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This paper aims to investigate the essence and method of building a financial model of healthcare in Russia. The author applies methods such as analysis and synthesis, statistical data processing, systemic and structural approaches. This article is an analysis of the basics of building a budgetary and insurance model: cost allocation (various types of medical care, individual costs) by funding sources; system of inter-budgetary relations; the structure of expenditures of the budgetary system of the Russian Federation on healthcare in 2019. The study presents the financial model of the compulsory medical insurance (СMI) system and defines the role of insurance and private medical organizations in the CMI system. The mechanism of financing state (public) healthcare institutions is shown. The procedure for financing medical organizations according to the territorial program is considered (as illustrated by the example of the Irkutsk region). The article analyzes the methodology for calculating the cost of the territorial program and identifies the problems associated with it. The author pays special attention to organizations that do not carry out activities in the field of compulsory medical insurance, outlining the specifics of financing and legal regulation, and arguing the reasons for excluding a number of diseases from the compulsory medical insurance program. The paper examines the content of the new law on the CHI reform, which provides for direct financing from the budget of the Federal CHI Fund of federal institutions providing specialized medical care. The author highlights the main problems of the building of the budgetary and insurance healthcare funding model such as congestion, inconsistency, cost intensity. The author concluded that it is necessary to revise the organization of the healthcare system and mechanisms for its financial support. The outstripping growth in healthcare costs, on the one hand, and inadequate funding of medical institutions, on the other, lead to a constant search for a compromise between equity and cost-effectiveness. Based on this, the author substantiated the goals and determined the directions for further research, such as reducing transaction costs, changing the motivation of participants, identifying cost growth factors and the possibility of eliminating them.

The article highlights the influence of the equity factor in the insurance industry on the example of the age and driving experience coefficient development in the motor third-party liability insurance (MTPL). The aim of the research is to study risk level variation in the car insurance industry depending on the age and experience of a driver. The authors consider the Automated Information System (AIS) data of MTPL as a methodological basis of the article. The results show that the risk level depends on each of the parameters, in particular, risk levels for older drivers are lower by comparison with younger drivers with the same level of driving experience. On this basis, the authors design a two-dimensional table to assess risk levels where the risk level between separate cells differ in five times. The study presents and analyses the actuarial calculations which served as a foundation for the MTPL policy change in 2018* 1. The article provides recommendations on improving MTPL tariffing within the modern model framework and motor tariff liberalization. The study allowed the authors to verify theoretical assumptions and find direct mathematical relations between the age and experience coefficient and its constituent data. The authors concluded that it is reasonable to introduce additional categories of drivers taking into consideration demographic changes and retirement age increase. The results of the research may improve MTPL affordability and have practical utility for motor insurers in transition to individual tariffs. They also can help to address discussions and approaches to estimate a coefficient of age and experience (CAE) set by Article 9 of the Federal law of 25.04.2002 No. 40-FZ “About obligatory insurance of civil liability of owners of vehicles”.

This article discusses the relevance of conducting a financial analysis of the financial stability of trading enterprises. The study sets out a methodology for analyzing the financial stability of an enterprise operating in the trading industry. The specifics of molding property and the sources of its formation in a trade organization are studied. The article shows practical calculations on the example of a trade organization, using the most common methods of financial analysis. The study reveals the essence of the method of factor analysis – chain substitutions, with the help of which conclusions were drawn about the influence of factors on the coefficients characterizing financial stability, the necessary formulas and calculations are given. Based on the analysis of the financial stability of the trading company, conclusions and suggestions are made, with emphasis on strengthening financial stability, taking into account the specifics of its activities.

Since the adoption of part one of the Civil Code of the Russian Federation (hereinafter - the Civil Code of the Russian Federation), the concept of «justice» has ceased to be just a fiction (illusion) and has found its legal reflection, the reason for which, without a doubt, was the recognition of the key ideas of private law, the revival of which became relevant with the transition to market relations. At the same time, the unresolved issue of the status of the category, the lack of unity of the legislator’s approaches to determining the scope of «justice» prevent representatives of the legal community from understanding this phenomenon and its implementation in law enforcement practice.

The article describes one of the main tools of green financing — the green loan. This is a loan designed for environmental projects related to agriculture, renewable energy sources, environmentally friendly industry, etc. The tasks are to analyze the current research on this topic, to study the regulatory aspects of green lending, its main types, impact on the bank economic indicators, advantages and disadvantages. The analysis of the current research has shown insufficient development of the idea of the green loan. It is only the theoretical aspect of its influence on the bank activities that has been defined, not its practical effect. The authors studied the green loan impact on the results of the bank activities on the example of overdue loans. For the analysis, they used the panel data of 10 out of 24 largest banks in China in 2012–2017. The evaluation is based on a random effects model. The calculations have been done by means of the generalized least-squares method in MSEXCEL. It has been revealed that green loans in the loan portfolio of the bank contribute to the overdue loans decrease. It has been determined that the main factors influencing the decision making by the borrower and the lender are reputation, public, equity and regulatory pressure, alternative capital pools, credit profiles, availability, capital requirements. However, there is no standard credit documentation for the green loan today. To make this financial tool efficient and sound, it is necessary to further develop regulations, to change approaches to disclosing information on sustainability issues in the non-financial part of annual reporting. The authors have made a conclusion about the rapid development and expansion of the green loan due to the flexible conditions for its provision and availability.

The article is devoted to the methodology of formation and optimization of the company's equity. In a market economy, the financial stability of the firm, depending on the financial condition, is one of the most important factors in the life of the firm and the development of entrepreneurial activity. A positive financial condition determines the competitiveness of the company in the market. It also helps in cooperation with creditors in the financial aspect. The financial condition demonstrates the ability of the organization to Finance activities with its own funds, as well as to manage them rationally in relations with other persons. Therefore, the goal of any company – to maintain a stable, stable financial condition and profit. The most important for the development of the company is the formation and increase of equity capital. The article deals with various methodological approaches to the formation of the company's equity. The traditional position of equity formation and its optimization is found in accounting, as well as in the special economic literature. However, in the study of different approaches to determining the final result of financial and economic activities of the company, such interpretation raises serious objections. The initial stage of capital formation management of the company is to determine the need for the required amount. Optimization of the total capital requirement of the company is achieved by various methods, which eventually allow to achieve a positive result of the company. The article focuses on the areas in the field of ensuring the adoption of operational management decisions on the choice of sources of financing of economic activities of firms from the position of ensuring a sufficient level of solvency and improving the efficiency of capital use. The main stages of the optimization process of the capital of the company)

The subject of the research is the improvement of the dividend policy of high-tech companies. The purpose of the work was to develop recommendations for improving the dividend policy to ensure the stable development of companies and increase their value based on comparison of the US and Russian practices. The performance indices of the company’s dividend policy are calculated. Recommendations on improving the dividend policy are given. It is concluded that US companies do not have a positive correlation between the market price of a share and the dividend per share, and the dividends payout ratio has a tendency to decreasing in comparison with the share buyback ratio, which is associated with a high level of return on equity. The borrowed capital costs US companies cheaper, so they actively pursue the buyback policy rather than paying cash dividends. Russian companies that have worse ROE indicators are recommended to reduce their equity by buying back their own shares and reduce the cash dividend payment base.

The paper examines two main methods of the discount rate calculation for business valuation: cumulative and weighted average capital cost (WACC), discloses the importance of business valuation for improving the business activity of a company, proposes the principles of the discount rate calculation, examines ways to determine additional risks in the implementation of the cumulative method, and analyzes the costs of the equity and borrowed capital in the implementation of the WACC method. The purpose of the research was to perform a comprehensive analysis of the methods for calculating cash flow discount rates for equity capital and for all invested capital. The research resulted in the development of methods for measuring additional risks in the calculation of the cash flow discount rate for equity and identifying risks in the calculation of the weighted average discount rate of the cash flow for the total invested capital. The research findings can be used for boosting business activities as well as for business valuation and management. It is concluded that every percent of additional risk in the discount rate calculation increases the size of the rate and reduces the cost of a valuated business.

The paper aims at the empirical investigation of the impact of the market cycle on the value relevance of book values and earnings in the banking industry. unlike most prior studies, the paper directly examines the influence of cyclical fluctuations in investors’ sentiments on the informativeness of these key accounting variables. Moreover, the study enhances the literature on the value relevance of banks’ financial reporting by providing an empirical evidence from the emerging capital market ofPoland. The examined sample covers all domestically-based commercial banks listed on the Warsaw Stock Exchange over the period 1997–2016. The empirical evidence based on the analyses of parametric and non-parametric correlation and regression indicates a significant impact of the market cycle on the value relevance of book values which markedly increases (decreases) in the periods of bull (bear) market. In contrast, the informativeness of earnings seems to be driven primarily by factors other than investors’ sentiments. The results of the research indicate that the course of the market cycle is partially driving the fluctuations of the value relevance of book values of equity and net earnings in the Polish banking industry. There is a need for further investigation of the impact of market cycles on the value relevance of accounting data, not only in the context of the banking sector.

The topics related to the financial stability assessment and market valuation of a business have received a detailed coverage in contemporary literature. However no approaches in meth-odology have been elaborated that would enable the quantitative assessment of the degree to which the financial stability indices and the market value of the company are linked together. Therefore, the econometric modelling of the dependence assessment between the cost factors and financial stability indicators poses a task relevant to present-day challenges.The authors of the article present the proof that the company value is an integral indicator, which can replace the broad range of absolute and relative financial stability ratios in the assessment of the financial stability of a business.Based on the econometric data analysis of the leading Russian and global energy companies that meet the profitability, financial stability and maturity criteria, the article proves the practical application of Modigliani—Miller theory as compared to D. Duran traditional theory of capital structure. The econometric regression correlations and the analysis of their statistical significance bring the con clusion of the ambiguity in the correlation between the Cost of Capital and Financial Leverage.

This paper examines key characteristics of infrastructure projects and the challenges that involves its funding today. Author analyzes the regulatory and economic prerequisites for using project financing of infrastructure on the Russian equity market. We consider the funding of infrastructure projects through the bond loan scheme, the possibilities and limitations of its practical usage. In particular, paper describes form of securitization through issuing bonds secured by the pledge of claims that will arise as a result of long-term investment project.

This paper presents a research dedicated to identification a model of fundamental value of equity estimation which can be applied for high-technology companies. The goal of the research is to develop a value estimation model within the framework of Value-Based Management and based on Residual Earnings model. The paper analyses main value creating characteristics of high-tech companies from the point of view of external investor; such characteristics are: value of intangible assets, growth rate, risks and uncertainty. Research sample is represented by international high-tech companies listed on NYSE and selected from 6 high-tech industries: Software, Hardware, Electronics, Semiconductors, Semiconductor equipment, Telecommunications. The research proved set hypotheses that intangible assets and growth rate significantly influence on market capitalization of high-tech companies; that equity is one of the most important financial indicator which influence on investors decision concerning purchase of shares, and finally that residual earnings become more important when investors decide whether to keep or sell companies’ shares. Also possible managerial application of research results was investigated.