Финансовый менеджмент. Учебное пособие
Significant change in corporate environment in 1980th has resulted in revolutionary strategic goal-shift^ from traditional accounting models to value-based management (VBM). This abstract uncovers several features of VBM evolution process, emphasizing the advantages and limitations of the concept for russian companies.
Russia may well rank highly in a relevant international rating of the formal attributes of performance-based budgeting (PBB). The Russian government has created the necessary preconditions for PBB – introducing a multi-year budget and accumulating data on performance indicators that are considered in the budget planning process. The new budget code draft currently under discussion proposes strengthening the link between the budget and programmes. However, the use of PBB tools is not a guarantee of success. The experience of many countries has demonstrated that the use of performance indicators in budget discussions, spending reviews, etc. is an essential but insufficient condition for an effective budget system. This fully applies to the Russian budgeting practices. On the one hand, Russia has introduced many PBB tools, ranging from presentational budgeting to direct budgeting. On the other hand, the effectiveness of the budget spending leaves much to be desired.
International May Conference on Strategic Management (IMCSM) is a leading international conference in the field of general management. This conference is annually organized by Management Department of Technical Faculty in Bor, University of Belgrade. This was 15th year of the conference.The May Conference on Strategic Management become recognizable in the world due to its quality, especially in Central and Southeast Europe.
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.