IMPROVEMENT OF THE SYSTEM AND MECHANISMS OF CORPORATE GOVERNANCE

The article presents the improvement of the effective corporate governance system and the mechanism for improving the level of corporate governance. The article emphasizes that any well-known management tools will not have any effect if the stage of development of the joint-stock company and its financial resources are not adequate

CARTELS AND THEIR ROLE IN THE ORGANIZATION OF PRODUCTION AND INTERNATIONAL TRADE

In the modern world economy, an extremely important role is played by large international holding-type companies, often referred to as transnational corporations, financial, financial-industrial and other groups. The enterprises of such companies are located and operate in most countries of the world and have a significant impact on the main parameters of the functioning of a wide variety of markets for goods and services. With their economic potential, which often exceeds the corresponding potential of individual states, these companies are able to influence the development of market relations in both positive and negative directions. The so-called international cartel agreements, which generally mean mutual agreements between companies that often contradict the current legislation of countries, in order to establish a monopoly on certain goods (services) produced, control and capture markets, have a particularly acute negative impact on markets. In this regard, the article presents a brief history of the activities of international cartels and law enforcement practice to restrict their activities. The forms and key provisions of cartel collusion of enterprises of various industry orientations and spheres of activity are characterized. Some compensation schemes and forms of punishment for suppressing fraudulent actions of cartel participants are outlined. At the same time, there are shown situations when cartel agreements have a positive impact on the development of production, international trade and market relations. Despite strict antitrust laws, international cartels are created and operate in the markets, which should be taken into account by domestic companies when planning the results of work for them

USING MACHINE LEARNING METHODS TO ASSESS RISKS WHEN IMPLEMENTING A NEW CREDIT PRODUCT

The article discusses the issues of assessing the creditworthiness of individuals using credit scoring. This rating system is an effective approach to determining the level of risk for a specific customer segment. This is especially true of the situation when a credit institution launches a new credit product. The main idea proposed in the article is that new customer scoring cards are created on the basis of existing cards by mathematical data processing. The novelty of the method lies in the fact that the scoring is done based on a dedicated subset of customer data stored in the corporate storage. The approach helps to make a decision on granting a loan and can be recommended for use in lending

COMPARATIVE ANALYSIS OF FOREIGN PRACTICE OF JUSTIFICATION OF THE INITIAL MAXIMUM PRICE OF THE CONTRACT IN THE PUBLIC ORDER PLACEMENT SYSTEM

The paper highlights the main aspects of the formation and justification of the maximum price when placing a state order by participants in the contract system of foreign countries. The analysis of the best practices in public procurement is described on the example of countries such as the USA, Canada, UK, France, Brazil, Australia. Differences in comparison with the domestic practice of justifying the initial maximum price are revealed, associated with the obligatory survey of participants in the procurement procedure by government customers, with explanations of the decision taken by the commission of the government customer. The work reflects foreign analogues of the concept of the initial maximum contract price used in Russian practice, which are subject to the principles of agreeing a reasonable and fair price, as well as the open and hidden nature of the reserve price. The essence of the concept of the preliminary price of a state contract mentioned in the directives and guidelines of the European Union is revealed. The article reveals the factors enshrined in foreign regulations that prevent the formation of an equilibrium market price in the system of placing a government order, associated not only with a conflict of interest, but also with the unjustified provision of cost and non-cost benefits

TECHNIQUE OF ASSESSMENT OF THE IMPACT OF A REPUTATIONAL RISK ON STABILITY OF COMMERCIAL BANK

At present, in Russia, when the revocation of licenses from credit organizations continues, the significance of reputational risks is growing sharply. In connection with this subject of research, reputational risk and its influence on maintaining the stability of a credit institution are presented in this article. The aim of the work is to develop a new methodology for assessing the impact of reputation risk on the stability of commercial banks, as well as the practical application of the method using data from a credit institution. As a result of the study, a specific methodology was compiled, which allows you to directly assess the reputation risk in a commercial bank; the relationship of this type of risk and the stability of the credit institution is determined; the methodology has been applied in practice using data from several commercial banks; It is shown how reputation risk can affect the stability of a credit institution. The presented article allows one to determine what is necessary to understand as reputational risk, why the assessment of reputational risk is of the same importance as the assessment of the stability of a credit institution, and what attention should be paid to the leaders of a credit institution so that their bank has a satisfactory level of reputational risk, and therefore , and level of sustainability

THE ALGORITHM OF ORGANIZATION OF FINANCE OF THE PUBLIC SECTOR

The purpose of the study was to identify the reasons why there was a need to form a new model of public sector finance and develop an algorithm for organizing public sector finance. The article compares the provisions of the guidelines developed by the international monetary fund on public finance statistics. The authors proceeded from the guidelines that the starting point for the organization of public sector Finance was the identification of institutional units and activities that relate to the public sector. This made it possible to determine the composition of public sector finances. The purpose of the organization of public sector finance is to meet the socio-economic needs of society, ensuring compliance with the appropriate level of national security. The need for the functioning of institutional units in the public sector is related to the fact that it would be impossible to meet public needs on a purely entrepreneurial basis. It is determined that the practical application of the principles of classification of sectors will be required in cases where it is necessary to find out whether a particular entity belongs to institutional units and, if so, to which sector (either to the public administration sector or to state corporations). The paper shows that from the point of view of the impact on fiscal policy, public sector finances include the finances of the public administration sector, which in turn consists of institutional units that are mainly engaged in non-market activities, and the finances of state corporations (organizations). The proposed approach to the organization of public sector Finance based on the concept of institutional units will increase the availability of key statistical data. This is certainly in line with the desire of most countries to increase transparency and accountability in the public sector. In addition, it helps to identify shortcomings at the early stages of the deterioration of the financial situation in the country and to take timely corrective measures

ARBITRATION PRACTICE AND ITS ROLE IN THE DEVELOPMENT OF TAX LAW

This article reveals the problems and procedural features of consideration of tax disputes by Arbitration courts of the Russian Federation, as well as the impact of judicial practice (precedents) on the further development of tax law. The article highlights the most important court decisions on key issues of tax law issued in 2019 and the first half of 2020. Based on the analysis of judicial practice, the article highlights the problematic aspects of justice in tax disputes, and, as a result, the impact of judicial practice on the grounds and procedure for conducting tax control. The article assesses the impact of judicial precedents on the situation of taxpayers and tax authorities, and also identifies the need to find a balance between the interests of the state in the face of tax authorities (public interest) and the interests of taxpayers (private interest).

NEW RISKS TO THE YOUNG PEOPLE AS A RESULT OF DIGITAL FINANCE DEVELOPMENT IN THE RUSSIAN FEDERATION

The article presents an analysis of new risks for Russian youth associated with the development of digital finance. The goals of the article are: 1) to determine the existence of the problem of the formation of new risks for young people in the context of the development of digital finance; 2) to identify new risks; 3) to analyze the scale of existing risks associated with low digital and financial literacy of young people; 4) to create recommendations to minimize these risks. The study is based on statistical materials and reports of the Central Bank of Russian Federation and the National Agency for Financial Research. The foreign experience of state regulation of certain new economic relations resulting from the development of the digital economy was analyzed. The article proves the existence of threats to young people from fraudsters in the field of electronic payment systems, social commerce, new type of financial pyramids and unregulated gambling on the Internet. Young people belong to a social group with a fairly high level of risks in the field of financial technology and the digital economy. The main factors of such situation are:1) their high involvement in socio-economic relations in the digital environment; 2) lack of significant financial products and services experience; 3) perilous online behavior. The article reveals that the scale of the problem of the implementation of these risks among young Russians is quite large. In comparison with the risks, associated with fraud with bank cards, which are a problem for all age groups of the population, the risks of the development of illegal services for gambling and the use of methods of monetizing gaming applications based on loot boxes are problems inherent in young people

AN EMPIRICAL APPROACH TO THE STUDY OF INFORMATION EFFICIENCY AND HISTORICAL INERTIA OF STOCK MARKETS

There is no consensus among experts (both theorists and practitioners) about the possibilities of forecasting in organized markets, and therefore two points of view have been formed. Proponents of the first believe that the capital market is information-efficient and does not provide grounds for reliable prediction of market prices, since they can only change if news arrives, the appearance of which does not follow any regularity, therefore, there are no regularities in pricing. Proponents of the second theory admit historical inertia in pricing, at least in organized stock markets, justifying this by the inertia of market actors ' thinking, which extends to decision-making processes, hence the grounds for relatively reliable forecasting of market prices. Both points of view can be supported statistically, but there is no mathematical evidence in favor of either of them. However, if we accept as exhaustive the results of the empirical test, which is based on the tools of probability theory and mathematical statistics, we will have to accept the presence of historical inertia in pricing in organized stock markets, which may increase or decrease, but is always present

ECONOMIC NATURE AND LEGAL STATUS OF CRYPTOCURRENCY

The article focuses on the relevance of establishing legal norms for virtual currency, which is currently working in the gray zone. The article substantiates why cryptocurrency was referred to other property in the framework of civil law. The issues of referring cryptocurrency to such objects of civil rights as monetary funds, currency values, securities, intellectual property, intangible assets, etc. are considered in detail. Based on a comprehensive analysis, the classification of cryptocurrency as a different property within the framework of civil law is substantiated. The author's definition of cryptocurrency is given as a cryptographically protected property with signs of cryptographic authentication, decentralization, management through consensus, and the use of distributed ledgers. The economic essence and legal status of the cryptocurrency proposed by the authors emphasize the exclusively digital version of the existence and use of this object, indicates the possibility of the turnover of this asset, delimits the concept of cryptocurrency, non-cash and electronic money. The definition of a crypto asset as property makes it possible to develop tax legislation, since the implementation of cryptocurrency is close to investment instruments, which makes it possible to clarify the issue of paying such a tax as VAT. Cryptocurrency as property describes not the thing itself, but the legal relations associated with it, that is, those rights that, according to the rules of law, can be exercised. The article also raises one of the main issues that must be resolved - this is the recognition of ownership of this specific type of property. According to the authors, the starting point for determining the ownership of the cryptocurrency should be that the subject of the right will be the owner of this asset if he legally gained access to the private key by analogy as the subject acquired the ownership of a tangible asset on a legal basis.