Вестник Самарского государственного экономического университета

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

2024 №12 (242)

ECONOMIC THEORY

Zhironkin S.A., Taran E.A., Konovalova M.E.

Import substitution strategy in the Russian economy in the new sanctions and market realities

Abstract. The article investigates the formation of import substitution strategy in the Russian economy in the context of strengthening sanction restrictions and emergence of new external shocks in the future. The strategy itself is positioned as an integral understanding of the set of goals, subjects and object of regulation of multilevel structural changes in the economy, tools and implementation scenarios, target indicators as expected results. The basis of the strategy in terms of reproduction is investments in import-substituting industries within the framework of public-private partnerships, and in the industry - a technological map of the import substitution. The author`s methodology involves the analysis of national import substitution strategies implemented in a number of countries at various time intervals. Theoretical provisions for strategizing the import substitution in conditions of external shocks and sanctions include mechanisms and tools for intersec-toral distribution of production factors - material and human capital, technology. As such mechanisms, the investment and innovation alliance is proposed as a form of public-private partnership in the manufacturing and high-tech sectors of the economy, the recreation of an innovative and investment-active social group in which human capital is reproduced - the basis for technological modernization of industry to the level of Industry 4.0. Special attention is paid to the tools of intersectoral redistribution of production factors as a practical side of the strategy.
Keywords: import substitution, strategy, public-private partnership, scenarios, sanctions, external shocks, human capital. Highlights: - approaches to the development of import substitution strategy in conditions of external shocks, implemented in the 20th century are analyzed (for various countries of "catch-up development"), possibilities of applyingtheir experience in Russia are identified, taking into account modern research; - the main provisions of the import substitution strategy are presented in the context of external shocks, technological, foreign trade and investment sanctions restrictions - shock impact factors, target indicators and stages of strategy implementation, mechanisms for its implementation during the intersectoral redistribution of production factors; - the structural policy instruments are proposed aimed at correcting inter-sectoral proportions of distribution of production factors as the basis for the development of import substitution in conditions of shocks associated with material and human capital, technologies that are most susceptible to sanctions pressure.

Email:	zhironkin@tpu.ru; ektaran@yandex.ru; mkonoval@mail.ru
Сведения:	Sergey A. Zhironkin, Ekaterina A. Taran - National Research Tomsk Polytechnic University, Tomsk, Russia; Maria E. Konovalova - Samara State University of Economics, Samara, Russia

REGIONAL AND SECTORAL ECONOMY

Ageev N.O., Bulavko O.A.

Transformational aspects of the development strategy of industrial corporations

Abstract. In light of the specifics of the conditions and the severity of the problems facing Russian industrial production, it is necessary to transform methods and processes of organizing the management of state industrial corporations as beacons of scientific, technical and technological progress in the field of creation and production of progressive samples of industrial products. The Main Directions of Activities of the Government of the Russian Federation for the period up to 2025 draws attention to increasing operational efficiency through the implementation and monitoring of the implementation of long-term development programs adopted by companies that contribute to the achievement of strategic goals, the introduction of a system of key performance indicators and linking management motivation with achieving target benchmarks. In this regard, it is necessary to conduct scientific research devoted to the development and substantiation of methodological foundations for assessing the performance of industrial corporations and the development of proposals on ways to improve the quality and effectiveness of management. Its practical orientation is ensured by its relation to the development and implementation of a long-term corporate development strategy.
Keywords: strategy, transformation, corporations, effective management, long-term development program. Highlights: - the necessity of forming a long-term strategy for the development of an industrial corporation is proved; - the methodological foundations for evaluating the effectiveness of industrial corporations are substantiated and proposals on ways to improve the quality and effectiveness of management are developed.

Email:	vikigorl63@mail.ru
Сведения:	Nikolay 0. Ageev, Olga A. Bulavko - Samara State University of Economics, Samara, Russia

Zinurov V.E., Badretdinova G.R., Gilmutdinova R.I., Chernova O.S.

Economic assessment of the feasibility of using a recuperative heat exchanger in industrial conditions

Abstract. In modern conditions of industrial production, the key aspect is to increase energy efficiency and optimize the use of resources. These measures are necessary to ensure the economic profitability of industrial enterprises. The authors of this study have developed a design of a regenerative heat exchanger for the transfer of thermal energy from steam and gas emissions to cold water used for technological and economic needs. The purpose of the work is to carry out an economic assessment of the feasibility of using a regenerative heat exchanger with a ribbed surface in conditions of contamination during condensation of a vapor-gas mixture at an industrial enterprise. To assess the profitability of using a heat exchanger in various operating conditions, the net present value (NPV), the discounted payback period (DPP) and the profitability index (PI) are calculated. The calculations took into account the impact of the technical condition of the equipment and the frequency of its maintenance on the economic performance of the project. The study was based on calculations of various scenarios of the heat exchanger operation, taking into account contamination of the heat transfer surface and changes in the transmitted heat flow Qb between the heat carriers. During the study, the Qb heat flow varied from 50 to 200 kW and the initial investment in the project varied from 3,500 to 6,500 thousand rubles. As a result, data were obtained demonstrating how changes in these parameters affect the net present value of the project and its payback period. The main findings emphasize the need for regular cleaning and maintenance of the heat exchanger to maintain its efficiency and accelerate the return on investment. It was found that at a discount rate of 16%, the project will be economically profitable if the initial investment does not exceed 5,107 thousand rubles. The discounted payback period (DPP) of the project is on average from 1.5 to 3.4 years.
Keywords: economic assessment, heat exchanger, net present value, discounted payback period, profitability index, investments, economic justification, innovative project. Highlights: - the economic assessment was conducted on the implementation of a recuperative heat exchanger design at an industrial facility for the effective transfer of thermal energy from flue gases to cold water used for technological and utility needs; - the analysis of the influence of the technical condition of the heat exchanger and the frequency of its maintenance on such economic indicators of the project as net present value (NPV), discounted payback period (DPP) and profitability index (PI) is carried out; - the influence of the initial cost of the project for implementing a heat exchanger at an industrial facility, rangingfrom 3500 to 6500 thousand rubles, and the decrease in heat flow Qbfrom 200 to 50 kW on changes in the net present value, discounted payback period, and profitability index of the project was examined.

Email:	vadd_93@mail.ru; nice.badretdinova@mail.ru; gilmutdinovarezeda@mail.ru; olesya.2805@mail.ru
Сведения:	Vadim E. Zinurov, Guzel R. Badretdinova, Rezeda I. Gilmutdinova, Olesya S. Chernova - Kazan State Power Engineering University, Kazan, Russia

Karpov V.V., Korableva A.A., Breusova A.G.

Economic development of the Siberian Federal District regions in modern conditions

Abstract. The article investigates the key factors of destabilization and conditions for the development of the economy of the regions of the Siberian Federal District based on annual data for the period 2014-2022. An analysis of the main directions, the level and the rate of changes in economic indicators of the regions is carried out in the study. The influence of demography and migration, sanctions restrictions and investments, government support measures and shifts in the scope of their application to stabilize the economic development of the regions of the Siberian Federal District is considered. The authors highlight them as the most important factors in the development of regions in modern conditions. Seven indicators of the level of development and three indicators of the dynamics of regional development are proposed. Based on them, clusters were determined by the level and dynamics of regional development usingthe k-means method. The change in the quality and composition of clusters over the analyzed period is shown. The study revealed the specificity of the crises of recent years, showed common specific features and differences in the passage of crisis periods by regions, depending on their industry specialization and the availability of investments. In general, the pace of development of industrialized regions turned out to be less than that of moderately and underdeveloped regions. The results obtained can be useful to regional authorities in assessing causes of the current state and forecasting target indicators for the economic development of territories.
Keywords: economic indicators of the region, factors of economic development, rate and level of economic growth, sanctions and countermeasures, adaptation of the regional economy. Highlights: - the crises of recent years are specific, and the processes of adaptation of the Russian economy to them were difficult to predict; - external negative factors had a greater impact on the development of the Russian regions than the existing internal potential, which required government intervention to stabilize the economy and the social sphere; - state defense orders and the practice of import substitution did not affect the process of development of regions with industrial specialization, and the nature of regional development did not change.

Email:

vvkarpov@oscsbras.ru; aakorableva@bk.ru; annabreusova@yanclex.ru

Сведения:

Valery V. Karpov - Omsk Scientific Center of the Siberian Branch of the Russian Academy of Sciences, Omsk, Russia; Anna A. Korableva - Omsk Scientific Center of the Siberian Branch of the Russian Academy of Sciences, Omsk State Technical University, Omsk, Russia; Anna G. Breusova - Omsk Scientific Center of the Siberian Branch of the Russian Academy of Sciences, Dostoevsky Omsk State University, Omsk, Russia

FINANCE, MONEY CIRCULATION AND CREDIT

Arkadieva O.G., Petrova M.A.

Assessing the investment attractiveness of VTB Bank bonds

Abstract. In conditions of economic instability, special attention is paid to ensuringthe investment attractiveness of commercial banks, which indicates the ability of the latter to maintain stable and profitable activities, timely meet their bond obligations of various types, effectively manage risks in case of changes in the macroeconomic and other environmental conditions and the occurrence of negative factors in the financial market. This determines the relevance of the chosen research direction. The purpose of the study was to analyze the investment attractiveness of VTB Bank bonds and assess the attractiveness of individual issues and types of bonds of this bank for unqualified investors in comparison with the bonds of its key competitors. The main research methods were the fundamental financial and economic analysis of VTB Bank as an issuer and a comparative analysis of the parameters of the key varieties of bonds of VTB Bank, Sberbank and Alfa-Bank. The issuer`s analysis confirmed the stability of the bank`s position, however, VTB`s weak point is its vulnerable capital position. As a bond issuer, VTB Bank mainly issues short-term bonds; bonds with fixed coupon payments are issued for a period of no more than 1 year, which does not comply with the principles of the passive investment strategy under which bonds are usually purchased. For a period of more than 1 year, VTB`s most attractive investment-grade bonds with variable coupon income and structural bonds are issued. However, the bonds of Sberbank and Alfa-Bank, based on a combination of parameters, are more attractive to investors, including unqualified ones.
Keywords: issuer analysis, assets, liabilities, mandatory ratios, financial multipliers, profitability, duration. Highlights: - the selection of bonds for an investment portfolio consists of an analysis of the parameters of the bond itself and an analysis of the reliability of the bank as an issuer; - a number of banks are characterized by higher regulatory values, they have a stronger capital position compared to VTB. All banks, except VTB, have basic and fixed capital adequacy ratios that significantly exceed the minimum values of the standard, whereas VTB`s are below the required values and do not exceed 10%; - variable coupon bonds are the most attractive among VTB bonds, since in the case of an increase in the key rate, they can receive higher yields due to coupon payments.

Email:	knedlix@yanclex.ru; mashapetrova2002@gmail.com
Сведения:	Olga G. Arkadieva - I.N. Ulyanov Chuvash State University, Cheboksary, Russia; Maria A. Petrova - VTB Bank (PJSC), Cheboksary, Russia

Kondukova E.V.

Digital technologies in the practice of financial analysis

Abstract. The article investigates current trends in the digitalization of financial analysis. The influence of digital technologies on the practice of financial analysis is analyzed, two key areas of transformation are identified: expanding the volume of data with automated calculations and increasing the availability of financial information in electronic form. Particular attention is paid to the limitations of existing automated financial analysis systems, which, despite their ability to process large volumes of data, cannot fully replace expert assessment. Using the example of a solvency analysis of a specific enterprise, it is demonstrated that automated systems provide only a superficial description of the financial condition, without revealing the underlying causes or taking into account the specifics of the business model. The author concludes that for making management decisions, a deeper analysis is necessary, taking into account non-formalized data and the specifics of the company`s activities.
Keywords: digitalization of financial analysis, automation of calculations, information base for analysis, expert systems, financial ratios, business model, non-formalized data. Highlights: - digitalization has significantly expanded the information base for financial analysis by automating data collection and calculation of indicators, but it has not fundamentally changed the methodology of interpretation of results; - existing automated financial analysis systems are limited to providinga descriptive characterization of a company`s financial condition, without revealing underlying causes or taking into account the specifics of a business model; - effective management decision-making requires a deeper analysis that considers non-formalized data, industry specifics, and peculiarities of the company`s business model, which remains the prerogative of human analysts.

Email:	elkondukova@gmail.com
Сведения:	Elvira V. Kondukova - Ryazan Institute (branch) of the Moscow Polytechnic University, Ryazan, Russia

Usoltseva I.V., Okuneva A.G.

Development of an internal coefficient rating of developers with bank project financing

Abstract. In this article, based on the study of the theory and research of the direction of bank project financing and analysis of the methodology for evaluating investment projects by Sberbank PJSC, shortcomings have been identified in the form of the lack of a formed base of borrowers-developers who carry out their activities through project financing, and, as a result, a unified rating system for developers. According to the shortcomings considered, a system of internal coefficient rating of developers for the commercial bank of Sberbank PJSC was formed and proposed for implementation, which will lead to an increase in the speed of viewing incoming applications for project financing.
Keywords: project financing, coefficient rating, applications, developer rating development, construction industry. Highlights: - to finance the construction of facilities, it is necessary to collect a voluminous package of documents and go through many stages of approval; - in commercial banks, the methodology of project financing is relatively new and requires constant improvement.

Email:	xcontrastxyjes@gmail.com; okuneva_alla@list.ru
Сведения:	Irina V. Usoltseva, Alia G. Okuneva - Samara National Research University named after Academician S.P. Korolev, Samara, Russia

Yargutova V.Yu.

Desk tax audit in the VAT tax administration system: Problems and prospects

Abstract. The relevance of the topic of the article is determined by the fact that in modern economic conditions it is quite important to carry out tax control in the form of tax audits. Taking into account the fact that over the past three years the amounts of additional charges have increased significantly based on the results of desk tax audits, it is very important and relevant to explore the possibilities of the VAT-2 information database, the use of which has an significant effect on the identification of tax offenses and crimes. The purpose of the study is to analyze the role and place of desk tax audits, ASK VAT-2 in the VAT tax administration system based on statistical data. The result of the research is the development of an optimal model of VAT tax administration based on the information base of the VAT-2 ASK, which provides for a "vector" exchange with regulatory authorities to achieve the most effective documentation of tax offenses and crimes, as well as the proposal to amend the Tax Code of the Russian Federation. The apllied methods include analysis, synthesis, deduction, analogy, and modeling.
Keywords: risk-based approach, tax administration, control, desk tax audit, reimbursement, value added tax, information system, digital technologies. Highlights: - effective tax administration has a significant impact on the dynamics of revenues administered by the Federal Tax Service of Russia; - the risk-based approach applied by the Federal Tax Service of Russia has contributed to reducing the number of on-site tax audits and increasing in-house tax audits; - at the moment, the VAT-2 ASK is an effective tool for detectingtax offenses and crimes; - for more successful in-house tax audits based on the VAT tax return, it is proposed to introduce a number of amendments to the Tax Code of the Russian Federation, the functional capabilities of the VAT-2 ASK.

Email:	vera.tomilova.84@mail.ru
Сведения:	Veronika Yu. Yargutova - Nizhny Novgorod Academy of the Ministry of Internal Affairs of Russia, Nizhny Novgorod, Russia, Nizhny Novgorod Institute of Management - branch of RANEPA, Nizhny Novgorod, Russia

ECONOMIC THEORY

REGIONAL AND SECTORAL ECONOMY

FINANCE, MONEY CIRCULATION AND CREDIT