Вестник Самарского государственного экономического университета

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

2025 №1 (243)

ECONOMIC THEORY

Vasilevskaya T.O., Telenkevich V.V.

Transformation of state investment policy in Russia from the 16th century to the end of the 20th century

Abstract. Investment policy is one of the most important instruments of the state influence on economic activity. In the current conditions, when the need for investment in the real sector of the economy becomes obvious, state authorities pay special attention to creating a favorable investment climate for both domestic and foreign investors. The relevance of the article is caused by the importance of analyzing the implementation of state investment policy in retrospect and studying the experience of state support for investments. Historical experience can certainly help to avoid mistakes in the regulation of investment activities based on examples of the government intervention in investment processes in different periods. The article is devoted to the measures of state support for investment activities, including the implementation of state investment policy in the pre-revolutionary period and the period of the USSR. Using the historical, comparative and causal analysis method, a study was carried out in the field of attracting foreign investments into the Russian economy, the impact of government intervention on the development of investment activities. Based on the data obtained, it was concluded that modern state investment policy in Russia has features of continuity of pre-revolutionary and the Soviet investment legislation.
Keywords: investments, state support for investors, development of investment activities, foreign investments, concession law. Hightlightts: - the development of investment activities in Russia has a rich history, starting from the 16th century, when the first foreign investments were attracted. Government support measures, such as the provision of benefits, guarantees and property measures, have played an important role in attracting investment and stimulating the economic growth. Examples of historical events, demonstrate the effectiveness of these measures. Further development of investment activities was accompanied by the introduction of new forms of investments and an improvement in the investment climate; - New Economic Policy (NEP) played an important role in the post-war economic recovery and attracting investments. However, the difficulties associated with determining the concept and boundaries of the concession, as well as the duration of concession negotiations, negatively affected the investment climate in the USSR; - at the end of the 80s of the last century, the restructuring of the economic mechanism began in the USSR, which led to the return of the investment activity. Thus, regulations were adopted providing the creation of joint ventures with the participation of Soviet and foreign organizations, as well as the territories with preferential regimes. However, with the collapse of the USSR, these laws lost their force, but laid the foundation for modern legislation in the field of investment policy.

Email:	tanya-rytseva@mail.ru; v.telenkevich@aokrio.ru
Сведения:	Tatyana O. Vasilevskaya - Baikal International Business School of Irkutsk State University, Irkutsk, Russia; Victor V. Telenkevich - Corporation of development of Irkutsk region, Irkutsk, Russia

Materova E.S., Panteleev P.A.

Ways to increase the activity of individual investors in the stock market

Abstract. Modern business conditions entail an increase in the attention of various economic entities to the issues of the most effective allocation of financial resources, on the one hand, and the issues of attracting the cheapest financing instruments, on the other hand. The practical implementation of tools in the field of individual investment development provides a solution to the problem of increasing the amount of financial resources invested in the development of the national economy. In Russia, there is a gradual formation of infrastructure for investment activity of the population, which, under conditions of sanctions pressure and lack of access to foreign capital markets, can become one of the factors of increasing the efficiency of the national economic system. Separately, it should be highlighted that private investors themselves have a significant demand for investment instruments. However, even with such demand, there is still a problem with increasing the level of activity of the population in the stock market.
Keywords: private investments, investment portfolio, sanctions restrictions. Hightlightts: - today, individual finance is one of the key drivers of the stock market development; - the Russian securities market currently acts as almost the only possible source of capital attraction, which is a consequence of the absence of non-residents on it, and therefore, it is the active participation of residents that will determine the potential of investment growth; - the fundamental condition of many Russian private investors is gradually improving due to the adaptation of the economy to external shocks.

Email:	nedlen63@yandex.ru; paschkastar@mail.ru
Сведения:	Elena S. Materova - Samara State University of Economics, Samara, Russia; Pavel A. Panteleev - Belarusian State Pedagogical University named after M. Tank, Minsk, Republic of Belarus

Shorokhov R.G., Baguzova L.V., Suslova Yu.Yu, Voloshnn A.V.

The University in the modern technological paradigm of interaction

Abstract. The purpose of the study is to determine the specifics of the interaction of participants in educational organizations under the influence of the modern technological paradigm. The article focuses on the transformation of the technological paradigm in education as a conceptual model, which is based on digital transformation, contributing to the interaction of participants in the field of education. The authors` approaches to the composition of external participants in educational organizations are considered. The main focus is on the use of information technology and digitalization in education. The collection and analysis of information was carried out on the basis of an analysis of a global aggregated rating consisting of 13 ratings and publicly available, and a survey of employees of universities in the Siberian Federal District. The problems of organizing the interaction of participants in the field of education are revealed, due to the discrepancy between the requests of participants who determine the priorities of the development of the economy and the training of professional personnel, as well as insufficient motivation of teaching staff for long-term partnerships. The results of the study expand the concept of a technological paradigm and justify the expansion of the use of digital tools in organizing the interaction of external participants in education, as well as require the introduction of new tools for its assessment.
Keywords: echnological paradigm, educational organizations, interaction of participants, digital technologies, rating. Hightlightts: - the technological paradigm (esoteric paradigm) of the interaction of participants in the field of education is at the junction of two important areas - education and technology; - the composition of external participants in the field of education requires constant updating and adaptation, must be flexible and able to adapt to changing conditions and requirements; - within the framework of the modern paradigm, with the development of information technology, educational organizations are increasingly using modern digital tools and platforms to optimize their processes and improve interaction with external participants.

Email:	shorohov@sfu-kras.ru; Livanova@sfu-kras.ru; sokol-151@yandex.ru; kedr-2024@yandex.ru
Сведения:	Roman G. Shorokhov, Larisa V. Baguzova, Yuliya Yu. Suslova, Andrey V. Voloshin - Siberian Federal University, Krasnoyarsk, Russia

REGIONAL AND SECTORAL ECONOMY

Popolzin D. Yu, Dubina I.N., Rakhmetulina Zh.B.

Nonlinear influence of social and economic changes on problematic indicators of regional sustainable development (based on data from the Altai region)

Abstract. This paper investigates an approach to explore the nature of problematic indicators of regional development sustainability within the planning and strategizing process. The main components of the approach are the analysis of a set of indicators of regional sustainable development and the identification of the relationship of problematic indicators with other social and economic factors based on econometric methodology. Time series and methods for determining their cointegration relationships, that is, the presence of their stable long-term correlations, were selected as an statistical basis. The study presented in the article is aimed at improving the efficiency of methods for analyzing and forecasting problematic indicators of regional sustainable development. The authors developed an algorithm for identifying factors that influence such indicators of regional development, and created a software implementation of this algorithm, as well as conducted computational experiments and suggested recommendations for the alpplication of the identified patterns. The approaches and methods used in this work to analyze the impact of social and economic changes on the indicators of sustainable development of the Altai region can be applied to other regions of the Russian Federation.
Keywords: regional sustainable development, strategic planning, econometric modeling, nonlinear cointegration. Hightlightts: - an algorithm for identifying factors that have the greatest impact on the indicators of sustainable development of a region is proposed developed on the basis of modern research in the field of econometric modeling; - a software implementation of the algorithm for dynamic analysis of problematic indicators of sustain-ability of regional social and economic development in the context of changing macroeconomic structure is created; - mathematical models describing the relationships between factors of regional social and economic development are developed. Acknowledgments: the research was carried out as part of the financing with the support of the Science Committee of the Ministry of Science and Higher Education of the Republic of Kazakhstan (grant ИРН АР 23490443) "Human capital management, improving the quality of labor resources in the context of the development of the digital economy".

Email:	popolzin_danil@mail.ru; igor_dubina@yahoo.com; rahmetulina_zh@mail.ru
Сведения:	Danil Yu. Popolzin, Igor N. Dubina - Altai State University, Barnaul, Russia; Zhibek B. Rakhmetulina - L.N. Gumilyov Eurasian National University, Astana, Kazakhstan

Preobrazhenskiy Yu. V.

Industrial and technological development of the Ural-Volga region in 2018-2022

Abstract. This study highlights the significance of the Ural-Volga region in the industrial development of Russia. The Ural-Volga is defined as a combination of the Volga-Ural and Volga-Kama macro-regions. Various approaches to assessing the level of industrialization of the constituent regions of the Russian Federation are presented, including methods based on technological structures. The importance of innovation for the advancement of high-tech industries is emphasized. The sectoral composition of the manufacturing industry is segmented by the level of technology development, low-, medium- and high-tech industries are distinguished. The proportion of each category is analyzed over a five-year period (2018-2022). This analysis is complemented by an assessment of the use of advanced manufacturing technologies in the manufacturing industry in the regions under consideration. It also includes an analysis of regional differences in the use of these technologies based on specific indicators, such as the number of technologies used per number of enterprises and per billion manufactured products. The impact of innovative development on industrial production in macroregions is also discussed. The study reveals differences in the manufacturing industry between two macro-regions in the Ural-Volga area, both in absolute terms and in terms of their transformation over a given period.
Keywords: high-tech industries, advanced production technologies, the Ural-Volga region, economic transformation, technological structure. Hightlightts: - the industrial development of the Ural-Volga region is of high importance for the development of the country`s economy as a whole; - the transformation of industries of different technological levels allows us to conclude about positive structural shifts in the industry of the Ural-Volga region in 2018-2022; - the regions of the Ural-Volga region are characterized by a relatively high intensity of use of advanced production technologies.

Email:	topofag@yandex.ru
Сведения:	Yuriy V. Preobrazhenskiy - Saratov National Research State University named after N. G. Chernyshevsky, Saratov, Russia

lurieva L. V., Sofronova D. V.

Creation of a comprehensive methodology for evaluating investment projects in the mining and metallurgical industry

Abstract. The mining and metallurgical industry is one of the key and basic industries that ensure the economic growth and development of many countries, as well as forming a significant part of the gross domestic product. In this regard, the issue of choosing the most effective and profitable investment projects becomes especially relevant. The development of methodological approaches to the evaluation of investment projects will improve the quality of decisions and optimize investment processes in the industry, which, in turn, will contribute to sustainable economic development and increase the competitiveness of mining and metallurgical enterprises. The article proposes the author`s comprehensive methodology for evaluating investment projects in the mining and metallurgical industry based on the allocation of qualitative and quantitative indicators, as well as the results of its application. To improve the assessment of investment projects and reduce risks, it is proposed to use a scoring model that takes into account the qualitative and quantitative indicators of investment projects of a mining and metallurgical enterprise. When using the scoring model to evaluate investment projects of a mining and metallurgical enterprise, the specifics of the industry and the specifics of investment projects in it are taken into account. A scoring model has been developed to take into account qualitative performance indicators, which takes into account geological, technical, infrastructural and environmental aspects, taking into account the degree of their impact on the effectiveness of the project. An algorithm has been developed to bring quantitative indicators of economic efficiency NPV, IRR, PI, DPP into a single indicator. The overall result was the development of a comprehensive methodology for evaluating the effectiveness of investment projects in the mining and metallurgical industry, which allows taking into account the influence of non-economic factors, as well as the specifics of the industry when calculating the indicators of economic efficiency of the project.
Keywords: mining and metallurgical industry, scoring model, economic efficiency, investment project, complex methodology. Hightlightts: - the main investment features of the implementation of mining and metallurgical industry projects are reflected in the methodology for evaluating investment projects; - the classification of investment projects in the industry depends on the strategic orientation of the project; - the author`s comprehensive methodology for evaluating investment projects in the mining and metallurgical industry, taking into account the consideration of qualitative and quantitative performance indicators, allows reducing environmental uncertainty and improving the accuracy of forecasts.

Email:	l.v.iuryeva@urfu.ru
Сведения:	Larisa V. Iurieva, Daria V. Sofronova - Ural Federal University named after the first President of Russia B.N. Yeltsin, Yekaterinburg, Russia

MANAGEMENT AND BUSINESS MANAGEMENT

Kutuev A. V., Potapov A.E., Ryzhov S.A., Troshina E.P.

Organizational transformation management in the context of improving the company`s corporate strategy

Abstract. The article investigates specific features of organizational changes in the field of intracorporate communications through the adjustment of organizational culture. The important role of organizational transformation management in the course of adjusting the corporate strategy of the company is noted. The results of diagnostics of the organizational culture of two MICE industry companies are presented.
Keywords: organizational transformations, organizational culture, internal corporate communications, corporate strategy. Hightlightts: - managing organizational transformations at the level of organizational culture is no less important for small teams than for representatives of medium and large businesses; - a strong organizational culture, the values and provisions of which are known and shared by the majority, allows you to manage and lead the company towards established goals with less need to rely on internal regulations; - problems of internal corporate communications can have a negative impact both on the functioning of the company as a whole and serve as an additional stressful source for employees; their elimination is necessary for the further implementation of the adjusted corporate strategy of the enterprise; - the implementation of organizational transformations in the field of internal corporate communications is possible with the use of modern technologies based on generative and/or discriminative models (depending on the tasks of employees).

Email:	artem-kutuev@mail.ru; potapov_alex23@mail.ru; ryzhov_sa@mail.ru; e-troshina@yandex.ru
Сведения:	Artam V. Kutuev, Alexander E. Potapov, Sergey A. Ryzhov, Elena P. Troshina - Samara State University of Economics, Samara, Russia

FINANCE, MONEY CIRCULATION AND CREDIT

Golovacheva L.N.

Current issues of budgetary policy of the subjects of the Russian Federation

Abstract. This scientific article investigates the current problems of budget policy in the subjects of the Russian Federation. This issue is quite relevant today, since the Russian economy is developing in difficult foreign economic and political conditions, which cause an imbalance in the budgets of all levels of the country`s budget system. This determines the content of the budget policy of the regions, which are forced to find funds to cover the budget deficit that has been forming for a long time, increase the volume of public debt, and at the same time fulfill their assumed expenditure obligations to ensure the achievement of priority goals of social and economic development. The purpose of this article is to identify current problems of the budget policy of the subjects of the Russian Federation and to determine the main directions for their solution. In the course of the study, the economic essence of the budget policy of the regions was determined, the analysis of the main parameters of subfederal budgets for the upcoming budget cycle was carried out, the main budget indicators of the Samara Region were assessed, problems of the budget policy at the regional level were formulated, and directions for the development of the budget policy of the subjects of the Russian Federation were designated. The main difficulties in the formation of the regional budget policy in modern Russia are the imbalance of budgets, the growth of debt obligations of the subjects of the Russian Federation, the reduction of opportunities for attracting transfers from the federal center, and ineffective management of the budget process.
Keywords: subject of the Russian Federation, budget, budget policy, budget expenditures, budget revenues, deficit, state program, public debt, interbudget transfers. Hightlightts: - the essence and role of the budget policy of subjects of the Russian Federation are considered; - the analysis of key parameters of regional budgets of the Russian Federation is carried out; - the assessment of budget indicators of the Samara region is carried out; - current problems of budget policy at the regional level are identified; - the main directions of development of the budget policy in subjects of the Russian Federation in modern socio-economic conditions are considered.

Email:	muln@mail.ru
Сведения:	Larisa N. Golovacheva - Samara State University of Economics, Samara, Russia

Gurtovaya K.A., Okuneva A.G.

Organization of secure storage of biometric data: Threats and opportunities

Abstract. The issue of personal data security is becoming increasingly relevant due to the active introduction of digitalization into everyday life. The research methods used in the work include literature analysis, study of legislation in the field of biometrics, analysis of statistical data and analytical materials. The work reveals the areas of application of biometric solutions, the role of biometrics in the banking sector, and analyzes the risks associated with the use of biometrics. The organization of secure storage is considered based on two aspects: legal and technical ones. The article compares the threats of using biometrics and existing methods of preventing them, this analysis helps to identify a problem whose solution is not covered - the risk of biometric leakage due to the fault of employees. The authors propose methods to prevent this threat. The result of the proposed solutions, with proper information to citizens, is the expansion of opportunities for all market participants. From a theoretical point of view, the study of this topic will deepen the understanding of the mechanisms and principles of secure storage of biometric data, increase public awareness of the degree of security of storing biometrics. The practical significance of the study is the development of recommendations for improving secure data storage, identifying vulnerabilities in existing storage systems.
Keywords: biometric technologies, financial technologies, digitalization of the banking industry, Unified Biometric System, personal data security, financial market, personal data leakage, biometric identification, biometric authentication. Hightlightts: - biometrics have become widespread in financial technologies, which are inextricably linked with the banking sector; - violation of the confidentiality of personal information is a serious problem for Russia; - the only unaddressed problem in the field of biometric data is the risk of data leakage due to the fault of employees with access to biometrics; - currently, sufficiently secure storage of biometric data has been implemented, which is confirmed by technical capabilities, legal regulation and comparison with international experience.

Email:	ks.gurtovaya@yandex.ru; okuneva.ag@ssau.ru
Сведения:	Ksenia A. Gurtovaya, Alla G. Okuneva - Samara National Research University named after Academician S.P. Korolev, Samara, Russia

106

ECONOMIC THEORY

REGIONAL AND SECTORAL ECONOMY

MANAGEMENT AND BUSINESS MANAGEMENT

FINANCE, MONEY CIRCULATION AND CREDIT