Операционный денежный поток в компании: планирование в условиях неопределенности
Our work is related to the recent literature on the link between business and financial cycles [Alessi, Detken, 2011; Claesens et al., 2011; Schularick, Taylor, 2011]. In our paper we will concentrate on the developments in emerging markets meaning that due to data availability our analysis will be effectively limited to the latest boom/bust episode. That closely links our work with the literature that analyses the main factors explaining output fluctuations during the crisis of 2008 [Frankel, Saravelos, 2010; Lane, Milesi-Ferretti, 2010; Cecchetti et al., 2011; Feldkircher, 2012]. Our main contribution to these strands of research is that we follow [Alberola et al., 2013; Borio et al., 2013; 2014] and employ the empirical model that enables us to decompose output fluctuations into cycle and trend components basing on the empirical relationship with various measures of imbalances. The resulting indicators may have economic interpretation as sustainable (i.e. not associated with buildup of imbalances) output and output gap.
Set out the nature, functions and characteristics of finance of commercial organizations, their goals and objectives in supporting the activities of economic entities with financial resources, the organization of financial activities, sources of financing of commercial organizations, as well as the organization's financial planning. reflected such important areas of financial activity, as planning for the cost, revenue and profit of organizations, the organization of fixed and current assets, especially the organization of finance in different commercial organizations of the most important economic activities.
This article is about improving budgeting system in companies by means of a new method based on the concept of managed impacts which use project management tools. This concept divides planning into two stages: making general forecast and making set of managed impacts. Each managed impact is determined by some changes of budget’s parameters and a percentage change of a target parameter to its forecast level. All the managed impacts form project of managed impacts. And this project should take the place of master budget. This method can solve such budgeting’s problems as: flexible adaptation of the master budget to new conditions, difficulties to see the strategy and aims of company in budgets etc.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.