Kovalev centuries Kovalev, V.V. Financial management. Theory and practice. Analysis and management of working capital
BULLETIN OF ST. PETERSBURG UNIVERSITY
Ser. 5. Vol. 1
BRIEFLY ABOUT NEW BOOKS
Kovalev V.V. Financial management: theory and practice. M.: Prospekt, 2006. 1016 p.
The first books on financial management to appear on the Russian educational market were translated works by American authors. In 1992-1997 The Finance and Statistics publishing house published a series of educational literature on accounting and auditing IMSTS consisting of eight books, including the work of the famous American specialist J. Van Horne “Fundamentals of Financial Management” (1996). In 1997, the Russian reader was offered two more translated works: 1) Brigham Yu, Gapensky L. Financial management: Complete course: In 2 volumes (St. Petersburg: Economic School) and 2) Braley R., Myers S. Principles corporate finance(M.: Olimp-Business). In the same years, works by Russian authors V. A. Lyalin, E. S. Stoyanova and others appeared, devoted to the problems of financial management of a company. To date, the circle of domestic specialists involved in this, which has become a very fashionable and sought-after 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. One should agree with the opinion of Prof.
V.V. Kovalev that many works of an educational and educational-methodological nature do not stand up to any criticism and do not correspond at all in their 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 have 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 instruments 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, which the author calls object-procedural, is based on a clear identification of: a) the objects of attention of the financial manager and b) the procedural side of his activities. The author defines financial management as a system of actions to optimize the financial model of a 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 by starting from the balance sheet that it is possible to clearly and consistently identify the objects of attention of the financial manager, that is, to reproduce the statics of the company’s financial management. As for the procedural side of its activities, reflecting the dynamics of financial management, here, as a rule, attention is concentrated 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 scope 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 enterprise’s position 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 average enterprise operate efficiently? 4. Where to invest financial resources with the greatest efficiency? 5. Where to get the required financial resources?
The proposed approach determined the logic of structuring the book. The work contains seven major sections. The first section (chapters 1-8) is devoted to an introduction to the theory of finance. Sections two to 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. IN last section(chapters 24-25) the specifics of financial decisions in atypical situations are considered, to which the author includes inflation, changes in the organizational and legal form, pre-bankruptcy and international aspects of the company’s activities.
In the monograph by prof. V.V. Kovalev presents topics and aspects of the theory and practice of financial management that have not been sufficiently discussed in the domestic specialized literature. First of all, the author’s approach to defining the category “finance” (p. 29), which is fundamentally different from that traditionally used by Russian specialists, deserves attention. In this light, the touched upon historical aspect of the development of financial science (pp. 53-74) is interesting, demonstrating the peculiarities of the formation of the neoclassical theory of finance.
It seems justified that financial management as an independent scientific and practical direction was formed at the intersection of three sciences: neoclassical theory of finance, accounting and general management theory (p. 7885). The author’s idea that the beginning of the path to practical financial management of a company, undoubtedly, lies in accounting (p. 14) also deserves attention. Indeed, the idea of the flow of cash flows is most clearly given in accounting - understanding the logic of the movement of funds through accounts allows you to clearly understand the consequences of a particular financial transaction and, as a result, make informed financial decisions. The work also examines 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 of a company’s inflationary income (p. 908-919), etc.
An interesting section is devoted to the income, profit and profitability of the company. The monograph proposes to consider the main evaluation indicator - profit - in the context of three approaches: economic, entrepreneurial and accounting. In addition to the indicators of accounting profit that are well known to the Russian reader, the book analyzes indicators formed in the context of value-oriented management of a company (in particular, economic added value). The essence of the author's ideas in this direction is presented in general theses, reflecting the managerial aspects of the formation and assessment of the final financial result (pp. 509-512). The reader's attention is drawn to the multiplicity of profit indicators and their unequal importance in the context of the interests of various persons interested in the activities of a given company.
A significant part of the monograph is devoted to the management of company assets. At the same time, the criteria for assessing real investments are considered (pp. 605-659), management methods working capital(p. 666-698), methods of analytical substantiation of transactions with financial assets (p. 699-762).
Most books by Russian specialists pay virtually no attention to managing the capital structure and the cost of a company’s sources of financing. In the work under review, this aspect of the financial manager’s activity is discussed in great detail.
Of significant 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 statements and to the relationship between the indicators of net and retained earnings, on the one hand, and dividends, on the other.
In the section devoted to the peculiarities of financial management in atypical situations, attention is drawn to the author's simulation modeling technique in assessing possible problems with solvency (pp. 946-948).
Any voluminous monograph, written with deep knowledge 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 more clear justification and development. The fundamental characteristic of the category “finance” must include a time aspect. In this case, the distinction 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) would appear quite understandable.
Such a fundamental monograph opens up new scientific horizons and allows us to begin 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 author’s logic, it can be reliably stated: 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 this is the budget.
The materials on newfangled financial instruments seem somewhat out of context in the book; it would be advisable to give examples of the dividend policy of Russian companies in the work.
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 the national school of applied analysis and financial management.
The reader's attention should be drawn to the fact that the book under review sets out the author's ideas in the field of analysis and financial management, which he first voiced in the early 1990s and has been consistently developed for more than ten years. Therefore, in the monograph a number of provisions (for example, analysis of reporting in the work of a financial manager, postulates and principles of financial accounting as the basis for understanding its logic, etc.) are presented in a summary version and involve the use of other works of the author, we're talking about, first of all, about the books: “Financial accounting and analysis: conceptual foundations” (M.: Finance and Statistics, 2004); "Financial statements. Analysis financial statements(Fundamentals of Balance Science)” (M.: Prospekt, 2005); " The financial analysis: methods and procedures" (M.: Finance and Statistics, 2001). A good addition to the monograph is the author’s work “Workshop 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-
for a serious student of the discipline “Financial Management”, check the level and degree of understanding of the materials reviewed.
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 jointly with colleagues in the Department of Credit Theory and Financial Management at St. Petersburg State University; she happens to be constituent element block of scientific and educational literature on problems of finance, money circulation, credit, banking.
Sufficiently complete information about scientific and educational developments Departments 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 Social and Economic Processes, Faculty of Economics, St. Petersburg State University.
Description: The book contains a description of the main categories and methods of financial analysis in a market economy. It outlines the principles of analysis in conditions of inflation, methods for predicting the possible bankruptcy of an enterprise, and examines the content and procedure for using traditional and new financial instruments.
The 2nd edition includes questions on methods of calculating interest, assessing the profitability of financial instruments, and measuring risks. Given new system indicators. The book is intended for accountants, auditors, financial managers, scientists and practitioners, as well as students of economic universities.
INTRODUCTION
1. INTRODUCTION TO FINANCIAL MANAGEMENT
1.1. Finance, its role and functions in the process of social reproduction
1.2. Enterprise financial management system
1.3. Structure of enterprise financing sources
1.4. Financial instruments
1.5. Financial markets
1.6. Government regulation securities market
1.7. Financial institutions in the securities market
2. METHODS AND TECHNIQUES OF FINANCIAL ANALYSIS AND FORECASTING
2.1. The essence of financial analysis in a market economy
2.2. Evolution of approaches to financial reporting analysis
2.3. Classification of methods and techniques of financial analysis
2.4. Main types of models used in financial analysis and forecasting
2.5. Elements of the theory of modeling and analysis of factor systems
3. FINANCIAL STATEMENTS AND ITS ANALYSIS
3.1. Evolution of financial reporting in Russia
3.2. Consolidated financial statements
3.3. Basic principles and sequence of analysis financial condition enterprises
3.4. An example of a financial condition analysis technique
3.5. Inflation and financial statement analysis
3.6. Forecasting the financial and economic activities of an enterprise
3.7. Methods for predicting possible bankruptcy of an enterprise
4. FUNDAMENTALS OF FINANCIAL MATHEMATICS
4.1. The logic of financial transactions in a market economy
4.2. Interest rates and methods of their calculation
4.3. Present value concept
4.4. Types of cash flows
4.5. Valuation of cash flow with unequal receipts
4.6. Annuity Valuation
4.7. Analysis of the availability of resources for consumption in market conditions
5. EVALUATION OF SECURITIES AND MAKING DECISIONS ON FINANCIAL INVESTMENTS
5.1. Basic model for valuing financial assets
5.2. Valuation of debt securities
5.3. Valuation of equity securities
5.4. Profitability of a financial asset: types and assessment
5.5. Concept of risk and methods of its assessment
5.6. Investment portfolio risk
5.7. Principles of forming an investment portfolio
5.8. Model for assessing the profitability of financial assets
5.9. Indicators on the securities market
6. DECISION MAKING ON INVESTMENT PROJECTS
6.1. Development of options investment projects
6.2. Methods for evaluating investment projects
6.3. An example of using the described methods
6.4. Analysis of alternative projects
6.5. Comparative analysis projects of varying duration
6.6. Analysis of investment projects in conditions of inflation and risk
6.7. Optimizing the distribution of investments across several projects
7. ANALYSIS OF PRICE AND CAPITAL STRUCTURE
7.1. Estimation of production leverage
7.2. Financial leverage assessment
7.3. Fundamentals of capital structure theory
8. DIVIDEND PAYMENT POLICY
8.1. Dividend policy and the possibility of choosing it
8.2. Factors determining dividend policy
8.3. Dividend payment procedure
8.4. Types of dividend payments and their sources
8.5. Dividend policy and stock price regulation
9. ANALYSIS AND MANAGEMENT OF WORKING CAPITAL
9.1. Enterprise policy in the field of turnover captain
9.2. Types of current asset financing strategies
9.3. Components of working capital
9.4. Control in cash and their equivalents
9.5. Analysis and management of accounts receivable and inventory
9.6. Traditional methods short-term financing
9.7. New short-term financing instruments
10. SOURCES OF FINANCING AND METHODS OF ISSUING NEW SECURITIES
10.1. Traditional financing instruments
10.2. Main ways to increase capital
10.3. Balance sheet models for managing funding sources
10.4. New long-term financing instruments
10.5. Foreign sources of funding
11. INFLATION AND ITS IMPACT ON FINANCIAL DECISION MAKING
11.1. Economy in a changing environment - basic concepts and assessment
11.2. Classification of methods for accounting and analyzing the impact of inflation
11.3. Methodology for revaluation of statements on currency fluctuations
11.4. Methods for revaluation of reporting due to fluctuations in commodity price rates
11.5. Modeling of indirect income and expenses of an enterprise under the influence of inflation
11.6. The influence of inflation on the distortion of reporting data
11.7. Financial decisions in conditions of inflation
APPLICATIONS
Annual financial statements
System of indicators for assessing financial and economic activities
Financial tables
Examples of control ratios of annual forms financial statements(for 1996)
Archive size 24.9 MV
The book is an in-depth course on a relatively new and dynamically developing discipline dedicated to describing the logic, principles and techniques of financial management of a commercial organization. The author's approach to the structuring and essential content of the course is outlined. The evolution of financial management is characterized in detail, its relationship with the neoclassical theory of finance and accounting is described, the principles of analysis and financial planning are considered, models for assessing financial assets, criteria for assessing investment projects and methods of managing working capital are presented, the basic concepts of the theories of an efficient capital market and portfolio investment are outlined. , capital structures. For senior students, graduate students and teachers of economic universities, researchers and practitioners specializing in the field of financial management and accounting.
On our website you can download the book “Financial Management: Theory and Practice. 3rd Edition” by Valery Viktorovich Kovalev for free and without registration in fb2, rtf, epub, pdf, txt format, read the book online or buy the book in the online store.
Kovalev Valery Viktorovich - Doctor of Economics, Professor.
Born July 12, 1948. Graduated from Leningrad State University in 1972. Specialty: “Accounting, control and analysis of economic activities.”
Since 1999, he has been a professor at the Department of Credit Theory and Financial Management at 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.
Area of scientific interests: financial management, financial analysis, accounting.
In 1992-2004. made presentations at a number of international congresses and conferences on accounting and finance issues in Austria, Belgium, Great Britain, Italy, the Netherlands, USA, France, etc. In 1994-96. took part in retraining programs through the British Council, TACIS and the National Foundation for the Training of Financial and Management Personnel of the Russian Federation as a teacher in the “Financial Management” module. Organizer and participant of cascading multi-level “Training the Trainers” programs in the field of accounting, financial management and audit, financed 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 financial management of a commercial organization. The course topics are presented 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 neoclassical finance theory as applied to a company.
Intended for senior students, graduate students and teachers of economic universities, researchers and practitioners specializing in the field of financial management and accounting.
Workshop on analysis and financial management
The key provisions of the main topics, questions for discussion, tasks and situations for 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. Included are test questions and tasks to monitor students' knowledge, as well as recommendations for testing.
For teachers and students of economic universities. The book's materials can be used by practitioners in preparation for passing qualifying exams in accounting, auditing and financial management.
The textbook is written in accordance with the requirements of the State educational standard in the specialty Finance and Credit and covers the main sections of the standard training course Finance. The material is well structured and will give a comprehensive understanding of the country's financial system and its basic elements. The logic of operation is considered public finance, finance of enterprises, insurance organizations, households. A separate section is devoted to international finance. The content of the state's financial policy, fiscal federalism, state credit, tax policy and others is revealed. current issues modern financial science.
CONTENT
Introduction 3
SECTION I. FINANCIAL SYSTEM OF THE COUNTRY: ESSENCE AND CONTENT
Chapter 1. Introduction to the general theory of finance 8
1.1. The essence and functions of finance 8
1.2. Financial system: essence, subsystems, spheres, links 13
1.3. Financial policy 21
1.4. Evolution of financial science 26
Chapter 2. Financial management 36
2.1. The essence and financial management authorities 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 level of a business entity 44
2.3. Financial control 46"
2.3.1. Essence, models and forms of financial control 47
2.3.2. Financial control methods 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. Features of the formation of 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. Evolution of tax systems 100
4.4. Structuring taxes in the 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 revenues 148
5.1. Customs regulation of foreign trade activities 148
5.2. Customs duties, their functions and types 151
5.3. Customs policy Russian Federation 155
5.4. Method of determination customs revenue 158
Chapter 6. Contents and features of organizing finances of business entities 163
6.1. The essence of finance of business entities 163
6.2. Features and principles of financial organization commercial organizations in the manufacturing sector 165
6.3. Features of enterprise finance financial sector 172
6.3.1. Financial and credit activities 172
6.3.2. Insurance activities 178
6.4. Features of finance non-profit organizations 179
SECTION II. STATE AND MUNICIPAL FINANCE
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 government systems 185
7.2.2. Budget system of the Russian Federation 1S9
7.3. Budget income and expenses 196
7.3.1. Budget revenues 196
7.3.2. Expenses budgets 200
7.3.3. Balancing budgets 206
Chapter 8. Budget process 211
8.1. Contents and participants 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. The essence and content of fiscal federalism 229
9.2. Models of fiscal federalism 233
9.3. Formation Russian model fiscal federalism 238
9.4. Interbudgetary transfers 246
Chapter 10. State loan 252
10.1. Socio-economic essence of state credit 252
10.2. Public debt: content and main forms 256
10.3. Public credit management 269
10.4. State credit in modern Russia: features and development trends 274
Chapter 11. Off-budget funds 282
11.1. The essence and purpose of extra-budgetary funds 282
11.2. Sources, procedure for the formation and use of funds from extra-budgetary social funds 293
11.2.1. Pension Fund 296
11.2.2. Social Insurance Fund 298
11.2.3. Federal Compulsory Medical Insurance Fund 300
11.2.4. Territorial compulsory health insurance funds 301
SECTION III. FINANCE OF ORGANIZATIONS (ENTERPRISES)
Chapter 12. Enterprise finance in the country’s financial system 304
12.1. The essence and functions of enterprise finance 304
12.2. Principles of organizing enterprise finances 313
12.3. Structure of the enterprise financial management system 319
12.4. functions, tasks and goals of a 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 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 enterprises: investment aspect 363
14.1. Management of investment activities in the form of capital investments 363
14.2. Management of current assets 369
Chapter 15: Sources of enterprise financing 380
15.1. Methods of financing the activities of an enterprise 380
15.2. Capital: essence, interpretations 383
15.3. Own capital management 387
15.4. Control borrowed capital 391
15.5. Leasing as a source of financing 394
15.6. Management of short-term sources of financing 399
15.7. Managing 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 turnover at the enterprise 423
17.2. Principles of organizing non-cash payments 424
17.3. Settlements by payment orders 429
17.4. Payments by letters of credit 430
17.5. Payments by checks 435
17.6. Payments for collection 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 organization 452
Chapter 19. Financial model insurance organization 460
19.1. Assets and sources of funds of the insurance organization 460
19.2. Formation of the financial result of the activities of an insurance organization 461
19.2.1. Income of the insurance organization 461
19.2.2. Expenses of the insurance organization. 463
19.2.3. Financial result 465
19.3. Financial stability and solvency of the insurance organization 467
19.4. Assessment of the solvency of an insurance organization 468
19.5. Budgeting the financial activities of an insurance organization 470
SECTION V. HOUSEHOLD FINANCE
Chapter 20. Household finances economic category
476
20.1. Socio-economic essence and functions of household finance in a market economic system 476
20.2. Household financial decisions 481
Chapter 21. Household budget 486
21.1.. Budget revenue household 486
21.1.1. Composition, meaning and indicators of household income 486
21.1.2. Wage with charges and additional payments 489
21.1.3. Social and insurance payments to households 491
21.1.4. Household income from entrepreneurial activity, from transactions with personal property and cash savings in the financial and credit sector 496
21.2. Household budget expenditure 498
21.2.1. Classification of household expenses 498
21.2.2. Mandatory household payments 499
21.2.3. Consumption expenses. 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 of international finance 511
22.1.2. Currency system of the Russian Federation 520
22.1.3. Global derivatives market 523
22.1.4. Global 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 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 last years In connection with the transition to market relations, profound changes are taking place in the Russian economy. To a large extent, these changes are due to clarification and sometimes a change in priorities, incentives and factors for the development of society and the country. The political and pseudo-social background of decision-making of an economic nature, which took place in our country during the years of centralized planning and management, has been replaced by healthy pragmatism, expressed primarily in assessment economic feasibility similar decisions. In other words, what took place in the system (policy)< = >economics), the obvious bias towards the first element, implying its undeniable dominance, is gradually leveled out.
Economic restructuring is taking place, an increasing number of enterprises are becoming truly independent, financial results and economic feasibility and efficiency are increasingly becoming the main criteria for adoption management decisions in systems of any level. This determines rapid growth the importance of applied economic sciences - accounting, enterprise finance, management, marketing, etc. At the same time, a certain revaluation of values in the fundamental economic sciences occurs, manifested primarily in the adoption and adaptation of key provisions of micro- and macroeconomics, neoclassical theory of finance, and the theory of modern institutionalism.
