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Numerical simulation and empirical analysis of financial resources allocation in conglomerates

Makarov A.S. doctor of economics, professor, the head of the financial management department, National research university Higher school of Economics in Nizhny Novgorod ( aamakarov@hse.ru )

Kuzmicheva E.E. lecturer, financial management department, National research university Higher school of economics in Nizhny Novgorod ( ekuzmicheva@hse.ru )

Puzyreva M.S. master of economics, National research university Higher school of economics in Nizhny Novgorod ( aloury@mail.ru )

Journal: Financial Analytics: Science and Experience, #7, 2014

The article investigates the problem of the efficiency of financial resources allocation in conglomerates. We specify the elements of organizational and economic functioning base of such business structures; with the use of numerical simulation on the base Maksimovic & Phillips's model we define the algorithms and discover conditions of conglomerates optimal functioning; analyze the results of empirical testing of financial resources allocation efficiency in conglomerates.


An analysis of opportunities for an industrial region's economy transition to neo-industrialization

Makarova I.V. Institute of Economics, Ural Branch of RAS, Yekaterinburg, Russian Federation ( k511@mail.ru )

Maksimov A.D. Perm National Research Polytechnic University, Perm, Russian Federation ( amaksimov1955@yandex.ru )

Journal: Economic Analysis: Theory and Practice, #24, 2014

Neo-industrialization is a logical continuation of the industrial era of economic development. In this regard, a research analysis of the opportunities to move the economy to new industrialization covers the fundamental and applied problems of regional industry development. In this paper the authors have developed and tested a methodology of neo-industrialization stages for an old industrial region, namely the Sverdlovsk region. The methodology's principle is the principle of accumulation of permanent new industrialization features of the territorial economy (accumulation signs). The authors concluded that out of five signs of new industrialization at the present stage of development there is only one characterizing the Sverdlovsk region's industry, i.e. a high level of production integration. For the period till 2020 there are no plans of significant changes in terms of economic transition to neo-industrialization.


Formation of multifactor criteria for evaluating viability of the organization using the analytic hierarchy process and econometrics tools

Makarov A.S. candidate of economic sciences, associate professor of chair Financial management, Higher school of economics, Nizhny Novgorod ( amakarov@hse.nnov.ru )

Maksimov A.G. candidate of physical-mathematical sciences, associate professor of chair Economic theory and econometrics, Higher school of economics, Nizhny Novgorod ( amaksimov@hse.nnov.ru )

Leonova L.A. lecturer of chair Economic theory and econometrics, Higher school of economics, Nizhny Novgorod ( laleonova@mail.ru )

Sharunina A.V. lecturer of chair Economic theory and econometrics, Higher school of economics, Nizhny Novgorod ( sharunina@bk.ru )

Journal: Economic Analysis: Theory and Practice, #30, 2010

Despite huge amount of researches, dedicated to analysis of factors and methods of viability of organizations, their results are not exhaustive. Disadvantages of all existing methods and criteria of estimation of bankruptcy, controversial results of testing make us to look for new approaches. The attempt of integration of two methods: the analytic hierarchy process and econometric analysis is presented in this article. The developing method was tested on 33 organizations. The presented approach is recommended as a solution for mentioned financial and economical problems, for the reason of providing more reliable, flexible and detailed estimation of bankruptcy probability.


Methodological aspects of study of the industrial development of new territories

Makarova I.V. Ural State University of Economics, Yekaterinburg, Russian Federation ( makarova_iv@usue.ru )

Maksimov A.D. Perm National Research Polytechnic University, Perm, Russian Federation ( amaximov@topcom.ru )

Journal: Regional Economics: Theory and Practice, #12, 2017

Subject The article deals with the specific issues of industrial development of new territories considering the Arctic as a case study.
Objectives The article aims to develop methodological approaches to the study of the industrial development of new territories using regional marketing elements.
Methods We consider the methodological aspects of the study in terms of resource, institutional and network approaches. We used regional marketing as a tool to form networks and position industrial facilities in clustered territories.
Results The article presents a model for industrial expanding into the Arctic territories of the Russian Federation, and it includes the principles of construction, a spatial layout of objects and a form of spatial organization of industry, description and analysis of mainframes, conditions for the interaction of actors engaged, and the criteria for effective implementation of the model. The model is descriptive and constructed using discourse analysis techniques.
Relevance The results of the study can be used to define the marketing contours and performance indicators of the Arctic territories' interaction with other regions of the Russian Federation, thus optimizing the costs and improving the development of new territories.


On tax implications of robotification

Kamaraeva E.Ya. Financial University under Government of Russian Federation, Moscow, Russian Federation ( elizabeth.kamaraeva@yandex.ru )

Maksimov N.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( nik-maksimov-97@mail.ru )

P'yanova M.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( marinapyanova@mail.ru )

Journal: National Interests: Priorities and Security, #9, 2017

Importance This article focuses on the process of robotification and its impact on the budgetary system of the Russian Federation.
Objectives We scrutinize the situation in Russia in terms of the robotification extent in comparison with other countries, and determine taxes, which will be most impacted by robotification, and subsequent fiscal effects. We also analyze to what extent robotification threatens to social extrabudgetary funds, and estimate sales of robots in Russia, fiscal income loss, surplus fiscal revenue and losses of social extra-budgetary funds.
Methods Using the description and generalization, we identify strengths and weaknesses of global robotification processes. Based on extrapolation methods, analysis of statistical data, graphic method of data presentation, we obtain and report estimated sales of robots in Russia, income loss and surplus revenue of the budget, losses of social extrabudgetary funds as a result of the industrial robotification.
Results We quantify the robotification implications for the fiscal system of the Russian Federation and consider the possibility of introducing the robot tax.
Conclusions and Relevance The income loss will be offset by surplus income as a result of a growth in the corporate profit tax. We believe the Russian budget will soon have a significant burden as a result of the manpower substitution with robots. It will reduce fiscal revenue significantly due to transfers to extrabudgetary funds.


On Tax Implications of the Robotification

Kamaraeva E.Ya. Financial University under Government of Russian Federation, Moscow, Russian Federation ( elizabeth.kamaraeva@yandex.ru )

Maksimov N.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( nik-maksimov-97@mail.ru )

P'yanova M.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( marinapyanova@mail.ru )

Journal: Digest Finance, #4, 2017

Importance This article focuses on the robotification process and its impact on the budgetary system of the Russian Federation.
Objectives We scrutinize the situation in Russia in terms of the robotification extent in comparison with other countries, and determine taxes, which will be most impacted by robotification, and subsequent fiscal effects. We also analyze to what extent robotification threatens to social extrabudgetary funds, and estimate sales of robots in Russia, tax income loss, surplus tax revenue and losses of social extra-budgetary funds.
Methods Using the description and generalization, we identify strengths and weaknesses of global robotification processes. Based on extrapolation methods, analysis of statistical data, graphic method of data presentation, we obtain and report estimated sales of robots in Russia, income loss and surplus revenue of the budget, losses of social extrabudgetary funds as a result of the industrial robotification.
Results We quantify the robotification implications for the fiscal system of the Russian Federation and consider the possibility of introducing the robot tax.
Conclusions and Relevance The income loss will be offset by surplus income as a result of a growth in the corporate profit tax. We believe the Russian budget will soon have a significant burden as a result of the manpower substitution with robots. It will reduce fiscal revenue significantly due to transfers to extrabudgetary funds.


On the issue of forecasting the solvency of small and medium-sized businesses and probability of their bankruptcy

Bol'shakova O.E. Sberbank of Russia, Volgo-Vyatka Office, Nizhny Novgorod, Russian Federation ( bolshakova.olia.337@gmail.com )

Maksimov A.G. National Research University – Higher School of Economics, Nizhny Novgorod, Russian Federation ( amaksimov@hse.ru )

Maksimova N.V. National Research University – Higher School of Economics, Nizhny Novgorod, Russian Federation ( nvmaksimova@hse.ru )

Journal: Financial Analytics: Science and Experience, #8, 2016

Importance The article discusses the issues of evaluating the financial standing of small and medium-sized businesses.
     Objectives The research aims at setting up and improving models to assess the solvency of small and medium-sized businesses and forecast their bankruptcy.
     Methods We reviewed various types of models. Using econometric tool, we built and evaluated a number of logit models. Coefficients of models were reviewed with the maximum likelihood models. The research also involves various economic and statistical methods, i.e. factor analysis algorithms, step-by-step selection methods, variance inflation factor, etc. Classification characteristics of models were tested with the training sample, considering the area under the ROC curve and analysis of errors of Type 1 and 2. Empirical data proceed from financial statements of companies.
     Results The quality of models improved if we take into account the industry of small and medium-sized businesses, design and include parameters describing the corporate resource management. The models we built for diagnostics demonstrated good classification and forecasting trends.
     Conclusions and Relevance The proposed models, if used, will help identify distressed companies and assess bankruptcy risks. It will be valuable for business proprietors, lenders, counter-parties, and judicial authorities when they contemplate initiating one of bankruptcy procedures.


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