No 1 (2014)

The present paper determines the conceptual conditions for enhancing the efficiency of the Oil & Gas complex functioning, the conditions connected with the launching of the Customs Union and the entrance of the Russian Federation to the World Trade Organization. The author points out that there is a need to develop a new approach to the problem of strategic bases for the functioning and innovative development of the oil & gas complex in the light of the implementation of the innovative strategy for the development of Russia, the launching of the Customs Union and the entrance of the Russian Federation to the World Trade Organization. Besides, the present research substantiates the necessity of working out an innovative strategy for the development of the Oil & Gas sector taking into consideration new demands of the Strategy “Innovative Russia 2020”.

This article is dedicated to the identification of attractiveness factors of regional stock exchanges for issuers on the example of one of the fastest growing exchanges in Europe — Warsaw Stock Exchange (WSE). The study leaded to identification of the significant role of regional stock exchanges for global stock market. Throughout its development WSE improved its basic characteristics such as the number of registered companies and their capitalization, investors' shares, stock turnover, and market indices. As a result, the Warsaw Stock Exchange in the last two years holds a leading position in Central and Eastern Europe. WSE, as a regional platform, responds to changes in the world economy more strongly than the global stock exchanges. Preferences of investors and issuers of WSE are formed due to the conditions and opportunities that the stock provides and its role as a key regional stock exchange.

The authors of the article review the prospects of the transport sector in general and the scope of road construction in particular to use the tools of public-private partnership (PPP) in Russia. Conjectured that road construction should be treated a key area of cooperation development between the state and private business structures of Russia’s investment sector in PPP format to stimulate economic growth in the coming years. The authors analyze the state statistical reports, legal acts, industry studies and other evidence relating to roads and transport for reasonable assurance of hypothesis that had been put forward.

The goal of the paper is a performance evaluation of the activity stabilization mechanism of JSC «Rosselhozbank» in the period of the financial crisis. There is applied the mathematically based author’s methodology of the efficiency assessment of measures taken by the Russian Government and the Bank of Russia in conditions of instability, founded on functional approximation by polynomials. Conducted estimations bring us to the conclusion that stabilization measures of Rosselhozbank, in whole, are turned out to be efficient relative to the following key figures: asset quality coefficient, current liquidity ratio and net profit rate. However these measures may be evaluated as inefficient relative to the capital adequacy ratio.

The article gives a definition of the market value of the enterprise in two ways: by market capitalization and net asset value. From the correlation coefficient examine the relationship of the market value of the enterprise, with coefficients that characterize the company's dividend policy: the ratio of dividends to the company's assets, dividend payout ratio, dividend yield ratio, the study of the correlation coefficient values ranged from 0.75 to 0.89, suggesting a close relationship studied parameters. Result analysis was checked on the basis of the correlation analysis between the cost of shares M. Gordon model and the market value of shares, where the correlation coefficient was 0.79.

The article deals with a retrospective and current state of scientific and practical approach to foreign economic a ctivity in «non-traditional business», the example of philately. History of philately associated with the reform of postal services in the mid-nineteenth century and coincides with the beginning of the formation of the world market. Particular attention is given to the justification of serious theoretical research in this direction based on the formation of the UNESCO Chair in international communication research.