The article studies the management system of investment attractiveness in the agricultural sector. The authors set the task of analytical (evaluation of investment attractiveness of the Russian agricultural sector using economicmathematical and economic-statistical methods) and research plans (to identify problems of increasing investment attractiveness and suggest the best ways to eliminate them). The purpose of the article is to determine the main directions of increasing the investment attractiveness of the agricultural sector in the Russian Federation.

We used the following methods: a content analysis of the legal framework and scientific publications on the investment attractiveness of the agricultural sector, economic, statistical, and econometric analysis of the dynamics of the industry using special software applications (STATISTICA package).

Over the past three years, the dynamics of investment in fixed capital in the agricultural sector is steadily increasing, but the volume of loans attracted is almost twice as high as the volume of investment (hence, loans are attracted to solve current problems). Investment activity in agriculture is unstable, as evidenced by the coefficients of structural shifts in the investment process. State participation in agriculture is high, but it does not stimulate economic growth. The practical purpose and scientific value of the article are to build a holistic and logical vision in solving the problems of increasing the investment attractiveness of the agricultural sector.

We highlighted a number of latent factors that limit the investment attractiveness of the agricultural sector: high debt burden of enterprises, low innovative activity, the use of outdated technologies, inefficient organization and use of outdated approaches to the management of agricultural enterprises and of the industry as a whole.

The article concludes that institutional changes and reforms are needed, which should be directed: first, to change the sectoral structure by increasing the level of technological effectiveness of agricultural production; second, to change the role of the state in the processes of functioning and development of the industry (the gradual rejection of protectionism in favor of competition). 

The article examines investment tools available for use by a wide range of citizens. The purpose of this paper is finding investment instruments that can perform the function of the systemic economic development. It is suggested that such tools should have the following characteristics:

Are available for investment to the average citizen

Ensuring a positive return after adjustments for inflation and deducting costs

The funds raised with the help of such an instrument are directed to the development of the economy.

The latter feature is particularly relevant since Russia’s share in the global economy is declining as the result of slowing GDP growth.

In our work, we used the following research methods: study, measurement, comparison and generalization. Thus, as a result of the study of investment instruments, we identified the advantages and disadvantages of each investment instrument. For the retrospective period, we estimated the returns, which should receive investors after adjustments to the level of inflation and costs. Further, we compared the characteristics of individual investment instruments and estimated their potential as instruments capable performing the function of systemic development of the economy. As investment tools available for use by the average citizen, there was investigated: currency, precious metals, real estate, bank deposits, deposits in micro-finance companies, securities (Federal loan bonds, corporate bonds, stocks), mutual funds, individual investment accounts opened with the professional trustee, investment life insurance. As a result, we draw conclusions concerning the potential of each instrument as a tool for the systemic development of the economy, as well as giving recommendations on the use of investment instruments, depending on the preferences of investors. 

The article discusses the role, importance, potential and problems of corporate organization of industry in Russia. We established that the implementation of a developed model of corporate governance is a reliable and effective system of funding the growth of enterprises. The authors reviewed corporate governance in economically developed countries, which are the main drivers of global economic development. On the basis of a broad analysis of theoretical studies and practice of large foreign and Russian corporations, we attempt to show that the assumption about the effectiveness of reforms in the Russian Federation on the basis of privatization of state property and due to this increase in funding of development processes has not remained a proven hypothesis. The reason for this is the reformers’ ignorance of the theoretical principles and international practical experience in the evolution of corporate governance. The methodical basis of this article is economic-statistical, system, and comparative research methods. The authors analyzed and compared large foreign and Russian corporations by industry, the position of the state in management, the number of shareholders, the volume and mechanisms of funding of innovations. We have also summarized the main ratings of large corporations by revenue and capitalization, financing for research and development. The authors identified trends in the gap between Russia according to the factors of the economically developed countries-leaders. The authors concluded that the impact of national corporate governance on the economic development of countries is complex and ambiguous. High productivity, advanced technologies and innovations allow economically developed countries to extract Schumpeterian rent, to obtain additional sources of R&D funding, providing themselves with competitive advantages. Based on a comprehensive analysis of statistical data, the authors recommend that the relevant executive and legislative authorities of the Russian Federation do not delay the entry into a new phase of development of the Russian economy, which can prevent systemic and insurmountable obstacles in the foreseeable future. We propose to strengthen the organization of corporate governance with legislation, state regulation and business practices.

The article analyzes the carry trade strategy in which, according to common definition, traders borrow a currency that has a low-interest rate and use the funds to buy a different currency that is paying a higher interest rate. The aim of this work is to form the optimal strategies and carry trade portfolio. The task of our study was to study the interdependence between the yield of the carry trade strategy and the USA stock market on the basis of a mathematical approach and offer a portfolio of currencies with the highest historical yield over the past five years. The author used the model of relative risk aversion. We analyzed data on exchange rates, forward premium and real exchange rates for the Eurozone, as well as for countries of the Organization for Economic Cooperation and Development (OECD) such as Australia, Brazil, China, Japan, New Zealand, Russia, Switzerland, the United Kingdom and the United States of America. Carry trade’s yield is not tied to standard risk factors. Popular funding currency — the yen has experienced a strong jump of volatility as a result of the 2008–2009 crisis. A possible explanation for this reversal is investors’ appetite for risk. The author concluded that the most common carry trade strategies in the period from 2009 to 2014 were formed on the basis of two financing currencies (Japanese yen and the US dollar) and three investment currencies (Australian dollar, New Zealand dollar and Chinese yuan). After 2014, the US dollar ceases to be the funding currency, giving way to the Euro. The optimal carry trade strategy is borrowing in the currencies of developed countries (EUR, JPY) and investing in the currencies of energy producing countries (RUB, BRL). There is a negative relationship between the volume of transactions based on the carry trade strategy and the yield of shares in the financing country. There is also a significant link between the yield of the carry trade strategy and the profitability of the USA stock market.  

The article examines the process of allocation of financial resources in various areas of economic development. We analysed the impact of financing on the growth of existing activities and the emergence of new sectors of the economy that have been absent so far, for example, knowledge-intensive industries.

Evaluation of the results of the distribution of financial resources between the existing economic activities, old and new combinations, and the impact of this distribution on the development of the economic system.

As a basis of the study we applied Neo-Schumpeterian theory of economic development, which sees development as the emergence of new combinations. The principle of “creative destruction” describes the diversion of financial resources from old to new combinations. Most of the models used to describe economic development follow the logic of this principle. However, the emergence of a new resource (or sector, kind of activity) and a combinatorial effect make a significant contribution to the distribution of finance by use. The structure of combinations affects the distribution of financial resources, but the distribution effect is also of independent importance, as it is formed by virtue of the government’s policy of financing priority areas of economic development. In the research we used the method of structural analysis and optimization problems solving.

The article substantiates that there are two basic modes of development: when there is a “rational growth” aimed at obtaining the greatest income, and when there is a “limited rational growth” associated with minimizing the risks of economic activity in obtaining an acceptable, but not the greatest income. These two modes strongly influence the allocation of resources within the “old-new” combinations of structure. The study of these regimes using optimization models of imitational property reveals the peculiarities of the influence of the distribution of financial resources on the pattern of the development, which is considered as a change in the economic structure.

When planning and elaborating an economic development strategy, it is necessary to take into account the problem of the distribution of financial resources between the directions, old and new combinations with the possible effect of their mutual influence. There are two principal conditions when diversification of activities does not reduce risk, but, on the contrary, can increase it due to the current structure of the sectors, and the new combination redistributes the resource so that it can either stimulate the development of old combinations, or causes collapse of these combinations. The introduction of a new combination and the institutions for financing its development will influence this or another option. The model and approach to solving the structural and distribution’s problem in the allocation of financial and other resources we proposed is a practical tool for managing the distribution of resources in the economic system, based on the state and dynamics of existing and changing markets. 

The article analyzes the current trends of financing Russian non-financial companies, formed in the mid‑2010- is during the slowdown of the growth of the national economy, the reduction of foreign capital inflows and the introduction of anti-Russian sanctions.

The purpose of the study is to analyze changes in the dynamics and structure of sources of financing of domestic companies that occurred in 2014–2017, as well as to assess possible measures to expand the availability of financial resources for them.

We used general scientific methods of statistical analysis, scientific abstraction and logical generalization, as well as comparative and institutional approaches.

The paper considers the dynamics and peculiarities of financing of Russian companies in 2014–2017. We established that despite the compression of foreign capital inflow that occurred in the specified period, the enterprises were able to largely compensate losses increasing borrowings from domestic banks and the corporate bond market, as well as obtaining financial support from the state in the framework of anti-crisis measures.

The replacement of foreign financing with domestic sources allowed to maintain the stability of the corporate sector during the crisis period. However, today, when the economy is out of crisis and enterprises to need additional funds for business development, they face a limited supply of financial resources in the domestic market, mainly due to the sharp slowdown in the dynamics of bank lending to the real sector, observed since 2015.

We conclude that in the conditions of reduction of capital imports the main reserve for increasing the availability of financial resources for the Russian enterprises is the increase of bank lending to the economy. In order to encourage it, the state should actively expand the practice of public-private partnership mechanisms in the financial and banking sector, including the provision of guarantees for loans and joint financing with banks of priority investment projects. 

The complexity and diversity of the processes of spatial mobility of the population make forecasting of those processes one of the most difficult in practical terms. However, without a clear understanding of trends in this area, it is impossible to effectively manage the overall development of the regional system and its financial subsystem. Based on this, the purpose of the study is to identify the current trends in the formation of migration processes in the regions of the Russian Federation and the development of model tools to formalize the processes under consideration. To achieve this goal, we carried out a statistical analysis, based on the hypothesis of the mutual influence of the socio-economic development of the region and changes in the values of indicators characterizing the migration processes that are the object of the study. We applied the methods of structural, dynamic and factor, correlation and regression analysis. We calculated a set of regression equations describing the relationship between the obtained indicators of social, economic, financial development of the territory and the coefficients of migration growth, taking into account the territorial belonging of the regions, and allowing to conduct model experiments to predict the level of migration in individual regions and in the context of territorial macro-systems. The proposed approach was based on statistical data on the constituent entities of the Russian Federation for 2010–2015. In particular, we conducted the procedure of normalization of the selected indicators by subjects of the Russian Federation (2000 figures). Further, we determined of weight characteristics, calculated integral indicators generated from a regression equation, estimated their quality and analyzed the causes of deviations of calculated values from actual ones. We developed a system of regression equations with a sufficient degree of accuracy which describes the migration processes taking place in the subjects of the Russian Federation under the influence of the combined influence of socio-economic development indicators. It can be used for practical purposes, including the terms of achieving certain financial indicators of regional development.

The article deals with the problem of developing an information and mathematical model to support decisionmaking on the restructuring of corporate debt in the banking technologies of financial management. The purpose of the article is to create a model that allows diagnostic of the stages of developing corporate crisis in difficult conditions of incomplete and noisy data. The model should serve as a tool for improving the objectivity and quality of decisions on the restructuring of corporate debt. The study was conducted on the basis of neural network modelling and system analysis methods, methods of decision-making theory, a solution of inverse problems of interpretation, i.e. extraction of new knowledge from data. We developed an original method of constructing neural network logistic model of bankruptcies (NNLMB) in the difficult conditions of the simulation. New features of the method, increasing the predictive power of the model, are: 1) optimal selection of factors using Bayesian ensemble of auxiliary neural networks, performing compression of factor space; 2) step compression of factors based on the generalized Harrington desirability function; 3) regularization of the main (working) neural network model on Bayesian ensemble of neural networks. NNLMB is tested on real data from corporations of the construction industry. The number of correctly identified objects on the test set was more than 90% on all neural networks of the ensemble. In NNLMB, a sufficiently high prognostic quality of the neural network model is provided by new features of the method and generates an emergent effect, which was proven in computational experiments: the improvement of the quality of the neural network model by the criterion of correctly identified objects Θ is 3.336 times with the compression of factors by 1.35 times. NNLMB can be applied to a wide range of financial management tasks.

On the example of oil and gas companies, the author considers the problem of using the method of market multipliers in assessing the value of companies in the Russian Federation. We study the possibility and correctness of the application of industry multipliers and multipliers of companies-analogues to the evaluation of the value of a particular company. One of the classical methods of stock valuation is a comparative method implemented in the form of a multiplier valuation method. As a multiplier value used to evaluate a particular company, it is often used the expected value of the industry multiplier or the company of an analogue or their value at a particular moment. However, the multipliers themselves exhibit volatility in time and space (in the transition from one company to another, even within one industry). Naturally, the question arises about the risk of assessment that is about the model risk. This paper is based on the findings of statistical studies of industry multipliers and their volatility in the Russian Federation. The author introduced the concept of the multiplicatory volatility of shares and proposed a formula for its evaluation. We also analyzed the risk measures of VaR and ES calculated with volatilities calculated in different ways. Estimates of the risk measures VaR and ES obtained using conventional statistical estimates of the volatility of shares (when possible) led to smaller estimated values of risk compared to those obtained using the multiplier of volatility. It is important to note that the proposed version of the calculation of risk measures VaR and ES with the use of multiplier volatility can also be used in relation to nonpublic companies.

The article examines the relationship between the dynamics of the exchange rate and prices in Russia in a volatile environment of foreign markets and the change of the monetary and credit policy of the Bank of Russia.
The purpose of this work is to assess the transfer effect of the nominal exchange rate of the ruble on the prices for consumers and producers in 2002–2017 in general and in the periods of relative homogeneity of the monetary policy regime in Russia. The analysis was based on statistical data on the Russian economy for the period 2002–2017. The method of econometric modelling is used to quantify the observed effects. The study is based on the apparatus of structural vector autoregressions, evaluated using Bayesian methods. The structural identifcation of the model is carried out by the recursive ranking of variables and decomposition of structural shocks elaborated by André-Louis Cholesky. Bayesian regularization is based on the application of a combination of independent normal and inverse Wishart’s a priori distributions. Qualitative interpretation of the results is based on the analysis of the impulse response functions. The results of the study confrm the existence of a statistically and economically signifcant relationship between the dynamics of the exchange rate and prices in Russia during the last two decades. The effect of exchange rate shocks is immediate. We showed that the impact of the exchange rate on consumer prices has remained signifcant for several years. The reaction of producer prices is greater than the effect observed for consumer prices. A sample of data for 2014–2017 indicates a
decrease in the effect transfer of exchange rate and proved the effectiveness of inflation targeting. The transition to the policy of inflation targeting has reduced the dependence of inflation processes in Russia on the external market conditions and global risks.