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## Über dieses Buch

This contributed volume presents the outcomes of multidisciplinary studies on the problem of sustainable economic development. The key issues addressed here are economic transformation, crisis management, formation and implementation of industrial policy in the innovative economy, and the development of individual industries (oil refining, transport, education, tourism, the financial sector, etc.), as well as the problem of resistance to changes in the economy. Special attention is paid to economic growth under unstable conditions and the impact of digitalization on the development of economic processes.

This book is dividided into five parts, the first of which deals with factors and conditions determining the sustainable development of different socio-economic systems, as well as issues in connection with the post-crisis development of regional economies. In turn, the second part is devoted to an analysis of the innovative development of the economy, risk assessment for innovation projects, readiness for changes and innovations, and various instruments of innovative economic development. Prospects for the digitalization of the economy and the current changes in economic systems caused by digitalization are considered in the third part of the book. In the fourth part, the authors discuss the specific features of labor market development, and professional competencies that will be essential to the sustainable development of the economy. In closing, the fifth part presents sectoral and intra-organizational aspects of sustainable economic development.

## Inhaltsverzeichnis

### Challenges of Corporate Risk Management After the Global Financial Crisis

Abstract
The contribution considers potential challenges of corporate risk management after global financial crisis. The global financial crisis negatively affects the financial health of world economies, which in turn have been affected by the financial health of operating firms. According to Pittman and Ivry (U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs, Huffington Post, 2009), the value of the world’s companies has decreased by the crisis by$14.5 trillion or 33%. The most common reason for the bankruptcies of global companies was poor quality of risk management within these companies. One of the positive impacts of this crisis was the creation of the ISO standard ISO 31000:2009 Risk Management—Principles and guidelines (with supporting standard IEC 31010:2009—Risk Management—Risk assessment techniques). Corporate risk management has emerged as one of the most important corporate activities. The influence of ISO 31000 on companies was so fundamental that there was also a significant change in the revised standard ISO 9001: 2015—which in itself involves a new risk management system. Whether these measures improve the future financial health of companies is an important issue for further research.
K. Benetti

### “Hexagon” of Property

Abstract
The contribution presents the concept of the property in terms of philosophy, law, economics, sociology, politics, and economic psychology. A concept of “hexagon of property” has been developed taking into account all aspects of this complex category. The contribution considers the process when a person acquires a property object and its development taking into account various aspects of the property: philosophical; cognitive, legal, emotional, strong-willed, profitable, political (domineering) and social aspects. The life cycle of the property object is considered from the standpoint of economics, law, sociology, psychology, and politics. The emphasis is on the ownership from the perspective of economic psychology: components of ownership (cognitive, emotional and volitional) and their formation at different stages of the property development, as well as specific subject-object relations related to the notion of “commodity fetishism” are shown. With the help of statistical data, it is justified that property objects are the extension of personality, especially for intellectual property objects.
S. V. Domnina, S. U. Salynina

### Have the Lessons About Crisis Processes in the Russian Economy Been Learned?

Abstract
The contribution presents the analysis of the crisis phenomena in the Russian economy in 2014–2016 as several interrelated economic processes, the problem of potential recovery mechanisms and theoretical and methodological approaches to develop anti-crisis tools for a country dominated by the primary sector. The study is based on the use of comparative analysis of the main features of systemic financial crises in the countries of Southeast Asia in 1997–1999 and the Russian Federation in 2014–2016 and emphasizes the relevant models of the systemic financial crisis for the Russian Federation.
M. A. Sherstnev

### Modeling the Spatial Organization of the Higher Education System in the Regional Economy

Abstract
The innovative strategic scenario of Russian regions requires new models for the territorial distribution of resources, key ones to this type of development. The development of these models is especially important for higher education, which is a basic condition for building innovative subsystems, creating poles and growth centers, a factor in reducing development differentiation in regions. The spatial organization was not in the focus of higher education reforms for a long time, despite the innovative agenda, the deep theoretical basis and the successful world experience of its modeling as a management tool. In this regard, the objective of the study is to substantiate the methodology for managing the development of the higher education system on the basis of spatial organization models that have been effective in countries with similar territorial conditions, trends and problems of the university network development. Within the framework of the research, the following tasks should be solved: to study theoretical foundations of modeling the spatial organization of the higher education system and to develop models; to determine the factors for the successful application of a model in Russia that has proved effective in the results of econometric analysis; to generalize foreign experience and suggest schemes for implementing a priority model in the economy of Russian regions. The scientific novelty of the study is to develop a methodology for managing the development of the higher education system with the possible implementation of spatial modeling tools. The methods of the research are theoretical-empirical, systemic and comparative analysis. Special methods of economic and statistical analysis, ranking techniques, general and special purpose software tools (Microsoft Excel, Statistica 8.0) are used for observing and grouping data, building generalizing indicators, in assessing the connection of phenomena, for comparing facts and determining the characteristics of the priority model of the spatial organization of the higher education system, the conditions for its application in the economy of Russian regions. The main conclusions and results can be used for the research in the spatial distribution of economic resources in the innovative economy, in the practice of targeted programming for the development of vocational education, taking into account the characteristics of the subjects of the Russian Federation.
E. V. Bolgova, M. V. Kurnikova

### Modern Issues of Development of the Customs and Logistics Infrastructure of the International North-South Transport Corridor

Abstract
The relevance of issues about development of the customs and logistics framework of international transport corridors is caused by constantly increasing value of global supply chains. The international differentiation of labor creates conditions for increase in volumes of the export–import cargo transportation that, in its turn, leads fight for attraction of international transportation flows. The purpose of the contribution consists in determination of development prospects of the International North-South Transport Corridor and designation of the most important improvement tendencies of its customs and logistic infrastructure. The key regularities of development of the commodity turnover between the members countries of the North-South corridor are revealed in the work, the factors exerting the greatest impact on the volumes of cargo transportation are defined, and the development prospects of the foreign trade cooperation are designated. In the course of the research, the main issues impeding full use of the transit potential of the transport corridor are emphasized, the improvement tendencies of its transport, customs and logistics infrastructure are determined. The relevance of the studied issue is caused by keen interest of the member countries of the International North-South Transport Corridor to its further development and increase in volumes of mutual trade. Development of the transport corridor is especially important for Russia. It allows enhancing our own export potential and increasing budget revenues due to attraction of the considerable transit freight traffic, passing between the countries of Europe and Southeast Asia.
R. V. Fedorenko

### Prospects for the Functioning of the New Customs Code of the Eurasian Economic Union

Abstract
The contribution considers the key aspects of the improvement of the new Customs Code, as well as possible prospects of its application for the cooperation of the countries participating in the Eurasian Economic Union. The authors consider the new Customs Code of the Eurasian Economic Union and new opportunities for the development of cooperation between business representatives of five countries (Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan) that it opens. The authors analyze different aspects of this Custom Code to show its advantages and possible problems, its role on facilitating the development of trade in the EEU, creation of easier conditions for enterprises to conduct foreign economic activities, including interacting with partners in the union.
E. S. Smolina, R. N. Seryomina

### World Economy, Economic Science, and Economic Policy: What Comes After the Crisis

Abstract
The contribution analyzes the current discussions on the state of economics with special focus on interrelationships between key ideas of economic theories and real actions of economic policy in the course of the global economic crisis. The global economic crisis showed the limited ability of mainstream in economics, primarily in new macroeconomics and financial economics, the practice of economic policies, and therefore, the attention of researchers and economic policy-makers was drawn again to some alternative views in economics, related to the uncertain nature of economic development and the complexity of expectation formation and decision-making of economic agents with relevant implications for public policy. Section 1 compares the policy responses to Great Depression and Great Recession and documents the divergence of actual policies and neoclassical vision in both cases. Section 2 traces the retreat and renaissance of the neoclassical vision in the XX century but tries to argue that principal weaknesses are not overcome in the course of development of DSGE models. Section 3 offers the brief outline theoretical concepts beyond mainstream which might be fruitful for further research and macroeconomic policy formulation. Finally, Sect. 4 concludes the research.
M. A. Sherstnev

### Assessed Probability of Risks in Dependence on Innovative Project Description

Abstract
Development and implementation of the innovation project involve significant risks, which require taking measures to assess the probability of risks and identify possible losses. In this work, the systematization and risk assessment of innovation activity were carried out using the example of organizations of the Russian Federation. In the course of this study, the authors revealed that the greatest risks are associated with the non-return of borrowed funds (75.28%), lack of external investment (71.99%), operational (technical) problems (76.03%), and failure to sell the product or technology of the innovation project (71.59%). All these threats are inherent in basic risks of the innovation project. Among the specific risks can be identified the risk of conservation—78.02%, and the risk of imitation of competitors by the company’s patented innovations, copying of the innovation project—62.03%. Calculation of average risk values shows that, depending on the nature of innovation activity, the level of the probability of risks undergoes significant changes. So, for example, the greatest changes in values are peculiar to specific risks (72.63–39.39%). The smallest dynamics of average values is typical for risks securing property rights (55.7–62.66%). According to the results of calculations, the authors proposed measures for risk reduction with the greatest probability. In addition to traditional methods (hedging, limitation, insurance, etc.), it is advisable to use special measures such as protection of information on innovations, staff development, external consulting, verification of prospective partners for innovation, and improvement of quality management systems.
A. D. Kornilova, N. V. Shekhova, N. N. Belanova, E. V. Savoskina

### Ecology, Innovation, and Quality of Life: AB OVO USQUE AD MALA

Abstract
With the development of scientific, technical, and socioeconomic processes in industrialized countries in the second half of the twentieth century, a new multidisciplinary scientific direction was “brought to life” and was related to the effective use of the results of research and development aimed at improving the quality of human life—innovation. Naturally, the quality of life of a person cannot be considered in isolation from the state of the natural environment in which this person lives, works, and rests. The goal of the study is to show a close interaction, apparently, of the main sciences of the twenty-first century—ecology and innovation and integrated influence on man. In the contribution, the aspects of innovation activity in ecology (ecological rationing, new methods of bioindication and biomonitoring, waste utilization, ecological audit of the territory, public health, etc.) are considered in detail. The issues of innovation management of nature protection activities aimed at improving the quality of life of the population are discussed in detail. The authors examined “from start to finish” aspects of the interaction between innovation and ecology. The main conclusion is that a program of step-by-step innovation activity is needed that can describe the content and sequence of the planned measures and set the ultimate goals of the reform of the environmental management system, activities.
G. R. Khasaev, N. V. Lazareva, G. E. Kudinova, R. S. Kuznetsova, G. S. Rozenberg

### Empirical Indicators of Innovative Readiness of the Population: Experience of the Application of the Bogardus Scale

Abstract
The study analyzes the possibilities of applying the Bogardus scale for analyzing the population’s readiness to adopt innovations. The study used Bogardus scale, which was adapted for the purpose of scientific research to study the innovative openness of the population. Theoretical and methodological principles of the value and activity approaches and the theory of everyday life and the phenomenological paradigm were used as a theoretical and methodological basis. Based on adapted Bogardus scale, the following indicators are defined and used: innovative openness, acceptability, isolation, and restraint. The index of innovative readiness of the population of the Samara region is determined, and also the socio-demographic characteristics of each of their groups of the respondents are analyzed. The dominance of innovative isolation among the inhabitants of the region and the lack of interrelation between socio-demographic characteristics and the level of openness to innovation have been revealed. The scientific novelty of the research consists in isolating four main positions in the population structure: openness, acceptability, isolation, and restraint in relation to innovations. According to the research results, in general, the population is characterized by innovative isolation, which indicates an understanding of the inevitability of changes in the life of the country and the city, but the unwillingness to accept changes in one’s own life. The weak influence of socio-demographic characteristics on the degree of openness of the population to innovation indicates, on the one hand, the homogeneity of the population’s attitudes, and on the other, on deeper mechanisms of determination. The main provisions and conclusions of the study can be used in scientific and pedagogical activity when considering questions about the openness of the population of the region to innovations.
A. V. Rostova, Y. A. Urgalkin

### Innovation and Investment Activities in Businesses as a Determining Factor of Development of the Russian Federation

Abstract
The relevance of the studied issue is caused by the fact that the modern system of institutes in business forms prerequisites for development of innovation and investment activities of firms. Along with heavy commitment to financial investments, the level of non-financial investments into research and development with their subsequent commercialization is insufficient in our country. Investment activity influences the economic growth rate, increases employment, profitability of households. This contribution is aimed at analysis of the existing system of institutes in business and also development of recommendations for optimization of these institutes in the course of innovative economic development of the Russian Federation. The main methods, implemented in the course of the research, are system analysis and scientific abstraction. They determine a possibility of identification of interrelations and interdependence of the following categories: knowledge, technologies, creation of an innovative product. These categories in the modern economy cannot be considered separately from a business institute. Results: the system analysis of innovative development of countries is carried out, and the place of Russia is defined. The level of society intellectualization is defined on the basis of indexes. It allows making recommendations for improvement of a measurement system aimed at formation of the modern economy of knowledge. It will result in changes in the institutional system: The main goal should be proper introduction of innovation and investment activities in entrepreneurship. The results of the scientific research can be applied to formation of programs of innovative development of business at the federal, regional, and local levels. It will allow optimizing the existing system of business institutes, which can become a decisive factor in innovative, social, and economic development of Russia.
A. M. Mikhaylov, G. T. Sabirova, K. V. Shnyakin

### Readiness to Changes as One Entrepreneurial Value of the Innovation-Oriented Economy

Abstract
The relevance of this contribution is caused by the fact that following the growing need of development of small business in Russia, the organizations, representing small business, more often stop their functioning, than appear in the market as new players. According to the authors, an important challenge is the fact that the barriers, hindering development of small business, arise because of the developed negative attitude of the Russian society to a figure of an entrepreneur and business activity in general. Entrepreneurship is a phenomenon, which is not free from morals and values: The propensity to create serious business for the long-term perspective requires a set of value orientations, which determine what should be made and how it should be made. The purpose of this study is consideration of the existing approaches to understanding of the phenomenon of entrepreneurship from the point of view of value orientations, which are the basis for business activity in conditions of innovative development of the global economy. The results of the conducted research on the relevant values are presented in the work. The role of such valuable entrepreneurial quality as readiness to changes, necessary for formation of a new mode of thinking of the modern business community, is considered in this contribution. By results of the conducted research, the authors offered a model of this integrative characteristic, which can be the basis for purposeful process of preparation and retraining of entrepreneurs (including future ones) for development of the entrepreneurial culture of the region in the context of requirements of the innovative economy.
S. I. Ashmarina, V. V. Mantulenko, E. P. Troshina

### Comparison of Neural Networks and Regression Time Series When Estimating the Copper Price Development

Abstract
In recent years, the primary copper ore stock has been cut sharply and the price of crude copper has been rising. On the other hand, thanks to a huge industrial interest, the production of copper products has increased significantly over recent years. It is therefore clear that the prediction of the copper price is very important. A variety of techniques, such as statistical methods—regression time series or artificial neural networks—are used for prediction. The aim of this contribution is to perform a regression analysis of the copper price development on the New York Stock Exchange using the mentioned linear regression and neural networks, expertly compare both methods, and identify the more suitable one for a possible prediction of future copper price developments. Input data includes copper price data from January 2006 to April 2018. First, linear regression is performed, and then, neural networks are used for regression analysis. A total of 1000 neuron structures are generated, five of which with the best characteristics are kept, and these are then further worked with. From the linear regression, the curve obtained by the spline function appears to be best, and the neural networks have all been proven to be usable in practice.
M. Vochozka, J. Horák

### Evolution of the Venture Investment Market in the Information Economy of Russia

Abstract
The urgency of the issue under research is determined by the key role of innovations in the development of the modern Russian economy, especially in the context of import substitution and the development of digital technologies. In the scientific literature, there is a certain lack of research on a comprehensive statistical description of the venture investment market in the Russian Federation. The objective of this contribution is to study the venture investment market in the economy of the Russian Federation. Hypothesis is changing innovation and invention activity in the information economy is directly correlated with the business activity in the venture capital market (VC funds). The leading method to the study of this issue is statistical, which allows performing a comparative analysis to identify factors that influence the business activity on the venture investment market of the Russian Federation. The database is a time series of Rosstat statistical indicators and the Ministry of Economic Development of the Russian Federation for 2008–2016. The tendencies of the venture capital market in Russia were reflected in the crisis of 2014–2015. The volumetric performance VC funds began to decline after a previous successful period, with both the total volume of venture capital investments, and their average size. In the structure of the innovation activity of the Russian economy, technological innovations predominate, although their share is gradually declining since 2012. The previous trend toward the development of environmental innovations gave a way to organizational innovations. The indicator called “coefficient of the invention activity” in our country is very stable over time; however, the situation is negative when compared with the major world powers. In general, the hypothesis of the relationship between the change in the innovation and invention activity in the economy and the business activity in the venture capital market was confirmed. The materials of this work can be useful for government bodies when developing programs for regulating the economy and developing a national development strategy.
S. V. Domnina, O. A. Guzhova, N. V. Kozhukhova, Yu. A. Tokarev

### Influence of Information Technologies on Production Efficiency: Estimation on the Basis of Algorithms for Machine Learning

Abstract
This contribution illustrates a brief description of information technologies as a factor of economic production. This issue is important today because there are no unequivocally recognized priority methodological approaches to estimate them against the background of the constant influence of information technologies on the economy. A methodology for obtaining a quantitative estimation of the impact of information technologies on economic production was developed and tested in the course of this study (using the example of statistical data on economic entities in Russia for the period from 2005 to 2016). This technique is based on principles of statistics and machine learning algorithms, which allow obtaining reliable results of estimates. The result of the contribution was classification models based on such machine learning algorithms as the nearest neighbors (k-nearest neighbors), logistic regression, and decision trees. This composite algorithm is able to make a decision on efficiency of one or another surveyed unit (enterprise of any type of economic activity) from the standpoint of its characteristics in the field of information technologies.
O. V. Bakanach, N. V. Proskurina, N. P. Persteneva, M. Yu. Karyshev

### Logistics 4.0

Abstract
The modern economy is a dynamically developing system, which is characterized by the ubiquitous application of information technologies that stimulate global change. These changes are associated with the active use of robotics, additive production, cloud technologies, virtual testing, the Internet of Things, and other technological innovations, which change the principles of creating material goods, economic consciousness, the concept of organization of business processes, relations in producer–consumer coordinates and other aspects of society and business. As a result, a new economy is being formed, known as the digital economy, or Industry 4.0. Due to the fact that logistics is a sphere of economic activity and an integral functional of business structures, it becomes urgent to study changes and determine the direction of its development in the digital economy. The objective of this contribution is to develop the theory and methodology of logistic transformation in modern conditions, which will allow defining scientific and methodological approaches to the formation of strategic initiatives in the field of managing flow processes at the level of the business entity and determine priorities for their further development. The main results of the study include the allocation of characteristic features of the business activity in the interaction environment in Industry 4.0 and the analysis of their influence on logistics, determining directions of its transformation and development. As a result of the research, the following main conclusions were obtained: The main areas of logistic digitization were systematized, and the main elements characterizing the identified areas were identified.
T. E. Evtodieva, D. V. Chernova, N. V. Ivanova, N. S. Kisteneva

### Transformation of Household Consumption in the Conditions of Transition to the Information Economy

Abstract
Transformation of consumption caused by the information economy leads to changes in the list of durable goods purchased by households. In the first place are science-intensive and intellectual household goods. The objective of this research is to analyze statistical consumption of durable goods in the Russian Federation in the transition to the information economy. The main methods applied to the study of this problem are cluster analysis, time series analysis, the “Pattern” method, rank correlation, and descriptive statistical analysis. The largest cities in Russia (Moscow and St. Petersburg) were leaders in household consumption of durable goods. In general, the level of consumption in the country is rapidly increasing (including cars in personal use), but in the near future the country will not be able to reach the level of advanced countries in this indicator. The performed research is of practical importance and can be used by relevant government bodies when developing and adjusting the programs for socioeconomic development of the subjects of the Federation, as well as for quantifying the standard of living of the population of the territory.
Yu. A. Tokarev, O. V. Bakanach, N. P. Persteneva, N. V. Proskurina

### Using Artificial Intelligence in Analyzing and Predicting the Development of Stock Prices of a Subject Company

Abstract
Stock prices are developing very dynamically and nonlinearly. The stock price is affected by a number of factors. Stocks are therefore characterized by asymmetric volatility, non-stationarity, and sensitivity. Given these facts and the unpredictability of a global crisis, it is logical that the process of stock price prediction is a complex task. Traditional methods for price prediction are no longer enough; new applications and techniques, such as artificial neural networks, are coming to the forefront. The aim of this contribution is to analyze and predict the evolution of the stock price of Unipetrol, a.s. on the Prague Stock Exchange using artificial neural networks. Stock price data is available between January 2006 and April 2018. The data file is first analyzed. Subsequently, a total of 10,000 multilayer perceptron networks (MLPs) and a basic radial function network (RBF) are generated. A total of five neuron structures with the best characteristics are preserved. Using statistical interpretation, it is found that in practice, the MLP 1-17-1 network is applicable in one business day prediction.
V. Machová, M. Vochozka

### Analysis of European Approaches to Improving the Life of the Population Through the Implementation of a Mechanism of Independent Assessment of Qualifications

Abstract
At this moment, the staff is the most important intellectual and professional resource that ensures the socioeconomic development of the country, region, and enterprise. Every year the Russian Federation approaches the global standards of qualification assessment. Presidential Decree № 249 of April 16, 2014 established the National Council for professional qualifications under the President of the Russian Federation, which coordinates the work aimed at improving the quality of vocational education, as well as the formation of a system of independent assessment of professional qualifications. The expediency of an objective independent confirmation of a person’s qualifications necessary to perform certain work or solve specific tasks is due to the dynamically changing labor market. The basis of certification is professional standards. Independent assessment of qualifications allows the employee to confirm their qualifications, skills, and competencies, thereby contributing to a higher position, improving their well-being and quality of life. This contribution deals with the European experience of joint activities of business and education in the organization and evaluation of professional competencies of employees, allowing to create optimal conditions for their inclusion in the system of continuing education. All this strengthens the role of professional communities in the development of professional qualifications, procedures for confirming compliance of the applicant’s qualification with the provisions of the professional standard. The developed framework of professional qualifications is based on the results of training, and this approach allows you to structure and compare professional qualifications. In addition, based on the results of training, it is possible to formulate educational standards and programs of additional professional education that meet the needs of the labor market and the citizens themselves in order to improve the quality of life of the population.
E. P. Pecherskaya, V. V. Klimuk, T. M. Tarasova

### Differentiation of Regional Labor Markets: New Risks and Opportunities for Smoothing

Abstract
Spatial differentiation of regional labor markets in the modern economy is a reflection of its opportunities to develop and respond to local and global challenges and shocks, which determines the relevance of the study of the most significant causes based on the evaluation of various indicators. One of the most difficult problems is the regional development inequality and fundamental differences that are associated with the ability of different regions to economic growth. Sharp differentiation of regions implies the implementation of a more flexible and differentiated regional employment policy. The aim of the work is to identify issues and assess the dynamics of differentiation of regional labor markets in Russia in terms of traditional indicators. The methodological basis of the research includes a systematic approach and clustering of regional labor markets in Russia on the basis of self-organizing maps on the analytical platform Deductor. This contribution analyzes spatial differentiation of Russian labor markets. Here it is necessary to read that the authors, on the basis of the conducted research, identified from 5 to 7 groups of regional labor markets, which differ in the degree of depression and characterize the shifts between them. It is shown that labor markets of 6–7 clusters throughout 2010–2016 are relatively stable, which makes it possible to diagnose depression in regional labor markets of these clusters and the poor efficiency of employment policies. The development of regional labor markets and the alleviation of differentiation are predetermined by the regional economic system development, primarily through modernization and development of the system of jobs in traditional and innovative economic sectors (including those associated with digitalization trends).
M. V. Simonova, F. I. Mirzabalaeva, L. V. Sankova

### Sectoral Framework of Qualifications as a Tool for the Integration of Educational and Business Spheres of Russia

Abstract
This contribution substantiates the necessity of transition from the concept of “qualification” to the concept of “competence,” since the competence approach to education reflects the requirements not only for the content of education, but also for the behavioral component, caused by insufficient consideration of the constantly changing demands of the labor market. The proposed sectoral qualifications framework should address the task of filling the national qualifications framework (NQF) to ensure transparency, comparability and recognition of qualifications, and training certificates. The authors define the essence and main characteristics of the sectoral qualifications framework, the purpose of the sectoral qualifications framework, the relationship between learning outcomes and descriptors of the NQF, the structure of the sectoral qualifications framework, the principles, the sequence and the general algorithm for developing the sectoral qualifications framework. Based on the studies, functional maps for the specific training profile “Management” have been developed. The choice of the training profile for the development of the sectoral qualifications framework is due to the fact that a scientific approach to management needs to be justified, because each managed system has its own properties and parameters, for the description of interrelationships which need analysis, planning, forecasting, decision making.
E. A. Mitrofanova, A. E. Mitrofanova, M. V. Simonova

### Analysis of the Precious Metals Market in Russia as a Component of the Global Financial Market in Modern Conditions

Abstract
The world precious metals market is an integral part of the global financial market, which determines its stability. It is mainly connected with historical development features of the financial market, where formation was related to circulation of precious metals. The world market still has high potential for growth that is especially relevant to Russia, which has high natural potential, advanced technologies for extraction and production of metals. It creates competitive advantage in the world market. The key players of this financial segment are commercial banks, which use resources of the precious metals market for diversification of its risks. It provides stability and sustainability of a bank segment. The purpose of the contribution is to study the process of formation of the precious metals market in Russia as a component of the global financial market and to identify problems, hindering its further development. The precious metals market in Russia is not completely formed and developed as there are some restrictions, which retard its development. The authors carried out the comparative analysis of gold and paper money as forms of cash equivalent of different historical eras. It allowed establishing the role of the precious metals market as a part of the financial market, which laid the basis for financial architectonics and provided financial market stability. The price fluctuations in the world precious metals market during 2000–2015 were analyzed, and the dependence of prices of various metals was defined. Based on these facts, the authors made a conclusion on the derivative character of asset prices of the precious metals market from gold prices. The key problems, hampering development of the precious metals market in Russia, were shown. The institutional imperfection of this financial segment is the most important.
M. E. Konovalova, O. Y. Kuzmina, E. S. Nedorezova, S. Y. Salomatina, A. M. Mikhaylov

### Assessing the Financial Health of Companies Engaged in Mining and Extraction Using Methods of Complex Evaluation of Enterprises

Abstract
To evaluate the financial health of a company, comprehensive enterprise evaluation methods are very important. These include, in particular, creditworthiness and bankruptcy models and economic value added (EVA). Creditworthiness models effectively evaluate a company’s financial health without using statistical methods, bankruptcy models indicate a threat to the financial health of the business, and are important for many decision-making processes. The aim of this contribution is to evaluate the financial health of an average mining and quarrying enterprise using comprehensive enterprise evaluation methods. Data of companies in this industry is used—specifically, the financial statements for 2012–2016. It is the average enterprise for which these bankruptcy and creditworthiness models are applied: Altman’s analysis in all modifications, indices IN (IN95, IN99, IN01, and IN05), Tafler index, Grünwald index, Kralicek’s quick test in original and modified version, and index of creditworthiness. EVA is further explored in two of its variants—EVA Equity and EVA Entity. Based on the results of these comprehensive enterprise evaluation methods, it can be concluded that the mining and quarrying industry is not financially sound in the Czech Republic. It is possible to correct negative phenomena that characterize the whole industry.
J. Vrbka, Z. Rowland

### Effective Development Mechanism of Companies in the Communal Services Sector in Modern Conditions

Abstract
The communal sector of the economy is a complicated multi-sectoral complex which combines the political and socioeconomic responsibilities of the state to ensure comfortable living of citizens and the commercial interests of market participants in providing energy resources to the production sector and the service sector. The authors emphasize that insufficient attention is paid to modeling of the activities of the communal complex in order to develop a strategy for managing its effective development in the medium and long terms in the conditions of the economic instability. Understanding of the essence of the processes occurring in a sufficiently problematic communal sector of the economy, formalization and evaluation of the factors that really exert influence on them can become a basic indicator in assessing the potential investment attractiveness of the region.
N. V. Nikitina, V. V. Chaadaeva, A. A. Chudaeva

### Investment Development of Enterprises of Industrial Clusters

Abstract
The relevance of the studied problem is caused by the need of using a cluster approach for innovative and investment development of industrial enterprises. Issues of investment development of industrial enterprises are studied on the basis of identification of priority industrial branches in conditions of modernization of the economy. Problems of formation of the regional investment industrial policy are considered. As a result, the advantages of the cluster approach to innovative and investment development of enterprises of industrial branches are revealed in the course of the research.
A. V. Zastupov

### Monitoring the Financial Security of the Economic Subject on the Basis of Financial Risk Assessment

Abstract
This contribution examines the financial security system of the economic entity, the existing risks that affect financial security, suggests a methodology for financial risks assessment, and suggests measures to reduce the negative impact of financial risks. Financial security of the economic entity is the ability to influence financial risks in order to minimize them and ensure the fact that current performance is consistent with strategic performance, and to ensure an adequate level of financial control. Basic financial security risks of the economic entity can be quantified on the basis of indicators that characterize certain economic processes. Management of financial risks should be based on the risk-oriented approach. The probability of risks depends on the quantitative interval of the indicator or on the qualitative characteristics (in the case when a quantitative measurement is impossible). Monitoring the level of financial risks, conducted according to the data of companies of the Russian Federation makes it possible to conclude that there are trends in their changes and, accordingly, the possibility of planning and changing the level of risks through management decisions.
O. A. Naumova, I. A. Svetkina

### Organizational and Economic Problems of Systemic Modernization of Enterprises of the Machine-Building Complex

Abstract
The relevance of the research is connected with considerable attention to questions of modernization of enterprises of the machine-building complex. The development of the national economy is defined first of all by organizational and technological potential of the machine-building complex which value is underestimated so far. Researches show that in industrialized countries, particular importance is attached to this complex that is connected with production of means of labor and technical systems of ensuring economic and defensive potential. It should be noted that in the last 20 years in industrially developed countries, the share of machine-building production in the total amount of industrial output made from 30 to 50%, and it was 20% in Russia. At the same time, it is necessary to consider both qualitative characteristics of machine-building production and its demand in internal and external markets. The result of expenses characterizes mainly extensive development of the machine-building industry. Statement of the problem: justify the direction that can modernize the domestic machine-building industry on the basis of innovative—technological potential; represent the main directions connected with attraction of investment resources to the sphere of the machine-building complex in the conditions of sanctions and state policy of import substitution at increase in negative political factors. A research objective is to define development options of the machine-building complex in modern difficult economic conditions. Results of the research are to justify the organizational and economic mechanism of increase in rates of development of the domestic machine-building industry.
A. B. Vishnyakova, B. Y. Tatarskih

### Development Problems of the North Caucasus Recreational and Tourist Cluster in Russia

Abstract
The purpose of this contribution is to identify factors that impede the development of the recreational and tourist cluster of the North Caucasus in Russia. In recent years, the direction of tourist flows has changed significantly both from Russia and to Russia. The international tourism of Russians is declining with the simultaneous increase in the flow of domestic tourism. There is a need to expand the network of recreational and tourism facilities, to increase the range of services provided and improve their quality. The following results were obtained during the study: 1. The North Caucasus region of Russia is the most promising in the country for the development of recreation and tourism due to unique natural conditions, extensive experience in providing spa services and a sufficiently developed infrastructure. 2. The first development problem of the recreational and tourist cluster in the North Caucasus is the unresolved issue with the financing of the project. The existing programs for the regional development stipulate that 75% of the funding will be provided from regional budgets. Depressive regions, such as the constituent entities of the Russian Federation that are part of the North Caucasus Federal District, are not able to provide the level of financing necessary for a large-scale development of recreational and tourist zones. 3. The second development problem is complex confidential relations and the moral climate in the clustered association. The efficiency of a clustered association is based on decency and trust between cluster members, which is possible only when all participants can receive real economic benefits from integration. No one will develop other companies to the detriment of own interests. 4. The third development problem is a weak methodological reinforcement of new association activities. 5. The fourth development problem is the pronounced seasonal character of tourist activity characteristic for the given region of the country. The “dead” seasons of the North Caucasian resorts do not allow fully using the opportunities of the already created infrastructure, and lead to uneven employment of the population and are the cause of the unsustainable financial condition of resort organizations. A possible way to solve existing development problems is to develop a specialized state corporation for the Development of Recreational and Tourist Resorts in the North Caucasus, which must be provided with a state package of benefits and preferences. A number of privileges are offered, which are advisable to be provided by a new state corporation.
V. I. Barilenko, J. M. Tsugalov, N. N. Semenov, T. D. Krylova

### Technological and Economic Justification of Development Tendencies of the Russian Petroleum Refining Industry

Abstract
The relevance of solution of the stated issue is caused by the fact that development of the country’s petroleum refining industry becomes one of the most important problems of economic modernization of the Russian Federation, which is still providing more than a half of revenues of the state, and which is at the same time the basis of export and acquisition of currency earnings. The purpose of this contribution is identification of issues of modern petroleum refining and justification of its prospects in conditions of objective obsolescence of an active part of the main productive assets and also high turbulence of the external environment, generally caused by universal change in technological modes, energy saving policy, instability of supply and demand in the global oil market. The main research methods are the complex and system analyses, which allow revealing system and local problems of development of the modern petroleum refining, disclosing interrelations and interdependence of management entities and receiving methodological tools of problem solution as a research result. The significant factors defining scientific and technological and organizational state of the petroleum refining branch are revealed and considered. They are necessary for development of events for increase in its technological level by the model of public–private partnership. The research results: the authors developed theoretical and methodological approaches to organization of sustainable development of the refining complex, which are connected to new technological solutions, processes on increase in depth of refining of crude petroleum. Materials of this contribution can be useful for experts in the field of technological and economic development of enterprises, for heads of the ministries and departments of the petroleum refining sector, managers of enterprises and also researchers of problems of development of the fuel and energy complex.
A. V. Streltsov, G. I. Yakovlev
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