The article depicts the author’s view on corporate, finance and tax restructuring of companies’ debts and restoration of their solvency. The author investigated global experience of corporate restructuring, including finance restructuring of debts, its organization, forms, methods, specific features and objectives. The article provides concrete examples and assesses the results of international companies’ work, which specialize in corporate finance restructuring aiming at business solvency restoration. In respect to the Russian Federation the author studied conditions and the foundation necessary to carry out tax and finance restructuring of companies, analyzed the work of the Federal Tax Service in the field of dealing with tax-payers-debtors on taxes, fees and insurance premiums, showed its impact on the finance standing of companies and discussed ways of resolving the problems of stale debt elimination through finance and tax restructuring. The author puts forward proposals aimed at using the best global practice in corporate and finance restructuring in the Russian Federation, which could provide the professional level of dealing with finance restructuring and sanitation of companies facing problems of debt settlement. The given problem was researched in the context of other tasks being solved within the frames of national projects,  including raising labour productivity and business profitability.

In market economy finance management is one of the most important aspects of any company functioning, which binds different lines of its work and shows the company standing on market, its competitiveness, prospects of sustainable development and value growth. Application of principles, methods and tools in management of finance resources of sport industry entities depends on organizational and legal structure, sources of financing and founders. Criteria of efficiency estimation can be formed by indicators based on the current concept of value oriented approach as well as indicators connected with conventional approaches based on the account model of management, such as profitability, liquidity and sustainability. The authors provide a comparative analysis of finance activity of certain Russian and overseas football clubs in order to assess efficiency of their management and availability of optimum conditions of their functioning. The article shows that in conditions of low popularity of
sports in our country and poor paying capacity of the population in comparison with industrial countries our sports clubs have low finance factor in contrast to their competitors on the international arena. It can be explained by the fact that conditions of clubs’ passing over to the market model of functioning have not been formed yet, which makes them orient to budget sources of financing, while leading European clubs are competent participants of market economy that can work all over the world.

The article studies the theory of three-sector economy developed by American Economists A. Fisher and K. Clark. This theory was formulated on the basis of their works published in the mid 20th century. Later it was used as a foundation for the theory of public-economic structures. The present article puts forward a concept of the economic system of the future, i. e. economy of knowledge or economy of information society. The new economic system is being developed now but its certain components can be seen and work today. Production factor of new economy is knowledge, while traditional factors of production are labour and capital as necessary conditions of production. Economy of knowledge can be characterized by processes of economic development but not processes of growth. The forth sector of national economy (quadrum-sector) includes such types of activity as education and science, i. e. those types of activity, which form new knowledge, transform it and proliferate. On the basis of economicmathematic model of general balance by Arrow-Debre the author developed a mathematic model of economy of knowledge, which is presented as space of goods production and consumption.

The present article studies a semi-parametrical method of macro-economic forecast in periods of sharp changes in economy put forward by the authors. Data blocks are chosen on the basis of clusterization methods, which are as close to the current economic conditions as possible. The key method of clusterization is the method of the closest neighbor. Time series is split into blocks and then the closest block is chosen for the last block of observation, which demonstrates the idea of coordination of directive series movements. As a basic model of forecasting the authors use ARIMA model. The authors show advantages of this approach for forecasting during the great recession – the economic slump of 2008 for such variables as inflation rate, unemployment and real private income. This method demonstrates its superiority in comparison with parametrical linear, non-linear, single-dimension and multidimension alternative methods for the period 2007–2019. The article provides calculation s obtained as a result of computer experiment using Python language for data on inflation rate and oil prices for the mentioned period. This approach in future can be used in intellectual methods of machine teaching, such as neuron networks.

The article deals with the retrospective analysis of concepts of development institutions in overseas and Russian research. In spite of the serious role played by development institutions in economy of states and economic unions the work of Russian development institutions can hardly be assessed as efficient. In order to find reserves of raising their efficiency it is essential not only to study the essence of development institutions but to analyze overseas approaches to designing strategies and methods of assessing their efficiency. The article describes home and foreign approaches to the essence of development institutions and to methodology of assessing their efficiency and identifies their key differences. Principle trends of the given concept were found out: further re-orientation of research dealing with the essence of development institutions towards study of their work; development of advanced methodology for estimating the efficiency of development institutions at all levels; shaping the comprehensive normative and legal base necessary to regulate the work of development institutions; investigation of interrelation between strategies of regional, national, global development institutions and strategies of regions, states and the world; study of development institutions as a whole as a unique innovation-developing system of
state; designing new approaches to planning the work of  development institutions and monitoring their results; proliferation of advanced research methods to study of development institutions.

Today we face the necessity to raise efficiency of infrastructure building. One way to resolve the problem is to design the theoretical foundation of price-making for infrastructure projects. The article studies price-making of infrastructural projects in construction industry in times of weak economic growth, intensifying sanction pressure, economic and political uncertainty. The research is based on methodology of system approach to information generalization, which is obtained from academic sources, analysis of trends of construction industry development. By reviewing Russian and overseas sources the essence and functions of prices of infrastructure building projects were identified. The algorithm of stage making of these prices was shown. The hierarchical system of the life cycle of price-making for infrastructural projects was built on the basis of the international standard ICMS (The International Construction Measurement Standards). The author studied factors of price-making for infrastructural projects. According to the author, price-making for infrastructural project is stipulated by orientation to implementation of the complex plan of modernization and extension of main infrastructure. Designing the theoretical base could provide an opportunity to integrate the practice of infrastructure project implementation into it. The author gives
recommendations on further researching the prices for infrastructural projects with regard to different scenario of
economic conditions.

As competition associated with globalization grows, more and more organizations are adopting different approaches. This happens when organizations strive to become more efficient – “do more at lower costs” and quickly and cheaply launch new products on the market. In this regard, this paper is devoted to a comparative analysis of the two most popular project management standards PRINCE and PMBoK. The authors reviewed and analyzed the main features of these standards, conducted a critical review of their strengths and weaknesses and made recommendations on the use of a particular standard in a particular case. For example, if you need to get a detailed description of many extremely useful tools and methods that will help you better manage your project, you should use PMBoK. However, if it is necessary that the project management methodology helps to make project decisions, the relatively simple PRINCE2 process model clearly defines which project management decisions need to be made, by whom and when. The 26 management products in PRINCE2 are tightly integrated into the process model, providing guidance on what project management information is needed to support decision-making throughout the project.  

During the last two decades The Russian Federation experienced a serious external pressure on the part of western countries, including the impact of unfair competition on global commodity markets and sectional costs. At the same time global geo-political space is undergoing changes too. Principle risks and threats to national and regional economic security, which kept arising in the previous years in many regions of the country, are becoming the most topical. Our home market demonstrates different dynamics of its development, which is characterized by low economic growth, regional disproportions in social and economic development, shortage of investment. Positive indicators include relative sustainability of economy, surplus of regional budgets, success of certain entities of the country in attaining strategic goals, a high level of openness of Federation entities’ economy. In this context identification of key risks and threats to regional economic security acquires special importance, designing approaches to their minimization and elimination is also essential. Unfortunately, there is no universal approach to their elimination in the global practice, however, it is possible to lower their impact on social and economic sphere. The authors analyzed a number of key factors influencing economic security in regions. Two large macro-regions of Russia, i. e. the Central and the Privolzhskiy Federal districts were investigated. Using their example entities, which are included in these districts, were typified by dynamics of certain indicators. It showed serious differentiation, the trends of investment shortage dominates in the majority of regions. In both districts, mentioned above the share of
investment into fixed capital in gross regional product and returns on assets ratio decreased. Only the Kaluga region as an entity of the Central Federal district shows positive dynamics. Specific weight of shipped innovation products in the total volume of industrial output (indicator) demonstrates the level of economic security of the area in view of its competitiveness. The authors showed that the number of regions with growing dynamics of innovation products output is prevailing. Disproportions in key indicators of regional economic security were found. Positive factors of its growth, such as availability of serious potential of innovation economy development were identified.

Increasing role of human capital, knowledge and advanced technologies demonstrate the fact of shaping a new stage of economic development, i. e. economy of knowledge, where innovation becomes an integral part of business. However, indicators of innovation development show that Russia is seriously lagging behind western countries. At the same time the development of Russian regions is extremely uneven and it is connected mainly with mining regions. A key industrial region of the Russian Federation – the Kemerovo region was selected for analysis. The article estimates the innovation potential of the region and indentifies acute problems hindering its integration in economy of knowledge. It was shown that existing problems should be resolved by a whole set of measures aiming at the development of partnership relations of power, science and business, at the formation of conditions necessary to attract and retain highly-qualified specialists, at building up adequate infrastructure and surroundings for making business, at upgrading the legal base, at the development of international and inter-regional cooperation in the field of managing knowledge and innovation. Apart from that an important role of techno-parks for the development of economy of knowledge in regions was underlined.

The present day digital world creates new realities in organization of managerial structures, whose conventional hierarchical structure becomes outdated. Digitalization of organizational structures of enterprises is realized by a new trend, i. e. Digital HR – digital human resource management. The article describes key aspects of digital HR management, which is necessary to raise the efficiency of HR departments’ functioning and to provide managers and specialists in the field of management with advanced tools for selection of skilled personnel meeting the company requirements. The authors formulated 16 methods, tools and technologies needed for organization of digital HR management, including the on-line structure of the company on digital platform, the system of on-line monitoring of goal attainment, electronic document turnover with digital signature, integration with external digital platforms, the system of on-line personnel training, individual employee adaptation, staff analysis on the basis of mathematic modeling and the use of artificial intellect. As experience shows, as a result of artificial intellect application in HR management the possibility of selecting adequate personnel becomes much higher. Digital management could reduce time necessary for routine operations, which would raise the quality of managerial decision-making and provide the company with highly-qualified staff.

The current market is characterized by sharp contradictions between traditional and new centers of power, high competition on fuel and energy market, diversity of natural sources of hydro-carbons and drastic technological changes in oil and gas industry. The article shows a new approach to defining sustainability of oil and gas companies on the global fuel and energy market. Through three principle provisions – ‘sustainability of standing – sustainability of internal situation – structural sustainability’ the authors show today’s features of sustainability of leaders on fuel and energy market. Academic and methodological innovation gives an opportunity to assess objectively the mentioned aspects of sustainability and work out recommendations for market participants. This innovation is based on a set of estimation indicators of leading oil and gas companies, with their help through comparative analysis the generalized criteria of sustainability are calculated and the final indicator – the index of sustainability of Oil and Gas Company – is found. Within the frames of the research such companies as ExxonMobil (US), British Petroleum (UK), PtroChina, SinopecGroup (China), Gasprom, Lukoil and Rosneft (Russian federation) were included. It was shown that raising sustainability of oil and gas companies in the period of global transformations can be promoted by maximum use of the natural and resource potential, increase in the number of deposits, technological renovation of all links in production and sales chain. It is also necessary to design the general
strategy of response to external challenges and threats on behalf of oil and gas companies belonging to one state (joint sustainability).

The article studies acute problems and conceptual issues of transforming industrial enterprises and complexes in conditions of dynamic development of digital technologies and innovation. The author worked out the definition of the concept of institutional restructuring the industrial complex as a system of academic and theoretical views and provisions, which formulate the integral and non-conflicting notion of genesis, content, factors and strategic lines of conducting complex changes at the enterprise in order to ensure its competitiveness, development and higher innovation activity in the digital environment. Basic provisions of the concept were worked out, which characterize preconditions, essence, goals, aspects, tools, process structure and strategy of institutional transformation of the industrial enterprise. The author demonstrates the idea of the integration paradigm and genesis of restructuring, which depicts the logical mechanism of the origin and development of institutional changes in the industrial complex. Classification of fundamental and functional factors of restructuring was carried out and assessment of
their appearance in traditional market conditions and conditions of digital economy. To ensure leading positions of the enterprise on market its transformation should be conducted in the pro-active format preventing the period of bifurcation processes and structural shifts in economy. The author proposes a conceptual approach to early restructuring of the industrial complex in respect to market changes. The conceptual scheme of integrating strategic lines in restructuring and developing the industrial complex in conditions of the digital environment was elaborated.

The article identifies methodological foundation for goal setting, horizon fixing and budget parameters of resource supply of strategic planning documents. The authors studied foreign and home works in the field of industrial construction, system genesis, structural analysis and quantitative modeling. They used quantitative methods of initial data processing, table methods of research results visualization. A method of finding the optimum values of distributing revenues of the consolidated budget of the Russian Federation among levels of the budget system. The three-level budget system of the country was analyzed as an institution, a tool and a resource source of strategic planning on federal and sub-national levels. The authors showed the necessity of drastic improvement of the institution of state programs in the Russian Federation and substantiated the rejection of single orders and decisions in favour of documents of strategic planning, they also recommended to toughen control over implementation of documents of strategic planning with obligatory consequences for their participants and documents themselves. It was grounded that achieving the optimum structure of the budget system (and movement in this direction) could create conditions necessary to include sub-national bodies of power in implementation of national projects and to realize various potentials of its regions, as a unique advantage of the Russian Federation.

The article describes the current standing of the British defense contractor ‘Babcock International’ and estimates prospects of the business development. Today we can see the rising importance of military means, which makes research and analysis of defense complex companies more acute, as they are responsible for technical realization of military tools for foreign policy of states. Academic literature pays more attention to American companies, which can be explained by their influence on the market and leading positions in the field of R & D. According to the authors, other companies, for instance ‘Babcock International’, a large British company of the sector, should also be studied. It can provide a more comprehensive view of the current standing of defense complex companies in the West and prospects of their further development. In spite of the Fact that defense expenditure of Western countries restored growth after a long period of cut-back, the authors’ analysis shows certain negative trends (which could step up) for ‘Babcock International’ business. These trends refer to other medium-size companies of Western military complex. A conclusion can be made about a coming wave of consolidation of this sector companies in the near future, mainly on the national level, which could lead to closing-down of unprofitable enterprises and mass reduction of jobs, as well as degrading technological and other related competences.

The article shows possible ways of integrating systems of organization management in digital cluster structure, which represent a system of stable social and economic relations realized of the basis of digital platforms, fixed integration links with real sector companies oriented to optimization of operative and transaction costs on the part of service operator and their partners and customers. The author analyzed key lines of using digital clusters for designing models of management of today’s organizations. Two basic approaches to understanding the essence of modern clusters were described: spatial and integration, which are present in the theory of economic system management. It is underlined that the foundation of the digital cluster model can be formed only by relatively specialized commercial platform. The author points out characteristics of different variants of integration of enterprise management models in digital clusters. Among other variants the author mentions regular use of digital services of the platform and cluster entities, integration in the cluster as an  infrastructure entity and adequate modification of the management model, integration in the cluster as a basic entity of the real sector, coalition multibranding loyalty programs with the digital cluster, the model of establishing the own digital cluster.

Globalization process triggered the search for new approaches needed to ensure competitiveness and efficiency of business-entities. Due to intensifying international competition on market connected with access both to resources and information and to business partners, efficiency and competitiveness of enterprises dropped. When organizational ties between enterprises develop, partners’ mutually beneficial relations are established. By analyzing current approaches of overseas and home scientists the author points out that in conditions of network economy development the effectiveness of business entities’ interaction can rise, in case partners’ relations are formed and developed within the frames of associations, as the most advanced form of management of complicated economic systems. The article studies inter-organizational ties between industrial enterprises in the form of three-level object of the management system. Each level is structured in the form of elementary projections. It is shown that to change the position of effective business entities it is necessary to upgrade the organizational structure of management and to develop inter-organizational ties with business entities. The author designed theoretical tools, which gives an opportunity for industrial enterprises to reach synergy effect of network interaction, to provide coordination of all participants’ work that could intensify cooperation, raise competitiveness and, improve efficiency of joint activity of entities and economy in general.

The article studies logistic functions, processes and procedures accompanying all stages of full physical life cycle of new durable goods. The term ‘new’ means here an original product possessing new values for customers or a product – modification, which in comparison with the basic product has higher productivity, economical and ecological characteristics and possibilities of utilization. Durable goods include technical devices, such as production equipment and transportation means. The full physical life cycle is split into stages and step of their executions. Actually each stage is connected with logistic procedures: opportunity to get new materials and components at the project stage; estimating the number of parts taken from the basic product for the product-modification at the project stage; decision-making concerning out-sourcing and in-sourcing at the pre-production stage; evaluating the stock of material and technical resources at the enterprise at the production stage; expanding the existing distribution channels and searching for new ones at the marketing stage; calculating the need in material resources for warranty service at the operation stage. The article shows also certain lines in developing advance logistics, such reverse logistics, re-cycling logistics and green logistics. These lines van serve as land marks for developers of more economical and ecological technical devices, including transportation means, storage and shop equipment, as well as for developers of low-waste and logistic technologies.

The article shows the role of the biggest watch manufacturer, the company Patek Philippe on Swiss watch market, studies advantages of this family business and its distinguishing features in comparison with international joint stock companies. Special attention was paid to investigating competitive advantages and values of corporate culture and management principles – the foundation of the company success, which developed unique watch manufacturing startling the whole world with its complicated watch mechanisms and perfect design. Such amazing details of the company Patek Philippe were described as a century guarantee for the company products, caring for customers during the longest in history service life, setting-up a museum of watch art filled with the rarest works, the biggest library on watch manufacturing and experience, knowledge and competences accumulated during 180 years of company life. The author shows the innovation, creative atmosphere supported by the company top management in order to motivate employees to develop master pieces of watch manufacturing, to put out more
complicated models of watch exceeding customers; expectations. In general, the perfectionist business-model of the company was depicted, which stirs admiration and deserves interest of business community.

The article analyzes key problems in managing investment projects in investment-construction industrial system. It studies effective economic tools on the basis of negentropical management developed for higher truthfulness of investment projects estimation in conditions of risk and uncertainty. The author puts forward ways of resolving the problem dealing with pricing system upgrading and estimate standardization through interaction of business and bodies of state power by setting-up a joint research center and a method of finding labour intensity for building new capital production assets and modernization of existing ones, which differs from traditional approaches. The method is based on fixed norms of labour costs and includes registration of all labour acts of workers depending on production conditions defined by the character of technological structure, where the production process is taking place. A conclusion was made that the new approach to labour intensity calculation can raise accuracy of efficiency assessment of investment projects. The proposed method (in contrast to estimation based mainly on expert procedures) would give an opportunity to assess the quality of technical solutions by several indicators and modernize the estimation rule. This method can be used for developing new variants of estimate-normative base and upgrading the existing ones.