BULLETIN OF SAINT PETERSBURG UNIVERSITY
Ser. 5. Issue. one
BRIEFLY ABOUT NEW BOOKS
Kovalev V.V. Financial management: theory and practice. M.: Prospekt, 2006. 1016 p.
The first books on financial management that appeared in Russian educational market, were translated works by American authors. In 1992-1997 Publishing House "Finance and Statistics" published a series of educational literature on accounting and audit of IMSTS from eight books, among which was the work of the famous American specialist J. Van Horn "Fundamentals of Financial Management" (1996). In 1997 the Russian reader was offered two more translated works: 1) Brigham Yu, GapenskyL. Financial management: Complete course: In 2 volumes (St. Petersburg: Economic school) and 2) Braley R., Myers S. Principles of corporate finance (M.: Olimp-Business). In the same years, the works of Russian authors - V. A. Lyalin, E. S. Stoyanova and others, devoted to the problems of managing the company's finances, appeared. To date, the circle of domestic specialists involved in this, which has become a very fashionable and popular area of financial and economic science, has expanded significantly. Unfortunately, the titles of textbooks and monographs by Russian authors do not always correspond with their content. We must agree with the opinion of Prof.
V. V. Kovaleva that many works of an educational and educational-methodical nature do not stand up to criticism and do not at all correspond in the content to the logic of the discipline "Financial Management". As a rule, they are either old textbooks on finance from the period of developed socialism, which only changed the title, but not the content, or brochures with an eclectic set of topics, including a very superficial unsystematized description of some new financial tools and methods of analysis.
The fundamental monograph under review stands out significantly against this background. The author proposed an original approach to formulating the essence of financial management, its structuring and content. The approach, called by the author object-procedural, is based on a clear identification of: a) objects of attention financial manager and b) the procedural side of its activities. The author defines financial management as a system of actions to optimize the financial model of the company. And since the best financial model of a company is its reporting and its essential core - the balance sheet, it becomes possible to give a more substantive definition: financial management is a system of actions to optimize the company's balance sheet. It is starting from the balance that it is possible to clearly and consistently identify the objects of attention of the financial manager, that is, to reproduce the statics of financial management of the company. As for the procedural side of its activity, which reflects the dynamics of financial management, here, as a rule, attention is focused on two aspects: investment and financial. As for me-
© B. I. Sokolov, S. V. Sokolova, 2007
According to the author, the most complete and adequate understanding of the field of activity of a financial manager can be obtained by formulating five key questions that determine the very essence of his work: 1. Is the position of the enterprise in the markets of goods and factors of production favorable and what measures contribute to its non-deterioration? 2. Do cash flows ensure the rhythm of payment and settlement discipline? 3. Does the enterprise operate effectively on average? 4. Where to invest financial resources with most efficient? 5. Where will the required financial resources come from?
The proposed approach determined the logic of structuring the book. There are seven major sections in the work. The first section (chapters 1-8) is devoted to an introduction to the theory of finance. Sections two through six (chapters 9-23) reveal the essence of the key questions formulated by the author that determine the procedural side of the financial manager's activities. The last section (Chapters 24-25) discusses the specifics of financial decisions in non-typical situations, which the author included inflation, changes in the legal form, pre-bankruptcy and international aspects of the company's activities.
In the monograph prof. V. V. Kovaleva presents the topics and aspects of the theory and practice of financial management, insufficiently substantively considered in the domestic special literature. First of all, noteworthy is the author's approach to the definition of the category "finance" (p. 29), which is fundamentally different from that traditionally used by Russian specialists. In this light, the touched upon historical aspect of the development of financial science (pp. 53-74) is interesting, demonstrating the features of the formation of the neoclassical theory of finance.
It seems reasonable that financial management as an independent scientific and practical direction was formed at the intersection of three sciences: the neoclassical theory of finance, accounting and the general theory of management (p. 7885). Noteworthy is the author's idea that the beginning of the path to the practical financial management of the company, of course, lies in accounting (p. 14). Indeed, the idea of cash flow is most clearly given in accounting - understanding the logic of the movement of funds on accounts allows you to quite clearly understand the consequences of a particular financial transaction and, as a result, make sound financial decisions. The paper also discusses in detail such little-studied topics as fair value (p. 285-303), goodwill (p. 303-328), financial instruments (p. 124-152), operating and financial leverage (p. 514 -544), modeling the firm's inflationary income (pp. 908-919), etc.
An interesting section is devoted to income, profit and profitability of the company. The monograph proposes to consider the main estimated indicator - profit - in the context of three approaches: economic, entrepreneurial and accounting. In addition to the well-known to the Russian reader indicators of accounting profit, the book analyzes indicators formed in the context of value-oriented management of the company (in particular, economic value added). The essence of the author's ideas in this direction is presented in generalizing theses, reflecting the managerial aspects of the formation and evaluation of the final financial result (pp. 509-512). The reader's attention is drawn to the multiplicity of profit indicators and their unequal significance in the context of the interests of various persons interested in the activities of this company.
A significant part of the monograph is devoted to the management of the company's assets. At the same time, the criteria for evaluating real investments (pp. 605-659), management methods working capital(p. 666-698), methods of analytical substantiation of transactions with financial assets (p. 699-762).
In most books of Russian specialists, almost no attention is paid to the management of the capital structure and the cost of the company's sources of financing. In the work under review, this aspect of the activity of a financial manager is considered in great detail.
Of considerable interest are the materials of the work devoted to the relationship between profit and dividends (pp. 872-880), and the author draws attention to the specifics of reflecting profit in the company's financial statements and to the ratio between net and retained earnings, on the one hand, and dividends, on the other.
In the section devoted to the peculiarities of financial management in non-typical situations, attention is drawn to the author's method of simulation modeling in the assessment possible problems with solvency (pp. 946-948).
Any voluminous monograph, written with deep knowledge of the matter and interest, should contribute to the emergence of discussions that are of great importance for the development of fundamental science.
It should be noted that the original author's definition of finance needs a clearer justification and development. The fundamental characteristic of the category "finance" should include a temporal aspect. In this case, it would be quite understandable to distinguish between the closely related concepts of "commodity-money circulation" (simultaneous counter movement of equivalents), "credit" (multi-temporal movement of values) and "finance" (unidirectional movement of values).
Such a fundamental monograph opens up new scientific horizons and allows you to start developing new areas, such as financial management in the public sector of the economy, financial management in non-profit organizations. In this regard, using the logic of the author, it can be reliably stated that if the essential core of the financial model of a company is the balance sheet, then for the financial model of the state or municipality it is the budget.
The materials devoted to newfangled financial instruments, in the work it would be advisable to give examples dividend policy Russian firms.
The introductory remarks made for subsequent discussions in no way detract from the merits of the book - it certainly represents the most significant phenomenon in the financial and economic literature at the turn of the century and makes a significant contribution to the creation, recognition and development of national school applied analysis and financial management.
The reader's attention should be drawn to the fact that the book under review contains the author's ideas in the field of analysis and financial management, first voiced by him in the early 1990s and consistently developed for more than ten years. Therefore, in the monograph, a number of provisions (for example, the analysis of reporting in the work of a financial manager, the postulates and principles of financial accounting as the basis for understanding its logic, etc.) are presented in a concise version and involve the use of other works of the author, we are talking primarily about books: “ Financial Accounting and Analysis: Conceptual Foundations (Moscow: Finance and Statistics, 2004); "Financial statements. Analysis of financial statements (Basics of balance sheet)" (M.: Prospekt, 2005); "Financial Analysis: Methods and Procedures" (Moscow: Finance and Statistics, 2001). A good addition to the monograph is the work of the author “Practical work on analysis and financial management. Lecture notes with tasks and tests ”(M .: Finance and statistics, 2006), which, in particular, presents tests that allow the reader to self-
who studies the discipline "Financial Management" carefully, to check the level and degree of understanding of the considered materials.
The most important practical application of such a fundamental scientific research- educational. And here it is appropriate to note that the monograph under review was written based on the results of the author's research conducted by him together with colleagues in the Department of Credit Theory and Financial Management of St. Petersburg State University; it is an integral element of the block of scientific and educational literature on finance problems, monetary circulation, credit, banking.
Sufficiently complete information about the scientific and educational developments of the department can be found on the website www.tcfm.ru.
B. I. Sokolov, Doctor of Economics sciences, prof. Department of Credit Theory and Financial Management, Faculty of Economics, St. Petersburg State University;
S. V. Sokolova, Doctor of Economics sciences, prof. Department of Management and Planning of Socio-Economic Processes, Faculty of Economics, St. Petersburg State University.
M.: 2002. - 560 p.
The book contains a description of the logic, methods and procedures for analyzing the financial and economic activities of an enterprise in a market economy. The methods of analysis performed in a repetitive mode and in atypical situations are given. The content and analytical capabilities of reporting are characterized, taking into account the new Chart of Accounts, accounting provisions and recommendations. international standards financial reporting.
It is intended for senior students, graduate students and teachers of economic universities, scientists and practitioners specializing in accounting, auditing, analysis and financial management.
Format: pdf
The size: 15.8 MB
Download: drive.google
Format: djvu
The size: 6.7 5Mb
Download: yandex.disk
CONTENT
Introduction ................................................ ......... 7
1. ANALYSIS IN THE MANAGEMENT SYSTEM OF A BUSINESS SUBJECT .......... 15
1.1. Financial activities of an economic entity in the context of the environment .............................................. 15
1.2. Economic analysis: essence, types, content....... 21
1.3. Financial analysis: evolution, essence, interpretations....... 33
1.4. Analysis in the work of an accountant .............................. 44
1.5. Analysis in the work of a financial manager .............................. 47
1.6. Analysis in the work of a financial analyst .............................. 49
1.7. Analysis in the work of the auditor.................................... 49
2. CONCEPT AND SCIENTIFIC TOOLS FOR ANALYSIS OF FINANCIAL AND ECONOMIC ACTIVITIES OF AN ENTERPRISE........................................... 58
2.1. The logic of constructing the conceptual foundations for the analysis of the financial and economic activities of the enterprise .......... 58
2.2. Classification of methods and techniques for analyzing the financial and economic activities of an enterprise .......... 63
2.3. The main types of models used in analysis and forecasting .............................................................. 65
3. FACTOR ANALYSIS IN THE SYSTEM OF ANALYSIS OF THE FINANCIAL AND ECONOMIC ACTIVITIES OF THE ENTERPRISE................................................................... 69
3.1. Factors and reserves for increasing production efficiency .............................................................. .69
3.2. The Logic of Factor Analysis.............................. 73
3.3. Rigidly Deterministic Factor Analysis Models..... 76
3.4. Stochastic models of factor analysis .............................. 82
3.5. Typical problems of deterministic factor analysis... 85
4. METHODS AND TECHNIQUES OF ANALYSIS OF THE FINANCIAL AND ECONOMIC ACTIVITIES OF THE ENTERPRISE ............................................................... 89
4.1. Non-formalized methods of analysis ....................... 89
4.1.1. Developing a scorecard.............................. 89
4.1.2. Comparison Method................................... 93
4.1.3. Building Analytical Tables.............................. 95
4.1.4. Receiving Detail.................................................. 97
4.1.5. Methods of expert assessments .......................... 98
4.1.6. Reading and Analysis Methods financial statements.. 98
4.2. Elementary methods of microeconomic analysis....... 100
4.2.1. Balance linking method .......................... 100
4.2.2. Receiving Percentage Numbers.............................. 101
4.2.3. Methods of deterministic factor analysis..... 102
4.3. Traditional methods of economic statistics .......... 106
4.3.1. Method of averages and relative values .............. 106
4.3.2. Grouping method.............................. 109
4.3.3. Elementary methods for processing time series.... 111
4.3.4. Index Method................................... 114
4.4. Mathematical and statistical methods for studying relationships ...... 118
4.4.1. Correlation analysis.............................. 119
4.4.2. Regression Analysis.............................. 121
4.4.3. Methods of modern factor analysis .......... 128
4.4.4. Analysis of variance .............................. 130
4.4.5. Cluster analysis.............................. 130
4.4.6. Methods for processing spatio-temporal sets of indicators .............................. 131
4.5. Methods of decision theory .............................................. 134
4.5.1. Simulation Modeling ....................... 134
4.5.2. Decision tree construction method .............................. 137
4.5.3. Linear programming....................... 141
4.5.4. Sensitivity analysis .............................. 142
4.6. Methods of financial calculations .......................... 144
4.6.1. The logic of financial transactions in the market economy............................................................... 144
4.6.2. Operations of accumulation and discounting ............... 145
4.6.3. Cash flows and their valuation .............................. 150
5. ACCOUNTING REPORTING IN THE SYSTEM OF INFORMATION SUPPORT FOR THE MANAGEMENT OF THE ACTIVITIES OF THE ENTERPRISE .............. 155
5.1. Financial statements as a means of communication .... 155
5.2. Psychological aspects accounting, auditing and analysis............................................... 163
5.3. Information Support enterprise management systems as a basis for performing analytical procedures.................................................................. ...... 176
5.4. Principles of accounting regulation in Russia.................................................................. .... 181
5.5. Characteristics of normative acts from the position of the reporting user .............................................. 188
5.6. Consolidation and consolidation of financial statements.............................. 194
5.7. The composition of the reporting and its backbone elements ..... 198
5.8. Types of balances and the possibility of their use in the analysis ............................................................... ..... 206
5.9. Economic interpretation of the main items of financial statements .............................................. 209
5.9.1. Balance sheet.............................. 210
5.9.2. Profit and Loss Statement ........................... 233
5.9.3. Statement of capital flows ............................... 240
5.9.4. Traffic report Money............... 240
5.10. Evolution of Accounting Statements in Russia............. 243
6. METHODOLOGICAL BASES FOR ANALYSIS OF THE FINANCIAL AND ECONOMIC ACTIVITIES OF A COMMERCIAL ORGANIZATION.......................................... 251
6.1. The evolution of approaches to analytical assessment activities of the enterprise................................. 251
6.2. Contents and procedures complex analysis financial and economic activities.............................. 256
6.3. Basic principles and logic of the financial analysis of the enterprise's activities .................................. 270
6.4. Express analysis of financial and economic activities .............................................. .275
6.5. The logic of conducting an in-depth analysis of financial and economic activities .................................... 283
6.5.1. Information base for in-depth analysis of financial and economic activities ...... 284
6.5.2. Procedures for in-depth analysis of financial and economic activities .............................. 290
7. ASSESSMENT AND ANALYSIS OF THE ECONOMIC POTENTIAL OF A COMMERCIAL ORGANIZATION........................................................... .......... 294
7.1. Evaluation and analysis of property potential....................... 294
7.2. Assessment and analysis of liquidity and solvency...... 302
7.3. Risk factor in the assessment and management of liquidity and solvency.................................................................. 317
7.4. Assessment and analysis of financial stability ............... 321
7.5. Risk and leverage as characteristics of the economic potential of an enterprise.................................................. 330
7.6. Assessment of the level and significance of operating leverage .... 336
7.7. Assessment of the level and significance of financial leverage ...... 338
8. ASSESSMENT AND ANALYSIS OF THE PERFORMANCE OF THE FINANCIAL AND ECONOMIC ACTIVITIES OF A COMMERCIAL ORGANIZATION ......................................... 341
8.1. Evaluation and analysis of business activity of a commercial organization.................................................................. .. 341
8.1.1. Control and analysis of performance planned assignments.... 342
8.1.2. Analysis of the dynamics of financial and economic activity............................................... 346
8.1.3. Evaluation of the effectiveness of the use of resources of a commercial organization .................................... 349
8.1.4. Generalizing indicators for evaluating the effectiveness of resource use .............................................. 359
8.2. Profit: essence, types, evaluation....................... 362
8.2.1. Economic and accounting approaches to determining profit................................................. 362
8.2.2. Types of profit ........................................ 367
8.3. Assessment and analysis of the profitability of financial and economic activities .............................................. 378
8.3.1. Indicators for evaluating the return on investment ...... 380
8.3.2. Indicators for evaluating the profitability of sales .......... 385
8.3.3. Modeling and factor analysis profit and profitability.............................................. 386
9. ENTERPRISE AND THE CAPITAL MARKET ............................................. 392
9.1. Financial markets and their role for the company....................... 392
9.2. Main market indicators valuable papers............. 402
10. ANALYSIS IN THE SYSTEM OF FINANCIAL PLANNING .............................. 409
10.1. Types of plans, content and sequence of their development .............................................. 409
10.2. Forecasting and analytical procedures in the development of plans .............................................. 412
10.2.1. Operating budgets.............................. 415
10.2.2. Financial budget.............................. 416
10.3. Calculating Critical Sales Volume.............................. 417
10.4. Forecasting based on proportional dependencies...................................................... 423
11. ANALYTICAL SUBSTANTIATION OF FINANCIAL DECISIONS REGARDING ASSETS, CAPITAL AND LIABILITIES OF THE ENTERPRISE .... 426
11.1. Analysis and management outside current assets........... 426
11.2. Analytical substantiation of investment decisions .............................................................. 427
11.2.1. Investments: essence, types ............... 427
11.2.2. Logic and content of investment decisions .............................................................. 429
11.2.3. Criteria for evaluating investment projects ....... 438
11.3. Analysis and management production stocks and costs.................................................. 446
11.4.Analysis and management of settlements .............................. 451
11.5. Analytical rationale for decisions regarding financial assets .............................................................. 454
11.5.1. Using cost indicators .......... 456
11.5.2. The use of yield indicators .......... 464
11.6. Cash analysis and management....................... 471
11.6.1. Calculation financial cycle...................... 472
11.6.2. Cash flow analysis ............... 475
11.6.3. Predictive analysis of cash flows .............................. 476
11.6.4. Determination of the optimal level of funds .............................................................. 486
11.7. Analytical substantiation of financial decisions in relation to long-term sources of financing..... 486
11.7.1. Justification of the target structure of funding sources .............................................. 487
11.7.2. Justification of policy in the system of relations "enterprise-owners" .............................................. 489
11.7.3. Substantiation of policy in the system of relations "enterprise-owners-landers" .............................. 492
12. SPECIAL TOPICS OF FINANCIAL ANALYSIS .......................... 494
12.1. Peculiarities of Analysis in Inflationary Conditions...................... 494
12.1.1. The concept of inflation and its assessment .............................. 494
12.1.2. Distortion of reporting data in terms of inflation .............................................. 497
12.1.3. Analytical substantiation of the depreciation policy.............................................. 502
12.1.4. Analytical substantiation of the system of settlements with counterparties .............................................. 510
12.2. Analysis of the borrower's creditworthiness.............................. 512
12.3. Forecasting an unsatisfactory balance sheet structure ....................................................... .. 515
12.4. International Aspects of Financial Analysis...................... 520
Glossary................................................. ...... 527
Index .............................................................. 545
Application................................................. ..... 549
Recommended Reading .............................................. 554
The textbook is written in accordance with the requirements of the State educational standard majoring in Finance and Credit` and covers the main sections of the model training course Finance. The material is well structured and will give a comprehensive picture of the country's financial system and its basic elements. The logic of the functioning of public finances, finances of enterprises, insurance organizations, households is considered. A separate section is devoted to international finance. The content of the financial policy of the state, budgetary federalism, state credit, tax policy and other topical issues of modern financial science are disclosed.
CONTENT
Introduction 3
SECTION I. FINANCIAL SYSTEM OF THE COUNTRY: ESSENCE AND CONTENT
Chapter 1. Introduction to General Theory of Finance 8
1.1. Essence and functions of finance 8
1.2. Financial system: essence, subsystems, spheres, links 13
1.3. Financial policy 21
1.4. The evolution of financial science 26
Chapter 2 Financial management 36
2.1. Essence and financial management bodies 36
2.2. financial planning and forecasting 41
2.2.1. Planning at the level of the state and its subjects 41
2.2.2. Planning at the business entity level 44
2.3. Financial control 46"
2.3.1. Essence, models and forms of financial control 47
2.3.2. Methods of financial control 50
Chapter 3 Financial markets and institutions 60
3.1. Financial intermediation and financial intermediaries 60
3.2. Financial markets and their types 65
3.3. Formation features financial markets in Russia 72
Chapter 4 Tax system 88
4.1. Taxes: essence, functions, classification 89
4.2. Principles of building a tax system 97
4.3. The evolution of tax systems 100
4.4. Tax structuring in tax code 112
4.5. Financial and legal aspects of tax collection 131
4.6. Tax policy 135
4.7. Rationalization of taxation 141
Chapter 5 customs revenue 148
5.1. Customs regulation foreign trade activities 148
5.2. Customs duties, their functions and types 151
5.3. Customs policy Russian Federation 155
5.4. Methodology for determining customs revenues 158
Chapter 6 The content and features of the organization of finance of economic entities 163
6.1. The essence of the finances of business entities 163
6.2. Features and principles of organizing the finances of commercial organizations in the manufacturing sector 165
6.3. Features of finance in an enterprise in the financial sector 172
6.3.1. Financial and credit activities 172
6.3.2. Insurance activities 178
6.4. Finance Features non-profit organizations 179
SECTION II. STATE AND MUNICIPAL FINANCES
Chapter 7 Budget and budget system 184
7.1. Socio-economic essence of the budget 184
7.2. budget system 185
7.2.1. Features of building a budget system in countries with different state structures 185
7.2.2. Budget system of the Russian Federation 1S9
7.3. Incomes and expenditures of budgets 196
7.3.1. Budget revenues 196
7.3.2. Budget expenditures 200
7.3.3. Balanced budgets 206
Chapter 8 Budget Process 211
8.1. Content and contributors budget process 211
8.2. Drafting budgets 214
8.3. Review and approval of the budget 217
8.4. Budget execution 221
8.5. State and municipal financial control 224
8.6. Budget execution report. 225
Chapter 9 Interbudgetary relations 229
9.1. Essence and content of fiscal federalism 229
9.2. Models of fiscal federalism 233
9.3. Formation of the Russian model of budgetary federalism 238
9.4. Intergovernmental transfers 246
Chapter 10 State loan 252
10.1,. Socio-economic essence of the state loan 252
10.2. Public debt: content and main forms 256
10.3. Public credit management 269
10.4. State loan in modern Russia: features and development trends 274
Chapter 11 Extrabudgetary funds 282
11.1. Essence and purpose of off-budget funds 282
11.2. Sources, procedure for the formation and use of funds from extra-budgetary funds for social purposes 293
11.2.1. Pension fund 296
11.2.2. Fund social insurance 298
11.2.3. federal fund compulsory health insurance 300
11.2.4. Territorial funds of obligatory medical insurance 301
SECTION III. FINANCE OF ORGANIZATIONS (ENTERPRISES)
Chapter 12. Finance of enterprises in the financial system of the country 304
12.1. Essence and functions of enterprise finance 304
12.2. Principles of organizing the finances of an enterprise 313
12.3. The structure of the enterprise financial management system 319
12.4. functions, tasks and goals of the financial manager 324
Chapter 13 Analysis and planning in the enterprise financial management system 329
13.1. The logic of the planning and analytical function in a market economy 329
13.2. Information support for analysis and planning 333
13.3. Methodology for analyzing financial condition 337
13.4. System of analytical coefficients 342
13.4.1. Property status 342
13.4.2. Liquidity and solvency 345
13.4.3. Financial stability 348
13.4.4. Business activity 351
13.4.5. Profit and profitability 355
13.4.6. Market Activity 357
13.5. Financial planning. 359
Chapter 14 Financial resources of the enterprise: investment aspect 363
14.1. Management of investment activities in the form of capital investments 363
14.2. Current assets management 369
Chapter 15: Enterprise financing sources 380
15.1. Ways of financing the activities of the enterprise 380
15.2. Capital: essence, interpretations 383
15.3. Control own capital 387
15.4. Debt management 391
15.5. Leasing as a source of financing 394
15.6. Management of short-term sources of financing 399
15.7. Management of the target structure of funding sources 401
Chapter 16 Income, expenses and profit of the enterprise 406
16.1. Income and expenses: concept, essence, types 406
16.2. Profit: essence, types 411
16.3. Profit and profitability management 416
Chapter 17 Cash flow and settlement system at the enterprise 423
17.1. Cash flow at the enterprise 423
17.2. Principles of organizing cashless payments 424
17.3. Settlements by payment orders 429
17.4. Settlements by letters of credit 430
17.5. Payments by checks 435
17.6. Collection settlements 437
SECTION IV. FINANCE OF INSURANCE ORGANIZATIONS
Chapter 18 The essence of insurance as an institution of financial protection 443
18.1. Basic concepts and definitions 443
18.2. Classification of types of insurance 447
18.3. Gross premium and its structure 449
18.4. Insurance reserves of an insurance company 452
Chapter 19 financial model insurance organization 460
19.1. Assets and sources of funds of the insurance company 460
19.2. Formation of the financial result of the insurance organization 461
19.2.1. Income of an insurance company 461
19.2.2. insurance company expenses. 463
19.2.3. Financial result 465
19.3. Financial stability and solvency of an insurance company 467
19.4. Assessment of the solvency of an insurance company 468
19.5. Budgeting financial activities insurance organization 470
SECTION V . HOUSEHOLD FINANCE
Chapter 20 Household finance as an economic category 476
20.1. Socio-economic essence and functions of household finance in the market economy system 476
20.2. Household financial decisions 481
Chapter 21 Household budget 486
21.1.. Income part of the household budget 486
21.1.1. Composition, value and indicators of household income 486
21.1.2. Wage with accruals and surcharges 489
21.1.3. Social and insurance payments to households 491
21.1.4. Household income from entrepreneurial activity, from operations with personal property and cash savings in the financial and credit sphere 496
21.2. Expenditure part household budget 498
21.2.1. Household expenditure classification 498
21.2.2. Compulsory household payments 499
21.2.3. Consumption costs. 502
21.2.4. Household cash savings 504
SECTION VI. INTERNATIONAL FINANCE
Chapter 22 International Public Finance 511
22.1. International finance: content and principles of organization 511
22.1.1. Concept and structure international finance 511
22.1.2. Monetary system of the Russian Federation 520
22.1.3. Global derivatives market 523
22.1.4. World credit market 524
22.1.5. Official gold and foreign exchange reserves of the world 526
22.1.6. Financial assistance 528
22.2. Global public financial institutions and their functions 529
22.2.1. International Monetary Fund 531
22.2.2. World Bank Group. 541
22.2.3. Bank for International Settlements 549
22.3. Regional international public financial organizations 550
22.3.1. European central bank 550
22.3.2. European Bank for Reconstruction and Development 552
22.4. Globalization of world financial markets 554
Chapter 23 Features of the functioning of national financial systems 560
23.1. Institutional structure of the country's financial system 560
23.2. Segmented financial systems 564
23.2.1. US financial system 564
23.2.2. UK financial system 569
23.2.3. Japanese financial system 573
23.3. Universal financial systems 576
23.3.1. French financial system 576
23.3.2. German financial system 579
23.4. Financial systems in developing countries 581
Chapter 24 Currency restrictions and controls 598
24.1. Currency restrictions 598
24.2. Currency control 605
24.3. Organization of currency control in the Russian Federation 611
Conclusion 622
Recommended Reading 626
INTRODUCTION
.
In recent years, with the transition to market relations profound changes are taking place in the Russian economy. AT to a large extent these changes are due to the refinement, and sometimes the change of priorities, incentives and factors in the development of society and the country. The political and pseudo-social background of economic decision-making, which took place in our country during the years of centralized planning and management, has been replaced by healthy pragmatism, expressed primarily in the assessment of the economic feasibility of such decisions. In other words, what took place in the system (policy< = >economics), the obvious bias towards the first element, which implied its undeniable dominant, is gradually leveled out.
There is a restructuring of the economy, an increasing number of enterprises are becoming truly independent, financial results and economic feasibility and efficiency are increasingly becoming the main criteria when making management decisions in systems of any level. This is the reason for the rapid growth in the importance of applied economic sciences- accounting, enterprise finance, management, marketing, etc. At the same time, there is a certain reassessment of values in the fundamental economic sciences, which manifests itself primarily in the adoption and adaptation of the key provisions of micro- and macroeconomics, neoclassical theory of finance, and the theory of modern institutionalism.
Kovalev Valery Viktorovich - Doctor of Economic Sciences, Professor.
Born on July 12, 1948. Graduated from Leningrad State University in 1972. Specialty: "Accounting, control and analysis of economic activity."
Since 1999, he has been a professor at the Department of Credit Theory and Financial Management, St. Petersburg State University. Member of the Methodological Council for Accounting under the Ministry of Finance of the Russian Federation. Member of the Presidential Council of the Institute professional accountants RF. Member of the Association of Accountants of St. Petersburg and the Leningrad Region.
Research interests: financial management, financial analysis, accounting.
In 1992-2004 made presentations at a number of international congresses and conferences on accounting and finance in Austria, Belgium, Great Britain, Italy, the Netherlands, the USA, France, etc. In 1994-96. took part in retraining programs under the auspices of the British Council, TACIS and the National Fund for the Training of Financial and Management Personnel of the Russian Federation as a teacher in the module "Financial Management". Organizer and participant of the cascade multi-level programs "Training the Trainers" in the field of accounting, financial management and audit, funded by the Know How Fund and implemented in 1995-99. together with ICAS at the universities of Moscow, St. Petersburg, Novosibirsk, Yekaterinburg.
Books (3)
Financial Management Course
The book is a university course on a relatively new and dynamically developing discipline dedicated to describing the logic, principles and techniques of managing the finances of a commercial organization. The presentation of the course topics is given in accordance with the author's interpretation of its structure and content. Financial management is considered in the textbook as an applied implementation of the key ideas of the neoclassical theory of finance as applied to the firm.
It is intended for senior students, graduate students and teachers of economic universities, scientists and practitioners specializing in financial management and accounting.
Workshop on analysis and financial management
The key provisions of the main topics, issues for discussion, tasks and situations in the course "Financial Management" are given. The manual contains one of the options work program university course, financial tables and basic formulas needed to solve problems. Test questions and tasks are included to control students' knowledge, as well as recommendations for testing.
For teachers and students of economic universities. The materials of the book can be used by practitioners in preparation for passing qualifying exams in accounting, auditing and financial management.