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MAIN PAGE > Journal "Finance and Management" > Contents of Issue є 03/2022
Contents of Issue є 03/2022
Innovations, innovative activities
Mamedov M.A., Mamedov T.F. - Formation and development of digital ecosystems based on technological and telecommunication companies in Russia pp. 1-19

DOI:
10.25136/2409-7802.2022.3.38053

EDN: LSPZQN

Abstract: The process of active digitalization plays an important role in solving a number of urgent tasks, and, in particular, in the field of finance. Together with the development of innovative information technologies and their implementation in all spheres of the economy, multiple optimization of the processes of rendering services, significant changes are observed not only in the types and methods of providing services, but also in general transformation of business models of operating economic entities. The object of research of this article is digital ecosystems based on technological and telecommunication companies. The subject of the research is the principles and models of functioning of digital ecosystems based on technological and telecommunication companies. The relevance of this study lies in the fact that in the conditions of universal digitalization, the boundaries of the services provided by the largest market participants are not only blurred, but their business models are also changing significantly. Within the framework of this study, the authors have revealed approaches to the definition of the concept of ecosystem. The analysis of the largest Russian digital ecosystems based on technology and telecommunications companies, and, in particular, their financial services, is carried out. The analysis was carried out on the basis of such digital ecosystems and their financial services as Yandex, VK Group and MTS. Conclusions are drawn based on the analyzed data and the author's forecasts about the further development of financial services of digital ecosystems based on technological and telecommunications companies are given.
Regional economy
Elshin L.A., Burganov R.T., Gafarov M.R. - Scientific and Technological Progress and its Role in Ensuring Inclusive Economic Growth of the Region (on the Example of the Republic of Tatarstan) pp. 20-40

DOI:
10.25136/2409-7802.2022.3.38820

EDN: OOYAAT

Abstract: The subject of the study is economic relations regarding the formation and development of an inclusive model of economic growth in the region in the context of scientific and technological progress. The Republic of Tatarstan acts as the object of research. Based on the use of the methodological tools of the World Economic Forum adapted to regional socio-economic systems, aggregated indices of inclusive development of the region's economy are being developed, followed by the construction on this basis of a production function that provides an empirical assessment of the impact of STP on the inclusive type of formation of regional economic dynamics. Particular attention is paid to the issues and patterns in the field of ongoing changes in the demand for labor in various sectors of the national economy in the context of a change in technological structure, which generates systemic and structural distortions and forms appropriate models of inclusive economic growth in the regions. The main conclusions of the study are well-founded, within the framework of the use of economic and mathematical apparatus, arguments proving that the role of scientific and technological development in the system of intensification of inclusive economic growth is not only comparable with such a productive factor as "The number of people employed in the economy", but also exceeds it in terms of the degree of impact on the endogenous parameter under study. A special contribution of the authors to the study of the topic is a modernized, regional-specific and patchwork statistical reporting of the meso-level, WEF algorithm, which provides the possibility of an empirical assessment of the index of inclusive economic development. The proposed methodological tools allowed not only to evaluate the indicator under study, but also to build the desired model in the format of searching for relationships "Inclusive growth-scientific and technological progress".
The science of financial law
Konotopova E.A., Kirilin A.V. - Analysis of current issues in the regulation of merger and acquisition deals by the russian legislation pp. 41-47

DOI:
10.25136/2409-7802.2022.3.36018

EDN: JVSMJE

Abstract: There is a lapse in the Russian corporate law governing merger and acquisition deals. This is striking as most processes of management streamlining and corporate efficiency boost are in a way related to these deals. Even the existing draft legislation on the issue has been designed to hinder reorganization processes and not facilitate them. It is unclear and controversial to an extent that any reorganization is highly likely to be considered unlawful. It is clear that realities and related legal challenges require improvements in the regulation of merger and acquisition deals. Incompleteness and lack of detail in the Russian legislative provisions on regulation of M&A deals create a major obstacle for their execution in this country. A law on mergers and acquisitions should address two major issues: ensuring transparency and low cost of the processes involved and balancing the interests of owners and the state. Incompleteness and lack of detail in the Russian legislative provisions on regulation of M&A deals create a major obstacle for their execution in this country: the absence of relevant regulatory acts and laws puts at risk the rights of companies taking part in merger and acquisition processes.The amendment of the Russian corporate legislation in line with modern standards and requirements should be moving on gradually but consistently, as it is necessary for todayТs economic growth in Russia and the build-up of the Russian economics as an independent and sovereign entity in the global economic system.
Financial markets
Safarli A.H., Mamedov M.A., Bolonin A.I. - The current state and prospects for further development of the global cryptocurrency market pp. 48-60

DOI:
10.25136/2409-7802.2022.3.38305

EDN: KBYGJS

Abstract: The article examines the genesis and technologies of the cryptocurrencies, presents data from leading cryptocurrencies platforms for the purpose of in-depth analysis of the current market situation. In recent years, there has been a significant growth of the cryptocurrency market, the development of new technologies and products on the market, as well as an increase in its influence on more traditional financial markets. In this regard, the issue of regulating cryptocurrencies at the national and supranational levels is becoming increasingly relevant. The subjects of the research are the international cryptocurrency market, the technology of the distribution register, the experience of various countries in regulating the issuance and circulation of cryptocurrencies. Based on the results of the study, the authors identified current trends in the global cryptocurrency market. According to the authors, it is practically impossible to completely ban the issue and turnover of cryptocurrencies by the state due to their decentralized nature. Regulation of the cryptocurrency market is a new source of funds for the tax budget, and will also contribute to the further development of the field of digital technologies. In the article, the authors investigated the approaches a number of countries in the direction of regulation and legalization of the cryptocurrency market, which can be used as an example in the process of creating a regulatory framework for the Russian cryptocurrency market.
Ruban A.A., Krivopuskova A.V., Kleimenov D.S. - Analysis of the Effects of Including Bitcoin in Investment Portfolios pp. 61-78

DOI:
10.25136/2409-7802.2022.3.38766

EDN: KDCRNQ

Abstract: Currently, the popularity of cryptocurrencies as an investment asset is growing, bitcoin is the most attractive among them, since it is the oldest instrument in this market. In this paper, the authors examined the advantages and disadvantages of the cryptocurrency in question, the history of its creation. The analysis of the effectiveness of the inclusion of the digital asset in question into the structure of an investment portfolio consisting of assets of various classes was carried out using the Harry Markowitz portfolio theory. The relevance of the chosen topic is confirmed due to the popularity of digital assets in modern conditions. The existing gaps in the legal regulation of their turnover are gradually being filled, and institutional investors are increasingly investing in the purchase of cryptocurrencies. The results of the study indicate a significant increase in the profitability of the investment portfolio after the addition of bitcoin, which can in some proportion become an effective substitute for investments in the stock market of American companies. The analysis revealed a high degree of mutual correlation between the dynamics of the bitcoin price and the S&P 500 index. The construction of the regression equation and the calculation of the determination coefficient give reason to believe that the dynamics of the S&P 500 index by 92.25% correlate with fluctuations of the price of bitcoin, which is due, apparently, to the attractiveness of the new and tempting investors with the profitability of the cryptocurrency market. The results obtained, on the one hand, indicate the possibility of using technical and fundamental analysis tools to work with crypto assets, on the other hand, the convergence of the behavior of this type of asset with changes in traditional market benchmarks.
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