Corruption, its scale, specificity and dynamics arise from general political, social and economic problems in the country. Today Russia is not passing only through a process of modernization but a drastic restructuring of public, state, economic, social and psychological foundations. Therefore, we can observe a scientific and practical need in studying issues of corruption counteraction. Corruption offences act as destabilizing factors in society and state functioning. They exert adverse affect on state governance and on public relations in general. Corruption holds back the economic growth of the country, reduces people confidence to the authority. The article investigates new technologies, which are being introduced within the frames of digital economics and considered as tools of corruption minimization. Such methods asanalysis and synthesis were used. The authors provide the definition of the smart-contracts and describe their basic advantages in view of fight against corruption. At the same time key problems arising at legal regulation of block-chain status are discussed. Block-chain technology provides an opportunity to take into account all materialized contradictions in different spheres of public and state life, which form the foundation for corruption, which proliferated actually in all countries of the world. The authors put forward their suggestions dealing with methods and ways of resolving the problem.

The current stage of economy development is characterized by serious interest in studying economic theory, which includes such lines as study of management in its broad and narrower sense. The article analyzed academic literature on the subject ‘Innovation management’, researched and summed up foreign and Russian experience. The author shows different interpretations of the term ‘innovation’ found in foreign and home academic literature. On the basis of academic sources’ analyzing the author depicts key aspects of the system and functionally- riented approaches. The author puts forward the classification of the principle models of innovation system existing in global economy: models on the basis of innovation and models based on innovation proliferation. Key factors influencing the process of innovation management were identified and problems hindering the development and introduction of innovation in Russia were analyzed. A considerable section of the research deals with models of open and closed innovations, their specific features and practice of their use in Russian business. The author gives practical examples of innovation management from Russian and foreign experience and shows prospects of innovation development in Russia.

The article shows the necessity to intensify digitalization of Russian economy leaning on rational taxation legislation. Penetration of information technologies in the agrarian sector is so fast that it raises questions about possible underestimation of economic activity of the sector in improving the food provision of the country connected with digital products. The authors researched digitalization of the Russian taxation system stimulating the development of business and changes in the tax mechanism, which provides preconditions for shaping fixed capital of the agrarian sector. Key forms of tax incentives were described, their impact on the agrarian sector was shown and on this basis the necessity to develop a new taxation mechanism of prolonging tax payments on capital growth till the full completion of the information-investment process was grounded. The authors identify priorities of Russian taxation policy in today’s conditions of complicated geopolitical situation and sanction restrictions. They came to the conclusion about the inevitable entry of Russia into the community of information-developed economics. A set of measures was put forward aimed at creating optimal conditions for involving all economic agents in information innovation work and filling economy with digital content. Among key findings of the research we should mention substantiation of taxation system transformations, which could stimulate business development and practical recommendations dealing with upgrading the taxation impact on information technologies’ penetration on digital platforms of the agrarian sector of economy.

In order to counteract the shadow sector of economy, organized crime and terrorist attacks many countries set up systems of opposing criminal income laundering and terrorism financing, whose primary goal is finance monitoring. The first level of such systems forms associations of international status, the second level is occupied by national systems of CIL/FT, the third level is formed by certain finance and commercial organizations interacting with the first two. The Russian national system of CIL/FT is based on cooperation of Rosfinmonitoring, the Bank of Russia and other organizations, whose list is fixed by Russian legislation. They ensure the compliance of Russian credit organizations functioning with FATF recommendations, Wolfsberg principles and measures aimed at Basel AML-index of Russia. Struggle against laundering is one of the most important objectives of providing competitiveness of all Russian economy, as it fosters creation of positive investment climate, improves the international prestige of the country as a whole and strengthens its political positions.

The article studies the issue of efficiency of federal budget expenses in Russia. To do that the authors propose to apply the approach of portfolio matrix of the state sector based on principles of the Boston matrix and the Ashridge matrix used in corporate finance. Within the frames of this approach key lines in budget policy expenses were analyzed that correspond to sections of the federal budget. For each of them basic services generated during using funds on separate lines in budget policy expenses were identified. It was found that in the structure of the federal budget expenses there are rather many lines, which form popular and needed for the population services that do not have a high quality. The authors suggest ways of raising efficiency of spending finance resources inside these lines at the expense of improving quality of such services. On this basis possible lines of raising efficiency of budget policy in Russia were identified, which show the potential of positive impact of the federal budget on business activity in Russia at the expense of higher satisfaction of customers with quality of state services. Provisions of this article can be used for designing recommendations for the federal budget within the frames of assessing economic expediency of its expenses’ structure.

The article analyzes the key problems of Russian economy development at today’s stage. It is pointed out that the most important way to resolve these problems is the general development of credit-investment activity of business entities. Advantages of banking credits in comparison with other sources of financing investment in economy were demonstrated. The article shows that due to certain reasons banks are not ready to increase the volume of their credit portfolio on key industries, which include manufacturing industry and agriculture. The authors put forward the approach to organization of real sector enterprises’ financing, which is based of cooperation between banks and state institutions of development. Taking into account the fact that manufacturing and agricultural companies usually need big credits for long periods of time with relatively low interest rate (because of limited profitability of such industries) the approach based on banking-state financing is rather promising. Besides, it envisages catering for interests of all three parties of the deal: the enterprise, the bank and state. Principles ideas of the banking-state partnership were formulated as a promising alternative for bank credits, which on the one hand can promote the development of Russian economy and, on the other hand can improve finance results of credit organizations’ functioning.

The global finance crisis of 2008 ushered a new era of finance technologies (fintech) marked by a whole wave of new start-ups supplying new technologies. At the same time the global finance crisis caused a serious reform of finance regulation and considerable revision of finance supervision efficiency. As a result of post-crisis reforms a drastic transformation of the finance market and finance services took place. The author shows that growth in finance technologies raises certain questions for finance bodies, for example, whether it is necessary to extend regulating and supervising perimeter; if new types of digital finance services comply with existing rules; how to identify, estimate, cut and monitor risks of fintech-innovation. There are also questions concerning possible disintermediation caused by finance technologies, which means the exclusion of mediators from production and sale chain, i.e. selling products directly to customers without wholesale and retail resellers and potential impact on finance stability as well as new ways of central banks functioning. And finally, another question, if risks to cyber-security and data protection are well understood, managed and reduced.

E-money is widely used in cross-border commercial relations. It can increase the speed and cut cost of payments for business. At the same time e-money can be used for laundering funds gained by criminal ways and for terrorism financing. FATF member-states use provisions of the legislation about fighting criminal incomes’ legalization in respect to e-money issuers. These countries also underline that special risk for criminal incomes’ legalization can be caused by anonymous money and pre-paid cards. Therefore, many countries fix in their national laws measures that ensure realization of risk-oriented approach directed at minimizing risks of money laundering and terrorism financing. For example, the EU develops amendments to the directive aiming at elimination of risks dealing with use of e-money and pre-paid cards for legalizing criminal incomes. The authors propose measures aimed at improvement of legislation about fighting money laundering and terrorism financing to minimize respective risks in using e-money. At the same time the necessity to develop conditions for extending possibilities of remote identification was pointed out, as it was envisaged by the program ‘Digital Economics of the Russian Federation’.

Today it is extremely timely and acute to stir up academic quarters in order to develop methodological basis for assessing the degree of accounts trustworthiness in the interest of all groups of company stakeholders. The article studies theoretical and methodological aspects of assessing accounts manipulation. The author came to the conclusion about availability of shortcomings in the effective tools of assessing accounts manipulation, which are connected with determinism of indicators included in their structure and ignoring specificity of different types of company activity. The article proposes a new approach to probabilistic assessment of distortions in company accounts, which leans on mathematic-statistic models, namely typologization and multi-criteria estimation. This approach makes it feasible not only to find facts of accounts distortion but to identify their trend in the direction of overstating or understating. On the basis of this approach the integral indicator of assessing possibility of finance results’ distortion in company accounting in the direction of their overstating was built. It is connected with companies, whose principle type of activity is food production. The author draws a conclusion that more than a half of joint stock companies in the Russian Federation dealing with food production provide untruthful finance accounting (with the possibility of over 60%), which overstates finance results of its work.

The article grounds the necessity to develop a logit-model capable of showing specificity of Russian economy for diagnosing finance security of industrial enterprises in the Russian Federation. As a result of the research the authors designed two specialized models and put forward a classification of finance security for small and medium business. They showed the role of ensuring finance security of industrial enterprises and gave facts, which makes it possible to diagnose the start of finance threats. The article provides the analysis of Russian industrial enterprises dealing with machine and equipment manufacturing. The designed logit-models show finance processes of home industrial enterprises, which can cause finance insolvency. Testing was done on the basis of official open accounting of 173 Russian industrial enterprises. The authors produce evidence of their use for forecasting finance standing of Russian industrial enterprises. The research was done with the help of software IBM SPSS Statistics and it made it possible to give precise and trustworthy tests of the quality of logit-models. This research can be recommended for choosing efficient managerial solutions on ensuring finance security of industrial enterprises among diversified alternative concepts.

Risks in trade are estimated by absolute or relative level of losses. In absolute terms risk is estimated by the amount of possible loss in material, physical or value (money) term. In relative terms risk can be estimated as an amount of possible loss referred to a certain basis, for example as a property condition of the trade enterprise or total cost of resources on operation or expected profit. In this case the amount of risk is estimated as an occasional deviation of profit or proceeds of sales in direction of drop in comparison with expected values. The article shows specificity of analyzing risks in trade, which is connected with studying losses and revealing damages. The author identifies zones of risks of expected loss values and demonstrates indexes of trade enterprise risks, which should be controlled at all stages of conducting the trade and economic process. By systematizing theoretical and practical material dealing with the said topic an example was provided connected with the use of the totality of formal methods of estimating risks while shaping an optimal product range of goods in the process of distribution of limited funds to make up an order-application for purchasing goods with minimum risk.

The article investigates a new approach to the idea of volatility. In spite of the well-known assumption that option volatility in future will be exactly the same as today, the author puts forward a method, which links the change in volatility to change of only one parameter, i.e. the price of basic asset. The idea that the price of basic asset is a ‘guide’ for option volatility does not need any proof, as like terminal contracts options are estimated proceeding from their basic asset. This method can help estimate future volatility for one (or even more steps) ahead. Like any other forecast method it builds up the error as the number of steps in the future increases, however the simplicity of its use and low resource-intensiveness make it a worthy alternative to the method accepted now, which shows volatility while presenting prospects of the current option position. To forecast volatility for one step ahead we used the following basic statistic methods and economic models: the method of linear regression, Newton-Rafson method for finding option strikes for the set deltas, the method of spline-interpolation, the model of calculating ‘option smile’ Vanna-Volga.

The article investigates foundations of work and functions of the Bukhara branch of the Azov-Don commercial bank. In soviet historiography banks were considered as colonialism tools (both Western and Russian). On the basis of archive data the author proves that finance institutions of the Russian Empire took into account the local specificity and stimulated production of export-oriented goods. The author uses inter-bank correspondence, annual reports of the branch director and materials of the Bukhara branch audit. For the first time active and passive bank transactions were researched, expenses and incomes of the bank were analyzed and personnel of the bank was studied. The author, in contrast to soviet and post-soviet researchers thinks that banks were not monopolists in economy of the Middle East. The Azov-Don bank had got a broad network of branches (4 branches) in the Middle East region. It tried to take in hand the export of cotton and fruit but could not become a monopolist in economic life of Turkestan. The principle cause of ‘failure’ according to the author was the adjustment of the bank to real economic relations in the Turkestan Governorship-General and khanates. Modernization of Central Asia economy, according to banks implied financing of export crops and intermediary between the metropolitan country and periphery. ‘Colonial’ periphery seemed to be an appealing field for investment and super-profit, but speculative nature of Turkestan economy stopped banks’ development. As a result economic modernization of the Middle East slowed down and opened the way to the soviet experiment.

The article analyzes the development of agriculture in the Republic of Kirgizia and output of products by categories of entrepreneur structures. During the research the authors found out that reforms in agriculture caused serious changes in structure and forms of agricultural entrepreneurship, which can be seen in the fact of the primary settingup and developing the small-peasant family form. The reasons for the development of small-peasant forms of entrepreneurship were shown and it affects negatively the use of economic potential in industry. It was revealed that in agriculture of the Republic organizational forms of agricultural units were: joint stock companies, production cooperatives. It was grounded that insufficient development of big commodity production was caused by week stimulation of this form of entrepreneurship. On the basis of comparative analysis of entrepreneurial structure in the industry of Eurasian Economic Union country-members the authors identified the lines in shaping competitive forms of agricultural entrepreneurship in Kirgizia in conditions of integration. They proposed measures aimed at development of agricultural cooperation and setting-up competitive forms of economic management, which could promote transformation of the agrarian sector of the country within the frames of the Eurasian Economic Union.

The article explains the necessity and important role of innovation in industry and shows their impact on economy. There are indicators characterizing the position of Russian highly technological products on global market. Causes of low competitiveness of Russian producers were revealed. The article demonstrates the importance of new technologies for attaining sustainable development of industrial enterprises and analyzes indicators of innovation activity, which discloses the uneven development of the innovation system in different regions of the country. The authors ground the necessity of Russian industry passing over to a new level of development and identify the key lines in shaping the innovative infrastructure of regions. They underline specific features of pursuing innovation policy in Russia, highlight principle problems hindering the development of innovation processes and propose ways of their overcoming. A set of measures was designed aimed at smoothing out the lag of private sector development from the state one and at stimulating research and developments in the private sector. Research findings can be used to correct regional strategies of innovation development.

The system of state regulation of social and economic development of the country and regions is an important factor of maintaining economic stability and security of state. It implies first of all functioning of state power bodies of all levels, which deals with working out and implementing the decisions that can create favorable conditions for sustainable economic and social development of society, for raising competitiveness and increasing national wealth. The article studies methodological approaches to regulating agrarian territories’ development, provides recommendations aimed at perfection of organizational and economic mechanism of state impact on processes of their shaping and functioning and identifies their strategic landmarks. It analyzes the content and possibilities of state regulation of agrarian territories’ development. With due regard to specificity of Russian economy prospects of developing agricultural production by using the model of indicative planning were shown. The authors propose an approach to choosing the integral indicator for identifying quantitative and qualitative content of forecasts for shaping and functioning of agrarian territories. Acute issues of forecasting resource support of agrarian territories are discussed. The authors put forward recommendations dealing with possible use of plan documents for the comprehensive approach to planning and regulating the development of agrarian territories in the country.

The article on the basis of scientific methods, theories and approaches provide findings of the research of acute trends and promising lines in development of enterprises in grain-productive sub-complex in view of adapting and applying resource-saving technologies. For example, the authors study principles of using resource-saving technologies in grain production, promising technological solutions of strategic economic and technical direction, reasons blocking the introduction of resources-saving technologies in the process of grain-crops production, as well as a set of resource-oriented measures as an integral part of the organizational and economic mechanism adjusted to modern methods of grain production. Advantages of resource-saving technologies were analyzed in comparison with traditional ways of grain-crops production (both economic and agro-ecological). The authors ground the necessity to use the model of segregated technological flows control in modern technology of grain processing. They provide a thorough analysis of raw protein components market for production of well-balanced fodder in view of adjustment and use of managerial resources-saving approaches and on this basis they draw constructive conclusion and proposals.

In Russia social enterprises (entities of social entrepreneurship) are set up and develop during the last decade. In 2012 they were included in the state program of support for small and medium entrepreneurship. The growth in the number of social entrepreneurship and the experience of state regulation and support to their work accumulated within the period 2012 – 2017 stipulate the need to systematize and analyze this managerial experience. The article describes the origin of the system of state regulation in the field of social entrepreneurship in Russia. It shows that today the process of establishment and development of the conceptual kit, goals, tasks and tools of state policy is going on. Having studied tools of legislative regulation, infrastructure, education and finance support to entities of social entrepreneurship in Russia the authors pointed to the absence of the unique program of this sector development, which is obvious in dividing all tools of support in accordance with organizational-legal forms of social enterprises and it actually duplicates infrastructure and makes administration of finance support more difficult. The authors put forward recommendations dealing with designing a unique program of social entrepreneurship development in Russia with adopting relevant legislation and correcting the mechanism of managing this sector of economy on the part of state.

The article studies the intangible heritage of sports event and, in particular, an official talisman of a sports competition as a carrier of cultural and commercial component. The goal of the research is to reveal the importance of the talisman of official competition for fans and estimate the demand for the product with the image of official talisman using the World Football Cup 2018 in Moscow as an example and at the same time to show profit from selling this type of product. The research was based on survey results aimed at identifying the demand for products with the event symbol. The author found out the following: 1. Expenses of fans from different countries on souvenir products with the event symbol were different; 2. Products with the event talisman were in the highest demand; 3. The total profit from selling souvenir products with the official talisman of the World Cup 2018 in Russia, Zabivaksa wolf made over €50m. As a conclusion the author provides recommendations on developing souvenir products with the official talisman of the event in order to maximize its cultural and commercial value. Key factors of the successful development of licensed products of sports competitions were shown.

Trends of today’s market development, such as globalization, understanding the product quality, its price and the degree of customer satisfaction, as well as the growing importance of using information and communications technologies have led to emergence of new organizational forms of enterprise management. A fast developing trend in market interaction between business entities is a virtual form, which exists together with other organizational forms but represents another mechanism of structural coordination that differs from in-company and purely market mechanism. The author studies a new organizational form, characterizes its nature and provides a comparative analysis of virtual organization and virtual business-organization. The article characterizes virtual organization space, shows its key elements. Apart from that the author researches world and home experience in this field and gives examples of the most successful organizations. The article analyzes necessary conditions for virtual business functioning and shows its key advantages and disadvantages. It also studies the issue of labour organization at virtual enterprise and discusses basic tools of assigning functions to other companies or individuals. In the conclusion the author describes prospects of virtual business-organization development.

Today industrial enterprises are facing the problem of efficient management of expenses and earnings, as prospects of enterprise development depend more and more seriously on these figures and factors influencing their change, as well as the degree of managerial impact. The article analyzes key finance tools of managing enterprise expenses and earnings illustrated by the limited company ‘Grantmash’, identifies their basic advantages and shows possibilities of their use in practice of managing industrial enterprise expenses and earnings. The author proposes to introduce principles of thrifty production as the most effective tool of managing expenses and earnings in industrial sphere. Within the frames of this program it is recommended to optimize personnel by cutting human resources being used infectively, to lower labour-intensity of production through introduction of new technologies of mechanization and automation and to upgrade machinery and equipment. Management of the industrial enterprise should take a number of steps aimed at rationalization of using work places and storages, liquidation of extra functions and simplification of document turn-over and accounting scheme. It is also recommended to cut costs of material resources at the expenses of suppliers selling necessary for production resources at lower prices and to take managerial, technical and technological steps, which can raise efficiency of the available raw material basis and cut a proportion of rejects. In order to optimize the value of fixed assets and improving efficiency of their use it is necessary to reduce the volumes of unnecessary raw material and component purchase, to optimize the structure of stocks at storages and the need in certain material and technical items, as well as to take steps aimed at building the system of accounts receivable control.

Today socially responsible behavior has become an integral element of biggest corporations both in Russia and abroad. Business can get benefits from social programs and projects by improving its reputation, strengthening relations with authorities, counter-agents and global community. Concrete benefits from using social responsibility are tax and customs preferences, improvement of finance accounting, shaping the loyal customer base, emergence of new counter-agents and devotion of personnel. And especially important is the fact that corporation gets higher stability in crisis periods. Specific features of corporate social responsibility development are plurality and not uniform interpretation, the absence of any opportunity to define key factors influencing its essence. The article provides principle concepts of corporate social responsibility: the theory of corporate egoism, the theory of corporate altruism and the theory of reasonable egoism. The authors distinguish stages of corporate social responsibility development and characterize specificity of corporate social responsibility in Russia. Apart from that they provide comparative analysis of Russian and European practices of corporate social responsibility. It was pointed out that in our country the institute of corporate social responsibility is undergoing its development stage and state acts as a driver of the institute of corporate social responsibility development. It was pointed out that implementation of measures aimed at the development of non-finance accounting and real efficiency of corporate social responsibility in the country will depend on state.

The dividend policy is one of the most important factors of investment appeal of securities and therefore, of making a relevant decision about their buying or selling. In case of choosing this strategy it is necessary to understand which factors influence the dividend policy and what impact it exerts on the company value. Studying sources showed that there are two points of view on this problem: that it influences the company value and that it does not. Followers of each of these views provided their arguments. Analysis demonstrated the growth in the number of publications, where on the basis of calculations it was proved that dividend policy does exert impact on the company value. The article by using the method of regressive analysis (simple regression) within the frames of three key approaches to estimation of the company value carries out empiric test of the relation between dividends being paid and the company value. Conclusions drawn by the author show both the fact of such impact and its positive nature and it can confirm conclusions made by F.Fam and K.French, which were published in 1998 about positive correlation between the dividend policy and the company value.

The analysis of templates of the business models which are actively used during an analog era is presented in article and the author's template of a business model of an online retail including the following elements is offered: value for target groups of clients; the products/service made by the company, their quality, functionality, the created additional value; interaction with clients; technological platforms; innovations; services; digital chains of creation of value; the suppliers ready to interact in a digital format; technologies of management; risks. The presented techniques which are used during an analog era have certain shortcomings. On the one hand, they are universal, and with another – do not consider the certain specifics characteristic of business models of a digital era. In particular, there are no such elements as the technological platform and also the technologies used not only for the organization of digital chains of creation of value, but also for further effective digital control. On the basis of the analysis of the existing techniques of creation of business models and key elements of business models of world leaders in the field of production and sales of production the business model template adapted for creation of an online retail in the conditions of digital transformation is offered. The developed template of a business model can be used for start of a startup of the online retail or the translation existing offline business in an online format.