Strategic planing of firm capital structure development

They modeled firm capital structure in the article within a strategic planning system focused on its value growth. Within the framework of strategic planning, the authors proposed the ways to quantify various financial indicators that form a firm value. The authors justify the thesis that when a firm value growth is planned, not only the valuation of capital is important, but also the development of a strategic financial model that ensures the achievement of a firm capitalization planned value. In order to approbate the proposed approach of a company value strategic planning, the structure of PJSC "Tatneft" capital was modeled according to the financial statements for the period from 2007 to 2016. Completed application developments allowed to supplement the theoretical model with a practical content. The obtained results indicate the maximum value of PJSC "Tatneft" achievement at the level of the borrowed funds in the range of 15-16% within the company capital structure. Based on the applied modeling results, the authors made the following conclusions. First, the decision to optimize the capital structure should be the part of the developed strategic planning system, which takes into account the company position in the market, perspective investments, expected free cash flow, and the distribution policy of net profit. Secondly, long-term firm management plans for credit resource attraction must be accompanied by financial difficulty risk assessments, the forecast of profit and the amount of free cash flow

Assessment of Impact of Domestic and External Demand Factors on Economic Growth in Russia on the Basis of Model of Multiple Regression Analysis

AbstractA multiple regression model of economic growth in Russia based on the statistics of the structural elements of the Russian Aggregate Demand from 2001 till 2013 was developed in this article. The results of multiple regression analysis provided compelling evidence that the greatest impact on a real Russian GDP growth has domestic demand. It has been found that consumption of households is the key elements of domestic demand. The authors also justify the action of the multiplicative interaction mechanism of domestic and external demand of the Russian economy

Transformation of the resource scarcity principle in increasing return economics

This article deals with the peculiarities of functioning of increasing return economics and reasons the necessity to modify the resource scarcity principle as applied to the research of the subject matter of economic processes with increasing return. Modelling the results of reallocation of a common resource among alternative productions in the increasing return economics, the author determines constraints of the law of increasing relative costs. © IDOSI Publications, 2013

Ecological restrictions of modern economic growth

The article analyzes the ecological restrictions of modern economic growth. The conditions and criteria of its transformation into uneconomical (wasteful) growth are determined. The economic damage from human impact on the environment is assessed based on the existing approaches. © 2014 Pleiades Publishing, Ltd

Modeling the long-term trend of accumulation of knowledge

In the given article we've developed and substantiated a model of the long-term trend of the knowledge adding process, based on the method of the production function and algebraic properties of information. We demonstrate that in terms of the increasing returns, networking specifics of production and knowledge proliferation, we face exponential growth of knowledge generation and accumulation. The development of technologies of knowledge accumulation, processing and transmission are viewed in the context of common regularities of phasic technological evolution. The given model offers the analytical kit that enables one to prognosticate the dynamics of knowledge adding effectiveness

Культурный код русской культуры: образ А. С. Пушкина в формировании «мест памяти»

This article examines the texts of the Russian culture of the 19th–20th centuries, in which the tendency to form the image of Alexander Pushkin as a “place of memory” can be traced. The author identifies three stages that confirm the evolution and/or formation of this "place of memory. According to Pierre Nore, “places of memory” arise at the points of significant events in culture, thus expressing “national memory”. At the center of the proposed study is an attempt to present the idea that “places of memory” begin to form not only on the basis of historical or culturally significant events, such as anniversaries of something or the opening of a monument, but also arise in periods of culture when there are no external signs for the formation.В данной статье исследуются тексты русской культуры XIX–XX вв., в которых прослеживается тенденция формирования образа А. С. Пушкина как «места памяти». Автор выделяет три этапа, которые подтверждают эволюцию и/или формирование данного «места памяти». По утверждению Пьера Нора, «места памяти» возникают в точках памятных событий культуры, таким образом воплощая в себе «национальную память». В центре предложенного исследования находится попытка изложить идею, что «места памяти» начинают оформляться не только на почве исторических или культурно-исторических знаковых событий таких, как годовщина и юбилей чего-либо или открытие памятника, но также возникают в периоды культуры, когда отсутствуют каких-либо внешние признаки для формирования. Место памяти, культурная память, многозначность, Серебряный век, символизм, русский символизм, культурно-исторический ландшафт, образ, образ культуры, язык, слово, эпоха, мировой исторический процесс, бинарность, мифология города, пространство, мышление, «Петербург», Андрей Белый

Pulmonary hypertension and respiratory function in parenchyma sparing surgical treatment of lung cancer

Aim. To assess the effect of pulmonary hypertension on respiratory function in lung cancer surgery. Methods. 92 patients diagnosed with non-small cell lung cancer, among them 69 men (75 %) and 23 women (25 %), were operated on with different variants of angioplastic lobectomy (APL), the average age was 57.8 ± 6.7 years. 91 patients underwent pulmonectomy (PE), among them 87 men (95.6 %) and 4 women (4.4 %), the average age was 59 ± 8.8 years. Results. One year after angioplastic lobectomy FEV1 decreased by 0.69 liters (27 %), vital capacity decreased by 1.17 liters (32.9 %), FVC (the difference between the volumes of lungs at the beginning and at the end of forced expiration) reduced by 0.64 liters (20.5 %). After removal of the lung, dynamics of the decrease of similar indicators was 1.02 (42 %); 1.53 (43.8 %); 1.24 (40.3 %) liter respectively. The presence of a negative relationship between PA/A (pulmonary artery/aorta) and FEV1 was revealed. Thus, in the group of angioplastic lobectomy without initial pulmonary hypertension (PA/A less than 1) it was found that r = -0.42 (p < 0.01), with pulmonary hypertension (PA/A 1 or more) r = -0.4 (p < 0.01). In the group of pulmonectomy without initial pulmonary hypertension, the correlation index was -0.38 (p < 0.01), with initial pulmonary hypertension r = -0.33 (p < 0.01). Conclusion. The analysis of the functional parameters of pulmonary system after the surgery revealed statistically significant advantage of organ-saving treatment, as well as negative correlation between pulmonary hypertension and respiratory function

Forecasting the dynamics of an innovative cycle

The article shows and tests on statistical data a model of the dynamics of an innovative style based on using a logistic function. The model developed provides an analytical toolkit for forecasting and managing the development of innovative cycles. It is shown that the general form of trajectory of a life cycle of innovative processes it hard to use to manage their development because it only records the logic and the vector of development of these processes. © IDOSI Publications, 2013

Ensuring the effectiveness of the privatization of state-owned companies in the conditions of instability of the financial markets (under the example of OJSC oil company 'rosneft')

The current state of the world and Russian economy makes it necessary to search for the additional sources of funding by the Government of the Russian Federation in terms of undervaluation of the Russian companies. The privatization strategy is aimed at regulation of the state budget deficit by attracting the maximum possible amount of cash flows at the present stage of development of the Russian economy. However, due to the volatility of financial and commodity markets, and imposed sanctions against the Russian companies, it raises the problem of an adequate assessment of the privatized assets. A potential stabilization of markets and the prospects of lifting of restrictions actualize the temporal aspects of privatization. The paper includes the assessment of the value of cash flows generated by the company and the shareholders' equity. A comparison of the cash flows of the company, attributable to the shareholders' equity, and its capitalization has allowed identifying the undervaluation or overvaluation of the companies. Cost evaluation of the OJSC "Oil Company "Rosneft" shows its undervaluation. This company is overburdened with debts, which indicates the inefficiency of its privatization in the current conditions. The undervaluation of the company by the investors is supported by a comparative analysis of the values of its financial multiples and financial multiples of foreign oil and gas companies. In the long term perspective the value of the company's cost of capital may be reduced, and the values of cash flows may be increased. This will lead to an increase in the value of the company's assets