Digest Finance最新文献

{"title":"Inflation targeting regime in the Russian economy","authors":"V. V. Smirnov","doi":"10.24891/df.29.1.34","DOIUrl":"https://doi.org/10.24891/df.29.1.34","url":null,"abstract":"Subject. This article discusses the issues related to the inflation targeting regime in the Russian economy.\u0000Objectives. The article aims to assess the impact of the inflation targeting regime on the Russian economy.\u0000Methods. For the study, I used analysis and synthesis, special economic and mathematical methods, correlation and regression analysis, and the graphical method.\u0000Results. The article covers the impact of the inflation targeting regime on the Russian economy in the context of numerous aspects and positions. It reveals that the inflation targeting regime for the Russian economy causes the depreciation of ruble liabilities, increasing the requirements for guarantees of their high profitability.\u0000Conclusions. The impact of the inflation targeting regime on the Russian economy, which is ultimately expressed in the depreciation of ruble liabilities and the devaluation of the ruble, in the context of a decrease in the gold content of the average monthly nominal accrued wages of employees in a full range of organizations, informs the authorities about the possibilities of stimulating the growth and development of the Russian economy.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"135 43","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140369482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Priority National Project – Healthcare: Financing, challenges, trends","authors":"Yu.V. Zhil'tsova, Diana V. Derevyagina","doi":"10.24891/df.29.1.14","DOIUrl":"https://doi.org/10.24891/df.29.1.14","url":null,"abstract":"Subject. This article discusses the problems of financing Russian healthcare and those related to the achievement of the targets of the specialized National Project Healthcare in 2024.\u0000Objectives. Based on the study of the Federal budget structure over time, as well as the results achieved within the framework of the implementation of the National Project Healthcare and the opinions of members of the Government of the Russian Federation, the article aims to find the main trend and the main problems of government financing of the industry.\u0000Methods. For the study, we used the historical method, analysis, systematization, and forecasting.\u0000Results. The article finds that the reduction in the budgets of national and federal projects related to healthcare in recent years is caused by objective reasons, but the paradigm of access to high-quality medical care for every Russian not only remains unchanged, but also receives proper government funding and high-quality development in accordance with the needs of modern society.\u0000Conclusions and Relevance. The problem of the lack of public sources to finance Russian healthcare has existed for a long time and, therefore, is not unexpected. In 2024, a budget sequestration is planned in conditions when at the end of 2023 the actual budget deficit exceeded the planned figure. In the context of the trend towards a decrease in public funding and taking into account the fact that 2024 is the year of the end of the National Project Healthcare, the achievement of the planned social development goals is at risk. The results of the study can be applied in the educational environment of higher education, in the scientific field, as well as for the development of new tools of government social and budgetary policies.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140372381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The main approaches to valuation of the equity capital of oil and gas companies","authors":"O. V. Shimko","doi":"10.24891/df.29.1.4","DOIUrl":"https://doi.org/10.24891/df.29.1.4","url":null,"abstract":"Subject. This article analyzes the generally accepted approaches to assessing the value of companies on the basis of financial statements data of ExxonMobil, Chevron, ConocoPhillips, Occidental Petroleum, Devon Energy, Anadarko Petroleum, EOG Resources, Apache, Marathon Oil, Imperial Oil, Suncor Energy, Husky Energy, Canadian Natural Resources, Royal Dutch Shell, BP, TOTAL, Eni, Equinor (Statoil), PetroChina, Sinopec, CNOOC, Petrobras, PJSC Gazprom, PJSC NK Rosneft and PJSC LUKOIL for 1999–2018.\u0000Objectives. The article aims to determine the specifics of using the methods of cost, income and comparative approaches in assessing the value of share capital of oil and gas companies.\u0000Methods. For the study, I used the methods of comparative, and financial and economic analyses, and financial reporting data summarizing.\u0000Results. The article finds that the cost approach is quite time-consuming, and it does not take into account the current market situation and future expectations of investors, but is based on financial information. Leading oil and gas corporations have a rather complex vertical and horizontal structure, so the cost approach is acceptable for assessing the minimum cost of small companies in the industry. The income approach takes into account the interests of investors, but its application complicates the reliability of medium-term forecasts for oil prices, which is caused by fluctuations in oil prices inherent in the industry. And the amount of net income and free cash flow in the industry largely depends on oil prices. The comparative approach does not take into account the future interests of investors, but it helps quickly determine the range of possible value of the corporation based on data on transactions and the current market situation. Thus, the analogue company method helps evaluate the cost of equity capital, and the transaction method provides insight into the level of premium for control characteristic of the industry.\u0000Conclusions and Relevance. Each of the standard approaches has its own characteristic advantages and disadvantages when assessing the value of oil and gas companies. The findings can be used to appraise the value of oil and gas assets.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"70 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140368603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Statement of financial position as an information base for financial and economic examination in Russia and Mongolia","authors":"S. Kozmenkova, Umirgul Igilik","doi":"10.24891/df.29.1.57","DOIUrl":"https://doi.org/10.24891/df.29.1.57","url":null,"abstract":"Subject. This article analyzes the composition and structure of the financial statements of Russia and the Republic of Mongolia in order to converge them in the future.\u0000Objectives. The article aims to study the structure and content of the balance sheets in Mongolia and Russia as an information base for financial and economic examination.\u0000Methods. For the study, we used analysis, synthesis, systematization, and generalization.\u0000Conclusions and Relevance. Based on the research, the article reveals that both in Russia and in Mongolia, the study of the balance sheet is carried out within the framework of economic examination, and the structures of the balance sheets in Mongolia and Russia are different, while the format of the balance sheets complies with IFRS (IAS 1) – Presentation of Financial Statements. Items in this form of reporting are also compliant with IFRS 1. Thus, for specialists, including expert economists from both countries, the structure and format of the balance sheet give an idea of the company's financial position. The results of the study can be applied in the theory and practice of accounting and financial reporting, financial control, financial and economic examination.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140372598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Methods of diagnosing irrational behavior of retail investors in the financial market","authors":"T. A. Popova, M. S. Khoroshilov","doi":"10.24891/df.28.4.420","DOIUrl":"https://doi.org/10.24891/df.28.4.420","url":null,"abstract":"Subject. This article examines the problem of the influence of cognitive distortions on the process of investment decision-making, as well as the development of tools for quantitative and qualitative diagnostics of the irrationality of retail investors. Objectives. The article aims to test technologies for identifying and quantifying patterns of irrational assessment of financial alternatives, as well as develop recommendations for minimizing their impact on financial markets. Methods. For the study, we used the methods of formal and logical, and mathematical and statistical analyses. Results. The article presents a set of author-developed tests that can help identify the ability of cognitive distortions to influence the process of investment decision-making. Conclusions. The application of the proposed methodology can help solve the problem of monitoring market expectations for panic moods that can have a significant impact on the changes in the financial market as a whole.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"30 25","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139148281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial and economic expert analysis when examining objective business bankruptcy: Bringing persons to subsidiary liability","authors":"S. Kozmenkova, Lidiya P. Izhnina, Irina A. Kiseleva","doi":"10.24891/df.28.4.439","DOIUrl":"https://doi.org/10.24891/df.28.4.439","url":null,"abstract":"Subject. This article discusses the issues related to the bankruptcy of organizations and the conduct of financial and economic expert examination in cases of bringing the debtor controlling persons to subsidiary liability during the investigation of the bankruptcy of organizations. Objectives. The article aims to study the peculiarities of the methodology of financial and economic expert examination as a form of application of special knowledge in cases of bringing persons controlling the debtor in the investigation of bankruptcy of organizations to subsidiary liability. Methods. For the study, we used analysis, synthesis, systematization, and generalization. Results. Based on the results of the study, the article presents the goal, subject, and also determines the types of the mentioned financial and economic expert examination. Conclusions and Relevance. The analysis of financial and economic expert examination in cases of bringing persons to subsidiary liability in the consideration of bankruptcies of organizations reveals the lack of regulated and standardized methods, which complicates the work and may raise questions among interested parties. The efficiency of the expert's work is increased with the use of programs for working with analytical tables for financial analysis, which require digitized financial statements and other information that constitutes the object of expert examination. The results of the study can be applied in the theory and practice of financial control and financial and economic expert examination.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"222 15","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139153084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Higher education in Russia: Facts and figures","authors":"Yu.V. Zhil'tsova","doi":"10.24891/df.28.4.404","DOIUrl":"https://doi.org/10.24891/df.28.4.404","url":null,"abstract":"Subject. This article focuses on the issues of development of human capital, which is the most valuable resource for any modern State. These issues are directly related to personnel sovereignty, Russia's innovative development and ensuring its national security. Objectives. The article aims to identify the trends in the development of the national institution of higher education in Russia. Methods. For the study, I used general scientific methods of analysis, synthesis, comparison, and forecasting. Results. Based on the study of changes in macroeconomic indicators, the article identifies a trend towards a decrease in interest in higher education due to a number of objective economic reasons that determine the choice of young people in favor of specialized secondary education. Conclusions and Relevance. In the light of the trend of increasing government spending, the analysis of the changes in financial indicators made it possible to draw a conclusion about the general social orientation of national projects and programmes, despite the most difficult conditions for the formation of the federal budget of Russia at present. But a difficult priority problem is a steep increase in the budgetary provision of the quantity and quality of higher education in Russia in the situation of the need to modernize it and maintain a high level of the human development index. The figures, facts, opinions and conclusions presented in the work can be used in the scientific and practical activities of specialists in the field of public finance and demography, as well as in the educational process of higher education.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"4 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139148791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Multipliers based on EBITDA and DACF as an indicator of the investment attractiveness of domestic vertically integrated oil and gas companies","authors":"O. V. Shimko","doi":"10.24891/df.28.4.362","DOIUrl":"https://doi.org/10.24891/df.28.4.362","url":null,"abstract":"Subject. This article focuses on ratios of enterprise value to EBITDA and enterprise value to DACF of the twenty five leading publicly traded oil and gas companies within 2008 through 2018. Objectives. The article aims to trace key trends in ratios of enterprise value to EBITDA and enterprise value to DACF of corporations in the oil and gas industry, as well as identify key trends in their change within the studied period and identify the factors that caused those changes. Methods. For the study, I used the methods of comparative, financial and economic analyses, summarizing financial reporting data. Results. The article finds that EV/EBITDA and EV/DACF multiples are acceptable for valuing oil and gas companies. The EV level depends on profitability, proved reserves and a country factor. It is required to adjust EBITDA for information on impairment, revaluation and write-off for assets that are reported separately from depreciation, depletion and amortization costs, as well as for income or expenses arising after the sale of fixed assets and as a result of effective court decisions or settlement agreements. It is advisable to adjust DACF for income, expenses and changes in assets and liabilities, which are caused by events that are unusual for oil and gas companies. Adjustment for interest payments can come to the fore in the DACF when the adjustment factor is significantly outside the standard range, and then it is better to limit to the EV/CF multiple. Conclusions and Relevance. The application of EV/EBITDA and EV/DACF multiples requires a detailed analysis and if necessary, adjustments of their constituent components. However, they are quite relevant in the context of declining profitability and growing debt burden in the stock market sector of the global oil and gas industry. The findings can help appraise the value of oil and gas assets as part of a comparative approach and decide on actions for raising the market capitalization of publicly traded oil and gas corporations.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139149774","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The concept of development of non-financial reporting by Belarusian business entities using graph theory","authors":"G. Vinogorov","doi":"10.24891/df.28.4.386","DOIUrl":"https://doi.org/10.24891/df.28.4.386","url":null,"abstract":"Subject. This article deals with the development of a concept of development of non-financial reporting by Belarusian business entities using graph theory. Objectives. The article aims to determine the areas of development of non-financial reporting by Belarusian business entities and develop an original concept of this reporting using graph theory. Methods. For the study, I used an integrated approach based on retrospective, systems, functional and structural analyses, observation, classification, grouping, sampling, comparison, generalization, and evolutionary analysis. Results. The article substantiates the need for Belarusian business entities to form non-financial reporting. In the Republic of Belarus, there is not a single regulatory legal act that regulates the process of introducing sustainable development reporting and integrated reporting (public non-financial reporting) into the practice of business entities. The article presents the author-designed concept for the development of non-financial reporting by Belarusian business entities using graph theory. For the first time, the Problem Tree has been developed, which is expedient to rebuild into an integrated target programme. Conclusions. The article concludes that the use of an integrated target programme in practice will undoubtedly contribute to increasing the competitiveness of Belarusian producers. It is expedient to extend these approaches to other EurAsEC member States.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"299 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139152467","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Insurance industry in the scope of sustainable development","authors":"Veronika V. Barabanova","doi":"10.24891/df.28.2.162","DOIUrl":"https://doi.org/10.24891/df.28.2.162","url":null,"abstract":"Subject. This article discusses the role of insurance sector in promoting the ESG agenda and sustainable development issue.\u0000Objectives. The article aims to determine the role of insurance in the sustainable development concept, consider the core principles of the green agenda, proposed by the UN and corresponding associations founded by it and supported in the financial sector, and review the European insurance and reinsurance companies' activities in terms of obligations arising from the sustainable insurance requirements.\u0000Methods. For the study, I used the methods of systems and comparative analyses, synthesis, and comparison.\u0000Conclusions. The insurance industry, together with other financial and non-financial institutions, supports the worldwide reduction of greenhouse gas emissions and contributes to the goal of limiting global warming to 1.5?C above pre-industrial levels. United by this target, the industry is currently moving through a voluntary regime of ESG-oriented topics to a more regulated and compulsory one that provides for more sophisticated reporting rules, disclosure, and transparency. ESG principles change insurers' risk appetite concerning both underwriting and investment aspects, making companies more sensitive to climate-related risks that, as a consequence, leads to revision of existing own risk and solvency assessments models. The path to sustainable insurance has already become visible and is performed via cut of investments from carbon-intensive industries, change of underwriting principles in terms of exit from not-green products and decrease of own emissions. At the same time, the growing awareness defines the place of climate risk in own risk and solvency assessment models.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134430110","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}