The Statistical Analysis of Differentiation of The Post-Soviet Countries During Transformation of Economy

Introduction. Process of transition of fifteen countries of ex-member of the USSR from planned economy to market, was followed by basic changes in political, economic and social life of society. Various approaches to the undertaken reforms, and opposite strategic objectives, cause the distinctions of economies of the Post-Soviet countries observed now. Theoretical analysis. Works of many domestic scientists are devoted to a problem of the analysis of results of the period of transition of the Post-Soviet countries to market economy, they divide set of the Post-Soviet countries on the basis of various grouping signs, but along with advantages of these researches it is necessary to point to one essential shortcoming contributing a subjectivity share in the received results, it is high-quality approach to formation of groups. It causes need of application of quantitative approach and first of all multidimensional group. Empirical analysis. As a result of application to fifteen Post-Soviet countries of multidimensional group (more precisely than the cluster analysis) it has been established that in entire four reference periods (1991, 1999, 2009, 2015) three groups are allocated, at the same time in the last three periods a ratio and fullness of groups it is identical that points to stabilization of set. The first group had included the countries with impressive natural and human resources, the second the republics which have changed polarity from Russia with the European Union, the USA and China. The third group is formed by the Baltic States which were a part of the European Union and at the expense of it have considerably increased a separation from other Post-Soviet countries that is substantially shown in such indicator as GDP per capita. Conclution. Quarter of the century of development of the Post-Soviet countries out of the Soviet Union was led to their considerable deformation on the level of political and social and economic development. The republics which had good positions on the natural and human capital at the beginning of transition that it has allowed them to be integrated into global economy have achieved considerable progress. The Baltic States which were a part of the European Union and substantially, the improved macroeconomic indicators are also obviously allocated.

Cross-Country Analysis Influence of Banking Credit on Economic Growth

Introduction. The aim of the work is to econometrically study the impact of bank lending on economic growth rates on the basis of cross-country comparisons based on average data for 2005–2015. Theoretical analysis. In the article it is proposed to use the Schumpeterian model of convergence between countries with financial constraints, which was improved in [1] to analyze the influence of bank lending on economic growth. Empirical analysis. Based on the improved Schumpeterian model of convergence between countries with financial constraints, an econometric modeling of the impact of bank credit on economic growth was conducted for three groups of countries with a high, medium and low value of the human development index. Results. Empirical cross-country studies have confirmed the ambiguous impact of bank lending on economic growth in countries with different levels of socio-economic and financial development. In countries with high HDI values, the direct channel of the impact of bank lending on economic growth has been insignificant, and the convergence of growth rates has been achieved mainly through the process of technology transfer and increased production efficiency. In countries with an average HDI, lending has a direct positive effect on growth rates, but does not increase the likelihood of convergence through a more developed financial system. In countries with a low level of development, the only significant factor is investment in fixed assets. The indirectly obtained results show that only an investment credit for the development of the real sector of the economy, and not all credit in general has a positive impact on economic growth.

Formation of an Entreprenurial University in the National Innovation System

Introduction. Recently, the market of educational services is growing and for viability, the university needs to increase its competitiveness, expand the boundaries of its activities, develops its potential. Theoretical analysis. A number of scientists with different visions of the process of generating knowledge worked on the understanding of the role of the university in the economy, thus several theoretical models were developed in which the phenomena of the entrepreneurial university are disclosed. Empirical analysis. In connection with the absence at the time of the developed system of indicators for assessing the entrepreneurial potential of higher education institutions, a methodology for a comprehensive assessment of entrepreneurial potential was proposed, taking into account the indicators of the six main potentials of the university, which allows to determine how effectively they realize their opportunities and use their own resources to implement the entrepreneurial Function. According to the proposed methodo logy, the entrepreneurial potential of four Saratov universities was assessed and conclusions were drawn. Results. On the example of the Yuri Gagarin State Technical University of Saratov. Recommendations are developed to improve the organizational structure of the university as an entrepreneurial institution on the basis of the proposed list of entrepreneurial functions and structural and functional analysis of the university. Measures have been developed to develop the entrepreneurial activity of the university in the national innovation system.

Evaluation of Realization of Basic Functions of Regional Systems of Higher Education

Introduction. In the context of globalization, the competitiveness of the national economy is largely determined by the dynamics of the development of regional innovation and educational systems and the effectiveness of interaction among their subjects, among which regional higher education systems are becoming a significant driver of innovative growth. The purpose of the study is to develop methods for quantifying the effectiveness of the functioning and implementation of basic functions by regional higher education systems on the basis of a functional approach. Theoretical analysis. The sustainable and competitive development of the region’s economy in response to modern global challenges is largely determined by the quality of the workforce and the regional education system. Empirical analysis. Based on the analysis of the basic functions of universities, the results of the activity of the regional educational systems of 830 universities from 80 regions of the Russian Federation for 2016 were analyzed, the indicators characterizing the functioning of regional higher education systems were grouped into 3 groups according to the number of basic functions to trace the manifestations of each function. Results. The conducted research allowed to evaluate the functional dynamics, structure and volume indicators characterizing the quality of the implementation of the basic functions of regional higher education systems. Comparison of the results obtained by regions of the Russian Federation allows us to draw conclusions about the balance of regional systems of higher education.

Main Characteristics of Real Options in the Implementation of Innovation Projects

Introduction. Insufficient funding for innovation in Russia focuses researchers’ attention on studying and developing both the institutional environment and tools for assessing the effectiveness and risk of innovative projects and optimizing their organization in modern conditions. Theoretical analysis. Existing approaches to assessing the effectiveness of innovative projects, comparing the discounted income and project costs, consider the portfolio of innovative projects of companies and investors as static and create a limited picture of investment opportunities. Most innovative projects contain real options. And management of the investment innovative project should use the special methods that allow to take into account these circumstances. Empirical analysis. When using the real options method in assessing the effectiveness of innovative projects, it is necessary to take into account the following key parameters that affect the results and costs of the innovation project: the uncertainty of future income streams, the costs of owning and realizing options for the project, the present value of the future revenue stream, expected commercial value of the project, the cost of additional investments arising from additional development of project implementation scenarios, one hundred ka discounting taking into account the risk premium, the time period until the option is exercised and other conditions of exercise. Results. Accounting for the main characteristics of options for a more accurate multi-pricing of innovative projects compared with existing approaches based on the application of the real option method in the practice of investment project analysis will help to increase the accuracy of estimates and justify the feasibility of investors’ participation in the implementation of innovative projects. 

Development of Models of Supply Chain Management in Retailing

Introduction. The situation in the retail trade of the Russian Federation is characterized by a number of negative trends: the lack of logistics infrastructure, reduced population activity of the population, active development of multi-format trade. Theoretical analysis. Supply chain of retail trade represent the complex network structure distributed in a large area production, storage and transportation facilities, including a large number of suppliers and retail outlets. The study resulted in a methodological base of logistics and supply chain management was systematic models, methods and concepts of supply chain management taking into account the specifics of flow processes in the retail trade. Results. The proposed algorithm for modeling supply chains in retail takes into account modern methods and concepts of logistics, but also based on the classification of trade flows by the degree of criticality of resources. The algorithm provides the possibility to control the suppliers, product lines and inventory. Systematic model of inventory management in manufacturing based on strategic management tasks. It is advisable to evaluate the effectiveness of supply chain modeling in retailing on the basis of indicators OOS and OSA.

Entity and Negative Role of Freeriding

Introduction. The problem of freerides in the economy is being addressed. The example of passenger transport shows the negative impact and the limits of its development. The freerides problem is reflected both for the business that is providing the service and for bona fide users in the form of additional charges for servicing the freerides. Theoretical analysis. The freerides in various branches of the economy have been reviewed and summarized. Free services for natural persons, as exemplified by passenger transport, have been separately allocated. Description of the research object. The orientation of the control services to achieve full payment by all passengers for their journey in the electric train. In order to achieve full fare charges, the control of passengers in the electric train is considered at the interstation line of the road to be complete and continuous during the entire time of the train’s journey. The problem of finding an effective option for the provision of electric trains by supervisor’s staff is described. The solution to the empirical task. The task of optimizing the cost of maintaining the supervisors state by paying for travel on the train with different options for travel is being pursued. Results of the study. The phenomenon of freerides is not attributed to a negative phenomenon. The overall purpose of law enforcement is not to “eradicate” crime, but to “contain it at the optimum level”. The psychological aspect of the phenomenon, the systemic characteristics of the society also depend on the level of coverage of its freerides, which should be optimal for it as well. The systemic integrity of a society must be separated from the unsystemal state of the social community, but at the same time should not disrupt the production and targeting of a society. The second structural integrity must prevail over the first.

Theoretical Foundations of Research of Institutional Regulation of the Competitiveness of the Organization

Introduction. In domestic and foreign science, the ideas and concepts of state and market regulation of the competitiveness of the organization have received wide coverage, but the institutional aspect of regulation is still debatable today. In particular, the formulation of the theoretical and methodological base and the conceptual apparatus has not yet been completed. This, of course, complicates the research tasks, but at the same time makes them highly relevant and promising. Theoretical analysis. The article shows the peculiarity of the methodology of the institutional approach in the study of the regulation of the competitiveness of the organization, examines the different points of view available in economic science, the definition of categories “institution”, “institutional regulation”. Results. The concept of “institute” is clarified, author’s interpretation of the concept of “institutional regulation of the competitiveness of the organization” is given, the mechanisms for establishing new institutions is analyzed, an algorithm for the evolution of the influence of institutional changes on the competitiveness of an organization is developed.

The Role of University Enduments in Financing Innovation Projects of Public Private Partnership

Introduction. The lack of financial support in the sphere of higher education, the acute need of the real sector of the economy in highly qualified personnel create the need to attract targeted capital for investment in the education sector. Theoretical analysis. One of the tools for implementing public-private partnership in the sphere of education is the endowment funds – endowments. The advantages of creating endowments include legal and systematic attraction of investment resources, the possibility of planning the development and implementation of projects, attracting professionals to the management of incomes, transparency of spending. The endowment fund is not only an additional source of income, but also an indicator of the competitiveness of universities. Empirical analysis. The analysis of the experience of functioning of endowment funds made it possible to determine their main characteristics, the factors of successful functioning in Russia and the direction of development of financing education through endowment funds. Results. The conducted research has shown that the macroeconomic significance of their activities is significant. Endowment funds as institutional investors can become a significant resource for investing innovative projects in Russia through the use of public-private partnership mechanisms and project finance with the state shoulder. The formation of regional “points of growth” on the basis of endowments and the subsequent multiplier effect for regional and national economies is one of the most important macroeconomic problems.

To the Question of Assessing the Market Value of Companies in Modern Conditions

Introduction. During the existence and development of the stock market has undergone a number of changes, with the result that at present the dynamics of the real market value of the company in some cases different from the dynamics of the value of its shares. So the actual problem is the study of the reasons for the discrepancy between the expected value of the enterprise and the dynamics of its shares, hampering the inflow of investments into joint-stock companies via the exchange tools if used decision-making methods used in real investment. Theoretical analysis. Fundamental analysis of stocks involves the study of financial indicators of joint-stock companies, as well as evaluating observed worldwide macroeconomic events (market factors) that are not related to specific firms directly on the successful forecast the future value of the company’s shares most likely is not a professional economist, is able to assess the prospects of the company and the stock exchange speculator, who managed to successfully interpret news flow that is not associated with the work of these organizations directly. To neutralize the possible negative consequences of this assessment it is advisable to use the indicator economic value added (EVA) is one of the most closely associated with the creation of shareholder value. Results. Studies have confirmed that the market capitalization and stock exchange quotations in many cases affect not the fundamentals of individual firms and the market in General, reflected in the stock index. Each of the companies showed a marked positive correlation with stock market capitalization of the index, and only in rare cases, noted the relationship of the capitalization of the company with its unique performance (EVA).