ФИНАНСЫ И КРЕДИТ

2311-8709

Content

A mechanism to identify hazards and threats in activities of institution subordinate to the Ministry of Health of the Astrakhan Oblast

Zaitsev S.V., Nadeina I.A.

Subject The article addresses theoretical aspects of economic security in public health, namely the economic security of a State-financed institution subordinate to the Ministry of Healthcare and delivering material and technical supplies service to medical facilities. Objectives The study aims to analyze the economic security of the institution under the Ministry of Healthcare, develop methods for assessing the economic security. Methods We employed methods of logical, mathematical and statistical analysis and performed economic security assessment under our own method of analysis. Results The paper systematizes theoretical aspects of economic security assessment of a budgetary institution rendering services to medical facilities. We created an algorithm to analyze the economic security of a subordinate institution based on various determinants of management, developed an integrated method of assessment, carried out express diagnostics of subordinate institution's operations, calculated the integrated index of its economic security, offered analytical management solutions to improve its activity. Conclusions The proposed mechanism for identifying risks and threats in the activities of the institution under the Ministry of Healthcare enables to assess the economic security of the institution, develop management solutions and improve operations.

An analysis of the financial policy of foreign oil companies under the influence of change of internal and external factors

Pyshkina N.L., Yakushev M.F., Pronchatova-Rubtsova N.N.

Subject The article considers the financial policy of foreign oil companies during the period from 2006 to 2015. Objectives The article aims to analyze the financial policy of oil companies and determine its changes under the influence of oil prices and other internal and external factors. Methods For the study, we used statistical methods of dynamic and structural analyses and the method of logical association of factors. Results The article states that the policy of the investigated companies is formed and realized taking into account external and internal factors, and it can be characterized as a sound financial one. From a risk-level perspective, large oil companies tend to pursue low-risk policies in both asset management and capital management. However, the article emphasizes that small oil companies have a high-risk policy. It notes the supportive policy pursued by States to defend oil companies. Relevance The results obtained can be used by specialists both in conducting theoretical researches and in solving practical problems in the field of financial management of companies.

A two-parameter formula of default probability term structure

Pomazanov M.V.

Importance This paper describes the existing methods of default probability term structure modeling and the disadvantages that limit their application. Objectives The paper aims to give an effective offer to lenders on the construction of a method of estimating the probability of default of a corporate borrower, taking into account the changed term to the end of the credit transaction, not contradicting the new IFRS 9 standard. Methods For the study, I used an economic and statistical analysis, and optimization of parameters of special kind of distributions on statistical data of rating agencies. Results Using the consolidated empirical data of rating agencies, I attribute a two-parameter formula of default probability term structure, which does not contradict the requirements of the international standard IFRS 9 for the corporate borrowers sector, that does not have enough internal data to build its own Lifetime PD internal model. Conclusions and Relevance The presented study substantiates the formula of calculation of a default probability term structure in the best fitting distribution pool. It is calibrated on external empirical and statistical data of rating agencies, including a 44-year period. The formula is explicit and does not require complex computations. The results obtained can be used to calculate the rate of reserves for credit assets, estimate the minimum (break-even) lending rate taking into account the risk and the term of the transaction, optimize the term of the transaction, and for other possible applications.

Control over funding for innovation territorial clusters in Russia

Trachenko M.B., Gaisha O.D.

Importance The article addresses the mechanisms of control over funding for innovation territorial clusters. Objectives The aim is to underpin mechanisms of preventive, routine and follow-up control over innovation territorial cluster financing, design a three-level system of indicators to assess the efficiency of innovation territorial cluster funding and define its future development. Methods The study employs methods of bibliographic analysis, logical analysis, synthesis and the systems approach. Results We provide a rationale for mechanisms of preventive, routine and follow-up controls over innovation territorial cluster financing. Preventive control includes co-financing of clusters by the subject of the Russian Federation and the municipality, public-private partnership, introduction of project-oriented budgeting in cluster entities, replication of best practices. Routine and follow-up control implies identifying inefficient clusters, ranking clusters by efficiency of financing. For these purposes, we developed a three-level system of indicators. The paper substantiates prospects for further development of control over financing for innovation territorial clusters in Russia. Conclusions The offered three-level system of indicators enables decisions on budget allocation. To improve clustering performance, it is important to refine the methodological framework for control.

Debt financing of investment: Sources, forms, mechanisms, tools

Edronova V.N., Maslakova D.O.

Subject The article deals with clarifying the terms related to debt financing, classifying the sources, forms, mechanisms and instruments of the financing, and specifying the methods to determine the amount of financing through leasing and bond issue, which are not covered by official statistics. Objectives The study aims to give an original definition of sources, forms, mechanisms and instruments of debt financing based on theoretical works and current practice of debt financing in the Russian Federation, identify the logical subordination of these categories and develop a reasonable classification and methods for determining the volume of investment financing through leasing operations and bond borrowing. Methods Empirical and logical constructions, analysis and synthesis, generalization, systems approach, and methods of comparative analysis serve as a methodological basis of the research. Results The paper provides our own definition of terms related to debt financing of investments, based on the content of economic relationship between its subjects; presents a classification of sources, forms, mechanisms and instruments of debt financing on the basis of revealed logical hierarchy of classification features and methods for determining the amount of financing through leasing and bond issue that are not covered by official statistics. Conclusions Our unique methods enable to assess the status of and trends in the said sources of financing.

Development of the category of financial capital and the modernity

Metel'skaya V.V.

Subject This paper considers the phenomenon of financial capital in the modern theoretical economics. The subject needs a deep investigation, based on a logical and gnosiological approach, to determine dominant values in the process of its formation and development. Objectives The paper aims to increase the efficiency of research on the current form of global financial and information capital. It analyzes the specifics and main problems of financial capital essence determination. Methods The study uses the dialectical gnosiological approach, value-based approach, systems approach, extrapolation method, and the structural and functional approach. Conclusions Taking into account the peculiarities of development of modern financial markets of financial services, the study of the financial capital category should be based on dialectical principles and laws, the need to identify the value dominants of historical-social and economic phenomenon, strengths and weaknesses based on understanding the attitude of the subject to reality. The global process of transforming financial capital into a dominant universal category, influencing the forming structure of finances and the behavior of the financial system as a whole, should be understood not only as a result of many factors influencing the process of its formation, but as a necessity caused by the law of the negation of the negation .

Financial insolvency indicators of the commercial bank

Bitkina I.K.

Subject This article discusses the methodological approach to the assessment of financial insolvency of the commercial bank. Objectives The article aims to develop an approach to revealing the indicators that show the commercial bank's financial insolvency. Methods The study used the methods of abstraction, synthesis, generalization, and critical analysis. Results The study was conducted on the basis of an empirical base, including fifty Russian commercial banks that went out if business within the period of 2013-2017. The article reveals the indicators of financial insolvency of the commercial bank, allowing to predict the probability of its financial insolvency. The article presents an original approach to the estimation of the level of financial insolvency of the commercial bank based on the application of indicators of financial position and regulatory discipline. Relevance The results obtained are methodological and can be used in the evaluation of the activity of commercial banks and forecasting of their financial insolvency by analysts. As well, the results obtained can be used for further development of the domestic science in the field of banking and in practical activities of the Russian organizations to choose options of financial improvement of the credit organization.

Financial policy of corporations while increasing the reliability of investment projects implementation in conditions of regional planning uncertainty

Gryazev M.V., Sabinina A.L., Shul'zhenko N.A.

Subject This paper studies hardly-predictable factors causing a significant decrease in the regional economic reliability of planned decisions on investment. Such factors arise due to the diversity of local conditions and the level of development of the regions' social structure. Objectives The paper aims to study the directions of improvement of planning of investment volume in projects at the regional level. It also aims to assess the economic reliability and factor impact on budgetary means usage. Methods For the study, we used the methods of analysis and synthesis, statistical and cause-and-effect analyses of the business projects material. Results The paper develops an organizational structure of the investment corporation and enlarged structural and functional model of assessment of the economic component of reliability of the planned decisions taking into account destabilizing factors of project investment. It offers options for the improvement. Also, the paper presents a developed model of level of risk impact on profit indicators. Conclusions The main destabilizing factors leading to reduction of the reliability of planned decisions in subsystems of corporate structures can be divided into three components: social, organizational-technological, and the economic ones.

Fiscal encouragement of renewable energy development: International practices

Kormishkina L.A., Koroleva L.P.

Importance This article studies the foreign practices of fiscal stimulation of renewable energy development, which can be adapted for Russia. Objectives The article aims to determine the methods of fiscal stimulation of renewable energy development which are common for foreign countries and investigate the best tax incentive practices in China and the USA. Methods For the study, we used the reports data of the United Nations Economic Commission for Europe (UNECE), Renewable Energy Policy Network for the 21st Century (REN21), KPMG professional service company, Robinson+Cole LLP, a U.S. law firm, as well as the official website information of the financial authorities of the USA and China. Results The article presents the results of the study of the provided fiscal measures, most commonly used in foreign countries. Relevance The international practices studied in the article can be used in Russia to improve the granting of investment tax credit, corporate income tax relief on investment, and the property tax relief on personal income tax, as well as in the development of a mechanism of tax encouragement of professional consumers' activity in the retail electricity market.

Mechanisms to boost the investment activity of the Russian business sector under borrowing constraints in foreign markets

Petrenko I.A.

Importance The paper analyzes the mechanisms to boost the investment activity of the Russian business sector under restricted borrowings in foreign markets. Objectives The aim is to address comprehensively the investment activity of the Russian business sector at the present stage of development, identify key problems having a negative impact on investment activity, formulate mechanisms to encourage investment. Methods The methodology rests on general and special methods of scientific research, like empirical study (comparison, data gathering and analysis), integrated approach, comparative study, synthesis of theoretical and practical material. Results The paper analyzes the current state of the country's business sector in the system of investment activity. Due to economic sanctions of western countries, the Russian business is characterized by a loss of a channel to support the investment process with resources from global financial markets, a decline in support to investment projects by Russian banks, and a reduction in government funding. Under limited borrowings in external markets, the key task is to search for prospects to bolster the sector. Conclusions The chilling effect of economic sanctions' consequences necessitates guidelines to resume investment in fixed assets and mechanisms to boost the investment activity in the Russian business sector.

On the financial standing and financial performance of the housing services and utilities property management companies in modern Russia

Sukharev A.N., Golubev A.A., Karaseva L.A.

Subject This paper deals with the financial and economic situation of managing companies in the housing and public utilities sphere considering the evidence from Yaroslavl, Tver and Krasnoyarsk cities. Objectives The paper aims to reveal the financial condition and position of the housing sector managing companies. Methods The study involves statistical grouping and analysis of quantitative data on the financial and economic activities of the housing sector managing companies in Yaroslavl, Tver and Krasnoyarsk. Results The paper presents the results of the study of financial and economic status of eighty one medium and large managing companies of Yaroslavl, Tver and Krasnoyarsk, that are serving from 71 to 81 percent of apartment buildings in these cities. Conclusions The sample analysis shows unsatisfactory financial condition and financial position of the apartment buildings management branch. More than half of the management companies have losses and/or negative value of their own funds. This leads to an alternative source of financing, namely accounts payable due to delays in payments to resource providers.

Problems of taxation of self-employed persons in Russia and the ways of their solution

Masterov A.I.

Subject The article considers the self-employed people in Russia as a category of potential taxpayers and it deals with the problems of bringing them out of the shadow economy. Objectives The article aims to analyze the main problems of self-employed workers' tax evasion and determine the ways to solve them. The study identifies the current trends in the employment structure in Russia. Methods The work uses the methods of dynamic, factor, and systems analyses. Results The article reveals the key problems that create favorable conditions for the shadow economy growth. It proposes economic, legal, and technological measures to solve these problems. Conclusions and Relevance The article provides relevant recommendations on the issues aimed at reducing the transaction costs of self-employed persons when paying taxes and on finalizing the Russian legislation. The results of the research can be used to elaborate legislative and organizational-technical measures to create conditions for taxation of the self-employed population.

Reasons for post-sanctions ruble devaluation and the problem of its exchange rate optimization

Kapkanshchikov S.G., Kapkanshchikova S.V.

Importance The article considers trends in the Russian ruble exchange rate fluctuations during the post-sanctions period from the perspective of their contradictory impact on the Russian economy. Objectives The aim is to unveil patterns in search of the optimal ruble exchange rate, which contributes to achieving the main macroeconomic goals of contemporary Russia. Methods We apply a dialectical method to study the common factors governing the formation of the economic policy of the government in their development. Results The paper highlights reasons behind the post-sanctions devaluation of the Russian currency, underpins the prevailing negative impact of excessive devaluation on the dynamics of GDP and inflationary processes taking place in Russia. Conclusions and Relevance Ascending economic development is impossible under the current exchange rate of ruble. The largest exporters of commodities, financial speculators and the Ministry of Finance of the Russian Federation are characterized as major beneficiaries of the transition to the floating exchange rate of ruble. Achieving the optimal exchange rate of ruble in the course of overcoming its current undervaluation is seen as a critical success factor in the Russian economy diversification and the 'Dutch disease' eradication.

The effects of financial capital structure on corporation performance

Agafonova I.I.

Subject The article addresses the equity to debt ratio of a corporation and the impact of the two capitals on financial sustainability. PAO Mechel serves as an object of the research, as over the analyzed period the company has been in the risk zone and subject to a loss of solvency. Objectives The purpose of the study is to define the role of financial capital structure, reveal problems and develop measures to improve the financial sustainability of the corporation. Methods The study rests on analytical methods and statistical techniques, like comparison, method of averages, grouping, graphical methods and method of analytical tables construction. Results To recover, the corporation should reduce high-margin production costs of iron and steel companies that may have a significant impact on consolidated statements. Furthermore, it should continue refinancing loans to enhance its financial position. Conclusions and Relevance The proposed streamlining of the considered companies and the entire corporation will generate cash flows and increase shareholders' equity due to a reduction in the retained loss. The large metallurgical group will be able to discharge its liabilities or increase its equity capital to achieve a balance between debt and equity funds.

The financial technology market and its development trends

Borisova O.V.

Importance The article discusses the situation on the financial technology market and major trends in its development. Objectives The focus is on defining the principal directions of the financial technology market development. Methods The main research methods are analysis and synthesis. They enable to identify trends in financial technology development. Results The paper analyzes main segments of the financial technology market, identifies main drivers and changes in the area. It also reveals the volume of global venture investment in financial technologies and defines the main directions of the financial technology market development. Conclusions The main directions of the market development are investing in financial technologies, reducing the share of the banking sector and the number of intermediaries in the financial market, enhancing regulation by the Bank of Russia. It is important to transform rendered services into integrated products, use understandable software interfaces and provide on-line access to them. The results of the study of the main market segments may be used by commercial organizations to select the state-of-the-art financial technologies and transform their business models to modern conditions.

Transforming the forms of external-economic interaction between advanced and periphery countries of the world: Assessment of prospects for integration

Malakhova T.S.

Importance Under global instability, external-economic relations between advanced and periphery countries of the world are extremely ambiguous and contradictory. Furthermore, investigation of their interaction within the integration shows that periphery countries become dependent not only on global actors, but also on regional organizations and financial institutions. This fact leads to strengthening the positions of advanced countries and the dependence of periphery countries. Objectives The study focuses on exploring the forms of external-economic interaction between the advanced and periphery countries of the world, and distinguish three waves of global integration processes. Methods Using the historical and logical method, dialectical principles and contradictions, and abstraction enabled to bring out the main theoretical concepts and objective preconditions for integration between countries. Results I substantiate directions and specific features of evolutionary development of integration in certain countries and regions of the world, present scenarios of their further development in the context of the new global economic architecture formation. The findings may be used for further study of external economic interaction between the center and the periphery at the multipolar system formation stage. Conclusions The paper justifies the need to realize the scenario of deep transformation of economic integration, where the advanced countries of the world play a fundamental role. This will preserve economic and national sovereignty in the periphery countries, help avoid their dependence on advanced countries and form their own vector of mid-term and long-term development.

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