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MAIN PAGE > Journal "Finance and Management" > Contents of Issue є 02/2019
Contents of Issue є 02/2019
Accounting and audit
Mitrovich S. - Issues and trends in implementation of business intellect into the process of economic analysis in Russia and abroad pp. 1-16

DOI:
10.25136/2409-7802.2019.2.28524

Abstract: The subject of this research is the issues and tents in integration of business intellect (BI) technologies as the organizational-technical and economic category of economic activity of the corporations in the conditions of advancements of the modern information society and economic space of the Russian Federation. The goal of this work lies in systematization and analysis of the aspects of international practice that should be given particular attention by the national organizations and enterprises of various types in the course of implementation of business intellect technologies, as they have a longer experience in this field. Leaning on the foreign experience and Russian sources, the author formulates the content and structure of spending tree for integration of business analysis solutions into the economic analysis of the development of modern organizations, which may be viewed as a generic source to calculate expenses for further expanding, considering the peculiarities of the activity of particular corporation, and its sectoral specifics. The author conducts defragmentation of specifics of expenses with regards to implementation of corporate and basic solutions in the area of BI; determines recommendations for various economic entities, including the small and medium business segment for the purpose of financial saving. Speaking of the possible adaptation of foreign practice, the author turns attention to the need for considering both, material and immaterial nature of the effect of implementation of business intellect technologies. The article also examines the strategy of role identification of specialists in realization of economic analysis using BI.
Innovations, innovative activities
Mitrovic S. - Peculiarities of practical application of business intellect technology as the means for informatization of economic analysis pp. 17-26

DOI:
10.25136/2409-7802.2019.2.29425

Abstract: The subject of this research is the practical aspects of application of the modern information technologies for informatization of the economic analysis of organizations. One of the modern information technologies in the area of economic analysis is business intellect and the created on its basis solution systems. Leaning on the extensive analysis of theoretical sources and practice of application of the business intellect systems in development of economic analysis of organizations in the Russian Federation and abroad, the author designs software solution in the area of analytical procurement and factor analysis of the results of economic activity of the organizations. The conducted research allows making a conclusion that the implementation of business intellect systems contributes to the more effective achievement of the main goal of analytical processing of economic information – determination of the cause-and-effect relationship between the various factors and rational arrangement of information flows for structuring the business model of a company in accordance with the analysis objectives. The scientific novelty lies in the extensive examination of a set of methodological and practical questions of application of business intellect systems in economic analysis of the organizations based on the empirical study, as well as approbation of the author’s solution and suggestion of the following new vectors: assessment of the efficiency of application of information technologies in the sphere of economic analysis based on business intellect; development of general methodology of economic analysis; identification of the potential of business intellect solutions for increasing the quickness and effectiveness of managerial solutions.
Question at hand
Zakirova E.R., Sheina E.G., Astanakulov O.T. - Methodological approaches towards assessing the efficiency of investment and financial risk management of economic entities pp. 27-36

DOI:
10.25136/2409-7802.2019.2.29840

Abstract: The subject of this research is the methods of assessing the risk management of an economic entity. Special attention is given to the assessment of investment and financial risks considered most important from the perspective of planning the future financial result. The goal of this work lies in the examination of theoretical foundations, peculiarities and correlations of the category of “risk” with the enterprise performance indicators, which allows to logically substantiate the multistage system of investment and financial risk management, universal to economic entities operating in various sectors. Methodological base is structure on the theory of risk management and corporate finance, which allows viewing the characteristic of the investment and financial risks, specificities of their forecasting and assessment, as well as determining the importance of influence upon the financial result. The authors develop an algorithm of financial and investment risk management of the economic entity, which represents an open system with the object and subject of management, executive branch affecting the object of management for the purpose of changing the end financial result, and six management stages. The authors also propose and logically substantiate the multidimensional vector model of risk assessment, based on the hypothesis for the dependence between the initial value of the asset and the value of risk, and determining the true value of the asset “minus the risk” value based on this formula. The authors believe that further research on this topic would help solve a relevant for the Russian economy problem of the establishment of comprehensive system of assessment and management of risks of economic entities.
Financial markets
Sidorov A.A. - To clarification of the concept of financial risk of the investment portfolio pp. 37-42

DOI:
10.25136/2409-7802.2019.2.30133

Abstract: The subject of this research is the category of risk of the investment portfolio. Currently, stock market is one of the key structural elements of financial system of any country’s economy. Investing into the market financial assets can benefit both, legal and private entities. Competent management of the investment portfolio allow obtaining an acceptable level of income; however, suggests a qualitative and quantitative risk analysis accompanying the investment process. The complexity of risk phenomena, represented by multiple ambiguously related factors, peculiarities of manifestation of risk in different spheres of activities of economic entities, substantiate the need for a comprehensive examination of these factors and application of its results in risk management practice of the organization as a whole, as well as within the framework of its investment activity in particular. This article is dedicated to the analysis of classification of risks faced by the investor in terms of formation of securities portfolio. The author proposed the definition of financial risk that allows reflecting the multiplicity of its form at the level of an independent investment or investment portfolio. The scientific novelty lies in formulation of the definition of financial risk of the investment portfolio as the system of qualitatively irreducible factors, each of which characterizes potentially unfavorable set of circumstances accompanying the investment process, as well as overcoming the traditional for investment analysis direct identification of risk with volatility of qualitative factors defining both, an independent investment, as well as investment portfolio.
Question at hand
Talalaeva N.S., Murav'eva N.N. - Assessment of the impact of the financial and economic factors of macro environment upon the efficiency of financial management in small and medium businesses of Volgograd Region pp. 43-55

DOI:
10.25136/2409-7802.2019.2.29698

Abstract: The object of this research is the financial management in small and medium businesses (SMB). The subject of this research is the process of assessing the impact of financial and economic factors of macro environment of small and medium businesses of Volgograd Region upon the performance and efficiency of their financial management. As quantifiable key factors influencing financial situation, development and financial management of small and medium businesses, the author selected the factors of the financial and economic block: inflation rate, interest margin and personal income, volume of state incentives. The resultant indexes of the efficiency of financial management became the individual financial indicators. The authors establish the statistically important strong impact of inflation, shift in short-term interest rates for loans allocated to SMB actors, and average personal income of the population of Volgograd Region upon the efficiency of financial management of small and medium businesses of the region. The authors determine the weak impact of the federal and regional incentives for the development of SMB upon the performance of financial management. Systemic approach toward assessment of financial management allows the entrepreneurs to increase the efficiency level considering the opportunities and risks of macro environment.  
Strel'nikov V.V. - Contradictory trends in the Russian banking pp. 56-68

DOI:
10.25136/2409-7802.2019.2.29949

Abstract: The subject of this research is the key trends in the development of Russian banking in terms of the unfolding processes of digitalization, financialization, and disintermediation. These trends develop at the level of separate parameters of loan costs, dynamics of private deposits, profit margin, expansion of electronic document flow, implementation of international recommendations with consideration of the national market conditions., as well as  at the higher level of complex characteristics of the formation and advancement of resource capacity of the credit sector, and efficiency of its utilization. At the same time increases the complexity of internal trends due to the external challenges of financial sector, incentivizing for possible refrain from bank’s mediation in mobilization of loan resources and partial withdrawal of funds from bank deposits to investment instruments. The goal of this work lies in determination of systemic contradiction in the growth of the Russian banking sector.
Financial monitoring
Kinsburskaya V.A. - Question of correlation of public and private interests in bankТs refusal to service customers pp. 69-81

DOI:
10.25136/2409-7802.2019.2.29531

Abstract: The goal of this article is the study of conditions for exercising the right of banks to refuse servicing customers (private and legal entities) in accordance with the Federal Law of 08.07.2001 No. 115-FZ “On Countering the Legalization of Illicit Gains (Money Laundering) and Financing of Terrorism”. Attention is focused on such aspects of the topic as the bank’s control over suspicious transactions; legal and factual grounds for declining transaction or by the bank, as well as signing deposit agreement or dissolution of existing deposit agreement; procedure for using customer blacklist by the bank; “rehabilitation” mechanism for bona fide customers. In the course of this research, the author analyzes the FATF international standards, as well as position of the Federal Financial Monitoring Service of the Russian Federation and Central Bank of the Russian Federation on mandatory and “suspicious” monitoring in the area of counteracting money laundering and financing of terrorism (including the project of the Central Bank of the Russian Federation on creating a uniform automated database to identify high risk categories of customers for banking sector. The author’s special contribution lies in determining effective correlation of public and private interests in the context bank’s refusal to service customers, as well as formulation of certain recommendations for customers on optimization of collaboration with the bank, substantiation of economic meaning of committed transactions, provision and updating of the customer identification information.
International economic integration
Kantarovich A. - Foreign trade activities of the Russian companies: problems in the context of liberalization of foreign economic activity pp. 82-91

DOI:
10.25136/2409-7802.2019.2.29989

Abstract: The subject of this research is the problems of foreign trade activities emerged in the context of liberalization of foreign economic activity. The goal of this work consists in systematization and analysis of the challenges of liberalization of foreign economic activity, substantiated by the dual impact on Russian enterprises. Thus, the economic entities obtain not only additional opportunities for self-development, but inevitably face a specific transitional mode (due to characteristic to management system of ability to rapidly change and adjust to production and business, organizational and economics, operational and commercial needs of international exchange. The scientific novelty lies in examination of the category of “transitional state of entrepreneurship” through evolution of relations between Russian enterprises and business entities, driven by the need for internationalization of business and commercial activities. Leaning on the practice of Russian enterprises, as well as the national sources, the author concludes that overcoming of transitional states of entrepreneurship in the area of international exchange is always challenging with regards to executing transaction, adjustment to foreign trade operations and expansion in the international market, improvement of export strategy and establishment of connections with foreign partners, etc. The results may be valuable in building a set of management cyclical actions for Russian enterprises.  
Regional economy
Cheremisinova D.V., Krichevets E.A., Ryabchenko D.S. - Development of a model of short-term liquidity for wineries pp. 92-104

DOI:
10.25136/2409-7802.2019.2.29895

Abstract: The goal of this research is the development of a multifactor regression model based on financial indexes that take into account the specificity of economic and financial activity of winemaking industry for formulation of assessment methodology of the current liquidity. The object of this research became the 40 largest winery assets in the Republic of Crimea, federal city of Sevastopol, and Krasnodar Region. The authors put forth a hypothesis that the structure of current assets, presence and capacity of own and loan funding sources, their maturity and seasonal character, must be considered in assessing the score of short-term liquidity for the wineries. The foundation for this research is the classical method of stochastic modeling of economic activity, namely the correlation and regression analysis. The main contribution of the authors consists in the selection of factors that would consider the specifics of work of the winemaking enterprises, structure of their assets and funding sources; development of regression model for quantitative assessment of the impact of factors upon the level of current liquidity of wineries overall.
Innovations, innovative activities
Makarova M.V. - Leading Scientific Associate, Center for Research of State Administration Issues of the Institute of Economics of the Russian Academy of Sciences pp. 105-117

DOI:
10.25136/2409-7802.2019.2.25750

Abstract: The subject of this research the current and upcoming trends of state policy aimed at support of small and medium businesses. The author reviews the new institutional formations. Small and medium business is the backbone for country’s strong economy. The goal is to answer the question of how effective is the state support of small and medium business in this regard. The object of this research is the state policy of the Russian Federation for supporting small and medium businesses (SMB). Namely the small and medium businesses as the basics of formation of the larger innovation structures. The author concludes that state financial backing of the subjects of SMB is based on subsidized loans aimed at increasing operation and investment capitals, as well as providing guarantees and suretyship by specially formed federal and regional institutions. The results obtained from the analysis of organizational block demonstrate the following: state support of the subjects of SMB is aimed at the sectors with prevailing policy of import substitution; electronic sources, offered by various government resources, require additional revision and testing, with consideration the opinion of potential entrepreneurs; expansion of educational capacity in the area of financial literacy, basis of entrepreneurship, along with teaching online services in educational establishments.
Government loan
Rogozin S.S. - Current situation in the credit derivatives market of Russia pp. 118-128

DOI:
10.25136/2409-7802.2019.2.29875

Abstract: The subject of this research is the peculiarities of functioning of the credit derivatives market in the Russian Federation and worldwide, as well as their comparative analysis. This will allow determining the place and role of credit derivatives on the market of financial derivatives, its strong and weak sides, as well as trends and potential risks for its future development. Special attention is given to the external environment of the development of credit derivatives market in terms of the national market of financial derivatives. Relevance of this work is defined by the higher level of credit risk in Russia, which in world practice can be reduced by using credit derivatives. Development of the credit derivatives market is one of the key factors for increase in real sector lending, lowering the credit risk level, diversification of credit portfolio of the banks, and increasing financial security of credit and financial institutions. The method of SWOT analysis was applied for determining the strong and weak sides, as well as opportunities and threats influencing the situation in the credit derivatives market of the Russian Federation. The scientific novelty lies in the use of STEP analysis to describe the opportunities and threats that define external environment. In conclusion, the author indicates the social, technological, economic, and political-legislative factors in relation to opportunities and threats to development of the credit derivatives market in Russia. Based on the acquired results, the author maker recommendations of further development of the credit derivatives market in the Russian Federation.
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