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.

Система поддержки принятия решений для распределения задач в проектных командах с учетом стиля работы сотрудников Trenina S.A., Borzykh N.Y.

The paper presents an approach to building a decision support system (DSS) for automating the project management process. The research aims to develop a mathematical model capable of performing a complex analysis of multi-criteria data and providing a well-founded solution for distributing tasks among organizational staff. The study utilized data on project activity and employee characteristics, allowing an assessment of each employee's work style. The primary research methods employed were multi-criteria optimization techniques, alongside the development of a function considering various aspects of project work. A mathematical model is presented that comprehensively accounts for heterogeneous data, including temporal constraints (task deadlines), task priority, and the efficiency and quality of work of individual employees. Particular attention is paid to accounting for individual team characteristics, enabling more accurate prediction of project completion times. The main result of the research is an algorithm that allows project managers to assess the quality of task distribution among employees and forecast project completion times based on the proposed distribution. The adaptability of the algorithm lies in the constant relevance of data, as the proposed method implies continuous analysis of new data and updates to the criteria influencing employees' work styles. The conducted research emphasizes the importance of integrating individual employee characteristics into automated project management processes. Future research directions include experimental validation of the model under real-world conditions and expanding the set of considered criteria to enhance decision-making accuracy.

Экологический менеджмент и экономические механизмы стимулирования: практика взаимодействия Grishina M.G. , Ibragimova S.H.

The article considers environmental management as a tool for increasing the economic efficiency of an enterprise and access to various forms of state and municipal support. The focus is on the economic and managerial aspects of the implementation of environmental management systems (EMS): what incentive mechanisms work, how to assess and manage environmental risks. Special attention is paid to the ISO 14001 standard and its role in obtaining preferences. The aim is to trace whether the introduction of EMS, reducing environmental risks and increasing access to economic incentives are related. For this purpose, comparative analysis, generalization of data from open sources, as well as scenario modeling and sensitivity analysis were used. The data is collected for Russian enterprises that implemented EMS in 2022-2025. The main result: enterprises with certified EMS have 2-2.5 times higher chances of receiving support (subsidies, preferential loans, tax benefits, grants, preferences in tenders) than those who operate without such a system. They are better able to meet project deadlines and achieve their stated environmental targets more effectively. The difference is especially noticeable in industries with a high environmental burden. Investments in environmental management pay off faster if there are incentive measures. At the same time, ISO 14001 certification not only reduces environmental risks, but also makes the company more attractive to investors. This is confirmed by the data collected over the entire observation period. The results obtained can be used in planning investments in environmental management and in developing business support programs.

Трансформация запросов стейкхолдеров к рейтингам в области устойчивого развития: от инвесторов к клиентам и контрагентам Izmaylov M.K. , Pupentsova S.V.

The article explores the transformation of requests in Russian management practice for sustainability ratings. The subject of the work is the changes in the structure of expectations of various groups of stakeholders – investors, clients and counterparties – regarding the content and functions of non-financial assessment. The purpose is to identify the key directions of this transformation and determine its impact on corporate management practices and rating methodology. The empirical base was formed by scientific publications by Russian authors for 2022–2026, devoted to rating in the field of sustainable development, non-financial reporting and interaction with stakeholders. Methods of content analysis, comparative analysis and systematization were used, which allowed to identify and structure the differences in expectations in five parameters: the assessment horizon, the level of detail, the priority of sustainable development components, quality criteria and the ratio of formal and substantive. It has been established that customer and counterparty requests differ systematically from investment requests: they are focused on the short- and medium-term horizon, require detail at the product and process level, shift the priority towards environmental and social components, and emphasize verifiable results rather than formal policies. The divergence of ratings is interpreted not as a methodological flaw, but as a natural consequence of the multiple legitimate perspectives. The practical significance of the results lies in the justification of the need to transition from universal rating scales to modular assessment systems that take into account the specific needs of different user groups. For Russian companies, the findings provide guidelines for differentiating sustainable development strategies based on the composition of key stakeholders. For regulators, the feasibility of creating "umbrella" standards that allow for specialized assessment modules is justified.

Управление рисками последствий ужесточения экологических требований в полимерной отрасли России Sushko O.P.

The purpose of the study is to quantify the impact of stricter environmental requirements on the economic security of the polymer industry in the Russian Federation in the context of the transition to a closed–loop economy. The methodology is based on the calculation of the integral MSW management index (using the arithmetic mean of the partial indices of treatment, disposal, burial and infrastructure facilities), analysis of price spreads between primary and secondary pellets (2020-2025), assessment of the dynamics of environmental collection rates using increasing coefficients in accordance with Government Resolutions No. 2406 and No. 2414. The results showed that the integral index increased from 0.549 to 0.824 (an increase of 50%), but remains below the target level of 0.85; the price spread between primary and secondary pellets in 2025 reached 41% (the maximum for the period), which makes processing economically unprofitable; the basic eco-collection rate for plastic packaging increased by 48% (to 5,707 rubles/ton), and taking into account the increasing coefficients, the final load may amount to 83.4 thousand rubles/ton; 79% of eco-collection revenues are concentrated in the Central Federal District, while there is an acute shortage of capacity in the Far East (2.1% of the national total). The scientific novelty lies in the introduction of the concept of "environmental barrier" as a regulatory or economically determined restriction that forms a new regulatory environment. Practical significance: the identified threats (price, fiscal, regional, and infrastructural) require the introduction of ecomodulation mechanisms, targeted infrastructure co-financing, and automatic verification of disposal certificates.

Совершенствование управления инновационным развитием предприятия реального сектора с учетом вектора инноваций Barsukov A.P.

The article examines the problem of improving the management of innovative development of a real sector enterprise under conditions of technological turbulence, increasing competition, and growing complexity of the organizational and economic environment. It is demonstrated that the adoption of new technologies does not automatically lead to sustainable innovative outcomes unless these technologies are linked to specific business system deficits, localized within defined operational domains, and associated with measurable results. The purpose of the study is to develop a conceptual model of the innovation vector as a tool for improving the management of innovative development at the enterprise level. The methodological framework is based on systemic, process, and structural-functional approaches, as well as an analysis of scientific literature on innovation development, business models, open innovation, absorptive capacity, and labor productivity. The innovation vector is defined as a directed set of changes embedded in business system components and aimed at achieving measurable economic or organizational effects. Key characteristics include directionality, localization, measurability, embedding, reproducibility, and managerial applicability. A conceptual evaluation model is proposed, linking system deficits, innovation types, application domains, organizational readiness, and managerial decisions aimed at securing the result. The practical significance of the study lies in reducing the risk of technology-driven but economically ineffective innovation and improving the controllability of innovation processes in real sector enterprises.

Управление образовательным потенциалом в условиях постановаторской экономики Litau E.Y. , Samatov Y.R.

This article examines the problem of managing entrepreneurial projects in a post-innovation economy, characterized by a shift in emphasis from innovation as an independent performance criterion to a comprehensive assessment that includes value, social, and institutional parameters. In such conditions, management of knowledge and competencies becomes especially important for maintaining competitiveness and improving organizational efficiency. A review of existing approaches of knowledge and competency management – Organizational Learning Capability, Organizational Learning and Knowledge Management identifies a number of limitations, including the absence of organizational mechanisms for converting knowledge into organizational effectiveness and the value assessment of decisions made. Based on the identified limitations of existing approaches, the authors propose their own definition of an organization’s educational potential as an integrated intangible asset reflecting the ability to generate, update, and apply knowledge through organizational conditions to implement the organization’s strategy. It consists of five components: a competency core, a motivational-behavioral component, organizational learning and development infrastructure, knowledge management infrastructure, and a value-reflective component. The latter captures the organization’s capacity for human-centered decision-making, which are decision that account for social and cultural consequences grounded in the logic of the post innovation economy. A conceptual model is developed in which educational potential influences organizational performance indirectly, through a sequential mediation of corporate entrepreneurship and organizational innovation capability. A system of indicators is proposed that makes it possible to assess the components of the model and empirically test their impact. The practical significance of the study lies in the possibility for entrepreneurs to use the model’s components and the associated indicators to diagnose and develop the educational potential of organizations.

Организационные аспекты противодействия атакам на основе социальной инженерии Gavrishev A.A.

In this work, the organizational aspects of countering attacks based on social engineering (SE) have been improved to protect the company's personnel from it. It is shown that attacks based on SE are one of the most effective tools for cyber attacks against information systems and digital infrastructure of enterprises, using the psychological characteristics of people. It was emphasized that the human factor has now begun to play a much more significant role in ensuring information security than before. Statistical and literary data demonstrate that attacks based on SE are successful due to their ability to bypass traditional, mostly technical, defense systems. Based on the literature analysis, individual approaches and techniques underlying such attacks have been described. Taking into account the obtained data and literary sources, a simplified algorithm of actions of an attacker during an attack based on SE is proposed. It is emphasized that among the many measures used to ensure the information security of enterprises of any form of ownership, organizational measures occupy a special place, acting as the "core" of the overall information security system, linking legal and technical measures. It is indicated that such measures, first of all, should be aimed at regulating the functioning of security facilities and the activities of officials in order to ensure information security through the development of certain rules and requirements. It is noted that organizational measures should be the first "barrier" against attacks based on SE. Based on an understanding of the basic mechanisms of SE attacks, taking into account the results from individual studies, practical organizational measures are proposed to protect the company's personnel from it. The practical significance of the presented results lies in the fact that they can be useful to managers of enterprises of any form of ownership and information security specialists to counter SE attacks, helping to improve the organizational aspects of countering such attacks to protect enterprise personnel from them.

Economics

Архитектура исследовательского университета как фактор формирования динамических способностей наукоёмкой организации в условиях технологического суверенитета Vetrova E.N., Terentyev A.I.

The article aims to substantiate enterprise architecture as a factor in the growth of a knowledge-intensive organization in the context of technological sovereignty. The study is driven by the need to strengthen Russian research universities, engineering centers and R&D units under sanctions, import substitution and growing requirements for digital independence. The methodological basis includes the concept of dynamic capabilities, enterprise architecture approaches, PEST analysis, Porter's five forces model and weighted assessment of key success factors. The empirical basis consists of open strategic documents of ITMO University, regulatory documents of the RF and academic publications on enterprise architecture, digital transformation and technological sovereignty. The scientific novelty of the study lies in a three-level conceptual model of how enterprise architecture affects the growth of a knowledge-intensive organization. The model links architecture domains, dynamic capabilities and growth outcomes. The article also proposes a five-level scale and a set of indicators of architectural maturity. Drawing on the case of ITMO University and comparing it with Russian and international universities, the article shows that achieving strategic goals requires a shift from fragmented digital solutions to an integrated architecture-driven ecosystem. The practical value of the results is that the proposed model and maturity scale can be applied when developing architectural roadmaps for universities and other knowledge-intensive organizations.

Государственная политика КНР в области управление цифровой трансформации национальной и трансграничной торговли

The article is devoted to a comprehensive study of the transformation processes of digital trade in the People's Republic of China and its gradual integration into the country's foreign economic strategy over the period 2015–2024. The analysis is based on an evolutionary approach, which makes it possible to trace the successive formation of the regulatory framework. In particular, the article examines key legislative acts – the Cybersecurity Law (2017), the Personal Information Protection Law (PIPL, 2021) and the Data Security Law (DSL, 2021). These documents have established fundamental principles for regulating the digital sphere, including the priority of digital sovereignty, mandatory data localisation, and enhanced state control over cross-border information flows. Considerable attention is paid to government initiatives aimed at stimulating the digital transformation of the economy. These include the provisions of the 14th Five Year Plan (2021–2025), the Digital China programme (2025–2030), the artificial intelligence development strategy involving significant investments (up to 1 trillion yuan), and the Digital Silk Road project. The statistical data presented in the study demonstrate positive dynamics: the share of the digital economy in China's GDP increased from 38% in 2020 to 42.8% in 2024, while the volume of cross border e commerce reached 2.71 trillion yuan. These figures essentially confirm the sustainability of the chosen course and its economic effectiveness. The article provides a comparative analysis of the Chinese model of digital trade regulation with the approaches of other major economic centres. The American model is characterised by a more liberal regime and a focus on the free movement of data, while the European Union emphasises the protection of individual rights, as reflected in the GDPR. It is revealed that differences between these models lead to fragmentation of the international regulatory space, increased transaction costs for companies, and the creation of additional non tariff barriers. Possible ways to reduce the resulting contradictions include the development of multi level agreements that provide for the differentiation of data according to its degree of criticality. Such an approach allows national security requirements to be taken into account without blocking the development of cross border digital trade. The possibility of introducing mechanisms for mutual recognition of certification of digital products and services within regional integration blocs such as RCEP and CPTPP is also considered. Overall, it is concluded that digital trade is gradually becoming one of the key instruments of China's geo economic influence. At the same time, its further development will largely depend on the ability of the international community to develop coherent and relatively universal rules for regulating cross border data flows.