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MAIN PAGE > Journal "Finance and Management" > Contents of Issue № 03/2019
Contents of Issue № 03/2019
Financial markets
Sidorov A.A. - Utility function of an investor as the instrument of formation and assessment of an investment portfolio pp. 1-11

DOI:
10.25136/2409-7802.2019.3.30338

Abstract: This article explores the question of defining the utility function of an investor within the framework of solving of investor’s problem. Due to their characteristic features, the securities afford an opportunity to the financial market participants to implement various focus strategies in the area of investment management. The basic idea of investment decision-making implies the optimization of utility as a method for achieving the utmost possible utility within the existing budget. The final solution of optimization process is the conclusion on the content and volume of procured products and services at a particular price, and represents consumer choice. Due to popularity of portfolio investment, the analysis of approaches towards modeling of the investor’s preferences is of great practical and theoretical interest. Theoretical models for analyzing the investor’s preferences, namely the utility function, comprise the subject of this research. It is established that in the context of economic practice, from the investors’ perspective, application of the utility function tools is complicated and requires improvement, because is extremely difficult to interpret the interrelation of any securities with others, due to the reason that investment appeal of the assets is affected by an entire set of factors, and the question of their determination or comparison is yet insufficiently studied. Based on examination and critical approach to scientific works of the founders and successors of the portfolio theory, as well as their perception of the elements of the utility function, the author suggests ways for improving the considered approach.
Question at hand
Dashieva B.S. - To the question on convergence of labor productivity in Russia pp. 12-21

DOI:
10.25136/2409-7802.2019.3.30540

Abstract: The subject of this research is the analysis of the process of convergence of labor productivity in the Russian Federation. Labor productivity is the key indicator of economic growth and national competitiveness. The object of this research is the types of economic activities and Russian regions. Convergence is viewed from the industrial and territorial perspectives. Industrial convergence manifests in decreasing variability rates of labor productivity. Territorial convergence consists in outstripping the growth rates of labor productivity in the developing regions in contrast with the developed subjects of the federation. The research methodology is based on the use of statistical methods. In particular, the author applies the indicators of variation, matrix of matching coefficients of correlation, and analysis of time series. The author’s main contribution lies in the extensive use of statistical criteria for determining convergence of labor productivity (by means of correlating coefficients and variation rate). The author reveals that the convergence of labor productivity in the Russian Federation is weak. It is presented mainly in the industrial sector. Territorial convergence is absent. It testifies to the high resource dependence of the Russian economy and the need for investing into technologies, as well as revival of the capital asset fund due to expansion of the domestic production.
Makarov I.N., Droganov O.N. - Company financial strategy, capital structure and borrowing: consideration of the impact of industry-specific and technological risks pp. 22-31

DOI:
10.25136/2409-7802.2019.3.30673

Abstract: Currently, the economic structure and dominating technologies within most of the industries are rapidly changing. The next scientific discovery or technological invention can easily collapse the financial strategy of a company that bet on “wrong” technologies, or did not foresee sufficient safety margin within its capital structure, borrowing policy and investment strategies, which would allow managing the risk flows. The subject of this research lies in the approaches towards the definition of the capital structure and borrowing system, capable of establishing financial stability of a company under the conditions of technological transformation of the industry markets. The goal of this work is to determine the conditions of financial stability of a company during technological transformation on the industry markets. The results of this research, which also justify the scientific novelty, consist in the system of determinants of financial stability of a company in the long-term perspective, theoretical substantiation of the correlation between borrowing and the development phase of the industry market. The author concludes on the need for variation of the allowable level of borrowing for companies working at different stages of development of the industry markets depending on likelihood of emergence of a technology or product that would drastically change the structure of these industry markets.
Nikolaichuk O.A. - Households in modern Russia: are there grounds for expanding financial strategies? pp. 32-49

DOI:
10.25136/2409-7802.2019.3.30233

Abstract: The subject of this research is the household consumer expenditure in the context of transformation of market conjuncture due to economic and political factors. The goal of this work consists in determining and characterizing the current financial strategies of the national households. The author believes that the unresolved problem of economic growth of the Russian economy along with the absence of the effective measures on involvement of household assets into the economic process hinder the economic development of the country. Therefore, the relevance of this research is substantiated by the following observations: revaluation of savings of the population as a potential of the country’s economic growth; absence of the effective regulatory policy of the household economies; need for developing the policy aimed at ensuring households with an adequate standard of living for savings and investment, and thus, the growth of national wealth. The scientific novelty consists in gathering analytical information on interpretation of the country’s economic development from the perspective of the household incomes and expenditures as a crucial indicator of economic growth of the country. The conclusion is made that in the conditions of the decline in business activity and drop in real incomes of the Russian population overt the recent years, the consumption of durable and investment goods has reduced. The author describes the household financial strategy within the framework of the model of “delayed consumption”, as well as makes recommendations on the creation of institutional conditions for expanding financial strategies of the households.
Financial politics
Stepanov N.S. - Creation of common supranational currency within the framework of the Shanghai Cooperation Organization (SCO) pp. 50-60

DOI:
10.25136/2409-7802.2019.3.30146

Abstract: This article analyzes the experience of a successful monetary integration within the framework of integration associations of the European countries and their applicability in the conditions of intensified integration processes in the context of Shanghai Cooperation Organization. Since SCO is relatively young, it depicts specific features and problems of any growing organization; therefore, it is important to examine successful global practices of the development and expansion of the financial and currency integration. The author refers to the experience of the European Union and its resolution of the monetary and financial convergence and full integration based on the formula: economic integration – currency integration – financial integration. Research methodology leans on the systemic approach, which through systematization and generalization of theoretical and practical aspects of financial integration allows determining the issues and prospects of these processes in the Eurasian Region. The subject of this study is the possibility of creation of supranational currency and currency union in Eurasia. The author explores the peculiarities of formation and modern trends of currency integration, which necessity is justified by a number of economic challenges that can be resolved only by the countries united by a common targeted orientation. The scientific result of this article lies in substantiation of the key measures aimed at expansion of financial integration within the framework of Shanghai Cooperation Organization, which in a long-term perspective can ensure the condition for creating common supranational currency to intensify the processes of de-dollarization of the world economy.
Khezazna B. - To the question of content of a corporate financial strategy pp. 61-71

DOI:
10.25136/2409-7802.2019.3.30719

Abstract: Precondition for ensuring strategic opportunities of financial development of a corporation is its financial strategy that holds the key position within the system of corporate management. The article examines the process of formation of financial strategy within the system of corporate management of enterprises. The author determines the essence and role of financial strategy in strategic recruitment of the company. The organizational mechanism of the creation of financial strategy within the system of corporate management of an industrial enterprise is developed. The subject of this research is the set of economic, organizational and management relations established in the process of creation of financial strategy of a corporation. The scientific novelty consists in the original interpretation of financial strategy of a corporation, as well as development of an organizational mechanism for creating financial strategy within the system of corporate management of an industrial enterprise. The financial strategy of a corporation holds the leading place in the company’s strategic management system, since it directly affects the provision of financial resources, funding of other functional strategies, as well as financial and market reliability of the organization on a long-term horizon. From methodological perspective, the financial strategy encompasses the elements of financial planning, forecasting and modeling, as well as manifests as a powerful instrument of implementation of the financial goals of a commercial organization in the rapidly changing conditions.
Financial markets
Ozarnov R. - Repetitive periods of relative stability of the ruble: forecast and reality pp. 72-81

DOI:
10.25136/2409-7802.2019.3.30632

Abstract:  This article is dedicates to peculiarities of the periods of relative stability of the Russian ruble. The subject of this research is the period of instability on the financial market that has begun in November 2014. The author examines and analyzes the role of the exchange rate mechanism in establishment of financial stability and sustainable economic growth. The article suggests as overviews of some possible commercial strategies related to the rate of the ruble during transitional period. The author provides an econometric forecast structured on the basis of the RUB/USD exchange rate, as well as compares the actual and projected values. The study leans on the general scientific methods (analysis, synthesis and comparison), table and graphic interpretation of statistical information, time series, econometric modeling with the use of EViews software designed for researching and forecasting economic processes. The author draws the conclusion that the sequence of large gains of spring strategy on the ruble’s exchange rate in 2015 and 2016 continued in a fairly small gain in 2017, while the spring of 2018 was a loss, and actual stabilization of ruble for the spring 2019 period consisted of 5.11%. The author confirms the thesis on stabilization of the Russian economy; however, in the conditions of stabilization of the economy, the strategy structures on the historical data on the periodic sequence of appreciation and depreciation of the ruble becomes more and more risky. The novelty of this article lies in econometric study of the repetitive periods of relative stability of the ruble exchange rate during Russia’s contemporary history structured on the basis of forecast model.  
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