scholarly journals FEATURES OF THE DEVELOPMENT OF FINANCIAL POLICY OF RUSSIAN COMPANIES IN MODERN CONDITIONS

2018 ◽  
pp. 29-40
Author(s):  
Igor Keri ◽  
Elena Gromova ◽  
Nadezhda Sinelschikova
Keyword(s):  
Financial Stability ◽  
Import Substitution ◽  
The State ◽  
Financial Resources ◽  
Innovation Activity ◽  
Financial Policy ◽  
Financial Policies ◽  
External Conditions ◽  
Price Policies ◽  
Volume Of Trade

The study includes proposals regarding the development of rational financial policies by Russian companies in modern conditions. The authors have identified the following areas of difficulty: sales, the deficit and availability of financial resources and investment for development and distribution, instability of external conditions. Changes in price policies, optimization of components and volume of trade receivables accounts are some of the suggested ways of improving a company’s sales. The solution to the lack of financial resources for a company’s investment development can be determined by selecting the more effective forms of financing. The authors point out the  limitations of investment activities financing under conditions of import substitution while suggesting a composition of indicators of innovation activity. The study states that the state faces the challenge of creating favourable conditions for improving the financial stability of companies. The authors suggest measures aimed at perfecting the mechanisms of governmental financial policies.

Features of Financial Policy Development by Russian Companies in Today's Conditions

2019 ◽  
pp. 64-82
Author(s):  
Igor Keri ◽  
Elena Gromova ◽  
Nadezhda Sinelschikova
Keyword(s):  
Policy Development ◽  
Financial Stability ◽  
Import Substitution ◽  
Financial Resources ◽  
Innovation Activity ◽  
Financial Policy ◽  
Financial Policies ◽  
External Conditions ◽  
Trade Account ◽  
Favorable Conditions

The chapter includes the proposals regarding the development of rational financial policies by Russian companies in today's conditions. The authors have identified the following areas of difficulties: sales; deficit of financial resources for investment in development and distribution; instability and unpredictability of external conditions. Changes in price policies, optimization of components and volume of trade account receivables are some of the suggested ways of how to improve company's sales. The solution to the lack of financial resources for company's investment development can be found through selecting more effective forms of financing. The authors also point out the limitations in investment activities' financing under the conditions of current import substitution while suggesting author's own and original composition of indicators for innovation activity. The study leads the readers to the conclusion that the state today faces the challenge of creating favorable conditions for strengthening the financial stability of companies.

scholarly journals DIAGNOSIS OF THE LEVEL OF FINANCIAL DECENTRALIZATION OF LOCAL BUDGETS ON THE BASIS OF INTEGRAL EVALUATION

2021 ◽  
Author(s):  
Yurii Puhach
Keyword(s):  
Financial Stability ◽  
Local Level ◽  
The State ◽  
Financial Resources ◽  
Financial Security ◽  
Regional Strategies ◽  
Self Development ◽  
Decentralization Reform ◽  
Objective Description ◽  
Functional Components

The process of implementing socio-economic change at the local level is closely linked to administrative reform and financial decentralization as important tools for regulating and allocating budget funds. Problems of reforming the administrative-territorial system, the formation of budgetary policy of the regions with the expansion of powers should be based on the development of regional strategies and a comprehensive analysis of financial resources. Approaches to the economic analysis of the efficiency of the allocation of financial resources in the context of decentralization reform are becoming increasingly important. The analysis of individual indicators somewhat narrows the perception of economic processes and does not allow to assess the level of provision of funds of administrative-territorial units by areas and in general. The issues of improving the methods and tools for assessing the financial resources of local budgets in the context of decentralization are becoming important. The article proposes improved approaches to the analysis of the level of financial decentralization of local budgets on the basis of aggregate indicators by areas. The technique allows analyzing the state of resource-functional components over time. The application of integrated assessment contributes to the objective characterization of the level of financial security of the regions, the revision and development of economic opportunities in the context of limited resources of local budgets. The proposed approach contributes to the formation of an objective description of the level of financial security of the region, and hence the financial opportunities for self-development. The methodology reveals the state of resource-functional components, the dynamics of deviations of integral values, allows monitoring of quantitative benchmarks to achieve the desired level of financial stability of regions and allows focusing on objective reasons for real financial decentralization in Ukraine. The results of the analysis focus on the assessment of regional development trends in the context of financial decentralization and form the need for further research in this direction.

scholarly journals The role of the state in ensuring food import substitution at the regional level in a pandemic

2021 ◽  
Vol 37 ◽  
pp. 00087
Author(s):  
Tatyana Solovyova ◽  
Danil Zyukin
Keyword(s):  
Financial Support ◽  
Financial Stability ◽  
Arable Land ◽  
Import Substitution ◽  
The State ◽  
Production Cycle ◽  
Investment Activity ◽  
Role Of The State ◽  
The Impact

The study analyzes the aspects that determine the change in the role of the state and the form of its impact on the agricultural sector in the context of the impact of the pandemic on all socio-economic processes in the country. The article reveals the importance of implementing the import substitution program from social and economic positions for Russia. A complex of adverse consequences brought by the pandemic to the public life and economy of the country is given, which determines the change in the role of the state in matters of regulation and direct financial support of agricultural production. The article discusses the advisability of using "helicopter money" as a way to help the population in difficult social conditions and at the same time as a way to stimulate effective demand for essential domestic products, including food products. In the context of a pandemic, the necessity of payments to support direct agricultural producers to maintain their financial stability is substantiated, the calculation of which is recommended to be tied to the arable land area and livestock population. The study provides a list of basic principles that are recommended to be applied when using instruments of direct financial support and regulation from the state. It is important to ensure not only the survival of agribusiness in the current conditions, but also to create opportunities for maintaining investment activity in the implementation of large projects, as well as to ensure the maintenance of the level of intensification in the current production cycle.

scholarly journals FEATURES OF FORMATION OF DEBT FINANCIAL RESOURCES OF THE STATE IN THE CONDITIONS OF GLOBALIZATION

2021 ◽  
Author(s):  
Yaroslav Dropa ◽  
Marta Petyk ◽  
Iryna Mud
Keyword(s):  
Financial Incentives ◽  
The State ◽  
Financial Resources ◽  
Financial Policy ◽  
Public Expenditures ◽  
Domestic Investment ◽  
State Budget ◽  
Government Bonds ◽  
Domestic Banks ◽  
Private Investors

Features of solicitation of borrowed financial resources by the state are considered in the context of maintaining economic potential and ensuring financial capacity to be able to perform all the functions assigned to it under conditions of deepening economic crisis, the spread of the coronavirus epidemic and actions of quarantine restrictions in Ukraine and in the world. The dynamics of the size of the state budget deficit of Ukraine and volumes and structure of the general public debt, costs to service and repay the principal amount of debt are analyzed. It is marked, that outpacing growth of state budget expenditures comparatively with the amount of tax revenues, and, therefore, forced growth of government borrowing in the domestic and foreign financial markets, caused by the need to timely repay government obligations to creditors and financing current expenses in full. In the absence of established cooperation with international financial institutions the main mechanisms for soliciting financial resources were domestic government bonds and external government bonds. Mainly, domestic banks invest in government bonds; foreign and domestic private investors so far, unfortunately, are not interested in investing their savings in government securities, despite even a significant increase in their profitability (now the yield on government bonds exceeds the interest rate on deposit rates of banking institutions). Ensuring debt security and effective management of financial resources, available to the state, primarily borrowed, are identified as a priority in the implementation of financial policy of the state. Deepening of crisis phenomena in the domestic economic system forced the executive authorities urgently solicit additional financial resources, working with potential lenders often on unfavorable terms for Ukraine, however, the risks of losing financial and subsequent political independence, forced to reconsider the structure of sources of financing public expenditures, and to attract domestic investment in the development of the national economy. It was emphasized, that the effectiveness of investing borrowed financial resources are conditioned exclusively by their investment direction, financial incentives for the real sector of the economy and needs well-established mechanisms for regulating and stimulating the development of financial and stock markets.

scholarly journals Analysis of the Main Trends in the Development of the Sphere of the Innovation Activity in Ukraine

2021 ◽  
pp. 123-128
Author(s):  
N. Diachenko ◽  
◽  
V. Diachenko ◽  
◽  
Keyword(s):  
Financial Support ◽  
International Markets ◽  
The State ◽  
Basic Component ◽  
Innovative Activity ◽  
Financial Resources ◽  
Innovation Activity ◽  
Innovative Development ◽  
Goods And Services ◽  
Research Activities

The article notes that in modern conditions of the transitivity of the economy, the basic component of the mechanism for forming the foundations of sustainable development is to ensure the competitiveness of domestic goods and services in the national and international markets. For the purpose of analyzing the state, pressing problems and prospects of innovative development in Ukraine, quantitative and qualitative indicators of innovative activity have been investigated. It was revealed that during 2010-2019 there was a decrease in the number of organizations engaged in research activities and the number of employees engaged in research and development. It was found that, according to the State Statistics Committee of Ukraine, there is a tendency to an increase in expenditures (in million UAH) on research activities, but this was due to the depreciation of the hryvnia, because in dollar terms, there has been a decrease in the level of funding since 2014. It was revealed that in accordance with the ratings of the European Innovation Scoreboard 2020, Ukraine loses its positions every year – 34th place in 2014, 35th place during 2015-2018, 36th place in 2019 year and the penultimate 38th in 2020, ahead of only Romania. Taking into account the fact that the financial support of innovative activity in Ukraine is still very limited, in order to form the prerequisites for its increase, it is necessary to introduce a set of measures to mobilize existing and potential financial resources, including by attracting investments.

scholarly journals Economic and Statistical Assessment of the Financial Stability of Local Budgets in Ukraine

2017 ◽  
pp. 31-38
Author(s):  
М. V. Dubynа
Keyword(s):  
Financial Stability ◽  
Comprehensive Analysis ◽  
The State ◽  
Financial Resources ◽  
Methodological Framework ◽  
Integral Index ◽  
State Budget ◽  
Cumulative Impact ◽  
Financial Transfers ◽  
Local Budget

The need for setting financial and economic stability of local budgets and an adequate degree of financial decentralization determines new requirements to the local budget administration. The article’s objective is to deepen the theoretical and methodological framework for assessment of the financial stability of local budgets. The existing theoretical and methodological framework for the analysis of processes involved in mobilization of financial resources to local budgets is shown, and the econometric assessment of the current financial stability of local budgets in Ukraine is given. A comprehensive analysis of the financial stability of local budgets in Ukraine is made, with demonstrating that the efficiency of the financial system in Ukraine is conditional on the financial capacities and financial stabilities of its territories. It is shown that the share of local budget revenues in the consolidated budget of Ukraine is too low. It is evidence of high centralization of financial resources in the state budget, making local self-governance bodies far less autonomous and independent. A comprehensive analysis of the financial stability of local budgets made by computing an integral index measuring the cumulative impact of integral estimates taken for the analysis: balance, financial autonomy, budget efficiency. The assessment of the financial stability of local budgets shows that the integral index of financial stability was growing in 2012-2016 due to the increasing local revenues of local budgets, although the reliance on financial transfers from the state budget was still very strong. A positive factor is emphasized, which is the legal acts on budget autonomy and financial independence of local budgets, issued during 2016. Further studies of issues related with strengthening the financial stability of local budgets will be focused on developing instruments for effective management of processes involved in mobilization and use of financial resources of local self-governance bodies.

Essence and content of the assessment of the financial condition of the firm's. Monograph

2020 ◽  
Author(s):  
Sergey Kaledin
Keyword(s):  
Financial Analysis ◽  
The State ◽  
Financial Resources ◽  
Financial Policy ◽  
Target Setting ◽  
Financial Condition ◽  
Economic Entity ◽  
Main Target ◽  
Financial Competitiveness

The content and main target setting of the financial analysis is the assessment of the financial condition and identification of the possibility of improving the efficiency of the economic entity through sound financial policy. Financial condition of an economic entity is a characteristic of its financial competitiveness (i.e. solvency, creditworthiness), use of financial resources and capital, fulfillment of obligations to the state and other economic entities. Содержание и основная целевая установка финансового анализа - оценка финансового состояния и выявление возможности повышения эффективности функционирования хозяйствующего субъекта с помощью рациональной финансовой политики. Финансовое состояние хозяйствующего субъекта - это характеристика его финансовой конкурентоспособности (т.е. платежеспособности, кредитоспособности), использования финансовых ресурсов и капитала, выполнения обязательств перед государством и другими хозяйствующими субъектами.

scholarly journals MODERN ASPECTS OF SEARCHING INCENTIVES TO INNOVATIVE ACTIVITY OF BUSINESS ENTITIES

2020 ◽  
pp. 126-139
Author(s):  
Volodymyr KOSTETSKYІ ◽  
Ivan PRYMACHENKO
Keyword(s):  
Financial Stability ◽  
New Technologies ◽  
Innovation System ◽  
The State ◽  
Innovation Activity ◽  
Economic Regulation ◽  
Innovative Development ◽  
Resource Base ◽  
Innovative Strategy ◽  
Business Entities

Introduction. In In today’s conditions of economic development, business entities face the challenge of reformatting systems, methods and economic mechanisms for managing sustainability in terms of innovative approach. Therefore, the solution of economic, social, managerial and personal problems in contemporary society implies a specific innovative style of management, which is based on innovation, innovation, systematic and continuous innovation activities. The purpose is to identificatt the positive trends and shortcomings of the processes of innovative development of economic entities that exist in Ukraine, and to clarificate of modern scientific approaches to encourage businesses to innovate in order to ensure financial stability and innovative development of the country’s economy. Results. The study of the mechanism of innovation activity allows us to conclude that the formation and development of an innovative management strategy by an economic entity is an integration process that combines the processes of forecasting, planning and accounting of the resource base of the enterprise in the long-term, medium-term and short-term prospects in the new conditions modernization of the state economy. Creating a national innovation system is to build a holistic system that effectively transforms new knowledge into new technologies, products and services that find their real consumers in national or global markets. At the same time, attention should be paid to the development of an innovative strategy by each domestic enterprise, which will create conditions for positive trends in the development of this process. Conclusions. Innovations are essentially related to the cyclical development of the economy, as they initiate new technological developments. Therefore, in an innovative economy, the state plays an important role in implementing anti-cyclical economic regulation, smoothing out cyclical fluctuations and mitigating their effects. To ensure the further development of innovation in Ukraine, it is necessary to comprehensively use methods to stimulate innovation, in particular the improvement of tax legislation; improving the legal framework for venture funds; improving the mechanism of protection of intellectual property rights; ensuring effective cooperation between the scientific and business sectors in the field of innovation.

scholarly journals PUBLIC FINANCIAL POLICY ON INDUSTRY SPHERE: FOREIGN EXPERIENCE AND PROBLEMS OF IMPLEMENTATION IN UKRAINE

2019 ◽  
pp. 55-62
Author(s):  
Chubka Olha ◽  
Lyvdar Marta ◽  
Petro Viblyi
Keyword(s):  
Industrial Development ◽  
Technological Development ◽  
The United States ◽  
The State ◽  
Financial Resources ◽  
High Tech ◽  
Financial Policy ◽  
The Public ◽  
Use Of Resources ◽  
The Creation

Introduction. Industry serves as the basis for meeting the needs of the national market and building a powerful export potential of the country. The public financial policy should aim at creating favorable conditions for investing in industry, which determines the relevance of the research. Purpose. The objective of the paper is to carry out a comparative analysis of the main mechanisms of the public financial policy of the industrialized countries of the world, to identify the existing trends in the development of industry in Ukraine, and to make recommendations on borrowing of the global experience in Ukraine. Results. A comparison of the mechanisms of implementation of the public financial policy in the industry of the United States, China, Japan, Germany, the Great Britain, Italy, and France has been carried out. The trends of industrial development in Ukraine have been determined. The scientific novelty consists in the recommendations suggested by the authors for ensuring the effective development of the industry, namely: in the creation of the State Innovation Bank, which would undertake soft lending of innovative projects and in the exemption from taxation of d enterprises in the event of their merger with a loss-making enterprise. Thus, the state will promote the creation of conditions for the progressive technological development of industry, increase its innovation and investment attractiveness. Enterprises will receive additional or cheaper financial resources, which will be able to invest in modernization and upgrading of productions, primarily high-tech. In view of the effective intended use of resources released as a result of taxation, it is suggested to conclude a special agreement between the controlling body and the taxpayer, according to which the payer will assume the obligation to effectively dispose of the financial resources.

Financial and monetary policy of the State and its impact on the income level and poverty reduction in Russia

2020 ◽  
Vol 26 (5) ◽  
pp. 964-990
Author(s):  
N.I. Kulikov ◽  
V.L. Parkhomenko ◽  
Akun Anna Stefani Rozi Mobio
Keyword(s):  
Monetary Policy ◽  
Household Income ◽  
Poverty Reduction ◽  
The State ◽  
Financial Policy ◽  
Gdp Growth ◽  
Tax Rate ◽  
Gdp Growth Rate ◽  
The Government ◽  
The Impact

Subject. We assess the impact of tight financial and monetary policy of the government of the Russian Federation and the Bank of Russia on the level of household income and poverty reduction in Russia. Objectives. The purpose of the study is to analyze the results of financial and monetary policy in Russia and determine why the situation with household income and poverty has not changed for the recent six years, and the GDP growth rate in Russia is significantly lagging behind the global average. Methods. The study employs methods of analysis of scientific and information base, and synthesis of obtained data. The methodology and theoretical framework draw upon works of domestic and foreign scientists on economic and financial support to economy and population’s income. Results. We offer measures for liberalization of the financial and monetary policy of the government and the Central Bank to ensure changes in the structure of the Russian economy. The proposed alternative economic and financial policy of the State will enable the growth of real incomes of the population, poverty reduction by half by 2024, and annual GDP growth up to 6 per cent. Conclusions. It is crucial to change budget priorities, increase the salaries of public employees, introduce a progressive tax rate for individuals; to reduce the key rate to the value of annual inflation and limit the bank margin. The country needs a phased program to increase the population's income, which will ensure consumer demand.

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