Contents of N3/2023

all contents

Contents of 3' 2023

CORPORATE FINANCE

Methods of operational foreign currency risks management for trade and industrial companies
Bukhtiyarov S.Y., senior finance manager, LLC RULOG, e-mail: stanius@yandex.ru
Researcher ID (WoS): HNR-1149-2023; ORCID ID: 0009-0005-8047-3442

Annotation. The article discloses the main sources of operational foreign currency risks for trade and industrial companies. Presented methods and practical recommendations, allowing to mitigate the risk and make foreign currency rate fluctuation more predictable.
Keywords: foreign currency risk, currency clauses, hedge.

References
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Anticrisis economic methods in regulation of activities of health care organizations
Gabueva L.A., Doctor of Economics, Professor, Director of the Center for Management Training of the Faculty of Management in Medicine and Healthcare, Institute of Sectoral Management, RANEPA, e-mail: gabueva@ranepa.ru
SPIN-code: 7696-0939; Author ID: 568483; ID : 568483; ORCID: 0000-0001-6249-3443
Kozhevina O.V., Doctor of Economics, Lecturer at the Center for Management Training of the Faculty of Management in Medicine and Healthcare, Institute of Sectoral Management, RANEPA; Professor of the Department of Corporate Finance and Corporate Governance of the Financial University under the Government of the Russian Federation, e-mail: ol.kozhevina@gmail.com
SPIN-code: 6696-6538; Author ID: 346023; ID : 346023; Scopus ID: 57190430404;
Researcher ID: R-9605-2017; ORCID: 0000-0001-5347-2253
Sadykova .A., PhD Student, Faculty of Economic Sciences, Department of Applied Economics National Research University Higher School of Economics, e-mail ea.sadykova@hse.ru
SPIN-code: 2991-1449; Author ID: 1190505; ID ; 1190505; ORCID: 0000-0002-5819-187X

Annotation. World practice shows that in recent years, healthcare organizations have effectively adapted management tools to new global challenges and optimized business processes. Anti-crisis management is a universal tool for responding to emergency and difficult to predict situations. The authors draw attention to the complexity of management methods of a modern non-profit socially oriented organization, including medical institutions. It is also important to take into account the peculiarities of the motivational environment and the organization of labor processes of medical and administrative personnel of medical institutions. In the context of the implementation of anti-crisis management and a risk-based approach, it is very important to scientifically and practically substantiate and evaluate the effectiveness of changes in both management methods and business processes, taking into account modern external health challenges.
Keywords: crisis management, healthcare organizations, proactive management tools, economic development, healthcare workforce.

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Leasing as a way to optimize the structure of financial resources
Nosov A.V., PhD in Economics, Associate Professor, Vice-Rector for Research, FSBEI HE Penza State Agricultural University, e-mail: a_nosov83@mail.ru
SPIN-code: 6155-2637; Author ID: 662303; Scopus ID: 57221330552; Web of science ID: AAB-9229-2022; ORHID ID: 0000-0002-1112-3116
Tagirova O.A., PhD in Economics, Associate Professor, Head of the Department of Finance
and Informatization of Business FSBEI HE Penza State Agricultural University, e-mail: tagirowa2008@mail.ru
SPIN-code: 4033-9203; Author ID: 447458; Scopus ID: 57225181400; Web of science ID: AAE-9488-2022; ORHID ID: 0000-0002-1733-9559
Fedotova M.Yu., PhD in Economics, Associate Professor, 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-3282-2022; ID ORHID: 0000-0003-1014-5193
Kozhaev V.S., Master’s student of the Faculty of Economics FSBEI HE Penza State Agricultural University, e-mail: kozhaev_valentin00@mail.ru

Annotation. In the article, based on the results of the analysis, a conclusion was made about the non-optimal structure of financial resources in the organization under study. The data obtained indicates that the company is highly dependent on financing from external sources. Most of the coefficients of the capital structure do not coincide with the normative value, the amount of borrowed funds exceeds its own several times. To solve this problem, the use of leasing services is proposed. The most profitable option for the organization under study is the purchase of equipment through Rosagroleasing JSC, which occupies a leading position in the market and offers a variation of preferential leasing through subsidizing. This will reduce the cost of updating the organization’s industrial park and allocate the saved funds for partial repayment of the enterprise’s debt obligations. Thus, it will be possible to achieve the optimal ratio between own and borrowed funds in the future by 2028.
Keywords: financial resources, borrowed capital, equity capital, structure, coefficients, efficiency, leasing, equipment, renewal, benefits, subsidies, costs, forecast.

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INVESTMENTS AND BUSINESS

Impact of sanction pressure on the stability of russian business
Borisova O.V., PhD in Economics, Associate Professor, Department of Corporate Finance and Corporate Governance, Faculty of Economics and Business, Financial University under the Government of the Russian Federation, Moscow, Russian Federation, -mail: OLVBorisova@fa.ru
SPIN-code: 5297-3667; ORCID: 0000-0002-7889-2745; Researcher ID: AAW-9161-2020; Scopus ID: 57191410077

Annotation. In the article, the author examines the sanctions that are regularly imposed against Russia. The taxonomy of sanctions is summarized, examples of their use in 2022 are presented. Their impact on key macro indicators and the financial market is assessed. An approach is presented that makes it possible to conduct more detailed sectoral studies of the impact of sanctions pressure on business in the future. The proposed recommendations will allow you to quickly assess and evaluate the degree of transformation of indicators for the development of proposals.
Keywords: sanctions, sanctions pressure, business stability.

References
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Issues of reflection of financial and non-financial climate indicators in corporate reporting
Plaskova N.S., doctor of economic science, professor, asic Department 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
Bashin .., Ph. D. candidate, asic Department of Financial Control, Analysis and Audit of the Main Control Department of Moscow, Plekhanov Russian University of Economics, -mail: andrey.bashin@gmail.com
ORCID: 0009-0006-4715-739X

Annotaion. The article presents topical issues of improving methodological approaches to the formation of reliable information about the company in corporate reporting on sustainable development, the reflection of environmental and climatic activities based on ESG principles. Recommendations on the disclosure of indicators on the impact of the company’s activities on the environment are proposed, based on the results of a comparative analysis of the requirements for financial and non-financial reporting information contained in foreign and Russian regulations. The necessity of developing generally accepted international standards of corporate reporting was noted.
Keywords: corporate sustainability reporting, financial indicators, non-financial indicators, climate indicators, reporting, ESG principles.

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Development of tourism in the regions of the volga federal district: assessment of the multiplier effect in crisis conditions
Garashchenko A.A., Master’s student of the Department of Tourism and Cultural Heritage of N.G. Chernyshevsky SSU, e-mail: avatar3108@mail.ru
Temyakova T.V., candidate of Economic Sciences, Associate Professor, e-mail: temyakova@yandex.ru
SPIN-code: 2372-6503; ORCID: 0000-0002-1767-7240; Researcher ID: D-6646-2013; Author ID: 581336

Annotation. The paper identifies the negative impact of restrictions caused by sanctions and the threat of the spread of the COVID-19 pandemic on tourist spending. The article cases the state of the tourism industry in the context of federal districts. The regions of the Volga Federal District were selected as the object of research of the multiplicative effect of the tourism industry. In a number of subjects of the Volga Federal District, high rates of savings rates were found. As a result, such regions demonstrate low values of the tourism multiplier. The work also reflects the influence of the multiplier on related sectors of the economy and social spheres. The assessment of the state policy in the field of tourism in conditions of restrictions indicates its effectiveness. In general, the tourism industry of the regions of the Volga Federal District has shown resistance to external factors.
Keywords: tourism, multiplier, multiplier effect, tourism economics, tourism statistics, tourism development, COVID-19, Volga Federal District.

References
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Development of payment services using mobile devices
Kadeikina A.V., student of the Faculty of Economics and Business, Financial University under the Government of the Russian Federation, Moscow, Russia, e-mail: Kadeikina31@gmail.com
Khugaev I.O., student of the Faculty of Economics and Business, Financial University under the Government of the Russian Federation, Moscow, Russia, e-mail: ilyakhru1994@mail.ru

Annotation. The article is devoted to identifying the prospects for the development of payments using mobile devices in Russia. Using general scientific theoretical methods, empirical methods of comparison, description and observation, the types of mobile payments are classified, opportunities and threats, strengths and weaknesses of the development of payments in the Russian market are analyzed. Particular attention is paid to the analysis of the impact of the introduction of the digital ruble on the development of payments using mobile devices. As a result of the research, the directions of development of the Russian mobile payments market are presented.
Keywords: payment services, mobile payments, digital ruble, digital wallet.

References
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2. Strategiya razvitiya nacional’noj platezhnoj sistemy na 20212023 gody (utv. Bankom Rossii) [Elektponnyj recurs]. URL: consultant.ru/document/cons_doc_LAW_382148/ (data obrashcheniya: 09.02.2023).
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5. Kolgotina T.A. Beznalichnye i beskontaktnye platezhi vo vremya COVID-19, i ne tol’ko // Nauch.-obrazovat. zhurnal dlya stud. i prep. StudNet. 2021. 5. S. 16871706.
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CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

The purposes and mechanics of syndicated lendning
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 certain issues of raising syndicated loans by Russian corporations: the purposes for which such funding is utilized and the mechanisms of executing syndicated deals. The following purposes of syndicated loans in corporate finance are considered: short-term (replenishment of working capital), medium-term (refinancing of current indebtedness, capital expenditures) and long-terms (new production facilities in the framework of project finance transactions).
Three mechanisms for executing syndicated loan transactions are described in the paper: “classic” syndicated loans, “underwritten” facilities, “club” deals. In the case of a “classic” syndicated loan banks carry out the syndication process in the loan market, with the final deal amount and the interest rate depending on the success of the syndication. In an “underwritten” deal banks provide the underwriting for the whole amount or for a part of the loan, thereby allowing the corporation to definitely receive pre-determined amount of funding independently of the results of the syndication process. In the format of a “club” deal the financing is provided to the borrower by a senior syndicate of partner banks with equal participations in the transaction, without the general syndication in the loan market.
The comparative analysis of the purposes and mechanisms of raising syndicated loans is also presented in the article.
Keywords: syndicated loans, raising corporate financing, syndication process, budgeting, financial management, investment banking services, loan capital markets.

References
1. Tarasov .. Protsess privlechenia korporativnum zaemshikom sinditisirovannogo kredita // Finansovui Menegment. 2015. 2. S. 113120.
2. Tarasov .. Instrumentu runka sinditisirovannogo kreditovaniya dlya korporativnogo finansirovaniya // Finansovui Menegment. 2018. 3. S. 101109.
3. Campbell M. (ed.), Weaver C. Syndicated lending: Practice and Documentation, 7th ed. Harriman House, 2019. 762 p.
4. Shaiman L. (ed.), Marsh B. (ed.). The handbook of loan syndications and trading, 2nd ed. McGraw-Hill, 2022. 976 p.
5. Agarwal Y. Capital structure decisions: evaluating risk and uncertainty. Wiley, 2013. 272 p.
6. Hommel U., Fabich M., Schellenberg E., Firnkorn L. The strategic CFO: creating value in a dynamic market environment. Springer, 2011. 316 p.
7. Bellucci M., McCluskey J. The LSTA’s complete credit agreement guide, 2nd ed. McGraw-Hill, 2016. 752 p.
8. Shutter A. A practitioner’s guide to syndicated lending, 2nd ed. Sweet & Maxwell, 2017. 560 p.


TAXES AND TAXATION

On the need for tax regulation of commercial activities of non-profit organizations
Grishchenko A.V., doctor of economics, certified auditor of the Russian Ministry of Finance, Head of the expert bureau, -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 Exchange on Listing, Associate Professor, Acting Head of the Department of Financial and Investment Management of the Financial University under the Government of the Russian Federation, -mail: pochta2807@gmail.com
SPIN-code: 4877-5335; ID : 304395; ORCID: 0000-0003-2238-6170

Annotation. The active development of the non-profit sector is highly dependent on the tax regulation of the non-profit sector by providing, first of all, tax benefits and preferences, as well as on the balanced tax policy of the state in relation to the subjects of the commercial sector. Currently, there are problems of inefficiency of the current mechanism of tax regulation of relations between business entities (business structures) with non-profit organizations, and there is also no unified system for monitoring and controlling the application of tax benefits by non-profit organizations. The article concludes that the development of tax incentives by the state, contributing to an increase in the financial capabilities of the non-profit sector, should be carried out together with the improvement of methodological support for tax control, as well as with the modernization of methods and techniques for its implementation.
Keywords: non-profit organizations, NGOs, taxes, taxation, tax administration, tax control, commercial activity.

References
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2. Grishhenko A.V. Teoriya i metodologiya nalogovogo regulirovaniya deyatel`nosti nekommercheskix organizacij: dis. dokt. e`kon. nauk: 08.00.10 [Mesto zashhity`: Finansovy`j un-t pri Pravitel`stve RF]. M., 2018. 364 s.
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BOOKKEEPING AND REPORTING

Management accounting of technological losses of material resources in the flow of value creation by an industrial 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 purpose of the research presented in the article is to improve the quality of the information and tool space of the management accounting of technological losses of materials involved in the value creation flow of an industrial enterprise; the tasks are the terminological identification of the concept of technological losses at the enterprises under study; incorporation into the composition of technological losses of the costs of their disposal in the management accounting system; adaptation of existing control and accounting tools to conditions of application in the new economic reality; development of output information forms that can significantly increase the level of awareness of management decision makers. In the course of the study, the author analyzed state standards and scientific sources, used methods of interviewing specialists in the subject area under study; observation, collection, accumulation and systematization of data; complex analysis of collected information; classification, decomposition, aggregation of the information under study; economic diagnosis and graphical interpretation. The results obtained satisfy the set goals and objectives of the study, contribute to increasing the level of controllability of technological losses on the part of corporate governance entities and the operational efficiency of the organization.
Keywords: technological losses, material resources, value stream, management accounting, rationing, disposal costs, industrial enterprise, corporate management.

References
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