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Improving the Financial Sustainability of Russian Football Clubs 提高俄罗斯足球俱乐部的财政可持续性
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-1-117-145
I. Solntsev
In Russia, sport historically belonged to the social sphere and only in recent years proved to have a commercial potential. Comparing with European countries, the sports industry of Russia should be recognized as emerging. The burden of financing professional sports clubs has not shifted to private investors and remains with regional budgets or state-owned companies. These funds are spent mainly on salaries of players (often legionnaires) and agents’ fees. Not earningon core business: media rights & match day, clubs lose their main part of earnings when the sponsor leaves, and are liquidated. The most popular sport in Russia (based on the number of people involved), and, consequently, the most promising from a commercial perspective, is football. Based on this, the aim of this research is to develop recommendations for improving the financial stability of football clubs as part of the licensing procedure. The current edition of the licensing rules for football clubs in England, Germany, France, Poland, Lithuania, Norway, Sweden and the scientific publications of domestic and foreign scientists dedicated to this issue acted as an analytical base. The paper provides a detailed analysis of the current level of football development in the Russian Federation, provides the main indicators characterizing its effectiveness, identifies problems and difficulties that impede positive dynamics. Based on this analysis and best European practices, the author proposed measures that will help to solve existing problems, attract private investors and increase the efficiency of spending budget funds. The proposed methods can be implemented in other team sports and accelerate development in terms of commercial potential, sports and social results.
在俄罗斯,体育历来属于社会领域,直到最近几年才被证明具有商业潜力。与欧洲国家相比,俄罗斯的体育产业应该被认为是新兴的。职业体育俱乐部的融资负担并没有转移到私人投资者身上,而是由地方预算或国有企业承担。这些资金主要用于球员(通常是军团成员)的工资和经纪人的费用。不是核心业务的收入:媒体版权和比赛日,当赞助商离开时,俱乐部失去了收入的主要部分,并被清算。俄罗斯最受欢迎的运动(基于参与人数),因此,从商业角度来看,最有前途的是足球。基于此,本研究的目的是为提高足球俱乐部的财务稳定性提出建议,作为许可程序的一部分。英国、德国、法国、波兰、立陶宛、挪威、瑞典足球俱乐部的现行许可证规则以及国内外科学家专门就此问题发表的科学出版物作为分析基础。本文对俄罗斯联邦目前的足球发展水平进行了详细的分析,提供了表征其有效性的主要指标,确定了阻碍积极动力的问题和困难。基于这一分析和欧洲的最佳实践,作者提出了有助于解决存在问题、吸引私人投资者和提高预算资金使用效率的措施。所提出的方法可以在其他团队项目中实施,在商业潜力、体育效益和社会效益方面加快发展。
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引用次数: 6
Older Workers in the OECD Labour Market 经合组织劳动力市场中的老年工人
Pub Date : 2020-01-01 DOI: 10.17323/978-5-7598-2167-0
N. Vishnevskaya
In OECD countries, as a result of demographic changes that lead to slowdown in the growth of economically active population, the use of labour potential of older workers, including pensioners, is becoming increasingly urgent. The importance of this problem increases with the enlargement of this group in the total population. This article aims to analyze the dynamics and cross-country differences in the labour market situation of older workers in OECD countries, developed and transition. Particular attention is paid to the factors under which older workers’ participation in labour market is formed. The methodology of this work is based on institutional analysis of the labour market. The results of the study contribute to the understanding of the participation of certain groups of labour in employment. At the same time, this work is practically oriented, and its results can be used for formulating the population and labour market policy in the Russian Federation. We use the OECD Employment and Labor Market Statistics Database as the main source of statistical information. As results of the study, we state that in the OECD countries, since mid-1990s the older groups has significantly improved their position in the labour market, which is reflected in the growing level of economic activity and employment, lower, in comparison with other age cohorts, unemployment. Thus, the stable trend of the previous three decades was interrupted. At the same time there was a convergence of labour market indicators for male and female older age groups and convergence of official and effective retirement ages, including between gendergroups. Improvement of older workers employment is largely determined by their personal characteristics. Improving the health of elderly cohorts and lengthening the active period of life create conditions for longer working career. Structural changes in the branch and occupational composition of the employed also create favorable conditions for retaining and attracting older workers to the labour market. It would be wrong to link the "successes" of older workers in the labour market with the expansion of part-time employment – most of them work in full-time workplaces. The current policy of the OECD countries is mainly aimed at "pushing away" the employee's retirement age by legislative measures, including rising the retirement age. Still little is being done to create better employment conditions for these groups of labour, including retraining. Increasing the flexibility of the labour market could also contribute to a more active participation of older workers in the economic activity.
在经合发组织国家,由于人口变化导致经济活动人口增长放缓,利用包括养恤金领取者在内的老年工人的劳动潜力正变得日益紧迫。这个问题的重要性随着这一群体在总人口中的扩大而增加。本文旨在分析经合组织国家、发达国家和转型国家老年工人劳动力市场状况的动态和跨国差异。特别注意老年工人参与劳动力市场的各种因素。这项工作的方法是基于对劳动力市场的制度分析。这项研究的结果有助于了解某些劳动群体参与就业的情况。同时,这项工作是面向实际的,其结果可用于制订俄罗斯联邦的人口和劳动力市场政策。我们使用经合组织就业和劳动力市场统计数据库作为统计信息的主要来源。作为这项研究的结果,我们指出,在经合组织国家,自1990年代中期以来,老年群体在劳动力市场上的地位显著改善,这反映在经济活动和就业水平的增长上,与其他年龄组相比,失业率较低。因此,过去三十年的稳定趋势被打断了。与此同时,男性和女性老年群体的劳动力市场指标趋于一致,官方和实际退休年龄趋于一致,包括性别群体之间的退休年龄。老年职工就业的改善在很大程度上取决于他们的个人特点。改善老年人的健康状况和延长生活活跃期为延长工作生涯创造了条件。就业人员的部门和职业构成的结构变化也为留住和吸引老年工人进入劳动力市场创造了有利条件。将老年工人在劳动力市场上的“成功”与兼职就业的扩大联系起来是错误的——他们中的大多数人在全职工作场所工作。经合组织国家目前的政策主要是通过立法手段“推后”雇员的退休年龄,包括提高退休年龄。然而,为这些劳动力群体创造更好的就业条件,包括再培训,所做的工作仍然很少。增加劳动力市场的灵活性也有助于老年工人更积极地参与经济活动。
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引用次数: 3
Assessment of the Functional Relationship between the Yield Spread and the Default Spread 收益率价差与违约价差函数关系的评估
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-1-28-52
T. Erofeeva
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引用次数: 1
True Value of Electricity in Siberia: Cost-Benefit Analysis 西伯利亚电力的真正价值:成本效益分析
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-3-340-371
N. Gorbacheva
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引用次数: 2
The Influence of Trends in the Data on the Accuracy of DSGE Model Estimates 数据趋势对DSGE模型估计精度的影响
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-3-372-390
A. Votinov, S. Lazaryan
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引用次数: 2
Textual Analysis of Pricing in the Moscow Residential Real Estate Market 莫斯科住宅房地产市场定价的实证分析
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-1-101-116
Gleb Goncharov, T. Natkhov
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引用次数: 1
The Impact of Risk Premium on Russian Macroeconomic Indicators 风险溢价对俄罗斯宏观经济指标的影响
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-3-391-414
A. Zubarev, K. Rybak
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引用次数: 0
Next Credit Cycle: Danger of New «Euthanasia for the Rentiers» 下一个信贷周期:新的“食利者安乐死”的危险
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-4-598-621
A. Podrugina, A. Tabakh
The article analyzes the behavior of the credit cycle in the period after the global financial crisis, as well as the consequences of changes in the «inter-crisis» period of 2010-2019 for the future credit cycle after new economic recession in 2020 caused by COVID-19 pandemic The «credit crunch» phase, defined as a period of reduced credit activity under the low and declining interest rates, has been prolonged in many countries since the global financial crisis The reason for this were both some mistakes in monetary policy and the tightening of financial regulation, primarily in the banking sector Ultimately, this led to slower economic growth, reduced efficiency of the banking channel of monetary policy and the transition of non-financial companies to alternative funding sources and the transfer of financial risks to the non-banking financial sector (primarily the shadow banking sector) According to the authors, the new world recession, caused by COVID-19 pandemic, will lead to further changes in the model of the credit cycle - funding opportunities at low interest rates be even more restricted (excluding public financing programs) and the Central Bank will act as «lender of primary resort» and the main risk collector The level of interest rates will affect service of increasing public debts In fact, under the ultra-low interest rates, credit crunch may occur in the debt market (except for companies with high credit rating), and financial risks will accumulate even more in the shadow banking sector The results of the analysis allow us to form a «frame» for further research of the credit cycle after a current economic recession В статье анализируется поведение кредитного цикла в период после глобального финансового кризиса, а также последствия изменений «межкризисного» периода 2010-2019 гг для будущего кредитного цикла после экономической рецессии 2020 г , вызванной пандемией COVID-19 Фаза «кредитного сжатия», определяемая как период сокращения кредитной активности на фоне низких и снижающихся процентных ставок, после глобального финансового кризиса затянулась во многих странах Причиной тому были как некоторые ошибки монетарной политики, так и ужесточение финансового регулирования - в первую очередь банковского сектора В конечном счете, это привело к замедленному экономическому росту, снижению эффективности кредитного канала монетарной политики, а также переходу нефинансовых компаний к альтернативным источникам финансирования и переносу финансовых рисков в небанковский финансовый сектор (в первую очередь в теневой банковский сектор) По мнению авторов, новая мировая рецессия, вызванная пандемией COVID-19, станет причиной дальнейших изменений в модели кредитного цикла Возможности фондирования под низкий процент будут еще более ограничены (за исключением государственного финансирования), а центральные банки будут выступать в роли «кредитора основной инстанции» и основного накопителя рисков От уровня ставок процента будет зависеть обслуживание возрас
本文分析了全球金融危机后信贷周期的行为,以及2010-2019年“危机间”时期的变化对2020年新经济衰退后未来信贷周期的影响。“信贷紧缩”阶段,定义为在低利率和不断下降的利率下信贷活动减少的时期。自全球金融危机以来,许多国家的金融危机一直在持续,其原因既有货币政策上的一些错误,也有金融监管(主要是银行业)的收紧,最终导致经济增长放缓。货币政策的银行渠道效率降低,非金融公司向替代资金来源过渡,金融风险向非银行金融部门(主要是影子银行部门)转移,作者认为,由COVID-19大流行引起的新的世界衰退,将导致信贷周期模式的进一步变化——低利率下的融资机会更加受限(不包括公共融资项目),央行将扮演“主要贷款人”和主要风险收集器的角色。利率水平将影响不断增加的公共债务的偿还。事实上,在超低利率下,债务市场可能出现信贷紧缩(高信用评级公司除外)。和金融风险将积累更多的影子银行业分析的结果让我们形成一个“框架”为进一步研究当前的经济衰退后的信贷周期Встатьеанализируетсяповедениекредитногоциклавпериодпослеглобальногофинансовогокризиса,атакжепоследствияизменений«межкризисного»период2010 - 2019гагдлябудущегокредитногоциклапослеэкономическойрецесси2020иг,вызваннойпандемиейCOVID-19Фаза«кредитногосжатия»,определяемаякакпериодсокращениякредитнойактивностинафоненизкихиснижающихсяпроцентныхставок,послеглобальногофинансовогокризисазатянуласьвомногихстранахПричинойтомубыликакнекоторыеошибкимонетарнойполитики,такиужесточениефинансовогорегулирования——впервуюочередьбанковскогосектораВконечномсчете,этопривелокзамедленномуэкономическомуросту,снижениюэффективностикредитногоканаламонетарнойполитики,атакжепереходунефинансовыхкомпанийкальтернативнымисточникамфинансированияипереносуфинансовыхрисковвнебанковскийфинансовыйсектор(впервуюочередьвтеневойбанковскийсектор)Помнениюавторов,новаямироваярецессия,вызваннаяпандемиейCOVID-19,станетпричинойдальнейшихизмененийвмоделикредитногоциклаВозможностифондированияподнизкийпроцентбудутещеболееограничены(заисключениемгосударственногофинансирования),ацентральныебанкибудутвыступатьвроли«кредитораосновнойинстанции»иосновногонакопителярисковОтуровняставокпроцентабудетзависетьобслуживаниевозрастающихдолговФактически,нафонесверхнизкихпроцентныхставоксостояниекредитногосжатияможетнаступитьинадолговомрынке(кромевысокорейтинговыхкомпаний),афинансовыерискивещебольшейстепенибудутнакапливатьсявтеневомбанковскомсектореРезультатыпроведенногоанализапозволяютсформировать«платформу»длядальнейшегоисследованиякредитногоциклапослетекущейэкономическойрецессии
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引用次数: 0
The Effect of Leverage, Dividend Policy, and Relational Capital on Corporate Performance 杠杆、股利政策和关系资本对公司绩效的影响
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-2-295-310
Ngadiman
The purpose of this research is to obtain empirical evidence about the relationship bet­ween the effects of leverage, dividend policy, and relational capital on corporate performance of the manufacturing companies listed in the Indonesia Stock Exchange over the period of 2016-2018. This is a quantitative study used secondary data of 117 companies listed on the Indonesian Stock Exchange (IDX) cover period of two years (2016-2018). The study made use of ex-post facto research design . Purposive sampling method employed for selecting data of sample to obtain sample of 117 companies and the unit analyze are 39. Data collection method used in this research is documentation. Methods of data analysis used descriptive statistical analysis and regression moderation with the test of absolute difference value. The data was analyzed using multiple regressions. Three formulated research hypotheses were achieved after tested. The findings from this study show that all the independent variables have effects on corporate performance (ROA) simultaneously (F-test). The t-test results showed that leverage (DAR), which is measured by a debt-to-asset ratio and dividend policy (DPR) which is proxies by a dividend payout ratio have significant effect on corporate performance, while relational capital (RCE) in this study was measured by relational capital efficiency has no significant effect on corporate performance (ROA).
本研究的目的是获得2016-2018年印尼证券交易所上市制造业公司杠杆、股息政策和关系资本对公司绩效影响关系的实证证据。这是一项定量研究,使用了在印度尼西亚证券交易所(IDX)上市的117家公司的二手数据,为期两年(2016-2018)。本研究采用事后研究设计。采用目的抽样法选取样本数据,得到117家公司的样本,单位分析为39家。本研究采用文献法收集资料。资料分析方法采用描述性统计分析和回归调节,采用绝对差值检验。数据采用多元回归分析。经过检验,得出了三个公式化的研究假设。本研究的结果表明,所有自变量同时对公司绩效(ROA)产生影响(f检验)。t检验结果显示,以资产负债率衡量的杠杆率(DAR)和以股息支付率衡量的股息政策(DPR)对公司绩效有显著影响,而本研究中以关系资本效率衡量的关系资本(RCE)对公司绩效(ROA)没有显著影响。
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引用次数: 0
History of the World Largest Credit Risk Losses in 1972–2018 1972-2018年全球最大信贷风险损失历史
Pub Date : 2020-01-01 DOI: 10.17323/1813-8691-2020-24-1-9-27
H. Penikas
We study the world largest credit risk losses from the year of 1972. We expect that such events drove the credit risk regulation development by the Basel Committee on Banking Supervision, including that of the Internal Ratings-Based (IRB) one of the Basel II Accord. By choosing a round threshold of current USD 100m equivalent of loss amount and the entity total assets in excess of current USD 500m as ofthe loss announcement date, we collected the dataset of 56 cases with the total credit loss of the current USD 700bn (or ca. 900 constant 2018 USD bn) which occurred during the last half of a century. We provide granular description of the stylized facts that characterize five typical credit risk evolution scenarios. The two most unexpected findings are as follows. First, we verified the announced loss amounts by analysis of stock quotes dynamics around the loss announcement dates. Thus we were able to trace three cases where announced by mass media losses may seem to have been exaggerated. Second, there is a series of events when there was a disclosure combination of credit risk loss and operational one. It is likely that the latter might have been used to partially cover the former.
我们研究了1972年以来全球最大的信贷风险损失。我们预计,这些事件推动了巴塞尔银行监管委员会信贷风险监管的发展,包括内部评级(IRB)的巴塞尔协议II协议之一。通过选择当前1亿美元等值损失金额和截至损失公告日实体总资产超过当前5亿美元的圆形阈值,我们收集了过去半个世纪发生的56个案例的数据集,这些案例的当前信用损失总额为7000亿美元(或约900亿美元恒定的2018年美元)。我们提供了表征五种典型信用风险演变情景的风格化事实的详细描述。以下是两个最出乎意料的发现。首先,我们通过分析亏损公告日期前后的股票报价动态来验证公布的亏损金额。因此,我们能够追踪到三个案例,在这些案例中,大众媒体所宣布的损失似乎被夸大了。其次,出现了一系列信用风险损失与经营风险损失合并披露的事件。后者很可能被用来部分掩盖前者。
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引用次数: 1
期刊
HSE Economic Journal
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