Article
Налоги как инструмент софинансирования программы реиндустриализации
This article discusses the use of public finance to reindustrialize Russian economy. The authors focus on the growing wear and tear of fixed assets, which damages the competitiveness of the Russian economy (even compared to other CIS economies). They show how a proper implementation of changes to corporate profits tax (CPT) may improve the situation and provide a calculation of CPT and VAT deduction in case of repair of fully depreciated fixed assets. They also prove that cost of repair of fully depreciated fixed assets should not be deducted for CPT purposes or affect the incoming deductible VAT.
Theoretists and practical men discussed about the nature of amortization in Russia from 1898 until the present time. The formation of the accounting of amortization in Russia is considered in the article in the framework of this discussion.
The conference was co-organised by the Center, the Department of Financial Law, Faculty of Law and Administration, University of Gdańsk, and the Department of Financial Law and Economics, Faculty of Law, Masaryk University in Brno. The cooperation of both departments has been ongoing for several years. On 24 November 2015, they signed a cooperation agreement. The Law faculties of both universities signed a similar agreement of broader scope as well. Since then, their cooperation has intensified and gradually evolved.
During 1998-2011 the National Research University – Higher School of Economics (Moscow) has been surveying the results of activities of most leasing market operators in Russia, including all the largest ones. The results of the scheduled annual analysis undertaken by us to survey the activities of leasing companies in the Russia indicate that the year 2010 was successful for the leasing business. According to the Leaseurope, and author’s data, Russia occupies the 5th place in Europe after Germany, United Kingdom, Italy, French. In practice many Russian leasing companies have managed not only to copy but also successfully to adapt the experience of the countries with developed leasing industries. Despite the growth in new business, account must be taken of the quality of the leasing portfolio. It turned out that it just got a little better as compared with the previous year. The analysis showed that cost of loans taken for financing leasing operations, as well as the cost of the funds of a leasing company, the funds of the lessee, the use of factoring, promissory notes/exchange bills, securities and other instruments, depends on a variety of factors, including: financial independence of leasing companies; the risks associated with the sale of a leasing product; the security for the transaction; the terms of depreciation of leased property, the terms of credit contract and of leasing contracts; the currency of the leasing transaction; whether the funds are borrowed on the domestic or on the international capital market; the schemes for carrying out a leasing operation, etc. With each year there the number of Russian leasing companies that can obtain financing directly from foreign banks grows. There is a growth in the volume of credit operations with the involvement of the national agencies for insurance of export-import operations, e.g. from Germany, Austria, Italy, the Netherlands, the USA and other countries. Securitisation of leasing assets held at the junction of four financial tools – lending, leasing, factoring, securities issues. This innovative mechanism that requires subtle scientific and practical configuration achieves remarkable economic performance update, modernisation and re-equipment of enterprises. The author has developed a system of securitisation leasing asset pricing which is feasible through a set of equations that balance the interests of the participants. The article also examined the status of concentration of leasing market, its regional and sectoral structures.
The methodologies analysis, offered by different authors, shows that even if the approaches and the indexes are alike, each one has its own advantages and disadvantages. Each firm is to choose its own coefficients, but moreover it should approve their calculating methodology. Interests of different types of tax information users (government, top-managers and owners) may underlie that choice.
The article presents analysis of the impact of human resource management systems (HRM) on the financial performance of banks operating in the Russian market. The sample includes 67 banks with different organizational characteristics (nationality of capital, ownership, lo-cation of the head office, number of years of operation in the Russian market). The research is based both on qualitative (a survey of heads of HR services of banks) and quantitative (analysis of financial statements of banks). Data were collected in the period from 2011 to 2015. Initially, the main indicators characterizing the effectiveness of the HRM system (labor productivity and return on investment in human capital), as well as indicators of the financial performance of banks (return on assets and return on capital), were calculated. Further, with the help of the system of econometric equations, the impact of performance indicators of HRM systems on financial results of banks was determined. The study revealed that, on one hand, implementation of the functions of the HRM system does not have a positive impact on financial performance of the bank. At the same time, the impact of effects of some particular variables characterizing the HRM system itself (orientation on the strategic goals of the bank, the composition of the functions performed, the automation of functions, the flexibility and innovation of the HRM system, the amount of personnel costs) on performance of banks was revealed. So, the positive effect of the HRM system arises from its orientation towards the strategic goals of the bank, as well as with the use of electronic systems that automate the functions of HRM and thus improving the timing and quality of their implementation. Together, these variables, characterizing the HRM system, increase the return on investment in human capital. If the bank also achieves the flexibility and innovation of the HRM system, then labor productivity also increases. This, in turn, has a positive impact on the financial performance of banks.
This volume of scientific papers IEF RAS includes articles on a wide range of issues of theory and practice analysis and forecasting of national and regional economies and their sectors. The articles raise urgent problems of Russia’s socio-economic development: restoring of economic growth, increase in productivity, transition to a new technological level of production, improving the quality of RF citizens’ life. The book is addressed to researchers, economists, teachers, graduate students, students and readers interested in current and future socio-economic Russia’s problems.
During 1998-2010 the National Research University – Higher School of Economics (Moscow) has been surveying the results of activities of most leasing market operators in Russia, including all the largest ones. The results of the scheduled annual analysis undertaken by us to survey the activities of leasing companies in the Russia indicate that the year 2010 was successful for the leasing business. According to the Leaseurope, and author’s data, Russia occupies the 5th place in Europe after Germany, United Kingdom, Italy, French. In practice many Russian leasing companies have managed not only to copy but also successfully to adapt the experience of the countries with developed leasing industries. Despite the growth in new business, account must be taken of the quality of the leasing portfolio. It turned out that it just got a little better as compared with the previous year. The analysis showed that cost of loans taken for financing leasing operations, as well as the cost of the funds of a leasing company, the funds of the lessee, the use of factoring, promissory notes/exchange bills, securities and other instruments, depends on a variety of factors, including: financial independence of leasing companies; the risks associated with the sale of a leasing product; the security for the transaction; the terms of depreciation of leased property, the terms of credit contract and of leasing contracts; the currency of the leasing transaction; whether the funds are borrowed on the domestic or on the international capital market; the schemes for carrying out a leasing operation, etc. With each year there the number of Russian leasing companies that can obtain financing directly from foreign banks grows. There is a growth in the volume of credit operations with the involvement of the national agencies for insurance of export-import operations, e.g. from Germany, Austria, Italy, the Netherlands, the USA and other countries. Securitisation of leasing assets held at the junction of four financial tools – lending, leasing, factoring, securities issues. This innovative mechanism that requires subtle scientific and practical configuration achieves remarkable economic performance update, modernisation and re-equipment of enterprises. The author has developed a system of securitisation leasing asset pricing which is feasible through a set of equations that balance the interests of the participants. The article also examined the status of concentration of leasing market, its regional and sectoral structures.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.