Evaluating the effectiveness of public health financing based on financial and non-financial indicators in terms of the knowledge economy

In conditions of the knowledge economy human capital, human value are the main factors of economic growth and prosperity of the state. Qualitative characteristics of human capital are indicators of public health. Therefore, one of the most important tasks of the state is to assess the effectiveness of financing public health expenditures. The methodological base of the research was the methods of system and economic analysis, mathematical statistics and decision optimization, which resulted in the identification of factors influencing the resource supply, availability and quality of public health. The formation of a comprehensive indicator of the effectiveness of the public health system based on the system of financial and non-financial indicators will allow to form numerically an assessment of the effectiveness of investments in public health and draw conclusions about the resources' provision, level of development, accessibility and quality of public health. The obtained results can be used in making effective public financial decisions, which allow to achieve an increase of accessibility and quality of health care, focusing on the human capital in conditions of knowledge economy.peer-reviewe

Methodological bases of an assessment of financial reliability and investment appeal of mutual funds

Статья посвящена проблеме выбора наиболее эффективного инвестирования с учетом надежности паевого инвестиционного фонда. Актуальность темы исследования обусловлена тем, что квалифицированный инвестор на основе научно-обоснованной методики оценки надежности ПИФов будет в большей степени защищен на рынке ценных бумаг. С учетом интегральной оценки надежности ПИФов и оптимальности инвестирования инвестор сможет использовать более рискованные финансовые инструменты. Авторами предложена система показателей оценки финансовой надежности ПИФов, отражающих их платежеспособность, доходность и деловую активность, и рассчитываемых на основе существующей финансовой отчетности ПИФов. Также предложен способ преобразования этих показателей для приведения их к однородному стандартизированному виду и разработана методика комплексной оценки финансовой надежности ПИФов на основе сводного стандартизованного показателя. В работе выполнена оценка показателей финансовой надежности ПИФов на примере фондов акций и облигаций. Произведена классификация ПИФов на основе значений совокупного стандартизированного показателя финансовой надежности. Применение методики оценки надежности ПИФов, дополненной анализом инвестиционных показателей, характеризующих риск, доходность и взаимосвязь ПИФов с фондовым рынком, позволяет выявить наиболее эффективные для инвестирования фонды. Следует также учесть, что обслуживание профессиональных инвесторов на рынке ценных бумаг с учетом комплексной оценки эффективности инвестирования и надежности ПИФов, согласно мировой практике, обходится дешевле.The article deals with the problem of choosing the most efficient investment in the view of the reliability of the unit investment fund. The relevance of the research topic stems from the fact that the qualified investor on the basis of evidence-based methodology for assessing the reliability of mutual funds will be more protected in the securities market. Given the integral evaluation of the reliability of mutual funds and investment optimality, the investor will be able to use more risky financial instruments. The authors propose a system of indicators to measure the financial strength of mutual funds, reflecting their solvency, profitability, and business activity, calculated on the basis of the existing financial statements of mutual funds. They suggest a method of converting these figures to a uniform standardized form and a method for comprehensive assessment of the financial strength of mutual funds on the basis of a standardized composite index. In the current work the authors provide the estimation of the financial reliability of mutual funds on the example of equity and bond funds. Mutual funds on the basis of the total value of standardized indicators of financial reliability are classified. The application of methodology for assessing the reliability of mutual funds, supplemented by an analysis of the investment indicators characterizing the risk, return, and correlation with the stock market mutual funds, allows to identify the most effective ones for investment funds. It should also be noted that professional investors service in the securities market based on a comprehensive assessment of the effectiveness and reliability of investing mutual funds, according to international practice, is cheaper