Scientific journal NRU ITMO
Series "Economics and Environmental Management"
Registration certificate ЭЛ № ФС 77 – 55411 от 17.09.2013
registered by the Federal Inspectorate Service for Communication, Information Technologies and Communication Media
ISSN:2310-1172

December 2018 (published: 27.12.2018)

Number 4(35)

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Economics

Инвестиции в человеческий капитал, как приоритет неоиндустриальной экономики Ermoshina T.V.

With the development of civilization increases the role of human capital, which is growing faster than gross domestic product and occupies a dominant position in developed countries. The organic relationship between investment in fixed capital and investment in human capital makes the knowledge economy – the neo-industrial economy-effective. Investment in human capital is an important source of economic growth along with investment in fixed assets. The article analyzes investments in human capital from the point of view of the priority direction of the neo-industrial economy. The subject of this study is investment in human capital.. Objective: to analyze and justify the need to increase investment as a key factor in GDP growth and the formation of the neo-industrial economy. Research methods: the study is based on the correlation analysis of investments in human capital and GDP growth. General scientific research methods were used. In this regard, the article analyzes the dynamics of investment in human capital and GDP growth in Russia, which allows us to consider the development of human capital as the basis of the neo-industrial economy, as a priority area of investment. As a result of the analysis, it was concluded that investment in human capital is associated with GDP growth, in addition, the study showed that there is a close dependence of GDP on investment in education, and on investment in fixed capital aimed at the environment and rational use of natural resources. The author provides a set of economic approaches to the question of the need for human capital development, defines the theoretical and practical basis of the need for investment support of human capital. The practical significance of the work is determined by the possibility of using this study in the investment policy of the neo-industrial economy.

Особенности определения инвестиционной привлекательности в сфере телекоммуникаций Lysenko A.M. , Prihodko R.V.

Investment activity always carries the risk of non-receiving benefits. In modern business conditions, the assessment of the investment attractiveness of companies or projects is very closely related to the efficiency of the business as a whole. The cost of an error in the telecommunications sector is especially high, where the speed of technology change is accelerating every year. Evaluation of companies is important not only to outside investors interested in increasing the profitability of their investments, but also for large companies evaluating the prospects for the development of their business, which determines the relevance of the chosen topic. This article is devoted to the study of investment attractiveness in the telecommunications industry. The aim of the work is to compare the investment attractiveness of telecommunications companies with the help of the industry multiplier. Within the framework of the article, approaches to the assessment of investment attractiveness were studied, the telecommunications industry market was studied, and a comparative analysis of companies based on the industry multiplier was conducted. These multipliers are actively used in the analysis of companies in the telecommunications sector in foreign practice, but in the domestic scientific community they have not been given sufficient attention. The object of the research is the telecommunications industry. Subject of research – methods for assessing investment attractiveness in the telecommunications industry. The research methods used in the process of writing the article are economic-statistical, analytical, design-constructive, and others. The result of the study was the determination of the industry multiplier in evaluating telecommunications companies. The results of the work will be useful not only to the scientific community, but can also be applied in the business community to more accurately assess and take into account the industry characteristics of companies in the telecommunications sector.

О методах обоснования норматива достаточности капитала для покрытия операционных рисков Sizova T.M.

The large financial losses suffered by the world banking community, including Russian banks, as a result of the economic crisis of 2008–2009, as well as the crisis in Russia in 2014 showed the presence of a significant number of not entirely solved problems in bank risk management. These include the problems of operational risk management. In operational risk management, one of the important questions is the justification of the standard of the minimum sufficient level of capital to cover operational risks. In the Russian Federation, capital allocated for operational risk is calculated on the basis of the simplest one recommended by the Basel Committee on Banking Supervision – the basic indicative approach (BIA, Basic Indicator Approach), which sometimes leads to an overestimation of capital needed. In the banking practice of economically developed countries, approaches and methods are used to reduce standard requirements by taking into account the specifics of financial institutions, the nature of operational risks, adopted procedures for controlling and minimizing risks, etc. The article discusses more advanced approach to estimate the capital needed top cover operational risk, AMA (Advanced Measurement Approach) and possible implementation of it, which might include usage of «maximum in block» method and the «peaks above the threshold» method, which allow for descriptionsof statistical with heavy tails and further aggregating loss calculations based on the Monte Carlo method.

Структура капитала российских компаний авиаперевозчиков: теоретические и практические аспекты Volosatova K.I. , Markovskaia E.I.

This article investigates the capital structure by the example of airline companies in Russia. The relevance of the topic depends on the relationship between the decisions about the capital structure and the value of the company. The purpose of the work is to identify patterns in making decisions about the capital structure by the example of Russian air companies, as well as the analysis of these relationships in terms of classical theories. First the Russian airline market was identified, next, the study methodology was formulated. After that, the collected data were outlined, the model, which demonstrates an impact of the determinants on the financial leverage, was conducted. The choice of determinants of capital structure, which were included in the model in the empirical part of the work, was based on the conclusions of the classical theories that are presented in the work. A methodology for studying the structure of capital was formulated, a detailed description of the selected factors and proxy variables for them was presented. Hypotheses were formulated and a model was built for analysis. The model included fixed effects for companies. After an econometric analysis, the final model showed that the company's growth was a significant factor. In addition, the obtained results were compared with the provisions of classical theories and the author's hypotheses. The survey found the regularities in determining the capital structure by management. It was shown that these patterns are only partially explained by classical theories. The obtained results can be applied to make a decision about financing by start-ups.

Использование спин-офф компаний в схеме финансирования инновационной деятельности промышленных предприятий Sergeeva I.G., Tretyakova E.A.

In order to enhance the innovation activities of enterprises, it is necessary to create incentive schemes for financing these activities. The article presents a comparative analysis of existing models of financing innovation activities in order to determine the possibility of their use for financing innovation activities of industrial enterprises. Various models are used to finance innovative projects, such as venture financing, business angel funds, and crowdfunding. The article examines the scope of application of various financing models, the possibilities and limitations of their usage in the innovation business. As a possible financing scheme for the innovation activity of the operating industrial enterprise, it is proposed to create spin-off companies using material, labor and other available resources of the parent company for the implementation of innovative projects. Under this financing scheme, the parent company gets opportunities to diversify activities with sharing risks, implementing a phased financing of an innovative project, and increasing susceptibility to innovations. In turn, a spin-off enterprise at the initial stage of its activity can use material resources, management experience and connections of the parent company, access to the necessary financial resources is simplified. To assess the effectiveness of the company's spin-off innovation, it is proposed to use the «with-without» principle, which compares the company's results achieved in practice, taking into account the launch of the company's innovative spin-off, and theoretically possible when carrying out current activities without introducing innovations. If we consider the dynamics of this ratio for a certain time period, it is possible to identify the presence or absence of a synergy effect when launching new spin-off enterprises.

Финансовые аспекты обеспечения экономической безопасности Farber V.A.

This article is devoted to the financial aspects of the economic security of the country and the threats in modern conditions. The study shows that the creation of effective mechanisms for financing the economic base, its strengthening, are necessary conditions, without which it is impossible to develop economic complexes. The article proves that the basis of economic development of the Russian Federation should be financial security, which is a comprehensive indicator that ensures the effective development of the regions. The multilevel elements and principles of financial security of the region with statistical data on the results of 2017 are presented. The problems in the financial aspects of financial security, reflecting the lack of full monitoring of the financial components of the socio-economic systems of the regions, recorded in real time. Based on the analysis, the factors that increase the level of internal threats are identified. The most significant external threats to the economic security of the Russian Federation at the present stage are identified. Real threats to the economic security of the Russian Federation are noted. Special attention is paid to the financial security of the North-West region. The directions for improving financial security in the public sector are outlined, in particular, it is indicated that the regions should move to an intensive path of development, with an effective long-term financial policy, which requires an increase in the share of spending on education, science and infrastructure; qualitative improvement in the work of social sectors; stimulation of entrepreneurial activity and private investment. The article emphasizes that in order to change the situation and increase the rate of economic growth, it is necessary to revise the government policy and carry out reforms in the structural, industrial, monetary policy and in the use of foreign economic relations.

Методические подходы к оценке успешности регионального развития предпринимательских структур Kosheleva T.N. , Brazevich D.S. , Vasilenok V.L.

The article formulates and identifies the problems of efficiency of regional development of business structures, which prove and justify the need for their improvement. The author makes an attempt to formulate the directions of development of basic types of economic activity within the region and regional development in the country as a whole. Methodical approaches to determination of directions of intensification of development of business structures, including subjects of small business in a regional section are considered. The sequence of implementation of the methodology for building a strategy of innovative development of the regional economy, which is based on the management tools activation of innovative entrepreneurial interaction, justified the logic of the formation of successive stages of implementation in the regions of the plan of operational and strategic measures, which proposed to take into account regional and national characteristics. The possibility of using the current reality tree method in order to identify constraints in ensuring the sustainability and innovative development of the region on the basis of the formation of small business development strategy and supporting its infrastructure is considered. Based on the analysis of the world practice of leveling the regional gap, it is established that an effective method of mutually beneficial cooperation is the formation of cluster interaction of business structures by types of economic activity, providing self-sufficiency and a certain level of stability for the current and future period of individual regional industries included in the cluster. The article reveals the mechanism of cluster interaction of industrial business structures in the region, taking into account the identified priorities for economic activities. The author has developed a qualitative system of indicators for assessing the readiness of economic activities and industrial business structures in the region for progressive innovative development in the process of monitoring the effectiveness of regional development management based on the formation of small business development strategy and supporting its infrastructure.

Снижение экономических угроз в реализации программы развития сельского хозяйства РФ в условиях экономических санкций Yakovleva A.V., Kokovina V.B. , Stepanova T.V.

The rationale for this study is that a number of critical laws and regulations have recently been adopted in agricultural regulation, such as the Federal Law "On the Development of Agriculture", the Russian Food Security Doctrine, the Concept of Sustainable Development in Rural Areas of the Russian Federation for the period up to 2020, the Strategy for the Development of the Russian Food Processing Industry for the period up to 2020, the State Program for the Development of Agriculture and Regulation of Agricultural Commodities, Raw Materials, and Food Markets for 2013-2020, which are indicative of the strategic nature of such policies. The economic security of the state program for the development of agriculture and regulation of agricultural commodities, raw materials, and food markets for 2013–2020 is a set of regulations, rules, and standards to provide food security and sustainable competitiveness in the global market for agricultural commodities. To this end, upgrading the economic security of the program is becoming crucial in the unstable environment caused by the imposition of economic sanctions in 2014. This study analyzes changes in the State Program for the Development of Agriculture and Regulation of Agricultural Commodities, Raw Materials, and Food Markets for 2013-2020 from the time of its launch in 2012 to the imposition of economic sanctions in 2014. It shows coordination of action by the Government of the Russian Federation in providing timely measures in response to the external circumstances. The study presents shares of domestic and imported food products in the Russian market as of 2013 and determines the estimated EU losses in respect of the goods prohibited to import into the Russian Federation.

Management. Environmental management

Анализ и обоснование выбора инновационной стратегии организации Aleksandrova A.I. , Ostapovets E.A.

The article analyzes the existing problems of innovative development of organizations. One of this problems is that employees unmotivated to introduce innovations. Another one is centralizition of innovations in one functional group. And the third is incorrect assessment of innovations. The reasonable choice of the innovation strategy will allow avoiding subsequent problems in the implementation of innovation projects. The analysis of the efficiency factors of the innovation strategy of the organization is also carried out. The criteria and methods for evaluating the innovation strategy are considered depending on the market position and technological support of production processes. A technique is proposed in which you can not only assess the attractiveness of the industry and its innovative potential, but also identify problems and find effective solutions.

Государственная политика оздоровления территориальных образований с депрессивным статусом Yanova E.A. , Gribanova N.V.

Today, the national priority of the Russian Federation is the transition to sustainable socio-economic development on the basis of effective implementation of innovative potential. However, the key problem of achieving this goal on the scale of the national economy is disproportion in the level of development of individual entities, as well as in the presence of a significant number of territorial entities with a special problem status, among which, special attention is paid to the depressed regions, due to their possession of significant industrial and economic potential in the past. Today, depressed regions in the conditions of making the right management decisions could become new points of growth, drivers of innovative development, which determines the relevance of the development of quality measures of state support for their recovery and stabilization. The article analyzes the main vectors of state support for depressed areas, considers various options and classifications of health improvement tools, identifies their advantages and disadvantages on the example of specific subjects. Special attention is paid to the mechanisms of financing depressed regions, both at the Federal and regional levels, as well as policies to increase their investment attractiveness. The directions of reproductive investment policy and the most effective tools for its implementation, which are potentially able to activate the investment processes in the region to form the Foundation for the lifting phase of the economic cycle. In conclusion, the author analyzes the positive trends that can be achieved with the successful implementation of measures of recovery, offers a promising, according to the author, a tool to overcome regional depression in the implementation of a comprehensive development program.

Управление предприятием в системе обеспечения экономической безопасности Negreeva V.V., Shchelakova V.A. , Aleksashkina E.I., Ershov L.S.

The topic of enterprises is always relevant, but at present its importance is increasing due to the fact that the sanctions imposed against the Russian Federation fundamentally change the conditions of its existence, as a result, there is a problem of economic security management. But our task is to identify the problems and factors affecting the management of the enterprise in the system of ensuring its economic security. In this regard, enterprise management in the field of economic security is considered not only from the standpoint of legal regulation, but also on the basis of safety principles, a number of tasks for integrated management and analysis of the enterprise have been proposed. The issue of strategic planning is relevant in the management of socio-economic processes, as the issues of enterprise management are acute and require complex development and study of the conditions that form threats in various spheres of economic activity. The article studies and presents an analysis of external and internal threats. The statistics of the most frequent attacks on information, financial, economic and environmental security are given. Ensuring competitive positions remains with each enterprise, but the results of applying one or another conceptual approach will depend on the scientific validity of interpreting the concept of problems and factors affecting the management activities of an enterprise. The paper proposes a model of the influence and interaction of digital security on its other types.

Разработка концепции цифровой трансформации системы управления социально-экономическим развитием региона Крайнего Севера Zajchenko I.M. , Smirnova A.M. , Sharonova A.D.

The necessity is substantiated of realization of digital transformation and introduction of advanced information technologies in the system of management of social and economic development of the Far North regions in the article. In accordance with the adopted by the state program «Digital Economy of the Russian Federation» by the Russian Federation, at present the transition to a digital basis for management of not only advanced manufacturing enterprises, but also the socio-economic development of individual regions and territories is carried out. Considering that recently close attention of both state authorities and individual researchers has been paid to the development of the northern territories, the regions of the Far North have been chosen as the object of research as an area where innovative approaches to management are least used. The comparative analysis is carried out and the classification of the basic tools of digital transformation of control systems of the region is made, their advantages and disadvantages are revealed. Based on the application of the classical balanced scorecard as one of the most modern and visual business management tools, as well as the previously discussed tools for digitalization of management systems, the general scheme for the implementation of the digital transformation of the system for managing the social and economic development of the Far North is presented. It is a set of regional indicators, consisting of both economic and non-economic indicators. The possible risks arising during the transition period of the digital transformation of managerial processes are identified and described. The result of the work is the development of a general concept of a set of regional indicators for the development of the Far North regions based on the application of a balanced scorecard in the digital transformation of the economy.

Применение метода аналитических иерархий для решения задач формирования взаимосвязей реального и финансового секторов национального хозяйства России Zueva O.A.

In this paper, the author proves need of formation of objective adoption of management decisions during creation of a system of real and financial sectors, scientific and hi-tech splits of economy of Russia on the basis of a separation hypothesis between them and also hypotheses of the advancing development of economy. The method of analytical hierarchies as an important method of optimization of the made decisions on the basis of the complex vector criterion allowing to estimate three programs of formation of interrelations of the considered sectors of economy of Russia (the program of the Ministry of Economic Development, Stolypinsky Club, the author) is allocated. Decomposition of a problem of decision-making in the form of creation of hierarchical structure in the form of three levels is created: the first (the purpose is global) - accumulation of innovative capacity of national economy of Russia; the second (criteria) – growth of five components of innovative potential (financial; personnel scientific; scientific and technological; innovative and production; export and technological potentials); the third (alternatives) – the choice of the most effective program. The considered technique of analytical hierarchies allows at the first stage on the basis of economic-mathematical model – matrixes of judgments for elements of innovative potential according to a scale from 1 to 9 to designate the most valuable components, and at the second stage – to construct five matrixes of the judgments revealing more effective program for elements of innovative potential. The developed statistical criterion allows to coordinate judgments concerning importance of criteria and (elements of innovative potential) and the choice of the most effective program at their paired comparison. Statistical significant conclusions about a priority of implementation of the author's program focused on revival of the real sector on the basis of restructuring of economy of Russia for the purpose of reindustrialization, science funding, research and development and also implementation of the innovative break providing sustainable development and safety are formulated.

Экономика замкнутого цикла: анализ уровня осведомленности бизнеса в странах региона Балтийского моря Sergienko O.I., Pavlova A.S., Violetta Savoskula A. , Karvinen Meeri , Sorvari Jaana , Vaira Obuka , Māris Kļaviņš , Karl Hillman , Sakari Autio

The circular economy is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended. Unlike the traditional linear economic model based on a «take-make-consume-throw away» pattern, a circular economy is based on the notion that all waste can be considered as valuable resources in an almost closed loop, where products and the materials they contain are highly valued. In practice, it implies reducing waste to a minimum. Current knowledge and performance on resource efficiency and circular economy of industrial enterprises were examined in companies in the Baltic Sea Region countries – Finland, Sweden, Latvia and St. Petersburg Region, Russia in the frameworks of two twinning international projects «ERREC 2.0; Environmental Responsibility and Resource Efficiency» and «LARELICE-P; Preparing Learning about Resource Efficiency Leading into Circular Economy», which have been realized simultaneously in 2017–2018 under financial support of the Intereg Baltic Sea Region program of the European Union and the Swedish Institute, respectively. Both projects were realized in active cooperation by five universities: Aalto University (Finland), Lahti University of Applied Sciences (Finland), University of Gavle (Sweden), University of Latvia, Riga and ITMO University (Russia). The main overall objective of the projects was to increase the level of education among young and elderly people to guarantee skilled work force. The specific objectives of the projects included the recognition of new technologies, innovations and joint activity models to support skills development in circular economy and resource efficiency in participating regions between companies and HEIs. Within the projects the survey between four countries and 51companies were prepared in order to evaluate the current knowledge and performance on resource efficiency and circular economy model as well as experiences and willingness to engage in university-industry collaboration. As the most important concept leading to circular economy respondents chose is sustainability in general (including concepts such as social/environmental/economic sustainability, corporate social responsibility, fair trade etc.), which chose 78,43% of companies. Following resource efficiency (waste minimization, energy efficiency, material efficiency etc.) – 76,47%, preventing pollution to air/ contamination of soil – 39,22%, water pollution control – 29,41% and climate change mitigation/adaptation – 21,57%. The results will promote the sharing of knowledge between universities and companies, offer valuable information on the competences needed in working life, and may lead to new cooperation between Baltic, Nordic and Russian companies and universities.

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