Вестник Самарского государственного экономического университета

Вестник самарского государственного экономического университета
Vestnik of Samara State University of Economics

2020 №3 (185)

ECONOMIC THEORY

Mikhailov A.M.

DIVIDEND POLICY OF RUSSIAN JOINT-STOCK COMPANY AS A FAC-TOR FORMING SHARE CAPITAL

The study considers the problems of dividend policy of Russian companies. The rele-vance of the study is determined by the fact that dividend policy significantly affects the in-vestment attractiveness of companies and their ability to form share capital. A key problem in the formation of the basic principles and components of dividend policy is its dependence on factors affecting the payment of dividends. The purpose of the study is to determine what factors and to what extent affect the dividends paid. As part of the study, an econometric model has been compiled, which allows to identify the main factors affecting the payment of dividends by joint-stock companies. The study also used statistical, comparative, logical methods. Using an econometric model, a direct relationship was established between the amount of net profit and the amount of dividend payments. Significant influence is also ex-erted by such factors as the share of net profit allocated for the payment of dividends, the number of shares outstanding and the amount of dividend payments per share. At the same time, the dividends paid to the company does not depend significantly on the amount of loans received by the company. The conclusions obtained during the study enable joint stock com-panies to determine the optimal amount of share capital and dividend payments on shares for the most efficient implementation of their activities. These findings can also be used by inves-tors in determining the most attractive companies for investment.
Keywords: equity, capital formation, dividend policy, stocks, dividends, joint stock companies, investment attractiveness, econometric model, net profit, factors affecting the payment of dividends. Highlights: the dividend policy has a serious impact on the investment attractiveness of the com-pany and its ability to successfully form equity capital; the amount of net profit is of paramount importance when companies decide on the payment of dividends, in contrast to the amount of loans received by the company, which practically does not affect the dividends paid; in addition to net profit, the number of dividends paid is also affected by its share in-tended for dividend payment, the number of shares outstanding and the number of dividends per share.

Email:	2427994@mail.ru
Сведения:	Alexander M. Mikhailov, Doctor of Economics, Professor of Samara State University of Economics.

REGIONAL ECONOMICS

Konyshev E.V., Kuznetsova A.I.

ANALYSIS OF THE SANATORIUM-RESORT COMPLEX IN THE REGIONS OF RUSSIA BASED ON THE TYPOLOGICAL APPROACH

Health tourism is one of the priority directions for the development of domestic and inbound tourism in Russia. In many regions, a developed sanatorium-resort complex has been formed, the enterprises of which are highly competitive and make a significant contribution to the formation of income from tourism activities. The relevance of the study of the spa complex from a geographical point of view is due to differences in the resource base, climate, medical factors, and to the identification of regional characteristics from the standpoint of spatial development, flow geography, and role in the regional economy. The purpose of the research is the typology of Russian regions according to the level of development of the sanatorium complex. As the main research method, a typological one has been selected, which allows classification and systematization of regions according to the selected criteria. To conduct the typology, statistical information was used on the development of the spa complex in the regions of Russia for the period from 2011 to 2017 from the site of the Unified Interdepartmental Reference and Information System. Analysis of four types of regions was carried out according to the level of development of the sanatorium complex, supplemented by data on the regions’ participation in the federal target program “Development of domestic and inbound tourism in the Russian Federation (2011-2018)”. The results of the study are recommended to be considered when developing regional programs for the development of the spa complex.
Keywords: sanatorium-resort complex, typological approach, regions of Russia. Highlights: a typology technique for the regions of Russia according to the level of development of sanatorium-health tourism is proposed; characteristics of the selected types by quantitative and qualitative indicators are given; recommendations on the development of health tourism in the regions of Russia based on typology are developed.

Email:	konj@bk.ru, smetalika@yandex.ru
Сведения:	Eugeny V. Konyshev, Candidate of Geographical Sciences, Associate Professor; Alena I. Kuznetsova, a post-graduate student - Vyatka State University.

Oborin M.S., Nagoyeva T.A., Kozhushkina I.V.

DEVELOPMENT FEATURES OF THE INSTITUTIONAL ENVIRONMENT OF THE SANATORIUM-RESORT COMPLEX OF THE REGION

The institutional environment is an important factor in the development of resort medicine in the region, contributes to the formation of a market for health-improving services in accordance with demand trends, expanding its quantitative capacity and defining the vector of strategic partnership with consumers, authorities and business environment. The industrialized regions of the country, such as the Perm Territory, are interested in the development of alternative specialization, which provides a positive impact on the socio-economic condition of the region. The sanatorium-resort complex has a multidirectional effect on the socio-economic development of regions, the formation of the institutional environment involves considering not only various factors, but also levels that should be assessed in correlation. The enterprises of the sanatorium-resort complex are part of the institutional environment for the development of health care, resort medicine and medical tourism. On the other hand, the sanatorium complex needs favorable institutional conditions that can be formed with the active participation of regional authorities. The purpose of the study is to develop a model of the region`s sanatorium and resort system based on factors and elements of the institutional environment that provide a positive impact on the socio-economic development of the region. Methods: analysis of statistics and normative legal acts, systematic, situational, network approaches, modeling of socio-economic processes of the functioning of the sanatorium complex of the region using the example of the Perm Territory. The scientific, theoretical and applied aspects of the development of the spa complex are considered. Its important role in the quality of the material and medical infrastructure of resort medicine and medical tourism is determined. The positions and performance indicators of the sanatorium-resort complex of the Perm Territory are studied. A model of the sanatorium-resort system is developed, and the levels of the institutional environment for the development of the sanatorium-resort complex are proposed, which provide stable links of the spa and recreation services market entities. The necessary institutional conditions for the effective functioning of sanatorium complexes and systems that provide a positive impact on the socio-economic development of regions are identified: improving living standards; growth of economic income of the business environment and tax revenues; raising the rating position of the Perm Territory within the Volga Federal District.
Keywords: sanatorium-resort complex, sanatorium-resort system, health care, institutional environment, medical tourism. Highlights: the features of the convergence of medical and health tourism and medical tourism as a condition determining the direction of growth of regional sanatorium complexes are considered; factors for the formation of the institutional environment of the sanatorium-resort complex as an independent education and an element of other systems and complexes - health care, resort medicine, medical tourism are studied; a model of the sanatorium system of the region is developed, considering factors and conditions of the institutional environment at various levels of functioning of the sanatorium complexes; the analysis of rating positions of the sanatorium-resort complex of the Perm Territory is carried out, the basic elements of the sanatorium-resort system are characterized; recommendations are formulated on the formation of the institutional environment to ensure the positive impact of the sanatorium complex on the socio-economic development of the region.

Email:

recreachin@rambler.ru, nagoeva.ta@mail.ru, kojush-kina@yandex.ru

Сведения:

Matvey S. Oborin, Doctor of Economics, Professor, Department of Economic Analysis and Statistics, Perm Institute (Branch), Plekhanov Russian University of Economics, Professor, Department of World and Regional Economics, Economic Theory, Perm State National Research University, Professor, Management Department, Perm State Agro-Technological University, Professor, Department of Management and Technology in Tourism and Services, Sochi State University; Tamara A. Nagoyeva, a senior lecturer, Department of Economic Analysis and Statistics, Perm Institute (Branch), Plekhanov Russian University of Economics, a post-graduate student, Perm State National Research University; Irina V. Kozhushkina, a junior researcher, Perm State Agro-Technological University.

ECONOMICS, ORGANIZATION AND MANAGEMENT OF ORGANIZATIONS, BRANCHES, COMPLEXES

Zhabin A.P., Volkodavova E.V., Kandrashina E.A.

ENTREPRENEURSHIP RISK MANAGEMENT OR THE “BLACK SWAN” COVID-19 AS ANTI-FRAGNITY TEST

The economic crisis, triggered by the pandemic of the new coronavirus infection COVID-19, which began in March 2020, has a complex nature and difficult to predict consequences. Nevertheless, anti-crisis measures are taken at all levels of government. The basis for the selection of these measures is an assessment of risks that may be critical to the life of enterprises and industries. Risk assessment as an element of risk management is undoubtedly important and therefore deserves a thorough comprehensive analysis. In the light of the struggle against the human pandemic COVID-19, which is being endured by humanity, the authors consider the nature of risky activities and the resulting conceptual line for managing the course of economic development, including the problem of determining the direction of anti-crisis measures.
Keywords: risk management, entrepreneurial risks, black swans, antifragility, competencies of the future, VUCA world, COVID-19 pandemic. Highlights: traditional methods of risk assessment and risk management, effectively used in times of stable development of the economy, are insufficient in conditions of high uncertainty. In the current conditions, a fundamental extension of the range of risk factors to be considered and a change in the readiness of business structures for the appearance of “black swans” are necessary; crisis situations like the one that arose in the spring of 2020 in connection with the COVID-19 pandemic are triggers of changes prepared by the previous development course, and should be overcome and used to supplement the databases of reasons and conditions of their occurrence to develop competencies for doing business in a high-risk environment (anti-fragility properties); the roots of the current economic crisis are revolutionary changes in the economy and society generated by accelerating technological development: the dominant role of services in social production, customization, digitalization and globalization; considering the nature of the crisis phenomena, a classification of risks, a methodological basis for risk management, and, most importantly, work to overcome the crisis should be built. It should be aimed not at a speedy return to the pre-crisis state, but at a transition to a new state adequate to the future business environment.

Email:	apzhabin@yandex.ru, vev.sseu@gmail.com, el.ka2003@mail.ru
Сведения:	Alexander P. Zhabin, Doctor of Economics, Professor, Head of Management Department; Elena V. Volkodova, Doctor of Economics, Professor; Elena A. Kandrashina, Doctor of Economics, Professor - Samara State University of Economics.

Gerasimova K.E., Naumova O.A.

PORTFOLIO OPTIMIZATION TECHNIQUE OF OIL AND GAS COMPANY’ ASSETS

In current economic conditions, companies are to choose the path of development (ex-tensive or intensive). This study discusses a possible use of an intensive development path as an example of Rosneft PJSC through changing the structure of the company`s asset portfolio. The relevance of the study is to find a solution to the problem of increasing profitability and reducing the risks of existing assets in the portfolio. The study is an improvement of the meth-odology for determining the most efficient distribution of assets in the company`s portfolio under changing economic conditions and financial indicators of the business. The authors ana-lyze ways to optimize the asset’s portfolio from the point of view of the modern Markowitz portfolio theory. The study works out optimized portfolios with the goal of maximizing prof-itability and minimizing risks. Considering the optimal portfolios, the best one is chosen for Rosneft, the economic efficiency of the selected portfolio is calculated compared with the current one in 2019, a forecast is made of the distribution of assets and revenue of the ana-lyzed company for 2020, the economic efficiency of the best portfolio of forecasts for 2020 is calculated. According to the results of the study, the modern Markowitz theory should be ap-plied not only based on data for past periods, but also based on projected indicators. During the study, Markowitz portfolio theories, Sharp, and Defensive Portfolio are considered, fore-casting and model estimation using the Gretl program are used. Calculation of investment portfolios is made through Excel packages Data Analysis and Search for Solutions.
Keywords: asset portfolio, oil and gas company, Markowitz portfolio theory, minimiz-ing risk, maximizing portfolio returns, economic efficiency. Highlights: portfolio theory Markowitz - the most effective and reliable technique for large enter-prises; the possibility of applying modern portfolio theory for oil and gas enterprises; adjustment of calculations of the portfolio theory of Markowitz considering the specif-ics of the assets of oil and gas enterprises; obtaining economic efficiency in cash.

Email:	49kgb163@gmail.com, naumovaoa@gmail.com
Сведения:	Kristina Ed. Gerasimova, a leading specialist of LLC RN-Uchet, Samara; Olga A. Naumova, Candidate of Economics, Associate Professor of Samara State University of Economics.

ACCOUNTING, STATISTICS

Chistik O.F.

DEMOGRAPHIC DEVELOPMENT: STAGES AND EVALUATION

The relevance of statistical analysis of demographic development is due to negative processes of the natural movement of the population, low birth rates, and high mortality of the Russian population. The demand for an information-analytical approach to the study of negative processes under consideration is necessary for the development of effective measures and the adoption of effective managerial decisions at various levels that ensure the positive demographic development of Russia and its regions. The study examines the processes of demographic development in the regions of the Russian Federation. The originality (scientific novelty) of the study is the formation of the informational and methodological approach for establishing the stages of demographic development based on meaningful analysis of reproductive and migration components and assessing the dynamics of negative processes in Russia. This approach made it possible to distinguish three groups of regions according to the level of demographic development using integral estimates obtained based on the developed system of indicators and the use of the non-parametric method of expert estimates Pattern. The presented results can be the basis for developing a mechanism for making effective management decisions.
Keywords: demographic development, system of indicators, integrated assessment. Highlights: stages of demographic development are identified based on its substantial analysis and quantitative assessment of the replacement of the natural population decline in Russia and based on the replacement index; a system of indicators necessary for the development of the integrated indicator and reflecting the reproductive component of demographic development is formed; three groups of Russian regions are established (with a low, medium, and above average level) based on ranking the regions according to the integrated method of demographic development obtained by the Pattern method.

Email:	yurijchistik@yandex.ru
Сведения:	Olga F. Chistik, Doctor of Economics, Professor of Samara State University of Economics.

LABOUR ECONOMICS

Mantulenko V.V.

DIGITAL TRANSFORMATION OF THE LABOR MARKET: VALUES AND COMPETENCE

Both scientists and practitioners have a widespread belief that innovation is the main driver of progress, economic growth and the creation of new jobs. However, the question of whether this is true regarding innovations created in the digitalization space is the subject of scientific discussion. In particular, the issues actively discussed in the scientific community are the impact of digitalization on the creation of new professions and the destruction (transfor-mation) of former ones, the demanded competencies of the future. The aim of this study is to analyze existing forecasts of the development of the labor market in the context of global digi-talization, identify the most relevant competencies and justify the appropriateness of applying the axiological (value) approach to the analysis of these aspects. The main methods used to solve the research problems are analysis, synthesis and generalization. As a result of the study, the uneven effect of digital technologies on employment changes is identified, the most de-manded competencies of the future are identified, scenarios of possible development of the labor market are analyzed, an attempt is made to connect these scenarios with groups of the most required competencies and skills and justify the importance of taking into account the value component in the study of the modern global labor market, design and implementation of vocational training and retraining programs.
Keywords: competencies, professional training and retraining, labor market, develop-ment scenarios, values, digitalization. Highlights: digitalization is largely supplanting low skilled competences and contributes to the de-velopment and importance of highly qualified competences; however, it is unclear what types of technologies cause these effects and whether technologies generalized into the digital cate-gory lead to such a transformation of the labor market; the emphasis today should be shifted from the consideration of the “professions of the future” to the “competencies” and, accordingly, the “values” of the future; technical skills will play an important role along with human skills in the future; the 4-world model from PwC echoes the Riemann-Thoman model, which means that the key competencies of the future, as well as the scenarios (directions) of further develop-ment of the labor market, are directly related to the basic value orientations of the personality.

Email:	mantoulenko@mail.ru
Сведения:	Valentina V. Mantulenko, Candidate of Pedagogical Sciences, Associate Professor of the De-partment of Applied Management of Samara State University of Economics.

Popov V.L., Aleksandrova T. V.

PROBLEMS AND TENDENCIES OF PERSONNAL PRE-TRAINING IN THE FRAMEWORK OF THE NATIONAL PROJECT LABOR PRODUCTIVITY AND EMPLOYMENT SUPPORT (USING THE EXAMPLE OF PERM REGION)

The authors analyze the implementation of the national project Productivity and Employment Support in the Perm Territory. The purpose of the study is to consider the problems and prospects of advanced training of personnel of industrial enterprises of the Perm Territory participating in the national project to increase labor productivity. The research methodology includes systematic and problem-target approaches, as well as methods of analysis of statistical and expert data. The work reveals the features of advanced training of personnel in relation to achieving the goals of the national project Labor Productivity and Employment Support, reflects the problematic aspects of personnel training, typical and relevant for enterprises participating in the national project. It is noted that the presence of unresolved problems in the field of advanced training of personnel reduces the importance of targeted training as an important strategic tool for increasing labor productivity in enterprises participating in the national project. The study outlines the measures that should be taken to overcome the difficulties of implementing advanced training of personnel in the framework of the national project Labor Productivity and Employment Support. The results of the study can be used in federal and regional centers of competence in the field of increasing labor productivity to develop recommendations for improving the training process in the framework of the national project Labor Productivity and Employment Support.
Keywords: labor productivity, national project, advanced training, personnel training problem, method of solving the problem, advanced training trends. Highlights: the experience of the Perm Territory in organizing advanced training of personnel at industrial enterprises implementing the national project Labor Productivity and Employment Support is analyzed; problems of advanced staff training are identified that negatively affect the achievement of the goals of the national project to increase labor productivity at the level of individual participating enterprises; measures to eliminate problems identified in the field of advanced training of personnel at enterprises participating in the national project are identified, promising trends in training personnel are formulated in the context of more efficient achievement of the goals of the national project Labor Productivity and Employment Support.

Email:	pku06@mail.ru, atvpsu@yandex.ru
Сведения:	Victor L. Popov, Doctor of Technical Sciences, Professor, Department of Management and Marketing, Perm National Research Polytechnic University; Tatyana V. Aleksandrova, Candidate of Economics, Associate Professor, Department of Management, Perm State National Research University.

FINANCE, CURRENCY CIRCULATION AND CREDIT

Gainutdinov B.A., Razumovskaya E.A.

MODELING THE INVESTMENT MECHANISM AS PART OF A CORPORATE FINANCIAL STRATEGY

This study is devoted to the urgent task for the economy of any state - the search for effective formats for financing investment projects that develop the potential of individual companies and the national economy. It is obvious that there are no universal formats for investment practices, considering the significant differences: between individual enterprises in scale; between industries; between regions and countries - which determine the pool of tools used by business entities in the implementation of the financial strategy. However, the most common financial mechanisms in most developed countries for attracting investment in large-scale projects are those that involve state participation. The theoretical foundation of the investment mechanism in the implementation of corporate financial strategies, according to the authors, is unified. The authors attempted, along with traditional methods of analysis - statistical monitoring, graphical method, method of observation, measurement and analysis, to substantiate the main results of the study using economic and mathematical modeling. The authors proposed a mathematical model for making investment decisions based on the balance of strategies of participants; the analysis of scenarios of strategic interaction of participants of investment projects based on the theory of games - the balance of J. Nash and duopoly A.O. Cournot. The use of mathematical modeling allowed the authors to develop a function of the weighted average cost of capital of the investment project (WACP), designed to increase the efficiency of the use of financial resources attracted to investment projects when implementing a financial strategy. One of the practical consequences of this study is the fundamental possibility of using game theory to form a universal mechanism that would diversify investment sources and reduce the risks of ongoing projects at all stages. The authors are convinced that following the principles of the equilibrium strategy of J. Nash is to exclude corruption schemes in the distribution of state financing of investment projects.
Keywords: financial strategy, investment mechanism, equilibrium, investment, weighted average cost of project capital. Highlights: the analysis of the structure of sources of financing for large and medium-sized companies and the dynamics of sources of financing of the main sectors of the national economy of the Russian Federation for the period since 2014, on the basis of which it was concluded that the total funding of the domestic economy is reduced from both state and borrowed sources; the specified reduction was not overcome by a significant (almost a quarter for the study period) growth of equity in investment; the possibility of using the investment decision-making model based on the profile of the strategy of J. Nash and the duopoly of A.O. Cournot in the formation of financial strategies of corporate structures and the state; a model of the investment mechanism based on the modified function of the weighted average cost of project (WACP) of F. Modigliani and M. Miller is proposed, which is a universal tool suitable for approximation for the formation of financial strategies of all categories of business entities.

Email:

b.gainutdinov@upz.ru, rasumovskaya.pochta@gmail.com

Сведения:

Bulat A. Gainutdinov, General Director of JSC Ural Instrument-Building Plant, Ekaterinburg; Elena A. Razumovskaya, Doctor of Economics, Associate Professor, Professor of the Department of Finance, Money Circulation and Credit of the Ural Federal University named after the first President of Russia B.N. Yeltsin, Professor, Department of Finance, Money Circulation and Credit, Ural State Economic University, Ekaterinburg.

Petrov N.A.

KEY FEATURES OF MODERN TRENDS IN THE CORPORATE BONDS MARKET IN THE RUSSIAN ECONOMY

The study considers the causes of changes in the volume of the corporate bond market in the domestic economy and the dynamics of defaults using these financial market instruments. To achieve this goal, the structure of the corporate bonds market and the volume of their placement are analyzed, the main market participants are considered, and a forecast for the development of the corporate bonds market in the short-term period is presented. It is suggested that certain categories of corporate bonds that securitize some financial assets, for example, such as mortgage loans or leasing assets, become more important. When solving the problem of studying the domestic market for corporate bonds, the sectoral structure of this market is considered, positive and negative trends are identified. As a result, using statistical and analytical methods, the key problems of the development of the corporate bond market in Russia are identified, the main trends in this financial segment are identified, and the main ways to expand it are identified.
Keywords: underwriter, diversification, default, duration, bond, refinancing, risk, securitization. Highlights: innovations in the corporate bond market in the form of bonds securitizing certain assets are highlighted; bonds issued based on blockchain technology, as well as short-term bonds for liquidity management are considered; the structure of the corporate bond market in the domestic economy is determined and the key development trends of this segment of the financial market are identified; the main problems of the development of the corporate bond market are analyzed.

Email:	petrovnkt@gmail.com
Сведения:	Nikita A. Petrov, Candidate of Economics, Associate Professor of the Department of Economic Theory of Samara State University of Economics.

Bortnikov S.P.

DIGITAL MONEY AND DIGITAL ACCOUNTS IN CENTRAL BANKS

The study considers the procedure, consequences and significance of opening digital accounts and issuing digital cash by the Central Bank of the Russian Federation. The relevance of the study is the novelty of the institution in question, and the proposed settlement system with the opening of digital cash accounts in the Central Bank is designed to stimulate competition and innovation in existing payment systems, including with the participation of commercial banks and other credit institutions. The legal nature and economic content of physical money, financial credit and digital cash in the implementation of the country`s monetary policy are investigated. The author considers the contradictions of the independent position of the Central Bank of the Russian Federation and the Government of Russia in matters of state economic policy. It is noted that competition of non-cash funds of commercial banks and digital finance of the Central Bank will require changes in the activities of commercial banks and the entire banking system. The opening of digital cash accounts raises the level of guarantees and the safety of funds placed on them. A comparative study of the dynamics of cash turnover and turnover of funds on accounts is carried out. The aim of the study is also to consider the positive and negative properties of digital cash in a modern financial system. According to the author, it is necessary to change the ideology of money issue. The study establishes that the transfer of participant functions in settlement relations provides additional opportunities in the provision to the Federal Treasury and use of digital cash to both private individuals and organizations.
Keywords: money issue, digital money accounts, non-cash monetary funds, money supply, credit policy. Highlights: the analysis of the mechanism of the emergence of digital cash in the economy will allow the use of new tools of monetary policy. Depending on the scale of replacement of physical cash with their digital form, lower interest rates are possible; it was noted that digital cash can be used as a tool to increase aggregate demand by conducting subsidizing stimulating interventions for all citizens; the advantages of introducing digital cash accounts in increasing the security and attractiveness of the financial system are shown. Providing citizens and organizations with the opportunity to make settlements directly in the money of the Central Bank (and not in bank deposits) significantly reduces the concentration of liquidity and credit risk in payment systems. This, in turn, reduces the systemic importance of large banks. In addition, by providing a truly risk-free alternative to bank deposits, the transition from bank deposits to digital cash reduces the need for government deposit guarantees, eliminating the source of risk from the financial system; it was established that the proposed settlement system with the opening of digital cash accounts in the Central Bank will stimulate competition and innovation in existing payment systems, including with the participation of commercial banks and other credit institutions. On the other hand, the possibility of opening digital accounts for an unlimited number of people at the Central Bank will reduce the dependence of other credit institutions on large banks (which may establish non-competitive or burdensome conditions, including transaction fees).

Email:	serg-bortnikov@yandex.ru
Сведения:	Sergey P. Bortnikov, Doctor of Law, Associate Professor, Director of the Institute of Law, Samara State University of Economics.