: AAE-1694-2021; Scopus ID: 57203824133; Author ID: 501809

Annotation. In modern conditions of doing business, maintaining an optimal cash flow is the main condition for ensuring sustainable business development, maintaining the solvency of the company, and protecting against the risk of bankruptcy. The success of the organization’s production, investment and financial activities depends on the efficiency of the use of funds, therefore, the issues of improving the cash flow management system of economic entities are becoming particularly relevant in the context of the complication of the financial and economic situation in the country, the rise in the cost of financial resources, the tightening of the requirements imposed by investors and lenders to enterprises-borrowers. The article presents current trends in the development of information and methodological support for the analysis and planning of the organization’s cash flows. Approaches to the organization of cash flow monitoring, substantiation of the system of analytical indicators for assessing the effectiveness of monetary asset management are proposed. The sequence of implementation of the mechanism of rationing the need for funds to ensure the optimal level of solvency of the organization is substantiated.
Keywords: cash flows, cash management of the organization, analysis, planning, optimization of cash turnover.

References
1. Prikaz Minfina Rossii ot 02.02.2011 11n Ob utverzhdenii Polozheniya po buhgalterskomu uchetu Otchet o dvizhenii denezhnyh sredstv (PBU 23/2011) // SPS Konsul’tantPlyus [Elektronnyy resurs]. URL: consultant.ru (data obrashcheniya: 06.06.2022).
2. Mezhdunarodnyj standart finansovoj otchetnosti (IAS) 7 Otchet o dvizhenii denezhnyh sredstv (vveden v dejstvie na territorii Rossijskoj Federacii prikazom Minfina Rossii ot 28.12.2015 217n) // SPS Konsul’tantPlyus [Elektronnyy resurs]. URL: consultant.ru (data obrashcheniya: 06.06.2022).
3. Sayahova E.V. Upravlenie denezhnymi potokami predpriyatiya / E.V. Sayahova, S.P. Kurnikova // Ekonomika i socium. 2014. 2-2 (11). S. 959962.
4. Blank I.A. Osnovy finansovogo menedzhmenta.T. 1 / I.A. Blank. Kiev: Nika-Centr, 1999. 592 s.
5. Mnacakanyan A.G. Utochnenie modeli BaumolyaTobina po upravleniyu denezhnoj nalichnost’yu / A.G. Mnacakanyan, V.I. Resheckij // Finansy i kredit. 2008. 47 (335). S. 4854.

Chinese companies’ experience in dividend policy as an element of corporate control system
Vashchenko T.V., Ph. D. in Economics, Associate Professor, Department of Financial and Investment Management, Financial University under the Government of the Russian Federation e-mail: t.v.vashchenko@yandex.ru
SPIN-code: 2233-4182; Author ID: 504624; ORCID: 0000-0003-0249-3307; Researcher ID: C-3953-2017

The article is based on the results of the research carried out by the Financial University under the state assignment.

Annotation. For companies operating in the form of a public joint stock company, the dividend policy is an important element of the overall corporate control system. This circumstance is due to the possible impact of the payment of dividends on the market value of the company’s shares and, as a result, their attractiveness in the eyes of shareholders, including from the point of view of the long-term perspective. In large corporations, the volume and methodology of dividend payments are determined, as a rule, by the interests of majority shareholders, often to the detriment of the interests and rights of minority shareholders, which is a separate, rather serious problem. In the article, the author examines the experience of Chinese companies whose active exchange activity began at the end of the last century and over two decades has demonstrated many opportunities in terms of using various tools for managing equity.
Keywords: dividend policy, equity, corporate control, stock market, majority shareholders, minority shareholders.

References
1. Miller .., Modigliani F. Dividend Policy, Growth and the Valuation of Shares // Journ. Business. 1961. Oct. Pp. 411433.
2. Voskanyan R.. Dvuhklassovaya sistema formirovaniya kapitala kompanii v stranah BRIKS // MIR (Modernizaciya. Innovacii. Razvitie). 2021. . 12. 3. S. 274287.
3. Sheremeta S.V. Dividendnaya politika instrument dostizheniya celi finansovogo menedzgmenta // Ekonomicheskie issledovaniya i razrabotki. 2019. 8. S. 8183.
4. Chen D.H., Jian M. & Xu M. Dividends for tunneling in a regulated economy: The case of China // Pacific-Basin Finance Journal. 2008. No. 17 (2). Pp. 209223.
5. Dong J., Li H., Liu K., Wu X. The stock market reaction to dividend reductions and omissions in China // Managerial finance. 2019. No. 45 (3). Pp. 381398.
6. Chen H.Y. & Huang G.L. An empirical study on the equity structure and cash dividend policy of chinese listed companies // Statistics & Decision. 2005. No. 20. Pp. 115117.
7. Jiang F., Kim K.A. Corporate Governance in China: A Survey // Review of Finance. 2020. Vol. 24. No. 4. Pp. 733772.
8. Zhao Y., Ng S.H. Dividend payout policies in the pre and post split share structure reform in China // Cogent Economics & Finance. 2021. No. 9 (1):1923620.
9. Deng L., Li S. & Liao M. Dividends and earnings quality: Evidence from China. International Review of Economics and Finance. 2016. No. 48 (C). Pp. 255268.
10. Li M.L. & Wu Y.P. Characteristics of stock market in China from 2014 to 2015 // Finance and Capital. 2015. No. 12. Pp. 98102.
11. Su K., Song V. Social trust, corporate governance, and stock price crash risk: Evidence from China // Bulletin of Economic Research. 2022.
12. Jiang F., Kim K.A. Corporate Governance in China: A Survey // Review of Finance. 2020. Vol. 24. No. 4. Pp. 733772.
13. Informacionnaya baza po organizacii biznesa v Kitae [Elektronnii resurs]. URL: chinawindow.ru/china/legal-information-china/chinese-taxation/ (data obrashcheniya: 15.06.2022).
14. Statisticheskaya baza po fondovomu rynku ALLSTOCKTODAY [Elektronnii resurs]. URL: ru.allstockstoday.com/China/dividendy.html (data obrashcheniya: 15.06.2022).

Financial condition of tourism industry enterprises: regional aspect
Temyakova T.V., candidate of Economic Sciences, Associate Professor of the Department of Tourism and Cultural Heritage of N.G. Chernyshevsky SSU, e-mail: temyakova@yandex.ru
SPIN-code: 2372-6503; ORCID: 0000-0002-1767-7240; Researcher ID: D-6646-2013; Author ID: 581336

Annotation. The article reflects the statistical data of the tourism industry of the Saratov region on the number of business entities, the volume of paid tourist services, etc. The paper examines the financial condition of the tourism industry enterprises of the Saratov region. The analysis included temporary accommodation facilities, catering establishments and travel agencies. The article calculates the indicators of financial and economic activity of tourist business organizations that are leading in the Saratov market in terms of revenue and business value. In the course of the study, it was found that the financial condition of Saratov tourism industry enterprises improved in 2021. Many enterprises have demonstrated financial stability and solvency even in the face of the spread of the COVID-19 pandemic in 2020. The paper also presents models of linear regression on economic indicators of tourism industry enterprises of the Saratov region. These models are statistically significant. They can be useful to Saratov enterprises in order to plan the amount of revenue in future periods.
Keywords: tourism, tourism industry, tourism industry, financial analysis, financial condition, linear regression.

References
1. Otchet o rezul`tatax deyatel`nosti Pravitel`stva Saratovskoj oblasti za 2021 god [E`lektronny`j resurs]. URL: srd.ru/documents/analytics/otchet_gubernatora_2021.pdf?ysclid=l55r7uwjkv164398393 (data obrashheniya: 02.07.2022).
2. Nacional`ny`j turisticheskij rejting 2021 [E`lektronny`j resurs]. URL: russia-rating.ru/info/20156.html (data obrashheniya: 04.07.2022).
3. Pravitel`stvo Saratovskoj oblasti [E`lektronny`j resurs]. URL: saratov.gov.ru/gov/auth/komturism/(data obrashheniya: 04.07.2022).
4. Postanovlenie Pravitel`stva Saratovskoj oblasti ot 03.06.2022 455-P O vnesenii izmenenij v postanovlenie Pravitel`stva Saratovskoj oblasti ot 26 marta 2020 goda 208-P [E`lektronny`j resurs]. URL: saratov.gov.ru/upload/iblock/5b2/455_P.pdf (data obrashheniya: 04.07.2022).
5. Telekom-operator sostavil portret potencial`nogo turista v Saratovskuyu oblast` [E`lektronny`j resurs]. URL: turistas-me.turbopages.org/turistas.me/s/posts/id4535-megafon-vyyasnil-kto-cashhe-priezzaet-v-saratovskuyu-oblast (data obrashheniya: 04.07.2022).
6. Set` delovy`x kommunikacij SBIS [E`lektronny`j resurs]. URL: sbis.ru/(data obrashheniya: 04.07.2022).
7. Reestr turagentstv [E`lektronny`j resurs]. URL: tourpom.ru/touragencies (data obrashheniya: 04.07.2022).
8. Gosudarstvenny`j informacionny`j resurs buxgalterskoj otchetnosti [E`lektronny`j resurs]. URL: bo.nalog.ru/(data obrashheniya: 04.07.2022).
9. Finansy` Rossii: stat. sb. / Rosstat. M., 2020. 380 s.

Preparing the corporation for raising international financing
Tarasov A.A., Candidate of Economic Sciences, Executive MBA, Russian Presidential Academy of National Economy and Public Administration under the President of the Russian Federation, e-mail: alexey.tarasov@outlook.com
SPIN-code: 5009-5514; ORCID: 0000-0002-7902-5619; Author ID: 1067187

Annotation. This article is dedicated to the overview of the preparation process for raising international corporate financing from the syndicated loans, eurobonds and equity capital markets. The main stages of this process include: selecting and appoint banks, conducting the SWOT-analysis of financial instruments, structuring and planning the transaction. For the optimal selection of banks, the corporation prepares special documents, based on which the competitive analysis of banks is conducted and they are then appointed by the means of the mandate letter. The key role in the process of determining the tools for raising international financing is played by the analysis of strengths and weaknesses of syndicated loans, eurobonds and equity placements. During the structuring and planning of the transaction, the goal of the financial top-managers is to find the optimal point between the needs of the corporation and the current conditions and opportunities in the international capital markets. The paper concludes that the preparation process plays an important role in the subsequent raising of financing from the international capital markets.
Keywords: raising corporate financing, syndicated loans, eurobonds, equity financing, investment banking services, financial management, international capital markets.

References
1. Tarasov .. Upravlencheskie aspektu privlechenia korporativnogo finansirovania // Menegment v Rossii i za rubezhom. 2017. 4. S. 3944.
2. Pyles M. Applied corporate finance: making value-enhancing decisions in the real world, 2nd ed. Springer, 2022. 407 p.
3. Jacque L. International corporate finance: value creation with currency derivatives in global capital markets, 2nd ed. Wiley, 2019. 832 p.
4. Stowell D. Investment banks, hedge funds, and private equity, 3rd ed. Academic Press, 2017. 732 p.
5. Rosenbaum J., Pearl J. Investment banking: valuation, LBOs, M&A, and IPOs, 3rd ed. Wiley, 2020. 512 p.
6. Campbell M. (ed.), Weaver C. Syndicated lending: Practice and Documentation, 7th ed. Harriman House, 2019. 762 p.
7. Tarasov A.A. Instrumentu runka sinditisirovannogo kreditovaniya dlya korporativnogo finansirovaniya // Finansovui Menegment. 2018. 3. S. 101109.
8. Strumeyer G., Swammy S. The capital markets: evolution of the financial ecosystem. Wiley, 2017. 648 p.
9. Espinasse P. IPO: a global guide, 3rd ed. Hong Kong University Press, 2022. 404 p.
10. Ippolito R. Private capital investing: the handbook of private debt and private equity. Wiley, 2020. 336 p.

 
INVESTMENTS AND BUSINESS

Current aspects of regional strategic planning in the context of economic sanctions
Zambrovskaya T.A., Candidate of Economic Sciences, Deputy Head of the Inspectorate of the Chamber of Control and Accounts of Moscow, e-mail: insp1@mail.ru
SPIN-code: 8622-9490
Grishchenko A.V., doctor of economics, certified auditor of the Russian Ministry of Finance, head of a private expert Bureau, e-mail: grishchenko7@gmail.com
SPIN-code: 8736-3619; ID : 304358; ORCID: 0000-0003-3923-1247
Grishchenko Yu.I., Candidate of Economic Sciences, Member of the Expert Council of the Moscow Stock Exchange, Associate Professor, Deputy Head of the Department of Financial and Investment Management of the Financial University under the Government of the Russian Federation,e-mail: pochta2807@gmail.com
SPIN-code: 4877-5335; ID : 304395; ORCID: 0000-0003-2238-6170

Annotation. From February to May 2022, the European Union adopted six packages of sanctions. The seventh package is under development. Sanctions against Russia have also been imposed by the United States, Switzerland, Great Britain, Canada, Japan, Australia and a number of other countries. Most of the sanctions are of an individual nature (either for individuals or for a specific industry).
There is no clear understanding in the economic community how the restrictive economic measures imposed on Russia in 2022 (sanctions) will affect the performance and balance of regional finances in the whole country, in particular in individual subjects of the Russian Federation.
The article will assess the problems of regional strategic planning, as well as suggest ways to improve this financial mechanism in the face of external sanctions pressure.
Keywords: Strategic planning, regional planning, strategy, budget, sanctions, plan, improvement, economy, support measures.

References
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2. Pravitel’stvennaya komissiya po povysheniyu ustojchivosti rossijskoj ekonomiki v usloviyah sankcij [Elektronnyj resurs]. URL: government.ru/department/621/events/(data obrashcheniya: 05.06.2022).
3. Osnovnye parametry scenarnyh uslovij prognoza social’no-ekonomicheskogo razvitiya Rossijskoj Federacii na 2023 god i na planovyj period 2024 i 2025 godov [Elektronnyj resurs]. URL:
economy.gov.ru/material/file/c56d9cd0365715292055fe5930854d59/scenarnye_usloviya_2023.pdf (data obrashcheniya: 05.06.2022).
4. Plan pervoocherednyh meropriyatij (dejstvij) po obespecheniyu ustojchivogo razvitiya ekonomiki v usloviyah uhudsheniya situacii v svyazi s rasprostraneniem novoj koronavirusnoj infekcii (utv. Pravitel’stvom RF 17.03.2020) [Elektronnyj resurs]. consultant.ru/document/cons_doc_LAW_348153/ (data obrashcheniya: 05.06.2022).
5. Postanovlenie Pravitel’stva RF ot 17.09.2018 1100-44 O Pravitel’stvennoj komissii po povysheniyu ustojchivosti Rossijskoj ekonomiki v usloviyah sankcij [Elektronnyj resurs]. URL: legalacts.ru/doc/postanovlenie-pravitelstva-rf-ot-17092018-n-1100-44-o-pravitelstvennoi/? (data obrashcheniya: 05.06.2022).
6. Postanovlenie Pravitel’stva RF ot 21.01.2022 25-2 Ob utverzhdenii Polozheniya o Pravitel’stvennoj komissii po povysheniyu ustojchivosti rossijskoj ekonomiki v usloviyah sankcij [Elektronnyj resurs]. URL: base.garant.ru/403595866/? (data obrashcheniya: 05.06.2022).
7. Rasporyazhenie gubernatora Rostovskoj oblasti ot 01.04.2020 68 O vnesenii izmenenij v rasporyazhenie gubernatora Rostovskoj oblasti [Elektronnyj resurs]. URL: donland.ru/documents/15249/#pril (data obrashcheniya: 05.06.2022).
8. Rasporyazhenie mera Moskvy ot 04.03.2022 110-RM O Komissii po povysheniyu ustojchivosti razvitiya ekonomiki v gorode Moskve v usloviyah sankcij [Elektronnyj resurs]. URL: docs.cntd.ru/document/728385439?ysclid=l40ts4fgdf (data obrashcheniya: 05.06.2022).
9. FNS Rossii: mery podderzhki 2022 [Elektronnyj resurs]. URL: nalog.gov.ru/rn77/anticrisis2022/ (data obrashcheniya: 05.06.2022).
10. Centr podderzhki ekonomiki Moskvy [Elektronnyj resurs]. URL: helpmoscoweconomy.ru/(data obrashcheniya: 05.06.2022).
11. Ukaz Prezidenta RF ot 16.03.2022 121 O merah po obespecheniyu social’no-ekonomicheskoj stabil’nosti i zashchity naseleniya v Rossijskoj Federacii [Elektronnyj resurs]. URL: publication.pravo.gov.ru/Document/View/0001202203160012? (data obrashcheniya: 05.06.2022).
12. Koncepciya vneshnej politiki Rossijskoj Federacii (utv. Prezidentom RF V.V. Putinym 30.11.2016) [Elektronnyj resurs]. URL: mid.ru/ru/foreign_policy/official_documents/1538901/ (data obrashcheniya: 05.06.2022).
13. Soveshchanie Prezidenta RF po voprosam razvitiya metallurgicheskogo kompleksa [Elektronnyj resurs]. URL: kremlin.ru/events/president/news/68251 (data obrashcheniya: 05.06.2022).
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15. Rasporyazhenie Pravitel’stva RF ot 01.10.2021 2765-r Ob utverzhdenii Edinogo plana po dostizheniyu nacional’nyh celej razvitiya Rossijskoj Federacii na period do 2024 goda i na planovyj period do 2030 goda [Elektronnyj resurs]. URL: government.ru/docs/all/136931/(data obrashcheniya: 05.06.2022).
16. Prikaz Minfina Rossii ot 17.09.2020 204n Ob utverzhdenii Federal’nyh standartov buhgalterskogo ucheta FSBU 6/2020 Osnovnye sredstva i FSBU 26/2020 Kapital’nye vlozheniya [Elektronnyj resurs]. URL: minfin.gov.ru/ru/document/?id_4=133528-prikaz_minfina_rossii_
ot_17.09.2020__204n_ob_utverzhdenii_federalnykh_standartov_bukhgalterskogo_ucheta_fsbu_62020_osnovnye_sredstva_i_fsbu_262020_kapitalnye_vlozheniya (data obrashcheniya: 05.06.2022).
17. Federal’nyj zakon ot 21.12.2021 414-FZ (red. ot 14.03.2022) Ob obshchih principah organizacii publichnoj vlasti v subektah Rossijskoj Federacii [Elektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_404070/9063c081be721f16d3039b4675cb3c48e447d52e/ (data obrashcheniya: 05.06.2022).
18. Ukaz Prezidenta Rossijskoj Federacii ot 08.11.2021 633 Ob utverzhdenii Osnov gosudarstvennoj politiki v sfere strategicheskogo planirovaniya v Rossijskoj Federacii [Elektronnyj resurs]. URL: kremlin.ru/acts/bank/47244 (data obrashcheniya: 05.06.2022).
19. Perechen’ poruchenij po itogam vstrechi Prezidenta RF 03.02.2022 s chlenami Obshcherossijskoj obshchestvennoj organizacii Delovaya Rossiya [Elektronnyj resurs]. URL: kremlin.ru/acts/assignments/orders/68298 (data obrashcheniya: 05.06.2022).
20. ESG-proekt Zemlya nashih detej [Elektronnyj resurs]. URL: hr.government-nnov.ru/ru-RU/news/default/view/564? (data obrashcheniya: 05.06.2022).
21. Zambrovskaya T.A., Grishhenko A.V., Grishhenko Yu.I. Klyuchevy`e aspekty` ustojchivogo razvitiya Rossijskoj Federacii v kontekste ESG // Menedzhment v Rossii i za rubezhom. 2022. 2. S. 8697.

Assessment of the investment attractiveness of the region (on the example of Primorsky krai)
Levkina E.V., Associate Professor of the Department of Economics & management, Candidate of Economic Sciences Far Eastern Federal University, e-mail: a553330@mail.ru
SPIN-code: 3607-2397; Author ID: 723305; Researcher ID: N-7317-2017; ORCID: 0000-0001-7764-251; Scopus ID: 57200571457
Getman O.V., Senior Lecturer of the Department of Economics and Management, Pacific State Medical University of the Ministry of Health of Russia, e-mail: getman.o@mail.ru
SPIN-code: 5570-7700; Author ID: 814143; Researcher ID: E-2886-2019; ORCID: 0000-0002-7753-7725
Loksha A.V., Associate Professor of the Department of Economics and Management, Candidate of Philological Sciences, Pacific State Medical University of the Ministry of Health of Russia, e-mail: Anna.Loksha@vvsu.ru
SPIN-code: 7934-5386; Author ID: 643411; ORCID: 0000-0003-2002-2402

Annotation. The relevance of this topic is due to the fact that Primorsky Krai has been one of the most important regions in the Far East for several years, according to the federal center. This, in particular, is due to the fact that up to 70% of all investments in the Far Eastern Federal District fall on the Primorsky Territory. The authorities plan to turn our region into an outpost of the Asian region of Russia with innovative approaches in the field of science, education, medicine and living space. In this regard, there is an increasing need to assess and systematically monitor the investment attractiveness of both the region and the forecast of the impact of adopted and implemented investment projects on the indicators of this region. Most of the methods are focused on the interpretation of the qualitative characteristics of the investment attractiveness of the regions. However, according to the authors, the assessment of the investment attractiveness of the regions cannot be objective without quantitative parameters. The high scientific and practical significance of the noted problems determines their relevance and the range of tasks considered in the study.
The object of the study is the investment attractiveness of the regions.
The subject of the study is tools and methods for assessing the investment attractiveness of the region.
The purpose of the work is to formalize the algorithm for assessing the investment attractiveness of the region on the example of Primorsky Krai.
Hypothesis: it is assumed that the development of an algorithm for studying the investment attractiveness of the region will allow formalizing the stages of its assessment.
The scientific and methodological basis of the work was legislative and other regulatory acts, the work of domestic scientists and specialists in the study of the investment attractiveness of the region.
Keywords: methodology, algorithm, investments, investment attractiveness, investment rating, regional economy.

References
1. Levkina E.V., Saharova L.A., Edelev D.A. Metodicheskie aspekty ocenki investicionnoj privlekatel’nosti regiona (na primere Primorskogo kraya) // Azimut nauchnyh issledovanij: ekonomika i upravlenie. 2020. T. 9. 1 (30). S. 298301.
2. Levkina E.V., Sakharova L.A., Edelev D.A. Comprehensive assessment of investment attractiveness of regions (based on the example of the regions of the far east) // Revista Inclusiones (ISSN07194706-Chile-WoS). Vol. 7. Pp. 546555.
3. Investicii v Primorskom krae. 2021: Sb. s analit. zapiskoj / Primorskstat, 2022. 63 s.
4. Investicii v Primorskom krae. 2020: Sb. s analit. zapiskoj / Primorskstat, 2021. 56 s.
5. Koncepciya proekta Rejting investicionnoj privlekatel’nosti regionov Rossii // Ekspert RA. Rezhim dostupa: raexpert.ru/ratings/regions/concept/
6. Investicii Primorskogo kraya [Elektronnyj resurs]. URL: primstst.ru/
7. Investicionnaya karta Dal’nevostochnogo federal’nogo okruga [Elektronnyj resurs]. URL: map.minvr.ru/
8. Primor’e v 2021 godu: Analiticheskij obzor // Primorskstat, 2022. 26 s.

 
CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Developement of strategic tools for ensuring the ompletitiveness of insurance company
Barchukov A.V., Doctor of economic sciences, professor of Finance and Accounting department Far Eastern State Transport University (Khabarovsk), e-mail: barchukov_alex@mail.ru
SPIN-code: 8824-2545; Author ID: 269561; ORCID: 0000-0003-4664-3768
Belomestnova V.Yu., specialist of car insurance of insurance company (Khabarovsk), e-mail: belomestnovavika@gmail.com

Annotation. A systematic approach implemented through strategic analysis in the development and economic evolution of manager’s initiatives can serve as a methodological basis for solving strategic tasks to increase the competitiveness of an insurance company. According to the results of the GAP-analysis conducted at the object of study, gaps were identified in factor that provide financial guarantees to customers and for the image of insurer, namely, those related to solvency, financial stability, image, recognition and preferences of insurers. Taking into account the situation in the insurance market, in order to eliminate the gaps, complex measures are proposed to normalize business development, as well as for the stable functioning of the company in future periods, involving package sales of insurance services and active marketing communication. It is legitimate to say that the that the implementation of strategic plans will have an impact both on increasing competitiveness in general and on certain aspect of the economic activity of an insurance company (eliminating the threat of the impossibility of providing insurance reserves with equity, improving the of an insurer).
Keywords: insurance company, strategic analysis, competitiveness, financial guarantees, package insurance, marketing communications.

References
1. Barchukov A.V., Feshchenko I.V., Mishina Y.A. Upravleniye finansovoy ustoychivostyu strakhovoy kompanii. Khabarovsk: DVGUPS, 2020. 134 s.
2. Zenkina I.V. Analiz strategicheskikh razryvov kak instrument strategicheskogo analiza i potentsial yego primeneniya v strategicheskom upravlenii organizatsiyey // Audit i finansovyy analiz. 2012. 4. S. 107112.
3. Borisova O.M. GAP-analiz kak effektivnyy metod strategicheskogo analiza (na primere rynkov slaboalkogolnoy produktsii) // Vestn. Sibir. in-ta biznesa i inform. tekhnologiy. 2019. 3 (19). S. 1624.
4. Mishina Y.A., Barchukov A.V. Sovershenstvovaniye modeli upravleniya finansovoy ustoy-chivostyu strakhovoy kompanii // Finansovyy menedzhment. 2018. 5. S. 8497.
5. RIA Reyting: strakhovaniye segodnya [Elektronnyy resurs]. URL: nsur-info.ruorgsandcomps/5762/in (data obrashcheniya: 28.06.2022).
6. Nikulina N.N., Sukhodeyeva L.F., Eriashvili N.D. Strakhovoy marketing. M.: Yuniti-Dana, 2016. 504 s.
7. Arkhipov A.P. Upravleniye strakhovym biznesom. M.: Magistr, 2019. 320 c.
8. Ramazanova D.I. Modelirovaniye dokhodnosti strakhovoy kompanii // Strakhovoye Delo. 2016. 2. S. 5661.

Economic security assessment study of commercial banks in Uzbekistan
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-mail: guzalabdullayeva88@gmail.com

Annotation. The article discusses topical issues of improving scientific and methodological approaches to ensuring the achievement of economic security using economic and mathematical methods and techniques of probability theory and mathematical statistics, as well as system analysis of banking management, taking into account the features of the probability of an event, which consists in the fact that the bank in it will be safe for a certain period of time in order to function taking into account the influence of random factors, i. e. regularly and in a timely manner to perform all functions, as well as by simulating the parameters of the equations, it becomes possible to control and forecast the economic security of the bank in the future.
An attempt to create a system of indicators for assessing the rating of ensuring the economic security of a bank is analyzed. And also an empirical study of the assessment of the rating of ensuring the economic security of the bank and the sphere of banking services is carried out. The questions of the methodological nature of the use of economic and mathematical methods and techniques of the theory of probability and mathematical statistics, system analysis of the assessment in the analytical practice of the bank are revealed.
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 techniques of the theory of probability and mathematical statistics, system analysis of the assessment in the disclosed financial information for a wide range of users in general are shown.
Keywords: rating of economic security, methods and techniques of probability theory and mathematical statistics, probability of an event, influence of random factors, economic threat, imitation of parameters of equations, financial stability.

References
1. Abdullaev A.Y. & Abdullaeva G.A. Empirical research on the impact of financial resources on ensuring the economic security of banks // NVEO Natural Volatiles & Essential Oils. 2021. No. 8 (2). Pp. 92259248.
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.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 (1). S. 3544.
5. Storozhuk I.N. Problema izmereniya, otcenki i analiza ekonomicheskoy bezopasnosti // Problemi razvitiya sotcialno-economicheskix protccecov v sovremennix economicheskix usloviyax: sb. nauch.tr. 2005. 2 (1). S. 4547.
6. Svetlova V.V. Ekonomicheskaya bezopasnost kommercheskix bankov i ee znacheniye bezopasnosti strani // Voprosi regionalnoy ekonomiki. 2016. 1 (1). S. 8995.

 
TAXES AND TAXATION

Global innovations in the taxation of digital business
Devlikamova G.V., Candidat of Economics, docent of Ufa School of Excellence Ufa State Petroleum Technical University, e-mail: devlikamova.g@mail.ru
SPIN-code: 1993-0777; AUTHOR ID: 309051; ORCID: 0000-0002-5185-4554; Scopus AU ID: “Devlikamova G.V.” 8556822700

Annotation. The study is devoted to the questions of global tax reform. A separate point was the taxation of a digital business. The history of the creation of the basic principles of the reform concept is traced. The characteristic of the proposals developed by the interested OECD organization is given. The main difficulties of the reform for Russia and Russian business are named.
Keywords: global tax reform, digital business, digital tax, BEPS, Pillar.

References
1. Plan BEPS i ego znachenije dlja rossiiskoi nalogovoi reform [Elektronnyi resurs]. URL://taxhouse.ru (data obrashcheniya: 27.03.2022).
2. Chto takoe BEPS I pochemu eto mirovaja nalogovaja reforma [Elektronnyi resurs]. URL://klerk.ru data obrashcheniya: 27.03.2022).
3. Mishin N., Sholokhova A. Plan deistvii BEPS 2.0: chto predlagaet dal’nejshaja refofma nalogooblogenija [Elektronnyi resurs]. URL: mind.ua (data obrashcheniya: 27.03.2022).
4. BEPS 2.0 Perezagruzka mezhdunarodnogo nalogooblozhenija [Elektronnyi resurs]. URL: www2.deloitte.com (data obrashcheniya: 27.03.2022).
5. Biznes perechislil riski vsemirnoi nalogovoi reform dlja Rossii [Elektronnyi resurs]. URL: expert.ru (data obrashcheniya: 27.03.2022).
6. Makarova N., Leksina E. Chem grozit Rossii I miru nalogovaja reforma po planu SShA [Elektronnyi resurs]. URL: vz.ru (data obrashcheniya: 27.03.2022).
7. Nalogovyi obzor ot ekspertov [Elektronnyi resurs]. URL://pwc.ru (data obrashcheniya: 27.03.2022).
8. Sinicin A., Airapetjan L., Surkova A. Cyfrovoi nalog v Rossii: perspektivy vvedenija [Elektronnyi resurs]. URL://csr.ru (data obrashcheniya: 27.03.2022).
9. Smirnova S. Vstretili v shtyki: krupnyi biznes Rossii protiv globalnogo naloga [Elektronnyi resurs]. URL://iz.ru data obrashcheniya: 27.03.2022).

Improving tax administration in the conditions of liberalization of the national economy
Giyasov S.A., Doctor of philosophy in economic sciences (PhD), associate professor of the department Taxes and taxation Fiscal institute at the State committee of the Republic of Uzbekistan, -mail: sarvar.giyosov@bk.ru
ORCID: 0000-0002-5161-8607

Annotation. This article describes the positive aspects of tax administration achieved as result of the reforms carried out in this area. Are analyzed the results of the implemented measures to ensure the formation of favorable conditions for the development of entrepreneurship, including during the pandemic. Practical results on improving the system of rendering services and providing tax benefits and preferences for business entities also presented.
In addition, the issues of further improving the tax administration of business structures in the context of the liberalization of the national economy considered. As result of the research,relevant conclusions formed as well as scientific proposals and practical recommendations developed to improve the favorable climate for business entities by improving tax administration in the conditions of liberalization of the national economy.
Keywords: tax system, tax policy, tax administration, tax burden, taxpayers, business entities, business entities, improvement.

References
1. Ukaz Prezidenta Respubliki Uzbekistan ot 29.06.2018 UP-5468 O Koncepcii sovershenstvovanija nalogovoj politiki Respubliki Uzbekistan // Nacional’naja baza dannyh zakonodatel’stva Respubliki Uzbekistan [Elektronnii resurs]. URL: lex.uz/docs/3802374 (data obrashcheniya: 07.02.2022).
2. Postanovlenie Prezidenta Respubliki Uzbekistan ot 10.07.2019 PP-4389 O dopolnitel’nyh merah po sovershenstvovaniju nalogovogo administrirovanija // Nacional’naja baza dannyh zakonodatel’stva Respubliki Uzbekistan [Elektronnii resurs]. URL: lex.uz/docs/4415358 (data obrashcheniya: 04.03.2022).
3. Poslanie Prezidenta Respubliki Uzbekistan Shavkata Mirzijoeva Olij Mazhlisu [Elektronnii resurs]. URL: review.uz/post/poslanie-prezidenta-uzbekistana-shavkata-mirziyoyeva-oliy-majlisu (data obrashcheniya: 24.01.2022).
4. Danny iz oficial’nogo sajta Gosudarstvennoj nalogovoj administracii Respubliki Uzbekistan [Elektronnii resurs]. URL: soliq.uz/other/open-committee-data (data obrashcheniya: 11.04.2022).
5. Vsemirnyj bank. Doingbusiness. Ocenka biznes-regulirovanija [Elektronnii resurs]. URL: russian.doingbusiness.org/ru/data/exploreeconomies/uzbekistan (data obrashcheniya: 27.11.2021).

Tax policy: essence, purpose, objectives and principles
Selyukov M.V., Candidate of Economic Sciences, Associate Professor of the Department of Finance, Monetary Circulation and Credit of the Budgetary Institution of Higher Education of the Khanty-Mansiysk Autonomous Okrug Yugra Surgut State University, -mail: mys010@mail.ru
ORCID: 0000-0002-4485-7642

Annotation. The article is devoted to the conceptual foundations of the tax policy of the state. In the course of the analysis of existing interpretations of the term tax policy, several approaches have been identified that explain this definition, and the author’s concept has been formulated. The paper concludes that tax policy is not static, it is dynamic, since the ongoing facts of economic life change the conditions in which economic entities operate, which provokes the actualization of tax policy by the state. The conceptual provisions of the tax policy proposed in the article are aimed at enriching its theory and practice of formation and implementation.
Keywords: mandatory payments, taxes, fees, policy, economic policy, tax policy.

References
1. Tyurina Yu.G. Formirovanie i realizaciya social’no orientirovannoj regional’noj nalogovoj politiki: avtoref. dis. d-ra ekon. nauk: 08.00.10 / Yu.G. Tyurina. Rostov n/D, 2016. 50 s.
2. Kazakov V.V. Nalogovaya politika, nalogooblozhenie, nalogovye pravootnosheniya osnovopolagayushchie kategorii v sisteme nalogovogo prava / V.V. Kazakov // Finansovoe pravo. 2011. 7. S. 2628.
3. Novyj ekonomicheskij slovar’ / pod red. A.N. Azriliyana. 2-e izd., dop. M.: Institut novoj ekonomiki, 2007. 1099 s.




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