Finance and Management
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MAIN PAGE > Journal "Finance and Management" > Contents of Issue 04/2023
Contents of Issue 04/2023
Investments and investing
Goleva O.I., Martyanov N.S., Melnikov A.E. - The discount rate in calculating the budgetary efficiency of investment projects: approaches and methods pp. 1-20



Abstract: The question of discounting (and justifying the discount rate) in relation to the effects on the budget of a country or region arises not only in connection with "classic" investment projects implemented by businesses in a certain territory, but also in connection with any management decisions requiring budget expenditures and/or implying an analysis of alternative solutions. The purpose of the work is to analyze and systematize normative and/or author's scientifically based methodological approaches to the selection and justification of the discount rate for evaluating the budgetary effectiveness of investment projects (and other management decisions). The subject of the study is the selection and justification of the discount rate for the purpose of evaluating deferred effects in calculating the budgetary efficiency of investment projects, taking into account the time value of money.Based on the analysis and systematization of available approaches and methods for constructing the discount rate in assessing deferred effects of budget efficiency based on domestic and foreign materials of normative, methodological and scientific literature, an algorithm for constructing and justifying the discount rate is proposed. The analysis of normative, methodological and normative literature has shown that today all the main approaches to the construction and justification of the discount rate when assessing deferred effects in calculating budget efficiency can be grouped by areas of application and the following can be distinguished: assessment of the effectiveness of investment projects with state participation (budget financing); assessment of the effectiveness of public-private partnership projects and municipal-private partnerships (including special economic zones); assessment of the effectiveness of tax benefits/ tax expenditures (and other changes in tax legislation); assessment of the effectiveness of various non-tax measures and measures to support and stimulate the development of certain industries and categories of economic entities; assessment of the effectiveness of projects in the public sector of the economy (provision of public goods, including regulatory impact assessment (when adopting and subsequent analysis of government regulatory measures), assessment of measures and technologies for managing risks to life and health of the population. The proposed algorithm for selecting and justifying the discount rate for calculating the budgetary efficiency of investment projects will allow taking into account the industry' specifics of projects.
Financial politics
Goncharov V.V., Petrenko E.G., Poyarkov S.Y., Borisova A.A. - Public financial control in Russia: modern problems and ways of improvement pp. 21-32



Abstract: This article is devoted to the analysis of the Institute of public financial control in the Russian Federation. The paper explores various points of view in the scientific and educational literature regarding the legal nature and essence of public financial control in Russia. The authors substantiate the position according to which public financial control can be both internal, carried out, in particular, by trade union organizations, and external, which is carried out by other subjects of public control, checking financial and related issues of the activities of business entities, including public authorities, state and municipal organizations, other bodies and organizations implementing on the basis of federal laws, separate public powers. The article analyzes the common features and differences between the institutions of public financial control, public tax control and public budget control.The authors use a number of scientific research methods: formal-logical; comparative-legal; historical-legal; statistical; sociological; financial analysis; method of analyzing specific legal situations. The authors analyze modern problems that hinder the optimal organization and implementation of public financial control measures in the Russian Federation, among which are: a) the failure to consolidate this institution of civil society in the country's Constitution and current legislation; b) the lack of a unified understanding of legal grounds, limits, forms, methods and types of measures in scientific legal doctrine public financial control; c) the lack of real powers for the subjects of public control to carry out the above-mentioned measures; d) the lack of specialized subjects of public control in this area of its implementation; e) the insufficiency of the material, technical and organizational and legal base of subjects of public control for the implementation of these measures; f) weak use of positive foreign experience in this area. The article develops and substantiates a system of measures to resolve these problems.
Financial planning and forecasting
Arshakian R.A., Mironenkova M.V. - Analysis of factors affecting the excess profitability of mutual funds in Russia for 2015-2022 pp. 33-47



Abstract: The relevance of the study of financial market instruments is undeniable and well aligned with the achievement of Russia's national development goals until 2030. The subject of this article is the excess return of Russian mutual funds (MF) in the period from 2015 to 2022. The authors analyzed in detail the scientific literature and took as a basis the conclusions and results obtained in previous studies on similar topics. The aim of the study was to find the factors determining the excess return of mutual funds, which is the difference between the return of the funds and the return of the selected benchmark. The study was based on data from Investfunds Internet portal, which provides information on investment assets for a wide range of people. Econometric analysis was conducted based on an unbalanced panel consisting of an average of 185 funds per year. To achieve the objective, we studied already existing econometric models for analyzing excess fund returns and used them to construct a pass-through regression model and a fixed-effects model. Analyzing the performance of mutual funds depending on their parameters will allow investors to get relevant recommendations about which fund should be preferred to buy a share in its portfolio, which corresponds to the scientific novelty of the study. The main conclusion of the study is that using econometric criteria, the fixed-effects model was selected as the best of the constructed models. A notable contribution of the authors to the study of the topic is the identification of the main aspects that investors should pay attention to when choosing a mutual fund, namely funds with a high net asset value, the object of investment of which are stocks and money, and the direction of investment - precious metals.
Financial regulation
Borovikova E.V. - Anti-crisis tools in the system of public finance, taxation and management pp. 48-67



Abstract: Anti-crisis management is a set of techniques, methods, and tools for influencing crisis phenomena, the scale of which may be limited to the microlevel or cover industries, regions, and the economy as a whole. The author formulated a comprehensive goal of assessing the tools used by the state, clarifying theoretical and methodological provisions on the classification of anti-crisis measures, their correlation with the stages of the crisis, combining the anti-crisis concept with other approaches. The subject of the study is the anti-crisis tools of public administration, structured according to the directions of economic policy measures and financial regulation. The object of the study is a system of public administration aimed at adapting special tools in times of crises and negative external influences. The author obtained the following results: separate theoretical and methodological provisions regarding the tools are substantiated and other structural elements of the state anti-crisis management; identified the most popular from the point of view of developing practice and public policy impact measures having a financial, organizational, managerial and tax character; developed an approach to the classification of anti-crisis measures depending on the ways of impact on the economy and structuring anti-crisis management tactics and strategy of the post-crisis period; formulated proposals for development educational field and scientific directions in solving the tasks of personnel training of specialists in the field of crisis management.
Investments and investing
Dorokhov E.V. - Organization of effective management of the stock market on the basis of researching the processes of formation of the value of shares of the issuer companies pp. 68-88



Abstract: The global economic crisis and the socio-economic consequences of the COVID-19 pandemic have a significant impact on the increase in volatility and risks of manipulation of stock asset quotes. The subject of the study is the organization of management of the investment fund process, taking into account non-market mechanisms for manipulating the value of shares of issuing companies. The purpose of the article is to improve the efficiency of managing the stock process based on the stock market model and procedures for fuzzy valuation of the value of shares of issuing companies within this model. The research methodology is based on the application of methods for analyzing economic phenomena and processes, a systematic approach to studying the development of issuing companies and stock markets. Modeling of fund processes is based on fuzzy logic theory and efficiency theory. The principles of stock market idealization and the principles of stock market management in a manipulated information environment are formulated. A model of the stock market is presented, which includes: an ideal model of the stock market, a model of fundamental disturbing factors and a model of stock market manipulation. Within the framework of the stock market model, an economic and mathematical model for estimating the value of shares of issuing companies has been developed, in which the uncertainty of parameters is described by fuzzy numbers. The novelty of the research lies in the formulated concept of factor psychodynamics (including a list of factors, functions of factors, the strength of factors and inertia of factors), which serves as the basis for the stock market model; as well as in the developed methodology for fuzzy valuation of shares of issuing companies. Participants of the stock market, potential investors, owners and acquirers of companies on the basis of the presented model of the stock market have the opportunity to obtain additional information about ongoing stock processes. Fuzzy procedures for estimating the value of shares of issuer companies make it possible to calculate the value of their shares in accordance with various forecast scenarios for the development of companies.
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