This paper discusses the methods for managing the investment portfolio structure in response to lower inflation and CBR key rate. The reduced attractiveness of fixed-yield instruments primarily results in a gradual increase in investments in the shares of companies offering high dividends and stable growth prospects. The goal hereof is to evaluate the correlation of the key rate dynamics and medium-term changes in the return on shares and bonds, which will enable structuring an optimal investment portfolio. To that end and to accurately substantiate the findings, the research relies on the comparative, correlationregression, and variance analyses of the MoEx stock indices. The paper presents a structural analysis of sectoral indices as well as a correlation analysis of the key rate and major-issuer shares. We additionally evaluate the effect of the large specific weight of some companies in the structure of Russian stock indices. The analysis presented herein has produced accurate data on the correlation of low inflation, low CBR rate, and increases in most Russian stock indices. The findings enable accurate prediction of the further increase in the value of securities with a high dividend or coupon yield provided the country's basic macroeconomic parameters are maintained or improved.
The paper discusses various options for taxation of transactions with securities issued by Russian companies. The study aims to solve the problem of low investor activity in the Russian stock market by transforming the current tax legislation. An assessment of the factors restraining the development of the primary public offerings market is given. The problems of the existing methodology for the formation of the tax base when calculating income tax and personal income tax on transactions with exchange-traded financial assets are analysed. A methodology for providing tax benefits and tax incentives for investors is proposed. An assessment of the effectiveness of tax benefits using an individual investment account is given. A comparative analysis of the amount of taxes paid is carried out depending on the status of an investor and the type of securities. A detailed description of the methods for calculating taxes on stocks, bonds and futures is given. The results of the study consist in substantiating theoretical and practical provisions that allow us to develop an effective mechanism for taxing financial transactions in the securities market. The need is theoretically substantiated and the significance of state support in the stock market for citizens of the Russian Federation is determined. Mechanisms are proposed for cancelling separate accounting for several types of tax bases. The main problems are found and ways to improve the mechanism of taxation of transactions made on the Russian stock market are developed.
Under the conditions of the economic crisis and fierce competition, companies are able to efficiently use affordable financial resources such as factoring, which is a competitive business financing tool that meets international standards. The benefits of factoring can be seen in all participants of this service. It is beneficial for suppliers in terms of increasing sales, turnover, and reducing cash gaps. Due to the factoring, buyers obtain commodity loans and provide the optimal use of working capital. Commission merchants increase in their revenues and the number of customers, and strengthen their market positions. In the global market, an increase in factoring regardless of the presence or absence of a crisis leads to an increase in the volume of trade flows. In Russia, the popularity of the factoring is low compared to bank loans, especially among small and medium-sized businesses. The paper analyses the composition of the players in this market, examines the dynamics of the volumes of financing provided, the weighted average cost of factoring in comparison with the interest on loans, the number of participants, and financing by industry and region of the country. Based on an analysis of the current situation and long-term market data, the paper summarizes the problems of factoring in Russia, and identifies key factors for factoring market growth in the future.
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