Importance The article examines the development of a conceptual form of scientific knowledge about the system organization of internal control of corporate finance. This topic is particularly relevant, because it affects the basics of the whole theory of internal financial monitoring. Objectives The article considers the aims as follows: rationale for the integration of three initial elements of an integration concept: managerial, institutional, cognitive ones; selection of basic differences of the integration concept from other existing concepts; development and validation of the conceptual model of internal monitoring system over corporate finances, which reproduce its purpose, which in its turn reveals contents, enabling visual perception; analysis of the relationship of an integration concept with different types of conceptual knowledge; identification of promising areas of theoretical research in the field of internal system monitoring for the oversight of corporate finances based on an integration concept. Methods The research applied symbiosis methods of dialectics, and system analysis and synthesis methods. We present the research findings on the development of a new concept of system monitoring of corporate finances. Owing to the proposed and justified integration concept, we have described the research foundation for the system of internal financial oversight, or, figuratively, a stopping place on the itinerary from the study of the functioning practice of internal financial system monitoring in corporations to local theoretical generalizations. The scope of research application encompasses corporate finance management. Results The integration concept serves as an original (vision) form of theoretical knowledge about system monitoring of corporate finance. With respect to the rest of the existing concepts, it is fundamentally differing from an integrated approach to the issue of the systemic arrangement of internal financial monitoring and with the high penetration into the content of generated control systems. Conclusions and Relevance The conceptual leap lies in reviewing the system monitoring as a complex, three-pronged phenomenon (management function, economic institute, and source of knowledge), which is actively impacts the status of corporate finance, and which regulates financial relations.
Keywords: corporate finance, internal financial monitoring, system, integration concept, system control, model
References:
Andreev V.D., Cheremshanov S.V. Sistema vnutrikhozyaistvennogo kontrolya: osnovnye ponyatiya [An internal control system: basic concepts]. Auditorskie vedomosti = Audit Journal, 2004, no. 2, pp. 35–41.
Brovkina N.D. Osnovy finansovogo kontrolya [Fundamentals of financial control]. Moscow, Magistr Publ., 2011, 384 p.
Brealey R., Myers S., Allen F. Printsipy korporativnykh finansov [Principles of Corporate Finance]. Moscow, Olimp-Biznes Publ., 2012, 1008 p.
Brigham E., Gapenski L. Finansovyi menedzhment. Polnyi kurs [Intermediate Financial Management]. St. Petersburg, Ekonomicheskaya shkola Publ., 2005, 669 p.
Gritans Ya.M. Sistema vnutrennego kontrolya [An Internal Control System]. Moscow – Berlin, Infotropik Media Publ., 2011, 304 p.
Galbraith J. Novoe industrial'noe obshchestvo [The New Industrial State]. Moscow, AST, Tranzitkniga, St. Petersburg, Terra Fantastica Publ., 2004, 602 p.
Dement'eva A.G. Osnovy korporativnogo upravleniya [Fundamentals of corporate management]. Moscow, Magistr Publ., 2009, 576 p.
Zhukov V.N. Sovremennoe sostoyanie i perspektivnye napravleniya nauchnykh issledovanii v oblasti sistemnogo kontrolya korporativnykh finansov [Baseline conditions and promising directions in the area of corporate finance system management]. Finansovaya analitika: problemy i resheniya = Financial analytics: science and experience, 2014, no. 43, pp. 40–48.
Il'in V.V., Zhukov V.N. Sovremennye tendentsii v upravlenii korporativnymi finansami [Current trends of corporate finance management]. Finansovaya analitika: problemy i resheniya = Financial analytics: science and experience, 2013, no. 32, pp. 11–17.
Institutsional'nye aspekty bukhgalterskogo ucheta i kontrolya [Institutional aspects of accounting and control]. Moscow, Plekhanov Russian University of Economics Publ., 2009, 428 p.
Kapelyushnikov R.I. Skol'ko stoit chelovecheskii kapital Rossii? [What is the value of Russia’s human capital?]. Voprosy Economiki, 2013, no. 1, pp. 27–47, no. 2, pp. 24–46.
Kleiner G.B. Sistemnaya paradigma i sistemnyi menedzhment [A system paradigm and systems management]. Rossiiskii zhurnal menedzhmenta = Russian Journal of Management, 2008, vol. 6, no. 3, pp. 27–50.
Kleiner G.B. Sistemnoe upravlenie v transformiruyushcheisya ekonomike [Systems management in a transforming economy]. Effektivnoe antikrizisnoe upravlenie = Effective Crisis Management, 2014, no. 5, pp. 54–58.
Kogdenko V.G. Razvitie kontseptsii vnutrennego kontrolya [Development of the concept of internal control]. Mezhdunarodnyi bukhgalterskii uchet = International accounting, 2013, no. 15, pp. 41–51.
Korporativnye finansy [Corporate Finance]. St. Petersburg, Piter Publ., 2013, 592 p.
Mau V.A. Mezhdu modernizatsiei i zastoem: ekonomicheskaya politika 2012 goda [Between modernization and stagnation: the economic policy in 2012]. Voprosy Economiki, 2013, no. 2, pp. 4–23.
Ronzhina M.A. Predposylki modifikatsii sistemy vnutrifirmennogo finansovogo kontrolya v proizvodstvennykh kompaniyakh [Preconditions for modification of internal financial control system in production companies]. Audit i finansovyi analiz =Audit and financial analysis, 2009, no. 2, pp. 50–53.
Ryzhko V.A. Nauchnye kontseptsii: sotsiokul'turnyi, logiko-gnoseologicheskii i prakticheskii aspekty [Scientific concepts: socio-cultural, logical and gnoseological and practical aspects]. Kiev, Naukova dumka Publ., 1985, 184 p.
Skopets Z.A., Ponarin Ya.P. Geometriya tetraedra i ego elementov [The geometry of tetrahedron and its elements]. Yaroslavl, YaSPU Publ., 1974, 240 p.
Sostoitsya li novaya model' ekonomicheskogo rosta v Rossii? [Will a new model of economic growth ever happen in Russia?]. Voprosy Economiki, 2013, no. 5, pp. 4–39.
Finansy [Finance]. Moscow, Prospekt Publ., 2013, 928 p.
Finansovyi menedzhment [Financial management]. Moscow, Omega-L Publ., 2013, 560 p.
Kheifets B.A. Deofshorizatsiya ekonomiki: mirovoi opyt i rossiiskaya spetsifika [De-offshorization of economy: international experience and the Russian specific features]. Voprosy Economiki, 2013, no. 7, pp. 29–48.
Chudinov E.M. Priroda nauchnoi istiny [The nature of scientific truth]. Moscow, URSS Publ., 2010, 312 p.
