Digest Finance最新文献_第4页

To the genuine role of tourism in projects for environmental and economic areas of mountainous districts 旅游业在山区环境和经济领域项目中的真正作用

Digest Finance Pub Date : 2020-12-25 DOI: 10.24891/df.25.4.450

R. Kalov, T.Kh. Toguzaev

{"title":"To the genuine role of tourism in projects for environmental and economic areas of mountainous districts","authors":"R. Kalov, T.Kh. Toguzaev","doi":"10.24891/df.25.4.450","DOIUrl":"https://doi.org/10.24891/df.25.4.450","url":null,"abstract":"Subject. Like any other industry, tourism has its own contradictions, which, if not comprehended, will inhibit the construction of the tourism and recreation sector, which would be adequate to available resources and prevent eliminating adverse effects of such natural management as much as possible.\u0000Objectives. In this study, we contemplate on the role of the recreation sector in the socio-economic development of the Kabardino-Balkarian Republic at a new crucial point of its history when a new owner assumes the office at AO Kurort Elbrus, the main mountainous tourist complex in the Kabardino-Balkarian Republic. We examine the nature of current drastic changes in the management of AO Kurort Elbrus, conduct the economic analysis of trends in the financing activity of the company for the recent five years, and make a preliminary forecast of possible implications of changes in the ownership of Kurort Elbrus.\u0000Methods. We used the methods of statistical, predictive, logic analyses, and field study.\u0000Results. Due to the quick change in the ownership structure of the main mountainous tourist center in the Kabardino-Balkarian Republic, it is necessary to revise current processes in terms of possible implications of the analyzable case for the republican economy. Current trends in the management of the tourist center cannot be definitely evaluated. Certainly, the possibility of new financial injections into the sector may seemingly contribute to the development. However, the fact that the would-be investor chose the upper reaches of the Baksan Valley as a target for investment will ignite the controversial reaction of the mountainous community.\u0000Conclusions and Relevance. Currently, the region of Elbrus concentrates interests of legal private landlords and owners of tourist infrastructure, public property and specially protected natural areas. This is the land where contradictory functions of land overlap. The tourism authorities' decision to quickly change the owner in this environmentally and economically complicated area raise much doubt.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122179434","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}

引用次数: 0

Green finance: An uprising trend in the Russian financial market 绿色金融:俄罗斯金融市场的崛起趋势

Digest Finance Pub Date : 2020-12-25 DOI: 10.24891/df.25.4.462

N. E. Annenskaya, A. A. NAZAR'YANTS

{"title":"Green finance: An uprising trend in the Russian financial market","authors":"N. E. Annenskaya, A. A. NAZAR'YANTS","doi":"10.24891/df.25.4.462","DOIUrl":"https://doi.org/10.24891/df.25.4.462","url":null,"abstract":"Subject. The article discusses international stock exchanges, which concentrate deals with green investment instruments, which constitute green finance as a very popular and promising segment in advanced economies. We observe how green finance develop in the Moscow Exchange.\u0000Objectives. The study reveals trends seen in the Russian and foreign green finance markets. We formulate our recommendations for revising the existing approaches and adapting regulatory documents.\u0000Methods. The study is based on the methods of analysis and synthesis, comparative analysis and matching, and a graphical method.\u0000Results. Having analyzed the international practices, we discovered that the Russian green investment market lagged behind the global trend in terms of capitalization, the number of instruments and regulatory regulation. However, environmental cases recorded in 2020 will accelerate the implementation of green investment principles. The global green investment market is just at its infancy. Notwithstanding a shortage of instruments, it is actively growing and evolving. Although the regulatory framework is yet underdeveloped in terms of green finance, the market actors actively implement ESG-principles in their corporate structure and use risk assessment models. Investors choose investees more thoroughly and responsibly. The Russian market lacks an underdeveloped regulatory framework, notwithstanding attempts to adapt the effective regulatory documents to purposes of green finance, and create new regulations.\u0000Conclusions and Relevance. Administrative and economic actions we propose, such as the establishment of self-regulatory organizations for green investment, distribution of risk through the mutual fund of industrial organizations, will contribute to the effective emergence of ESG principles in the Russian market. Legislative recommendations can be used by public authorities and the megaregulator in order to adapt foreign practices to Russia.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121650598","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}

引用次数: 5

The use of revenue-based multipliers for the appraisal of oil and gas companies 使用基于收入的乘数对石油和天然气公司进行评估

Digest Finance Pub Date : 2020-12-25 DOI: 10.24891/df.25.4.387

O. V. Shimko

{"title":"The use of revenue-based multipliers for the appraisal of oil and gas companies","authors":"O. V. Shimko","doi":"10.24891/df.25.4.387","DOIUrl":"https://doi.org/10.24891/df.25.4.387","url":null,"abstract":"Subject. The article focuses on ratios of the market capitalization and corporate value to revenue of the twenty five leading public companies in the oil and gas sector within 2008 through 2018.\u0000Objectives. The study is to trace key trends in ratios of corporations in the oil and gas. I also determine what caused such a transformation for the analyzable period and whether the multipliers are applicable to appraise the corporate value in the oil and gas sector.\u0000Methods. The study is based on methods of comparative and financial-economic analysis, summarizing financial reporting data.\u0000Results. Revenue-based ratios are found to be applicable to appraise the value of oil and gas companies. Although having the similar composition of net revenue, companies with better profitability have higher multipliers. Integrated corporations were found to have lower multipliers than independent companies. The study shows that the import-based petrochemical production tends to have the lower value than that using domestic resources. The multiplier goes down if the company's revenue includes proceeds from the resale. As the debt burden grows, the multiplier decreases. Therefore, considering the significant difference in the debt burden, the multiplier should better include the corporate value instead of the market capitalization, since the corporate value comprises the net debt. I also discovered the country-related factor, which should be taken into consideration when using the multiplier.\u0000Conclusions and Relevance. The use of revenue-based multipliers requires the thorough analysis of the financial and business operations of companies. However, it is quite acceptable when the overall profitability decreases and the debt burden increases in the public segments of the global oil and gas industry. The findings can be used to appraise the value of oil and gas assets as part of the comparative approach and decide on actions for raising the market capitalization of public oil and gas corporations.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131559080","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}

引用次数: 0

The impact of the COVID-19 pandemic on startup finance: Considerations on the situation and aspects for the State aid 新冠肺炎疫情对创业融资的影响:关于国家援助形势和方面的思考

Digest Finance Pub Date : 2020-12-25 DOI: 10.24891/df.25.4.430

A. V. Kozhanova

{"title":"The impact of the COVID-19 pandemic on startup finance: Considerations on the situation and aspects for the State aid","authors":"A. V. Kozhanova","doi":"10.24891/df.25.4.430","DOIUrl":"https://doi.org/10.24891/df.25.4.430","url":null,"abstract":"Subject. The article investigates how crises influence the finance of SME and startups, and what the State does to support them.\u0000Objectives. The article outlines lines of the governmental policy for startup finance so as to maintain the innovation-driven economy during the crisis caused by the COVID-19 pandemic.\u0000Methods. The study is based on the critical systems analysis of economic literature (research papers, reports of consulting companies and professional experts). I also apply methods of observation, collection of facts, synthesis, etc.\u0000Results. I outlined aspects of the governmental policy for startup finance during the COVID-19 pandemic: supporting the startups that just assumed their life cycle, the State should provide more direct finance, use special governmental funds and departments of State-owned companies, give more grants; supporting any startups notwithstanding their life cycle, the State should adopt some tax benefits in strategic sectors, simplify financing procedures in governmental funds and State-owned companies, lower interest rates on finance provided by State-owned banks.\u0000Conclusions and Relevance. The findings can be used by governmental institutions, which deal with SME, startups and innovative economy, inter alia, to outline programs, strategies, regulatory documents.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132881713","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}

引用次数: 0

Methodological approaches to evaluating the financial position of agricultural consumer cooperatives 评价农业消费合作社财务状况的方法方法

Digest Finance Pub Date : 2020-06-29 DOI: 10.24891/df.25.2.140

Татьяна Николаевна Медведева, Светлана Георгиевна Головина

{"title":"Methodological approaches to evaluating the financial position of agricultural consumer cooperatives","authors":"Татьяна Николаевна Медведева, Светлана Георгиевна Головина","doi":"10.24891/df.25.2.140","DOIUrl":"https://doi.org/10.24891/df.25.2.140","url":null,"abstract":"Subject. As non-profit entities, agricultural consumer cooperatives are supposed to deal with not only economic, but also social issues in the rural area. The article studies key criteria and indicators of the financial position of analyzable cooperatives.\u0000Objectives. We refine the technique for evaluating and identifying the main issues that influence the financial position of cooperatives. The study analyzes and determines the main groups of metrics and computes the comprehensive integral indicators of the financial position of the analyzable entities.\u0000Methods. We scrutinize proceedings by the Russian and foreign scholars and apply the systems approach, a set of research methods and their techniques, such as the economic-statistical method, balance sheet method, abstraction logic method, grouping, comparison, which we use to statistically process the data, interpret them and make respective conclusions.\u0000Results. Some market actors were found to be highly solvent, but liquidity ratios significantly exceed the benchmarks, indicating that resources were not rather reasonably used. As long as the cooperatives have unstable financial results, equity was negative for the entire period, which affected some metrics of financial sustainability. Business operations of the cooperatives was not stable either, though the turnover of resources and capital did not exceed six months. We tested the technique for evaluating the financial position of cooperatives by pointing out three key blocks that had a set of principal indicators. We also determined the comprehensive integral indicator that enabled us to make a year-on-year comparison.\u0000Conclusions. To strengthen its financial positions, agricultural consumer cooperatives of the region should increment their equity, expand the scale and types of their operations","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133251132","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}

引用次数: 0

Research on tax administration reforms in the Russian practice 俄罗斯税收管理改革实践研究

Digest Finance Pub Date : 2020-04-28 DOI: 10.24891/fc.26.4.898

M. Evnevich, D. Ivanova

{"title":"Research on tax administration reforms in the Russian practice","authors":"M. Evnevich, D. Ivanova","doi":"10.24891/fc.26.4.898","DOIUrl":"https://doi.org/10.24891/fc.26.4.898","url":null,"abstract":"Subject. The article deals with the scope of application of digital technologies to tax monitoring and administration. Digitalization plays an important part in activities performed by the Federal Tax Service and helps reduce the administrative workload on both taxpayers and tax authority. The use of digital communication channels saves our time, because it allows to submit tax returns and send letters online. Furthermore, it enhances the efficiency of in-office audits and helps identify eventual tax violations.\u0000Objectives. We review a set of digital services and technologies used by the Federal Tax Service, their effectiveness, and present our findings on taxpayers' attitude to ongoing digital reforms.\u0000Methods. The validity and argumentation are based on official statistics of the Federal Tax Service concerning the dynamics of tax revenues and inspections, quantitative research through questionnaires and analysis of the findings.\u0000Results. We examine a range of digital services and technologies, including the Automated Control System – Value Added Tax, a new type of cash registers – Automated Information System Marking, Federal Government Information System – Unified State Register of Civil Registry Office, and personal accounts of taxpayers. Moreover, the article presents results of a survey among owners and top managers of companies, identifying their opinion on the coming taxation reforms.\u0000Conclusions and Relevance. Digitalization helped the Federal Tax Service significantly increase the efficiency of tax audits, while reducing the frequency of tax audits and the number of fly-by-night companies and the likelihood of using informal tax administration schemes. However, authorities should find a balance between the enhancement of the taxation system and their relationship with businesses.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130507892","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}

引用次数: 4

The Foreign Practice of Large Merger & Acquisitions in the Public Sector of the Oil and Gas Industry 石油天然气公共部门大型并购的国外实践

Digest Finance Pub Date : 2020-03-30 DOI: 10.24891/df.25.1.39

O. V. Shimko

{"title":"The Foreign Practice of Large Merger & Acquisitions in the Public Sector of the Oil and Gas Industry","authors":"O. V. Shimko","doi":"10.24891/df.25.1.39","DOIUrl":"https://doi.org/10.24891/df.25.1.39","url":null,"abstract":"Subject. The article analyzes 12 major M&A deals in the public sector of the oil and gas industry in 2000–2019. Industry indicators are measured on the basis of data from 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, Gasprom, Rosneft Oil Company and LUKOIL.\u0000Objectives. I study on what terms M&A are concluded in the public sector of the oil industry and analyze the approval and changes in the current premium for control over the ratio of share capital to market capitalization. The article also evaluates how the above deals influenced the market capitalization of companies.\u0000Methods. The study employs methods of statistical analysis and summarizing official annual reports on financial and business performance and news releases of major State-owned oil and gas corporations.\u0000Results. Having analyzed 12 major M&A in the public sector of the oil and gas industry comprehensively, I traced trends in terms on which such deals are concluded and determined their consequences.\u0000Conclusions and Relevance. In the public sector of the oil and gas industry, M&A are found to depend on capitalization, but also sometimes refer to the difference between the market value of assets and liabilities. In the industry, share capital control premium is noted to grow, thus exceeding half of capitalization. Therefore, the least acceptable factors include a combination of high oil prices, commensuration of companies’ capitalization, compensation for share capital and high control premium. On the contrary, market capitalization significantly improved in case of deals implying the compensation with stocks, which took placed during low oil prices.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128824024","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}

引用次数: 0

Digest Finance 消化金融

Digest Finance Pub Date : 2020-03-30 DOI: 10.24891/df.25.1

引用次数: 1

Natural and Resource Potential of the Region as Part of Investment Resources: Evidence from the Ganja-Gazakh Economic Region of Azerbaijan 该地区作为投资资源一部分的自然和资源潜力:来自阿塞拜疆Ganja-Gazakh经济区的证据

Digest Finance Pub Date : 2020-03-30 DOI: 10.24891/df.25.1.17

A. Hasanov, I.V. Khan-Khoyskaya, A. Bagirova

{"title":"Natural and Resource Potential of the Region as Part of Investment Resources: Evidence from the Ganja-Gazakh Economic Region of Azerbaijan","authors":"A. Hasanov, I.V. Khan-Khoyskaya, A. Bagirova","doi":"10.24891/df.25.1.17","DOIUrl":"https://doi.org/10.24891/df.25.1.17","url":null,"abstract":"Subject. The article describes natural resource capabilities of the Ganja-Gazakh Economic Region of Azerbaijan, with the diversity, quantity, quality, exploration degree and parameters of raw material source exploitation in the region being a cornerstone for this.\u0000Objectives. The study is to promote such projects that involve an increase in both internal and external investment in the Ganja-Gazakh Economic Region. To achieve that, local authorities should improve the investment climate and prepare the acts – decisions within their areas of expertise that promote investments in the modernization of the industrial infrastructure and ensure that investors have access to the reliable information about the natural and resources potential of the region and its ecological situation.\u0000Methods. The study is based on the systems analysis. The emergence principle, also known as the principle of irreducibility, i.e. properties of a whole are not equal to a sum of properties of its components, in our opinion, may serve as means of guidance in use of natural and resource potential in order to face challenges of investing in a specific region.\u0000Results. We assessed the stock of the main natural resources types and revealed that the region’s environment severely suffered from the depletion and pollution aggravated by a growth in the consumption of natural resources consumption grows.\u0000Conclusions and Relevance. It is necessary to boost investment not only in projects for further use of natural resources but also in priority programs aiming at the recovery and preservation of the environment.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116950686","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}

引用次数: 0

The Globalization of Economic Ties and Developments in Mongolia’s Position 经济联系的全球化及其发展在蒙古的地位

Digest Finance Pub Date : 2019-12-25 DOI: 10.24891/df.24.4.388

S. Ivanova, O. Ochirbat

引用次数: 0