Principles of strategic financial management and their implementation in the information economy

Subject. This article discusses the general principles of strategic management in relation to strategic financial management. Objectives. The article aims to substantiate and formulate the principles of strategic financial management applicable in the conditions of the Russian version of the information economy, corresponding to the current documents of strategic planning and to the current state of the financial and legal doctrine. Methods. For the study, I used a systems approach, functional and structural analysis, retrospection, forecasting, observation, and classification. Results. The article reveals significant shortcomings of the current strategic planning documents, the lack of doctrinal development, as well as the normative consolidation of general and special principles, which could contribute to solving tasks by strategic financial management effectively. Conclusions. The general principles of strategic management in the economy as a whole are applicable and can be used as the basis for strategic financial management.

Revealing of the specificity of mortgage housing lending based on the results of clustering of regions

Subject. This article deals with the particularities of the development of housing mortgage lending in the regions of Russia. Objectives. The article aims to substantiate the need for clustering of territorial entities by level of development of mortgage housing lending in Russia and test the most effective algorithm for mortgage clustering of regions. Methods. For the study, we used a systems approach, including scientific abstraction, analysis and synthesis, and statistical methods of data analysis. The algorithm k-medoids – Partitioning Around Medoids (PAM) was also used. Results. Based on the results of the study of regional statistics of the Russian Federation, the article reveals a significant asymmetry in the values of key socioeconomic indices that determine the level and dynamics of housing mortgages in the regions. This necessitates the clustering of territorial entities according to the level of development of mortgage housing lending in the country. To take into account the impact of various local conditions in assessing the prospects for the development of regional housing mortgages, the article proposes an indicator, namely, the integral regional mortgage affordability index. On its basis, in accordance with the selected clustering procedure, the article identifies five mortgage clusters in Russia and identifies their representative regions. Conclusions. Based on the analysis of the specificity of the development of regional mortgages in the Tula Oblast, taking into account the implementation of the target State programme, the article concludes that it is necessary to improve the mechanisms for financing regional mortgage programmes and justifies the need to develop differentiated programmes for the development of housing mortgages in groups of Russian regions.

Financial regulation as a way to ensure the volume and optimization of the composition of investment financing sources in imperfect markets

Subject. This article considers financial regulation as a way to ensure the volume and optimization of the composition of sources of financing investment in imperfect markets. Objectives. The article aims to find out how financial regulation contributes to ensuring the volume of investment financing in imperfect markets and how to optimize investment financing sources, and identify other aspects of ensuring the sustainability of financing investment projects in oil production in the face of short-term constraints in financial markets. Methods. For the study, I used content, statistical, and economic analyses. Results. The article shows that the choice of sources of financing investments in oil production is actualized primarily by the fact that in each specific period of time (for example, a fiscal year), an investment entity needs to finance the relevant investments, taking into account the "matrix" and continuing nature of investments in oil production, and regularly invest a certain amount of money. Conclusions. If the investment market situation is unfavorable, asymmetry gets manifested in some cases. The mechanisms of perfect financial markets, which generally contribute to a certain balancing of investment financing sources, at the same time do not guarantee a deterrent to the cost of financing. And, on the contrary, these mechanisms can affect significant fluctuations, if the main attribute of the instability of the investment market is the lack of liquidity.

The role of crowdfunding as an instrument of innovative transformation of capital markets

Subject. The article investigates crowdfunding as a new element of the capital market. Objectives. The purpose is to identify the role of crowdfunding in the modern capital market and in the financial market in general, systematize the ideas of what crowdfunding is and classify them, suggest possible future areas for its development. Methods. The study employs methods of logical and statistical analysis, systematization, and deduction. Results. The paper offers a classification of crowdfunding based on three main characteristics, i.e. purposes, geographic model, and financial nature. The performed statistical analysis proved that the main recipients of funds on the crowdfunding platforms are enterprises involved in creative activities, since they either do not have any access to traditional financing instruments or the financing is expensive. I identify a number of directions for the development of crowdfunding, like auction, innovation, and social. Conclusions. The research has practical and theoretical significance. It can be used for further investigation of crowdfunding and its social role. Government agencies may apply the main findings of this study when developing programs for the introduction of crowdfunding as a financial instrument in Russia. Furthermore, the paper may be interesting for crowdfunding platforms both in the new markets, as it enables to identify their target audience, and in developed markets, as the result of the study is to reveal new directions for crowdfunding development.

An original methodology for evaluating the effectiveness of the use of concession mechanisms based on the stakeholder theory

Subject. The article addresses the methodology for evaluating the effectiveness of the use of concession mechanisms based on the stakeholder theory in investment activities. Objectives. The purpose is to develop methodological approaches to assessing the effectiveness of investment process financing, using the concession mechanisms. Methods. I employ both general scientific methods of cognition and analytical, economic and statistical methods of information processing, based on the analysis of existing concession agreements. Results. The study defines a methodology for evaluating the effectiveness of the use of concession mechanisms on the basis of the theory of stakeholders. It enables to determine the limits and prospects for investing private investor's funds, taking into account the evaluation rating scale. Conclusions. The stability of investment activity is an important aspect. The analysis of the existing preliminary review of the current economic state of concession agreements revealed negative cause-and-effect relationships, which are associated essentially with the lack of awareness of the parties of successful implementation of investment projects. My unique methodology for evaluating the effectiveness of the use of concession mechanisms based on the stakeholder approach aims at solving the above-mentioned problem and increasing the efficiency of investment project financing through a preliminary project assessment. It can be used in investment activities, in particular, in preparing and implementing concession agreements in the housing and utilities sector, construction of social institutions and transport infrastructure facilities.

Poverty as a global problem of humankind

Subject. This article considers poverty as a global economic problem and explores its level in the countries of the world. Objectives. The article aims to conduct a comparative analysis of the level of poverty of the population in the countries of the world according to international and national criteria. Methods. For the study, we applied a comprehensive approach using comparison, analysis and synthesis, and the normalized estimate method. Results. A comprehensive study of poverty shows that the phenomenon of poverty is inherent in all economies of the world, and the situation of the poor is deteriorating and complicated by the spread of the COVID-19 pandemic. Conclusions. The activities of international organizations to overcome poverty bring good results – the percentage of the population in the countries of the world beyond the threshold of extreme poverty is decreasing. Overcoming the problem of hunger and extreme poverty, countries face a new challenge, namely, ensuring a decent standard of living and establishing adequate national criteria for the poverty line.

Development of Takaful in the Russian insurance system

Subject. We consider the specifics and trends in takaful development in the conditions of the modern Russian insurance market. Objectives. The aim is to show the possibilities of takaful in the Russian insurance system, provide a brief analysis of limitations, problems and prospects for its functioning Methods. The study rests on analysis, comparison, induction and deduction, logical method, and others. Results. The need for the development of takaful in our country resulted from the fact that there is an increase in the number of Muslims, making up more than 20 percent of the population. This is indicative of prospects for growth. Furthermore, a positive trend contributing to the development of takaful is the significant volume of the property and personal insurance market in Russia, as these types of insurance are implemented in takaful in accordance with Sharia, or Islamic law. The findings can be useful for ministries and departments, management of insurance organizations and development institutions, investment, microfinance, leasing and consulting companies, financial and industrial groups, and large banks interested in providing insurance services and attracting or placing capital in accordance with Islamic financial principles. Conclusions. Thanks to takaful, the individuals of the Islamic faith have the opportunity to meet such financial needs as insurance, thereby complementing the insurance market as a whole.

Benchmark test for calculated default probability values derived from the application of rating-based models

Subject. This article deals with the issues of validation of the consistency of rating-based model forecasts. Objectives. The article aims to provide developers and validators of rating-based models with a practical fundamental test for benchmarking study of the estimated default probability values obtained as a result of the application of models used in the rating system. Methods. For the study, I used the classical interval approach to testing of statistical hypotheses focused on the subject area of calibration of rating systems. Results. In addition to the generally accepted tests for the correspondence of the predicted probabilities of default of credit risk objects to the historically realized values, the article proposes a new statistical test that corrects the shortcomings of the generally accepted ones, focused on "diagnosing" the consistency of the implemented discrimination of objects by the rating model. Examples of recognizing the reasons for a negative test result and negative consequences for lending are given while maintaining the current settings of the rating model. In addition to the bias in the assessment of the total frequency of defaults in the loan portfolio, the proposed method makes it possible to objectively reveal the inadequacy of discrimination against borrowers with a calibrated rating model, diagnose the “disease” of the rating model. Conclusions and Relevance. The new practical benchmark test allows to reject the hypothesis about the consistency of assessing the probability of default by the rating model at a given level of confidence and available historical data. The test has the advantage of practical interpretability based on its results, it is possible to draw a conclusion about the direction of the model correction. The offered test can be used in the process of internal validation by the bank of its own rating models, which is required by the Bank of Russia for approaches based on internal ratings.

Signs and functions of non-tax payments of the budget system of the Russian Federation

Subject. The article addresses non-tax payments to the budgets of the Russian Federation. Objectives. The aim is to form the concept of non-tax revenue. The paper proposes a hypothesis about the need to develop a system of non-tax payments with their inherent signs and functions, by analogy with the system of tax revenues, its development according to individual rules, considering their unique character, the possibility of flexible management and mobile response to changes in the economic situation. Methods. I apply methods of logical analysis, synthesis, collaboration, concretization, and comparison. Results. The paper identifies signs and functions of non-tax payments of the budgetary system of the Russian Federation. I propose a unique definition of the non-tax payment notion, and form an opinion about the need to develop non-tax payments as a system. Conclusions. The study of non-tax payments as a system will further improve the quality of their administration, including through the introduction of appropriate amendments to the regulatory legal acts of the chief administrators of income, form an efficiently functioning system of non-tax revenues, and fully ensure the fulfillment of public commitments of the Russian Federation.

Conceptual basis for financial policy formation of Russian Internet companies

Subject. To ensure rapid growth of the Russian economy, tools for creating a sustainable business development model are required. Positive changes should start from the non-tradable sector related to information and network services. Objectives. The study aims to identify main opportunities for improving the financial policy by the Internet industry companies through the use of basic financial and economic instruments. Methods. I employ fundamental methods and advanced technologies of basic theoretical, methodological and practical developments of domestic and foreign specialists in the theory and practice of corporate finance management. Results. The study demonstrates the need to work out financial policy issues, considering system restrictions that do not coincide with the guidelines for the information economy development, tasks of economy modernization, and the socio-economic development of the country. The findings can be used to design strategies for individual Internet companies and the entire domestic IT industry, in particular, for regional IT clusters. Conclusions. An agile financial development strategy based on the use of adapted information about consumers of goods and services can act as a mechanism limiting the impact of consequences of the financial crisis and globalization risks. The information economy can reduce barriers to promote financial flows.