Theoretical and Applied Economics
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MAIN PAGE > Journal "Theoretical and Applied Economics" > Contents of Issue № 01/2017
Contents of Issue № 01/2017
Finance, monetary relations and investment
Skavysh I. - Efficiency of Applying Modern Methods of Business Valuation under Conditions of Developing Markets pp. 1-13


Abstract: The object of the research is the methods that can be used for valuating the cost of business. The subject of the present research is the efficiency of applying modern methods of business valuation compared to traditional methods under the conditions of developing markets. In this research Skavysh analyzes theoretical grounds and algorithms for carrying out the procedure of business valuation based on traditional valuation methods (profitable, cost-intensive, comparative) as well as value added methods, in particular, Economic Value Added (EVA) method. The author has also carried out a comparative analysis of Shareholder Value Added (SVA) indicators and Market Value Added (MVA). In his article Skavysh has used the method of literary sources analysis and has conducted a quantitative comparative analysis of the efficiency of applying modern methods of business valuation based on the example of Russian companies operating in different branches of economy. Based on the results of the research, the author makes a conclusion that under the conditions of developing markets modern valuation methods do not have an  essential advantage over traditional methods from the point of view of their efficiency and accuracy. Despite the fact that modern valuation methods have appeared to be a little bit more efficient, the difference between average relative deviations of business value for each sector is quite insignificant thus we cannot speak of some valuation methods being more efficient than others. Based on the results of analyzing data for each sector the author demonstrates that a branch of economy where a company operates has a significant influence on the efficiency of applying modern valuation methods and modern valuation methods need to be improved in order to take into account specific features of companies operating in different sectors of economy. 
Models of management
Isupova A.N., Kostenko N.A. - Business Process Modelling at Integration Associations pp. 14-27


Abstract: The present article is devoted to the issues related to the implementation of the business process modelling approach to managing activity of multi-purpose integration associations of a conglomerate type (MPC). The given approach is based on developing a simplified laconic scheme of company's activity according to the main (or all) directions of developing certain values of consumers and obtaining entrepreneurial profit as well as the expense flow scheme. Business modelling provides significant advantages compared to other management methods due to its simple use and possibility to implement a quantitative planning of corporate processes and to conduct fast and accurate decision making process. This makes the overall management process to be clear and efficient and activity to be more manageable. This effect is intensified by the opportunity to realise integration effects. The authors base their research of MPC business process modelling on the method of summarising expert opinions regarding business modelling, studying how approachesh to implementing business process modelling developed and analyzing approaches to defining the term 'business model' as it is. To provide an illustrative representation of the method, the authors have used the graphic visualisation method that has involved grouping the key resources of the company. The scientific novelty of the research is caused by the fact that MPC business process modelling has never been applied before as a management method. The scientific importance of the results and analysis of activity rendered by particular MPCs in the Kemerovo Region are also caused by the fact that the authors demonstrate that it is possible to apply the innovation business process model not only to managing hightech companies but also MPCs including regions with old industry where a new type of owners have been formed and multi-purpose conglomerate associations operate. This is the topic that is still understudied by modern science. The novelty of the authors' recommendations is that they suggest to apply business models for regulating relations between MPC business units and the head company. The main conclusion is the authors' proof of the opportunity to efficiently apply the method of business process modelling not only at individual enterprises but also MPCs.
Economic theory and history of economic thought
Rabkin S.V. - The Views of Dmitry Mendeleev on the Formation of National Development Priorities of Russia: Historical Retrospective and Modern Realities pp. 28-40


Abstract: The object of the research is the conceptual and ideological views of Dmitry  Mendeleev on the formation of the national development priorities of Russia within the framework of implementation of modern models of economic security. This article details the search for a new paradigm of economic science, the development of strategic branches of economy, education system, development of the territory of the Russian Arctic in terms of a historical retrospective of works by Dmitry Mendeleev and the modern realities of the development of the Russian economy. Special attention is paid to the problems of neutralizing modern threats and challenges outlined in a new Strategy of national security of the Russian Federation. Based on the method of historical analogy and methodology of institutional analysis, the author makes a conclusion about the need to rethink the ideas of Dmitry Mendeleev and the implementation of interdisciplinary approach in the development of our own methodological basis of institutional theory and of counterfactual modeling in terms of the historical specificity of Russian economy. One of such directions should be the substantiation of priority development of strategic industry through guaranteeing economic security of the state. A necessary condition for developing modern Russian economy should be a historically conditioned return to the principles of strategy planning. Special attention is paid to the study of the influence of immaterial factors in the development of the system of guarantees of national security and the current trend of institutionalization of criteria for their implementation. The author emphasizes the need for further scientific popularization of the ideas of Dmitry Mendeleyev as a historical basis for the formation of modern national development priorities.
Alekseev N.E. - Alternative Concept to Overcome the Crisis pp. 41-47


Abstract: The subject of the research is the concept of collaborative consumption which is a kind of alternative to the present concept of individual consumption. The object of the research is a contemporary economic system characterized by a decrease in volumes of production and consumption of goods, the fall in real income in the consumer sector, the decline in purchasing power, inflation and unemployment. Special attention is paid to the idea that in the modern world the concept of increasing consumption is no longer the driving force of development of society and the whole philosophy of the future is also undergoing change. On the one hand, growing economic crisis leads to the transformation of patterns of consumption, from individual models to the model of collaborative consumption, thereby reducing consumption and transforming its structure. On the other hand, the recognition of the model of collaborative consumption deprives the economy of one of the directions of overcoming the crisis – the growth of volumes of consumption, reduction of unemployment, increase and acceleration of financial flows. The author comes to the conclusion that one of the effective means of combating global financial and economic crisis and a worthy alternative to individual consumption may be an adaption model of collaborative consumption. This model is based on the paradigm shift of social development (the growing dominance of the network structure of social life), transformation of the structure of needs of the population (from rigid hierarchical structures to flexible but atomistic market structure and finally a network form interaction coordination) characterized by the lack of ownership of the used good.
Tsurikov V.I. - Incomplete Contraction in Terms of Russian Specifics. Part 2. The Influence of Transactional Expenses and Credibility Gap pp. 48-61


Abstract: The subject of the research is the influence of transactional expenses on agents' investment decisions, volume of aggregate profit and individual benefits. The author demonstrates that additional investments are necessary to overcome inefficient balance created as a result of agents' independent choice of investment volumes s well as to obtain additional benefits. Due to the fact that coordination of any kind results in transactional expenses, the author also analyzes the relation between coordination methods and associated profit and expense balances. The research method is the mathematical modelling. Within the framework of researching an incomplete contract model, the author carries out analysis and comparison of transactional expenses associated with coordination at hybrid and hierarchical forms of economic organisation. The author discovers conditiosn for achieving maximum benefit for both overly low and selectable levels of coordination expenses. The author also demonstrates that a hybrid form of organisation may have an excessively high level of coordination expenses when additional investments do not lead to the growth of aggregate profit. Thus, a high level of resources specificity or/and great volumes of investment combined with a low social capital may create a high level of coordination expenses which may act as an invincible obstacle on the way to overcoming an inefficient balance at hybrid organisations. Hierarchical organisations do not have such a level of coordination expenses. In this research the author has used the verbal method of describing results obtained through mathematical modelling.
Skvortsova N.A., Lebedeva O.A. - Market Orientation of Companies: Stating the Problem, Research and Prospects pp. 62-74


Abstract: The subject of the research is the trends and patterns of market development. The authors examine such aspects of the topic as the mechanisms and rules of market functioning. The object of the research is specific stages of the evolutionary approach of marketing influence on the market. Special attention is paid to the main stages of the evolutionary approach to marketing influence on the market. The research is focused on moving markets. The authors also describe limiting instruments of strategic marketing that do not allow companies performing in the territory of Russia to maintain international partnerships. The methodology and methodological basis of the research involves such research methods as analysis, synthesis, abstraction, systems approach and comparative analysis that allow to study the market and companies from the point of view of their constant development and interaction. The scientific novelty of the research is caused by the fact that the author provides integral grounds for transferring to international partnership marketing as a fundamental shift to combining mutual efforts of owners, management and personnel of companies in order to achieve a higher level of commitment and coordination of actions in order to raise consumer values. The main conclusion of the research is the authors providing explanation and grounds for market orientation adapated to Russian business environment.
Production branches and markets economics
Abramov R.A. - Innovative Potential of Industrial Clusters in the regions of the Central Federal District pp. 75-95


Abstract: The subject of the research is the mechanisms of cluster principles applied to organisation of industrial interaction at the regional level, in particular, the mechanisms that influence the innovative potential of the Central Federal District regions. The object of the research is the clusters of industrial regions in the Central Federal District. The author of the article covers such aspects as increasing innovative activity of regions and industrial clusters. He pays special attention at the  evidence base that the strategy of increasing economic competitiveness of the Russian Federation in general and RF regions in particular implies developing efficient industrial network systems and promoting cluster principles of industrial interaction organisation at the regional level. This provides better opportunities to both raise competitiveness of local business and boost up efficiency of the regional economic policy. The methodology of the research involves analytical, forecasting, and expert methods as well as the method of mathematical modelling of cluster evaluation. The scientific novelty of the research is caused by the fact that the author proves the need to conduct particular activities to create cluster-based innovative network clusters, to include measures aimed at developing priorities of national and regional clusters as part of the region's development programs and to involve scientific and educational centers into studying the global experience of clusters and training specialists to work under conditions of economy clusterization. According to the author, development of cluster compounds should be based on strategic solutions aimed at monitoring a profit zone related to the stages of social reproduction process.
Regional economy
Abramov R.A., Mukhaev R.T., Sokolov M.S. - Efficiency Criteria of State and Regional Management in Terms of the Project-Based Approach pp. 96-112


Abstract: The object of the research is the state and regional authorities. The subject of the research is the organisational and managing mechanisms that define efficiency of administration in terms of the project-based approach. The need to raise efficiency of state management at all levels of governance is becoming a crucial factor of Russian society's modernization. Defined as the process of transferring management functions and powers from central authorities to regional and local ones, devolution in its turn creates the need to look for efficient mechanisms of implementing socio-economic programs at the regional level. The research methods used by the authors include the analytical method, observation, comparison and description of social processes to study efficiency criteria of state authorities when using the project-based approach as well as the influence thereof on the social and economic development of the society. Adoption of project-based management methods is becoming an important instrument of the state policy aimed at sustainable development of territories. The isuses of institutional and procedural implementation of decentralization processes and granting necessary powers, functions and resources to regional and local authorities are growing especially important. The scientific novelty of the research is caused by the fact that the project-based approach to state management reveals new opportunities to modernize stage governance and offers a new system for evaluating the management mechanism efficiency at state and local authorities.
Economic demography and labor economics
Dolzhenko R.A. - What the Main Trends in Transformation of Labor Relations System of the Country Lead to: the Precarization or Humanization of Labor? pp. 113-125


Abstract: The subject of the research is the key transformations in the social life that influence the labor relations system. The object of the research is the labor relations system. The purpose of the research is to define key trends in transformation of labor relations system that affect labor actors. The author pays special attention to the factors that may worsen negative trends in the labor relations system such as the demographic crisis, extension of flexible technologies application scope, focus on the industry efficiency, globalization, etc. The author has used abstract logical, structural, functional and comparative analysis. The author has used results of foreign and Russian researches on the problems of developing labor relations system. The author has defined the key factors that influence the transformation of labor relations system and create even more contradictions in the process of developing labor relations system. The author also examines the nature and content of such processes as labor precarization and humanization, defines their particularities and conduct their comparison. At the end of the article the author concludes that the effect of instability is not limited to only employment sphere but affects different sides of social life. Taking into account the aforesaid main trends, the author predicts further growth of precarization of labor relations system.
Management and corporate governance
Surilov M.N. - Marketing Acceptances as a Tool for Managing Promotion of Territorial Business Zones pp. 126-139


Abstract: In his article Surilov emphasizes the need to develop marketing acceptances as a tool for managing and developing territories which can be called either depressive or stagnating. The object of the research is innovative business zones of the territories. The subject of the research is organizational and managerial development mechanisms of business zones using marketing acceptances for their promotion to the external environment. Investment attraction and capital investments on the basis of marketing acceptances allow to fully realize opportunities for development of the region regardless of their territorial attribution. In the course of this research the author has applied methods of the comparative, state-of-the-art review of marketing acceptances as management tools for branding and creation of marketing instruments of regional development. Besides, using the hierarchical method the author has determined levels of application and use of various marketing acceptances in quantitative and qualitative researches. The novelty is caused by the fact that the author shows that regular system actions for promotion of the territory as an attractive financial and economic mechanism represent expensive elements. At the same time marketing is a more effective management tool for attracting external resources. Besides, instruments of positioning in the market of spatial services are revealed and shown.
Tsagan-Mandzhieva K. - Thin Capitalization in Russia: Regulation Issues and Evaluation of the Problem's Scope pp. 140-149


Abstract: The author focuses on regulation of interest expense deduction for the purpose of calculating corporate tax in the Russian Federation. In her research Tserenova analyzes the rules of acting against thin capitalization recommended by the Organisation for Economic Cooperation and Development as part of the Anti-Base Erosion and Profit Shifting Plan (BEPS). The author provides her own evaluation of the indicators of profit tax optimization by Russian companies using across boundary debt financing as well as the influence of actual court judgements on the nature and dynamics of direct foreign investments. When evaluating the scale of thin capitalization in Russia based on statistical data bout direct foreign investments and court judgements, the author has applied the empirical research methods (comparison and measurement) as well as the theoretical research methods (abstraction, analysis and synthesis, induction and deduction and generalisation) to analyse court judgements and OECD guidelines. The author of the article describes peculiarities of approaches to solving the problem of thin capitalization used in Russian law and court practice compared to OECD guilelines, in particular, the use of balance indicators instead of profit indicators, presumption of non-market loans when violating formal criteria, unclear status of undeductable expenses. As a result, the author offers her own recommendations to improve Russia's thin capitalization rules.
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