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ФИНАНСЫ И КРЕДИТ

2311-8709

Content

A Countercyclical Model of Formation of Loan Loss Provisions Is a Necessary Condition of the Banking Sector Stability

Meshkova E.I.

Subject The article examines the correlation between the bank's interest policy and the formation of loan loss reserves in the context of ensuring the financial stability of the credit institution. Objectives The article aims to analyze the interest rate policy of banks and loan loss provisions formation, identify problems in this area, and develop a model of provision formation that meets the requirements on the banking sector stability in a better way. Methods For the study, I used the systems approach, methods of comparative and quantitative statistical analyses, and expert appraisal techniques. Results The article proposes certain measures to improve the interest rate policy of banks and a model of loan loss provisions formation, which will allow to overcome the procyclical nature of provisions formation and contribute to the maintenance of banking sector sustainability. Conclusions and Relevance The significant problem of ensuring the financial stability of the banking sector is the lack of direct connection between the high risk premium and the formation of a real source of loan repayment. The research results are expedient to use for the improvement of banking regulation.

Capitalization of International Uniсorn Companies: To What Extent Is It Feasible?

Butuzova A.S.

Subject The article addresses unicorn companies as the most successful and fastest-growing start-ups. It analyzes to what extent their capitalization is justified, what prospects for growth they have after IPO, and how they match investors' expectations. Objectives The objectives of the study include a comprehensive review of creation and development of unicorn companies, identifying the sources of their growth and credibility of their open market valuation. Methods The study employs methods of analysis, synthesis, retrospective analysis, comparison, and compilation. Results The paper shows why unicorns are overvalued in the market. It emphasizes that the possibility and expediency of unicorn capitalization depends on the interests pursued by market actors. The practicability of IPO and its implications also vary from company to company. Conclusions High capitalization of unicorn companies is not reasonably feasible in every instance: investors are often riding on the wave of a boom, after which the value of business falls to zero. However, high-tech and innovative unicorns, on the contrary, are drivers of development and their high capitalization is indeed justified.

Creating a System of Indicators to Assess the Readiness of Petrochemical Enterprises to Implement Innovation Projects

Yashin S.N., Okhezina G.M., Belova N.V.

Importance Nowadays, petrochemical enterprises show increasing interest in various methods to assess innovative capacity and to manage innovation-driven development. The petrochemical industry is generally represented by large holdings. Therefore, it is critical for them to have a methodology to assess the readiness of subsidiaries incorporated in a holding to introduce innovation. Objectives The study aims to create a system of indicators to assess the readiness of petrochemical enterprises to implement innovation projects, considering the specifics of the industry and the interest of the parent company of the holding in high return on investment. Methods The study draws on the systems approach, general scientific methods of analysis and synthesis, and expert, statistical, graphical methods and techniques. Results The analysis of the petrochemical industry helped define its status and development prospects. We created a system of indicators consisting of five groups to determine the appeal of petrochemical enterprises. The offered system assesses the internal environment of the organization and demonstrates how the latter is prepared to introduce innovation from the perspective of its production, finance, personnel, etc. Conclusions If used in practice, the offered system will enable a detailed due diligence of petrochemical enterprises and assist the holding's parent in making management decisions when preparing plans for investing in subsidiaries.

Current Budgetary Policy and Main Parameters of the Federal Budget for 2018 and for the Planned Period 2019 and 2020. The Budgetary Policy Relationship with the Forecast-2030

Terekhina S.A., Soldatenko I.A.

Importance The article considers the budgetary policy of Russia within the period of 2015-2017, in mid-term perspective, and the social and economic development forecast for the period up to 2030. Objectives The article aims to investigate the relationship between the economic development indicators of Russia for 2018-2020 and forecast indicators for the period till 2030. Methods For the study, we used the methods of comparative, logical analysis and synthesis, and the methods of induction and deduction. Results The article determines a discrepancy of the medium-term budgetary policy indicators and the forecast indicators of long-term social and economic development of the Russian Federation for the period up to 2030. Conclusions It is necessary to change or cancel the long-term forecast taking into account modern economic realities.

Digitalization of the Banking Sector

Belousov A.L., Levchuk E.Yu.

Importance The analysis of the banking sector shows that banks are competing fiercely for new corporate and retail customers. This necessitates maintaining their competitive advantage, which to the fullest extent can be achieved by means of innovative banking products and technologies introduction requiring special attention to security matters. Particular emphasis is on blockchain technology implementation. Objectives The aim of the paper is to explore the banking sector to the extent of its digitalization, define trends in and prospects for innovative banking products and technologies, the blockchain technology in particular. Methods The paper draws on general and special scientific methods and techniques that include comparison, analysis and dialectics. Results We formulate existing problems and contradictions in the regulation of relationships under investigation, define ways of further development of information technologies in the banking sector and prospects for their perfection. Conclusions In future, information technologies can become one of the main tools of credit institutions vying for new consumers. Therefore, banks' priorities are to integrate state-of-the-art information technologies into their business processes and to develop new business models. This will enable both customer acquisition and retention with reduced operating costs and promotional budgets.

Fiscal Policy of Russia and Neo-industrialization: Modern Realities

Semenova N.N.

Importance Fiscal policy plays an important role in stimulating the neo-industrial development of Russia's economy, which is based on knowledge-intensive, science-based and environmentally efficient way of social reproduction. Objectives The purpose of the study is to analyze the modern fiscal policy of Russia as part of implementing new industrialization strategy. Methods The study draws on formal and dialectical logic, deduction and induction, analysis and synthesis. Results The paper reveals the neo-industrial content of economic growth, analyzes revenues and expenditures of the Federal budget of the Russian Federation, trends in budget investments in fixed assets and human capital. I formulate major areas for perfecting the budgetary policy of Russia to spur a new industrial revolution. Conclusions To implement neo-industrialization, Russia needs a smart fiscal policy. Alongside with other instruments, it will enable a balanced recovery and subsequent growth of domestic demand for scientific-technical and innovative products, good quality and affordable education for all social groups. The latter will have a positive impact on human (intellectual) capital as a major driver of neo-industrialization.

Integral Estimation of the Company''s Financial Condition

Aliev A.A., Solov'eva M.G., Kachalina A.D.

Subject This paper considers the theoretical, practical and methodological issues related to the definition of the financial condition of enterprises, based on the use of a set of relative indicators of companies. Objectives The paper aims to obtain a generalized integral assessment of the financial potential of oil and gas companies and build a graphical model for visual presentation of the results of calculations. Methods For the study, we used tools of graphical analysis, fuzzy set theory and Cartesian coordinate system for calculating common integrated indicators. Results The paper presents a developed technique of integral estimation of the financial position of the companies and a graphic model reflecting the received estimation position. It defines zones that correspond to the company's financial situation at a particular point in time. Relevance The results obtained can be used in financial analysis of companies, as well as in the educational course on financial disciplines. The methodology offered can be of interest to top management and investment companies focused on the oil and gas industry, as well as during the comparative analysis of companies for scientific and educational purposes.

Profit of the Commercial Bank: A Retrospective Analysis and Short-Term Forecast

Polyanskaya N.M.

Subject This paper studies the method of rough analysis of financial results and profitability of a commercial bank. Objectives The paper aims to offer and test the method of rough analysis of financial results and profitability of a commercial bank, provide a short-term forecast of the main determinants of profit on the basis of this analysis, and identify priority directions of the bank's profitability growth. Methods The study is based on the systems approach and dialectical method. As well, it uses statistical, financial, forecast analyses, and comparison. Results The paper proposes a methodology of retrospective rapid analysis of income, expense, profit, and profitability using AO Russian Agricultural Bank's data as a case study for consideration. The paper presents a short-term forecast of quantitative parameters of the main bank's profit determinants and indicate directions of the bank's profitability growth. Conclusions and Relevance The retrospective and predictive analyses of financial results and profitability of the bank's activities are of great importance to financial information users. The system of indicators in the framework of rough analysis, as well as short-term forecast data allow users to get ongoing information about monitored objects.

Reforming the Russian Tax System: Problems and Solutions

Davletshin T.G.

Subject The article examines the main shortcomings of the Russian tax system and prerequisites of the tax reform at the present stage, and analyzes the RF government's tax initiatives. Objectives The article aims to find ways of reforming the tax system into an effective one, stimulating economic growth and ensuring the revenue growth of the budget system, and maximum involvement of business entities in the legal field. Methods For the study, we used the general scientific approaches and methods. Results The article introduces a concept of reforming basic taxes, supplementing the tax system with missing links and proposes a set of measures to reform the tax system. Conclusions The article says it is necessary to conduct a systemic tax reform aimed at bringing the tax system into line with the fundamental principles of taxation, creating a coherent, logically verified tax system, improving tax administration and interbudget relations regulation.

Regulation of the Russian Banking Sector: New Trends

Sofronova V.V.

Importance The article focuses on changes in credit institutions licensing as a result of the transition to their proportional regulation. Objectives The paper aims to consider new approaches to credit institutions regulation and develop proposals on adjustment of the methods and instruments for regulation of credit organizations with a basic license. Methods The research uses the methods of logical and statistical analyses, observation, generalization, and classification. Results The article reveals differences in the mechanism for regulation of banks with universal and basic licenses. The article proposes some new instruments for regulation of banks with a basic license as part of limiting the risk of dependence on large creditors, operations with non-residents and territorial arrangement. The article substantiates the expediency of creation of regional social banks on the basis of banks with a basic license. Conclusions The conclusion is drawn about the expediency of application of proportional regulation of banks and necessity of creation of a stimulating mechanism of regulation for creation and development of a region's bank system adequate to peculiarities of the structure of the region's economy.

Some Aspects of Protecting the Customers of Credit Institutions Subject to Dissolution

Zagidullin R.I., Shavaleeva Ch.M.

Importance The article investigates prospects for improving the procedure for liquidation of credit institutions to cancel out the adverse effects of dissolution and protect customer interests. Objectives The aim of the study is to unveil problems of customers of credit institutions to be dissolved and formulate solutions. Methods We review problems related to statutory regulation of procedure for credit institutions' dissolution in Russia through the analysis of applicable Russian laws and the practice of credit institutions' liquidation in the Republic of Tatarstan in 2017. Results The analysis shows that small and medium-sized businesses having accounts with banks with withdrawn license are very much vulnerable, the procedure for getting compensation through the deposit insurance system is unregulated, the financial literacy of Russian citizens is rather low. Conclusions To protect the interests of customers of credit institutions with revoked license, it is necessary to amend the current laws regulating the procedure for deposit insurance payment. Furthermore, it is critical to increase financial awareness in Russia.

Specifics of Municipal Financial Policy Formation: A Systems Approach

Novoselova T.N.

Importance In modern conditions of instability, the importance of financial policy increases. The ultimate outcome of its implementation should be the satisfaction of needs of the population. Each subject of the State and municipal finance system should respect the boundaries defined by relevant powers and authority, when developing the financial policy and socio-economic development strategy. Objectives The aim of the study is to test my hypothesis about the existence of specific features of financial policy formation at the municipal level that are important for the entire system of State and municipal finance. Methods I employ methods of logical analysis and systems approach. Results The paper reveals the specificity of municipalities’ policy as an element of the system of State and municipal finance, identifies differences in the financial potential of local governance. The existing procedure for financial base formation of local self-government bodies has limitations in the ability to meet the needs of the local community. This, in turn, potentially threatens the sustainability of municipality’s social and economic system. The Quebec case demonstrates a possibility of escalating the threat from the local to regional level. Conclusions It is necessary to develop a unified approach to the formation of municipal financial policy, considering all its areas, and to remove the existing restrictions of this process. Local governments will be able to liquidate resentment at the local level through local finance, preventing its expansion to the regional level that jeopardize the stability of the entire system.

The Classification of Fiscal Revenue: A Diversity of Approaches

Parshina I.V.

Subject The article addresses sources and approaches to building fiscal revenue of the federal budget system, their existing and possible classification systems depending on socio-economic conditions and institutional environment they evolve in. Objectives The aim of the study is to offer a new approach to a modern fiscal revenue classification based on critical analysis of various scientific and practical approaches applied to classify fiscal revenue of the budget system of the Russian Federation, as well as those developed by the International Monetary Fund and Organization for Economic Cooperation and Development. Methods The study employs principles of historical and logical approaches, general methods of analysis and synthesis, comparative and graphical analysis. Results The paper reviews different approaches to classification of fiscal revenue of the budget system of Russia for more than one hundred years. It shows that the classification can be based on different criteria. The key attribute defining the nature of income classification enables to analyze pros and cons in fiscal revenue formation. The modern budget classification rests on a multifactor model, however, it does not comply with changed socio-economic requirements. I formulate key requirements to the modern budget classification. Conclusions The findings can be used to improve the existing budget classification for a deeper analysis and exact prediction of fiscal revenue. The findings are mainly theoretical; I suggest further research toward practical testing.

The System of Taxation of Credit Organizations and Its Effectiveness

Musaeva Kh.M., Dzhaparova L.G.

Subject This paper discusses the theoretical and practical issues aimed to improve the effectiveness of credit institution taxation. Objectives The research aims to identify ways and determinants to raise the effectiveness of taxation of credit institutions. Methods For the study, we used the methods of comparison, generalization, grouping, factor analysis, and general scientific methods. Results The paper defines criteria for determining the effectiveness of taxation of credit institutions and highlights priority areas for improving the taxation efficiency. Conclusions The paper concludes that one of the main criteria of efficiency of the financial system, including the banking system of the Russian Federation, is the efficiency of the tax system.

The World''s Best Practices in Housing Mortgage Lending: Evidence from the USA

Dolmatovich I.A., Keshenkova N.V.

Subject This article discusses the financial and economic relations between participants of the U.S. mortgage lending market concerning the provision of mortgage banking products to both residents and non-residents. Objectives The article aims to consider the U.S. mortgage lending practices. Methods For the study, we used the dialectical research method, comprehensive and systems approaches, and statistical methods. Results Having analyzed the U.S. current mortgage lending practices, we have developed and now present certain proposals to improve the functioning of the housing mortgage lending institution in Russia. Conclusions The article expresses our opinion that some mechanisms of the U.S. residential mortgage system's functioning can be used in Russian practice.

Updating the Profit Taxation in the Oil and Gas Industry: Prospects for Profit-Based Tax

Roshchupkina V.V.

Importance The existing economic conditions in the world in general and in the Russian Federation in particular necessitate updating the tax system in the oil industry. There is a new initiative to introduce a profit-based tax on hydrocarbons producers. Export duties, the current instrument for skimming off excessive profits, should be eliminated, as they fall short of fully conforming to the principles of international trade. Objectives The study explores prospects for feasible transformation of tax on corporate profits of companies operating in the oil and gas industry. The purpose is to formulate an algorithm for phased transition to profit-based tax in Russia, using the experience of developed countries. Methods The study rests on the method of statistical grouping, benchmarking, and subject?object analysis. Results The findings show that the transition to the new taxation system will spur additional investment in challenging fields development. The tax reform will prop up the Federal budget revenues and contribute to increasing the volume of oil production. Conclusions The potential of the new profit taxation system is high. However, its testing in pilot regions may face some difficulties though overcomable on condition of high efficiency of tax administration and flexibility of legislative initiatives.

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