Finance

Рынок зеленых облигаций Китая: особенности и опыт для Российской Федерации Tang Yingying , Lvova N.A.

The article deals with topical issues of China's green bond market development, the discussion of which made it possible to formulate recommendations for Russia. The research methodology is based on the methods of content analysis, statistical and expert evaluation. The peculiarities of China's green bond market were characterized in the following areas: industry specifics of financed activities and issuers, regional and instrumental structure of issues. The research has shown that China's green bond market is actively developing, corresponding to the strategy of building an ecological civilization and double carbon policy, but this market is characterized by structural disproportions, complex regulatory system and insufficient information transparency. Key determinants of market development include political incentives, financial capacity of participants, changes in investor demand and awareness, issuer interest and market infrastructure. As China and Russia are emerging economies, their national green bond markets share certain common features related to green bond policy implementation, capital allocation structure, and issuer composition. Taking into account China's experience, as well as the lack of transparency in issuer disclosure, the introduction of issuance standards that require improvement, low liquidity, limited innovative instruments and the imbalance between supply and demand in the Russian green bond market, it is recommended to strengthen policy incentives, diversify the green debt financing toolkit, form pilot zones for the introduction of green finance and promote cross-border issuance of ruble-denominated green bonds.

Фундаментальный и спекулятивный подходы к финансированию устойчивого роста экономики Chernov V.A.

Currently, the world is faced with a choice of true and false values in various areas of social relations, and especially in economic development, on which the stability of the political system depends. The subject of the study is national and international financial relations, their mechanisms in terms of their impact on the state of the global and national economy. The methodology is based on a dialectical approach using categorical oppositions, basis and superstructure, essence and phenomenon, form and content, induction and deduction, causal relationships, methods of dynamic analysis, statistical comparisons, methods of monetary policy of the Central Bank are investigated, speculative and fundamental approaches in monetary policy of the world monetary and financial system are revealed. the role of marketing and its methods in their impact on sustainability. The historical consequences of speculative methods of regulating international finance are investigated. Their dysfunctionality and crisis-related nature regarding the fundamental approach to development based on the real sector of the economy are revealed, and the consequences of the monetary policy of the Bank of Russia are revealed. The results of the study include recommendations on key aspects of Russia's financial and economic architecture.: availability of loans, differentiation of interest rates, stimulation of production and resolution of contradictions in financial relations between the banking and manufacturing sectors of the Russian economy. Recommendations are given on the use of fundamental approaches to economic development as opposed to speculative manipulations that affect the effect without eliminating the causes. The proposed measures are capable of: boost industrial production growth; reduce inflation by increasing supply; ensure structural import substitution; enhance Russia's industrial and financial sovereignty; to focus production on the natural needs of the population, excluding degradation and parasitic consumption, which increases the destruction of natural resources and pollution of the biosphere, without benefiting society. The proposed measures are recommended for their use in government regulation of finance.

Финансовые механизмы стимулирования инновационной деятельности ИТ-компаний в целях обеспечения экономической безопасности Akent'eva A.V. , Degtereva V.A., Makarova O.N., Makarova Yu.N.

The article examines the theoretical and practical aspects of developing and improving financial mechanisms to stimulate innovation in IT companies aimed at ensuring the economic security of Russian regions. The purpose of the study is to analyze existing national and regional support instruments, identify their shortcomings, and propose measures to enhance the efficiency of innovation incentives in the IT sector. The research objects are regional IT enterprises and development institutions that coordinate their interaction with state authorities. The methodological framework includes systems and institutional approaches, comparative and statistical analysis, and structural modeling. The study analyzes the dynamics of domestic R&D expenditures and innovation activity levels across Russia’s federal districts from 2010 to 2024, as well as the effectiveness of current financial support mechanisms. The results reveal a significant regional asymmetry in innovation activity and highlight best practices in cluster development (Moscow, St. Petersburg, Tatarstan, Novosibirsk region). A phased model for improving the system of IT company support is proposed, incorporating organizational, financial, and human resource tools. The practical significance lies in developing recommendations for regional authorities to strengthen innovation infrastructure and enhance technological sovereignty as a component of national economic security.

Сравнительный анализ моделей прогнозирования банкротства предприятий Skorobogatov M.V., Isaev A.A.

Early detection of signs of an organization's insolvency allows management to respond promptly to crisis dynamics and adjust the management system accordingly. Special models are used to predict the bankruptcy of organizations, including models based on multiple discriminant analysis (MDA). The relevance of the study is determined by the importance of the very idea of predicting bankruptcy in the realities of the current complex situation for the Russian economy and for individual organizations, as well as for the national economy as a whole. The aim of this study is to conduct a comparative analysis of known bankruptcy prediction models, typologically group the indicator factors, and form the following main groups. The study analyzed five well-known domestic and typical MDA models in terms of the similarities and differences between the factors included in them and the final indicators of the models. The weighting coefficients and indicators included in the models were analyzed. The following problems were identified: obsolescence of the numerical coefficients of the models obtained as a result of using the multiple discriminant analysis method; duplication and ambiguity in the interpretation of financial coefficients in different models; significant differences in the system of weighting coefficients and methods of interpreting the final indicators; obtaining different bankruptcy forecasts for the same enterprise when using different models. A set of the most universal indicators representing all identified groups of factors that reflect the fundamental patterns of an enterprise's economic and financial condition is proposed. Based on the analysis, the article proposes that newly developed MDA models use a unified approach in the list of indicators included in the model, while maintaining the accuracy and interpretability of the final indicators.

Management

Стратегическое управление активами энергетических компаний в контексте декарбонизации: сравнительное исследование АРАМКО и ГАЗПРОМ Ilyinsky A.A. , Khalil Alessar

This article focuses on strategic asset management by energy companies in the context of decarbonization and provides a comparative analysis of the strategies pursued by Aramco and Gazprom. The subject of the study is corporate decarbonization strategies, climate risk management mechanisms, and institutional decisions aimed at combining economic viability and environmental responsibility. The goal is to identify differences and similarities in the approaches of the two companies and assess their effectiveness in ensuring a balance between profit and low-carbon transition. Methodologically, the work is based on a comparative analytical approach: a review and systematization of companies' public reports and regulatory documents, a thematic analysis of strategic roadmaps, and a comparison of quantitative indicators and management mechanisms presented in corporate sources and literature. The results show that Aramco is focusing on technological and infrastructure solutions (CCUS, hydrogen, large-scale investments), while Gazprom is primarily focused on operational improvements (reducing methane leaks, increasing energy efficiency) and relies on national assumptions and natural sinks. Based on the analysis, practical recommendations have been made: give priority to measurable and verifiable indicators; develop independent external verification; combine short-term operational measures with long-term investments in technological solutions; and take national economic constraints into account when developing corporate roadmaps to ensure a sustainable balance between economic efficiency and environmental responsibility.

Методы управления персоналом малых и средних компаний в условиях дефицита кадров в РФ Makarov V.M., Teddy El Beyrouthy

In recent years, the Russian labor market has experienced an acute shortage of workforce, which has driven companies into fierce competition for specialists. On the one hand, this has resulted in employees receiving additional benefits and payments, sometimes unjustified. These strengthen the employees’ influence on company management and allow them to affect decision-making processes, while also creating additional financial burdens, especially for small and medium-sized companies with limited resources and low competitiveness. On the other hand, the emerging staff shortages and high turnover rates prevent companies from developing normally and operating with high profitability. The article systematizes the causes of the current labor shortage in Russia, provides an analysis of the negative consequences of this situation for small and medium-sized businesses, and proposes solutions to the problem. Data are presented on losses caused by staff turnover and shortages in a medium-sized power engineering company, along with formulas for calculating such losses.

Некоторые аспекты процесса реализации программ импортозамещения в РФ Nikiforov A.A., Nikiforova V.D., Katysheva E.G.

The article is devoted to the implementation of the import substitution policy in the Russian Federation, which is based on the orientation of domestic production to create goods in specific conditions of the country that are attractive to Russian consumers. The object of the study is the system of economic relations related to import substitution from the perspective of increasing the country's competitiveness in the global market. The authors focused on the controversial issues of import substitution in the agricultural sector, mechanical engineering and others, using general scientific and private research methods, including the methodology of systematic, spatial-temporal and comparative approaches to research. The following are highlighted as relevant research tasks:: 1) identification of the specifics of the implementation of the import substitution policy of the Russian Federation at the present stage and determination of the effectiveness of its implementation in the context of Russian realities, taking into account the formation of a multipolar world order; 2) consideration of foreign experience in the implementation of import substitution policy in order to identify factors influencing its implementation; 3) identification of the features and significance of the Russian approach to ensuring national economic security based on mechanical engineering, agro-industrial complex and other spheres of the economy; 4) sectoral and regional analysis of the current process of implementing Russian import substitution programs in mechanical engineering, agricultural complex, etc., in certain regions, including aspects of self-sufficiency and import dependence in the context of sanctions, its conduct in Ukraine, and the aggravation of the geopolitical situation; 5) identification and justification of the development of cooperative relations between the Russian Federation and the countries The EAEU, BRICS, increasing efficiency in achieving self-sufficiency of the domestic market in goods and expansion into foreign markets based on the growth of competitiveness of domestic production. In accordance with the tasks set, scientific research in the field of import substitution, ensuring economic security, data from industry and regional statistics, and Rosstat are summarized. The results of the research are scientific and practical recommendations for solving problems related to the process of implementing import substitution policies and programs in the Russian Federation.

Анализ результативности системы экологического менеджмента предприятия по производству нефтегазового оборудования Naumova A.V. , Tuktarova I.O. , Khamidulina G.G., Арасланова Л.Х. , Meshcheryakova P.K.

This paper presents a case study that examines the functioning of the environmental management system at OZNA, which has resulted in positive outcomes for the manufacturer, the customer, and the urban environment. The case study includes an analysis of the environmental management system's documents, as well as environmental protection documents such as the project for maximum permissible emissions of pollutants, the project for waste generation standards, environmental protection statistical reporting, and the environmental management program. The article focuses on environmental aspects, their quantitative indicators, the efforts made to minimize their significance, and the content of the company's internal environmental management system documents. The essence of the presented description lies in the disclosure of the concepts established in the ISO series of standards, the consideration of the practical application of the standards' recommendations, and their implementation in the actual conditions of the production process. The relevance of the presented case is the opportunity to get acquainted with the positive experience of the effectiveness and efficiency of the company's environmental management system, where the entire chain of implementation and functioning of the environmental management system is traced, ensuring a high quantitative indicator, which indicates the effectiveness of the environmental management system. This case will be of interest to environmental specialists, as well as students studying environmental studies at higher educational institutions, and can be used as an example when analyzing the environmental management system at other oil and gas equipment manufacturing enterprises and other similar environmentally similar situations

Интеграция корпоративного бренда в стратегию устойчивого развития предприятия Kalinina О.V. , Kharlamova T.L. , Anofrikov D.O.

This article analyzes the theoretical and practical aspects of integrating a corporate brand into a sustainable development strategy for a modern enterprise. The authors consider key brand functions in the context of sustainability, such as reputation building, increasing trust and loyalty, differentiation in the market, maintaining a corporate culture and effective communication based on sustainable values. Particular attention is paid to modern aspects of implementing the ESG concept, which becomes the basis for forming new business models focused on long-term development, where sustainability is perceived not only as a set of corporate practices, but also as a strategic tool that helps strengthen the reputation and competitive position of the company. Examples from the business practices of leading companies in the Russian and international markets demonstrate the successful integration of ESG principles into their corporate strategies. Based on the analysis, the authors conclude that it is necessary to ensure strategic synergy between branding and sustainable development processes, which will serve as the foundation for the long-term competitiveness of enterprises, contributing to the improvement of their financial results and the formation of sustainable partnerships with various stakeholders. The aim of the study is to substantiate the advantages of effective integration of a corporate brand into a company's sustainable development strategy in modern conditions based on the analysis of scientific approaches to ensuring sustainable development and the study of the relevant practical experience of current market participants. Objectives: 1) to analyze (as part of a theoretical review), the views of modern Russian and foreign scientists on the problem of the relationship between sustainable development and the value of a corporate brand; 2) to consider the applied aspects of integrating a corporate brand into a sustainable development strategy based on a study of real cases of domestic and foreign companies; 3) to highlight the advantages of integrating a corporate brand into a company's strategy in the context of sustainable development; 4) to form recommendations for the management of modern domestic companies based on the identified advantages. Research methods: data analysis, generalization, logical analysis and case study.

Функционал экологического менеджмента в системе хозяйственного природопользования Ketova N.P. , Ovchinnikov V.N.

The subject and purpose of the article. The article's subject matter is highly relevant due to the need to establish modern priorities and assess the potential for eco-economic development. This enhances the importance of establishing priorities, tools, and technologies for the environmental management mechanism that is being developed in Russia in the context of digitalization. The article provides a comprehensive description of environmental management as a complex of significant factors and economic tools that promote nature-friendly technologies in the modern economy. The article analyzes the priorities of environmental management, describes the conditions for its development, and shows the possibilities of solving many problems of the green economy by implementing the requirements and principles of environmental management. The article provides arguments in favor of the need to use its potential to activate the processes of building an environmental protection mechanism and increase its importance for environmentally oriented modern Russian companies. In conclusion, the article formulates the priorities of environmental management, reveals the possibilities of using it to solve the problems of developing green economy technologies, and shows the prospects for further greening of Russian business. The article examines possible trajectories for the development of environmentally oriented companies, formulates the priorities for their promotion in the market, and describes management strategies that ensure increased efficiency in Russian regions. The article also explores the possibilities of expanding the use of green technologies. The results of the author's research, which form the basis of the article, are of interest to environmentalists and research economists, business leaders, managers, and representatives of government agencies that formulate and implement state environmental policy.

Внедрение системы цифровых инициатив в управление развитием «умного города» Alekseeva N.S. , Mheyar Khalil , Avetyan A.A.

This article is devoted to the study the system of digital initiatives that contribute to the development of the “smart city” concept. The paper examines domestic and foreign examples of the implementation of intelligent technologies aimed at improving the quality of the urban environment and the standard of living of the population. The aim of the study is to analyze domestic and international examples of smart-city development and to classify digital initiatives used for managing smart-city growth. The object of the study is a smart city, and the subject of the study is the system of digital initiatives. Particular attention is paid to the influence of city size and population density on the nature and success of digital initiatives: large megacities demonstrate the most developed results, while small cities have the potential for pilot projects due to the flexibility of their management. The article classifies initiatives according to key areas, including smart buildings, urban planning, transport, environmental planning, digital governance, citizen engagement, and infrastructure management. It is noted that the comprehensive implementation of Internet of Things technologies, artificial intelligence, and data analytics can improve resource efficiency, make management processes more transparent, and stimulate social activity. The results of the study underscore the importance of a systematic approach to the digitalization of cities and form the basis for further scientific and practical developments in the field of sustainable urban development. The presented research results are recommended for the development of digital initiatives in the field of sustainable development of urban settlements.

Разработка стратегии внедрения экологически чистых технологий в строительной отрасли в России Pupentsova S.V. , Milich Vojislav

The article analyzes modern strategies for the implementation of environmental, social and managerial principles in the Russian construction industry, taking into account international and national experience. The role of digitalization, energy-efficient technologies, localization of materials and corporate social responsibility as key factors of sustainable development is considered. The main challenges and barriers are identified, as well as recommendations for improving the effectiveness of sustainable development strategies. The work is based on an analysis of real projects for the introduction of environmentally friendly technologies in the construction sector and the legislative framework in Russia, as well as the advantages and challenges of sustainable development initiatives in the industry. Based on the results of the analysis, the paper provides recommendations for improving the effectiveness of their implementation. Successful implementation of the principles of sustainable development in construction requires an integrated approach, including synergy of public and private initiatives, investments in technologies and materials, development of personnel competencies, formation of a responsible corporate culture, ensuring transparency and accountability. The theoretical and methodological basis of this research is formed on the basis of modern concepts of sustainable development and ESG transformation, research by leading Russian authors and relevant regulatory documents regulating this area. In the course of the work, methods of systematization and structuring of scientific information, methods of comparative analysis, including abstract logical and statistical methods, and the study of practical examples of sustainable construction projects were used. Examples of successful projects serve as proof of the significant potential of solutions in the field of sustainable development in construction, confirming the need for such an integrated approach to achieve long-term success of the industry.

Economics

Промышленная экосистема: понятие и концептуальная модель деятельности Ivakhnik D.E.

The article proposes the author's interpretation of the concept of an industrial ecosystem (IE), which is defined as a territorially integrated, autonomously regulated, and adaptively sustainable complex set of industrial economic entities (with possible participation of R&D organizations, infrastructure, service, and other companies) that implement integration and resource sharing, generating emergent properties and integration network effects aimed at achieving the goals of forming and developing this ecosystem. The author's vision of the possible goals of an IE is proposed. A conceptual model of the PES activity has been developed, which is a complex structure that includes interconnected elements that ensure the effective functioning and development of the PES. The model is based on three key components: inputs, the industrial support component (supporting nodes of the system), and outputs. The list of principles for the formation and development of the PES has been expanded to include new elements: anthropology, quantum-fractal hierarchy, biomorphism, metacritique, spatial breathing, and catastrophe resistance (technogenic and digital).

Риски предпринимательства в условиях цифровой трансформации и искусственного интеллекта Prihodko R.V., Zinchenko M.V. , Petrov А.А.

The subject of this study is entrepreneurial risks in the context of the development of digitalization and artificial intelligence (AI). The authors have identified two groups of risks: risks associated with the uncertainty of the external environment and risks of fraudulent practices by entrepreneurs themselves within the framework of business processes. These groups of risks are usually considered independently of each other, but this study compares the impact of digitalization and artificial intelligence on both groups of risks. The purpose of the study is to summarize the results of observations related to the two groups of entrepreneurial risks in the context of digitalization and AI. The study was based on the opinions of COSO experts and data from monitoring the external environment of business activities by experts from China, which is one of the most advanced countries in the development of digitalization and AI. A comparison of the effects of these risk groups showed that the effects are identical and amount to the emergence of new risks associated with the use of AI. Another conclusion is that there is a need to revise the theoretical concepts of production factors, which includes digitalization and AI along with labor, land, capital, and technology. The final conclusion relates to the issue of the validity and relevance of entrepreneurial decisions made with the risks associated with AI-generated decisions.

Ключевые тренды и среднесрочные программы для инновационно-безопасного развития национального хозяйства России Zueva O.A.

Introduction: Most approaches to studying the relationships between agents in the real and financial sectors, traditional and innovative subsectors, etc., taking into account the growth of innovation potential and export-technological potential, are presented by various economists. Conceptual approaches are presented in the works of various foreign scholars (E. Altvater, M. Binswanger, B. Braasch, A. Galetowik, M. Heine, H. Heusse, J. Gurley, R. Guttmann, J. Keynes, H. Minsky, J. Olivier, J. Stiglitz, S. Strange, H. Tietmeyer, J. Tobin, H. Herr, W. Cheek, K. Zinn, E. Shaw, B. Emunds, etc.). The research problems are reflected in the works of Russian scientists (E. Akopova, A. Anikin, Z. Atlas, I. Afanasenko, A. Bazhan, D. Beloousova, A. Borisova, V. Borisovich, A. Borodina, A. Burlachkov, S. Dyatlov, V. Katasonov, I. Klyuchnikov, V. Maryanenko, D. Miropolsky, O. Molchanova, A. Navoy, I. Sergeeva, etc.). There is no unified approach to studying the essence and measurement of the innovative and export-technological potential of the studied sectors of the economy as indicators of the formation of interrelations between sectors due to new factors of economic growth – innovations. Data and Metods: The methodology and domestic and international practical experience reveal the ineffectiveness of exogenous factors influencing the activities of sectoral agents, which contributes to the loss of innovative potential and its components, including export-technological potential. The role of innovative potential is explored through various stages: the overall level, its five elements, and the ability to choose a development program for Russia's national economy. The author argues that declining competitiveness and innovative potential require the development of a medium-term economic development program to overcome technological backwardness and improve security. The programs of the Russian Ministry of Economic Development, the Stolypin Club, and the author are presented. Analys of Results: The article presents the exogenous and endogenous causes and problems of the Russian economy's unproductive functioning under the challenging geopolitical situation, sanctions, lack of competitiveness, low economic growth rates, and the level of innovation and export-technological potential over the past twenty-five years. The author's program is more successful because it focuses on economic growth, increasing innovation potential, and effectively organizing interactions between the sectors under study, compared to the Russian Ministry of Economic Development's program, which focuses on developing the traditional subsector, and the Stolypin Club's program, which focuses on the financial sector. This requires active government support for the regions.