CC BY
1
References:
1. Federal law of 24.07.2007 N 209-FZ (as amended on 29.12.2015) "On the development of small and medium-sized businesses in the Russian Federation" July 24, 2007 N 209-FZ
2. Small business resource center / access mode: https://rcsme.ru/ru/statistics
3. Official site "News Agency of the Russian Imperial Union — order "Legitimist". (Small business in Russia: facts and figures.)/ Access mode: http://legitimist.ru
4. Basics of entrepreneurship/ Electronic resource/ access mode: http: //biz.mbdon.ru/book/3F. html
5. Kraev N.M. State regulation of business. Society and economy. - 2012. - №7
UDC: 336
Rashkuev Sh. T. 1 course Faculty of Economics Dagestan State University Russia, Republic of Dagestan, Makhachkala METHODS OF STATE DEBT MANAGEMENT Abstract: The paper states that using such tool of covering budget expenditure as public debt requires good governance and effective control from the state that involves development of a range of instruments, methods and mechanisms and passing relevant legislation while taking into account historical conditions. The paper presents the classification and analysis of existing methods of public debt management and their special features. The author argues that the choice of a method is directly driven by the structure and composition of debt instruments that form debt portfolio at government level. Using the methods of public debt management promotes development of an efficient debt policy by reducing public debt and optimizing debt service costs.
Key words: budget deficit, state spending, state debt, state debt management, methods of state debt management, restructuring.
The problem of a high level of public debt is currently acute not only in our country, but also abroad. The protracted transformation of the Russian economy has not yet allowed at the national level to define a holistic balanced concept of fiscal and budgetary policy in the medium and especially long term [3, p. 60]. Constantly growing budget expenditures do not correspond to the rate of growth of income, which inevitably leads to the formation of a budget deficit at both the federal and regional levels. In addition, the reason for the deficit of regional and municipal budgets is also the assignment of additional functions to subfederal and municipal bodies, which, as a rule, are not accompanied by the transfer of relevant income sources [4, p. 3 2]. In this case, the main and perhaps the only way to finance the budget deficit is government debt. The state debt can be considered as relations arising from the attraction and use of additional centralized funds of the state, i.e.
financial relations, which are economic ties, interactions, and monetary relations [5]. In addition, state and municipal debt activity is nothing but one of the independent types of financial activity of the state and its territorial divisions. This is due to the fact that, through public debt, funds are accumulated that are necessary both for covering economic and social expenses, and for paying off and servicing debt obligations. Moreover, these funds are not spent on investment purposes, and when they are used, neither material nor monetary returns arise.
According to Articles 98, 99, 100 of the Budget Code of the Russian Federation, the following types of government debt obligations can be distinguished, which together constitute the public debt:
1) loans attracted from credit organizations
2) government securities;
3) budget loans;
4) state guarantees.
The emergence of such a tool to cover budget expenditures, such as public debt, requires effective government control from government agencies, as well as any object correlated with macroeconomic indicators. It is the control mechanism that determines the direction of the state debt policy, determining the strategy and tactics for achieving the final goals. In addition, by managing such an object, the state in such a way affects money circulation, stock and financial markets, investments, development of production and other economic processes, and also establishes all the necessary practical criteria for the functioning of public debt.
The implementation of public debt management is carried out through the use of the following methods based on historical and economic prerequisites that determine their origin and use:
1) public debt refinancing - repayment of the principal and interest from the funds received from the placement of new loans and loans, from credit institutions;
2) novation, implying the conclusion of an agreement between the borrower and the lender to replace some obligations with others. It is also possible to transfer into debt the debt arising from any other basis, in particular the purchase and sale, lease of property, and vice versa. This method is, according to Yu.Ya. Vavilova, a special case of restructuring [2, p. 230];
3) unification - the decision to merge several previously issued loans, as well as the exchange of previously issued bonds and certificates for bonds and certificates of new loans;
4) conversion, implying a change in the yield on loans received by the state as a borrower;
5) consolidation, implying a change in the terms of borrowing in terms of increasing the terms for which debt obligations are granted, i.e. involves the transfer of repayment to a later date;
6) deferment of repayment of loans, which is the use of a method such as consolidation, with the simultaneous refusal of the state to pay income on these debt obligations;
7) cancellation of public debt, i.e. the refusal of the state from all previous debt obligations;
8) restructuring, involving the signing of an agreement on the termination of debt obligations constituting state or municipal debt, replacing them with other debt obligations with other terms of service and repayment;
9) debt cancellation by reducing the amount of principal debt;
10) securitization - the exchange of debts for bonds;
11) exchange of bonds by regressive ratio, when several previously issued loan bonds are equal to one new one;
12) early repayment, which implies saving budget funds if necessary for their future maintenance.
These methods are applied individually to debt obligations constituting the public debt, and have their own specifics. In addition, some of them may be individual for a particular type of debt obligation.
Methods of managing public debt can be divided into administrative and market. The first group includes: conversion, consolidation, unification, deferment of redemption, write-off, and cancellation. The second group includes restructuring, novation, prolongation, additional placement, repurchase, securitization, exchange. The basis of this distinction is based on such a sign as a decision on the application of the method. Thus, administrative methods are characterized by unilateral decision making on their application by the state, without obtaining prior consent from the creditor, and market methods, in turn, provide for a conciliatory nature, i.e. the decision is preceded by a negotiation process between the lender and the borrower, while the lenders have the right to decide whether to accept the proposed conditions or refuse them.
The legislation provides for the possibility of partial cancellation (reduction) of the principal amount. In practice, several restructuring agreements may be concluded, which involve the repayment of the principal amount and agreed interest on some contracts, taking into account references to agreements that set repayment schedules and services.
Write-off can be applied to this type of debt obligation as a budget loan. This is primarily due to the existing debt policy and market relations, since government bodies of the appropriate level will act as parties to the contract (agreement). This condition will not be applicable to loans received from banks, since it contributes to loss of profit, and in the case of securities it is impossible to write off, since an agreement must be concluded individually with each owner of government securities. Thus, a partial or full write-off is carried out only after the payment of the principal amount and interest on the stipulated schedules. Up to this point in the debt book, these amounts are reflected in full and for the entire period for which this agreement is concluded. The use of partial write-offs (reductions) increases the effectiveness of debt policy in terms of managing public debt, since it allows minimizing maintenance costs.
In practice, public debt management methods are applied both individually and in aggregate. This is primarily due to the desire to reduce the cost of debt
obligations that form the national debt, and to lengthen the period for which they are provided. In this case, conversion and consolidation are used. At the regional and local levels, a method such as writing off part or all of the debt, as a rule, on the basis of the relevant legal acts, is also applied.
S.I. Lushina, V.A. Slepova, V.K. Senchagov and A.I. Arkhipov as the main and, perhaps, the primary method of managing public debt allocate its regulation, involving a change in the structure or balance of public debt in order to optimize. Under the balance of public debt refers to the ratio of the size of the debt and its sources of repayment. Thus, the method is based on determining the ratio of such categories as the amount of income, expenditure and budget deficit, since it is through these indicators that the structure of public debt is formed, and in the case of insufficient income sources, government bodies resort to borrowing.
Another method - optimization of government borrowing - is practically an optimization program, within the framework of which internal and external debt is managed.
This approach includes the following measures:
- ensuring the equivalence of changes in current debts and future taxes;
- maintaining a balance in issuing activities and collecting taxes with the process of increasing the debt and the size of its service;
- Implementation of the policy of debt stabilization in conjunction with the investment process;
- Implementation of measures to transform debt growth policies into restrictive policies, stabilizing debt growth a.
The main task of public debt management is to optimize the costs associated with financing the resulting budget deficit, i.e. finding the optimal ratio between the needs of the state for additional financial resources and the costs of their attraction, maintenance and redemption. Consequently, it is necessary to first analyze and assess the size of the budget deficit, and then determine the sources of its coverage. Management methods affect, first of all, the existing debt obligations and determine the minimization of maintenance costs and the size of the principal amount itself, but do not provide for attracting new borrowings.
In our opinion, a separate group can be divided into so-called organizational methods, implying a system of conferring certain powers (rights) on the management of existing borrowings by the relevant state authorities.
The main result of the application of public debt management is the reduction of the impact of the debt burden on the budget, as well as the most optimal allocation of this burden in time, taking into account the economic situation in the country, since public debt is, in essence, anti-disciplined taxes.
References:
1. Budget codec from the Russian Federation of July 31 1998. № 145. 2 Vavilov Yu. Ya. Public debt: a textbook for universities. Ed. 3rd, reworked. and to p. M .: Perspective, 2007.
3. Kirillova O.S. Basics of formation of tax revenues as a tool to increase the transparency of budget execution // Budget. 2006. № 4.
4. Kirillov and O.S. Improving budgetary relations in the context of the reform of local self-government // Finance and credit. 2006. № 15.
5. Raizberg B.A., Lozovsky L.Sh., Starodubtseva E.B. Modern economic dictionary. M .: INFRA - M, 2009.
UDC 005.2
Shakhbanova Kamila Dagestan State University Makhachkala, Russia
PERSONNEL POLICY IN THE PERSONNEL MANAGEMENT SYSTEM
AND ITS PLANNING
Abstract: The article describes the basic concepts of personnel policy, its object and main tasks. The properties of personnel policy are analyzed and its role in the personnel management system is revealed.
Keywords: Personnel policy, facility human resources policy, HR policy, properties, personnel policy.
Personnel management in the company has strategic and operational aspects. The personnel management system is created on the basis of the enterprise development Charter, consisting of three provisions:
■ production;
■ financial-economic;
■ social (personnel policy).
The main functions of personnel management necessary for the enterprise are created with the help of personnel policy.
Personnel policy - a tool of influence on the staff, a set of Central principles that are implemented by the personnel Department of the enterprise. Human resources policy implies a strategic framework for work with personnel. Personnel policy is an activity on the embodiment of labor collective which promoted combination of the purposes and priorities of the company and its collective.
The main object of the company's personnel policy is the personnel. The staff of the enterprise is called the backbone of its employees. Personnel is the primary and decisive factor of production. They recreate and force to move means of production, constantly improve them. The efficiency of production largely depends on the qualification of employees, their professional skills and business qualities.
The Central task of personnel policy can be solved in different ways, and the choice of similar options is quite wide [1, c.104]:
1. reduce staff or leave; if left, which way is better:
-put on reduced forms of employment;
-engage in non-core work, in other positions;
-send for serious retraining:
