Economy Buisness Banks №3(8)




Victor G. Getman

Doctor of Economics, Professor, Honored worker of science and Education of the Russian Federation, Chairman of Department of Accounting In commercial organizations the Finance University under the Government of the Russian Federation, Moscow (E-mail:

National business in Russia: its support and improvement of the legal framework


In a published article contains an analysis and critical appraisal of the individual provisions of the draft federal law “on the status of national business in the Russian Federation”. Proposals for further improvement of the legislation in this field. Considered appropriate to restore the rights of the “depreciation of fixed assets on their overhaul for economic agents, regardless of their form of ownership; the depreciation rules set in the same order as the depreciation rates for renovation of fixed assets for tax accounting purposes, using the accumulated amount only for major repairs of fixed assets as a steady source of financing of the enterprise for the purpose of major repairs of fixed assets.

Keywords: national business in Russia; the action; authorized capital; the refinancing rate; productive capacity; sinking fund and its proper use.


1. Draft Federal Act No. 371173-6 “On the status of national business in the Russian Federation”

2. E. Donskich, O. Korobitsynf “The year 2013 -again plus 30%! (Price’s basket was a third heavier)”arguments and facts, 2014, # 1-2

3. Guidance on good practices in corporate governance disclosure, UN, New York and Geneva, 2006


Vera A. Shepeliuk

senior lecturer, Department of accounting and auditing At the National University of Krivoy Rog, Ukraine (Email:

Business and its social responsibility


This article focuses on the issues of effectiveness of the implementation of corporate social responsibility activities and improve its organization in order to protect the rights of corporate shareholders

Keywords: social responsibility, corporation, corporate, CSR (corporate social responsibility).




Lyudmila M. Kupriyanova

Candidate of economic sciences, Associate Professor, Associate Professor of Department of economic analysis The Finance University under the Government of the Russian Federation, Moscow (E-mail:

Olga N. Efimova

Assistant Professor Of Department of microeconomics The Finance University under the Government of the Russian Federation, Moscow (e-mail:


Information society: the modern stage of development of the new economy


The article is concerned with post-industrial stage of world market development — that of information economy with its growing role of information and technology in the society — and details the market instruments and underlines the effectiveness of data distribution among market players thanks to electronic means of data processing and exchange. The authors assess new economic relations of the Internet economy in global information and telecommunication web. It is concluded that user advantages are growing and the competition environment is forming, the means providing the swiftness and transparency of economic information appear and market mechanics efficiency is increasing. The accelerated development of information society in Russia depends on consistent cheapening of IT-services and competitive rise of the quality of communication operators’ and equipment suppliers’ services. Analyzed is the role of Russian government in the informatization of society. The article validates the necessity to mobilize substantial resources to develop ICT in regions and coordinated reforms on federal level.

Keywords: information & communication technologies (ICT), informatization, government services, transparency, Internet economy, Internet advertisement, banking, Internet-investments


1. Decree of the President of the Russian Federation dated 30/06/2012 #918 “On the Office of the President of the Russian Federation on the use of information technologies and the development of e-democracy // Collected legislation of RF. 09.07.2012. #28. Art.3881.

2. Resolution of the Government of the Russian Federation from 06.02.2010 #60 “On the Government Commission on introduction of information technologies in the work of State bodies and bodies of local self-government”//Collected legislation of The Russian Federation #7. Art.760. “Consultantplus».

3. The concept of optimizing the structure and functions of the federal Treasury: approved by the decision of Board of the federal Treasury 27.10.2010 // URL: optimizatsiya-struktury-i-funktsiy-federalnogo-kaznacheystva.

4. Information society (2011-2020), the State programme for the Russian Federation, Russian Federation Government Decree 20/10/2010 # 1815-r.

5. Strategy for information society development in Russia for the period up to 2015. Approved By The President Of The Russian Federation.

6. Informatization of population as a factor in the improved quality of life. Materials of the international scientifically-practical Conference. — Ryazan; Ryazan Institute of Economics-Branch of the St. Petersburg University of management and economics. The Government of the Ryazan region. Institute of socio-economic population problems of RAS, 2013.

7. Romanov A.N. information systems in economy: Stud. allowance (VULTURE). A.n. Romanov, Boris Odintsova. 2nd ed., third. and revised. M. High school textbook, 2009.

8. The dissertation on competition of a scientific degree of the candidate of sociological Sciences of informatization of the society in Russia: the principles and specifics, Ûškina I.v., Moscow, 2011.

9. An analysis of the development and use of ICTs in the constituent entities of the Russian Federation. Analytical report. -М.: Institute of the information society, 2008.

10. Kolosova O.Yu. information society: socio-economic aspect/O. Kolosova//information and communication space and man: proceedings of the third international. scientific-practical Conference 15-16 April 2012. London-Moscow-Vitebsk. Scientific publishing center “Soziosfera”, 2012.

11. Official statistics. Science, innovation and the information society/official website of the Federal State statistics service // URL:

12. Official site of the Russian Federation on the Internet for information about placing orders for the supply of goods, works and services // URL:

13. O.V. Ivannikova, E. Mihajlova, G.A. Rudneva “Treasury solutions at the service of society” // URL:




Juraj Sıpko

Associate professor, Ing. Juraj Sipko, PhD, MBA, Vice-dean of the Faculty of Economics and Business of the Pan-European University, Bratislava, Slovakia (E-mail:

Antonıa Ficova

post doctorate student, Faculty of Economics and business of the Pan-European University, Bratislava, Slovakia (E-mail:

Sovereign Wealth Funds: Analysis of asset allocations and their returns


This paper mainly analyzes current portfolios of Sovereign Wealth Funds. First, we categorize assets into four classes as follows: alternative assets, fixed income, cash and public equties. Second, we provide comparisons of portfolios of 14 observed funds. Third, we find differences in investments across funds. Moreover, this is illustrated by comparing asset allocations and returns in 2013. The paper also determines whether an increase in returns of the 14 observed funds in 2013 is statistically significant and whether that could be as a result of the selected funds. In this regard, we examine if the variance of file Z of 14 observed funds in 2013 and the variance of file Y of observed 12 funds in 2010 is significant.

Keywords: Sovereign Wealth Fund, Asset Allocation, Return


1. Al-Hassan, A. — Papaioannou, M. G. — Skancke, M. — Sung, Ch. Ch., (2013), „Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management“, IMF Working Paper No. 13/231

2. Balding, Ch. (2008), “A Portfolio Analysis Of Sovereign Wealth Funds Sovereign Wealth Funds”, University of California, Irvine

3. Beck, R. — Fidora, M. (2008), „The impact of sovereign wealth funds on global financial markets“, ECB Occasional paper series No 91/July 2008

4. Blundell-Wignall, A., Yu-Wei Hu — Yermo, J., (2008) „Sovereign Wealth and Pension Fund Issues“

5. Bodie, Z. — Briere, M., (2013) „Optimal Asset Allocation for Sovereign Wealth Funds: Theory and Practice“, Boston U. School of Management Research Paper #2013-11

6. Brown, A. — Papaioannou, M. — Petrova, I. (2010), “Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based SWF´s”, IMF Working Paper WP/10/9:32

7. Gelb, A. — Tordo, S. — Halland, H. — Arfaa, N. — Smith, G., (2014), „Sovereign Wealth Funds and Long-Term Development Finance: Risks and Opportunities“, World Bank Policy Research Working Paper #6776.

8. Gilligan, G. — O’Brien, J. — Bowman, M., (2014), „Sovereign Wealth Funds: The Good Guy Investment Actors? “ CIFR Paper #. 021/2014

9. Johan, S. — Knill, A. M. — Mauck, N., (2012), Determinants of Sovereign Wealth Fund Investment in Private Equity versus Public Equity“

10. Kunzel, P.- Lu, Y. — Petrova, I. — Pihlman, J. (2011), “Investment Objectives of Sovereign Wealth Funds — A Shifting Paradigm”, IMF, Working Papers, WP/11/19:17

11. Miracky, W.- Bortolotti, B. (2009), “Weathering the Storm” Fondazione Eni Enrico Mattei, Monitor Group, SWF Annual Report 2008

12. Monk, A.H.B. (2009), “Recasting the Sovereign Wealth Fund Debate: Trust, Legitimacy, and Governance”, University of Oxford


Tamara M. Orlova

Doctor of Economics, Professor, Vice-dean of the Faculty of Economics and business of the Pan-European University, Bratislava, Slovakia (E-mail:

Innovation: in search of management models


The article discusses the theoretical and methodological foundations of innovation management as a process. According to the author, transform itself functionally and structurally modern organizations would help the transition from strictly deterministic multilevel hierarchy based on the upright administration, to flexible innovation model based on horizontal relations

Keywords: innovation, the Organization innovation, culture of innovation, horizontal linkages.


1. A.I. Nikolaev, Lisin B.K. Innovation culture as culture change//innovation. 2002. #. 2—3. — S. 85-87.

2. Innovation 2010. A return to Prominence — and the Emergence of a New World Order. BCG April 2010.

3. Milner В.Z., Orlova Т.М. The Organization of Innovation: Horizontal Communication and Management. Moscow: INFRA—M. 2013. S.37—46.

4. Innovative development in Russia: problems and solutions. Monograph. M.: ANKIL, 2013. P. 701-713.

5. Kovalev G.D. Innovative communications: Tutorial. -M.: UNITI-DANA, 2000. S. 7.

6. Jack Welch, John Byrne. Jack. My years at GE. 2-nd Edition. M.: “Mann, Ivanov and Farber”, 2007.

7. — Transcript of a public lecture by a. Neklessy, “a new intellectual class” [Date of access: 21.10.2013].


Lyudmila M. Kupriyanova

Analysis of the present condition and prospects of development of franchising


Article is devoted to the study of the problems and prospects of development of franchising, stages and factors in the formation and development of franchise form of doing business. The emphasis placed on the need for analysis of development trends in the business through franchising, analysis and evaluation of the system of franchising, franchisor and franchisee relationships, interaction of the elements of the franchise system. Recommended criteria to assess the franchisor’s financial situation: the franchisor’s franchise system, development strategy, the competitive advantages of the franchisor and franchise, etc.; to assess the attractiveness of the franchise-franchisees: evaluation criteria overall satisfaction of doing business in the franchise, business profitability, etc.; evaluating a franchise trade enterprise, it is recommended to take into account: the innovative potential of material resources-main and current assets; brain power-management resources, intangible assets (the concept of business development, marketing resources, trade, technology, etc.) and human resources.

Keywords: franchising, franchisor, franchisee, franchising, franchise program, the system of franchising, the franchisor’s plan, informal conditions, criteria for evaluating a franchisor, franchisee, franchising criteria form the business model of effectiveness.


1. Murray I. Franchising: [translation from English to Lyubimov]. Publishing House «Piter». 2004. 144s.

2. Bezrukova T.L., Shanin I., Romanova A.T. is Russia franchising? International Journal of applied and fundamental research. — 2013. #7 p. 66-68.

3. Zaika I.T., Smolentsev V.M. problems of development and to ensure the quality of franchised programmes//journal KubGAU. 2013. # 88 (04) p. 18-23 [electronic resource]. Access:

4. The official website of the consulting agency “Rosbusinessconsulting” // [electronic resource]. Access:

5. Yuri Mykhaylychenko. Franchising: an effective mechanism of entrepreneurial development. М. RAF, 2012.

6. Makoviychuk O.V. Accounting and legal regulation of franchising operations // Economy. Business. Banks. 2014 # 2 (7). P. 63-73.

7. The Russian Agency of small and medium business support [electronic resource]. —Access:




Nina V. Ovsuyk

the candidate of pedagogical science Of Vinnytsia Institute of Trade and Economy the branch Of the Kyiv University of Trade and Economy Ukraine, Vinnytsa (Email:

Incentive payments to staff in the remuneration of staff companies


The article deals with incentives for personnel of enterprises, which is carried out using material payments constituting remuneration (fixed and variable components of wages), bonuses, allowances and compensation, as well as other benefits, which are composed of social benefits, bonuses, employee participation in company profits, etc.). Specified guaranteed optimal ratio and a variable wage at which the capacity of internal staff motivation towards improving employee performance. The basic principles underlying the basis for the formation and application of the system of remuneration and incentives. The author analyses the facts that influence on achievement of strategic aims of enterprise connected with increasing of income level of income and points one of the most important factors — the of effective system of reward for a staff. As a result of research defined for effective stimulation of work it’s necessary such organization of system of stimulation for workers which gives the possibility to unite the achievement of high results in activity of enterprise with optimum expenses for fulfillment of formulated aim.

Keywords: labor remuneration, wages, bonuses, allowances, additional payments, staff rewards.


1. Bokovnia A.E. Motivation is the basis of human resource management (theory and practice of organizational motivating environment and creating a unified system of motivation of the company). М.: infra-m, 2011. -144s. (scientific thought)

2. Dmytrenko G.A., Zeinel E.A., Maksimenko T.M. Motivation and appraisal of staff: Stud. allowance. K.: AIDP, 2002. 248p.

3. Evdovickij D.A. Staff remuneration: management, accounting, economic analysis: Stud. Manual for university students, student on speciality 080109 “accounting, analysis and audit”, “Finance and credit” 080105 /D. A. Evdovickiy, L. A. Vostrikov. M.: UNITI-Dana, 2007. P.303

4. Motivation/d. Diprouz; [translation from English]. М.: Cambridge University Press, 2008. 256 s.


Inna A. Lukashkova

Applicant Vinnitsa Finance and Economics University Vinnitsa (E-Mail:

Improving the performance of corporate information systems for accounting of corporate rights


The article studied that corporate information system is considered directly from the three main points of view, however, for accounting purposes systematized the main features of corporate information systems

Keywords: corporate information system, corporate law.


1. Aseev G. Methodology corporate document management: procedures and requirements to them. Aseev//Bulletin of book Chamber. 2006. #9. pp. 26-30.

2. Information management system of corporations [Electronic resource] // Access mode: informatika/informatsiyni_sistemi_upravlinnya_korporatsiyami.

3. Kondratyuk О.М. Globalization of the world economy and its impact on the development of accounting corporations/O.M. Kondratyuk//Vestnik ŽDTU, series: Economical science. 2012. #4(62). pp. 117-121.

4. Kornev O.V. Corporate information systems [Electronic resource] // Access mode:

5. Lìtnarovič R.M. Platform of corporate information systems // Course lekcij. MEGU. Rivne. 2012. p130.




Svyatoslav A. Dmitrenko

Bachelor degree in Economics, Student of Department “Economic analysis” The Finance University under the Government Of the Russian Federation, Moscow (Е-mail:

Some aspects of the “accelerated” business process analysis techniques in enterprises


This work presents the main aspects of the accelerated methods of business analysis based on the study of the points on the methodology and practice in Russia. Also there is discussed negative and positive aspects of this method with regard to the requirements of stakeholders.

Keywords: stakeholder, index, business analysis, business process, notation, model


1. Barilenko V.I. Fundamentals of Business — Analysis: Tutorial / VI Barilenko V.V. Berdnikov [etc.]; ed. V.I. Barilenko. — M.: Knorus. 2014. 272p. (Masters).

2. Process approach to management. Business process modeling. V.V. Repin, V.E. Eliferov. M.: Mann, Ivanov and Ferber, 2013. 165p.

3. Business processes. Modeling, implementation and management. V.V.Repin. M.: Mann, Ivanov and Ferber, 2014. 108p.

4. A pragmatic guide to business process modeling. Jon Holt, BCS-IIBA. 2010. 48p.

5. Berdnikov V.V., Gavell O. Development of analytical procedures in the assessment and monitoring of innovation and investment projects // Economics.Business.Banks. 2013. #1. P. 63 — 77

6. Analytical support of integrated approach to performance evaluation of small business enterprises. Kupriyanova Lyudmila M. //Economics. Business. Banks. 2013. Volume 4. P. 67 — 81

7. Gavell Olga. The use of bench-marking as a tool for assessing the competitiveness of business models// Economics.Business.Banks. 2014 #2(7) — P. 37-49.

8. Chapter III. Support and crediting of the innovative small enterprises in Russia: development, problems and ways of their incoming. Kupriyanova L., Sokolinskaya N. Economy. Business. Banks. 2013. Vol. 1. P. 50—71.


Anna V. Popudribko

Student of Faculty «International Economic Relations» The Finance University under the Government Of the Russian Federation, Moscow (E-mail:

History of money and its role in the economy


This article is devoted to the topic of development of money and their role in the Russian and world economy. The choice of a subject of article is caused, first of all, by its relevance, because money is the most important component of production of goods, which in its turn causes development of the monetary relations. More than that money forms base for many economic relations, making basis of market economy. Pledge of stable economy and economic growth is effectively functioning monetary system. An improvement of the commodity relations serves as a factor of development of monetary system, because increase of their level of a maturity involves development of money.

Keywords: full-fledged and defective money, gold standard, credit money, capital, barter, redistribution of the national income, pricing.


1. Economy. Gryaznova A.G., Dumnaya N.N. Intelligence Center. 2010.

2. Economic theory. Nosova S.S. M. 2008.

3. Economy. Borisov E.F. M.: 2012.

4. Money, credit, banks. Express course. Under the editorship of Lavrushin O.I.T4 prod. I erased. M. Knorus, 2010.

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6. Zhukov E.F. Zelenkova N.M., Litvinenko L. T. Money. Credit. Banks. The textbook for higher education institutions. M. 2007.

7. Kuznetsova E.I. Money, credit banks. M. 2007.

8. Shchegoleva N G., Vasilyev A.I. Money and monetary circulation. M. 2007.

9. Edwin Dzh. Dolan, Colin D. Campbell, Rosemarie Dzh. Campbell. Money, banking and monetary policy. M. 2007.

10. Economic theory. Sazhina M. A. Chibrikov G.G. 2007. 2 prod.

11. Economic theory. P.1. Introduction in economy. Microeconomics. Gerasimov B. I. Kosov N. S. Drobysheva V. V. Etc. TGTU; 2009

12. Economy. V.I. Joiners 2010.


Azaliya M. Nekhorosheva

Student of the International Economic Relations faculty The Finance University under the Government of the Russian Federation, Moscow (E-mail:

Development of the pharmaceutical market


The article is devoted to the study of different management options, the competitiveness of enterprises in the Russian pharmaceutical companies, analysis of the domestic pharmaceutical market, study the concepts of competition, competitiveness and the competitive advantages, as well as a review of the leading pharmaceutical companies in order to identify competitive advantages of these companies and determine the specific methods of competitiveness management. We investigated the activities of firms of different sizes, the starting positions, achievements, to confirm that a wide range of firms on the market involves a variety of methods of competitiveness management.

Keywords: competitiveness, control of competitiveness, competitive advantages, global pharmaceutical market, leaders of the Russian pharmaceutical market, ways of the control of competitiveness