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Management of finance of large state corporations: sources of financing of innovations

Fedorovich V.O. Doctor of Economics, Director of the Institute of a magistracy, the Novosibirsk State University of Economy and Management ( klania2002@mail.ru )

Fedorovich T.V. Doctor of Economics, Professor of department "Accounting", the Novosibirsk State University of Economy and Management ( tani_vf@mail.ru )

Journal: Finance and Credit, #40, 2012

In the article the base approaches to management of financial streams of the large state corporations are considered, their modern updating, characteristic restructuring for concrete stages of their property complexes are analyzed. The approaches consider the possibilities of formation of the consolidated group of taxpayers with the indication of the quantitative restrictions regulated by new additions to the existing tax legislation of the Russian Federation


Modern fiscal policy in formation of budget revenues mono-industrial city

Fedorovich V.O. Doctor of Economics, Director of the Institute of Magistracy, The Novosibirsk State University of Economy and Management ( klania2002@mail.ru )

Fedorovich T.V. Doctor of Economics, Professor, Department “Accounting”, the Novosibirsk State University of Economy and Management ( tani_vf@mail.ru )

Trifonov V.A. PhD in Economics, Chairman of Yurginsky City Council of People's Deputies ( predsov@yurga.org )

Journal: Finance and Credit, #20, 2013

In the article some results of development of the inter-budgetary relations and change in a tax policy of the Russian Federation are presented. Bases of formation of revenues of the city budget on the example of the mono-industrial city of Yurga of the Kemerovo region are presented. The technique of forecasting of growth of profit on increase in a share of innovative production of the industrial enterprises of the mono-town is offered.


Analytical tools of financial management in conditions of restructuring of industrial corporations

Fedorovich V.O. Doctor of Economics, Director of the Institute of Magistracy, the Novosibirsk State University of Economy and Management ( klania2002@mail.ru )

Fedorovich T.V. Doctor of Economics, Professor of department "Accounting", the Novosibirsk State University of Economy and Management ( tani_vf@mail.ru )

Kontsypko N.V. PhD in Economics, Deputy Director of the Institute of Magistracy, the Novosibirsk State University of Economy and Management ( koncipko_natalya@mail.ru )

Journal: Economic Analysis: Theory and Practice, #2, 2013

The analytical tools of financial management for large industrial corporations with the state participation in authorized capital are considered. The technique for the analysis and forecasting of retained earnings taking into account potential financial losses is shown. On an example of affiliated corporation "Siberian Chemical Plant" the author's approach to formation of system financial management with modeling of full prime cost of products for the factorial analysis and forecasting of the financial results is offered.


Corporate business value: Asymmetric information in calculating economic value added

Fedorovich V.O. Siberian Transport University (STU), Novosibirsk, Russian Federation ( klania2002@mail.ru )

Fedorovich T.V. Novosibirsk State University of Architecture and Civil Engineering (Sibstrin), Novosibirsk, Russian Federation ( tani_vf@mail.ru )

Journal: Financial Analytics: Science and Experience, #2, 2019

Subject This article considers the corporate value of business as an objective and reliable valuation of the results of operational and strategic activities of the corporation.
Objectives The article aims to consider the combination of market and accounting approaches in the concept of asymmetric information, which is based on the determination of integrated indicator, i.e. corporate value of business as an objective and most understandable one to the main groups of stakeholders.
Methods For the study, we used the methods of induction, deduction, and logical and statistical, and correlation analyses.
Results The article recommends to use economic and mathematical modeling to predict the corporate value of business. It also recommends to reduce asymmetric information for principals and agents by modernizing the economic value added index (EVA) using its derivatives CFROI, CVA, RCF and EM, integrated with forecast values of consolidated profit, before-tax profit and capital structure of subsidiaries and affiliated companies, and the share of capital invested in the development of property complexes of corporations.
Conclusions The implementation of the final research objective shall result in obtaining an objective integrated indicator, namely the corporate value of business, reducing the asymmetric information for principals and agents.


Strategic management accounting for corporate profits

Fedorovich T.V. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( tani_vf@mail.ru )

Fedorovich V.O. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( klania2002@mail.ru )

Drozhzhina I.V. Siberian Transport University, Novosibirsk, Russian Federation ( sovdiv@211.ru )

Journal: International Accounting, #38, 2014

The article describes the value of property complex of a corporation as the most reliable assessment of business operations results. In this case, the concept of value bases on distinguishing the only simple and more understandable criterion for major groups of stakeholders: owners, potential investors and managers, i.e. the newly created economic value added. Reasonable use of this figure, according to the authors, can meet the challenges of management accounting for net profit within a large industrial corporation. There is an assumption that a subsidiary or an affiliated company within a group of organizations of a corporation bears full material (financial) responsibility for net profit value and the amount of payment for capital. Economic and mathematical modeling is widely used in strategic management accounting to describe property of a corporation, including the financing strategy of a parent corporation and its subsidiaries and affiliates with elements of managing certain types of assets and liabilities and predicting the dynamics of basic financial indicators. The authors believe that strategic management accounting for consolidated profit requires special tools enabling to justify strategic decisions related to development, i.e. a permanent increase in the market value of property complex with an increase in the capitalization of a corporation. The implementation of the development strategy bases on the use of qualitative and quantitative reporting and forecast financial indicators which objectively characterize the valuation base of business operations of a corporation. The authors conclude that consolidated net profit, profit before tax of a subsidiary or affiliated companies, profit before tax and interest payments, capital structure, investment capital, economic value added, the amount of dividend payments, etc. should serve as main strategic indicators.


Analysis of the amount of corporation's economic benefits in applying various approaches to assess bonus depreciation

Fedorovich V.O. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( klania2002@mail.ru )

Fedorovich T.V. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( tani_vf@mail.ru )

Kontsipko N.V. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( koncipko_natalya@mail.ru )

Journal: International Accounting, #16, 2015

While economic sanctions are getting more tightened, the reindustrialization of the Russian economy makes industrial corporations and entities partially owned by the State use internal sources of finance as efficiently as possible. It substantially depends on the depreciation strategy the State adheres to. As a scientific aim, the article provides an economic substantiation of amounts of material benefits arising from various approaches used to assess bonus depreciation under the effective tax laws of the Russian Federation. The research focuses on the process of forming internal sources of finance to maintain business operations during the reindustrialization of the national industrial sector. The research examines methodological approaches used to articulate the depreciation policy, including methods and techniques for assessing material benefits derived as a result of various depreciation scenarios in order to replenish internal sources of finance for production development purposes. As the main result of the research, we propose a financial mechanism for forming and replenishing internal sources of finance. We present the financial mechanism as a multitier relationship of funded and funding components. We also formulate key principles and methodological approaches, methods and tools, including scenarios of outlining an efficiency depreciation policy (strategy) in a specific corporation and group. The article sets forth the definition of the efficient depreciation policy that is corroborated with charts reflecting how depreciation is accrued using bonus depreciation on a straight-line basis and through accelerated depreciation. The charts also indicate the maximization of yields from depreciation and the minimization of tax exemptions. Illustrating business operations of industrial corporations, we prove that it is legitimate to obtain the maximum acceptable tax values and economic (material) benefits within the framework of the effective tax laws of the Russian Federation.


Analysis of the amount of corporation's economic benefits in applying various approaches to assess bonus depreciation

Fedorovich V.O. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( klania2002@mail.ru )

Fedorovich T.V. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( tani_vf@mail.ru )

Kontsipko N.V. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( koncipko_natalya@mail.ru )

Journal: Economic Analysis: Theory and Practice, #15, 2015

While economic sanctions are getting more tightened, the reindustrialization of the Russian economy makes industrial corporations and entities partially owned by the State use internal sources of finance as efficiently and reasonable as possible. It substantially depends on the depreciation strategy the State adheres to. As a scientific aim, the article provides an economic substantiation of amounts of material benefits arising from various approaches used to assess bonus depreciation under the effective tax laws of the Russian Federation. The research focuses on the process of forming internal sources of finance to maintain business operations during the reindustrialization of the national industrial sector. The research examines methodological approaches used to articulate the depreciation policy, including methods and techniques for assessing material benefits derived as a result of various depreciation scenarios in order to replenish internal sources of finance for production development purposes. As the main result of the research, we propose a financial mechanism for forming and replenishing internal sources of finance. We present the financial mechanism as a multitier relationship of funded and funding components. We also formulate key principles and methodological approaches, methods and tools, including scenarios of outlining an efficiency depreciation policy (strategy) in a specific corporation and group. The article sets forth the definition of the efficient depreciation policy that is corroborated with charts reflecting how depreciation is accrued using bonus depreciation on a straight-line basis and through accelerated depreciation. The charts also indicate the maximization of yields from depreciation and the minimization of tax exemptions. Illustrating business operations of industrial corporations, we prove that it is legitimate to obtain the maximum acceptable tax values and economic (material) benefits within the framework of the effective tax laws of the Russian Federation.


Strategic and operative financing of corporation: features of choice of sources

Fedorovich V.O. Doctor of Economic Sciences, Director of Institute “Magistracy”, the Novosibirsk State University of Economy and Management ( klania2002@mail.ru )

Journal: Financial Analytics: Science and Experience, #6, 2013

The developed characteristic of sources of strategic and expeditious financing of economic activity of industrial corporations is submitted. Results of the analysis of financing of real investments on types of sources are presented. Bases of a choice of sources for financing of operational economic activity and replenishment of strategic financial accumulation of industrial corporations are shown.


Ensuring the state interests at formation of mechanism of management by property complexes of large corporations

Fedorovich V.O. Doctor of Economic Sciences, Director, the Institute of Magistracy, Novosibirsk State University of Economy and Management ( klania2002@mail.ru )

Journal: National Interests: Priorities and Security, #26, 2013

Bases of formation of the organizational and economic mechanism of management by property complexes of large industrial corporations taking into account economic interests of the state are offered. The balance of economic interests of the state and other participants of the corporate relations will allow stabilizing rates of economic growth of national economy and capitalization of industrial corporations with state participation.


M. F. Orlov’s role in the financial science

Anikeeva A.A. associate professor, Volzhsky Humanitarian Institute ( anikeeva_aa@mail.ru )

Journal: Finance and Credit, #32, 2009

Mikhail Fedorovich Orlov (1788–1842) is known as a participant of the domestic war (1812) and overseas campaigns of the Russian army (1813–1814), the mastermind and a member of antigovernment secret societies, the author of “The Theory of the State Credit”. Modern Russian financial science regards M.F. Orlov as the pioneer of the state credit concept in the world’s science. However, the present article highlights other, more significant, deserts of M.F. Orlov’s, such as applying scientific method in financial research, recognizing finance as an instrument of the revolutionary reform of the state policy, revealing the money mechanism of the exchange, speculative functioning and development of the state finance.


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