The Bulletin of the Adyghe State University,<br />
Series "Economics" The Bulletin of the Adyghe State University,
Series "Economics"
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#4 / 2011

Financial Markets

  • V.V. Zabolotskaya
    System of crediting small business enterprises

    The research focuses upon the topical issues of functioning of the credit system in Russia and its role in supporting and developing small business. The author developed an original system of crediting small businesses, taking into account the specific principles of credit, and features of financial and economic activities of small business enterprises. The author's interpretation of the concept of crediting small entrepreneurship is formulated, and the structure of its system-forming elements is substantiated. Key areas of further development of the infrastructure of the state support of small businesses with new participants and mediators are proposed.

    pdf zabolotskaya2011_4.pdf  (446 Kb)

  • N.V. Klimovà
    Competitive advantages and strategy of transnational banks

    The paper discusses quantitative and qualitative characteristics of transnational banks, their competitive advantages, competitive strategies and the influence of transnational banks on the world system.

    pdf klimova2011_4.pdf  (178 Kb)

  • O.A. Okorokova
    Financial strategy of the insurance company

    The paper deals with the methodological approach to the concept of financial strategy of the insurance company in modern conditions. The model of investment strategy of the insurance company is proposed. On the basis of the solution of optimization task with the use of forecasting parameters, with a view of optimum distribution between tools of investment, the structure of an investment portfolio is developed in order to reach the maximal profitableness and to preserve a comprehensible risk level. The considered project of perfection of financial strategy will allow increasing collections of insurance premiums and lowering payments and charges of the company. This will finally result in increase of profitableness of the company and in achievement of the designated basic strategic purpose – increase in a share of the company in the market.

    pdf okorokova2011_4.pdf  (368 Kb)

    Regional Economy

  • R.R. Avanesova, F.I. Ragimov
    The role of regional specificities in development of agro-industrial sector of economy in the Adygheya Republic

    This paper addresses a number of unexplored aspects related to a study of regional specificities as a factor of the development of agro-industrial complex in problematic regions of the country, especially in the Southern macro-region. Here this dependence is manifested most prominently in the post-crisis conditions. Particular attention is paid to regional specificities of the Adygheya Republic, which stimulate and inhibit the development of agro-industrial sector of its economy.

    pdf avanesova1_2011_4.pdf  (297 Kb)

  • I.A. Dyachenko
    Rural development: a view from the future into the present

    The paper examines the approaches to city and village convergence, the processes of anti-integration, disintegration, and specific integration of urban and rural areas, caused by to both old and new tendencies. The author identifies contradictory processes, which have exacerbated the problems between cities and villages. The content of the concept of “rural development” is defined and the significance of factors affecting rural development, which has a local character, are investigated.

    pdf dyachenko2011_4.pdf  (324 Kb)

  • A.A. Ermolenko, S.A. Chernyavskaya
    The method of formation of regional food subsystem

    The paper proposes a new approach to system organization of location of the regional food business, namely: realization of principles of rational land management, zero technology of soil treatment, use of the forces of market specification, which provide formation of the functional food subsystem of the region and realization of effective economy policy of the region in this sphere.

    pdf ermolenko2011_4.pdf  (286 Kb)

  • B.M. Zhukov, O.V. Bulatova
    Approaches to improve the system of financial support of territorial administration locality

    On the basis of the author's researches, approaches are given to improve a system of effective control of territorial administration localities in the Krasnodar territory. The authors present three basic modifications of the model of the locality budgetary system which are based on the state-forming status of municipality and uncover accordingly three variants of its realization in the state budgetary mechanism.

    pdf zhukov2011_4.pdf  (411 Kb)

  • U.A. Isaev
    Perfection of mechanisms for increasing efficiency of real sector in the regional sustainable innovative development of economy of Russia

    This paper focuses upon the formation and functioning of mechanisms of real sector branches in domestic economy adequate to conditions of the competitive environment (using an example of a building complex). This is one of the crucial issues among the large variety of problems related to increasing efficiency of the Russian economy. Complex realization of innovative processes includes the system measures of scientific and technical activity, protection of intellectual property, certification of high technology production, presentation of services in the field of metrology and standardization and industrial-technological support of creation and development of new competitive production.

    pdf isaev 2011_4.pdf  (278 Kb)

  • A.A. Kerashev, A.A. Mokrushin
    The strategic management of interaction between vertically integrated corporations and regional economic systems of the South of Russia

    The present paper defines a strategic field of interaction between vertically integrated corporations and regional economic systems. The strategy of focused integration of the mentioned meta-systems in economic sphere of the Southern Federal District is substantiated.

    pdf kerashev2011_4.pdf  (442 Kb)

  • K.N. Kirzhinova
    Theoretical aspects of the region energy strategy in terms of energy deficit: the goals, objectives and principles

    The importance of balanced development of energy sector in the region is due to the high importance of energy for regional economic systems and the national economy as a whole. The present paper discusses the theoretical foundations and laws of formation of the regional energy strategies which are the main mechanism for regulating the region energy-supply system.

    pdf kirzhinova2011_4.pdf  (259 Kb)

  • I.Yu. Kosovan
    The resources and instruments of reproduction of human capital at the meso level

    The paper discusses the vital issues of reproduction of human capital in the process of modernization of regional economical systems of contemporary Russia. The creative component of human factor becomes the form of assets and plays the leading role in this process, since the modernization is directed to assertion of innovation type of reproduction at the meso level.

    pdf kosovan2011_4.pdf  (268 Kb)

  • I.P. Lazareva, I.V. Belomestnova
    Human capital in the process of renovation of regional economic systems of Russia

    The paper addresses the vital issues of participation of human capital as a subject form of realization of creative competences in the process of renovation of regional economical systems of contemporary Russia. The authors investigate special features of human capital at the meso level and tools of stirring up its role in this process, determining the aim of this process as an assertion of “knowledge-based economy”.

    pdf lazareva2011_4.pdf  (298 Kb)

  • A.A. Mokrushin
    Functional content and structure of interaction between vertically integrated corporations and regional economic systems of the South of Russia

    The paper defines the determinants of functional content of vertically integrated corporations and regional economic systems. The author examines the basic functions, the mode of structural organization and elements of interaction of the mentioned integrated subjects. The prevailing mode of structural organization of interaction between vertically integrated corporations and regional systems in economic sphere of the Southern Federal District is identified.

    pdf mokrushin2011_4.pdf  (505 Kb)

  • I.Yu. Natkho, N.M. Makarchouk
    A subregional component of modernization of the regional economic system

    The process of modernization has become a sense core of the regional economic policy of Russia. Problems that regions experience under the influence of the factors of competition cause the necessity of formation of effective subregional locations. The present paper discloses the most significant aspects of subregional component of modernization and presents recommendations for their solution.

    pdf natkho2011_4.pdf  (312 Kb)

  • L.L. Oganesyan
    Formation of centralized resources of region development in modern conditions

    The paper examines formation of centralized resources of region development in modern conditions. Development of market relations requires from business entities searching and optimal use of the economic resources of development. Regional systems are not exception in this aspect. The identification of sources and instruments of formation, as well as directions of spending the centralized resources of regional development seems to be very urgent. This research allows a classification of the centralized resources of regional development on the basis of tools of their formation and direction of spending.

    pdf oganesyan2011_4.pdf  (266 Kb)

  • R.A. Popov
    Imperatives of territorial managment in the conditions of globalization

    The paper discusses perfection of the motivational mechanism of regional management by innovative processes in economy on the basis of formation of the reproductive structures of the territorial economy adequate to modern imperatives of information and globalization of public life and development of society of spatially localized systems.

    pdf popov2011_4.pdf  (261 Kb)

  • S.G. Prokopyev
    Overcoming interbudgetary imbalance and fiscal subsidizing the subjects of the Privolzhsky federal district of the Russian Federation

    Throughout a long period of time there is a tendency to maintain a constant number of regions getting subsidy in the Privolzhsky federal region of the Russian Federation. The present paper deals with overcoming economic dependence of subjects. In order to successfully establish fiscal independence of region budgets it is necessary to create conditions stimulating the increase of the revenue base of sub-federal budgets, as well as to carry out an effective adjustment of interbudgetary regulation.

    pdf prokopyev2011_4.pdf  (267 Kb)

    The Account, Audit and the Control

  • N.N. Khakhonova, I.N. Emelyanova
    A role of strategic audit in a system of audit of commercial organizations

    The paper defines the role of strategic audit in the system of audit of commercial organizations. The authors discuss functions and basic tasks for its conduction, the basic place of strategic audit in structure of coordinated procedures and the basic concept of strategic audit and its constituents. Methods of obtaining information on client activity with the use of the system of balanced indices are discussed in the paper.

    pdf khakhonova2011_4.pdf  (370 Kb)

    Economy of Agrarian-Industrial Complex

  • R.R. Avanesova
    Instrumental support strategic priorities of agro-industrial sector economy of the region

    This article discusses several aspects related to the formation mechanism for implementing the strategic priorities of the agro-industrial sector economy of the region under current conditions, taking into account the need to intensify the use of regional characteristics of its development. Particular attention is paid to regional specifics of the Republic of Adygea, their influence on the choice of the priorities of the agricultural sector and the instruments of implementation priorities.

    pdf avanesova2_2011_4.pdf  (379 Kb)

  • L.I. Brovkina
    Problems of financial maintenance of development of agrarian and industrial complex and ways of their solution at regional level

    The paper deals with financial maintenance of development of agrarian and industrial complex at regional level in modern conditions. The retrospective review of development of this problem is given and the mechanisms of its solution are considered. On the basis of the analysis of foreign experience the mechanism of release of bonded loans for development of regional agrarian and industrial complex is proposed.

    pdf brovkina2011_4.pdf  (433 Kb)

  • E.N. Zakharova, L.I. Brovkina
    Formation of agro-clusters as a promising instrument of the investment development of regional agro-industrial complex (as shown by the Rostov region)

    This paper focuses upon the formation of agro-clusters in the Rostov region. The authors discuss the largest investment projects of agro-industrial sphere in the Rostov region, included in the list of “One hundred governor's projects” and systematize the main principles of agro-cluster formation.

    pdf zakharova2011_4.pdf  (597 Kb)

  • À.Z. Rysmyatov, I.A. Chayka
    Development of land tenure and land management institution with a view to enhance sustainability and liquidity of farm enterprises

    The present paper focuses upon the development of methodological approach to estimation of financial stability and liquidity of farm enterprises by including the real estate cost into accounting balance. This will be an efficient tool for improving accessibility to financial resources.

    pdf rysmyatov2011_4.pdf  (652 Kb)

  • A.R. Tuov
    Integration potential of structural modernization of intersectoral interaction between subjects of regional agrarian-industrial complex at the meso level

    The paper discloses the facilities and limitations of integrated structures in development of system of intersectoral interaction between economic subjects in the regional agrarian-industrial complex. On the basis of principles of vertical integration the crucial displays and consequences of structural reorganization of agrarian-industrial complex are specified. Special attention is paid to peculiarities of corporatization of intersectoral relations in the regional agrarian-industrial complex.

    pdf tuov2011_4.pdf  (590 Kb)

  • A.Sh. Khuazheva, Z.A. Dzharimova
    Substantiation of economic efficiency of implementation of outsourcing relations in agroindustrial complex

    The paper describes grounds for realization of agrarian outsourcing in the Russian agro economy on the basis of the agro-industrial complex of the Krasnodar territory. The authors propose the organizational-economic model of outsourcing relations in the regional agro-industrial complex. The current methodology which can be used to assess the effectiveness of the application of the agrarian outsourcing is examined.

    pdf khuazheva2011_4.pdf  (961 Kb)

    Management by Innovations

  • N.O. Starkova, V.V. Zabolotskaya
    A system of intellectual asset management of small innovative company implementing outsourcing

    An analysis is made of the current state of domestic small innovative business; the key problems hindering the further development of enterprises are identified. In order to solve the identified problems and increase intellectual capacity and the competitive advantages of Russian business an original model of the system of management of intellectual assets of small innovative company implementing the outsourcing in the conditions of instability of external business environment. The authors substantiate the advantages of its practical application in the activity of small innovative companies to solve problems related to the lack of financial funding at the stages of production and sales, as well as in the activity of large enterprises (outsourcing contractors) to increase the level of intellectual asset management and growth of competitiveness owing to the unique properties of the innovative product.

    pdf starkova2011_4.pdf  (864 Kb)

    Mathematical Methods in Economy

  • F.B. Botasheva
    New results of phase representation of the Russian macroeconomic dynamics

    The paper informs that gross national product, inflation, the number of unemployed workers and other macroeconomic categories are extremely difficult for studying because of a large number of stochastic exogenous and endogenous influences. The new methods of the phase analysis of cycle representation and visualization help us to find strokes to understanding of the nature and mechanisms of macroeconomic development of Russia for 1992-2011.

    pdf botasheva2011_4.pdf  (927 Kb)

    Innovative Technologies in Marketing

  • N.P. Ketova, E.Yu. Timchenko
    Ethnoterritorial specificity of the consumer behaviour of the population in the South of Russia as the factor of choice of the marketing strategy of companies in the local market

    Consumer behavior of the ethnooriented population groups, considered in the paper, is one of the important components of the modern ethnomarketing. The publication shows that the consumer preferences, revealed in the author’s research, influence profoundly the choice of marketing strategies by the companies, functioning in the food markets, intended for the concrete ethnic population groups of the Northern Caucasus republics.

    pdf ketova2011_4.pdf  (1 Mb)

    The Theory and Practice of Business

  • S.A. Kuzmenko, V.S. Khimicheva
    Entrepreneurship as the phenomenon of the market economy: economic essence, subject determinacy and adaptation properties

    Evolutional analysis of the development of category “entrepreneurship”, made in this paper, allowed us to track the historical retrospective of the formation of essential characteristics (properties and features) and the content of this phenomenon. The identification of its subject determinacy formed the economic image of the actor of the entrepreneurial process. The research of the functional role of his adaptation potential explains sustainability of this phenomenon owing to achievement of the organic character of his interaction with the changing external market environment.

    pdf kuzmenko2011_4.pdf  (824 Kb)

    Service Economy

  • M.V. Rossinskaya, M.V. Bugaeva
    Regional features of development of service sphere in the Southern Federal District

    The formation of the service economy is one of the directions of modernization in modern Russia. The uneven economic development of the regions of the Russian Federation determines the degree of their services. The paper examines the development of the service sector of the regions of the Southern federal district.

    pdf rossinskaya2011_4.pdf  (490 Kb)

  • Yu.G. Tereshchenko
    The concept of service sphere development in non-wood forest management

    The paper addresses the formation and development of service sphere in non-wood forest management. The development terms of non-wood forest management, existing in territory of contemporary Russia, define the necessity of searches for special tools of development.

    pdf tereshchenko2011_4.pdf  (347 Kb)

    Management

  • O.V. Aluyan, L.M. Osadchuk
    Macroeconomic preconditions of increasing efficiency of foreign economic activity at industrial enterprises

    The paper deals with the improving mechanism of regulation of foreign economic activities undertaken by industrial enterprises. The work systematizes macroeconomic preconditions of the increasing efficiency of foreign economic activity at enterprises. The authors substantiate the necessity of interrelation of organizational and economic preconditions within the framework of industrial policy.

    pdf aluyan2011_4.pdf  (555 Kb)

  • A.N. Gritsenko, O.I. Tolmachyovà
    The terms and preconditions of the embedding a controlling system at sugar enterprises of the Krasnodar territory

    The paper gives a review of development of the sugar industry in the Krasnodar territory in the last decade. The existing controlling systems at sugar factories are estimated. The authors disclose the terms and preconditions of the embedding a controlling system.

    pdf gritsenko2011_4.pdf  (789 Kb)

  • R.L. Lushnikov, G.L. Bayanduryan
    Substantiation of ways to improve the mechanism of resource protection in terms of economic modernization

    The paper deals with the problems of development and perfection of the mechanism of resource protection in the industry. The authors identify basic directions of saving resources and show their dependence on market instruments and government regulation. The necessity of public-private partnership in providing resource protection aimed at sustainable increasing efficiency of the use of resources.

    pdf lushnikov2011_4.pdf  (742 Kb)

  • L.V. Popova, A.E. Bogdanova
    The diagnostics of counterparty internal risks on the basis of financial risk controlling model

    Building up the reliable and promising business relationships is one of the key elements of any business development strategy. In practice it is rather difficult to assess the counterparty in the context of financial stability, respectability and business reputation. This paper is devoted to the construction of a diagnostics model of the internal risks of the potential business partner. This tool will significantly improve the efficiency of the financial risk management.

    pdf popova2011_4.pdf  (550 Kb)