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MAIN PAGE > Journal "Finance and Management" > Contents of Issue є 02/2023
Contents of Issue є 02/2023
Financial regulation
Korotin K.V. - Prospects of cooperation of the Russian Federation with friendly countries in the framework of investment activities. pp. 1-14

DOI:
10.25136/2409-7802.2023.2.40856

EDN: UDVHEQ

Abstract: The object of the study is investment activity in the Russian Federation. The subject of the study is the implementation of investment activities in relation to friendly foreign states. The purpose of the work is to assess the possible prospects and risks of the orientation of the economy of the Russian Federation on cooperation with friendly countries in the field of investment. Tasks of the work: Х To assess the regulatory framework for the orientation of the economy of the Russian Federation to friendly countries; Х Analyze economic indicators in relation to friendly countries; Х To assess the prospects for cooperation with unfriendly countries in the medium term. The main method of research is analysis. The author analyzes the regulatory framework in the sphere of orientation of the economy of the Russian Federation to strengthen partnership with friendly countries, provides analysis of various indicators of friendly countries and companies belonging to the jurisdiction of friendly countries. Based on the analysis, the author identifies the problem points, relying on the methods of logic. Today, the economy of the Russian Federation is reorienting towards building relations with friendly states. Such a decision is an atypical measure of economic regulation, and there are a small number of examples of similar examples of actions by state bodies. The decision causes an active discussion in the Russian society, which confirms the relevance of this study. The key problem points directly related to the restriction of access to investments in companies of unfriendly foreign states and current investment opportunities in companies of friendly states are identified. The author puts forward several recommendations that can reduce the level of uncertainty in the financial market and reduce risks in the field of investments.
Financial planning and forecasting
Kuznetsov N. - Using additive regression models for short-term forecasting of financial macro-indicators and assessing the potential for financing megaprojects pp. 15-26

DOI:
10.25136/2409-7802.2023.2.43657

EDN: TYPVPJ

Abstract: The subject of this article is the issue of using additive regression models to predict financial indicators at the macro level. At the same time, special attention is paid to the impact of the economy monetization on the possibility of attracting funding for global development projects (megaprojects). It is shown that the main drawback of the most common forecasting models today is their situation-dependent nature. This, in turn, creates difficulties with the initial setup of the models and the subsequent interpretation of the results obtained, limiting the scope of the models, making the use of this toolkit difficult for financial professionals who do not have special mathematical training. With the help of modeling, forecast values of the gross domestic product (GDP) and money supply (M2) for the short-term time obtained, on the basis of which the expected value of the level of the economy monetization was calculated. Based on a predictive assessment of the level of monetization, it is shown that at the moment the country has a limited potential for increasing domestic debt, which, in the conditions of closing access to international capital markets and partial blocking of state reserves, can become a factor in disrupting the financing of megaprojects for the economy structural modernization. Directions for improving the monetary policy aimed at correcting this situation and increasing domestic investment activity are proposed.
Business organization
Lyan Y. - Factors for improving the efficiency of mergers and acquisitions pp. 27-36

DOI:
10.25136/2409-7802.2023.2.40780

EDN: TYRLLV

Abstract: Developed in modern conditions, such a new form of enterprise reorganization as mergers and acquisitions has many positive aspects for business, including savings on resources, market share growth and much more. However, not all mergers and acquisitions have high efficiency, some of them are unsuccessful. The reason for this is a variety of factors affecting the effectiveness of influence and acquisition transactions. This article is devoted to the study of these factors. The author discusses the essence and main characteristics of mergers and acquisitions. The dynamics of the volume and territorial representation of mergers and acquisitions in the world in 2015-2022 are analyzed. On the basis of foreign and domestic experience, the author identified and systematized factors that influence the level of efficiency of mergers and acquisitions and contribute to its improvement. The author identified two groups of factors contributing to the greatest efficiency of mergers and acquisitions: factors of efficiency improvement at the initial stage; factors of efficiency improvement at the stage of implementation and subsequent transaction support. Detailed study and planning of the factors included in these groups will contribute to the most effective implementation of the mergers and acquisitions transaction, as well as increase its efficiency in the future.
Taxation of natural persons
Tikhonova A.V. - Identification of priority mechanisms for tax regulation of individual entrepreneurs by the method of laboratory experiment pp. 37-51

DOI:
10.25136/2409-7802.2023.2.43692

EDN: TZOWFB

Abstract: One of the national goals of Russia, the implementation of which is scheduled for 2030, is to reduce the level of poverty by half - to 6.6% of the population, or by 9.5 million people. A significant source of poverty reduction is the development of individual entrepreneurial initiatives and the promotion of self-employment. This circumstance determined the purpose of this study - to identify the importance of individual fiscal factors in starting one's own business and developing entrepreneurship. As a methodological basis of the article, a laboratory experiment was used, conducted in a student environment and additionally tested on existing entrepreneurs and self-employed. The paper describes the results of a laboratory experiment, which is aimed at determining the priority mechanisms for tax regulation of individual entrepreneurs. The scientific novelty of the research is presented in two directions. 1. Improved methodological approach to the implementation of laboratory experiments in the tax area. In particular, the objectivity of the results obtained from the data of the student sample is substantiated. 2. Priority areas of tax incentives for entrepreneurial initiatives have been identified. The Government of the Russian Federation, the Ministry of Finance and the Federal Tax Service of the Russian Federation, the Ministry of Economic Development of the Russian Federation, other interested bodies of state power and administration can use the results of the study in determining ways to develop the tax policy of the Russian Federation in terms of improving the taxation of individual entrepreneurship.
Financial markets
Manukian S.G., Kurbatskii A.N., Malyutina O.M. - The relationship between the level of expected volatility and multipliers in the US stock market pp. 52-68

DOI:
10.25136/2409-7802.2023.2.40510

EDN: UAGTPD

Abstract: The subject of the research of this article is to identify the relationship between financial multipliers and the expected volatility (implied volatility) of shares of companies in the software sector of the United States. The purpose of the work is to investigate and characterize the effects of expected volatility on the undervaluation or overvaluation of company shares. The object of this study are 38 largest companies in the software sector with a capitalization of more than $ 5 billion. Special attention is paid to the nonparametric Tail model, which allows us to identify and confirm the existence of a relationship between the level of expected volatility and the logarithm of the growth rate of the financial multiplier. † The very novelty of the proposed article lies, firstly, in the fact that the analysis was carried out in the coronavirus era, which is timely and interesting, since the Covid-19 pandemic had a serious impact not only on the lives and health of citizens, but also on financial markets. Secondly, interest in this topic cannot weaken due to the constant development and modification of financial markets, which forces investors to develop new and new approaches to evaluating companies for profit. Identifying undervalued companies in the financial market is one of the key goals of analysts and investors, since timely finding companies whose fair value is currently undervalued can bring significantly more income than investing in companies whose stock value is fairly valued. The results achieved within the framework of the conducted research are of practical significance, since they allow us to rank the identified companies with the same level of undervaluation by the value of expected volatility and, thereby, choose the most attractive for investments.
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