2782-6015 12 1 2019 1-219

RAR RUS 9-20 Shilkina Alvina alvina_2007@list.ru Varakina Olga varakina_olja@mail.ru Trends in the development of a risk based approach in the context of Industry 4.0 Features of the sixth technological structure (digital economy, industry 4.0), associated with the introduction of technological, organizational and institutional innovations, determine the special attention of science and practice of management to the implementation of risk-based approach. To date, the introduction of best risk management practices is aimed at improving the ability of management to predict changes and ensure response to them, so that the company does not just survive in conditions of uncertainty, but develops and shows better results. The ability to look to the future and benefit from risk management is increasingly recognized as a competitive advantage. A fundamental change in the organizational risk profile in the context of industry 4.0 (from quality risks to cyber – incident risks) leads to an increase in the vulnerability of companies and requires the use of new risk management tools-a proactive approach aimed at predictive identification of risks and planning measures for their management. In addition, at the present stage of development, the risk-oriented approach affects the digitalization and automation of all aspects of risk management, which leads to the formation of a qualitatively new methodology for the development of the company. The purpose of the study is to identify the place and role of risk-based approach in modern management, as well as formalization of trends in the development of the concept in the context of the emerging industry 4.0. The research methodology consists in conducting a critical analysis of domestic and foreign sources on the issues under study, identifying the specific features of the concept. The identification and analysis of the content of the most significant risks of industry 4.0 for companies. The concept of risk 4.0 category is disclosed. The tendencies of development of risk-based approach in the context of the fourth industrial revolution are concretized. The key aspects of risk management in actual concepts of management development and humanity as a whole are identified and substantiated. The main approaches of a new stage in the evolution of risk management – «smart» risk management in the Russian practice-are formalized. The key advantages of the use of «smart» risk management in the operating activities of companies are identified. 10.18721/JE.12101 338.24 risk-oriented approach organizational risks risk 4.0 proactive approach industry 4.0 «smart» risk management https://economy.spbstu.ru/article/2019.75.1/ 01_Shilkina-Varakina.pdf

RAR RUS 21-32 Klachek Pavel PKlachek@mail.ru V-1094-2019 56968223000 0000-0002-0941-6358 Peter the Great St.Petersburg Polytechnic University Babkin Alexander babkin@spbstu.ru

Russia, 195251, St.Petersburg, Polytechnicheskaya, 29

Liberman Irina iliberman@kantiana.ru Functional hybrid intelligent decision making system for hard to formalize productional and economic problems The paper deals with the problems associated with the development of modern computer technologies for decision-making in the digital economy, as well as methods, algorithms and software for solving management problems and decision-making in socio-economic production systems. We propose a promising approach with an interdisciplinary character, spanning such areas as hybrid intelligent systems, synergistic artificial intelligence, neuro and psychophysiology, philosophy, cybernetics, economic and mathematical modeling, etc. The paper discusses the basics of structural organization of functional hybrid intelligent decision-making systems designed to solve productional and economic problems that are hard to formalize, and proposes a new cognitive approach to integration and effective management of formalized and poorly formalized knowledge in decision-making systems. Theoretical and applied fundamentals of hybrid computational (simulation) modeling based on hybrid computational intelligence are presented as a promising interdisciplinary scientific direction which allows, based on flexible calculations, to integrate and manage accurate, inaccurate and uncertain knowledge in one system, providing a new level of simulation of complex processes and phenomena (including nonlinear) and synthesis of effective application tools. Concepts of an inhomogeneous task-system and an integrated method-system are introduced, serving as a basis for a fundamentally new approach in the field of modeling complex poorly formalized multicomponent economic systems that operate under conditions of uncertainty and the corresponding hard-to-formalize productional and economic problems. The proposed approach was used to formulate for the first time the methodological and technological foundations for creating applied, functional hybrid intelligent decision-making systems, which, as practice has shown, can successfully cope with the complexity of hard-to-formalize productional and economic problems and develop qualitatively new solutions in different subject areas. At present, the proposed methods, technologies and applied tools to create functional hybrid intelligent decision-making systems in solving a number of hard-to-formalize productional and economic problems are successfully applied in different subject areas, such as oil and gas, agro-industrial or industrial production, heavy engineering, etc. Active research in this area continues. 10.18721/JE.12102 658 decision support systems economic and mathematical modeling artificial intelligence digital economy https://economy.spbstu.ru/article/2019.75.2/ 02_Klachek-Babkin-Liberman.pdf

RAR RUS 33-42 Tikhonov Vladimir leasingagro@mail.ru Features of digital control of innovative projects The paper describes the problems of development and formation of project management in modern enterprises. The relevance of a subject is in the need for constant management of the processes of project implementation and progress control. Integration of all elements of the project into a uniform digital control system minimizes the time for decision-making, changes in the required conditions and in adaptation of the team and the processes of the project to new conditions. The digital control system is based on a digital project office. The directions for further studies are in developing a model of a digital control system based on the project office and generating an algorithm for introducing this system into project management of enterprises. Management of innovative projects in modern economic systems becomes the professional activity of the companies strategically focused on active development creating and using promising technologies and management decisions. The technique of project management is widely applied not only in business but also in the public sector.  Different types of software is widely employed for performing administrative functions in the project. Project management in Russia has certain specifics as a consequence of historical development, traditions, mentality of our country, the education system, and also other factors. While Russian companies have accumulated some experience in innovative project management, it has only recently evolved into an independent field of knowledge and innovations in project management. Innovative project management on a wide scale ensures high efficiency of project and research activities. This should contribute to Russia’s social and economic growth due to increased efficiency of public administration = at all levels, improved investment climate, and, therefore, intensified turnover of financial and credit resources. This should certainly lead to GDP growth and improved standards of living of the population. Integration processes within the global economic system imply continuous adaptation to changes, which can be achieved by creation of a special digital office of project management. 10.18721/JE.12103 338.24 innovative projects management projects digital control system digital project office enterprises project activity https://economy.spbstu.ru/article/2019.75.3/ 03_Tihonov.pdf

RAR RUS 43-58 Rodionov D.G. rodion_dm@mail.ru Kichigin Oleg kichigin_oe@spbstu.ru Selentieva Tamara selentieva_tn@spbstu.ru Features of assessing the competitiveness of innovative regional clusters: an institutional approach This article is dedicated to the problems of building regional innovation clusters that have an impact on socio-economic regional development. The paper proposes an institutional approach to defining a regional cluster as a specific form of territorial market formation of independent organizations operating in the market of monopolistic competition. According to the concept proposed in the study, the basis for the formation of the regional cluster competitiveness is the system of infrastructure links which connects the specific assets of independent companies forming the cluster. At the same time, the innovative component of the specific assets owned by independent organizations participating in the construction of the cluster indicates its innovative nature. A feature of the innovation cluster is that the enterprises in the cluster can innovation rent, which determines the potential of their competitiveness in the long term. The study revealed that the strengthening of infrastructural ties in the conditions of mutually beneficial cooperation is due to different types of synergetic effects that allow the subjects of cluster construction to form infrastructure rent and to extract monopoly profits. Public authorities and the population of the region are active subjects of the institutional environment of regional development, with the construction of the cluster greatly affecting the region’s. Successful construction of the cluster is essentially a tool to improve regional competitiveness. In view of this, the cluster’s competitiveness cannot be assessed out without taking into account its impact on the level of regional development, and the welfare of the region’s population, which is what makes the goals of this study relevant. From the institutional point of view, the study refines the definition of the innovative regional cluster. The revealed features of assessing the competitiveness of the regional innovation cluster allow to more accurately take into account the impact of cluster construction on the sustainability of regional socio-economic development. Directions for further research may include development of systemic (institutional) criteria for assessing the competitiveness of the regional innovation cluster, namely, describing these specific criteria in the system of quantitative indicators comparable in dynamics and in comparison with other regions. 10.18721/JE.12104 338.1 institutional environment competitiveness innovation cluster regional development https://economy.spbstu.ru/article/2019.75.4/ 04_Rodionov-Kichigin-Selenteva.pdf

RAR RUS 59-69 Palash Svetlana svpalash@yandex.ru Modeling the economic effects of import substitution in russian manufacturing industry The relevance of the studied subject is, firstly, in the peculiarities of modern economic dynamics, more frequent economic crises, increased likelihood of trade wars, sanctions, aggravated political and military conflicts; secondly, in significant dependence of the Russian economy on imports of manufactured goods; thirdly, in the unresolved theoretical issue of the volume and structure of import substitution bringing benefits to the economy. The goal of the study has been to modify the model of economic effect of domestic subsidies (assuming non-zero costs and net losses of import substitution policy) into the model of economic effect of import substitution in industry, find the condition of effective import substitution. The methods of the study included mathematical modeling and economic analysis. As a result, we have modified the macro-model of the economic effect of domestic subsidies in order to take into account the economic effect of import substitution. The obtained model, in contrast to the modified one, includes a more complex structure of effects: we propose to allocate structural elements, which are not only benefits of manufacturers but also benefits of the state and the population, as well as in the surplus of the manufacturer (not decomposed into components in the original model), for the state, for the industrial enterprise manufacturing the import-substituting products and for the population. The presented model allows to take into account a greater number of factors when calculating the costs and benefits of import substitution and to make more informed management decisions regarding the use of import substitution tools. We have formulated the condition of effective import substitution on the basis of the selected effects. We have calculated the economic effects of import substitution in the Russian manufacturing industry for the structure of the economy in 2016. We have established that subsidizing part of the working capital can be an effective tool for import substitution, expansion of industrial production, creation of jobs and improving the living standards of the population in case of underutilized production capacities. The calculations did not take into account the benefits of the supplying companies, the distribution of benefits of import substitution between manufacturing industries, commercial banks, development institutions in the process of state funding of the import substitution policy of and other effects. Directions for further research are the following: since different industries are characterized by different values of profitability, productivity, asset turnover, share of loaded production capacity, etc., it is necessary to calculate the economic effects of import substitution for individual industries and individual enterprises. 10.18721/JE.12105 338.24 structural changes in industry structural industrial policy import substitution economic effects manufacturing https://economy.spbstu.ru/article/2019.75.5/ 05_Palash.pdf

RAR RUS 70-84 Fedoseeva Veronica fedver@yandex.ru Financial credit component of the innovation infrastructure in russian regions:problems and solutions A necessary condition for innovative development of the economy of the Russian regions is concentrating financial resources for these goals. The basis of the innovation infrastructure in the regions are industrial clusters, with only a small part of them financially supported at the federal level. Most regional clusters lack financial resources for active innovation. Innovative entrepreneurs find funds for their projects in the form of grants and subsidies at the seed and start-up stages. However, when it comes to development of mass production, industrial enterprises lack funding. In our opinion, this problem can be solved only with active participation of regional banks through concessional financing of innovative industrial enterprises. Regional banks and innovative enterprises working closely in industrial clusters can effectively cooperate. Such banks should have a special status of regional development banks, which would provide them with a number of tax, financial and administrative benefits from the public authorities.  The article presents an economic and statistical model that confirms a positive relationship between the level of development of the regional banking sector and the growth rate of the gross regional product in the subjects of the Russian Federation. Since the statistical characteristics of the model indicate an acceptable level of quality, this model can be used in forecasts of regional economic development. We have regarded this model as a confirmation of the important role of regional banks in the economic development of Russian regions.  Based on the experience of foreign banking systems, we have presented the theoretical background for establishing the institution of regional development banks in Russia and offered a step-by-step algorithm for creating such banks in the regions. We have also formulated and justified the basic principles of regional development banks, presented a structural and functional model of regional clusters with the participation of financial and credit components. All the developments presented are aimed at creating conditions for the development of cluster initiatives in Russian regions and implementing all stages of the innovation cycle within the regional industrial clusters in order to ensure sustainable economic growth of the country’s subjects. 10.18721/JE.12106 332.1 modernization of economy new industrialization innovative development economic sanctions clusters regional banks institutes of development https://economy.spbstu.ru/article/2019.75.6/ 06_Fedoseeva.pdf

RAR RUS 85-96 Surnina Nadezhda decane@usue.ru Shishkina Elena le_gre@mail.ru Dyachkov Anton ldyachkov2014@gmail.com Formation of developing electric power infrastructure of the region based on integration of strategic and investment planning objectives We have analyzed the organization of regional strategic and investment planning based on systemic structural and institutional approaches. We have revealed a lack of consistency and coherence between the regional local strategic documents (in the electric power industry) and corporate investment planning, a lack of streamlined mechanisms of interaction between different subjects for implementing investment activities and combining resources. The hypothesis of the study suggests that energy development planning should be based on socio-economic development planning documents, allowing to avoid a surplus (or deficit) of power in certain areas and reduce investment risks. The methodology of the study is based on the systemic structural and institutional approaches.  We have studied the existing strategic planning documents in the electric power industry at the federal and regional levels, as well as the forecasting and planning parameters of investment. We have considered the relationship between the parameters of strategic and investment planning of socio-economic development of the territory and the infrastructural complex, revealing such problems as lack of consistency between the strategic planning of the electric power industry and the investment planning of companies, lack of coordination of territorial and sectoral planning processes, etc. This problem can be solved by synchronizing the investment programs of network organizations with the development programs and schemes of the electric power industry, territorial planning schemes, by building mechanisms of interaction between electric power subjects, consumers and regional authorities. A model for organizing strategic and investment planning of the development of regional electric power infrastructure system is proposed using the Sverdlovsk Region as an example; the model’s peculiarity is that it is considered from the standpoint of the metasystem approach. We have presented a scheme for interaction of the processes coordinated by the metasystem and an algorithm for synchronizing strategic and investment parameters of the development of the regional electric power system; its intersystem relationships have been identified, which is essential for strategic analysis of coordinating the interests of the participants of the development of the infrastructure, differing in their level of organization and location. We have proposed tools for interaction and coordination of economic interests of the subjects (considered as a tetrad) involved in strategic management and development planning of the electric power infrastructure, consisting in implementing the principles of partnership (social, marketing, public/municipal-private). 10.18721/JE.12107 338.49 strategic planning investment planning region regional economy public/municipal-private partnership infrastructure complex of the region electric power industry https://economy.spbstu.ru/article/2019.75.7/ 07_Surnina-Shishkina-Dyachkov.pdf

RAR RUS 97-110 Rubtsov Gennady genadij.rubtzov@yandex.ru Litvinenko Alexander Lanfk@mail.ru Role of inter-regional cooperation in modern regional economy of Russian Federation Interregional interaction is one of the most important areas of regional state policy. Such a policy is based on the principles of mutual benefit and on achieving the highest possible socio-economic effect for each subject of relations.  In modern reality, territorial interaction means constantly developing the mechanisms of inter-regional integration, improving the economic division of labor between the subjects of the Russian Federation, improving the performance of the industrial sector, projects in the field of trade and communications. Optimization and diversification of intersubjective interactions are aimed at qualitative growth of the well-being of the population, strengthening the integrity of the territories and their economic security. In practice, different structures are created within the framework of inter-regional relations to promote the development of different forms of integration processes. One of the most popular forms are inter-regional associations of economic interaction. At the same time, analysis is not limited to the single given territorial entity. We are convinced that inter-regional interaction is the driving force of both the national and the global economies. The weakening ties between regions, on the contrary, lead to a decrease in the production potential, loss of the competitive potential of economies, and slowdown in economic growth. The study examines the issue of intersubject interaction as one of the key areas of regional state policy. We have considered the system of inter-regional interactions through analysis of its individual elements: regulatory framework, territorial entities, modern tools for organizing interaction. The study yielded the following results: we have identified the main problems in the functioning of the modern system of inter-regional interactions; we have defined the main stages and trends in Russian legislation regarding inter-regional cooperation; we have identified territorial entities of interregional interaction and also the key issues in their activities based on the study of the regulatory framework, information from corporate sites, scientific publications, mass-media materials; we have used the obtained data to identify and analyze the main tools of inter-regional cooperation: programs of socio-economic development; investment programs; concepts of interregional relations; interregional agreements between subjects of the Russian Federation; concepts of cross-border cooperation in the Russian Federation; we have also focused on the problematic aspects of their application. 10.18721/JE.12108 332.1 interregional interaction regional economy regional policy regions of the Russian Federation Interregional Association for Economic Cooperation https://economy.spbstu.ru/article/2019.75.8/ 08_Rubtsov-Litvinenko.pdf

RAR RUS 111-119 Razmanova Svetlana s.razmanova@sng.vniigaz.gazprom.ru Andrukhova Olga o.gavina@mail.ru Problems of russian oil and gas service market The Russian market of oilfield service companies must perform the function of redirecting the oil and gas industry from its focus on export of raw materials to orientation towards science and technologies. There were objective prerequisites for transition of oilfield service companies to a competitive market after the crisis of 2008 – 2009. However, this mechanism has not yet been implemented. In recent years, the volume of the Russian oilfield service market has increased significantly, but the market share belonging to Russian companies has declined. Most of the orders in the oilfield service market are carried out by foreign companies, which perform the most high-tech and highly paid services. Russian oilfield service companies have to compete in the segment of low-tech and low-margin services. This has a negative impact on their financial situation, as well as on the possibility of investing in new technologies. The goal of the study is to identify the main problems of the domestic oilfield service market. The subject of the study are the transformation processes of the Russian segment of oilfield services in the context of forming an independent market for oil and gas services. Empirical analysis using the reports of consulting companies was chosen as the basis of the study. In this paper, we have analyzed the main trends in the market of oil and gas services in 2013–2018. The key problems that hinder the development of the oilfield service market in Russia are presented, such as the low profitability of the sector, the practice of deferring payments for services from VIOC, deterioration of basic production assets, and lack of government regulation. We have substantiated the reasons for the decline in the market share of domestic oilfield service companies in favor of competing foreign oilfield service companies. As a result, system state regulation is absent in the market of oil and gas services. The development of independent oilfield services in Russia should be stimulated by forming technological partnerships between corporate, scientific and state structures which support innovative projects. 10.18721/JE.12109 658.51.3: 334.7 oil service oilfield services segment profitability dumping cash gaps advanced technologies government regulation https://economy.spbstu.ru/article/2019.75.9/ 09_Razmanova-Andruhova.pdf

RAR RUS 120-131 Belinskaia Irina Terentieva Julia yulia.ter@mail.ru Chaikovskaia Alexandra sasha_chaikovska@list.ru Assessing the impact of public-private partnership mechanisms on efficiency of regional socio-economic development Maintaining a stable socio-economic situation in the region means constantly improving the methods for implementing regional programs and projects. Regional development involves generating conditions for different sectors of the regional economy. The social infrastructure of the region forms the basis for improving the quality of life of the population and stimulates the growth of the region’s investment attractiveness. In this regard, one of the main directions of the regional development strategy is the social infrastructure. In view of reducing the costs of regional budgets for the development of the social sphere and shortening the deadlines for implementing social infrastructure projects, it is advisable to use the tool of public-private partnerships to solve this problem. Public-private partnerships are implemented through different forms of interaction between business and state. Modern regulatory and legislative framework allows to develop flexible, conditions that are the most optimal for this interaction and to fully satisfy the interests of private commercial structures, public authorities and society as a whole. The experience of successfully introducing public-private partnership projects in different regions of the country testifies to its economic efficiency in solving problems of social importance, which is reflected in studies on performance rankings of subjects of the Russian Federation. Development of investment potential, reduction of investment risk, increase in the values of the main performance indicators of the region is achieved through actively implementing the principles of mixed financing of social infrastructure in the region. Attracting funds from the business community together with the regional budget creates a synergetic effect in achieving the planned indicators of the region’s development characterizing its socio-economic situation and ensures the implementation of strategic goals. We propose to assess the importance of public-private partnerships in the development of the region by identifying the relationship between the indicators describing the effectiveness of regional development and the intensity with which public-private partnership mechanisms are implemented in this region. Methods of comparative analysis, aggregation, induction are used as a methodology for research. The results of ratings built via quantitative and qualitative analysis of the set of economic indicators served as a basis for the study. 10.18721/JE.12110 338.49 public-private partnership development of the region socio-economic situation life quality investment attractiveness social infrastructure regional gross product rating https://economy.spbstu.ru/article/2019.75.10/ 10_Belinskaya-Terenteva-CHaykovskaya.pdf

RAR RUS 132-145 Asaturova Yuliya julia.asaturova@bk.ru Khvatova Tatiana tatiana-khvatova@mail.ru Improving innovative activity of enterprises in conditions of financial deficit Increasing the efficiency of enterprises active in innovations is one of the most important factors in the development of the country's economy. However, based on analysis of the state statistics data, it can be concluded that Russian enterprises are insufficiently ready for innovation. We have analyzed the reasons for low innovative activity in Russia and suggested the methods that would increase innovative activity of enterprises. To achieve our goals, we have studied the concept of innovation process and the theory of constraints in innovation process. We have carried out comprehensive analysis of the factors and constraints affecting innovative activity of companies. It is shown that the main factors that negatively affect the innovation activity of enterprises are economic factors, such as lack of finance, high cost of innovation, economic risk during project implementation, as well as inability to determine the economic benefit from  the project. Resource, effective and market constraints in innovation process are considered. It is revealed that resource, in particular financial, constraints play the greatest role in innovation activity of enterprises. In this regard, the main sources of financing innovation have been analyzed. It is shown that the main sources of financing in modern conditions are borrowed funds in the financial and credit market, as well as self-financing of the enterprise at the expense of the company's profits and additional issue of shares. We have considered the ways to overcome financial constraints when using different types of financing. The scientific novelty of our study is in determining the connection between financial position of the company and its ability to finance innovation, which is especially important in the context of financial constraints. Based on the identified connections, we have determined the indicators for assessing the financial and economic performance of an enterprise that characterize its ability to innovate. It is shown that taking into account such indicators as solvency and financial stability will allow the company to provide a high degree of investment attractiveness to increase the ability to attract borrowed funds, and maintaining a high level of indicators such as profitability and business activity will improve the efficiency of financing innovation activities from the company's own funds. The main result of the study is the developed system of key performance indicators which have an impact on increasing the innovative activity of companies in the context of financial deficit. Timely recording and maintaining the required level of these indicators will lead to an increase in the efficiency of  innovation and investment activities of the enterprise; this conclusion makes this work relevant. 10.18721/JE.12111 658 innovation; entrepreneurship; indicators; financial constraints; innovation process; efficiency https://economy.spbstu.ru/article/2019.75.11/ 11_Asaturova-Hvatova.pdf

RAR RUS 146-158 Davliatova Malika A. malika.davliatova@gmail.com Starodubcev Yuriy I. prof.starodubtsev@gmail.com Technique for estimating cost range for intellectual property The article is dedicated to developing an economically constructive technique for assessing the cost range of intellectual property. Today, possession of intellectual property represents a competitive advantage which directly impacts the market positions of the enterprise. The same as with assessment of traditional assets, the result of adequate assessment of intellectual property is obtaining the planned profit, and substantial mistakes can result in bankruptcy of the enterprise. For this reason, intellectual property cost estimation is an important and relevant economic task that has to be solved. The goal of the study consists in developing an economically constructive technique for estimating the cost range of intellectual property. Methods of the study include competitive analysis, forecasting methods, dynamic methods of assessment of economic efficiency, pattern recognition theory. The objective of the study consists in determining the functionality of the interdependence between the cost range of intellectual property and the volume of external investments at the given levels of profitability for the external investor and the enterprise integrating the intellectual property. The object of assessment is intellectual property. The subject of assessment is a set of the economic and legal relations and technological conditions determining the cost throughout the full life cycle of intellectual property and dynamics of change of its size and structure. The technique is intended for carrying out objective assessment of the cost range of intellectual property in relation to the main stages of its life cycle. The developed technique can be applied at any enterprises which are creating, possessing, purchasing or using intellectual property. We have formulated the problem statement for the relevant economic task, formalizing it in order to carry out quantitative estimation. The developed technique for estimating the cost range of intellectual property has been discussed in detail; the known ways of cost estimation are particular cases of this technique with lesser accuracy and reliability of results. The technique allows to investigate the patterns in the relationship between the degree of innovativeness of intellectual property and the required level of investments. Much attention is given to the procedure for determining the function of decrease in innovativeness of intellectual property, which is based on objective data of the state intellectual property registration authorities. We have defined and substantiated the formula for calculating the innovativeness coefficient. The article is concluded with the method for calculating the volume of predicted revenue in implementing intellectual property and the required level of external investments that allows to estimate the intellectual property range of cost for any moment of life cycle, detailing the price structure. 10.18721/JE.12112 338.47 intellectual property innovativeness innovative resource investments cost range life cycle https://economy.spbstu.ru/article/2019.75.12/ 12_Davlyatova-Starodubtsev.pdf

RAR RUS 159-167 7005476276 0000-0002-8228-3109 Peter the Great St.Petersburg Polytechnic University Glukhov Vladimir vicerector.me@spbstu.ru

195251, St.Petersburg, Polytechnicheskaya, 29

Movchan Konstantin Economic assessment of technology for waste processing taking into account impact on environment The issues connected to designing and applying new technologies for processing household and industrial wastes are drastically important for Russia; a public company has been created with the purpose of dealing with these issues, acting as a unified state operator for forming an integrated system for processing municipal solid waste (Decree of the President of the Russian Federation No. 8 of January 14, 2019). The purposes of this system are preventing dangerous impact of waste on the quality of human life and environment, analysis of opportunities for use of waste in industry as raw materials or products and for transforming waste into secondary resources for fabricating new production and obtaining energy, and also for the purposes of saving resources. According to Rostec State Corporation, the total mass of waste generated in Russia  is 3–4 billion tons per year, of which 54% is waste from extraction of fuel and energy resources, 17% waste from non-ferrous metallurgy, 16% waste from ferrous metallurgy, 12% waste from other industries, including municipal solid waste (MSW). Landfills for waste disposal occupy fertile or forest lands, pollute the atmosphere, surface layers of soil, lakes, rivers and groundwater adversely affect the animal and plant world, worsen the quality of life of the population in adjacent areas, and uncontrollably spread toxic waste. Therefore, the issues of environmental safety and analysis of applied technologies for recycling are undoubtedly an urgent task. The impact of some enterprises on the environment is assessed through existing systems for maintaining an optimal environmental status. We have offered a detailed and complex technique for assessing the environmental hazard of waste from recycling facilities using a hierarchical group of indicators. To improve the adequacy of assessing the environmental impact of the technological process of waste recycling, we have proposed to consider six components and three multiplying factors. 10.18721/JE.12113 338.2 environmental safety environment processing of waste municipal waste industrial wastes economic assessment waste disposal landfills https://economy.spbstu.ru/article/2019.75.13/ 13_Gluhov-Movchan.pdf

RAR RUS 168-182 Stepanchuk Andrei aastepanchuk@yandex.ru Transfer prices for servicing the intra-firm turnover: reasons for refusal and terms of application We have analyzed the problems of decision-making in applying transfer (internal) prices for servicing the intra-company turnover of production enterprises. The relevance of the research topic is substantiated. We have described the existing interpretations of the terms "transfer prices" and «transfer pricing». We have found that research in the field of transfer pricing is fragmented and inconsistent. We have offered a comprehensive view of the above problem, linking it to management practices. We have systematized the advantages and disadvantages of managerial decisions on using transfer prices. The most important advantages of using transfer prices are determining the costs of the buying and the revenues of the selling units, solving the problems of evaluating the performance of the centers of financial responsibility, ensuring motivation of the staff within the company. Disadvantages include the artificial origin of domestic prices, danger of conflict of interests of cooperating units, additional costs of making settlements, risk of reduced motivation of some structural units and legitimized low efficiency of others. The prerequisites and limitations for application of transfer pricing are formulated in view of the accumulated experience. We have proposed the conditions for their optimal use. A brief review of the methods for calculating the cost, market and contractual transfer prices is presented. Each of the methods is described separately. An algorithm for making a decision on application of transfer prices in the system of management accounting and budgeting is proposed. Using the decomposition method as a combination of market and cost-based pricing methods is justified. We have proposed to replace domestic prices with other indicators, including fees for resources, rental and lease payments. The paper is concluded by considering the procedure for making a decision on application of transfer prices for specific production conditions with the example of the repair and mechanical service of an industrial enterprise. The developed production plan is characterized separately for budgeting the planning phase, the accounting phase and budget analysis. The increased efficiency of the above actions is demonstrated before and after automated calculations are introduced. We have formulated the conclusions and outlined the directions for further research in the field of economic theory and practice. 10.18721/JE.12114 338.27 budgeting management accounting transfer prices center for financial responsibility intra-company turnover price-formation methods https://economy.spbstu.ru/article/2019.75.14/ 14_Stepanchuk.pdf

RAR RUS 183-190 Losev Konstantin k.losev@mail.ru Budagov Artur dean8@aanet.ru Kornilova Svetlana svk_bn@mail.ru Efficiency analysis algorithm and selection of significant investment and construction projects Implementation of investment projects in the field of construction has long remained the most important aspect of macroeconomic development and gains additional relevance in the context of globalization of the world economy accompanied by mass urbanization. Thus, the key role in this context is played by permanent construction projects, as their implementation is followed by not only local but also regional, national or even by global consequences, for example, impact on the environment, different infrastructural, commercial and other aspects. We have defined the investment projects in the field of permanent construction characterized by a higher level of influence as significant investment and construction projects (SICPs). We have considered the economic and institutional features of efficiency analysis for significant investment and construction projects, determined by peculiarities of this category of investments. We have presented a scheme for forming the total effect of the SICP taking into account the economic and institutional factors of social efficiency. We have developed an algorithm for analyzing the efficiency and for selecting the SICP  to be implemented with the participation of economic agents of private and public sectors. The algorithm for efficiency analysis and selection of investment and construction projects begins with categorizing projects as either significant or local. According to the approved methodical recommendations on efficiency assessment of investment projects, the public importance of the project depends on the effect of the results from the project’s implementation on the social and economic environment. Then the traditional model of analysis and approval/rejection based on assessment of commercial effectiveness is applicable for local projects. SICPs should be assessed for achieving full efficiency, as a project can be approved for implementation even if it is ineffective from a commercial standpoint, if the full effect taking into account the multiplicative and external components is positive. 10.18721/JE.12115 319.2:621.14 investment and construction projects efficiency institutional factors economic factors multiplicative effect institutional effect https://economy.spbstu.ru/article/2019.75.15/ 15_Losev-Budagov-Kornilova.pdf

RAR RUS 191-200 Somov Andrei somovspb@yandex.ru Dubolazov Victor info@kafedrapik.ru Analysis of foreign markets of innovative products by theory of fuzzy sets and neural networks The article is dedicated to the problem of launching an innovative product in the foreign market. The article considers X-ray cargo inspection systems made in Russia as an innovative product. An X-ray cargo inspection system is an indispensable tool for customs officials and national security authorities. It allows to inspect loaded vehicles and containers to identify possible contraband investments, weapons, explosives, drugs, etc. For analysis of foreign markets and forecasting data on placing X-ray cargo inspection systems, we have used the neural networks method and the fuzzy sets method with checking the prediction error by the ARIMA method. The advantage of the ARIMA method is that it allows to describe the behavior of different types of time series with different structures, including business cycles.  Besides, data on independent variable are not necessary for using the method. Models are built and predicted based on the data contained in the time structure of the original series. The analyzed global market for possible use of X-ray cargo inspection systems consisted of 243 countries, the study was conducted for 13 parameters related to quantitative assessment of potential locations of X-ray cargo inspection systems in these countries, and more than 20 economic parameters of the countries. Segmentation of countries based on fuzzy sets was carried out using the ANFIS algorithm, which generates output data with one variable based on the fuzzy inference method. As a result, differential segments of countries are formed: highly competitive, low-competitive and mixed. Each segment has its own marketing policy, including product modification for a specific market and development of a strategy for entering this market. For this purpose, we have used an extended table of socio-cultural indices, allowing to develop and adapt the product to the specific socio-cultural characteristics of the country. In conclusion, the problems of assessing the economic efficiency of the market launch of a new product for formed segments of countries and analysis of  stability of solutions are considered. 10.18721/JE.12116 338.27 fuzzy sets neural networks Big Data technology innovative product foreign market X-ray cargo inspection systems https://economy.spbstu.ru/article/2019.75.16/ 16_Somov-Dubolazov.pdf

RAR RUS 201-212 Galevsky Sergeii nirs@spmi.ru CAPM Modification for correct risk assessment in discounted cash flow method The discounted cash flow method is currently one of the main methods used to evaluate both financial (stocks, bonds, etc.) and real assets (investment projects, business, etc.). Correct implementation of this method is extremely important for making reasonable and objective management decisions. An important role in the existing practice of the method’s application is played by the discount rate, including, according to tradition, not only the time value of money but also the risks associated with the asset. However, the generally accepted approach to discounting, which assumes using a single rate (whose role is played by the required yield estimated by one of many existing methods), can adequately estimate risks only for assets that generate only one type of cash flow (financial assets). The fact is that all risks for assets generating both inflows and outflows (real assets) can be divided into two categories: the risk that the actual inflows will be less than the expected inflows (risk of the first kind) and the risk that the actual outflows will be more than the expected outflows (risk of the second kind). Discounting of net cash flows assumes that the risk premium taken into account in the required return leads to a decrease in the discounted amount of inflows (correct assessment of risks of the first kind) but at the same time reduces the discounted amount of outflows (incorrect assessment of risks of the second kind). To address this shortcoming, the present paper proposes a methodology for separate assessment of risks of the first and second kind, based on the widespread capital assets pricing model (CAPM) and assuming that betas and discount rates are calculated separately for inflows and outflows. As shown in the paper using the example of investment project evaluation, this approach allows obtaining results that differ significantly from the results of the assessment based on the generally accepted approach. Differences arise due to correct assessment of risks of the second kind in the proposed methodology, which allows to recommend it for use in the discounted cash flow method when assessing real assets. It seems that this will make it possible to achieve maximum validity and objectivity for valuation of assets of this type and will improve the quality of management decisions made on the basis of the discounted cash flow method. 10.18721/JE.12117 336.6 discounted cash flows discount rate capital assets pricing model cost of equity risk and return https://economy.spbstu.ru/article/2019.75.17/ 17_Galevskiy.pdf