Теоретические аспекты управления финансовым потенциалом предприятия
The paper presents an analysis of the G20 summit held under the French Presidency in Cannes on November 3rd and 4th 2011. The author assesses the summit agenda and decisions made by the leaders in the key areas of coordination, including the strategy for growth and jobs, reform of the international monetary system, actions to restore financial stability and strengthen the medium-term foundations for growth, deepening of financial sector reform, fight against corruption, investing for global growth. The paper highlights the challenge of implementing two agendas: the planned and the anti crisis one. The conclusion sums up the strengths and weaknesses of the summit and the G20 summitry, reviews the features of the G20 institutionalization, makes a forecast for the sequence of presidencies after 2015, and puts forward brief recommendations for the Russian G20 presidency in 2013. The publication is prepared within the framework of a joint project of Russian International Affairs Council (RIAC) Project and International Organizations Research Institute of the NRU HSE "Increasing Effectiveness of Russia's Participation in G8, G20 and BRICS in accordance with Russian Priorities and National Interests".
Increased attention and focus has been laid on the strategic importance of intellectual capital for modern management. However, intangible resources appear difficult to measure. Today, there are several methods, both financial and nonfinancial ones that allow managing them, to provide benchmarking and analyze its value added function (Sveiby, 2007). The rare investigations of intellectual capital in Russian enterprises show that “Almost in all industries it is still more profitable to invest in tangible assets rather than in intangible ones” (Volkov, Garanina, 2007). Still, some investigations on the micro level show that there are enterprises with high level of technological capital and innovative activity. The researchers called them “innovative leaders” and empirically proved that they have high labour productivity and are awarded by market through extra profit (Gonchar et al., 2010). Using the research sample and Pulic’s Value Added Intellectual Coefficient (VAIC™) the authors investigate empirically the dynamics and structure of VAIC, and study the relation between the intellectual capital and indicators of organizational performance, such as labour productivity, sales growth and profitability. Additionally, the VAIC™ model allows analysing the role of human, structural and physical capital. This paper outlines the study based on 350 Russian industrial enterprises’ annual statistical and account reports from 2005 through 2007. Besides, the authors adopt the VAIC calculation according to the Russian accounting system’s specifications and limitations. The findings support the hypothesis that a company’s intellectual capital influences favourably the organizational performance, and may indicate future competitiveness. A proof showing that the explanatory power of models is higher when considering the additional variables such as investment in fixed capital, R&D expenditures and a company’s size is represented. The results extend the understanding of the intellectual capital role in creation of sustainable advantages for companies in developing economies where different technological advancements may bring different implications for organizational value creation efficiency.
Monograph by S. Khasyanova «Upgrading Banking Regulation and Supervision in Russia in the line with International Standards» is devoted to the study of the development of banking regulation and supervision in Russia on the basis of international principles and standards. The process of implementation of international principles and standards of banking regulation in the Russian Federation and the following consequences are analyzed in the context of financial stability. Particular attention is paid to macroeconomic regulation and development of prudential regulations and requirements for banks, taking into account banking sector peculiarities. The regulation of systemic risk, identification of systemically important banks and applied to them a particular regulatory regime were investigated. The Deposit Insurance System and its role in enhancing the stability of banks as well as its directions of improvement are also considered in the study. The book is intended for professionals in the field of finance and banking, teachers and students of universities’ economic and financial departments.
Authorities of the state regulation, creditors and investors are interested in getting reliable information about the banking sector activities. The procedure of bank financial soundness and accountability evaluation is carried out by supervision authorities as well as by international and national rating agencies. The analysis of the methodologies of bank accountability evaluation and forecasting in Russia shows the following results. The Bank of Russia makes decisions on banks financial soundness based on financial coefficients of different groups; the calculations are grounded on the official bank statements. Apart from financial indicators, rating agencies evaluate qualitative parameters of the bank activities. The common problem of the bank financial accountability analysis in Russia is the lack of use of the forecasting methods predicting the financial statement of banks and the probability of default. As a result, the problem-free banks corresponding to the demands of the supervision authorities on standards were considered to be problematic during the crisis. The aim of this research is the dynamic analysis of the main indicators of the Russian banks activities at the different stages of the economic cycle in order to identify the indicators of the early bankruptcy prediction and the opportunity to forecast the changes in the bank financial statement.
Capability of intellectual assets to bring about economic benefits is one of the main conditions of involving them into economic activity. Transfer of intellectual assets may result in creating competitive advantages and on this basis, the growth of the market cost of companies.
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.