Contents of N2/2023

all contents

Contents of 2' 2023

CORPORATE FINANCE

The impact of the dividend policy on the value oil and gas companies
Voyko D.V., Candidate of Economic Sciences, Associate Professor of Finance and Credit,FSBEI HE State University of Management, e-mail: voyko@mail.ru
Author ID: 638176; SPIN-code: 1810-8966; Researcher ID: -9267-2019; Scopus Author ID: 57222319414; ORCID: 0000-0002-2774-4902
Voyko A.V., Candidate of Economic Sciences, Associate Professor of the Department of corporate finance and corporate governance, FSBEI HE Financial university under the Government of Russian Federation, e-mail: AVVoyko@fa.ru
AuthorID: 289708; SPIN-code: 3272-9994; Researcher ID: F-6206-2016; Scopus Author ID: 57219547486; ORCID: 0000-0002-2387-3440

Annotation. The article deals with the issue of the impact of the dividend policy on the value of oil and gas companies. The literature review on the topic of the article allows us to identify the main theoretical concepts of dividend policy, as well as the motivation of companies regarding dividend payments.
Regression analysis for Russian oil and gas companies was used as a research method. The indicators of capitalization and changes in capitalization, reflecting the value of the company in relation to independent variables characterizing the dividend policy of companies, were used as a dependent variable.
The study resulted in regression analysis calculations, which showed a relatively weak relationship between the company’s value and dividend payments, which, in turn, indirectly clarifies the list of factors affecting the value of oil and gas companies and, consequently, the welfare of shareholders.
Keywords: dividend policy, dividend, capitalization, oil and gas companies, company value.

References
1. Korporativnye finansy: uchebnik / E.I. Shohin, G.I. Hotinskaya, T.V. Tazihina [i dr.]; pod red. M.A. Eskindarova, M.A. Fedotovoj. M.: KnoRus, 2022. 480 s.
2. Miller M. and Modigliani F. Dividend policy, growth, and the valuation of shares // Journal of Business. 1961. Vol. 34. No. 4. Pp. 411433.
3. Grullon G., Michaely R. and Swaminathan B. Are dividend changes a sign of firm maturity? // Journal of Business. 2002. 75. Pp. 387424.
4. Driver C., Grosman A., Scaramozzino P. How investor pressure leads to higher dividend payouts // LSE Business review. 2021.
5. Galochkin V.T. Ekonometrika: uchebnik i praktikum dlya vuzov. M.: Izd-vo Yurajt, 2022. 293 s.
6. Voronov E.S., Kopylov P.A., Permikina K.E. Vliyanie dividendnoj politiki na rynochnuyu stoimost’ mezhdunarodnyh kompanii // Voprosy studencheskoj nauki. 2022. 3 (67).
7. Kakie rossijskie kompanii zaplatyat samye vysokie dividendy v 2021 [Elektronnyj resurs]. URL: bcs-express.ru/novosti-i-analitika/kakie-rossiiskie-kompanii-zaplatiat-samye-vysokie-dividendy-v-2021 (data obrashcheniya: 30.11.2022).
8. TOP-10 dividendnyh akcij Rossii v 2021 godu [Elektronnyj resurs]. URL: gazprombank.investments/blog/education/top-russian-stocks/(data obrashcheniya: 30.11.2022).
9. Dividendy [Elektronnyj resurs]. URL: smart-lab.ru/dividends/(data obrashcheniya: 01.12.2022).
10. Nikolashina N.N. Izuchenie vzaimosvyazi v dividendnoj politike finansovyh interesov kompanij i investorov // Rossijskij ekonomicheskij internet-zhurnal. 2022. 1.

Prospects for the development of factoring and forfeiting in the russian federation
Afanaseva S.M., student of the Department of Industry Markets Faculty of Economics and Business, Financial University under the Government of the Russian Federation, Moscow, Russia, e-mail: sofya.afanaseva.maks.27@mail.ru
Popova S.K., student of the Department of Industry Markets Faculty of Economics and Business, Financial University under the Government of the Russian Federation, Moscow, Russia,
e-mail: Sonya9899212@gmail.com
Zeleneva E.S., scientific adviser, assistant of the Department of Banking and Monetary Regulation Faculty of Finance, Financial University under the Government of the Russian Federation, Moscow, Russia, e-mail: ESZeleneva@fa.ru
SPIN-code: 9599-5021; Author ID: 933993; Scopus ID: 57222073277; ORCID: 0000-0003-3660-6779

Annotation. The relevance of the issue of prospects for the development of factoring and forfaiting in Russia is due to the urgent need of domestic companies to look for ways to increase the level of stability and sustainability of business in the ever-changing conditions of economic, social and political reality. The purpose of the study is to identify areas for the development of factoring and forfaiting relations in Russia. The work uses general scientific methods: analysis and synthesis, induction and deduction, comparison, as well as the statistical method. The results of the study show that the further development of factoring and forfaiting in Russia will be facilitated by the development of legal regulation and the introduction of financial technologies.
Keywords: factoring, forfaiting, accounts receivable, recourse, financial technologies.

References
1. Grazhdanskij kodeks Rossijskoj Federacii (chast’ vtoraya) ot 26.01.1996 14-FZ (red. ot 01.07.2021, s izm. ot 08.07.2021) [Elektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_9027/(data obrashcheniya: 09.01.2023).
2. Kon’shina P.E., Bautina E.V., Agafonova M.S. Teoreticheskie osnovy faktoringa // Cifrovaya i otraslevaya ekonomika. 2021. 2 (23). S. 6975.
3. Arhangel’skaya L.Yu., Salin V.N. Sovremennoe sostoyanie i perspektivy razvitiya rossijskogo rynka faktoringa (kratkij statisticheskij analiz) // Statistika i Ekonomika. 2021. T. 18. 4. S. 2234. DOI: 10.21686/2500-3925-2021-4-22-34
4. Utyashova O.V. K voprosu razvitiya faktoringa kak istochnika finansirovaniya deyatel’nosti predpriyatij // Moskovskij ekonomicheskij zhurnal. 2021. 8. DOI: 10.24411/2413-046X-2021-10512
5. Faktoring v Rossii. Sovmestnyj proekt NKR i Associacii faktoringovyh kompanij (AFK) [Elektronnyj resurs]. URL: asfact.ru/wp-content/uploads/2021/03/NCR_Factoring_Mar2021.pdf (data obrashcheniya: 09.01.2023).
6. FactorPlat: elektronnyj faktoring v dva klika [Elektronnyj resurs]. URL: factorplat.ru/(data obrashcheniya: 09.01.2023).
7. Dikareva I.A., Saenko V.V. Forfejting v kreditovanii vneshnej torgovli // Ekonomika i biznes: teoriya i praktika. 2022. 31 (85). S. 8790. DOI: 10.24412/2411-0450-2022-3-1-87-90

Organizational capital in the company’s value management system
Gonchar E.A., Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of Economics and Finance of the Federal State Educational Institution SUSU (NRU), e-mail: goncharea@susu.ru
SPIN-code: 5770-4476; ORCID: 0000-0003-1678-536X
Gonchar V.E., Business consultant of the Group of Companies Business Services, e-mail: ea@delovye-servisy.ru
ORCID: 0000-0003-0125-5286

Annotation. The article focuses on the issues of assessing the value of organizational capital in relation to other types of financial and non-financial capital and the value of the company. The authors of the article business consultants of the Business Services Group presented their practically useful methodological solutions developed on the basis of the development of theory and generalization of their practical experience in the implementation of consulting projects on organizational design and evaluation of the internal value of companies. The article clarifies the essence of the concept of organizational capital, describes its relationship with entrepreneurial risks, and provides models for assessing its value in relation to the formation of the company’s value. The presented methodology can be recommended to consulting companies that carry out projects to develop the organizational structure of companies and assess their internal value, as well as to management and specialists of commercial organizations.
Keywords: organizational capital of the company, organizational structure of the company, cost management of the company, management consulting, assessment of the internal value of the company, organizational design of the company.

References
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3. Gorbunov V.D. Rol organizatsionnogo kapitala v antikrizisnom upravlenii predpriiatiem //Cheliabinskii gumanitarii. 2010. 2 (11) [Elektronnyi resurs]. URL: cyberleninka.ru/article/n/rol-organizatsionnogo-kapitala-v-antikrizisnom-upravlenii-predpriyatiem (data obrashcheniia: 12.01.2023).
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7. Skripkin K.G. Arkhitektura predpriiatiia: problema opisaniia organizatsionnogo kapitala // Statistika i ekonomika. 2016. 4 [Elektronnyi resurs]. URL: cyberleninka.ru/article/n/arhitektura-predpriyatiya-problema-opisaniya-organizatsionnogo-kapitala (data obrashcheniia: 12.01.2023).
8. Tretiakova E.P. Organizatsionnyi potentsial, organizatsionnyi kapital, resursy kompanii: sushchnost i sootnoshenie poniatii v upravlencheskoi nauke // Vestnik IuUrGU. Ser.: Ekonomika i menedzhment. 2013. 1 [Elektronnyi resurs]. URL: cyberleninka.ru/article/n/organizatsionnyy-potentsial-organizatsionnyy-kapital-resursy-kompanii-suschnost-i-sootnoshenie-ponyatiy-v-upravlencheskoy-nauke (data obrashcheniia: 12.01.2023).

Distribution of general production costs by types of activity of a manufacturing enterprise
Mizikovsky I.E., Doctor of Economics, professor, head of Accounting of National research Nizhny Novgorod State University N.I. Lobachevsky, academician of the RAEN, e-mail: core090913@gmail.com
ORCID ID: 0000-0002-5094-5008; Scopus ID: 57215022345; Researcher ID: AAL-9673-2020; SPIN-code: 6345-3669; Author ID: 383262

Annotation. The article is devoted to the study of the problem of distribution of general production costs of enterprises in the manufacturing sector of the economy. The system of solving this problem, adopted in the practices of the studied enterprises, is considered, ways of improving it are proposed based on the adaptation of the cost accounting method and calculating the cost of production by type of activity to the peculiarities of economic entities: the calculation procedure and the nomenclature of articles of general production costs are clarified, a set of carriers of activities and indicators used as distribution bases is determined. The proposed methodology contributes to improving the quality of the information and instrumental space of on-farm management of production costs; ensuring the maximum possible reliability of the generated calculation results; making effective decisions and long-term strategies for the rational use of resources.
Keywords: indirect costs, accounting of costs by type of activity, general production costs, enterprises of the manufacturing sector of the economy, calculating the cost of production.

References
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Analysis and budgeting of costs of agricultural organization
Fedotova M.Yu., PhD in Economics, Associate Professor of the Department of Finance and Business Informatization, FSBEI HE Penza State Agricultural University, e-mail: fedotova_my@mail.ru
SPIN-code: 9045-4718; Author ID: 460667; Scopus ID: 57221328982;
ID Web of science: AAF-3282-2023; ID ORHID: 0000-0003-1014-5193

Annotation. Based on the results of the analysis, the article draws a conclusion about the irrational cost management in an agricultural organization. To solve this problem, it is proposed to use budgeting as one of the methods of financial planning. To increase the efficiency of processing and detailing information on costs in the company for the purpose of making timely management decisions, it is recommended to use the software product 1C: Integrated Automation 2.0 with the module 1C: Agro-industrial complex. Module for 1C: ERP and 1C: KA2. As part of the proposed activities, a budget for the cost of milk production for 2023 was drawn up. According to its results, in the forecast period, it was recommended to stabilize the growth in the cost of feed while maintaining the growth rate of cow productivity, which will reduce the cost of production and increase profits by 9317 thousand rubles.
Keywords: costs, prime cost, costs, management, analysis, structure, material consumption, salary intensity, capital intensity, budgeting, automation, software product, forecast, plan.

References
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7. Tagirova O.A. Opredeleniye optimal’noy velichiny sebestoimosti produktsii s ispol’zovaniyem metoda operatsionnogo analiza / O.A. Tagirova // Regional’nyye problemy razvitiya malogo agrobiznesa: sb. st. IV Vseros. nauch.-prakt. konf. Penza: RIO PGAU, 2016. S. 7680.

 

INVESTMENTS AND BUSINESS

Methods for determining the magnitude of external obsolescence in the evaluation of real estate objects
Danilova G.V., Deputy Head Head of the State Cadastral Assessment Department of KGBU KGKO, Master of the Department of Economic and Legal Expertise of the Union of Forensic Experts Expert Council of Plekhanov Russian University of Economics, Petropavlovsk Kamchatsky, e-mail: gv_danilova@mail.ru
Lisitsyna E.V., Doctor of Economics, Professor of the Department of Economic and Legal Expertise of the Union of Forensic Experts Expert Council of Plekhanov Russian University of Economics, Moscow, e-mail: Lisitsyna.EV@rea.ru
Author ID: 368448; SPIN-code: 6405-7312

Annotation. The article is devoted to the issue of applying and calculating the magnitude of external (economic) obsolescence for real estate objects by analyzing a set of social, economic and other factors. The general signs and prerequisites for the appearance of external obsolescence are analyzed, as well as existing methods for calculating the magnitude of external obsolescence, their shortcomings are revealed.
Keywords: External obsolescence, valuation, real estate object, valuation of real estate in remote areas.

References
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Attracting international investment as a basis for economic growth in russian regions
Gubarev R.V., PhD in Economics, Associate Professor, Associate Professor of the Department of Economic Theory, Plekhanov Russian University of Economics, e-mail: gubarev.rv@rea.ru
SPIN-code: 1942-4180; Author ID: 680317; orcid.org/0000-0003-1634-5030; WoS Researcher ID: N-3990-2016; Scopus Author ID: 57133204200
Sinelshchikova E.A., student of the Higher School of Economics and Business, Plekhanov Russian University of Economics, e-mail: sinelshikova.katerina@yandex.ru
SPIN-code: 3723-4060; Author ID: 1064714

The research was supported by RSF (project No. 23-28-01133).

Annotation. This article defines the importance of attracting international investment for the economy of Russian regions. The basis for assessing the investment attractiveness of Russian regions were the assessments of such annual rating agencies as the Agency for Strategic Initiatives (ASI) and the rating agency Expert RA. The effective experience of attracting foreign investments is shown on the example of the Republic of Tatarstan. The analysis of the structure of foreign direct investment in the Republic of Tatarstan is carried out and the main foreign investors are listed. The key barriers to curbing the inflow of international investment have been identified not only at the state level, but also at the meso-level. Along with this, the authors proposed measures to improve the investment climate in Russia.
Keywords: international investments, investment flows, regional policy, investment management, administrative barriers, international capital market.

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Methodological and practical aspects of assessing the economic security of the region (on the example of Primorye)
Levkina E.V., Candidate of Economic Sciences, Associate Professor of the Department of Applied Economics, 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
Klemushina A.A., student, Far Eastern Federal University, e-mail: klemushina.aa@students.dvfu.ru
SPIN-code: 8541-5710, Author ID: 1178411

Annotation. Based on the studied theoretical information, it can be stated that at the moment researchers have not been able to come to a single unified version of the methodology for assessing the economic security of the region. The purpose of scientific research is to evaluate indicators that affect the economic security and sustainable development of the region.
The object of the study is the economic security of Primorye.
The subject of the study is methodological aspects of assessing the economic security of the region.
The article presents an assessment of the main components of the economic security of Primorye for 20192021: investment, social, demographic and industrial. Based on the results of comparing the calculated coefficients with their threshold values, conclusions are drawn about the problematic components of the economic security of the region. The study was conducted based on statistical data. The result of the work showed that it is necessary to carry out systematic monitoring of the level of economic security of the Primorye in order to maintain the stable development of the region.
Keywords: economic security, methodology, assessment, development of the region, Primorye, economic risks, threats to economic security, factors.

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TAXES AND TAXATION

Analysis of the current state of tax revenues and accounting of taxpayers in the region in the context of the digital transformation of economic activity
Shalaev I.A., Candidate of Economic Sciences, Associate Professor of the Department Economics and Economic Security of the Central Russian Institute of Management branch of RANEPA, e-mail: viper18111988@yandex.ru
SPIN-code: 5734-6048; ORCID: 0000-0003-0646-5506; Scopus ID: 57202502174; RSCI Author ID: 761770
Kozhenchikov O.I., Candidate of Economic Sciences, Associate Professor of the Department Economics and Economic Security of the Central Russian Institute of Management branch of RANEPA, e-mail: okozhanchikov@yandex.ru
SPIN-code: 3460-7673; RSCI Author ID: 662926

Annotation. This article is devoted to the analysis of the current state of tax revenues and accounting of taxpayers in the region in the conditions of digital transformation of economic activity. In particular, the features and principles of the organization of the activities of tax authorities in Russia are determined, modern methods of assessing the effectiveness of the activities of tax authorities are studied, the characteristics of the activities of the Federal Tax Service of Russia in the Orel region are given. It should also be noted that the analysis of tax revenues and accounting of taxpayers in the region has been carried out, the effectiveness of the control activities of the tax authorities of the Orel region has been assessed, directions for improving the activities of tax authorities have been developed.
Keywords: tax revenues, taxpayers, tax authorities, control, information technology.

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26. Shalaev I.A. Ekonomicheskii analiz nalogovogo kontrolia v usloviiakh razvitiia innovatsionnykh informatsionno-telekommunikatsionnykh tekhnologii / I.A. Shalaev, O.I. Kozhanchikov // Fundamentalnye i prikladnye issledovaniia v oblasti ekonomiki i finansov Orel: SrIU filial RANKhiGS, 2021. S. 194200.

 

FINANCIAL MARKET

Cryptocurrency as a financial and payment instrument under sanctions: a critical analysis
Mukhin E.M., Master’s Student, Peter the Great St. Petersburg Polytechnic University, Higher School of Service and Trade, St. Petersburg, Russia, e-mail: Ev.muh@yandex.ru

Annotation. This article contains a critical analysis of approaches to the definition of cryptocurrencies and supporters of these approaches. Various variants of the understanding of cryptocurrency are given: cryptocurrency as money, cryptocurrency as an asset, cryptocurrency as property. The variety of functional features of the technology and its applicability in the context of widespread digitalization, greening and domination of marketplaces in the field of retail are analyzed. The purpose of this work is to analyze the position of cryptocurrencies and crypto-currency instruments in the modern world. The objectives of the study are to analyze the terminology of various authors, as well as to determine the strengths and weaknesses of tokens and the consequences of the existence of the distributed ledger technology. In this work, we managed to separate the terms cryptocurrency, cryptocoin, token, characterize each of the phenomena, as well as highlight their classification and form the basis for further research.
Keywords: cryptocurrency, token, distributed ledger.

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