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Problems of valuation in project analysis and project financing

Nikonova I.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( nikonova_ia@veb.ru )

Fedotova M.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( mfedotova2007@mail.ru )

Journal: Economic Analysis: Theory and Practice, #42, 2014

Importance The President and Government of the Russian Federation set an objective to develop project financing in Russia. Our article studies the problems of valuation in project analysis and project financing.
     Objectives The purpose of the paper is to present our own position on the challenges of assessing project cost parameters at different stages of its life cycle, project risk and valuation of collateral in project financing.
     Methods We have considered the application of the business assessment methodology for estimating the cost and economic effects of the project at different stages of its life-cycle. We propose certain approaches to valuation of project risk and collateral in project financing. We state the need to establish a national information database on project financing transactions and cost parameters. We have analyzed the shortcomings of the existing evaluation practices of banks and companies to assess the cost and economic impact of the project. We substantiate the necessity of the application of the theory of business valuation for valuation of investment projects for investment and operation stages of the project.
     Results We propose certain guidelines for addressing the various problems of valuation in project analysis and project financing: different valuation methods used in the assessment of project cost; the cost of project risks and take them into account in the cash flows of the project; collateral assessment in project financing. We give our own interpretation of the notion of economic effect on the operational stage of the project life cycle.
     Relevance The study develops valuation methodology in the project analysis to improve the effectiveness of the project companies in project financing.


The characteristics of the implementation of strategic management in the result-based budgeting system

Fedotova G.V. Volgograd State Technical University, Volgograd, Russian Federation ( g_evgeeva@mail.ru )

Journal: Financial Analytics: Science and Experience, #39, 2014

The changes and transformations taking place in the public sector of economy represent a continuation of the reform of the State management of the national economy. In this regard, a result-oriented budgeting system has radically changed the understanding of the public sector as an inherently unprofitable segment of the national economy. The domestic system of the State management applies various instruments of the concept of program- and performance-based budgeting. At the same time, the standardized methodologies, procedures and tools are not available. Mainly, they comprise the general guidelines and instructions on the formation and execution of the budget, in which financing is clearly correlated to the expected results. My paper gives a number of advantages of the new system compared to the model of line-item funding, which was practiced in Russia. I have identified the common features of the domestic and foreign practices in this area. I have listed the problems that have arisen in the State management in connection with the implementation of program-and performance-based budgeting: the absence of strategic guidance, strivings of the departments to achieve the targets, the existing planning instruments and the inadequacy of the financial and budgetary control mechanisms. I explain in detail the essence of the Russian unified portal of Electronic Budget, which was designed to reach a new level of the integration and centralization of information flows to form a complete cycle of financial management in the public finance area. The main innovation envisaged by the electronic budget serves to establish a single electronic cycle budget process, which must ensure the relationship of strategic planning with the budget, a single process of budget implementation, as well as built-in tools for monitoring progress of the achieved results by the volume and quality of public and municipal services. In conclusion, I provide the characteristics of the phased implementation of the results-based budgeting concept in the Russian Federation.


Managing the commercialization of intellectual products

Fedotova G.V. Volgograd State Technical University (VSTU), Volgograd, Russian Federation ( g_evgeeva@mail.ru )

Mamengaev Yu.N. K.G. Razumovsky Moscow State University of Technologies and Management (The First Cossack University), (RAZYMOVSKY MSUTM (FCU), Moscow, Russian Federation ( mag.mag100500@yandex.ru )

Journal: National Interests: Priorities and Security, #2, 2020

Subject While market actors produce new knowledge and commercialize it, the State evolves and relies on decent human resources. Hence, the State should have a policy for revitalizing business initiatives of intellectual innovation so that new research and development would be effectively implemented and used.
Objectives The study evaluates the scope of intellectual products in Russia and their commercial potential in the commodities market. We determine what scientific approaches should be used to examine the concept of intellectual products, substantiate the issue of commercializing intellectual results in Russia. The article provides an overview of the regulatory framework of titles to R&D, evaluates the scope of R&D protection documents and innovative products. We also develop market mechanisms for commercializing intellectual products through e-commerce platforms.
Methods We apply methods of systematization and analogy, generalization of data and logic comparison, methods of graphic and statistical analysis, trend analysis, comparative analysis, financial analysis.
Results We substantiate and propose a mechanism for commercializing intellectual products based on Industry 4.0 principles. An e-trading platform will narrow the geography of search for scientists, developers, investors, manufacturers, buyers and services rendered through advanced intellectual products as much as possible and reduce the time it takes to do it.
Conclusions and Relevance We discovered what impedes the implementation of new scientific achievements and their subsequent commercialization in the national economy. The new knowledge commercialization mechanism will help ensure a search for counterparts and further implement the products into production. The findings can be useful for administrative management of new knowledge and idea generation, search for partners for commercializing the results, national policy for intellectual innovation development.


Industry-specific features and areas of mitigating financial risks of agricultural enterprises

Maksimova S.Yu. Ulyanovsk State Agricultural Academy named after P.A. Stolypin, Ulyanovsk, Russian Federation ( Swetlana-14@ yandex.ru )

Fedotova M.A. Ulyanovsk State Agricultural Academy named after P.A. Stolypin, Ulyanovsk, Russian Federation ( fed_mar@mail.ru )

Journal: Financial Analytics: Science and Experience, #26, 2015

Importance The article overviews financial risks of agricultural entities and their classification.
     Objectives The research pursues analyzing industry specifics of financial risks and their mitigation in agricultural entities. To find the key factors causing the financial risk, it is necessary to determine the nexus of capital structure and corporate financial standing and identify conditions for profit growth.
     Methods To assess financial risks of agricultural enterprises, their industry specifics should be taken into account. The research analyzes the nexus of capital structure and financial position, relying upon data of 200 agricultural entities from different areas of the Ulyanovsk region.
     Results We find aspects arising from static relationship of corporate capital structure and financial position, and, in particular, solvency, business activity as identified by the analytical grouping method. The research determines conditions for growth in profit, in particular, optimization of production costs, effective use of corporate resources, and technological improvement of fixed assets that would drive the growth in quality and competitiveness of agricultural products. The financial position and financial risks also depend on the State's involvement in funding of agricultural entities' reproduction processes and formation of the production potential. Budgetary finance of highly debt-laden agricultural enterprises is doubtful in the current circumstances, since budgetary funds should be utilized efficiently, i.e. ensure an increment in production. This explains so low budgetary subsidies for unprofitable enterprises.
     Conclusions and Relevance The financial risk of the agricultural enterprise should be defined as a specific type of identifiable uncertainties arising from the industry specifics and operations of a business entity in the current market conditions that influence processes of financial cash flows. The conclusions are valid and corroborated with assessments. They may be useful in strategic planning of finance sources and areas for allocating financial resources in order to mitigate aggregate financial risks.


Renewal of capital assets of agricultural enterprises under the WTO conditions

Shabrova A.I. Ulyanovsk State Agricultural Academy named after Stolypin P.A., Ulyanovsk, Russian Federation ( shmemar64@yandex.ru )

Fedotova M.A. Ulyanovsk State Agricultural Academy named after Stolypin P.A., Ulyanovsk, Russian Federation ( fed_mar@mail.ru )

Journal: Financial Analytics: Science and Experience, #32, 2014

The main goal of the research is to identify the activation mechanisms that drive the investments in the agricultural organizations. The object of the research is to discover the levels of providing the fixed capital in agricultural organizations and the sources of financing in correlation with the production effectiveness. The article points out that under the conditions when financing from own resources is lacking, when they are required to ensure the expanded reproduction, relatively high cost of the loan resources and the lack of the full volume of their provision, the growth of an investment activity in the agrarian sphere is almost impossible. The paper emphasizes that the various economic levers, which operate in the agrarian sphere, currently work not very effectively that is testified by a significant amount of the unprofitable organizations and organizations with overdue accounts payable. Such situation enhances the importance of investments as factor of development of the agrarian sphere and economic growth of the agricultural organizations. The paper uses the statistical data processing, including the horizontal and the structural analysis and the analytical grouping method. The findings identify that the existing volumes of the budget resources allocated to the agricultural organizations are not sufficient to sustain their ability to compete in the WTO environment. The authors emphasize that the sustainable production growth of the fixed assets of the Russian agricultural enterprises is only possible under the condition, which imply that the share of the budget subsidies in their financing support significantly increases. The authors consider a practical approach in ensuring agricultural organizations with sources of financing taking into account the target level of the output profitability, which is envisaged by the Government program for the development of agriculture and regulation of the markets of agricultural products, raw materials and food stuff for the period of 2013-2020. Thus, in order to achieve the level of output profitability of 10,2%, the authors recommend the optimum size of the budgetary subsidies within the amount of 830 Rubles for one hectare of the farmland, with a total amount of investments to reach 940 Rubles. The use of the results of this research is possible within the framework of the improvement of the mechanism of budget resources distribution in order to enhance the effectiveness level of their absorption by the agricultural organizations, and also when developing the financial policy of the agrarian sector of the Ulyanovsk region economy.


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