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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 ( )

Rusanov G.Yu. Volgograd State Technical University, Volgograd, Volgograd Oblast, Russian Federation ( )

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

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.

Resistance to changes in project management

Mel'nikova E.F. Saint Petersburg State University of Economics, St. Petersburg, Russian Federation ( )

Journal: Economic Analysis: Theory and Practice, #29, 2015

Importance In project development, correcting the design and estimate documentation takes a lot of time, which is usually disregarded or merely estimated through expert review during initiation and planning the design and survey works. However, both the contractor and the customer should understand and assess risks arising from making changes in overall project output and project components, the influence of the changes on the results of future phases of an integrated project.
     Objectives The purpose of the research is to define a method to assess the parameters of project implementation, taking into account the reserves for making changes.
     Methods I analyzed the instances of influence of low-quality design and estimate documentation on various stages of project life cycle; built a model of cause-effect differentiation of corrections in the documentation; formalized the dependence between the probability of project implementation and parameters of implementation (time, cost, and labor).
     Results I offer a correction resistance method of a project. It implies improving the quality of planning the design and survey works and integrated projects. The method rests on the dependence between the probability of implementing a project with preset parameters and the volume of reserves.
     Conclusions The proposed method enables to move to a qualitatively new level of communication between contractors and customers. The basis of the method is reservation; its volume is established based on statistical information on work performance in projects, taking into account the changes in project output made for a number of reasons.

Methodological aspects of economic efficiency calculation when applying the adaptation formula of a forward contract's fair value formation

Ponomareva S.V. Perm National Research Polytechnic University, Perm, Russian Federation ( )

Mel'nikova A.S. Perm National Research Polytechnic University, Perm, Russian Federation ( )

Journal: Finance and Credit, #9, 2015

Due to the lack of methodology for derivative financial instruments monitoring in the domestic financial sector, the authors have published a series of articles on developing the adaptive methodology for derivatives measurement in accordance with the requirements of the International Financial Reporting Standards. As a result, the authors have developed adaptive formulas. In this context, it is reasonable and important to research and proof the efficiency of applying a more precise calculation tools, therefore, the authors have applied the adaptive methodology for measuring the fair value of a forward transaction on the LUKOIL public company case. The objective of the study was to develop a modified formula of calculating the fair value of a forward transaction. The formula will be used to calculate the economic efficiency of a company. The authors provided scientific substantiation of the hypothesis about the efficiency of developed methodology for calculating the fair value of a forward contract, which will be transformed into a theory. In this regard, the authors used the following methods of scientific knowledge accepted in the economic theory, i.e. analysis and synthesis, logical and inductive approaches. The application of the more precise computational and methodological framework helped to prove the efficiency and accuracy of the adaptive formula for the forward contract's fair value calculation. The authors also systematized constitutive aspects of the accounting policy for derivative financial instruments of LUKOIL. Based on the previously developed adaptive methodology for measuring such derivatives as forwards, futures and options, the authors justified the effectiveness of the proposed calculating formulas. The study includes the systems analysis and substantiation of effect from application of the adaptive formula for a forward contract's fair value calculation, which can be applied by domestic financial and economic counterparties.

Property tax deductions and fairness of personal income taxation

Mel'nikova N.P. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Tikhonova A.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: International Accounting, #9, 2018

Importance Fair taxation and its full implementation are one of the crucial issues in personal taxation. Vertical fairness becomes feasible not only if the progressive tax treatment of personal income is adopted, but also an effective tax deduction system is in place. In 2018, the government ceased to discuss whether it is possible to shift from the flat tax treatment of personal income to the progressive one. Hence it is especially important to consider issues of improving the existing personal income tax deduction system so as to strengthen the social fairness and tackle the poverty.
Objectives We identify challenging issues in the personal income tax deduction mechanism and make suggestions on their elimination.
Methods The research employs conventional techniques of economic analysis, induction and deduction. Based on comparative methods, we determine vectors of improving personal income tax deduction in the case when the taxpayer acquires residential property.
Results Low income people may hardly apply for the property tax deduction when they acquire residential property. Combined with social security charges, tax deduction in the case of residential property acquisition causes the hidden regression under the proportionate personal income tax. The existing mechanism for residential property tax deduction fails to fulfill its social and stimulation function.
Conclusions and Relevance We conclude that it is reasonable to introduce multiplying coefficients depending on the amount of property tax deductions in the case of residential property acquisition as it may strengthen the fairness of taxation and encourage low income taxpayers to resolve the housing issue.

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