Kovalev VV financial management. Kovalev V.V

Kovalev Valery Viktorovich - Doctor of Economic Sciences, Professor.

Born on July 12, 1948. Graduated from Leningrad State University in 1972. Specialty: "Accounting, control and analysis of economic activity."

Since 1999, he has been a professor at the Department of Credit Theory and Financial Management, St. Petersburg State University. Member of the Methodological Council for Accounting under the Ministry of Finance of the Russian Federation. Member of the Presidential Council of the Institute professional accountants RF. Member of the Association of Accountants of St. Petersburg and the Leningrad Region.

Research interests: financial management, financial analysis, accounting.

In 1992-2004 made presentations at a number of international congresses and conferences on accounting and finance in Austria, Belgium, Great Britain, Italy, the Netherlands, the USA, France, etc. In 1994-96. took part in retraining programs under the auspices of the British Council, TACIS and the National Foundation for the Training of Financial and Management Personnel of the Russian Federation as a teacher in the module "Financial Management". Organizer and participant of the cascade multi-level programs "Training the Trainers" in the field of accounting, financial management and audit, funded by the Know How Fund and implemented in 1995-99. together with ICAS at the universities of Moscow, St. Petersburg, Novosibirsk, Yekaterinburg.

Books (3)

Financial Management Course

The book is a university course on a relatively new and dynamically developing discipline dedicated to the description of the logic, principles and techniques of managing the finances of a commercial organization. The presentation of the course topics is given in accordance with the author's interpretation of its structure and content. Financial management is considered in the textbook as an applied implementation of the key ideas of the neoclassical theory of finance as applied to the firm.

It is intended for senior students, graduate students and teachers of economic universities, researchers and practitioners specializing in financial management and accounting.

Workshop on analysis and financial management

The key provisions of the main topics, issues for discussion, tasks and situations in the course "Financial Management" are given. The manual contains one of the options for the work program of the university course, financial tables and basic formulas necessary for solving problems. Test questions and tasks are included to control students' knowledge, as well as recommendations for testing.

For teachers and students of economic universities. The materials of the book can be used by practitioners in preparation for passing qualifying exams in accounting, auditing and financial management.

Description: The book contains a description of the main categories and methods of financial analysis in a market economy. It outlines the principles of analysis in terms of inflation, methods for predicting the possible bankruptcy of an enterprise, considers the content and procedure for using traditional and new financial instruments.

The 2nd edition includes questions on how to calculate interest, assess the profitability of financial instruments, and measure risks. Given new system indicators. The book is intended for accountants, auditors, financial managers, scientific and practical workers, as well as students of economic universities.

INTRODUCTION

1. INTRODUCTION TO FINANCIAL MANAGEMENT

1.1. Finances, their role and functions in the process of social reproduction

1.2. Financial management system at the enterprise

1.3. The structure of the sources of financing of the enterprise

1.4. Financial instruments

1.5. Financial markets

1.6. State regulation of the market valuable papers

1.7. Financial institutions in the securities market

2. METHODS AND TECHNIQUES OF FINANCIAL ANALYSIS AND FORECASTING

2.1. The essence of financial analysis in a market economy

2.2. The evolution of approaches to the analysis of financial statements

2.3. Classification of methods and techniques of financial analysis

2.4. The main types of models used in financial analysis and forecasting

2.5. Elements of the theory of modeling and analysis of factor systems

3. FINANCIAL STATEMENTS AND ITS ANALYSIS

3.1. The evolution of financial reporting in Russia

3.2. Consolidated financial statements

3.3. Basic principles and sequence of analysis financial condition enterprises

3.4. An example of a methodology for analyzing financial condition

3.5. Inflation and Financial Statement Analysis

3.6. Forecasting the financial and economic activities of the enterprise

3.7. Methods for predicting the possible bankruptcy of an enterprise

4. FUNDAMENTALS OF FINANCIAL MATHEMATICS

4.1. The logic of financial transactions in a market economy

4.2. Interest rates and methods of their calculation

4.3. The concept of present value

4.4. Types of cash flows

4.5. Estimating cash flow with unequal receipts

4.6. Annuity valuation

4.7. Analysis of the availability of resources for consumption in market conditions

5. SECURITIES VALUATION AND FINANCIAL INVESTMENT DECISION-MAKING

5.1. Basic financial asset valuation model

5.2. Valuation of debt securities

5.3. Valuation of equity securities

5.4. Profitability of a financial asset: types and valuation

5.5. The concept of risk and methods for its assessment

5.6. Investment portfolio risk

5.7. Principles of investment portfolio formation

5.8. Model for assessing the profitability of financial assets

5.9. Indicators in the securities market

6. DECISION-MAKING ON INVESTMENT PROJECTS

6.1. Development of options for investment projects

6.2. Methods for evaluating investment projects

6.3. An example of using the described methods

6.4. Analysis of alternative projects

6.5. Comparative analysis of projects of different duration

6.6. Analysis of investment projects in terms of inflation and risk

6.7. Optimization of investment distribution across multiple projects

7. PRICE AND CAPITAL STRUCTURE ANALYSIS

7.1. Estimation of production leverage

7.2. Estimation of financial leverage

7.3. Fundamentals of the theory of capital structure

8. DIVIDEND PAYMENT POLICY

8.1. Dividend policy and the possibility of its choice

8.2. Factors that determine the dividend policy

8.3. Dividend payment procedure

8.4. Types of dividend payments and their sources

8.5. Dividend policy and share price regulation

9. ANALYSIS AND MANAGEMENT OF WORKING CAPITAL

9.1. Enterprise policy in the field of a turnover captain

9.2. Types of strategies for financing current assets

9.3. Components working capital

9.4. Cash and cash equivalent management

9.5. Analysis and management of receivables and inventories

9.6. Traditional ways short term financing

9.7. New short-term financing instruments

10. SOURCES OF FINANCING AND WAYS OF ISSUING NEW SECURITIES

10.1. Traditional financing instruments

10.2. The main ways to increase capital

10.3. Balance models for managing funding sources

10.4. New long-term financing instruments

10.5. Foreign sources of funding

11. INFLATION AND ITS IMPACT ON FINANCIAL DECISION-MAKING

11.1. Economy in the conditions of changing it - basic concepts and assessment

11.2. Classification of accounting methods and analysis of the impact of inflation

11.3. Methodology for revaluation of reporting on fluctuations in exchange rates

11.4. Methods for revaluation of reporting on fluctuations in commodity prices

11.5. Modeling indirect income and expenses of an enterprise under the influence of inflation

11.6. The impact of inflation on the distortion of reporting data

11.7. Financial decisions in the face of inflation

APPS

Annual financial statements

The system of indicators for assessing financial and economic activities

Financial tables

Examples of control ratios of annual forms financial statements(for 1996)

Archive size 24.9 MV

transcript

1 “The profession of a financial manager as a specialist in managing the finances of an economic entity is becoming more and more popular and in demand among company leaders.” (Kovalev V.V. Introduction to financial management. - M .: Finance and statistics, p.)

2 Kovalev, V.V. Introduction to financial management [Text] / VV Kovalev. - M. : Finance and statistics, p. ; 24cm - Bibliography: with ISBN: 184.00. The book is a course on a relatively new and dynamically developing discipline dedicated to describing the logic and principles of financial management of a commercial organization. Outlined conceptual foundations this section of science using foreign experience and domestic practice. The principles of analysis and financial planning, models for evaluating financial assets, criteria for evaluating investment projects, methods of management are considered in detail. working capital, basic concepts of the theory of efficient capital market, portfolio investment, capital structure. Financial management. Theory and practice [Text]: Textbook (MO) / Ed. E.S. Stoyanova. - 5th ed., revised. and additional - M.: Perspective, p. ; 22cm - Bibliography: with ISBN: 136.51. Base professional course financial management of the enterprise, covering a complex of problems of financial management.

3 Financial management [Text]: Textbook (UMO) / Ed. E.I. Shokhina. - M.: ID FBK-PRESS, p.; 22cm - ISBN X: The fundamentals of financial management are considered: principles, essence and functions, main elements, information base(financial information about the activities of the enterprise, its balance sheet, methods for assessing liquidity), as well as issues of risk assessment and management. Sources, including borrowed ones, and methods of financial support of the enterprise are studied in detail. The price and capital structure are analyzed. It is shown how to develop and implement the dividend policy of the enterprise. A lot of attention is paid to the issues of financial planning, forecasting and formation of an investment strategy. Financial management [Text]: Textbook for universities (UMO) / Ed. G.B.Polyak. - 2nd ed., revised. and additional - M.: UNITY-DANA, p. ; 20.5 cm. - Bibliography: with ISBN: 134.97. The advantage of the textbook is a comprehensive presentation of the main directions of financial management of organizations. Particular attention is paid to the theoretical foundations of the functioning of the finances of organizations and financial indicators used in financial management, financial method management of current activities and investments of the organization, financial risk management., pricing, intra-company planning, taxation. Also considered internal audit in organizations, the relationship of organizations with the budget and tax authorities. Finance and credit [Text]: Textbook (MO) / Ed.m.v. Romanovsky, G.N. Beloglazova. - M.: Higher. education, p. : silt; 22cm - Bibliography: at the end of each chapter. - ISBN: 111.87. The textbook summarizes the latest achievements in the theory of finance, money circulation and credit, the practice of implementing modern financial and credit policy in Russia, as well as the modern practice of financial management and lending; Special attention paid to foreign exchange transactions and foreign exchange control in Russia. Romashova, I.B. Financial management. Main topics. business games[Text]: Proc. manual for universities (UMO) / I. B. Romashova. - 2nd ed., erased. - M.: KNORUS, p. ; 21.5cm. - Bibliography: with ISBN ISBN: 86.25. The main issues of financial management are considered: about capital and cash flow management, dividend and salary policies, etc. Much attention is paid to such relevant contemporary topics like financial psychology, Internet technologies in economics.

4 State and municipal finances of Russia [Text]: Proc. manual for universities (UMO) / L. S. Grinkevich [et al.]. - M.: KNORUS, p. ; 21.5cm. - Bibliography: with ISBN: 147.62. The tutorial outlines theoretical basis state and municipal finance of the Russian Federation. The essence of state and municipal finance, the budget system of Russia, state and municipal loans, state non-budgetary funds, the tax system of the Russian Federation, the features of the functioning of regional finance, as well as the powers of government bodies in the field of finance are considered. The textbook is full of modern financial and statistical material. Tables and diagrams are recommended to be used as visual and analytical material in the preparation of coursework and theses, as well as abstracts for admission to graduate school. Main sections study guide are complemented by problem orientation, which improves the quality of specialist training. Financial management [Text]: Textbook for universities (UMO) / Ed. E.I. Shokhina. - M.: KNORUS, p. ; 22.5cm. - Bibliography: with ISBN: 150.00. The fundamentals of financial management are considered: principles, essence and functions, main elements, information base (financial information about the activities of the enterprise, its balance sheet, methods for assessing liquidity), as well as issues of risk assessment and management. The sources of funds, including borrowed funds, and ways of financial support of the enterprise are outlined. The price and capital structure are analyzed. It is shown how to develop and implement the dividend policy of the enterprise. Much attention is paid to the issues of financial planning, forecasting and formation of an investment strategy. Tikhomirov E.F. Financial management: Financial management of an enterprise [Text]: Textbook / E. F. Tikhomirov. - 2nd ed., corrected. - M.: Academy, p. ; 21.5cm. - Bibliography: with ISBN: 224.55. The financial management of enterprises of different forms of ownership is considered. Revealed critical issues financial management of the enterprise: analysis of the financial condition of the cash flow, management of current assets, investment (management of non-current assets), financing (short and long term) and capital. Neshitoi, A.S. Finance, money circulation and credit [Text]: Textbook for universities (MO) / A. S. Neshitoy. - 2nd ed., revised. and additional - M.: Dashkov and Co., p. ; 21cm - ISBN: 173.25. The textbook contains modern concept finance, money circulation and credit. The financial system, the use of finance, the features of commercial and non-commercial finance are covered. commercial organizations, state and

5 municipal finance, the credit and banking system of Russia, international finance and other issues provided for by the state educational standards of higher professional education in the specialties "Commerce", "Marketing", "Economics and enterprise management", "Finance and credit", "Management of the organization ". Kolpakova G.M. Finance. Money turnover. Credit [Text]: Textbook for universities (MO) / G. M. Kolpakova. - 3rd ed., revised and additional. - M. : Finance and statistics, p. ; 20.5 cm. - Bibliography: with ISBN: 148.50. The main segments of the Russian financial market are considered: the money market, the foreign exchange market, the securities market and the loan capital market. The characteristic of state and local finances, as well as the finances of commercial organizations is given, the essence of modern budgetary and tax policy is revealed. The third edition of the textbook reflects the changes caused by the improvement of the budget, banking and tax legislation in the Russian Federation. Finance [Text]: Textbook / Ed. V.G. Knyazeva, V.A. Slepova. - M.: Master, p. ; 21.5cm. - Bibliography: with ISBN: 299.86. The textbook consists of four sections, which sequentially deal with money, the financial system, the financial market, international finance and the international financial market. The essence, functions, role, participants, operations, development trends of each of these elements of the financial sector are disclosed. The third edition of the textbook reflects modern financial practice and shows the prospects for the development of the financial sector in the Russian Federation. It is supplemented with new chapters ("Personal Finance", "Financial Risks", "General Characteristics of the Financial Market", "Trends in the Development of the Financial Market", "The Essence and Functions of International Finance", "International Financial Market"). The textbook ends with a workshop that includes questions for self-examination, tests, tasks, recommended literature on each topic. Larionova, I.A. Financial management. Diagnostics of the dynamics of the financial equilibrium of the enterprise [ Electronic resource] : Course of lectures / I. A. Larionova. - M. : MISiS, p. The main models for diagnosing the financial balance of an enterprise, as well as methods for calculating and analyzing the dynamics of net working capital, are considered. Access mode Akulov, V.B. Financial management: textbook / V.B. Akulov. - 4th ed. - M.: Flinta, p. - (Economics and Management). - ISBN [Electronic resource]. -

6 Alekseeva, O.A. Workshop on financial management: textbook / O.A. Alekseev. - 3rd ed., Rev. and additional - M.; Berlin: Direct Media, p. : ill. - Bibliography: with ISBN [Electronic resource]. - Kokin, A.S. Financial management: study guide / A.S. Kokin, V.N. Yasenev. - 2nd ed., revised. and additional - M.: Unity-Dana, p. - ISBN ; The same [Electronic resource]. - Kurochkin, V.N. Financial management in the field of education: textbook / V.N. Kurochkin. - M.; Berlin: Direct Media, p. : ill., diagrams, tab. - Bibliography. in book. - ISBN ; [Electronic resource]. - Tolkacheva, N.A. Financial management: textbook / N.A. Tolkacheva, T.I. Melnikov. - M.; Berlin: Direct Media, p. : ill., diagrams, tab. - Bibliography. in book. - ISBN ; The same [Electronic resource]. - Point of storage and issue of these books: st. Mayakovsky, 19, Scientific and technical library of the KSTA, room 125.

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CONTENT
Introduction 3
SECTION I. FINANCIAL SYSTEM OF THE COUNTRY: ESSENCE AND CONTENT
Chapter 1. Introduction to General Theory of Finance 8
1.1. Essence and functions of finance 8
1.2. Financial system: essence, subsystems, spheres, links 13
1.3. Financial policy 21
1.4. The evolution of financial science 26
Chapter 2 Financial management 36
2.1. Essence and financial management bodies 36
2.2. Financial planning and forecasting 41
2.2.1. Planning at the level of the state and its subjects 41
2.2.2. Planning at the business entity level 44
2.3. Financial control 46"
2.3.1. Essence, models and forms of financial control 47
2.3.2. Methods of financial control 50
Chapter 3 Financial markets and institutions 60
3.1. Financial intermediation and financial intermediaries 60
3.2. Financial markets and their types 65
3.3. Formation features financial markets in Russia 72
Chapter 4 Tax system 88
4.1. Taxes: essence, functions, classification 89
4.2. Principles of building a tax system 97
4.3. Evolution tax systems 100
4.4. Structuring taxes in the Tax Code 112
4.5. Financial and legal aspects of tax collection 131
4.6. Tax policy 135
4.7. Rationalization of taxation 141
Chapter 5 customs revenue 148
5.1. Customs regulation of foreign trade activities 148
5.2. Customs duties, their functions and types 151
5.3. Customs policy of the Russian Federation 155
5.4. Methodology for determining customs revenues 158
Chapter 6 The content and features of the organization of finance of economic entities 163
6.1. The essence of the finances of business entities 163
6.2. Features and principles of organizing the finances of commercial organizations in the manufacturing sector 165
6.3. Features of finance in an enterprise in the financial sector 172
6.3.1. Financial and credit activities 172
6.3.2. Insurance activities 178
6.4. Features of the finance of non-profit organizations 179
SECTION II. STATE AND MUNICIPAL FINANCES
Chapter 7 Budget and budget system 184
7.1. Socio-economic essence of the budget 184
7.2. budget system 185
7.2.1. Features of building a budget system in countries with different state structures 185
7.2.2. Budget system of the Russian Federation 1S9
7.3. Incomes and expenditures of budgets 196
7.3.1. Budget revenues 196
7.3.2. Budget expenditures 200
7.3.3. Balanced budgets 206
Chapter 8 Budget Process 211
8.1. Content and participants of the budget process 211
8.2. Drafting budgets 214
8.3. Review and approval of the budget 217
8.4. Budget execution 221
8.5. State and municipal financial control 224
8.6. Budget execution report. 225
Chapter 9 Interbudgetary relations 229
9.1. Essence and content of fiscal federalism 229
9.2. Models of fiscal federalism 233
9.3. Formation of the Russian model of budgetary federalism 238
9.4. Intergovernmental transfers 246
Chapter 10 State loan 252
10.1,. Socio-economic essence of the state loan 252
10.2. Public debt: content and main forms 256
10.3. Public credit management 269
10.4. Public credit in modern Russia: features and development trends 274
Chapter 11 Extrabudgetary funds 282
11.1. Essence and purpose of off-budget funds 282
11.2. Sources, procedure for the formation and use of extra-budgetary funds social purpose 293
11.2.1. Pension Fund 296
11.2.2. Social Insurance Fund 298
11.2.3. Federal Compulsory Medical Insurance Fund 300
11.2.4. Territorial funds of obligatory medical insurance 301
SECTION III. FINANCE OF ORGANIZATIONS (ENTERPRISES)
Chapter 12. Finance of enterprises in the financial system of the country 304
12.1. Essence and functions of enterprise finance 304
12.2. Principles of organizing the finances of an enterprise 313
12.3. The structure of the enterprise financial management system 319
12.4. functions, tasks and goals of the financial manager 324
Chapter 13 Analysis and planning in the enterprise financial management system 329
13.1. The logic of the planning and analytical function in a market economy 329
13.2. Information support for analysis and planning 333
13.3. Methodology for analyzing financial condition 337
13.4. System of analytical coefficients 342
13.4.1. Property status 342
13.4.2. Liquidity and solvency 345
13.4.3. Financial sustainability 348
13.4.4. Business activity 351
13.4.5. Profit and profitability 355
13.4.6. Market Activity 357
13.5. Financial planning. 359
Chapter 14 Financial resources of the enterprise: investment aspect 363
14.1. Management of investment activities in the form of capital investments 363
14.2. Current assets management 369
Chapter 15: Enterprise financing sources 380
15.1. Ways of financing the activities of the enterprise 380
15.2. Capital: essence, interpretations 383
15.3. Equity management 387
15.4. Debt management 391
15.5. Leasing as a source of financing 394
15.6. Management of short-term sources of financing 399
15.7. Management of the target structure of funding sources 401
Chapter 16 Income, expenses and profit of the enterprise 406
16.1. Income and expenses: concept, essence, types 406
16.2. Profit: essence, types 411
16.3. Profit and profitability management 416
Chapter 17 Cash flow and settlement system at the enterprise 423
17.1. Cash flow at the enterprise 423
17.2. Principles of organizing cashless payments 424
17.3. Settlements by payment orders 429
17.4. Settlements by letters of credit 430
17.5. Payments by checks 435
17.6. Collection settlements 437
SECTION IV. FINANCE OF INSURANCE ORGANIZATIONS
Chapter 18 The essence of insurance as an institution of financial protection 443
18.1. Basic concepts and definitions 443
18.2. Classification of types of insurance 447
18.3. Gross premium and its structure 449
18.4. Insurance reserves of an insurance organization 452
Chapter 19 Financial model of an insurance organization 460
19.1. Assets and sources of funds of the insurance company 460
19.2. Formation financial result activities of an insurance organization 461
19.2.1. Income of an insurance company 461
19.2.2. insurance company expenses. 463
19.2.3. Financial result 465
19.3. Financial stability and solvency of an insurance company 467
19.4. Assessment of the solvency of an insurance company 468
19.5. Budgeting the financial activities of an insurance company 470
SECTION V . HOUSEHOLD FINANCE
Chapter 20 Household finance as an economic category 476
20.1. Socio-economic essence and functions of household finance in the market economy system 476
20.2. Household financial decisions 481
Chapter 21 Household budget 486
21.1.. Income part of the household budget 486
21.1.1. Composition, value and indicators of household income 486
21.1.2. Wage with accruals and surcharges 489
21.1.3. Social and insurance payments to households 491
21.1.4. Household income from entrepreneurial activities, from transactions with personal property and cash savings in the financial and credit sphere 496
21.2. Expenditure part of the household budget 498
21.2.1. Household expenditure classification 498
21.2.2. Compulsory household payments 499
21.2.3. Consumption costs. 502
21.2.4. Household cash savings 504
SECTION VI. INTERNATIONAL FINANCE
Chapter 22 International Public Finance 511
22.1. International finance: content and principles of organization 511
22.1.1. The concept and structure of international finance 511
22.1.2. Monetary system of the Russian Federation 520
22.1.3. Global derivatives market 523
22.1.4. World credit market 524
22.1.5. Official gold and foreign exchange reserves of the world 526
22.1.6. Financial help 528
22.2. global public financial institutions and their functions 529
22.2.1. International Monetary Fund 531
22.2.2. World Bank Group. 541
22.2.3. Bank for International Settlements 549
22.3. Regional international public financial organizations 550
22.3.1. European Central Bank 550
22.3.2. European Bank for Reconstruction and Development 552
22.4. Globalization of world financial markets 554
Chapter 23 Features of the functioning of national financial systems 560
23.1. Institutional structure of the country's financial system 560
23.2. Segmented financial systems 564
23.2.1. US financial system 564
23.2.2. UK financial system 569
23.2.3. Japanese financial system 573
23.3. Universal financial systems 576
23.3.1. French financial system 576
23.3.2. German financial system 579
23.4. Financial systems in developing countries 581
Chapter 24 Currency restrictions and controls 598
24.1. Currency restrictions 598
24.2. Currency control 605
24.3. Organization of currency control in the Russian Federation 611
Conclusion 622
Recommended Reading 626

INTRODUCTION .
In recent years, in connection with the transition to market relations, there have been profound changes in the Russian economy. To a large extent, these changes are due to the refinement, and sometimes the change of priorities, incentives and factors in the development of society and the country. The political and pseudo-social background of economic decision-making, which took place in our country during the years of centralized planning and management, has been replaced by healthy pragmatism, expressed primarily in the assessment of the economic feasibility of such decisions. In other words, what took place in the system (policy< = >economics), the obvious bias towards the first element, which implied its undeniable dominant, is gradually leveled out.

The economy is being restructured, an increasing number of enterprises are becoming truly independent, financial results and economic feasibility and efficiency are increasingly becoming the main criteria for making managerial decisions in systems of any level. This is the reason for the rapid growth in the importance of applied economic sciences - accounting, enterprise finance, management, marketing, etc. At the same time, there is a certain reassessment of values in the fundamental economic sciences, which manifests itself primarily in the acceptance and adaptation of the key provisions of micro- and macroeconomics, neoclassical theory of finance, theories of modern institutionalism.

BULLETIN OF SAINT PETERSBURG UNIVERSITY

Ser. 5. Issue. one

BRIEFLY ABOUT NEW BOOKS

Kovalev VV Financial management: theory and practice. M.: Prospekt, 2006. 1016 p.

The first books on financial management that appeared in Russian educational market, were translated works by American authors. In 1992-1997 Publishing House "Finance and Statistics" published a series of educational literature on accounting and auditing IMSTS of eight books, among which was the work of the famous American specialist J. Van Horne "Fundamentals of Financial Management" (1996). In 1997 the Russian reader was offered two more translated works: 1) Brigham Yu, GapenskyL. Financial management: Complete course: In 2 volumes (St. Petersburg: Economic school) and 2) Braley R., Myers S. Principles of corporate finance (M.: Olimp-Business). In the same years, the works of Russian authors - V. A. Lyalin, E. S. Stoyanova and others, devoted to the problems of managing the company's finances, appeared. To date, the circle of domestic specialists involved in this, which has become a very fashionable and popular area of financial and economic science, has expanded significantly. Unfortunately, the titles of textbooks and monographs by Russian authors do not always correspond with their content. We must agree with the opinion of Prof.

V. V. Kovaleva that many works of an educational and educational-methodical nature do not stand up to criticism and do not at all correspond in the content to the logic of the discipline "Financial Management". As a rule, they are either old textbooks on finance from the period of developed socialism, which only changed the title, but not the content, or brochures with an eclectic set of topics, including a very superficial unsystematized description of some new financial tools and methods of analysis.

The fundamental monograph under review stands out significantly against this background. The author proposed an original approach to formulating the essence of financial management, its structuring and content. The basis of the approach, called by the author object-procedural, is a clear identification of: a) the objects of attention of the financial manager and b) the procedural side of his activity. The author defines financial management as a system of actions to optimize the financial model of the company. And since the best financial model of a company is its reporting and its essential core - the balance sheet, it becomes possible to give a more substantive definition: financial management is a system of actions to optimize the company's balance sheet. It is starting from the balance that it is possible to clearly and consistently identify the objects of attention of the financial manager, that is, to reproduce the statics of financial management of the company. As for the procedural side of its activity, which reflects the dynamics of financial management, here, as a rule, attention is focused on two aspects: investment and financial. As for me-

According to the author, the most complete and adequate understanding of the field of activity of a financial manager can be obtained by formulating five key questions that determine the very essence of his work: 1. Is the position of the enterprise in the markets of goods and factors of production favorable and what measures contribute to its non-deterioration? 2. Do cash flows ensure the rhythm of payment and settlement discipline? 3. Does the enterprise operate effectively on average? 4. Where to invest financial resources with the greatest efficiency? 5. Where will the required financial resources come from?

The proposed approach determined the logic of structuring the book. There are seven major sections in the work. The first section (chapters 1-8) is devoted to an introduction to the theory of finance. Sections two through six (chapters 9-23) reveal the essence of the key questions formulated by the author that determine the procedural side of the financial manager's activities. The last section (Chapters 24-25) discusses the specifics of financial decisions in non-typical situations, which the author included inflation, changes in the legal form, pre-bankruptcy and international aspects of the company's activities.

In the monograph prof. V. V. Kovaleva presents the topics and aspects of the theory and practice of financial management, insufficiently substantively considered in the domestic special literature. First of all, noteworthy is the author's approach to the definition of the category "finance" (p. 29), which is fundamentally different from that traditionally used by Russian specialists. In this light, the affected historical aspect development of financial science (p. 53-74), demonstrating the features of the formation of the neoclassical theory of finance.

It seems reasonable that financial management as an independent scientific and practical direction was formed at the junction of three sciences: the neoclassical theory of finance, accounting and general theory management (p. 7885). Noteworthy is the author's idea that the beginning of the path to the practical financial management of the company, of course, lies in accounting (p. 14). Indeed, the idea of cash flow is most clearly given in accounting - understanding the logic of the movement of funds on accounts allows you to quite clearly understand the consequences of a particular financial transaction and, as a result, make sound financial decisions. The paper also discusses in detail such little-studied topics as fair value (p. 285-303), goodwill (p. 303-328), financial instruments (p. 124-152), operating and financial leverage (p. 514 -544), modeling the firm's inflationary income (pp. 908-919), etc.

An interesting section is devoted to income, profit and profitability of the company. The monograph proposes to consider the main estimated indicator - profit - in the context of three approaches: economic, entrepreneurial and accounting. In addition to the well-known to the Russian reader indicators of accounting profit, the book analyzes indicators formed in the context of value-oriented management of the company (in particular, economic value added). The essence of the author's ideas in this direction is presented in generalizing theses, reflecting the managerial aspects of the formation and evaluation of the final financial result (pp. 509-512). The reader's attention is drawn to the multiplicity of profit indicators and their unequal significance in the context of the interests of various persons interested in the activities of this company.

A significant part of the monograph is devoted to the management of the company's assets. At the same time, the criteria for evaluating real investments (pp. 605-659), working capital management methods (pp. 666-698), methods of analytical justification of operations with financial assets (pp. 699-762) are considered.

In most books of Russian specialists, almost no attention is paid to the management of the capital structure and the cost of the company's sources of financing. In the work under review, this aspect of the activity of a financial manager is considered in great detail.

Of considerable interest are the materials of the work devoted to the relationship between profit and dividends (pp. 872-880), and the author draws attention to the specifics of reflecting profit in the company's financial statements and to the ratio between net and retained earnings, on the one hand, and dividends, on the other.

In the section devoted to the peculiarities of financial management in non-typical situations, attention is drawn to the author's method of simulation modeling in the assessment possible problems with solvency (pp. 946-948).

Any voluminous monograph, written with deep knowledge of the matter and interest, should contribute to the emergence of discussions that are of great importance for the development of fundamental science.

It should be noted that the original author's definition of finance needs a clearer justification and development. The fundamental characteristic of the category "finance" should include a temporal aspect. In this case, it would be quite understandable to distinguish between the closely related concepts of "commodity-money circulation" (simultaneous counter movement of equivalents), "credit" (multi-temporal movement of values) and "finance" (unidirectional movement of values).

Such a fundamental monograph opens up new scientific horizons and allows you to start developing new areas, such as financial management in the public sector of the economy, financial management in non-profit organizations. In this regard, using the logic of the author, it can be reliably stated that if the essential core of the financial model of a company is the balance sheet, then for the financial model of the state or municipality it is the budget.

The materials devoted to newfangled financial instruments seem to fall out of the context of the book, it would be advisable to give examples of the dividend policy of Russian firms in the work.

The introductory remarks made for subsequent discussions in no way detract from the merits of the book - it certainly represents the most significant phenomenon in the financial and economic literature at the turn of the century and makes a significant contribution to the creation, recognition and development of the national school of applied analysis and financial management.

The reader's attention should be drawn to the fact that the book under review contains the author's ideas in the field of analysis and financial management, first voiced by him in the early 1990s and consistently developed for more than ten years. Therefore, in the monograph, a number of provisions (for example, the analysis of reporting in the work of a financial manager, the postulates and principles of financial accounting as the basis for understanding its logic, etc.) are presented in a concise version and involve the use of other works of the author, we are talking, first of all, about the books: "Financial Accounting and Analysis: Conceptual Foundations" (M.: Finance and Statistics, 2004); "Financial statements. Analysis of financial statements (Basics of balance sheet)" (M.: Prospekt, 2005); " The financial analysis: Methods and Procedures (Moscow: Finance and Statistics, 2001). A good addition to the monograph is the work of the author “Practical work on analysis and financial management. Lecture notes with tasks and tests ”(M .: Finance and statistics, 2006), which, in particular, presents tests that allow the reader to

thoroughly studying the discipline "Financial Management", to check the level and degree of understanding of the considered materials.

The most important practical application of such a fundamental scientific research is educational. And here it is appropriate to note that the monograph under review was written based on the results of the author's research conducted by him together with colleagues in the Department of Credit Theory and Financial Management of St. Petersburg State University; it is an integral element of the block of scientific and educational literature on the problems of finance, money circulation, credit, and banking.

Sufficiently complete information about the scientific and educational developments of the department can be found on the website www.tcfm.ru.

B. I. Sokolov, Doctor of Economics sciences, prof. Department of Credit Theory and Financial Management, Faculty of Economics, St. Petersburg State University;

S. V. Sokolova, Doctor of Economics sciences, prof. Department of Management and Planning of Socio-Economic Processes, Faculty of Economics, St. Petersburg State University.