Contents of N6/2022

all contents

Contents of 6' 2022


Development of a financial model for the non-current assets’ effective management an industrial company in the conditions of production technical re-equipment
Murav’eva N.N., Ph. D. in Economics, Associate Professor, Department of Economics and Social and Humanitarian Disciplines, Volzhsky branch of Volgograd State University, e-mail:
SPIN-code: 7346-8663; Author ID: 730 645; Researcher ID: O-2383-2017; ORCID: 0000-0003-3392-8465

Annotation. In this article, typical problems of non-current assets’ effective management as part of general financial management at enterprises focused on modernization and updating of their production base were identified. Step-by-step elaboration of a special financial model, the use of which will solve the identified problems, is considered on the example of the industrial company JSC EPK Volzhsky. The implementation of this model is designed to ensure the rationalization of the asset structure, the structure of current assets and its relationship with short-term sources of financing, the rationalization of financing of non-current assets and property in general with a focus on achieving the criteria values of key performance indicators.
Keywords: industrial companies, non-current assets, basic production assets, financial model, asset structure optimization, criteria performance indicators.

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3. Nakonechnaya T.V., Aleeva D.V. Upravlenie vneoborotnymi aktivami organizacii // Sovremennye tekhnologii upravleniya. 2022. 2 (98).
4. Abelova L.A., Zaharkina R.A., Kitajkina N.N., Markova A.A. Finansovaya strategiya upravleniya vneoborotnymi aktivami organizacii//Vestnik Altajskoj akademii ekonomiki i prava. 2022. 5. S. 313321.
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7. Murav’eva N.N., Kalmykova A.Yu. Ocenka effektivnosti upravleniya vneoborotnymi aktivami v kommercheskih organizaciyah // Ekonomika i biznes: teoriya i praktika. 2018. 122. S. 3539.
8. Finansovaya (buhgalterskaya) otchetnost’ OAO EPK Volzhskij po dannym FNS i Rosstata [Elektronnyj resurs]. URL:

Analysis of the influence of factors on the leverage of leveraged buyout transactions
Balakin I.A., postgraduate student, Financial University under the Government of the Russian Federation, Business Intelligence Department, Moscow, e-mail:
SPIN-code: 6585-6449; Author ID: 1022771; ORCID: 0000-0002-8069-8167

Annotation. Based on the theories of capital structure, the article clarifies the factors that affect leverage in leveraged buyout (LBO) transactions and formulates hypotheses for the nature of their influence. To confirm the hypotheses, a correlation-regression analysis of the impact on the level of LBO financial leverage of such factors as free cash flow, effective tax rate, return on equity, upside potential, leverage to buyback and credit market conditions was carried out. The analysis showed a high level of impact on LBO leverage from changes in credit spreads and a low significance of the main classical determinants of the capital structure. Debt in LBO is primarily a source of value creation. The results of the study contribute to a deeper understanding of the factors affecting the level of leverage in the LBO, and are recommended for making capital structure decisions in leveraged buyout transactions.
Keywords: leverage, financial leverage, capital structure factors, leveraged buyout.

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Development of a mechanism for process management of financial stability of commercial enterprises
Shavrina Yu.O., Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of Accounting, Analysis and Audit, Orenburg State University, Orenburg, Russian Federation, e-mail:
SPIN-code: 2105-4087

Annotation. The article examines approaches to managing the financial stability of a commercial enterprise. The structure of the financial stability management mechanism of commercial enterprises, presented in the works of modern scientists, is studied and generalized. The structure of the financial stability management mechanism of a commercial enterprise based on a process approach is presented. Financial relations are identified, financial levers, financial instruments and information base are identified at the entrance to the business process, at the exit from it, during its execution, ensuring the management of the financial stability of a commercial enterprise.
Keywords: process management, management mechanism, financial stability, financial methods, financial levers.

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Analysis of regional disparities: the central federal district of Russian Federation
Dubovik M.V., doctor of economic science, assistant professor, professor of Economic theory department, Plekhanov Russian University of Economics, Moscow, Russia, -mail:
WoS Researcher ID: V-5683-2017; Scopus Author ID: 57193315226; ORCID: 0000-0001-8843-1398; SPIN-code: 4262-9854; Author ID: 315229
Dmitriev S.G., candidate of economic science, researcher, Plekhanov Russian University of Economics, Bryansk branch, Bryansk, Russia, -mail:
WoS Researcher ID: ABB-6440-2021; Scopus Author ID: 57093263700; ORCID: 0000-0003-2621-5870; SPIN-code: 8521-1940; Author ID: 750562

Annotation. This paper provides the results of the analysis of disparities in the regional development of the subjects of the federation belonging to the Central Federal District of Russia, as well as to the study of inequality in the gross regional product in the named area during 20132019. Inequality analysis was carried out using the coefficients of Gini, Atkinson, Theil, etc., as well as the Herfindahl-Hirschman and Williamson indices. We have analyzed the processes of concentration and dispersion of indicators of the gross regional product and gross regional product per capita (using the Lorenz curve), as well as the presence of convergence or divergence within the specified federal district by the ordinary least squares method and the nonlinear least squares method. We have established that during the observed period there are no statistically significant changes in the mentioned indicators of inequality. With regard to regional convergence, the regression model of which is first brought to the attention of researchers, we are forced to state the low rates of this process, the preservation of which will not allow us to overcome disproportions in the development of the regions of the Central Federal District in the foreseeable future (according to our calculations, it will take from 334 to 346 years to overcome the 50% gap in the distribution of the gross regional product between the regions of the Central Federal District).
Keywords: Regional Disparities, Convergence, Divergence, Inequality.

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Effective corporate governance system as a tool for attracting foreign direct investment in the high-tech sector of the economy: indian experience
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:
SPIN-code: 2233-4182; AuthorID: 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. Attracting foreign direct investment into the economy, especially in the hightech sector, which is the basis of competitiveness, innovative growth and development of any country, is one of the priority tasks, the solution of which is impossible without combining the efforts of the management of companies and the state on the most important aspects of this problem. One of the most significant constraining factors. The experience of foreign countries that have achieved significant success in this area, to which India fully belongs, must necessarily be used in Russia, taking into account national specifics and current development priorities. In the article, the author identifies the most meaningful and significant elements of the corporate control system used in Indian companies to reduce corporate risks, improve the efficiency of corporate governance and attract significant amounts of capital to the company using equity financing instruments.
Keywords: corporate governance, corporate control, corporate risks, foreign direct investment, stock market, agency problem.

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Analysis of the state and development trends of residential real estate market segments
Zhukova O.V., Candidate of Economic Sciences, Associate Professor, Head of the Department of Management and Economics of the Sports Industry named after V.V. Kuzin, Russian University of Sports (GCOLIFK), e-mail:
SPIN-code: 6761-1840; ORCID:; Author ID: 809821; Scopus ID: 57203824133

Annotation. The topic of the article was determined by the consideration of methods for determining housing affordability indices (coefficients) and a comparative analysis of solving problems with housing affordability in Russia, the UK and the USA, as well as infrastructural aspects of financial market development.
Keywords: financial market, mortgage, consumer housing cooperation, housing affordability.

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Development of small banks in russia through financial inclusiveness tools
Shaker I.E., Candidate of Economic Sciences, Associate Professor of the Department of Banking and Monetary Regulation, Financial University under the Government of the Russian Federation, e-mail:
Author ID: 691609; SPIN-code: 9188-7657; ORCID: 0000-0002-6297-6725; Researcher ID; Web of Science: -2914-2022; Scopus Author ID: 57205260800
Semenkova E.V., Doctor of Economic Sciences, Professor, Plekhanov Russian University of Economics, e-mail:
Author ID: 791843; SPIN-code: 5075-8410

Annotation. Based on the experience of small US banks, the article offers practical recommendations for using financial inclusiveness tools as a basis for the development of small Russian banks in the context of sustainable development, which determines the relevance of the study. The author considers the mechanism of financial inclusiveness as a set of principles, goals and tools necessary to solve the problem of competitiveness of small banks with large banks in the financial services market. The task was set for the practical use of financial inclusiveness tools by Russian small banks, such as: financial accessibility, identification, disruption, impactwashing, taxonomy in order to develop banking business in the context of the green agenda and the feasibility of its use in Russia.
It is concluded that the use of financial inclusiveness tools provides competitive advantages for the development of a product line of banking services for small banks. It helps to improve the quality of life of low-income segments of the population, is an important factor in the socio-economic development of society and is aimed at full access to a bank account, complete identification and study of behavioral patterns of the population, taxonomy and disruption of financial services.
Keywords: small banks, inclusive capitalism, financial inclusion, inclusiveness tools, identification, disruption, accessibility, impactwashing, taxonomy, sustainable development, quality of life growth.

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6. Finansovaia inkliuziia / Financial inclusion, tematicheskaia stranitsa Vsemirnogo Banka, kontekst initsiativ v oblasti finansovoi dostupnosti: ofitsialnyi sait. URL: ttps:// (data obrashcheniia: 05.06.2022).
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10. Morozova O.A. Problemy issledovaniia tsifrovykh platform i sviazannykh s nimi ekosistem kak kompleksnogo fenomena sovremennoi ekonomiki // Finansy, dengi, investitsii. 2021. 2. S. 3037. DOI: 10.36992/2222-0917_2021_2_30
11. Zapros informatsii ob ustanovlenii standartov i dobrovolnoi sertifikatsii modelei i storonnikh postavshchikov tekhnologii i drugikh uslug, 85 Fed. Reg. 44890 (24 iiulia 2020 g.), dostupno po adresu: (data obrashcheniia: 14.07.2022).
12. FDIC obieiavliaet konkurs na modernizatsiiu bankovskoi finansovoi otchetnosti (30 iiunia 2020 g.), dostupno po ssylke (data obrashcheniia: 05.06.2022).
13. FDIC, FDITECH zapuskaet tekhnicheskii sprint dlia okhvata bolshego chisla liudei, ne polzuiushchikhsia bankovskimi uslugami, FIL-43-2021 (16 iiunia 2021 g.), dostupno po adresu HTML).
14. FDIC ishchet finansovogo konsultanta dlia sozdaniia novogo tselenapravlennogo bankovskogo fonda dlia podderzhki zastrakhovannykh FDIC minoritarnykh bankov i finansovykh institutov razvitiia soobshchestv (18 noiabria 2020 g.), dostupno po adresu (data obrashcheniia: 14.07. 2022).
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17. Shaker I.E. Paradoks berezhlivosti kak otvet na institutsionalnye vyzovy v epokhu nestabilnosti // Sberegatelnoe delo za rubezhom. 2020. 1. S. 817. DOI: 10.36992/75692_2020_1_8

Blockchain technology: basic taxonomy and some problems of growth of financial risks in the banking sector
Borisova O.V., PhD in Economics, Associate Professor, Department of Corporate Finance and Corporate Governance, Faculty of Economics and Business, Financial University, Moscow, Russian Federation, -mail:
SPIN-code: 5297-3667; ORCID: 0000-0002-7889-2745; ResearcherID: AAW-9161-2020; Scopus ID: 57191410077
Shavalieva S.M., 3nd year student, Financial University, Moscow, Russian Federation, -mail:

Annotation. The article summarizes the blockchain taxonomy, identifies a number of problems in its implementation and use in the banking sector related to scalability, security, privacy, technology costs, data leaks, and hacker attacks. A classification of problems has been proposed and methods such as SegWit, Proof Of Stake and segmentation have been identified that are appropriate to use to eliminate them. To increase the number of blockchain solutions, it is proposed to create a platform for innovative solutions, which will contribute to the development of the entire banking sector.
Keywords: banking sector, blockchain, blockchain solutions, smart contracts, transactions, blockchain taxonomy.

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The current state of the banking system and trends in ensuring the economic security of commercial banks in Uzbekistan
Malikova D.M., independent researcher, senior lecturer, Samarkand Institute of economics and service, Uzbekistan, e-mail:
ORCID ID: 0000-0003-0016-995X

Annotation. The economic security of the state directly depends on the stability of its banking sector. Ensuring the financial stability of commercial banks is a top priority task in the process of reforming the banking system of Uzbekistan. The paper presents an analysis of the current state of the country’s banking system, in particular, the article describes the dynamics of the main indicators of the activities of commercial banks. The paper also systematizes the main factors influencing the economic security of commercial banks and draws appropriate conclusions on the state of ensuring the economic security of domestic banks.
Keywords: banking sector, economic security, commercial bank, financial stability, prudential supervision.

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The auditor identification of intra-corporate fraud risks: economic and psychological aspects
Altukhova N.V., Candidate of Economic Sciences, Certified Auditor, Associate Professor, Department of Economics, Branch of Moscow State University named after M.V. Lomonosov in the city of Sevastopol, e-mail:
SPIN-code: 6617-0991; ORCID: 0000-0002-6558-6167; Author ID: 795589
Nalichaeva S.A., Candidate of Psychological Sciences, Deputy Director for Academic Affairs of the branch of Moscow State University named after M.V. Lomonosov in the city of Sevastopol, e-mail:
SPIN-code: 4583-2985; Author ID: 876411
Mogila N.A., chief specialist-expert of the contract and contract department of the Financial and Accounting Department of the Department of Administration of the Governor and the Government of the city of Sevastopol, e-mail:
SPIN-code: 3838-2135; Author ID: 1010544

Annotation. The article proposes a three-level classification of intra-corporate fraud varieties and examples of motivation/opportunity/justification factors for these varieties. The characteristics of the psychological characteristics of the personality of a person prone to fraud are presented. Methods of psychological diagnostics are considered and psychodiagnostic methods are selected for assessing the psychological determinants of fraud and identifying a tendency to fraud. The paper presents the results of the analysis of theoretical approaches and empirical studies on the problem of identifying psychological factors of fraud propensity. Particular attention in the study is paid to the phenomena of moral normativity and moral reliability of a person, their formation and development, at the heart of fraud prevention.
Keywords: intracorporate fraud, fraud triangle, psychodiagnostic methods and techniques, individuality, narcissism, Machiavellianism, psychopathy, moral reliability.

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