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MAIN PAGE > Journal "Finance and Management" > Contents of Issue № 04/2019
Contents of Issue № 04/2019
Financial markets
Zemskova I. - Approaches towards management of market capitalization of stock companies pp. 1-13

DOI:
10.25136/2409-7802.2019.4.30826

Abstract: The subject of this research is the approaches towards management of market capitalization of stock companies. The market capitalization is defined as company’s outstanding shares multiplied by the current market price of one share. The object of this research is the management of market capitalization of stock companies. The author meticulously examines such aspects of the topic as the management of market capitalization on the basis of controlling the price of a share and quantity of outstanding shares. Special attention is given to the theoretical approaches towards management developed by the foreign and Russian economists. The article also underlines methods of assessing capitalization management, based on market data and internal company data. A conclusion is made that there are three forms of capitalization management: within the framework of cost control on the company level; on the basis of share value control; on the basis of adjusting the quantity of outstanding shares, which in some research is attributed to cost control. Leaning on the analysis of the concepts of capitalization management, external and internal methods of capitalization management can be outlined. The author’s contribution consists in determination and synthesis of the key approaches towards management of market capitalization of stock companies.
Regional economy
Andreeva T., Astanina L. - Organization of the regulatory and infrastructure support of cluster projects of the Siberian Federal District pp. 14-27

DOI:
10.25136/2409-7802.2019.4.31045

Abstract: The subject of this research is the organization of regulatory, financial and infrastructure support of cluster projects of the Siberian Federal District (SFD). The object of this research is the projects of innovative clusters of SFD subjects, which comprise a group of pilot clusters of the Russian Federation or clusters that are leaders in the world-class investment attractiveness. The authors meticulously examine the existing government measures of organizational, regulatory, financial and infrastructure support of cluster projects, centers of cluster development, external organizations that provide infrastructure support, as well as presence of infrastructure themes of projects of the SFD cluster formations themselves. Special attention is given to the systematization, analysis and determination of differences in provision of the SFD subjects with organizational, regulatory, financial and infrastructure support of execution of cluster projects. A conclusion is made that there is sufficient existing organizational, regulatory and infrastructure support of execution of the cluster projects. The author’s special contribution into the research of this topic consists in structuring and generalization of information regarding the existing organizational, regulatory and infrastructure support of cluster projects of the examined SFD subjects, and formulation of differences of the level of the provided support based on the analysis of the acquired data. The novelty of this work lies in systematization of the organizational, regulatory and infrastructure support of cluster project of the SFD subjects and formulation of results of the comparative analysis of the level of the provided support.
Economic control and management
Komzolov A., Kirichenko T. - Implementation of the concept of risk-oriented internal control within the system of ensuring economic security of corporation owners pp. 28-35

DOI:
10.25136/2409-7802.2019.4.31259

Abstract: The subject of this research is the tools and methods of establishing the system of internal control that allow to reliably and effectively ensure economic security of the corporation owners. The author meticulously examine the institutional system of ensuring economic security of corporation owners; as well as the question of incorporation of international standards of risk managements and internal control into the Russian legal system,  demonstrating the impact of the various approaches of these standards upon the particular rules of law. Special attention is dedicated to suggestions on implementation of the effective tools of risk-oriented internal control in the Russian corporations. The authors’ experience of practical application of these tools is described. The following conclusions were made: verification of extensive incorporation into the Russian legal field of COSO’s framework principles of establishing the system of risk management and internal control; principles of functionality of internal audit; appropriateness of application of the business processes risk map in the context of establishment of internal control. The scientific novelty lies in identification of evolutionary component in the comparative analysis of legal norms regulating the risk management and internal control system; as well as in gradual implementation of risk-oriented approach that allows suggesting an effective instrument for building the internal control system – the risk map of business process.  
Social security
Goleva O.I., Shur P.Z. - Economic assessment of the impact of work environment on life expectancy of the employees pp. 36-44

DOI:
10.25136/2409-7802.2019.4.31393

Abstract: Assessment of the efficiency of health expenses requires an accurate cost estimate. Assessment of the results (effects), reflected in qualitative and natural indexes (health, life expectancy, quality of life) does not permit giving their cost estimate. The subject of this research is the economic assessment of losses from reduction in life expectancy due to harmful and hazardous work conditions. The goal of this work lies in formulation of methodological approaches towards economic assessment of the impact of work environment on life expectancy of the employees. The proposed in the article algorithm of economic assessments relies on accepted in the Russian Federation Methodology of Assessment of Economic Losses Caused by Mortality of the Population. Reduction in life expectancy due to harmful or hazardous work conditions was calculated as the difference in average life expectancy without harmful and hazardous work conditions or with them presents. The indexes mortality rate among men growth proportionally with the increase of length of their employment for subcategories of 3.1 and 3.2; maximal deviation from average life expectancy in the comparison category comprised 8.3 years less for subcategories 3.3 for men; the largest deviation from life expectancy among women is observed under the subcategory 3.1 (6.6 years less). Economic losses from reduction from shortening of life expectancy for men who worked in harmful conditions comprised 136.6 million RUB in GDP (for 98 people), while for women it comprised 20.8 million RUB in GDP (for 14 people).  
Question at hand
Lipinsky D.A., Musatkina A.A. - To the question on the institution of financial legal responsibility in the law system pp. 45-69

DOI:
10.25136/2409-7802.2019.4.30686

Abstract: The object of this research is the social relations regulated and protected by the norms of financial legal responsibility. The subject of this research is the norms of the institution of financial legal responsibility, their functional, genetic, coordination and subordination links; as well as system of the existing scientific views on the institution of financial legal responsibility. The author explores the general features and characteristics of cross-sectoral institution of legal responsibility; substantiates its subject, method and polystructuredness. Based in the general attributes of the institute of legal responsibility, the author determines the characteristics of the institute of financial legal responsibility; analyzes its complex structure comprised of a number of subinstitutions. Various sectoral (internal) and external links of the institution of financial legal responsibility namely with other legal institutions and branches of law are determined. The scientific novelty consists in establishing the presence of two relatively independent legal formations within the national system of law: firstly, sectoral institution of financial legal responsibility; and secondly, cross-sectoral institution of financial legal responsibility. Besides sectoral characteristics of the institution of financial legal responsibility, the author determines cross-sectoral characteristics of the second normative institution. The existence of cross-sectoral institution of financial legal responsibility is substantiated by the presence of certain “points of intersection” within the subject of legal regulation, as well as the general principles, objectives, definitive norms along with coordination, subordination and genetic links. The existence of both, sectoral and cross-sectoral institution of financial legal responsibility is also predetermined by polystructuredness of the system of law itself.
Finances of the financial market professionals
Bekryashev A. - Ensuring economic safety of securities registrars: means of risk management and allocation of resources (2001-2018). Part 1. pp. 70-80

DOI:
10.25136/2409-7802.2019.4.31646

Abstract: The subject of this research is the problems of allocation of resources related to risk management of administrators the securities register. The object of this research is the activity of security registrars on risk management. The author examines the peculiarities of risk management techniques, dynamics of their utilization in 2001-2018. The impact of factors on changing preferences with regards to different methods of risk managements is explored. Special attention is given to market insurance and reserving, as well as price and institutional factors affecting the selection of risk management techniques. As a result of the conducted research, the author defines the stages in the dynamics of implementation of the key methods of risk management, which depend on the parameters of risk and relative cost value of the use of particular means. The author’s contribution consists in the empirical research on the basis of public data and trends of changing the allocation of resources related to risk management of securities registrars over the period from 2001 to 2018. The scientific novelty lies in determination of trends and factors of changing the allocation of resources, associated with risk management of registrars in the period of 2001-2018 based on the public data on the activity of largest registrars of the Russian Federation, content analysis of publications and case law documents provided by the centralized database “Consultant Plus”.
Investments and investing
Mammadov T. - Direct foreign investment as a key factor in maintaining sustainable economic growth of the CIS countries pp. 81-88

DOI:
10.25136/2409-7802.2019.4.31754

Abstract: The subject of this research is assessment of the role direct foreign investments as the key factor in maintaining sustainable economic growth of the CIS partner-states. A comparative assessment of the indicators of macroeconomic stability is conducted. The author identifies the problems of attracting direct capital investments in the CIS; examines the largest direct investments funds of the CIS countries as an instrument of investments development of the considered group of states. The article substantiates the need for development of the mechanism of public-private partnership, establishment of bilateral and multilateral direct investment funds, unified protection and promotion investment agreement for the CIS member-states that would contribute to ensuring sustainable economic growth of the union countries. The scientific novelty consists in formulation of the original classification of direct foreign investments as a factor of development of national economies of the capital importing countries. The conclusion is made on the insufficient activity of existing funds in financing the large investments projects within the union. The analysis of information proves that the direct foreign investments are currently not the key direction in development of economies of the CIS partner-states.
Economic control and management
Lapina M.A., Shilina A.R. - Legal regulation of the efficiency assessment of public finance management pp. 89-100

DOI:
10.25136/2409-7802.2019.4.29180

Abstract: The object of this research is the public finances; the subject is the efficiency assessment of public finance management. Special attention is given to the normative legal regulation and analysis of the performance of government bodies pertaining to increasing the efficiency of public finance management. The article presents the assessment results of the programs for increasing efficiency of public finance management that were valid in 2010-2012 and 2012-2018. The authors analyzed the developed by the Ministry of Finance of the Russian Federation quality assessment tools for public finance management on the regional and municipal levels. Recommendations are formulated on the most important focus areas in increasing the efficiency of public finance management, including the idea of creating the public information system “State and municipal programs of the Russian Federation”. The conducted research reveals the absence on the federal level of the normatively regulated strategy for assessing the efficiency of public finance management. As the methodological framework for quality assessment of finance management on the federal level, the authors suggest taking the indicators stipulated by the Decree of the Ministry of Finance of the Russian Federation of 12.03.2010 No.552 complemented by a number of criteria. It is also proposed to include into the methods of assessing performance of the Programs aimed at increasing the efficiency of public finance management.
Accounting and audit
Kaverina E.Y. - Relevant questions of accounting: the matter of accounting expertise pp. 101-110

DOI:
10.25136/2409-7802.2019.4.31323

Abstract: The subject of this research is determination of the matter of forensic accounting expertise, viewed from the perspective of provisions of normative legal acts, as well as with consideration of opinions of the leading experts. The matter is usually established by the normative legal acts indirectly, rather than directly. The existing definitions of the matter of accounting expertise given by the leading experts vary significantly. Therefore, the author attempt to provide the most detailed and currently relevant definition of the matter of accounting expertise. The research is conducted with application of the general scientific methods, primarily logical methods such as analysis, synthesis, analogy, abstraction and concretization. As a result, the author formulates comprehensive definition of the matter of forensic accounting expertise covering all essential aspects of the category in question. The definition is currently relevant as it corresponds with the existing normative legal acts in the area of forensic expert activity, as well as in the area of accounting.
Regional economy
Volkov A.V., Simonyan A.R. - Stimuli and barriers of sustainable socioeconomic development of the territory on the example of the resort city of Sochi pp. 111-121

DOI:
10.25136/2409-7802.2019.4.31572

Abstract: The subject of this research is the opinions and assessment results of the actors of socioeconomic, such as the representatives of state administration, corporate administration and population pertaining to the current status and peculiarities of formation and transformation of stimuli and barriers of sustainable socioeconomic development of the territory in economic, social, environmental and institutional spheres. Special attention was given to comparison of the acquired assessments with the specificity of current state of socioeconomic development of the Russian Federation. The object of this research is the factors of sustainable socioeconomic development of the territory assessed on the example of recreational-tourism specialization the resort city of Sochi. The scientific novelty is substantiated by acquisition of relevant assessments of the current stage of formation in the Russian Federation of stimuli and barriers of sustainable development of the territories on the example of recreational-tourism specialization the resort city of Sochi. It is proven that in the conditions of continuous crisis, most significant barriers of this process lie in the organizational-economic and social spheres in terms of the relatively favorable ecological situation, and partially, in the institutional sphere. Based on the ranking of obtained assessments, the author attempts to determine the priority vectors and measures on ensuring sustainability of socioeconomic development of municipal formation the resort city of Sochi.
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