Specifics of strategic financial planning of enterprise activity in the digital economy

2020 ◽  
Vol 26 (3) ◽  
pp. 499-507
Author(s):  
P.A. Levchaev ◽  
B. Khezazna
Keyword(s):  
Strategic Planning ◽  
Financial Planning ◽  
Financial Management ◽  
Digital Economy ◽  
Economic Life ◽  
Corporate Management ◽  
Economic Relations ◽  
Digital Era ◽  
Analysis And Synthesis ◽  
Corporate Management System

Subject. The article investigates the specifics of strategic financial planning of enterprise operations in conditions of digitalization processes, as well as the introduction of advanced technologies in all spheres of social and economic life. It determines unique opportunities for company development in the international market. Objectives. The study aims at reviewing a set of economic relations and problems emerging in the process of strategic financial planning of enterprise performance in the digital economy, and developing recommendations to improve the financial strategic planning of economic entities. Methods. We employ methods of economic analysis and synthesis, and comparison. The paper rests on works by academic economists on the problems of finance, financial management, and planning. Results. We investigated the most important features and problems of strategic financial planning of enterprises in the digital economy, and how the digital era increases the level of competition of participants for economic dominance. Identified features of financial strategic planning of the corporation's activities in the digital economy are recommended for use in the corporate management system of an industrial enterprise. Conclusions. Improving the strategic management process is a stage of transformations in the digital economy. Enterprises create new priorities through using management models. At the same time, the role of fixed assets is reduced, and intangible assets and information accelerate the business. The effectiveness of company operations is often determined by the availability of accurate and timely information that reflects the necessary aspects of financial and economic practice.

scholarly journals Peculiarities of strategic activity of corporations in the conditions of digital economy

2021 ◽  
pp. 12-20
Author(s):  
Petr Aleksandrovich Levchaev ◽  
Badar Khezazna
Keyword(s):  
Financial Management ◽  
Socioeconomic Development ◽  
Digital Economy ◽  
Corporate Management ◽  
Engineering Technology ◽  
Global Trends ◽  
Economic Entity ◽  
Production Increase ◽  
Organization Of Production ◽  
Corporate Management System

This article examines the processes of formation of financial strategy within the system of corporate management in the conditions of digitalization. Implementation of digital technologies in all spheres of life opens new opportunities for socioeconomic development of the companies. In the nearest future, scientific research in the sphere of digital economy will be especially relevant due to heightened risk of being in arrears of global trends. Rapid changes taking place in engineering, technology, and organization of production increase the importance of corporate financial management. The digital age changes the traditional models of sectoral markets, enhances competitiveness between  the participants of economic processes. The theoretical and methodological framework of this research contains the works of economists on the problems of finances, financial management, and planning. The subject of this research is the combination of economic, organizational and management relations developed in the process of strategic activity of corporations in the conditions of digital economy. Enterprises that are adapted to modern economic conditions set new priorities in the process of formation of management models: the role of fixed assets decreases, while intangible assets and information become the key business engines. The effectiveness of management decisions, and thus, the effective functioning of the enterprise overall depends on the availability of accurate, timely and exhaustive information. Prompt responsiveness to the changes of external environment is the primary factor for ensuring effective management of the economic entity. The novelty of this research lies consists in the original concept of corporate financial strategic planning in digital economy in the context of the corporate management system of the industrial enterprise.

scholarly journals Problems and prospects for the development of corporate strategic planning in the digital technology environment

2021 ◽  
Vol 9 (2) ◽  
pp. 171-175
Author(s):  
Petr Levchaev
Keyword(s):  
Strategic Planning ◽  
Financial Management ◽  
System Analysis ◽  
Planning Process ◽  
Digital Technologies ◽  
Business Environment ◽  
Digital Economy ◽  
Analysis And Synthesis ◽  
New Business ◽  
Definition Of

Objectives. A set of theoretical, methodological and practical approaches to the development of strategic planning of corporate activities in the transition to a digital technological system. Methods. The application of a comprehensive scientific approach is based on a combination of General scientific and special research methods: retrospective, system analysis and synthesis, comparison and generalization, and evolutionary. Results. As the analysis of existing approaches to the definition of the digital economy has shown, there is still no consensus on the definition and content of this term, which leads to problems in identifying the elements that are included in it. The development of strategic planning in the digital economy determines the specifics of the planning process, the choice of appropriate methods and their implementation. A model of the enterprise strategic planning digitalization platform is proposed, reflecting the most significant subsystems, which can be modified taking into account the specifics of the company's actions in the external environment, as well as based on the competitive advantages of the internal environment and the relationship of the leading structural elements. Conclusions and Relevance. Companies in the new business environment need new approaches to strategic planning that take into account current management aspects. The introduction of digital technologies will maximize the use of information technology resources in order to increase the productivity and financial performance of corporations. The process of managing the company's strategy using digital technologies allows you to conduct operational control over revenues and expenses, optimize inventory. The development of strategic planning of enterprises should be synchronized with the corresponding improvement of the regulatory framework. The identified features of the formation of indicators of companies ' competitiveness, as well as the scheme of digitalization of the platform for strategic planning of their activities can be recommended for use in the practice of corporate financial management, long- term financial planning and budgeting.

scholarly journals Regional Economic Studies: Place and Role in Interregional and Interstate Cooperation

2021 ◽  
pp. 114-127
Author(s):  
Igor Molchanov ◽  
◽  
Natalya Molchanova ◽  
Keyword(s):  
Geographical Location ◽  
Climatic Conditions ◽  
Economic Life ◽  
Regional Science ◽  
Economic Research ◽  
Interstate Cooperation ◽  
Economic Relations ◽  
Analysis And Synthesis ◽  
Economic Interaction ◽  
Economic Specialization

The article studies the role of regional science and the opportunity of using its tools in spatial social and economic research. The relevance of the topic is explained by the priority influence of geographical location, natural and climatic conditions on the organization of various types of economic life of public law entities. The aim of the study is to find acceptable solutions for intra-, interregional and interstate interaction by all participants in economic relations. Causal relationships in the phenomena and processes under analysis are revealed, general scientific and applied approaches are used: dialectics, analysis and synthesis, comparison, logic and abstraction, induction and deduction, verbal modeling, expert assessments. The relationship between the type and economic situation of administrative and territorial entities, the development of theoretical and methodological foundations of regional science and the use of its tools in economic practice is substantiated. On the basis of the analysis of official information, the emerging contradictions and unifying tendencies in the functioning of regions of different ranks are studied. The conclusion about the desire of constituent entities of federation to expand economic interaction, and the wish of a number of post-soviet countries for the integration of economic relations was made. On the basis of the results of the study, the available set of regional scientific tools, the effectiveness of regulatory measures taken by government authorities is shown. The interstate projects which are currently being implemented and planned for implementation in the nearest future are assessed. The authors make suggestions on the technology for selecting effective economic specialization of regions and embedding their production and infrastructure complexes into the integration processes on the territory of the EAEU. An assessment of the potential for unification processes in Eurasia is made. The presented results can be applied when choosing a problematics for further research and substantiating tactical recommendations that are acceptable for scientific and applied purposes.

scholarly journals Legal Regulation of Economic Relations and Convergence of Law and Economics Issues at Foreign Legal Doctrine in the Digital Economy

2020 ◽  
Vol 8 (5) ◽  
pp. 120-133
Author(s):  
Tat'yana Evseeva
Keyword(s):  
Economic Impact ◽  
Present Article ◽  
Law And Economics ◽  
Legal Regulation ◽  
Digital Economy ◽  
Legal Doctrine ◽  
Economic Relations ◽  
Digital Era

Foreign theories of law and economics interrelation differ. There were attempts of classifying the theories by the criteria of law economic impact on economy. Different doctrines of law and economics interrelation are supposed to be regarded at the present article taking into consideration state legal regulation of economic relations (law and economics interrelation). The issues of convergence of law and the science of economics are also raised at the present paper. Moreover, there are challenges of the digital era that require some new measures and methods of law and economics exercising.

Budgeting at the university: Organizational solutions and methodological approaches

2021 ◽  
Vol 22 (11) ◽  
pp. 1225-1242
Author(s):  
Ekaterina M. EGOROVA ◽  
Aleksandra V. GLUSHCHENKO
Keyword(s):  
Strategic Planning ◽  
Organizational Structure ◽  
Financial Management ◽  
Business Processes ◽  
Strategic Development ◽  
Economic Mechanism ◽  
Analysis And Synthesis ◽  
Methodological Approaches ◽  
The University ◽  
And Training

Subject. This article deals with the issues related to the creation and development of a new organizational and economic mechanism for the functioning of universities and the system of their budgeting. Objectives. The article aims to develop methodological foundations of the organization and mechanism for the budgeting implementation at modern universities that apply strategic planning and process-oriented organizational structure. Methods. For the study, we used analysis and synthesis, induction and deduction, systematization, and the systems and process approaches. Results. The article presents developed methodological foundations of the organization of budgeting at the university, based on advanced accounting, financial and management technologies that help determine the stages of university budgeting organization and describe their substantive characteristics. The article also defines the types of responsibility centers and budgets of the university. Conclusions and Relevance. Budgeting as the most important element of the intra-university mechanism of innovative strategic development of the university focuses on educational and research business processes. It helps plan specific goals, develop indicators of their achievement and justify the allocation of budgetary and extrabudgetary funds by the expected result of expenditure. The results of the study are intended for scientific and practical activities and training of specialists in the field of accounting and financial management.

scholarly journals Features of innovative development in the world economy in the conditions of digitalization of the economy

2020 ◽  
Keyword(s):  
Economic Development ◽  
World Economy ◽  
Modern Society ◽  
Digital Economy ◽  
High Tech ◽  
Innovative Development ◽  
Economic Relations ◽  
The World ◽  
Analysis And Synthesis ◽  
Technological Base

The issue of the correlation of local and global is one of the main problem in comprehending the development prospects of modern society. The directions of development of the world economy are quite controversial and combine two components that reflect its glocalization, that is, the result of the transformation of economic relations of various types, levels and forms. The subject of this research is the evolution of the innovative development of entrepreneurship in the context of globalization and localization. The purpose of the article is to study and clarify the essential understanding of the concept of “glocalization” and the development of the theoretical foundations of the formation of a new scenario of economic development, taking into account the trends of the digital economy. Objective: to study the etymology of the concept of glocalization and to carry out a historical excursion into the process of its diffusion; to form an idea of the complementarity of the globalization of competition and the localization of sources of competitive advantage; identify the main criteria for the formation of an effective innovation environment; argumentation of the need to create a new scenario of economic development, taking into account the trends of glocalization in the digital economy. General scientific methods of analysis and synthesis are used. The following results were obtained: it was proved that the imposition of technological and integration processes taking place in modern society require clarification of the features of innovative development. Integration of the Ukrainian economy into the global economic space requires the creation of conditions for high-tech production and innovation. Conclusions: economic and political events of recent years have substantiated the increasing relevance of glocalization and fragmentation studies. It is necessary to create a new scenario of economic development, namely, an innovative type of development. Updating the technological base of production, digitalizing the economy and building up intellectual capital is the basis of the innovative development of the economy.

scholarly journals TRANSFORMATION OF THE RUSSIAN TAX SYSTEM IN THE CONTEXT OF ESTABLISHMENT OF THE DIGITAL ECONOMY

2019 ◽  
Vol 1 (7) ◽  
pp. 118-124 ◽  
Author(s):  
E. Kirova ◽  
N. Morozova ◽  
A. Bezverkhiy
Keyword(s):  
Russian Federation ◽  
Tax Evasion ◽  
Business Models ◽  
Digital Economy ◽  
Controversial Issues ◽  
Tax System ◽  
Economic Relations ◽  
Analysis And Synthesis ◽  
Modern Business ◽  
The Russian Federation

The controversial issues of a new approach to solving the problem of transformation of the tax system of the Russian Federation in the context of establishment of the digital economy have been considered. The problems of converting the tax system of the Russian Federation in digital reality and search for approaches to their solution have been identified. The methods of systematic approach, analysis and synthesis, as well as abstraction and generalization have been used. Due to the use of modern business models, carrying- out business activities without registration and the actual presence in the country, tax risks of tax evasion are increasing. The conclusions have been made about the need to identify new emerging economic relations and their legal consolidation, development and implementation of effective tax policy, and on its basis the transformation of the tax system.

The Soviet and Western theories of financial management – The competition or the partnership?

2020 ◽  
Vol 26 (5) ◽  
pp. 991-1016
Author(s):  
A.G. Lukin
Keyword(s):  
Soviet Union ◽  
Financial Management ◽  
Historical Analysis ◽  
Management Theory ◽  
Financial Risks ◽  
Financial Flows ◽  
Dialectical Approach ◽  
The Soviet Union ◽  
Analysis And Synthesis ◽  
Effective System

Subject. This article explores the main points of the theory of financial management, developed within the framework of the Western general theory of finance, and the theory of financial management developed in the Soviet Union. Objectives. The article aims to substantiate an idea that these theories are complementary, and their harmonious application can help build the most effective system of financial relations management at both the macro-and microeconomic levels. Methods. For the study, I used a dialectical approach and the methods of comparison, analysis and synthesis, and historical analysis. Results. The article substantiates the point that the methodology of Western financial management theory is aimed at managing external financial flows and combating external financial risks. It notes that the Soviet theory regulates methods and techniques of financial management within the business entity or the State. Conclusions. Theoretical updating of the Soviet practices of financial management combined with the modern achievements of financial management theory will create conditions for the formation of an optimal financial management structure at both the micro-and macroeconomic levels. This can improve the efficiency of financial management, in general. Renewed interest in the theoretical developments of the Soviet Union will contribute to the development of financial science at the present stage.

A methodology for computing and assessing the transport accessibility index: The Russian Federation subjects case study

2020 ◽  
Vol 26 (11) ◽  
pp. 2410-2426
Author(s):  
A.N. Savrukov ◽  
N.T. Savrukov
Keyword(s):  
Russian Federation ◽  
Geographical Location ◽  
Cost Benefit ◽  
Spatial Development ◽  
Economic Effects ◽  
Economic Agents ◽  
Economic Relations ◽  
Transport Accessibility ◽  
Analysis And Synthesis ◽  
The Russian Federation

Subject. This article examines the set of economic relations and problems emerging within the spatial development of settlements and constituent entities of the Russian Federation. Objectives. The article aims to develop key indicators and methods for assessing transport accessibility, potential market capacity, taking into account socio-economic characteristics, geographical location and the level of connectivity of areas. Methods. For the study, we used the methods of economic, statistical analysis and synthesis, comparison, and the k-means method. Results. The article proposes a system of cost-benefit equations for economic agents, and criteria, and a methodology for assessing the Transport Accessibility Index. Based on the clustering of Russian subjects by k-means, the article describes four groups of regions by level of transport accessibility. Conclusions and Relevance. The practical use of the approach presented to assess the Transport Accessibility Index will help form the basis for management decisions aimed at improving efficiency in the planning of spatial development and assessing the socio-economic effects of the proposed measures. The developed Transport Accessibility Index should be used as part of the analysis and monitoring of the effectiveness of infrastructure expenditures affecting changes in the transport accessibility of settlements within individual regions (municipalities).

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