Ёлектронный журнал ‘инансы и управление - є1 за 2017 г. - —одержание - список статей. ISSN: 2409-7802 - »здательство NotaBene
Finance and Management
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MAIN PAGE > Journal "Finance and Management" > Contents of Issue є 01/2017
Contents of Issue є 01/2017
Question at hand
Raimov A.V. - Economic Assessment of Corporate Confidential Information pp. 1-9


Abstract: The subject of the research is the mathematical-and-statistical tools that are used in the process of quantitative evaluation of economic and financial consequences of the loss of corporate confidential information. Experts in information security can carry out a qualitative analysis and evaluation of the importance of such information but they cannot do the quantitative evaluation that has financial and economic equivalents. Thus, quantitative evaluation of the information value when analyzing the risk of an information security incident is a very nettlesome problem. In this article Raimov describes different types of the information resource value. He also offers a method to define the full value of the corporate information asset and evaluate the weighted average cost of information. As an example, the author analyzes a development laboratory planning to develop a new plant. The result of the research is the quantitative evaluation of the confidential information value, in particular, information asset of the aforesaid development laboratory in a monetary equivalent. The scientific novelty of the research is caused by the fact that the author offersh is own method that allows to transfer the qualitative evaluation into quantitative without any particular requirements. The main conclusion of the research is that in the process of collecting the information asset, it is necessary to keep a balance between the quality and amound of information on the one hand and the value of information on the other hand.   
On the history of financial law
Synieokyi O.V. - The Organizational & Legal Peculiarities of Record Labels And Management of Multinational Record Companies (1950Ц2015's) pp. 10-33


Abstract: The object ofthe present research is the social relations arising in the sphere of modern recording industry music business. The subject of this research is organizational and legal features of Western record labels and their place in the global record. The author of the article offers data research for the major types of record companies established in the global music industry. The author examines such aspects of the topic as the management problems and PR in the recording industry as well as the legal status of the management of the label and the artist. The reliability, representativeness and originality of the research is provided by the author's using the systems analysis of a representative empirical data based on the theoretical and methodological premises of basic research.The theoretical core of the methodological basis of the research is the theory of communication with the broad involvement of knowledge of administrative law and management theory. The priorities are the general methodological approaches to the analysis of social phenomena: the concrete historical and descriptive methods, comparative legal, dialectical systems, structural and functional analyses.As a result of the study the author comes to the conclusion that the recording industry bears the signs of historical time and the regional-national characteristics that manifests itself in the structure of recording institutions. The author has also systematized types of recording companies and types of record labels presented in the form of a single conventional model. The main author's idea is embodied in the final thesis that the recording industry as the system is turned into a global meta-system of social communication which operates with its own specific rules and corporate principles. The novelty of the research is caused by the fact that the author determines the recording system infrastructure as a set of organizational structures and subsystems of musical and publishing corporations (record labels, companies and studios, plants for the production of gramophone records and other phonographic products).
Finances of the financial market professionals
Ivko D.G. - Peculiarities of Assessing Russian Companies' Value By Using the Method of Market Multipliers pp. 34-46


Abstract: The present article is devoted to particularities of using the method of market multipliers in the process of assessing the company value based on the example of gas and oil companies in the Russian Federation. The author analyzes opportunities and reasonability of applying market multipliers to assessing the value of peer companies and describes minuses and pluses of this method. The author has discovered the relationship between volatility of common-stock value and volatility of price multipliers (P/E, P/B), and has analyzed the force and orientation of these relations. Based on the results of the research, the author evaluates the opportunity and reasonability of applying multipliers of peer companies in the process of assessing the value of gas and oil companies in the Russian Federation based on the results of the period since 2006 till 2015. According to the author, it is reasonable to apply the peer company multiplier method to the gas and oil sector of the Russian Federation in order to carry out a fast assessment of a company's value or to prove the value of a company assessed by other methods (cost and profit methods). On the basis of the determination ratio obtained, the author concludes that volatility of common-stock value depends on the volatility of price multipliers of gas and oil companies in the Russian Federation. The author has conducted a financial study using economic comparison and calculation of statistical and econometric values (correlation ratio and determination ratio). The purpose of the research was to study particularities of using the market multiplier method in the process of assessing Russian companies' value based on the example of gas and oil companies of the Russian Federation, in particular, the relationship between volatility of price multipliers value and volatility of common-stock value in the sphere of gas and oil sector of the Russian Federation for the period since 2006 till 2015. P/E and P/B ratios have been chosen as the main price multipliers under review. Recent researches allowed to discover the relationship between price multipliers and volatility of common-stock value on the European market. These conclusions formed the basis for further and more in-depth analysis of the relationship between volatility of price multipliers value and volatility of common-stock value for gas and oil companies of the Russian Federation covered by the present article. The method of multipliers is quite easy- and fast-to-use and therefore can be successfully used to assess a company's value. Many practical assessors apply this method. Quite often they make calculations using multipliers when there is no time or enough information but, as the results of the research show, this can create wrong assessments. The author proves that it is however possible to apply the multipliers method to assessing the value of gas and oil companies of the Russian Federation. The author also proves that it is possible to apply volatility of price multipliers to creating a forecasting model predicting volatility of common-stock value of companies performing in the sphere of gas and oil sector of the Russian market. The author of the article emphasizes the risk of using the above mentioned method due to the fact that this method provides results of high volatility values and absolute and relative indicators for both multipliers and common-stock. The author continues this research in other sectors as well. For example, the author plans to cover up to 10 different sectors of the Russian Federation economy including metallurgy, mechanic engineering, petro-chemistry, power engineering, banking, telecommunication, consumer sector, etc. This will allow to better understand the opportunity to apply the method of multipliers to assessing common-stock value on the Russian Federation market. Even now it is already obvious that the situation has been rather contradictory over the studied period. The author plans to publish the results of researches in other sectors in the nearest future.  
Government and municipal borrowing
Sergienko N.S., Suslyakova O.N. - Budgetary Credits for the Balance of Territorial Budgets pp. 47-59


Abstract: The subject of the research is the economic and financial relations arising in the process of financing the current budget deficit through providing a short term fiscal loan. The object of the research is the mechanism of short-term fiscal lending budgets of the RF constituents and municipal entities. The authors summarized Russian experience of lending to public entities by the Treasury of Russia made proposals on improving the mechanism as well as the features of loans from the Federal budget in the conditions of high cost of Bank loans, the benefits of the Federal loans that provide a solution to the problem of the current budget deficit  in the sphere of public legal education. The methodological framework is based on general research methods including analysis, synthesis, comparison, and special research methods (mathematical and statistical). The novelty of this research is caused by the fact that the mechanism of granting the budgetary credit should be associated not only with the possibility of financing the regional level but also take into account potential cash planning and forecasting expanding the list of tools that enhance the liquidity of the single account of the budget consolidation, budgetary resources, including at the local level. The study allowed to conclude that the implemented the Federal Treasury instruments cash management helps to ensure additional stability of budgets in the budgetary system within the framework of ongoing measures to improve efficiency of public finance management.
Economic control and management
Chkhutiashvili N.V. - Motivation as a Management Function of a Modern Company pp. 60-67


Abstract: The article is devoted to motivation as a management function of a modern company. Modern motivational personnel management system at each modern organization should be aimed at achieving maximum economic results and developing potential of each employee. The author of the present research article covers issues related to the creation of the modern motivational personnel management system that should be focused on achieving both economic results and developing abilities and skills of each employee. Within the framework of the present research motivation is viewed by the author as a combination of stimula encouraging employees to be committed to their labor activity, i.e. a manager must ensure successful performance of employees by conducting certain organisational activities. Without motivated and skilled employees a company will never be able to create efficient systems of marketing, sales, finances and accounting. Employees' skills and knowledge become the main source of prosperity of any company. Thus, in order to achieve better performance of the company in general and each employee in particular, it is necessary to look for more efficient models of personnel management as well as to create necessary conditions for developing creative abilities and careers of each employee. Employees' knowledge and skills contribute to the profitability of a company. As the main conclusion of the research, the author offers certain measures to improve the motivation of the personnel. These measures allow employees to take their duties as a conscious activity contributing to their self-improvement and professional and career growth. Thus, it is necessary for a company to create the kind of conditions that would allow to create the motivational personnel management system aimed at achieving maximum economic results and developing potentials of each employee. 
—пециальные налоговые режимы
Orobinskii A.S., Mokrenskaya K.O. - Analysis of Tax Regulation of Small Business in Russia By Means of Special Taxation Schemes pp. 68-77


Abstract: The authors of the given research analyze the mechanism of tax regulation of small businesses in Russia by means of special taxation schemes as well as recent changes in the sphere of Russia's economy that have encouraged implementation of certain measures aimed at reducing the tax burden for small and medium businesses. The subject of the research is the economic relations arising between the state and taxpayers in the process of taxation of small business. The object of the research is the special taxation schemes as one of the instruments of tax incentives applied in the sphere of small business. The methodological basis of the research involves legislative and legal acts of state authorities, federal laws, Presidential Decrees and RF Government Resolutions as well as materials of scientific and practical conferences on the matter of small business. In their research the authors have also used the abstract logical, monographic, statistical economical and other methods of economic research. As a result of the research, the authors conclude that the main priorities of Russia's development today cannot be achieved without further development of tax regulation and special taxation schemes for small- and medium businesses as one of the aspects of such development. The scientific novelty of the research is caused by the fact that the authors analyze the threshold value of the fiscal burden in small business and admit that its influence relates not only to the amount of combined taxation but also efficiency of the industry and financial status of an enterprise. The taxation threshold should be defined taking into account the regional attribution of economic entities and associated objective factors of expenses volume and structure as well as the rate of capital turnover.
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