Finance: Theory and Practice (E-Journal) / Финансы: теория и практика
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НОВЫЙ ПРАГМАТИЗМ ИЛИ ЭКОНОМИКА БУДУЩЕГО
Get PDFHow can we correlate a practical approach to the economy with an uncompromisingness and an eternal desire for change something? Is it possible to be both a pragmatist and a radical changes supporter? And is it worth doing so? Yes, it is, what is more, it is the fact that if we want to introduce something new into the economy of the future (and we certainly do), contribute to its sustainable growth and development, it is necessary to go over the whole system of values. Yet, we should not forget about pragmatism, which is a fundamental characteristic of the rational economy management. What we need is a systemic approach to understanding of the individual’s rights and duties that would contribute to the social unity and economic development.We deal with the basic principles underlying the social and economic processes with its economic goals. The most important thing here is probably the balanced and long-term development of social and economic relations.However, there are some other specific principles that should become the foundation of the practical component that identifies the vector of the political and economic strategy thought in the future. The economy is not only ascience that offers a theoretical interpretation of the rational economy management, but also a tool for changing the world for the better.The article illustrates the economy management principles, distribution of income principles and the economic agents’ interaction in the presence of constant changes in the value system. It is necessary to examine the human needs, their nature and structure, priorities and preferences in order to manage the real sector development
РОЛЬ ФИНАНСОВЫХ ИНСТИТ УТОВ РАЗВИТИЯ В РЕАЛИЗАЦИИ ГОСУДАРСТВЕННЫХ АНТИКРИЗИСНЫХ ПРОГРАММ
Get PDFThe article investigates as the research object development institutions, particularly development banks as key actors of national system of financial development institutions. Subject of research is development bank-s activity aimed at mitigating crisis issues. This paper identifies theoretical arguments for development banks ’ existence and rationale for their participation in anti-crisis measures implementation. The analysis of Russian development bank ’ Vnesheconombank ’ and its role in anti-crisis government programs is presented. Based on that, the paper puts forward a few concluding remarks aimed at improving bank-s performance to ensure a balanced and sustainable development of national economy.В статье в качестве объекта исследования рассматриваются банки развития как важный элемент национальной системы финансовых институтов развития. Предметом исследования является деятельность банков развития по устранению кризисных явлений и их последствий. Представлено теоретическое обоснование участия банков развития в антикризисных инициативах. Приведен анализ роли российского банка развития - Внешэкономбанка в реализации антикризисных мер Правительства. Сформулированы выводы о перспективных направлениях деятельности Внешэкономбанка по повышению устойчивости национальной экономики
КРИТЕРИИ МАРКЕТИНГОВОЙ РЕЗУЛЬТАТИВНОСТИ ИНТЕРНЕТ-МАГАЗИНОВ В РОССИИ
Get PDFThe marketing activity of any modern company impacts on its overall financial performance (average check, sales, profit) through non-financial indicators such as name recognition, customer satisfaction and loyalty. If the influence of the marketing activity on the name recognition and customer satisfaction is measured quite frequently, the interrelation of these indicators with the financial performance is assessed rather seldom and not properly for a number of reasons. Meanwhile, in periods of economic instability such measurement can become quite urgent for a company; therefore this study focuses on the analysis of the relationships between the customer satisfaction and loyalty indices and the financial performance of companies. The purpose of the research was to assess the impact of customer satisfaction on the marketing effectiveness of Russian online stores. A 5-year database needed for the analysis was collected from the internal information systems of stores and an online customer survey. The main methods used for the investigation were the correlation and regression analysis methods. Based on the data of more than 1600 online store customers, a significant positive relationship was found between the customer satisfaction and the financial performance of the store. The research also revealed and explained some particular characteristics of online stores that have a significant impact on the financial performance: the sample range and the payment terms. Recommendations for companies of the type under survey regarding the performance maximization through marketing indices are given. The research findings confirm the conclusions of foreign researchers: customer satisfaction indices on the Russian market like those abroad have a significant positive effect on the financial performance of companies (average check, frequency of purchases, customer loyalty). Therefore, the results obtained can be useful not only to researchers studying the marketing effectiveness and its factors, but also to business practitioners seeking ways to improve financial performance. Despite some limitations of the research, the problems and hypotheses raised in it can be further tested on other markets, respondents, companies as the relevance and novelty of the declared subject for the Russian market is evident.Маркетинговая деятельность любой современной компании через такие нефинансовые показатели, как узнаваемость, удовлетворенность и лояльность клиентов, влияет на ее финансовые результаты в целом (средний чек, продажи, прибыль). И если влияние маркетинговой активности на узнаваемость и удовлетворенность компании измеряют достаточно активно, то их взаимосвязь с финансовыми результатами в силу ряда причин измеряется редко и некачественно. А в периоды экономической нестабильности такое измерение может стать крайне необходимым для компании, поэтому данное исследование посвящено анализу взаимосвязей показателей удовлетворенности и лояльности клиентов и финансовой результативности компаний. Целью данного исследования является оценка влияния удовлетворенности клиентов на результативность маркетинга российских интернет-магазинов. Из внутренних информационных систем магазинов и проведенного интернет-опроса клиентов собрана база необходимых для анализа данных за 5 лет. Основными методами исследования стали корреляционный и регрессионный анализ. На данных более 1600 клиентов интернет-магазинов была найдена значимая положительная взаимосвязь между удовлетворенностью клиентов и финансовой результативностью магазина. Также в исследовании были найдены и объяснены частные характеристики интернет-магазинов, которые значимо влияют на финансовый результат: это широта выбора и условия оплаты товара. Даны рекомендации для компаний рассматриваемого типа по максимизации результативности с помощью маркетинговых показателей. Полученные результаты подтверждают выводы зарубежных исследователей: показатели удовлетворенности и на российском рынке значимо положительно влияют на финансовые результаты компаний (средний чек, частоту покупок, удержание клиентов). Таким образом, результаты, полученные в данной работе, могут быть полезны не только исследователям, изучающим результативность маркетинга и ее факторы, но и практикам бизнеса, ищущим способы повышения финансовой результативности. Несмотря на некоторые ограничения исследования, поднятые в нем задачи и гипотезы можно в дальнейшем проверить на других рынках, респондентах, компаниях, так как ясна актуальность и новизна заявленной тематики на российском рынке
СОВРЕМЕННЫЕ МЕТОДЫ И ИНСТРУМЕНТЫ РЕГУЛИРОВАНИЯ РИСКОВ ПРОЕКТНОГО ФИНАНСИРОВАНИЯ
Get PDFThis article presents the author’s own classification of risks for projects realized on the project finance principles. The classification is of particular relevance since most of the risks it highlights such as currency and interest rate risks, risks of commercial viability of the project including price risk and sales risk, along with project deadline overdue risks and cost overruns are beginning to plague investment projects implemented by many borrowers.In addition, the paper contains a thorough analysis of all the identified risk categories and describes state-of-theart methods and tools to mitigate the above risks. The author emphasizes the role of a qualified and experienced project team, licensed appraisers and external consultants, risk monitoring, and an adequately set-up contractual base as core elements of effective project risk management. В статье представлена авторская классификация рисков проектов, реализуемых на принципах проектного финансирования. Данная классификация рисков приобретает особую актуальность, так как описанные в ней риски, такие как валютные и процентные, риски падения цен и недостижения плановых объемов продаж, несвоевременного завершения проекта, увеличения первоначальной стоимости проекта, начинают концентрированно реализовываться на практике у многих заемщиков, занимающихся инвестиционными проектами.Автором проведен подробный анализ приведенных категорий рисков, а также сформированы современные методы и адекватные инструменты по их снижению. Показана роль квалифицированного и опытного персонала «команды проекта», услуг лицензионных оценщиков и внешних экспертов, мониторинга соответствующих рисков, а также надлежаще сформированной договорной базы в эффективном управлении проектными рисками.
РАСШИРЕНИЕ КРЕДИТНОГО ПОЛЯ ХОЗЯЙСТВУЮЩИХ СУБЪЕКТОВ В УСЛОВИЯХ ИМПОРТОЗАМЕЩЕНИЯ
Get PDFThe article assesses the opportunities for developing credit relations between economic entities in conditions of import substitution industrial policy. The author concludes that there is a need to attract new lenders because of the increased demand for credit products from businesses. Some government agencies may act as lenders, for example, the Industrial Development Fund which activities and lending program are considered in detail in the article. In author’s opinion, the set of measures that necessary and sufficient to extend credit opportunities for business entities in the conditions of import substitution industrial policy, includes the following items: increased availability of credit products for business entities; open information and economic safety for the credit space participants; strategic and indicative planning of the credit policy; increased involvement of Russian banks in financing of the national economy; introducing by the Central Bank of Russia of measures to stimulate bank lending to business entities under co-financing conditions; expanded list of banking institutions engaged in the programs for business financial and credit support; transparency and control of lenders by the government authorities and Bank of Russia
ДЕМОГРАФИЧЕСКАЯ БЕЗОПАСНОСТЬ РОССИИ И ЕЕ РЕГИОНОВ: ПРОБЛЕМЫ И ПУТИ ИХ РЕШЕНИЯ
Get PDFThe relevance of the article is determined by the critical situation in the population’s mortality rate and health standards as well as by the state of things in the birth rate, marriage and family sphere in the context of threats that the demographic processes instability can bring to the Russian economy as a whole. The article discusses approaches to the concept of «demographic security», analyzes crisis phenomena in the demographic and migration processes and in the human reproduction sphere that threaten the economic growth of Russian regions. The centerpiece of the article is devoted to problems of the contemporary Russia related to alcoholism, drug addiction and smoking. The authors focus on current issues of the family policy and preservation of the family institution in Russia highlighting the problems associated with the spread of informal marriage, the growing number of abandoned children and challenges of adoption and child custody. The authors investigated in detail the issues of the birth rate increase, particularly in the aftermath of the social stratification of Russian society, and pay special attention to the issues of the male working population health maintenance in modern Russia, as well as to gender disproportions in the demographic structure of the population and education. The measures of the demographic and family policy proposed in the article to remedy the situation established in modern Russia can be used by federal and regional government authorities
КАК ОПРЕДЕЛИТЬ ТЕНДЕНЦИИ РАЗВИТИЯ РОССИЙСКОЙ ЭКОНОМИКИ?
Get PDFThe paper deals with the development of integral indices to assess the overall state of the economy. A method of calculating three indices is described: leading, synchronous and lagging with the focus on the leading index that detects turning points in the dynamics of the economy. All the three indices are calculated for the Russian economy as of 1999-2015; the forecast for April 2016 was made with the prediction error of 2.3%. The analysis of the results leads to the conclusion that the value of the lead lag has decreased compared with the previous periods and this is an evidence of the increased rate of changes in the industrial production dynamics. Moreover, the difference between the lead (4 months) and lag (6 months) of the leading and lagging indices, respectively, relative to the rate of change in the industrial production reflects the specifics of the structure of the Russian economy which is dominated by the export-oriented raw materials sector. In the calculation of an aggregate index, the problem of comparing partial indices having different economic meaning and measurement units is solved by significant adjustment of each index
ОСВОБОЖДЕНИЕ ОТ УГОЛОВНОЙ ОТВЕТСТВЕННОСТИ ПРИ ЭКОНОМИЧЕСКИХ ПРЕСТ УПЛЕНИЯХ
Get PDFThe institution of exemption from criminal liability for crimes committed in the sphere of the economic activity is subjected to the critical analysis. Its position and the extent of its viability under the current law are examined; the author focuses on its inconsistency, confusion and technical imperfection. According to the author, the greater the damage caused by an economic crime, the greater the benefit received by the state if the business owner makes a decision to meet the statutory terms and conditions of exemption from criminal liability.Taking into account the current policy of humanization and special indulgence to entrepreneurs who have committed crimes, and having assessed his own benefit, the entrepreneur can choose punishment rather than exemption from criminal liability because of the greater rigidity of the latter. As a result, the relative impunity increases the attractiveness of the economic sphere for organized crime groups.В статье автор подвергает критическому анализу институт освобождения от уголовной ответственности по делам о преступлениях в сфере экономической деятельности. Рассматриваются его состояние и степень необходимости в рамках законодательства в действующей редакции, при этом автор акцентирует внимание на ее непоследовательности, запутанности и техническом несовершенстве. По мнению автора, чем больший вред причинен экономическим преступлением, тем бо́льшую выгоду получает государство, если предприниматель примет решение о выполнении предусмотренных законом условий освобождения от уголовной ответственности. Учитывая современную политику гуманизации и особого снисхождения к предпринимателям, совершившим преступления, оценив свою собственную выгоду, предприниматель может выбрать наказание, а не освобождение от уголовной ответственности, по причине болей жесткости последнего. В итоге относительная безнаказанность повысит привлекательность экономической сферы для сформировавшихся организованных преступных группировок
ПРАВОВЫЕ И ДОГОВОРНЫЕ РИСКИ В СДЕЛКАХ СЛИЯНИЯ И ПОГЛОЩЕНИЯ
Get PDFThe paper analyzes the civil institutions of legal and contractual risks in mergers and acquisitions and gives an insight into the legal nature of their mechanisms in terms of the theory and practice of the civil law. Some of the legal problems and gaps in the law are identified and solutions are proposed. The importance of the topic is dictated by the cross-border nature of mergers and acquisitions. The legal analysis was made unadjusted for the changes made in the Civil Code. Examples of risks are provided and risks arising from the implementation of various procedures related to the purchase or sale of shares, including due diligence procedures, are analyzed. The basic concepts of the legal and contractual risks used in statutory instruments are examined and contradictions and flaws of the definitions are highlighted. Attention is paid to the analysis of concepts and interpretations proposed by Soviet Civil Law experts as well as to the interrelations between legal, economic and business risks. Classifications of legal and contractual risks are discussed