Finance and Management
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MAIN PAGE > Journal "Finance and Management" > Contents of Issue № 03/2021
Contents of Issue № 03/2021
Investments and investing
Pozdnyakov K.K. - Budget funds for financing investments in innovative development of the region (on the example of the Central Black Earth Region) pp. 1-15


Abstract: The strategic factor for economic growth of the Russian regions is the activation of innovative processes. The problem of increasing innovative activity has been particularly acute in recent years due to the unfolding crisis and extended restrictions on the budget expenditures. The goal of this article consists in the analysis of indicators of innovative activity, and assessment of the impact of budget investments in fixed capital upon the indicators of innovative process in the Central Black Earth Region. The analysis employs the available statistical data on financing of investment processes and results of innovative activity in the Russian Federation, Central Federal District, and Central Black Earth Region. The research relies on the system approach, economic-statistical, logical and expert methods of analysis. The conducted analysis reveals the insufficient level of innovative development in all six zones of the Central Black Earth Region. The innovative processes in the Central Black Earth Region are characterized by low output of innovative products and investment in research and development. The dynamics of innovative processes in the region is of differential nature. There are substantial interregional differences in the indicator values of the expenditures for research and development, and innovation activity, as well as the volatility of indicators of production of innovative goods and services. The clear outsider in the Central Black Earth Region in the Oryol Oblast. The author formulates recommendations that can be used by the authorities of the constituent entities of the Russian Federation in elaboration of state support measures for innovative activity in the Central Black Earth Region aimed at acceleration of their economic development.
Financial regulation
Khokonov B.M. - Functional contradictions in the financial control system pp. 16-25


Abstract: The subject of this research is the functional contradictions of financial control that have developed between its key systemic goal and organizational forms of practical implementation. Currently, the management and organization of financial control do not correspond to the content of the control function of finance, the generally accepted interpretation of which is the orientation towards optimization of cost proportions of reproduction. In terms of formal all-encompassing systematicity of financial control, the dynamics of these cost proportions is not allocated by the existing organizational schemes, which is particularly evident in the unfolding processes of financialization of the economy. Such functional incompatibility is systemic in nature, and substantiates the need for fundamental changes in the content of financial control, which would ensure the return of finances to their initial control function. The goal of this research lies in outlining the priority vector of transformation of financial control. The results and scientific novelty of this work are presented in interpretation of the new content of financial control through integration with the formation of the fundamentals of digital economy, priority development of such cross-cutting technology as the distributed public registry blockchain. In conclusion, the author justifies the need of turning financial control into the internal immanent component of financial relations on the rigid background technology with automatic collection processes, recovery, analysis and storage of data.
Question at hand
Ishtiryakova L.H. - Development trends in cultural sphere of the Republic of Tatarstan in the conditions of lockdown pp. 26-34


Abstract: Introduction of restrictive policy due to the COVID-19 pandemic affected the development of cultural sphere in 2020. This article traces the development of cultural sphere within the framework of measures aimed at prevention of the spread of COVID-19 in the Republic of Tatarstan. The goal of this research lies in the analysis of the key aspects of cultural development in the Republic of Tatarstan in 2020, as well as in determination of the major issues caused by lockdown, grounds for the development of recommendations regarding the conditions for providing uniform access to cultural products of the republic based on the Russian and international experience. The scientific novelty consists in proposal of measures for uniform rendering of cultural services with consideration of the experience of restrictive policy during the spread of coronavirus disease. In 2020, cultural sphere in the Republic of Tatarstan is characterized by rapid increase in the demand for online display of cultural products on the background of a significant drop in attendance of cultural establishments. Theoretical framework of this article is based on the overview of scientific research conducted by foreign and Russian scholars in cultural sphere. The research employs the method of descriptive analysis of statistical data in cultural sphere alongside the main normative acts that determine the vector of development of this sphere, and anti-epidemic measures adopted in 2020.
Accounting and audit
Otrubiannikova P., Van D., Ilina A.V., Viktorova N.G. - Accounts receivable from the chemical enterprises: factor analysis pp. 35-46


Abstract: This research analyzes the impact of certain factors upon the accounts receivable from chemical enterprises. The subject of this article is the accounts receivable, while the object is the Russian chemical enterprises. The goal lies in building a regression model of the dependence of accounts receivable from chemical enterprises on the explanatory factors selected in the course of analysis. The internal factors include sales revenue, net profit, accounts payable, management expenses, return on total assets, etc. The external factors include gross domestic product, monetary supply, and Networked Readiness Index. The author creates an econometric model based on the financial report data for 44 enterprises, and statistical information for the period from 2015 to 2019. The result of modeling reveals a considerable impact of such indicators as monetary resources, accounts payable, and management expenses upon the size of accounts receivable. The conclusion is made on the expansion of digital components of management expenses in the context of the goal of research. The novelty of this article is substantiated from the perspective of application of the acquired results for forecasting the level of accounts receivable and more effective management of the payables policy of the enterprise. It is noted that the internal financial and economic indicators have most impact upon the size of accounts receivable from chemical enterprises.
Innovations, innovative activities
Lapenkova N.V., Firsov D.V. - Cluster as the mechanism for neo-industrialization of the economy pp. 47-60


Abstract: The subject of this research is various approaches towards the definition of clusters applicable to economic relations, as well as their key characteristics. Special attention is given to the analysis of the existing forms and types of clusters. The authors describe the role and place of clusters in neo-industrialization process, since cluster is not just a form of business organization, but also a form of social interaction and reproduction. Due to the ability of a cluster to accumulate and use knowledge independently, it should be viewed as the mechanism for neo-industrialization of the economy, as well as an integral element for ensuring regional competitiveness. The article notes a substantial difference between the cluster form of organization and the holding form of organization based on the Russian and foreign research, as well as the differences between economic clusters and territorial production complexes, which are characteristic to sectoral approach. The conclusion is made that the prerequisite for the emergence of cluster is not the solution of the administrative guidance system, but a natural need of the business, favorable conditions for integration, and availability of the necessary infrastructure. The novelty consists in viewing cluster as the mechanism for neo-industrialization of the economy. It is underlined that clusters create a synergistic effect for the global region they are located in, as well as for the economies of the countries, separate regions or territories of these countries. The authors indicate the need for elaboration of the new approach towards the development of cluster policy. The new cluster policy is intended to regulate the industrial innovation process in the Russian Federation.
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