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Serebryakova T.Yu. Cheboksary Institute of Cooperation, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation ( email@example.com )
Anisimov A.S. Cheboksary Institute of Cooperation, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation ( firstname.lastname@example.org )
Journal: International Accounting, #6,
Subject Housing and utilities is one of the crucial sectors of the economy, which satisfies public needs. However, the market economy caused crises of many housing and utilities organizations, with many of them teetering on the edge of bankruptcy. This results from restricted access to financial resources, growing prices for resources, energy, ineffective system of financial management, etc.
Objectives The study is to provide the rationale for the financial analysis of housing and utilities entities and outline recommendations for increasing their performance.
Methods The study relies upon methods of cognition, statistical and comparative methods of research, methods of financial analysis. Based on the systems approach and logic generalization, we systematized priority viewpoints on the current situation in the sector and identify key challenges of respective organizations. Synthesis of findings and modeling helped us outline recommendations for raising the performance of housing and utilities entities.
Results The financial position of housing and utilities entities should be analyzed in line with the sectoral specifics.
Conclusions and Relevance As the sector, housing and utilities has its own distinctions, i.e. social focus, high obsolescence of fixed assets, high dependency on governmental funds, regional and environmental specifics, tariff regulations. The above aspects should be considered for purposes of financial analysis and statutory values of key financial indicators of respective entities. The findings are designated for accountants, economists, financiers, their research and practices on accounting and finance.
Anisimov A.P. leading scientific employee of Research institute of the modern right, doctor of the legal sciences, professor ( 8 (903) 372-97-51 )
Goncharov A.I. professor of the pulpit civil-legal discipline and of the pulpit taxation and checking, doctor of the legal sciences, doctor of the economic sciences, professor ( email@example.com )
Ryzhenkov A.Y. director of Research institute of the modern right, doctor of the legal sciences, professor ( 8 (884) 224-17-39 )
Chernomorec A.E. leading scientific employee of Research institute of the modern right, doctor of the legal sciences, professor ( 8 (905) 338-54-19 )
Journal: National Interests: Priorities and Security, #1,
In the article the analysis of legislation is conducted about state corporations through the prism of relations of ownness on property. The authors of the article argue a conclusion that the method for transformation law of ownership from state corporations in individual ownness of narrow circle corporation?s employees is establishment to them excessively high official salarys and different forms of money reward.
Anisimov A.V. Institute of Economics, Ural Branch of RAS, Yekaterinburg, Russian Federation ( firstname.lastname@example.org )
Journal: Regional Economics: Theory and Practice, #25,
Importance The article considers the results of the reform of the regional sales sector in the electric power industry.
Objectives The paper aims to define the characteristics of a model of a competitive retail market for electric power in the Sverdlovsk region.
Methods For the study, I used the provisions and conclusions of the theory of competitive advantage, as well as the methods of system, logical and structural analysis.
Results I have identified factors that influence the level of competition at the regional electricity retail market and the tendencies of its formation on the stages of development of this market. I disclose the insufficiency of the mechanisms of State regulation of the retail electricity market and analyze the dynamics of the regional structure. I show the motivation of major business groups to enter the electric energy sales market, the competitive advantages and disadvantages of groups of market players. I provide my own views for the future development of this market.
Conclusions and Relevance I make certain conclusions on the reform plans and operational improvement of the rules of functioning of the electric power retail market, as well as the system of State regulation and the building of a competitive market in the distribution chain of the electric power industry. The results of the research can be used by competition authorities to monitor the compliance with the requirements of the legislation, as well as to formulate regional programs for the development of competition in certain sectors of the economy.
Brusov P.N. Financial University under Government of Russian Federation, Moscow, Russian Federation ( email@example.com )
Filatova T.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( firstname.lastname@example.org )
Orekhova N.P. Institute of Management, Business and Law, Rostov-on-Don, Russian Federation ( Natali_Orehova@Bk.Ru )
Goncharenko L.I. Financial University under Government of Russian Federation, Moscow, Russian Federation ( email@example.com )
Anisimov S.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( firstname.lastname@example.org )
Rudomanenko V.P. Financial University under Government of Russian Federation, Moscow, Russian Federation ( email@example.com )
Journal: Finance and Credit, #45,
Importance In the present economic conditions (economic stagnation, sanctions of the West) the State mobilizes all possible resources to stabilize economic situation in the country (income tax rate increase, increase in the retirement age, etc.). The article addresses one of the aspects of possible mobilization of resources, i.e. an increase in income tax rates. This topic has always been important, and in the current circumstances its relevance has increased dramatically.
Objectives The study deals with the aspects of possible resource mobilization, i.e. an increase in income tax rates. We are planning a series of articles about impact of taxation on the country's economy. In these articles we intend to cover two global themes, i.e. effects of taxation on production and investment efficiency.
Methods We conducted the study of the effects of taxation on long-term investment efficiency within the framework of investment models created by P. Brusov, T. Filatova, and N. Orekhova.
Results An increase in income tax rate results in reduction of the net present value of a project on the one hand, and in decreased sensitivity of an investment project's efficiency to the leverage level on the other hand. At high leverage levels, the effect of income tax rate growth on the efficiency of investment projects reduces significantly. It is possible to differentiate taxation depending on the level of borrowed funds in investment projects of a company: to apply increased income tax rate to projects with high leverage. We have demonstrated a possibility to obtain quantitative estimates for projects with different cost of equity capital and debt capital in the event of a free structure of invested capital. The effect of taxation on investment program efficiency depends on the level of leverage, project duration, cost of own funds, the level of return on investment and methods of building the invested capital.
Conclusions and Relevance We conclude that the effect of taxation significantly depends on the level of debt financing of investment projects of companies, and decreases if leverage level is growing. The regulating authority should take into account the obtained results when setting income tax rates.
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