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Introduction of investment products to address issues of small and medium-sized business investment

Mel'nikova E.V. Volgograd State Technical University, Volgograd, Volgograd Oblast, Russian Federation ( evm.34@yandex.ru )

Rusanov G.Yu. Volgograd State Technical University, Volgograd, Volgograd Oblast, Russian Federation ( george.rusanov@mail.ru )

Mel'nikov A.S. Volgograd State Technical University, Volgograd, Volgograd Oblast, Russian Federation ( mel13deb@gmail.com )

Journal: Financial Analytics: Science and Experience, #1, 2016

Importance. The article discusses issues of raising funds for developing small and medium-sized businesses in the current circumstances. We reviewed the historical background for using investment instruments.
     Objectives. The article suggests implementing a new investment product combining features of a promissory note and certificate, thus allowing to attract financial resources and replenish working capital and ensure additional competitive advantages.
     Methods. The article relies upon methods of economic analysis in terms of statistical, empirical, and regulatory aspects. We also applied some approaches of the genetic and institutional market research.
     Results. The expansion of innovative products contributes to growth in small and medium-sized business. We identified self-regulation mechanisms in the securities market and its main functions. The article also indicates the main areas of public regulation. As the indepth analysis of of the current economic trends shows, new investment products may open new streams of finance.
     Conclusions and Relevance. In the current economic circumstances, it is necessary to expand a spectrum of finance sources for small and medium-sized businesses. The research presents scientific novelty as it suggests investment products should promote the effective business development. The outcome allows improving applied areas of solutions for small and medium-sized business at the regional level.


The theoretical aspects of IFRS 16

Plotnikov V.S. Plekhanov Russian University of Economics, Sevastopol Branch, Sevastopol, Russian Federation ( vcplotnikov@yandex.ru )

Plotnikova O.V. Plekhanov Russian University of Economics, Sevastopol Branch, Sevastopol, Russian Federation ( ovlplotnikova@yandex.ru )

Mel'nikov V.I. Plekhanov Russian University of Economics, Sevastopol Branch, Sevastopol, Russian Federation ( melnikov4-67@mail.ru )

Journal: International accounting, #1, 2017

Subject The article deals with the issues of IFRS 16, considering the theoretical economic concepts contained in this Standard.
Results The article suggests a new definition for lease which highlights the basic aspects of accounting of its facilities and lease payments.
Conclusions Adaptation of IFRS 16 to the specifics of the activities of domestic parties of lease deals will modernize the accounting procedures that reflect the lease, and ultimately help complete the Project of the RF Accounting Regulations on Lease.


Macro-prudential regulation: international approaches and ways of implementation in the Russian conditions

Mel'nikov R.M. International Institute of Public Service and Management under Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation ( rmmel@mail.ru )

Journal: Financial Analytics: Science and Experience, #26, 2014

The paper reviews the instruments of macro-prudential regulation and analyzes the practices of its implementation and growth options in the conditions of the Russian Federation. The author analyses the system stability of the Russian banking sector and the impact of the introduction of the domestic conditions of the Basel III macro-prudential tools and considers the possibility of using of counter-cyclical capital buffer as measured on the basis of the share of foreign loans to GDP. The article evaluates the systemic sustainability of the Russian banking sector and possible consequences of the recent credit boom in retail lending and it provides the recommendations aimed at enhancing of the methodology of stress testing of the Russian banking sector. The article evaluates the consequences of implementation of the Basel III macro-prudential instruments in the Russian conditions and the ways of adaptation of international methodology to the Russian specifics. The author recommends the implementation of counter-cyclical capital buffer calculated on the basis of share of foreign borrowings in gross domestic product with concurrent decrease of the minimal total capital (without buffers) to risk-weighted assets ratio from the current 10% to the internationally accepted level of 8%.


Evaluating the return on investment in postgraduate research training under modern conditions in Russia

Mel'nikov R.M. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation ( rmmel@mail.ru )

Journal: Economic Analysis: Theory and Practice, #3, 2017

Importance The article quantifies private, public and budget efficiency of investment in postgraduate research training under modern Russian conditions.
Objectives The purpose of the study is to evaluate the long-term impact of postgraduate research degree programs for students, the federal budget and society as a whole.
Methods The study draws on methods of cost-benefit analysis for different stakeholders, probabilistic assessment of various scenarios, and regression analysis of the Russia Longitudinal Monitoring Survey data.
Results The paper offers an original technique to assess private, public and budget efficiency of investment in postgraduate research training based on the synthesis of cost-benefit analysis and modified Mincer earnings regression model. I developed regression models to estimate tangible and intangible benefits of obtaining the Candidate of Sciences degree under Russian conditions, and calculated the return on investment in postgraduate research training programs.
Conclusions and Relevance The discounted net benefits from financing the postgraduate research programs are negative for the federal budget, since the share of successful thesis defenses is low. The public efficiency of postgraduate research training is positive; it increases with the increasing share of successful thesis defenses. I recommend to decrease the number of State-funded postgraduate research studies and scale up the intramural postgraduate training programs enabling successful thesis defenses and enhanced quality of scholarly results.


Foreign approaches to evaluating the return on public investment in research and development programs and their applicability under Russian conditions

Mel'nikov R.M. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation ( rmmel@mail.ru )

Journal: Economic Analysis: Theory and Practice, #5, 2016

Importance The article compares international and Russian methodological approaches to evaluation of return on public investments in research and development programs, and underpins proposals for their enhancement.
Objectives The study aims to reveal reserves to improve the Russian practice of evaluation of public investment efficiency in research and development programs.
Methods The study draws upon the methodology for designing the logic models to transform the inputs of research and development programs into their outcomes, and a mathematical technique of linear programming.
Results I developed a unique technique to assess the comparative efficiency of R&D projects and subprograms based on the synthesis of the U.S. Advanced Technology Program's logic model and the data envelopment analysis model by A. Charnes, W. Cooper and E. Rhodes. The advantage of the technique is a balance between program results evaluation areas (outputs, outcomes and impacts).
Conclusions To enhance the efficiency of public investments in R&D programs, it is required to shift the emphasis to preliminary assessment and subsequent monitoring of economic results of innovators using knowledge created and disseminated within the program execution. I advocate a linear programming model as a means of detecting the most efficient projects and subprograms at the formation and execution phases of the R&D program. The model enables to reveal how far the project (or subprogram) is from the efficient border of inputs transformation into outputs, outcomes and impacts.


Evaluating the return on investments in higher and secondary vocational education under modern conditions in Russia

Mel'nikov R.M. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation ( rmmel@mail.ru )

Journal: Economic Analysis: Theory and Practice, #8, 2017

Importance The article quantifies individual and budget efficiency of investment in higher and secondary vocational education under modern Russian conditions.
Objectives The purpose of the study is to evaluate the long-term impact of field-specific higher and secondary vocational education on students and the State budget.
Methods The study draws on methods of cost-benefit analysis of higher and secondary vocational education and regression analysis of the Russia Longitudinal Monitoring Survey data.
Results The paper offers an original technique to assess individual and budget efficiency of investment in field-specific higher and secondary vocational education based on the synthesis of cost-benefit analysis and a modified Mincer earnings regression model. I developed regression models to estimate financial benefits of obtaining higher and secondary vocational education under modern Russian conditions, and calculated the return on investment in education for students and the State budget.
Conclusions and Relevance Investment in higher and secondary vocational education are profitable for Russian students and for the Russian State budget, through which the programs are financed. Higher education enables Russian young people to significantly increase their human capital and long-term competitiveness in the labor market, as compared to secondary vocational education. As for the Russian State budget, the return on investment in secondary vocational training is bigger. Therefore, the financing of secondary vocational training programs should receive high priority within the structure of government expenditure on education.


Changes in approaches to funding of innovative programs and projects in the modern world

Mel'nikov R.M. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation ( rmmel@mail.ru )

Journal: Financial Analytics: Science and Experience, #29, 2016

Importance The article studies the current transformation of the mechanism for financing of research programs and innovative projects in the world at the present stage.
Objectives The article aims to identify the trends in approaches to funding of innovative programs in technologically advanced countries, identify best practices, and develop proposals to improve the Russian innovation policies in the light of international practice.
Methods The study uses a comparative analysis of tools and sources used abroad for financing research and innovation programs. It helps to identify the advantages and disadvantages of projects, as well as to identify the most promising mechanisms and their potential application in Russia.
Results I found that reserves to improve the financing of innovation in Russia are associated with the development of the regulatory system of equity crowdfunding, as well as the precarious state of guarantee coverage for debentures of the authorized venture capital funds at the later stages, taking into account the United States' experience, e.g. the SBIC program.
Conclusions and Relevance The existing in Russia imbalance in R&D funding necessitates the concentration of State budget means for the financing of fundamental research and minimizing the risk of crowding out private investment in research and development. The proposed expansion of the resource base for financing innovation includes the establishment of a mechanism for leveraged finance of venture capital funds at the later stages under State guarantees involving pension funds, as well as a system of supervision of the crowdfunding activities.


Foreign approaches to assessing the efficiency of investment in innovation infrastructure and their possible application in Russia

Mel'nikov R.M. International Institute of Public Administration and Management of Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation ( rmmel@mail.ru )

Journal: Economic Analysis: Theory and Practice, #41, 2015

Subject The article presents a comparative analysis of techniques to assess the efficiency of investments in innovation infrastructure that have been recently developed by European scientists and those practiced in Russia.
     Objectives
The aim is to reveal reserves for improving the Russian techniques to assess investment in innovation infrastructure.
     Methods The study rests on the methodology for the cost-benefit analysis of socially significant investment projects.
     Results I propose a technique to assess the benefits of beneficiary companies from creating the infrastructure to support innovation. This technique considers such factors as the quantity of created start-ups, the level of their profits and probability of their survival under scenarios that include and exclude the implementation of infrastructure projects.
     Conclusions and Relevance The analysis of techniques used in Russia to assess the efficiency of projects for building the science parks, the Skolkovo innovation center, and the national system of venture investments demonstrates that the Russian practice ignores the recent developments of the relevant European methodology. The simplified techniques that are commonly used in Russia do not enable to consider the costs and benefits of significant infrastructure projects. This results in the risk of inefficient expenditure of budget funds. To enhance the performance of Russian financial and nonfinancial institutions for development focused on infrastructure support, it is crucial to shift the emphasis to preliminary assessment and subsequent monitoring the results obtained by major beneficiaries, and to compare them with the funds allocated by the State.


Conceptual framework for consolidated financial statements

Plotnikov V.S. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation ( vcplotnikov@yandex.ru )

Plotnikova O.V. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation ( vcplotnikov@yandex.ru )

Bezhan M.V. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation ( mm180883@mail.ru )

Mel'nikov V.I. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation ( melnikov4-67@mail.ru )

Journal: International accounting, #39, 2015

Subject The paper attempts to clarify qualitative characteristics of consolidated financial statements and specific methods and techniques of the system of consolidated accounts, which are applied for preparation of consolidated financial statements, based on consideration of the IASB's Conceptual Framework for Preparation and Presentation of Financial Statements.
     Objectives The study aims to clarify qualitative characteristics of the Conceptual Framework, prove the insufficiency of the traditional method of property separation in the balance sheet of the enterprise, and put forward the concept of consolidated accounting and reporting that significantly expands the scope of accounting and captures the performance results of the consolidated group of companies as a whole.
     Methods The methodological substantiation of consolidated financial statements rests on three concepts, i.e. the economic theory of property rights, conceptual framework for financial statements, and the concept of accounting simulation.
     Results The study revised qualitative characteristics of consolidated financial statements, namely, relevance, materiality, fair representation, comparability, verifiability, timeliness, and understandability. It proved the need to separate a special area in the accounting system, i.e. consolidated financial accounts, which provides for consistent generation of consolidated financial statements.
     Conclusions The new and very important area in accounting is the development of the conceptual framework for consolidated financial statements. It enables to specify their qualitative characteristics, define the evolution of modeling in the system of consolidated financial accounting and new tasks in the accounts of new holding structures.


Evaluation of socially significant projects supported by Federal authorities: methodological issues and ways of improvement

Mel'nikov R.M. Institute of Public Administration and Management under Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation ( rmmel@mail.ru )

Journal: Economic Analysis: Theory and Practice, #6, 2015

Importance The article reviews techniques used for selection of projects for subsidizing and co-financing by the Russian public sector. I compare the domestic and international experience, especially the World Bank and the European Commission experience.
     Objectives The paper demonstrates that the Russian methodology of comprehensive analysis of economic (public) efficiency is insufficiently elaborated. The article identifies the specifics of the Russian decision-making practices, consisting in the provision of State support for commercially viable projects that could be financed on market terms.
     Methods I evaluate the methodological approaches developed by the Ministry of Industry and Trade of the Russian Federation for selection of industrial projects for seeking interest rate subsidies for servicing investment loans, and by the Ministry of Economic Development of the Russian Federation for selection of projects seeking funding at the expense of the National Welfare Fund resources. I reveal problematic aspects of the considered methodologies, which create prerequisites for subjective decision making and prioritized consideration of interests of the large State corporations with strong administrative potential in relation to the most effective use of limited public sector resources for socio-economic development of the country and overcoming the negative consequences of the crisis on a scale of national economy.
     Results The paper emphasizes insufficient attention to the consideration of the probability of redundancy of the State support in assessing the budgetary efficiency of projects, the need for greater refinement and adaptation of methodological approaches to the assessment of the economic (social) efficiency taken from previously developed domestic and foreign techniques, which have different scope of application, the lack of clear rules of the evaluation of criteria for financial, fiscal and economic performance and resilience to risks while carrying out competitive selection of projects for the State support provision.
     Conclusions and Relevance I make recommendations for improving the methodological approaches to project selection for subsidizing and co-financing by the Russian federal authorities based on international experience.


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