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36stworzenia godziwych i bezpiecznych warunkow dla agrobiznesu przez wszystkich uczestnikow rynku rolnego wedlug rozkladu ryzyk miçdzy producentow rolnych, przedsiçbiorstwa przetworcze, banki, zaklady ubezpieczen i panstwo.
LISTA REFERENCJI:
1. O osobliwosciach ubezpieczenia produktow rolnych przy wsparciu panstwa: Prawo Ukrainy od 09.02.2012 p. № 4391-VI. URL: https://zakon.rada.gov.ua/laws/show/4391 -17#Text
2. Stelmashchuk AM Uksztaltowanie ryn-kowego modelu ubezpieczen rolnych w oparciu o part-nerstwo publiczno-prywatne. Innowacyjna gospo-darka. 2019. №1-2. C. 13-24.
3. Ukrainski rynek ubezpieczen rolnych w roku ubezpieczeniowym 2018. Badania anali-
tyczne.URL: http://surl.li/lfmuMichajlow A.M. Instru-menty finansowe ksztaltowania zasobow in-westycyjnych w sektorze rolnym gospodarki narodowej. Ekonomika kompleksu rolno-prze-myslowego. 2019. №3. C. 52-60.
4. Aleskerova Y., Kovalenko L, Havryliuk V. Innovative financial criteria for methodological approaches to the assessment of agrarian insurance.
Baltic Journal of Economic Studies. 2019. Vol. 5, No. 4. P. 34-41. Web of Science. DOI: https://doi.org/10.30525/2256-0742/2019-5-4-34-41.
5. O zmianie niektorych ustaw Ukrainy dotycz^cych funkcjonowania Panstwowego Rejestru Rolnego i poprawie pomocy panstwa dla producentow produktow rolnych Prawo Ukrainy od 05.11.2020 p. №985-IX. URL: : https://zakon.rada.gov.ua/laws/show/985-20#n84
INVESTMENT PORTFOLIO: TRADITIONAL APPROACH
Shamanaev E.
master's degree student Department of Finance, Monetary Circulation and Credit, FGAOU VO "Ural Federal University named after B.N. Yeltsin ", Yekaterinburg
Razumovskaya E. Doctor of Economics, Professor Department of Finance, Monetary Circulation and Credit, FGAOU VO "Ural Federal University named after B.N. Yeltsin ", Yekaterinburg
Abstract
The article deals with the formation of an investment portfolio. In the course of studying this topic, the main points were noted, due to which the formation of an investment portfolio is an upward trend in the investment market. Also, two main approaches to the topic of portfolio diversification were analyzed and the main stages in the formation of an investment portfolio were identified.
Keywords: investment portfolio, investment portfolio efficiency, investment portfolio formation, risk, profitability, investment portfolio restructuring.
Investment portfolio formation strategies are of interest to a wide range of financial market participants and those who only want to become them, which is due to the potential opportunities for increasing capital in the current market conditions, which are replete with many different financial instruments. There are very different types of strategies - from simple speculation to stock robots and artificial intelligence, which makes the financial market attractive for an increasing number of novice investors and people looking for alternative ways to earn money.
The situation in the world shows investors high volatility in almost all sectors of the economy. Whether it is an adjustment in oil prices, a fall in the dollar, an increase in production in agriculture and, as a result, growth, and others. Accordingly, investments in one direction are unlikely to bring constant income. Therefore, the best way to secure your investments and get a good interest on your investment is to create an investment portfolio.
The creation of an investment portfolio allows you to evaluate, plan and most importantly control the re-
sults of investment activities in different market sectors. By distributing their investments in different directions, investors can get a higher percentage of profitability while reducing the degree of risk. A distinctive feature of an investment portfolio is that the portfolio risk can be significantly lower than the risk of individual investment instruments that make up the portfolio.
An investment portfolio is a collection of securities (of different types, different expiration dates and varying degrees of liquidity) and other assets, brought together and managed as a whole. The components of a portfolio can be different assets, from precious metals and real estate to stocks and shares in startups. The composition and structure of the portfolio can be varied following changes in the financial market. Portfolio investment is classified as passive financial instruments, but it, like direct investment, requires control. Both owner and trustee can monitor market conditions and share returns [1].
The formation of an investment portfolio is usually associated with the creation of an optimal portfolio in terms of the ratio of profitability and risk (Table 1).
A new approach to portfolio diversification was proposed by G. Markowitz, the founder of modern portfolio theory. According to Markovich, an investor should make a decision on choosing a portfolio based solely on the indicators of the expected return and the standard deviation of the return. This means that the investor chooses the best portfolio based on the ratio of both parameters. In this case, intuition plays a decisive role.
Formation of an investment portfolio
Developing the approach of G. Markowitz, W. Sharp proposed a so-called capital asset valuation model (a single index model). Their essence is that the change in the yield and price of an asset depends on a number of indicators characterizing the state of the market, or indices. The Sharpe model is often referred to as the market model. It presents the relationship between the expected return on an asset and the expected market return. It is assumed to be linear. Independent random error shows the specific risk of an asset that cannot be explained by market forces. Its average value is zero. In the case of a widely diversified portfolio, the values of the random variables, due to the fact that they change in both positive and negative directions, cancel each other out and the value of the random variable for the portfolio as a whole tends to zero. Therefore, for a broadly diversified portfolio, the specific risk can be neglected. [2].
If we compare these approaches, then the main disadvantage in G. Markowitz's model can be considered a huge amount of information. Much less, information is used in W. Sharpe's model (much less the number of calculations themselves). W. Sharp's model can be considered a simplified version of G. Mar-kowitz's model, in fact, therefore, it turned out to be more in demand for practical use.
In addition to approaches to the formation of an investment portfolio, there are certain stages of formation and analyzing the investment process, the following can be distinguished:
1. Choice of investment policy. At this stage, the goals and scope of investment are determined. This is where a global assessment of the return-risk ratio takes place relative to the assumed assets. After a thorough research of the preferred industry, its position on the stock market and the subsequent selection of a number
The expected return can be represented as a measure of the potential reward associated with a specific portfolio, and the standard deviation as a measure of the risk of a given portfolio. Thus, after each portfolio has been examined in terms of potential reward and risk, the investor must choose the most suitable portfolio for him. [2].
Table 1.
based on the ratio of return and risk 2
of potential shares for a future investment portfolio, they proceed to the next stage.
2. Valuation of selected investment assets. The purpose of this analysis is to find undervalued or overvalued assets, since they are the ones most likely to undergo changes in the near future relative to their quotes. At this stage, two tools of stock market analysts come into force: fundamental analysis and technical analysis.
3. Investment portfolio formation. This stage is the main one and includes a number of certain difficulties for the investor. Selectivity, or micro-forecasting, is the first problem. The investor needs to estimate the future prices of the selected assets based on his own analysis in order to correctly include them in the portfolio. Choosing the type of diversification - minimizing the risk of an investment portfolio by selecting investments in the portfolio in a certain way.
4. Investment portfolio management. Now the investor can either save the formed portfolio and keep it unchanged, or reform it due to changes in investment objectives, the situation on the stock market, or the loss of portfolio optimality. In the latter case, the fourth stage of the investment process begins - the revision of the securities portfolio. At this stage, the investor often has to go through the first three steps anew so that the new portfolio has a return no less than the previous one.
5. Assessment of the effectiveness of the investment portfolio. Periodic research of portfolio profitability and risk allows avoiding unnecessary losses, optimizing in time and changing, if necessary, the composition of included assets. It is absolutely logical that this is the most important and key stage for an investor, because it is at this moment that the results obtained are analyzed and compared with the intended goals. Based on the returns available for each asset, the investor can calculate the current return on the entire portfolio [3].
Portfolio characteristics
Nature and level of income Risk level Investment period
Guaranteed, low Low Long
Steady, medium Average Not limited
Speculative, high Tall Limited by the duration of the investment operation
Investment portfolio formation stages
1. Choice of investment policy Ï
2. Valuation of selected investment assets
I
3. Investment portfolio formation Ï
4. Investment portfolio management
I
5. Assessment of the effectiveness of the investment
Figure 1- Stages offormation of an investment portfolio 3
Drawing up an investment portfolio is a complex, analytical and very time-consuming process, from which you should not expect instant returns and quick results. Moreover, at the first stages of the formation of an investment portfolio, there will most likely be losses. The main task at such moments is to work for the future, so that in the future the largest number of assets are profitable. To do this, investors using this format should be very careful about the formation of the portfolio, and also take into account the effect of various factors so as not to lose existing capital.
REFERENCES:
1. Shedko Yu.N. Staffing for the innovative development of the Russian state // Fundamental and applied issues of effective entrepreneurship: new solutions, projects, hypotheses Materials of the V International Scientific Congress. - 2017. - P. 88 - 90.
2. Chinenov M.V. Investments. - M.: KNORUS, 2018. - 248 p.
3. World economy, finance and investment [Electronic resource] : the formation of an investment portfolio - Electronic data. - Access mode: http ://www. globfin.ru/articles/finance/invest. htm (Date: 23.01.2021).
STAGES OF THE AUDIT PROCEDURES AND TAX AUDIT SAMPLE AUDIT VAT
Khakhonova N.
doctor of Economics, Professor, Professor of accounting Department Rostov state University of Economics,
Russia, Rostov-on-don Abzaeba N.M.
Master's student of accounting Department Rostov state University of Economics, Russia, Rostov-on-don
Abstract
The article discusses topical issues of organizing and conducting a tax audit in the Russian Federation using the example of VAT calculations. The main stages and procedures of the audit are highlighted and characterized, the sources of the audit and the main errors identified during the audit are disclosed. Special attention is paid to the description of the problem of the audit of VAT settlements, which consists in the establishment of permissible limits for minimizing VAT payments by an economic entity in order to avoid possible problems with the tax authorities.
Keywords: Tax audit, VAT audit, stages of VAT verification, audit procedures for VAT verification
Practice shows that often conducting a compre- enterprises is a financially costly event, moreover, hensive initiative audit of financial statements for many many people prefer a thematic audit of taxation, i.e., an
