Finance

Интегрированный подход к оценке эффективности предприятий нефтегазовой отрасли с учётом финансовых рисков Zykov N.S., Lazareva N.A.

The article is devoted to the problem of assessing the efficiency of oil and gas industry enterprises in Russia taking into account financial risks in the conditions of 2025-2026. The subject of the study is performance assessment models and financial risk factors affecting the performance of oil and gas companies. The purpose of this work is to develop an integrated approach to assessing the performance of oil and gas enterprises, taking into account financial risks, based on statistical data from 2025-2026.The object of the study is the enterprises of the oil and gas sector of the Russian Federation. The methodological base includes statistical analysis of official data (Rosstat, Bank of Russia), scenario analysis, sensitivity analysis, discounted cash flow and economic value-added methods. As a result, it was revealed that in 2025 the share of the oil and gas sector in Russia‘s GDP decreased to 13% - the minimum since 2017; the industry’s profit decreased by 63.9% (to 1.9 trillion rubles); the share of unprofitable companies reached 50.9%; the volume of restructured loans amounted to 2.7 trillion rubles; the key rate of the Bank of Russia averaged 19.2% in 2025. It is established that interest rate, price and credit risks are the main drivers of financial instability. An integrated approach is proposed, including seven stages from risk identification to implementation into management decisions using stress testing and weighted Average Cost of Capital adjustment. The practical significance lies in providing tools for assessing efficiency taking into account the current macroeconomic situation in the world. The scientific novelty consists in the development of a comprehensive efficiency assessment that integrates financial risks based on official statistical data for 2025-2026. Based on the results obtained, practical recommendations are proposed for implementing risk adjusted models into the management system of oil and gas enterprises.

Финансовая культура и реальный сектор экономики в их влиянии на экономическое развитие и устойчивость финансового рынка Chernov V.A.

In the context of slowing economic growth and budget deficits, there is a need to find opportunities and ways to increase production growth and stabilize family finances, which is necessary to solve demographic problems, which indicates the relevance of the study. The subject of the research is the relationship between the growth of the real sector of the economy, financial culture and the financial market. The purpose of the research is to find ways to resolve the contradictions between the desire for an increase in the number of financial market participants and the development of the real sector of the economy. The scientific substantiation uses the categories of dialectics, statistical comparisons, and mathematical calculation of broker income and trader losses derived from the function of average market profitability. Scientific novelty. For the first time, the author raises the problem of financial culture in its complex systemic relationship with industrial production, financial literacy, cultural heritage, value orientations and the growth of the financial market. The article considers the role of improving the financial literacy of specialists in non-economic specialties and their relationship with the growth of the financial market, the real sector of the economy as a condition for the growth of the financial market and the strengthening of family finances. Contradictions between them (financial trader or real manufacturer) are revealed. A measure of expansion of financial market participants has been revealed. The concept of financial culture is considered in the interrelation of traditional universal values and financial achievements. In the context of the problem under study, the perniciousness of the denial of the national epic, its moral, cultural, and spiritual semantic content is revealed, which leads to a change in the cultural code and dehumanization. The contradictions between professional development, professional skills and excessive speculation in the financial market are revealed. Recommendations on their resolution are given. The factors underlying changes in inflation, the role of cultural heritage in socio-economic growth, and transaction costs that determine the outcome of market participants are highlighted. The dependence of the dynamics of attracting financial market participants on the inflation rate is reflected. The rise of the real sector of the economy is considered as a necessary condition for increasing the capitalization of companies, the value of financial assets, the growth of stock indices, the financial market, reducing inflation, strengthening the economy, replenishing the family budget and ensuring the political stability of the state.

Management

Инвестиционно-финансовая поддержка ИТ-стартапов в регионе: эффективность для экономики и риски цифровой среды Akent'eva A.V. , Degtereva V.A., Makarova O.N., Makarova Yu.N.

The article is devoted to the study of investment and financial support for IT startups at the regional level in the context of its impact on the sustainability of the regional economy and the risks of the digital environment. The subject of the study is the organizational and economic relations arising in the process of applying support measures for IT startups and determining their contribution to the development of the regional digital economy. The purpose of the paper is to analyze the existing instruments of investment and financial support for IT startups, assess their effectiveness and limitations, and develop recommendations for improving regional policy. The object of the study is IT startups as an element of the regional innovation ecosystem and the set of conditions for their support in the digital economy. The methodological basis of the research includes a comparative analysis of financing instruments, grouping of regions according to the parameters of startup activity and the capacity of the local IT market, as well as a risk-oriented approach to assessing the impact of support measures on the sustainability of the regional economy. The study analyzes the main forms of financing IT startups in Russia, identifies differences in regional startup activity, examines the dynamics of venture investments, and determines the key factors of support effectiveness. It is established that the highest efficiency is demonstrated by combined models that integrate financing, acceleration, infrastructure support, and consideration of regional specifics. A mechanism of balanced support for IT startups is proposed, including diagnostic, financial and investment, acceleration and infrastructure, and risk management components. The practical significance of the results lies in the possibility of their application in the development of targeted regional support measures for the IT sector aimed at increasing the sustainability of the regional economy and minimizing the risks of the digital environment. The findings can be used by regional authorities, development institutions, and regional infrastructure organizations supporting technological entrepreneurship.

Economics