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Vestnik of the Plekhanov Russian University of Economics

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No 1 (2018)
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https://doi.org/10.21686/2413-2829-2018-1

EDUCATION INNOVATIONS

3-12 3209
Abstract

In the nearest future the educational environment is expected by the serious changes connected with digitalization. The system of  electronic education creates new opportunities and new problems. It  is possible to carry the solution of problems of availability of  education, expansion of opportunities of the choice for the student,  increase in a variety of forms and instruments of transfer of  knowledge to the main opportunities. Problems of system of electronic education can be divided into two classes: current  (transitional) and immanent. Now electronic education faces such  problems as aspiration to imitation of internal education, weak  quality control of educational products, low interactivity, a  primitivization of competences. The most essential, immanent  shortcomings of system of electronic education are problems of  socialization and transfer of implicit knowledge. Digitalization will  inevitably lead to transformation of education market. Leading universities (generation of new knowledge, development of essentially new educational products, preparation of scientific shots) will become the main players; manufacturing companies of electronic educational products and global educational platforms (broadcast of finished educational products to the consumer).

13-22 467
Abstract

The article deals with changes and amendments introduced in the Federal law ‘About Education in the Russian Federation’ and rules of  enrollment in the PhD course in the aspect of training academic and  pedagogical personnel. The scale of appraising key individual  achievements for enrollment in the PhD course was provided, which  was illustrated by leading universities of Russia in the field of  economics. Figures of participants’ graduation were analyzed by  science sectors in 2015 and 2016, including those with dissertation  defense. Key reasons for the PhD course enrollment were shown and specific features of the PhD course enrollment in overseas countries  were identified. It was proposed to take into account additional  indicators of candidates’ individual achievements, which could give  priority rights to be enrolled in case of equal competitive scores.  Recommendations were put forward aimed at PhD course modernization in the field of dealing with candidates and personnel with high qualification.

23-29 445
Abstract

The article touches upon the problem of improving the quality of mathematic training of economics universities graduates, which is  connected with the necessity of using mathematic methods in analyzing and forecasting economy within  the frames of Russian economy passing over to market relations.  The review of investigations dealing with this problem shows certain  difficulties for its solution. The author analyzes the role of applied economics and mathematic subjects in economist’s education by using the subject ‘Mathematic Methods of Finance Analysis’ as an  example. The principle conclusion drawn by the author: applied  mathematic subjects based on fundamental sections of mathematics  continues mathematic education of the economist , which could  improve the level of mathematic training of future economists and the quality of economics education in general.

ECONOMIC THEORY

30-34 476
Abstract

The article provides research findings of the highly technological sector of economy from the point of view of assessing ‘growth areas’ of the sector. The idea of ‘growth areas’ was described in  view of sectoral approach. Different categories of ‘growth areas’ are shown: highly technological, medium-highly technological, medium-low technological and low technological. The system of indicators  meant for analyzing ‘growth areas’ is demonstrated both in  generalized form and in the section by blocks, such as high  technologies production, finance results of science intensive  enterprises, business activity of ‘growth areas’, science intensive  services in the highly technological sector, customer  structure and labour resources and relative indicators of the highly  technological sector. Mutual impact of the mentioned-above indicators is identified.

35-43 479
Abstract

By analyzing the conditions of functioning and development of mass production of wealth the article identifies the lines of investing in  ensuring the paid demand for wealth by their key indicators,  including volumes, production costs, quality and product range. The  article shows the correspondence of investment Juglar cycles to  stages of job specialization used in mass production of wealth and  substantiates the use of indicators of investment cycles in order to  identify stages of productive forces specialization. A group of  informative indicators was shown necessary to forecast and plan  investment in designing and realizing the results of advanced  developments aimed at increasing productivity at te expense of its  public and technological subdivision at transition to the next stage of productive forces specialization.

44-52 435
Abstract

The article deals with issues of functioning of non-profit making sector and its organizations and associations. The author reviews  foreign and Russian legislation, it allows to identify international  criteria of attributing organizations to non-profit making. The article  provides overseas research demonstrating specific features of the  third sector and leading theories, which explain arising of non-profit  making sector with due regard to the country aspect. On the basis of this material characteristics of non-profit making sector, such as  diversity of participants and the use of commercial sector practices  are shown. The author highlights the most important functions of  non-profit making sector and the role of non-profit making  organizations in the development of social sphere and increasing  human capital, as well as their direct and indirect contribution to  economy.

53-67 2261
Abstract

The article analyzes the problem of Russia foreign debt from the point of view of the world-system approach as a form of economic dependence.  The debt dependence of Russia is revealed in increase in the foreign  debt volume and its service and in the trend of negative net-transfer in  favour of creditors. The author identifies the volumes of imperialist rent, which is passed by Russia to countries of the center in respect to foreign debt. It is pointed out that debt dependence is based on dependence in  the field of production and trade, thus its overcoming is possible only with simultaneous overcoming of different forms of economic  dependence.

FINANCE, MONETARY CIRCULATION AND CREDIT

68-74 824
Abstract

The development of the Law about securities market is taking place not only in the direction of deeper regulation of the given market itself but  also in the direction of broader covering of other finance markets with  finance tools which differ from securities and covering other trade and  credit operations apart from operations dealing with issuance and  circulation of issue securities. This situation is justified due to relative  underdevelopment of certain finance markets in Russia. The authors  show that in order to develop these markets it is necessary to design  their independent regulation both in the field of normative documents and in administrative regulation.

75-89 675
Abstract

For the last five years capitalization of joint stock companies in Russia nearly doubled while the major indicator of stock market  development, i. e. MISEX index – increased more than in 1,5 times.  In spite of such favourable conditions for the development of  portfolio investment mutual investment funds, whose investment is  mainly shares demonstrate low effectiveness. In 2015 the growth in  investment funds profitability showed 30,82% (in average), while  MISEX index grew by 28,72%. If we take into account that  commission rates with purchase and redemption reach 3,5%, while  with purchase of exchange investment fund – 1%, then investor  profitability, who entrusted his/her money to investment company or just invested it in index will be equal. Thus securities market needs more effective methods and algorithms of shaping the stock portfolio, as investor’s expectations of getting profits could be met  only in case of professional choice of investment projects. The article puts forward a new express method of selecting shares to the  portfolio called the method of investment rating. This method is  based on developing logistic regression. It provides an opportunity to analyze share price of all issuers with the help of the programmed  algorithm taking into account not only principle shares’  characteristics (risk and profitability) but the impact of other variables connected with finance and business work of the issuer and his market figures. The authors described economic and mathematic  aspect of the process of giving an investment grade and tested the method of investment rating on the Russian securities market.

90-99 1069
Abstract

While the finance market is developing both on the national and international levels we can observe consolidation and amalgamation  of finance and non-finance companies. As a result finance-production holding companies come to the market, which carry out banking,  investment, insurance, leasing activity, as well as the work of  professional securities market  participants and other functions,  including non-finance (trade,  industrial) one. In the  Russian Federation certain forms of legal  entities’ associations were formed. The most widely spread form of  such associations with participation of credit organizations in today’s  Russian economy is bank groups and bank holdings. They consist of  independent legal entities, however these entities are connected with relations of control and considerable impact, thus finance market  participants consider bank groups and bank holdings as single business entities. The authors came to the conclusion about  the possibility and necessity of expanding banking structures to regions.

100-106 477
Abstract

The article describes local currency as an additional means of payment functioning along with the national currency on a certain  limited territory or within a certain community. The authors  characterize this type of currencies, identify their aims and forms  and analyze foreign and home experience of using them. The article  puts forward a mechanism of local currency circulation by describing  its key elements. In this case the combination of three main factors  is necessary: participation of those who deal with production and  consumption, support of local authorities and interaction with local  banks and other finance and credit organizations. The authors  advance a hypothesis about the beginning of the stage of  transforming currency interactions, when horizontal ties between  currencies give rise to vertical structure of these relations.

107-114 669
Abstract

Commercial banks play a specific role in the system of finance resource re-distribution. They are key finance mediator in economy,  they foster a rise in effectiveness of functioning and development of  business entities and in general they promote economic growth in  the country. The importance of bank participation in the economic  system is evident also in bank participation in implementation of  state programs and projects aimed at strategic problem solving. The  development of all economic system with all its ties and  interconnections depends on stable and effective organization of  their functioning and how much their functioning meets their  objectives in economy. The article analyzes key indicators of  commercial banks’ work, identifies modern trends of their  development under the influence of crisis phenomena in the republic  and shows challenges of the banking sector, which can threaten its stability and reliability. The author substantiates the necessity to  design a set of steps aimed at increasing effectiveness of banks’  functioning, which could allow the credit system to fulfill its tasks in  full and contribute to the development of economy in the republic.

ACCOUNTING AND STATISTICS

115-122 758
Abstract

The article provides comparative analysis of provisions of the Russian accounting standards and international finance accounting  standards concerning fixed assets recording. The authors offer a new definition of fixed assets, which is based on similarity of definitions  according to ISFA and RA. The goals of accounting fixed assets were given. Conditions necessary to recognize the asset as an item  of fixed assets were described. Types of vale of fixed assets  according to RA 6/01 and ISFA were given and their comparative  analysis was made. Instructions concerning estimation of fixed  assets value were provided for different variants of their coming to  the organization: in case of depositing by founders to the authorized  capital, buying from manufacturers, independent manufacturing, obtaining through the donation contract, exchanging  to other property. The article pointed out to cases when balance value of fixed assets shall be altered and showed the procedure of fixed assets accounting from the moment of their putting into  operation. It underlined the idea that ISFA 16 and RSA 6/01 pay  serious attention to this problem but in different ways. Specific  features of fixed assets accounting in logistics complexes were described.

THEORY AND PRACTICE OF MANAGEMENT

123-131 955
Abstract

The article explains the key notions of proprietary management of business, i.e. technology of building the system of company management. The authors provide an example of the business-model of proprietary management of organizations in the  field of trade. It is shown that the proprietor performs specific  functions of business development connected with control and its  development. A lot of proprietors do not use in full their  opportunities to control and develop business. The majority of them  have got only superficial ideas about components of this work, but  not a comprehensive vision. Some proprietors decide to act as top  managers themselves, which creates an illusion of business  development control. In order to overcome this contradiction the  article puts forward a business model with value chain. It could build an effective proprietary management of business.

132-140 489
Abstract

The importance of developing the natural gas liquefaction industry in the Russian Federation is caused by political and economic reasons. In contrast to pipeline export gas supply, when Russia gets into serious dependence on transit countries and  countries consuming gas liquefied natural gas (LNG) provides an  opportunity to manoeuvre volumes and directions of sales. Due to  the fact that the Asia-Pacific region is taking the leading positions in  global gas consumption Russian oil and gas companies need LNG to  re-orientate gas flows in the eastern direction. The author shows  that in order to build the advanced highly technological gas industry  Russian companies today should set the foundation for refinery of  traditional natural gas and oil gas and methane from coal layers too  get liquefied synthesis-fuel of high quality. In the near future Russia  should take a leading position in the global trade on highly technological gas produce.

141-146 554
Abstract

The article analyzes possible advantages of state-private partnership in the ‘400 days’ reform. To solve the problem of unreliability of  estimate ratings the entropic approach was put forward. The use of  the conventional entropy indicator allows us to realize negentropic  approach to managing the processes of development and  enhancement of estimate standards. The author shows the ways of  resolving the problem in the aspect of enhancing the system of pricing and estimate rating through interaction of business and  power by establishing a joint research center. The center will  function by using the advanced methodological tools for  development and enhancement of estimate standards based, in  particular on the concept of negentropic management and other up- to-date managerial theories and methods.

147-154 424
Abstract

The article provides findings of the research of governance system for municipal programs and projects, grounds the need and  summarizes stages of the governance system development in bodies of municipal power. On this basis the authors formulate the tasks of  raising efficiency of the governance system and forecast future  academic results in the form of methodological recommendations  dealing with the development of the system of small business  support based on the system of balanced indicators and patters of  processes of governing the implementation of programs supporting  entrepreneurship. Academic novelty is an approach to considering  the governance system of municipal administration, where focus is  made on managing programs and projects as one of the most  important tools of developing the municipal structure. The  importance of adaptation and use of modern tested technologies of governance is underlined as in many municipal structures there  are no practices of using such tools. The author classifies the levels  of systems of municipal governance, which consists of five stages  and shows the key set of governance tools: the draft system of  balanced indicators, composition of appraisals of the quality of  program and project implementation, methodological recommendations connected with designing and developing the governance system and with configuration of processes of project office in the system of managing program and project implementation in the municipal structure.

155-160 487
Abstract

The article shows the algorithm of designing the system of governance for organizations functioning in service sector.  Components of the governance system architecture are given, such  as object of governance, subject of governance, goals, managerial  decisions, strategy, governance processes, regulations,  organizational structures, risks, indicators and key stages of  designing of the system of governance for organizations in service  sector, i. e. identification of projects, projecting of the object of  governance, goal setting, identifying indicators, units of measurements, planned and current values, shaping events aimed at attaining the set goals, identification and assessment of risks  (distribution of risks by zones), directed at attaining the set goals,  development of events aimed at minimization of risks, identifying the model of business processes, building the organization structure of governance, development of regulations). The author formulated  the model of the system of governing organizations in service sector  on the basis of technologies of the process-project approach to  governance. This model includes the pattern of the value chain,  which is used for building the object of governance in service sector. The article also provides tools for assessing the efficiency of  the system of governing organizations functioning in service sector.

MARKETING, LOGISTICS, SERVICE SECTOR

161-166 640
Abstract

From the point of view of getting profits dividend policy is an important factor for investors. It is analyzed regularly, however it is  mainly fragmented and does not show changed taking place. As for  companies of technological sector earlier theoretical provisions  concerning dividend policy need certain corrections. The article  provides an empirical testing (based on regressive analysis) of the  link between the level of company maturity and the size o dividends paid by it, which is one of the key provisions of G. & L.  DeAngelo theory. It is pointed out that these conclusions did not  prove the idea of using indexes identified by G. & L. DeAngelo to  explain dividend policy. The authors put forward a new model of  analysis of factors, the main of them is the indicator of the company  net profit for the year previous to the year of paying dividends.

167-173 1014
Abstract

The article tries to formulate and show the principle trends of global economy, such as globalization and informatization, which impact the  world fashion market. It summarizes the world experience of state  support of enterprises’ export activities abroad and analyzes current  state measures of support to export of Russian enterprises and the  efficiency of promoting the brand ‘Made in Russia’ and the program of  production localization in Russia. The author discusses the problems of  controversial customer demand – escapism and hedonism and shows  ways of their solving through differentiation of company activity in fashion industry aimed at target audience extension.

174-179 468
Abstract

The article shows that for the effective development of intellectual business service sector infrastructure and relations standardization are  required. It analyzes losses caused by entrepreneurs’ mistaken  perception of their participation in projects with outside experts’  attraction. The author analyzes the experience of further professional education, as well as special research for engineering  sphere. It was pointed out that one of the urgent steps is standardization of the education field. Shaping the demand for  business services is promoted by education and activity of public organizations but at the same time by state governance of economy.

180-188 426
Abstract

The article explains the idea of such a notion as product rage management, which is being considered on the same plane as  category management. The author analyzes the current methods  and approaches to shaping and managing the product range of the  trade enterprise and provides their comparative characteristics and  on this base shows specific features of using different methods in  conditions of business activity. It was pointed out that in key trade formats marketing approach is mainly used, i.e. product range  management is carried out depending on the customer profile. Trade enterprise format is identified as a key factor influencing category  formation. The principle idea of the article is the paramount  importance of identifying category in the system of category  management, which underlies all business processes.

WORLD ECONOMY

189-198 921
Abstract

The article analyzed the structure of inflow and outflow of direct foreign investment in China during the last decade. The author shows specific features and trends of investment cooperation with key economic partners and Chinese jurisdictions  (Hong Kong, Taiwan). The sectoral principle of distributing the flow of direct foreign investment was discussed, which is used for raising  and export of foreign capital in industries and service sector to  safeguard interests of national security of China economy. The article pointed out to the impact of M & A deals as an alternative to  investment projects from the ‘green field’ on Chinese economy  growth. It identifies problems connected with disproportion in the  development of industrial sector and service sector of the western  and central parts of the country and seaside regions. The author  demonstrates the key factors and trends in the active expansion policy of Chinese capital on foreign markets at the current stage.

RUSSIAN HISTORY

199-203 493
Abstract

The article describes key problems, which the Russian Plekhanov Academy of Economics faced during the years of reforms and steps  taken by the Academy administration in the late 1980s – early 2000s in order to overcome them and reorganize the Academy structure. The qualitative and quantitative growth of the Academy, its social sphere, academic and scientific work, material and technical base and its development were considered. The authors demonstrated a layer  of sources, which had never been used in research. For the first time the process of democratization of the Academy administration was investigated, such as extending rights of education institution  students and structural changes that took place in the Academy  during the period were analyzed. Findings of the research create the  foundation for further investigations in this direction and can be use for further reforms in education institutions.

204-209 502
Abstract

The article explains the notions ‘trade union’ and ‘employer’. Historic review of the trade union movement in Russia is described. Trade  unions were legalized in Western countries in the 30-90-s of the 19- th century, while in Russia it took place on the turn of 19th – 20th  centuries. Changes in the union movement after the October  revolution 1917 are shown, such as new responsibilities of socialist  trade union organizations, organization of labour socialist  competition, educational work. In 1921 the newspaper ‘Trud’ was  published, which is a body of the All-Union Central Council of Trade  Unions. In different periods the role of trade unions increased and  dropped. Nowadays trade unions acquired organizational  independence. The work of trade unions is regulated by the  Constitution of the Russian Federation. The government of Moscow, Moscow associations of trade unions and Moscow associations of employers concluded a three-sided agreement in order to guarantee  the interests of employees, employers and bodies of executive power in social and labour relations. The trade union organization of the  Russian Plekhanov University of Economics and the University  administration concluded a collective bargaining, which takes into  account specific features of the University and coordinates the parties’ interests in acute problems.

HISTORY OF PHILOSOPHIC THOUGHT

210-214 856
Abstract

The article presents achievements of a number of social and humanitarian sciences in the field of designing a model of ‘economic  person’ and mentions difficulties of making such a model. The article is acute due to the necessity to create a new management culture in today’s Russian society. The author shows the key problems of designing the model of ‘economic person’, which demonstrate both  economic and social-philosophic nature, such as correlation between  society and economy, factors of economic life development,  economic consciousness, economic relations and economic interests  of different social groups, types of personality in economy. It was  pointed out that in social philosophy man is considered as a subject  of economic life of society. The author touches upon the problem of establishment and development of humanistic management in  Russia. The needs of social and economic development make us use social science achievements in the field of the ‘economic person’ research in practice of economic life. In particular the author  underlines the necessity to introduce further education for  managerial personnel, which could help overcome the simplified idea dominating Russian effective management of a man being an object of economy. The need to strengthen the ties between management culture and values of Russian culture and specific features of Russian mentality is demonstrated.



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ISSN 2413-2829 (Print)
ISSN 2587-9251 (Online)