This article is devoted to the analysis of the existence of target capital structure of insurance companies and empirical testing of wide known capital structure theories for Russian insurance companies. Trade-off and “pecking order” theories were considered and the model that reflects the impact on the capital structure indicators various characteristics of firms was built. Traditional for insurance markets coefficients — net premium/capital ratio and liabilities/active ratio — were considered as capital structure indicators. It was shown that tradeoff theory is more adequate for Russian insurance market. The existence of target capital structure was discovered. Such indicators as firm size, the share of premiums transferred to reinsurance, return on assets, returned on capital have significant impact on the capital structure. The opportunity to grow, which was estimated as growth in premiums, and the breadth of the range didn’t has significant impact.
Th e paper presents a solution for the task of preventing ineffi cient budget for capital costs that arise due to underfunding of current projects (“compelled ineffi ciency”) using the real options methodology, thus facilitating the growth of the whole budgeting process effi ciency due to preconditioning the decrease of preventive advances paid to contractors.
Th e article is devoted to the issues of settlement of tax arrears at diff erent stages, including bankruptcy proceedings, examined the positive and negative aspects of the new procedure, proposed new tools to improve its effi ciency in the context of settlement of tax arrears and the rehabilitation of debtors — self-employed individuals.
In Russia the labor migration problem has a number of exceptionally urgent aspects at which are constantly focused both government bodies and public organizations. These include legal aspects (both in the legislative and in the criminal fi elds), cultural aspects (tolerance and interpenetration of cultures problems) and economic aspects. The author argues that labor migration is considered as a necessary precondition for normal functioning of society and helps to allocate optimally the labor resources and provide for balanced development of diff erent economic regions. The substantial infl ow of migrants began at the dawn of the market economy and since then boosts the economic growth of the capital, and maintains the labor resources supply. Immigration is one of mechanisms to maintain labor potential at the proper level. The major shortcomings of external immigration are the result of many gaps in the legal framework of immigration, ignorance of the local laws, culture and traditions and lack of legal opportunities to get decent work, lodging and payment. As a result the growing army of illegal foreign workers leads to the intercultural and social tension and increase in crime. The most eff ective way to settle the mentioned problems and to suppress the illegal immigration, the author argues, — is for the government to make the legal labor immigration highly attractive for both its own citizens and immigrants.
The article analyzes the current state of tax control in relation to individual entrepreneurs, as well as directions of improvement of specific areas of their functioning and existence of a substantial informal sector self-employment.
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