Стратегические финансы корпораций: становление ценностно-ориентированных методов управления
The book is devoted to problems of legislative, theoretical and judicial defining of subject of economic crimes in Russian and German criminal law in connection with legal persons. The authors analyze the current theoretical conceptions and case law and formulate proposals for improvement of present approaches. The special attention is given to liability of competitive manager for crimes committed in course of bankruptcy.
The author analyzes the decision of the President of the country on necessity of removal of state officials from committees of directors of the largest state companies, its pluses and minuses, and appreciates an investment climate in the country which unsatisfactory condition seriously anxious the country leaders.
In accordance with the international investment legislation, a state is entitled to implement expropriation and nationalization measures with respect to foreign investments within its territory on condition of guaranteed prompt, efficient and adequate compensation provision in favor of investors. The article notes that there is no clear description of the phenomenon of foreign investors' property alienation in the Russian or world practice. Consideration is given to the types of expropriation: direct, aimed at deprivation of property rights for investments by authorities; indirect, or "creeping" expropriation representing gradual divestiture; and measures that are equivalent to expropriation and inhibit receipts of investment benefits. It is underscored that in the process of investment evaluation it is necessary to take into consideration the degree of intervention in property rights, intentions of the government, and the impossibility to discharge adequate investors' expectations.
The article considers the problems of realization of the large projects related to creation of transport-logistics centers (TLC) and other objects of logistics infrastructure with application of the state and private partnership (SPP) mechanism. The foreign experience , possible forms and models of SPP application, requirements for parameters and terms of private capital investment into the project of TLC establishment, primary obligations and rights of SPP participants are analyzed. Profound consideration is given to the risks arisen in the process of TLC creation, to the problems of their limitations and distribution among the partners, to achievement of the highest synergetic effect from creation of TLC.
In the article we study the reasons and character of economic growth in Russia in the beginning of the XXI-st century. The analysis of the features of economic development is a key to understanding of depth of modern crisis in Russia. This article exhibits institutional preconditions for an overcoming the crisis and acceleration of economic growth.
The paper consists of three main sections. The first is devoted to a discussion of the "state capitalism" concept and the reasons for the growing interest to this phenomenon. It is proposed here to consider the state capitalism not only in terms of the state ownership in major national industrial enterprises and banks, but also taking into account the efficiency of SOEs. In the second section, the new data on the state involvement in the Russian economy are represented, including the shares of the state in the authorized capital of the largest industrial enterprises and banks. Their economic indicators are compared. Contrary to some assumptions P / E values for national champions are lagging behind the average for emerging markets. The third section examines the hypothesis that one of the major challenges faced by the state capitalism is the development of investment incentives for SOEs and their performance. It is shown that the interests of the state as an owner of business enterprises are often in conflict with the interests of the state as a social institution. A number of examples are demonstrated. In order to solve this problem the state should reduce its stakes in SOEs except for those that are of strategic importance. The output of the analysis is that the state capitalism as a social phenomenon has no a long-term perspective. Most of so called “state capitalist” countries will take in future the path of traditional mixed market economy.
The right to do business in Russia is granted by the Constitution of the Russian Federation, which states that everyone shall have the right to freely use his or her abilities and property for entrepreneurial or any other economic activity not prohibited by the law. In the Russian Civil Code, business activity is understood as an independent activity, performed at one’s own risk, aimed at systematically deriving profit from the use of the property, the sale of commodities, the performance of work, or the rendering of services by the persons registered in this capacity in conformity with the law-established procedure.
Doing Corporate Business in Russia attempts to examine not only the theoretical aspects of Russian business procedures, but also the specific nature of their implementation. This book offers an examination of the process of establishing, functioning, and terminating various types of business corporations in the Russian Federation and gives readers a thorough understanding of business in Russia. It clarifies the legal features of management and interaction with contractors and public authorities. It also touches upon the issues of legal linguistics and its role in legal practice. Knowledge in this field enables the reader to get a sense of the correct interpretation of the content of legal documents, proper definitions of terms, and of the potential violations of the rights of business entities based on improper understanding of normative language.
The book will be useful to scientists and practicing lawyers, students, and anyone interested in the specifics of corporate business entities and the Russian business climate.
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.
портовый менеджмент, показатели деятельности, анализ эффективности, система учета, распределение издержек, методы анализа деятельности портовой системы
At present many industries reveal tendency for setting up of vertically integrated companies (VIC) the structure of which unites all technological processes. This tendency proved its efficiency in oil industry where coordination of all successive stages of technological process, namely, oil prospecting and production -oil transportation - oil processing - oil chemistry - oil products and oil chemicals marketing, is necessary. The article considers specific features of introduction of "personnel management" module at enterprises of oil and gas industry.
vertically integrated companies; personnel management