Economy Business Banks №8(46)




Larisa G. Chuvakhina

Larisa G. Chuvakhina

PhD in economic sciences, Associated Professor, Associate Professor of the Department of World Economy and World Finance at Finance University under the Government of the Russian Federation, Moscow. E-mail:

US Federal Reserve monetary policy in the context of the modern world economy crisis


Subject / topic The crisis events that the world economy faced due to the coronavirus pandemic led to major changes in the monetary policy of the US Federal Reserve. The article investigates main reasons for the Federal Reserve’s transition to a new round of quantitative easing (QE4) policy. It stated that it is a necessity for anti-crisis measures to support the US economy.

 Goals / objectives The purpose of the study is to identify current trends in the monetary policy of the US Federal Reserve for using its market and administrative instruments.

Methodology Support in using generalization, synthesis, analysis was used.

Conclusion The refusal to pursue a tight monetary policy in 2019 was caused by the expectation of a recession against the backdrop of a slowdown in economic activity in the country. In June 2020, during the coronavirus pandemic the Fed reduced cash injections into the financial system, moving to a policy of reducing its balance sheet by withdrawing dollar liquidity. The Fed continues to invest, the policy of reducing the balance led to an appreciation of the US dollar and at the same time to the collapse of the currencies of developing countries.

Keywords: Federal Reserve, key rate, treasuries, corporate bonds, anti-crisis package, global financial system


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Chuvakhina (2018) – Chuvakhina L.G. The role of the US Federal Reserve in the world economic system [ Rol’ FRS SSHA v mirovoy ekonomicheskoy sisteme], Monograph. M.: Publishing house «Feather»[ Monografiya. M.: Izd-vo «Pero»], 2018.P.162.[in Russian]

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Chuvakhina (2018) – Chuvakhina L.G. Modern trends in monetary policy of the US Federal Reserve [Sovremennyye trendy denezhno-kreditnoy politiki FRS SSHA] // Economy. Business. Banks. [ Ekonomika. Biznes. Banki] 2018. № 3 (24). P.10-21.


Islam D. Surkhaev

Islam D. Surkhaev

The Federal State Budgetary Institution «Financial research Institute of the Ministry of finance of the Russian Federation», Moscow.


Budget Balance: experience of the European Union, United States & Chile


Subject/Topic Balance of the budget of various countries of the European Union, USA, Chile

Goals/Objectives To identify ways to strengthen the balance of the federal budget in the current economic conditions, based on foreign experience.

Methodology The work uses methods with statistical information (economic and statistical analysis, comparative analytical analysis), analysis, synthesis.

Results The results of this study – proposals for amending the regulatory legal documents in the Russian Federation: 1) approve the concept of “the maximum volume of the federal budget deficit”; 2) introduce a budgetary rule reducing RF state borrowing to the volume of budgetary investments; 3) use foreign experience for forecast indicators. These measures will help to reduce risks during a period of high oil prices and when using funds from the National Wealth Fund.

Conclusions and Relevance To ensure a balanced budget, countries use sources of financing the budget deficit, such as government loans, borrowings, etc. In addition, practice shows that their implementation is characterized by extreme instability. Therefore, it is difficult to establish budget rules for the future, which will make it possible to stop the depth of the fall in consumer demand during the crisis.

Keywords: deficit, surplus, US budget, Chile, budget balance, international experience, government debt, government spending, maximum government debt, GDP, fiscal rules.


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Kudrin, Sokolov (2017) – Kudrin A.L., Sokolov I.A. Budgetary rules as an instrument of a balanced budgetary policy [Byudzhetnye pravila kak instrument sbalansirovannoj byudzhetnoj politiki] // Economic Issues [Voprosy ekonomiki]. 2017. No. 11. P. 5–32.

Shmigol (2017) – Shmigol N.S. Budgetary rules as a tool for achieving financial stability and economic growth [Byudzhetnye pravila kak instrument dostizheniya finansovoĭ stabil’nosti i ekonomicheskogo rosta] // Economy. Taxes. Right. [Ekonomika. Nalogi. Pravo.] 2017. No. 1. S. 66-74.

Budget Code of the Russian Federation [Byudzhetnyj kodeks Rossijskoj Federacii]

Surkhaev (2016) – Surkhaev I.D. Balancing budgets: Russian and foreign experience [Voprosy sbalansirovannosti byudzhetov: rossijskij i zarubezhnyj opyt] // Economics. Business. Banks. [Mezhdunarodnyj nauchnyj zhurnal: Ekonomika. Biznes. Banki.] 2016. No. S9. S. 112-120.

Surkhaev (2017) – Surkhaev I.D. Balance of the federal budget: content, main types, methods and instruments of support [Balans federal’nogo byudzheta: soderzhanie, osnovnye tipy, metody i instrumenty obespecheniya] // World economy: security problems. [Mirovaya ekonomika: problemy bezopasnosti]. 2017. No. 3. P. 82-86

Surkhaev (2017) – Surkhaev I.D. Balancing the federal budget: analysis of revenues, expenditures and sources of deficit coverage for 2013-2019 [Sbalansirovannost’ federal’nogo byudzheta: analiz dohodov, raskhodov i istochnikov pokrytiya deficita za 2013-2019 gody] // World economy: security problems. [Mirovaya ekonomika: problemy bezopasnosti]. 2017. No. 4. P. 87-91

Kupriyanova, Surkhaev (2020) – Kupriyanova L.M., Surkhaev I. D. Balancing the federal budget. [Sbalansirovannost’ federal’nogo byudzheta]. // International scientific and practical journal “Accounting. Analysis. Audit” [Mezhdunarodnyj nauchno-prakticheskij zhurnal «Uchyot. Analiz. Audit»] Volume 7, No. 4 (2020)

Surkhaev (2020) – Surkhaev I.D. Methodology for assessing budget transparency. [Metodologiya ocenki prozrachnosti byudzhetov]. // International scientific journal: Economics. Business. Banks. [Mezhdunarodnyj nauchnyj zhurnal: Ekonomika. Biznes. Banki.] No. 7 (45) 2020.


Alexander S. Rodionov

Alexander S. Rodionov, PhD in Technical Sciences, Professor, Academician of the International Academy of Informatization, Professor of the Department of Risk Analysis and Economic Security, Director of Scientific and Information Consulting Center of safe life and work, Financial University under the Government of the Russian Federation, Moscow, Russian Federation, President of Graduate School MВА «IntegraL» (Corporate University).


Scenarious forecast of demand for value innovation in Russia and the World


Subject / topic Scenario forecasting of demand for innovations is a key factor in the success of sustainable and business development. The emergence of “digital platforms” expands the scope of “intangible production”, gives business acceleration and allows for unprecedented profitability of the commercialization of innovations. The economic effect is disavowed by the scale of the elimination of traditional jobs, creating real threats of a social explosion.

Goals / objectives For an unstable business environment, a new perspective on value innovation is relevant. Two-factor demand models for laminar business conditions, in the case of turbulence, lose relevance. The transition from a planning paradigm to scenario (strategic) forecasting in real time does not remove the severity of the problems in digitalizing the global demand for innovation.

Methodology The author’s paradigm of normal life, phenomenological analysis, synergetics, trialektics, similarity methods, divergent and convergent thinking, analysis and synthesis, induction and deduction, proactive risk-based scenario prediction.

Results / Conclusions In the framework of the author’s approach to ensuring the normal functioning of economic entities, the reference points of the value innovation life cycle have been established. The disadvantages of existing diffusion models of innovations are shown and the directions for their improvement are substantiated.

Keywords: author’s paradigm, normal functioning, digital economy, social Darwinism, antiNBICS technologies


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Rodionov (2016) – Rodionov A.S. Economic security, environmental risks and quality of life // Economics and Management: Problems, Solutions. [Ekonomicheskaya bezopasnost, ekologicheskie riski i kachestvo zhizni // Ekonomika i upravlenie: problemyi, resheniya.] 2016. Vol. 2 (56). No. 8. p.199-206

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Svyatoslav A. Dmitrenko

Svyatoslav A. Dmitrenko Ph.D. (Econ.), Chief specialist of the strategic development department of ‘Shvabe” JSC, Prospect Mira, d.176, Moscow, Russia, 129366 (Е-mail: dmi-slava@

Enterprise strategic planning development in the field of intellectual resources: analytic support


Subject/Subject The subject of the research is informational and analytical support of strategic planning in the field of intellectual resources of high-tech organizations.

Goals/objectives The purpose of the article is to present, based on literature data, a comparative analysis of the indicators of information and analytical support for strategic planning of high-tech organizations in the field of intellectual resources. Methodology: a method of comparative analysis and generalization

Methodology: Comparative analysis method.

Conclusion/Practical significance The results of a comparative analysis of the indicators of information and analytical support for strategic planning of high-tech organizations are stated and analyzed. The set of indicators defined in this work is an important component of the system of agreed indicators (MTS) in the methodology of flows of information and analytical support for strategic planning. The comprehensive base includes the macrostructure of strategic planning, the concept of a global stakeholder. Practical significance is determined by the fact that the article analyzes and presents a list of information and analytical support indicators for strategic planning in high-tech organizations.

Keywords: intellectual resources, information analytical support, global stakeholder, macrostructure, sustainable development.


Dmitrenko (2016)- Dmitrenko S.A. Business processes and the classification of stakeholders in planning the strategic development of the enterprise[biznes processy i klassifikaciya stejkxolderov pri planirovanii strategicheskogo razvitiya predpriyatiya] //. Economics. Business. Banks. [Ekonomika. Biznes. Banki]. Vol 1(14). P. 133 – 146 [In Russian]

Dmitrenko (2017) – Dmitrenko S.A. Macrostructure of information and analytical support for strategic planning of an enterprise [Makrostruktura informatsionno-analiticheskogo obespecheniya strategicheskogo planirovaniya predpriyatiya] / S.A. Dmitrenko // Economics. Business. Banks [Ekonomika. Biznes. Banki ]- 2017. – No. 3 (20). – S. 133-146. [In Russian]

Dmitrenko (2017) – Dmitrenko S.A. The method of flows of integrated information and analytical support for strategic planning of an organization [Metod potokov integrirovannogo informatsionno-analiticheskogo obespecheniya strategicheskogo planirovaniya organizatsii] // RISK: Resources, Information, Supply, Competition. [RISK: Resursy, Informatsiya, Snabzheniye, Konkurentsiya]- 2017.–№ 3. – S. 234-243[In Russian]

Information and analytical support of sustainable development mechanism economic entities [Informacionno-analiticheskoe obespechenie mekhanizma ustojchivogo razvitiya ehkonomicheskih sub”ektov]/ V.I. Barilenko, O. Efimova, G.V. Sergeeva, E. Nikiforova // RISK: resources, information, procurement, competition [RISK: Resursy, informaciya, snabzhenie, konkurenciya]. 2015. № 2. p. 128-135. [In Russian]

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Lyudmila M. Kupriyanova

Lyudmila M. Kupriyanova, Candidate of economic sciences, Associate Professor, Associate Professor at Department of accounting, analysis and audit, Deputy Head of the Chair of “Economics of intellectual property” at Finance University under the Government of the Russian Federation, Moscow


Tatyana V. Petrusevich

Tatyana V. Petrusevich, Senior lecturer at Department of accounting, analysis and audit, Deputy Head of the Chair of “Economics of intellectual property” at Finance University under the Government of the Russian Federation, Moscow.

Cash flow management issues


Subject / topic In conditions of turbulence within external economic environment, cash flows remain the most indicative criterion for the companie’s financial well-being. The success is most of all related to the ability to generate efficient use of funds. The analysis and management of cash flow is due to the unique properties of this resource.

Goals / objectives Study of the key positions of the cash flow management policy; methods, algorithms and financial funds indicators. Recommendations for optimizing cash flows to ensure financial balance and constant solvency of an economic entity.

Methodology The material was prepared based on the use of empirical, theoretical, comparative-analytical, quantitative and other methods. The information base was composed of regulatory, statistical, reporting and other data.

Conclusion Practical experience shows that the result of an imbalance in the structure of an economic entity’s funds is a low liquidity of the flow in certain periods of time, that could lead to entity’s bankruptcy. The use of traditional methods of forecasting cash flows is a necessary management aspect, but not sufficient. Modern realities require the use of new analytical tools, which will count the variety of influencing traditional and innovative factors.

Keywords: cash flow, cash deficit, solvency, effective management, financial ratios, indicators.


Nikiforova EV, Kupriyanova (2017) – Nikiforova E.V., Kupriyanova L.M. Sustainable development as a strategy for a modern organization [Ustojchivoe razvitie kak strategiya sovremennoj organizacii] // Economy. Business. Banks [Èkonomika, biznes, banki]. 2017. No. S3. Pp. 96-102. [In Russian]

Kupriyanova (2014) – Kupriyanova L.M. Analysis of the Problems of innovative development of the Russian economy [Analysis-of-the-problems-of-innovative-development-of-the-russian-economy] THE WORLD OF NEW ECONOMY [the-world-of-the-new-economy] 2014: No.4. S. 13-21. [In Russian]

Kupriyanovа, Petrusevich (2015) – Kupriyanovа L.M. Petrusevich T.V. Modern Problems and methods of business valuation [Sovremennyie problemyi i metodyi otsenki stoimosti biznesa], Scientific journal “Economics. Business. Banks”[Nauchnyiy zhurnal Èkonomika, biznes, banki]. M.: 2015[in Russian]

Kupriyanova (2016) – Kupriyanova L.M., Petrusevich T.V. Information and analytical support and methods for analyzing the sustainability of the company. [Informacionno-analiticheskoe obespechenie i metody analiza ustojchivosti deyatel’nosti kompanii] Economy. Business. Banks. [Ekonomika. Biznes. Banki.] 2016. No. S8. S. 150-166.

Kupriyanova, Petrusevich (2014) – Kupriyanova L.M., Petrusevich T.V. Analysis of cash flows and their impact on the results of the organization. [Analiz denezhnyh potokov i ih vliyanie na rezul’taty deyatel’nosti organizacii.] Economy. Business. Banks. [Ekonomika. Biznes. Banki.] 2014. No. S3. S. 112-128.

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Gorbachev A. Andrei

Gorbachev A. Andrei. Graduate student, Financial University under the Government of the Russian Federation, Moscow, Russia.


Logit-modelis within oil-energy complex companies: issues of financial sustainability


Subject/Topic In this article was demonstrated using logit models of financial sustainability domestic and foreign authors on oil-energy complex organizations.

Goals/Objectives Problem of financial stability assessment is actual again. Modern economic conditions characterize big level of uncertainty. Causes of this is current problem in economy and politics. Most important aspect here is threat of bankruptcy in oil-energy complex organizations. Question here is to how define it. In some articles this models called bankruptcy models. By now these models have been developed. That’s why, we must fund models, which we can use in on oil-energy sector. With the presence of several approaches to form the financial stability assessment models, in this article we will use logit models.

Methodology In this article were used analysis, comparison, modeling, experiment and another methods of researching.

Conclusions and Relevance In this article were determined the most accurate logit models of financial sustainability, which can be used in oil-energy organizations. A way to solve the problem using models, industrial discriminant financial stability assessment model were proposed, – logit financial stability assessment model for oil-energy complex organizations.

Keywords: logit model, financial stability, oil-energy complex organizations


Gorbachev (2020) – Gorbachev A.A. Application of discriminant models of financial sustainability assessment in oil and energy complex organizations [Ispolzovanie discriminantnych modelej otsenki finansovoj usoichivosti na primere organizatsii toplivno-energeticheskogo kompleksa]. Economy Business Banks [Ekonomika Bizness Banki] 2020. № 6 (44). С. 64-75. [in Russian]

Shamsutdinova, Bulava (2017) – Shamsutdinova E.R., Bulava I.V. Classification of modern methods of enterprise financial performance assessment. [Klassifikaciya sovremennych metodov otsenki finansovogo pologeniya predpriyatiya] Journal of Economy and entrepreneurship [Ekonomika i predprinimatelstvo]. 2017. № 1 (78). p. 844-848. [in Russian]

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Alla V. Filushina

Alla V. Filushina

Senior Lecturer in management at Financial University under the Government of the Russian Federation. Moscow, Russia. E-mail:



Monocitie’s development innovative mechanism


Subject/topic The subject of this research is an innovative mechanism for the single-industry towns development. The relevance of the research topic is due to the need to overcome economic and social disparities and measure effectiveness and efficiency of innovation activities. Social indicators are still the key element for single-industry towns development.

Goals/objectives The purpose of this research is to study main innovative mechanism for attracting investment for single-industry towns.

Methodology The efficiency and effectiveness is determined by social and economic indicators.

Results/conclusions Based on 2017-2019 analysis the Fund has become one of the most effective institution for the single-industry towns support. The effectiveness of the innovation mechanism is assessed by a set of economic and social indicators. The considered mechanism of single-industry towns development should be widely used for depressed regions of the Russian Federation.

Key words: innovative activity, innovation mechanism, single-industry towns, infrastructure, investment project, strategic development vector


Ilyina (2013) – Monograph / call. author. Edited by I. N. Ilyina, Moscow: Financial University, 2013, 168 p.

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Bocharova, Filyushina (2017) – Bocharova Yu. N., Filyushina A.V. Comparative analysis of regional development mechanisms: special economic zones, zone of territorial development, territories of advanced development. Collection of scientific articles of the III International Congress of young scientists on sustainable development. 2017, Vol. 10. ISBN 978-5-4365-2420-7-Moscow: RUSAINS, 2017. – 320 p .

Sharkov (2017) – Sharkov Z. M. Modern mechanism of sustainable development of single-industry towns. Pp. 205-212. Collection of scientific articles of the III International Congress of young scientists on sustainable development. 2017, Vol. 10. ISBN 978-5-4365-2420-7-Moscow: RUSAINS, 2017. – 320 p.

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Orlov, Orlova (2020) – Orlov, Kirill P.; Orlova, Valeria Alexandrovna. Economic assessment of the implementation of innovative solutions as a factor of sustainable economic and industrial development. Journal of advanced research in law and Economics, [Sl], vol. 10, n. 6, pp. 1907-1915, June 2020. ISSN 2068-96X.Availableat:< /jarle/article/view/4984.

Astankulov (2019) – Astankulov, Olim T. and co-authors. Strategic support for accounting for the investment process in the innovation industry. Journal of advanced research in law and Economics, [Sl], vol. 10, n. 6, pp. 1877-1883, Sept. 2019.ISSN2068-696X. /jarle/article/view/4977 >.


Svetlana P. Azarova

Svetlana P. Azarova,

Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of logistics and marketing “Financial University under the Government of the Russian Federation”, Moscow. E-mail:

Financial company image formation


Subject/topic The author examines the financial organization image formation using bank as an example, specifies imaging and public relations terminology.

Goals/objectives Review of modern tools for image formation.

Methodology Analysis of scientific and educational publications, practical cases, systematization and generalization.

Results/Conclusion The peculiarities of PR for financial organization image was determined. PR management aims to gain public trust. Main customer’s criteria for the financial institution priority are: history and duration of the companie’s operations, reliability, the quality and quantity of services provided, their uniqueness and exclusivity for each individual client, customer reviews, employees, companie’s media “hearings”. Within PR activities the following directions could be identified – business relations, media relations, investors relations, government agencies relations, corporate relations. Internet communications play a fundamental role in PR-functions development. Communication on social networks creates a feeling of maximum proximity to the bank. Image management is a relevant direction of public relations in the era of digital content transparency and business globalization.

Keywords: public relations, corporate image, Internet communications


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Natalia F. Soldatova

Natalia F. Soldatova

Candidate of Economic Sciences, Associate Professor of the Department of Logistics and Marketing of the Financial University under the Government of the Russian Federation; Associate Professor, Department of Marketing, Institute of Marketing, State University of Management. E-mail:

Reputation marketing: practical experience of Russian universities


Subject/topic Russian universities are in the process of creating a higher quality of educational services and increasing the value proposition. Business reputation is a key factor for the trust formation and creates additional opportunities for the future. In recent years, processes are aimed for marketing, brand positioning and risk management procedures integrations in order to get competitive advantage. The article is devoted to the substantiation of the methodological approach in marketing management business reputation, based on marketing risks analysis.

Goals/objectives Development of methodological approaches for marketing risk management based on the analysis of the University’s business reputation in the context of international and Russian experience.

Methodology Applied research conducted by Russian and foreign scientists engaged in improving theoretical and methodological approaches to the study of corporate governance and business reputation assessment, methods of comparative analysis, systematization, classification and generalization were used.

Results/Conclusion As a result of the analysis it has to be stated that Russian universities are still facing the lack of managing reputation risks, lack of orientation towards the risk management policy reputation, lack of strategies to ensure sustainable development of higher education in general.

Keyword: business reputation, marketing risks, risk management, stakeholders for the educational services market.


Votintsev, Imakaeva (2014) – Votintsev, A. V., Imakaeva M. Y. Special events in the positioning of higher education institution: monograph [Special’nye sobytiya v pozicionirovanii vysshego uchebnogo zavedeniya: monografiya] / A. V. Votintsev, M. Y. Samakaova; FGBOU VPO “Ural state pedagogical University”. – Ekaterinburg [Ekaterinburg], 2014. – 108 p.

Gavrishin (2015) – Gavrishin K. V. A Management company’s reputation and its assessment: dissertation abstract [Upravlenie reputaciej kompanii i ee ocenka: avtoreferat dissertaciya]/ Gavrishin K. V.; [a protection Place: S.-peterb. State. Univ of economy and Finance]. – Saint-Petersburg [Sankt-Peterburg], 2015. – 120 p

Leonhardt (2012) – Leonhardt V. A. Marketing Management branch of the University in the market of business education: abstract of thesis / leohardt of W. A. [Place of defense: FEDERAL state budget institution “Penza state University”]-Penza, 2012-250C.

Malakhov (2015) – Malakhov V. F. Management of the process of formation and development of the reputation of the modern Russian organizations: author’s abstract dissertation / Malakhov V. F., [Place of defense: Moscow, Mosk. State.Univ they. M. V. Lomonosov] Moscow, 2015-204с.

Pankrukhin (2015) – Pankrukhin A. P. The Marketing of educational services in higher and further education. Tutorial / A. P. Pankrukhin. – M: Interpraks [Interpraks], 2015. 240 p.

Pestrikov (2014) – Pestrikov S. A. Improvement of management of the reputational risk of the organisation: the abstract of thesis [Sovershenstvovanie upravleniya reputacionnymi riskami organizacii: avtoreferat dissertaciya] / Pestrikov S. A. [Place of defense: Ekaterinburg, Institute of Economics, UB RAS]-Ekaterinburg, 2014.-179 C.

Pudovkin (2019) – Pudovkin V. V. Brand as an indicator of the effectiveness of University management [Brend kak pokazatel’ effektivnosti upravleniya vuzom]// Innovative economy: proceedings of the VI Intern. scientific. Conf. (Kazan, June 2019); [under the editorship of I. G. Akhmetov and others]. — Kazan, a Young scientist [Molodoj uchenyj], 2019. — 36 p.

Rick van Sant (2014) – Rick van Sant. Defined a world-class University // Materials of the seminar-conference “the Project of increase of competitiveness of leading Russian universities [Opredelyaem vuz mirovogo klassa // Materialy seminara-konferencii «Proekt povysheniya konkurentosposobnosti vedushchih rossijskih universitetov]- Moscow-2014, issue 1 p. 50-56.

Sorokina (2017) – Sorokina, N. E. On the question of loyalty of students to the University in professional and vocational teacher education: proceedings of the 22nd International scientific-practical conference, 18-20 April 2017, Ekaterinburg / Rus. GOS. prof.-PED. Univ. of Illinois – Ekaterinburg : Publishing house of rgppu [Izdatel’stvo RGPPU], 2017. – S. 589-590.


Nadezhda V. Rebrikova

Nadezhda V. Rebrikova, PhD in Economics, associate Professor «Department of Personnel Management and Psychology», “Financial University under the Government of the Russian Federation”, Moscow. E-mail:

Companie’s personnel management innovations


Subject/topic Application of innovations in the company makes it possible to develop and promptly make adjustments to the strategy of activity. At this stage, the topic is relevant, as a clear innovation policy in personnel management is formed in large companies. Medium and small companies have little to do with the issue of innovation in personnel management, preferring certain elements of traditional methods and approaches, which reduces employee motivation and performance.

Goals/tasks To identify the need of innovations in the personnel management development. The objectives of the study: to review and analyze foreign and domestic sources of literature, to consider the concept of innovation and its features and advantages, to identify the need for innovation in personnel management, conduct an expert survey of innovations in personnel management.

Methodology The work is based on personnel management theoretical development issues. Validity is described using general scientific analysis methods. Conclusions are developed as a result of abstract-logical, analytical, expert methods.

Results/conclusions The theoretical significance of the study is – generalization and highlighting the main advantages of using innovation in personnel management. The practical significance is – HR managers will create opportunities for employeers development along with personal management innovations implementations.

Keywords: innovation, modern technology, personnel management, creative thinking, talent management


Medynsky V. (2007) – Innovation management[Innovation management]. Moscow: INFRA-M [INFRA-M], 295.

Golyanich V., Kudryavtseva E. (2013) – Innovative technologies in personnel management [innovative technologies in personnel management]. Management Consulting [Management Consulting], No. 2 (50), 5-16.

Kosharnaya g., Mamaev L. (2006) – Innovative personnel management [Innovative personnel management]. Penza: Penza University Press [Penza University Press], 162.

Okkel S. (2011) – Headhunting as a direction of investment activity of the company[headhunting as a direction of investment activity of the company]. Russian Entrepreneurship [Russian Entrepreneurship], No. 3 (180), 82-86.

Bazarov T. (2018) technology center staff assessment: processes and results [technology center staff assessment: processes and results]. Moscow: Knorus [Knorus], 304.

Dolzhenko R. (2013) – Innovation in the personnel management system of the organization [innovation in the personnel management system of the organization.]. Bulletin of the Altai State Agrarian University [Bulletin of the Altai State Agrarian University], No. 1, 149-153.

Clutterbuck D. (2012) – The talent wave: Why succession planning fails and what to do about it? [The talent wave: Why succession planning fails and what to do about it?] / David Clutterbuck. — Kogan Page [Kogan Page], 2012


Tatiana E. Klenina

Tatiana E. Klenina

Student of the Faculty of Accounting, Analysis and Auditing at Financial University under the Government of the Russian Federation


Chan Thi Ngok An

Chan Thi Ngok An

Student of the Faculty of Accounting, Analysis and Auditing at Financial University under the Government of the Russian Federation


Audit and RPA


Subject/ Topic This article is aimed at revealing the topic of audit robots. It shows the advantages, disadvantages and risks that exist in the auditing automation. The article explains what RPA technology imeans and what kind of audit-related platform operates in Russia.

Goals/Objectives The question is open: what is a better person or robot and expresses one’s own opinion. This is the goal of this work, to find out what is more promising for our modern society, how it will be more convenient to work and what will be faster and more profitable, since the role of innovation in our country is increasing every day, and their effectiveness is also increasing.

Methodology Facts in the numbers of organizations implementing this technology and their plans for the future based on a study by the Moscow Department of Information Technology and the authors of the ICT.Moscow project.

Conclusion The question “robot or human?” cannot be answered specifically. Robots won’t be able to replace auditors completely, but we don’t even know what awaits us in the future, and what if technology will make such progress that the robot can think comprehensively and creatively

Keywords: robotization, automation, audit, RPA, robotization of business processes, implementation.


The official site of AWACOR [Ophisial’ni sait AWACOR] [in Russian]

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Amerslanova (2019) – Amerslanova A.N. The influence of the internal control system of the audit organization on the effectiveness of its activities [Vliyaniya sistemi vnutreneva kontrolya auditorskoi organizasii na ephektivnost’ yeyo deyatel’nocti]// Economics and Management: Problems, Solutions.[Еkonomika I upravlenhiye: problem, reshenhiya] – 2019. – No. 9. – S. 14-18 [in Russian].

Shakhovsky (2016) – Shakhovsky R.A. Barriers to the development of small innovative enterprises [Bar’eri razvitiya malikh innovasiya predpriyati]// Bulletin of SamGUPS. [Vesnhik SamGups] – 2016. – No. 1 (31). – S. 67-70 [in Russian].

Makarova, Leushina (2014) – Makarova L.M., Leushina E.V. Automation of audit activity as a tool to improve the level of quality of services provided in the field of audit [Avtomatizasia auditorskoi deyatel’nosti kak instrument povishenya urovnha kachestva uslug, predstavlyaemikh v oblyasti audita] // Young Scientist.[Molodoi ucheni] – 2014. – No. 1. – S. 383-385 - (accessed: 11/14/2019) [in Russian].

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Aidana T. Dushebaeva

Aidana T. Dushebaeva, bachelor of Economics, Department of management, Financial University under the Government of the Russian Federation, Moscow, Russia, E-mail:

Maryam M. Ilyasova

Maryam M. Ilyasova, bachelor of Economics, Department of management, Financial University under the Government of the Russian Federation, Moscow, Russia, E-mail:

Exogenous and endogenous factors influencing financial & economic enterprise activity


Subject/Topic The organization’s financial and economic activities are assumed to be subject to negative exogenous and endogenous factors.

The properties of negative impacts are falling liquidity, reduce profitability, financial instability, and increase costs.

Goals/Objectives The purpose of our work is to analyze the financial and economic condition of joint-stock companies Gazprom and OIL COMPANY ROSNEFT, listed on the Russian stock exchange. The tasks are to determine the financial stability of organizations and study methods for diagnosing the stability of the enterprise.

Methodology Analysis (a theoretical review of the scientific literature on the research problem); synthesis, thanks to which it was possible to connect the individual parts of the object into a single whole (accounting and economic analysis of holdings); comparative analysis, which allowed us to compare two companies.

Conclusion and Relevance This paper presents a companie’s financial analysis and diagnostics. Based on this diagnostic method, relationships between indexes has to be identified. This identification and evaluation, leads to the identification of tasks that should be solved first. In this situation, to change the current situation, you need to have an idea about the tools and how much impact is needed for positive changes.

Keywords: economic analysis, diagnostics, financial stability, oil and gas companies, Finance, accounting reports, Russian business.


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Didigov (2018) – Didigov D. R. Methodological approach to assessing the financial stability of a credit organization as a factor of a “healthy” financial structure of the organization // Russian entrepreneurship, 2018

Skipin, Bystrova, Kutyreva, Trufanova (2017) – Skipin D. L., Bystrova A. N., Kutyreva E. V., Trufanova K. N. Corporate fraud: the essence, risks and impact on business economic security // Russian entrepreneurship, 2017

Bakanov, Sheremet (2012) – Bakanov M. I., Sheremet A.D. Theory of economic analysis: Textbook. 4th ed., add. and pererab. M.: Finance and statistics, 2012

Dontsova, Nikiforova (2014) – Dontsova L. V., Nikiforova N. A. Analysis of financial statements: Textbook-6th ed., reprint. and add. – M.: publishing house “Business and Service”, 2014


Anna A. Aseeva

Anna A. Aseeva, Bachelor of Economics, Faculty of International Economic Relations, Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:

Valeria A. Gvozdeva

Valeria A. Gvozdeva, Bachelor of Economics, Faculty of International Economic Relations, Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:

Analysis and evaluation of the Company's investment


Subject/ Topic Modern innovations and product improvement are always needed and of great necessity. Investment activity is a key for updating the fixed capital and increasing the innovative potential, so the importance of analyzing main indicators has recently increased.

Goals/Objectives The purpose of this research is to study the theoretical foundations of investment activity, as well as to analyze investment activity on the practical level.

Methodology In this work, we used such methods as analysis, synthesis and comparative analysis.

Conclusion Investments are an essential part of the modern economy. Investments play an important role when company is expanding, updating, developing new technologies and introducing them into production. There are some problems with the investment climate in Russia, solution of which will increase business activity, the efficiency of projects, develop innovations and ensure economic growth. The decline in the activity and attraction of investments in the construction sector, which was once one of the leaders of investment, significantly affected the company The analysis showed that on the management level it is worth improving such indicators as investment coverage, financial independence and absolute liquidity.

Keywords: enterprise, investment, investment activity, investment policy, efficiency, construction


Federal law of 25.02.1999 N 39-FZ (ed. from 02.08.2019) “On investment activities in the Russian Federation carried out in the form of capital investments”) [Federal’nyj zakon ot 25.02.1999 N 39-FZ (red. ot 02.08.2019) “Ob investicionnoj deyatel’nosti v Rossijskoj Federacii, osushchestvlyaemoj v forme kapital’nyh vlozhenij”)]

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Business climate in construction in the first quarter of 2020 [Delovoj klimat v stroitel’stve v I kvartale 2020 goda]. – M.: NIU VSHE, 2020. – 16 s. // URL: /357527741.pdf

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Press service of the Governor of the Moscow region. Moscow region and Renaissance construction signed an agreement to attract extra-budgetary investments [Press-sluzhba gubernatora Moskovskoj oblasti. Podmoskov’e i «Renejssans Konstrakshn» podpisali soglashenie o privlechenii vnebyudzhetnyh investicij.] // URL:

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Kupriyanova, Petrusevich (2014) – Kupriyanova L.M., Petrusevich T.V. Analysis of cash flows and their impact on the results of the organization. [Analiz denezhnyh potokov i ih vliyanie na rezul’taty deyatel’nosti organizacii] Economy. Business. Banks. [Ekonomika. Biznes. Banki.] 2014. No. S3. S. 112-128.

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