Kovalev centuries. V.V. Kovalev "The financial analysis. Fundamentals of Financial Mathematics

Kovalev Valeriy Viktorovich - Doctor of Economics, Professor.

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

Since 1999 he has been a professor at the Department of Credit Theory and Financial Management at 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 of Professional Accountants of the Russian Federation. Member of the Association of Accountants of St. Petersburg and the Leningrad Region.

Research interests: financial management, financial analysis, accounting.

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

Books (3)

Financial Management Course

The book is a university course in a relatively new and dynamically developing discipline dedicated to the description of the logic, principles and techniques of financial management. commercial organization... The presentation of the topics of the course 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.

Designed for senior students, graduate students and teachers of economic universities, scientists and practitioners specializing in financial management and accounting.

Workshop on Analysis and Financial Management

The key provisions of the main topics, questions for discussion, tasks and situations for the course "Financial Management" are given. The manual contains one of the options work program university course, financial tables and basic formulas needed to solve problems. Included are test questions and tasks for monitoring 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.

The textbook is written in accordance with the requirements of the State Educational Standard for the specialty Finance and Credit` and covers the main sections of the standard training course Finance. The material is well structured and will give a comprehensive understanding of the country's financial system and its basic elements. The logic of functioning is considered public finance, finance of enterprises, insurance organizations, households. A separate section is devoted to international finance. The content of the state financial policy, budgetary federalism, state credit, tax policy and other topical issues of modern financial science is revealed.

CONTENT
Introduction 3
SECTION I. FINANCIAL SYSTEM OF THE COUNTRY: ESSENCE AND CONTENT
Chapter 1. Introduction to General Theory of Finance 8
1.1. The essence and functions of finance 8
1.2. Financial system: essence, subsystems, spheres, links 13
1.3. Financial policy 21
1.4. Evolution of Financial Science 26
Chapter 2. Financial management 36
2.1. Essence and financial controls 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. Business planning 44
2.3. Financial control 46 "
2.3.1. Essence, models and forms of financial control 47
2.3.2. Financial control methods 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. Features of the formation of financial markets in Russia 72
Chapter 4. Tax system 88
4.1. Taxes: essence, functions, classification 89
4.2. Principles of constructing a tax system 97
4.3. Evolution of 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 foreign trade activities 148
5.2. Customs duties, their functions and types 151
5.3. Customs policy Russian Federation 155
5.4. Methodology for determining customs revenues 158
Chapter 6. The content and features of the organization of finance of business entities 163
6.1. The essence of finance of business entities 163
6.2. Features and principles of organizing the finances of commercial organizations in the production sector 165
6.3. Features of the finance of 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. GOVERNMENT AND MUNICIPAL FINANCE
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 budgetary system in countries with different government systems 185
7.2.2. The budgetary system of the Russian Federation 1S9
7.3. Budget revenues and expenditures 196
7.3.1. Budget revenues 196
7.3.2. Budget expenditures 200
7.3.3. Balancing budgets 206
Chapter 8. Budget process 211
8.1. Content and participants of the budgetary process 211
8.2. Drafting budgets 214
8.3. Consideration 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. The essence and content of budgetary federalism 229
9.2. Models of Fiscal Federalism 233
9.3. Formation of the Russian model of budgetary federalism 238
9.4. Interbudgetary transfers 246
Chapter 10. State loan 252
10.1 ,. Socio-economic essence of public credit 252
10.2. Public Debt: Content and Basic Forms 256
10.3. Government credit management 269
10.4. State loan in modern Russia: features and development trends 274
Chapter 11. Extrabudgetary funds 282
11.1. The essence and purpose of extrabudgetary funds 282
11.2. Sources, procedure for the formation and use of extra-budgetary funds for social purposes 293
11.2.1. Pension Fund 296
11.2.2. Fund social insurance 298
11.2.3. Federal Compulsory Health Insurance Fund 300
11.2.4. Territorial compulsory health insurance funds 301
SECTION III. FINANCES OF ORGANIZATIONS (PRE-ENTERPRISES)
Chapter 12. Finances of enterprises in the financial system of the country 304
12.1. The essence and functions of enterprise finance 304
12.2. Principles of organizing the finances of an enterprise 313
12.3. The structure of the financial management system of the enterprise 319
12.4. functions, tasks and goals 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 analysis and planning 333
13.3. Analysis method 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 stability 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. Investment management in the form capital investments 363
14.2. Current assets management 369
Chapter 15: Sources of enterprise financing 380
15.1. Methods of financing the activities of the enterprise 380
15.2. Capital: essence, interpretations 383
15.3. Control own capital 387
15.4. Equity management 391
15.5. Leasing as a source of financing 394
15.6. Management of short-term funding sources 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: entity, types 411
16.3. Profit and Profit Management 416
Chapter 17. Cash flow and settlement system at the enterprise 423
17.1. Cash turnover 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. Settlements by checks 435
17.6. Settlements for collection 437
SECTION IV. FINANCES 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 company 452
Chapter 19. Financial model of an insurance organization 460
19.1. Assets and sources of funds of an insurance organization 460
19.2. Formation of the financial result of the activity of an insurance organization 461
19.2.1. Insurance company income 461
19.2.2. Insurance company expenses. 463
19.2.3. Financial result 465
19.3. Financial stability and solvency of an insurance organization 467
19.4. Assessment of the solvency of an insurance organization 468
19.5. Budgeting financial activities insurance company 470
SECTION V. HOUSEHOLD FINANCE
Chapter 20. Household finances as economic category 476
20.1. Socio-economic essence and functions of household finance in the market economy 476
20.2. Household Financial Solutions 481
Chapter 21. Household budget 486
21.1 .. Budget revenue household 486
21.1.1. Composition, significance and indicators of household income 486
21.1.2. Wage with charges and surcharges 489
21.1.3. Social and insurance payments to households 491
21.1.4. Household income from entrepreneurial activity, from transactions with personal property and money savings in the financial and credit sphere 496
21.2. Household budget expenditures 498
21.2.1. Household Expenditure Classification 498
21.2.2. Obligatory 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. Concept and structure international finance 511
22.1.2. Monetary system of the Russian Federation 520
22.1.3. World 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 aid 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 Institutions 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. Financial system of France 576
23.3.2. German financial system 579
23.4. Financial systems developing countries 581
Chapter 24. Currency restrictions and controls 598
24.1. Currency Restrictions 598
24.2. Foreign exchange control 605
24.3. Organization of currency control in the Russian Federation 611
Conclusion 622
Recommended reading 626

INTRODUCTION .
V last years in connection with the transition to market relations, profound changes are taking place in the Russian economy. To a large extent, these changes are due to the clarification and sometimes a change in priorities, incentives and factors for the development of society and the country. To replace the political and pseudo-social background of decision-making economic nature, which took place in our country during the years of centralized planning and management, came a healthy pragmatism, expressed in the assessment, first of all, of the economic feasibility of such decisions. In other words, what took place in the system (policy< = >economy), an obvious bias towards the first element, which implied its undeniable dominant, is gradually leveled out.

The restructuring of the economy is taking place, an increasing number of enterprises are becoming really independent, financial results and economic justification and efficiency are increasingly becoming the main criteria for making managerial decisions in systems of any level. This determines 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 fundamental economic sciences, which is manifested primarily in the adoption and adaptation of key provisions of micro- and macroeconomics, neoclassical theory of finance, the theory of modern institutionalism.

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 the context 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 methods of calculating interest, assessing the profitability of financial instruments, and measuring risks. Given new system indicators. The book is intended for accountants, auditors, financial managers, scientists and practitioners, as well as students of economic universities.

INTRODUCTION

1. INTRODUCTION TO FINANCE MANAGEMENT

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

1.2. Enterprise financial management system

1.3. The structure of sources of financing of the enterprise

1.4. Financial instruments

1.5. Financial markets

1.6. Government regulation securities market

1.7. Financial institutions in the securities market

2. METHODS AND METHODS OF FINANCIAL ANALYSIS AND FORECASTING

2.1. The essence of financial analysis in a market economy

2.2. 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. Evolution of financial reporting in Russia

3.2. Consolidated financial statements

3.3. Basic principles and sequence of analysis of the financial condition of the enterprise

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. Present value concept

4.4. Kinds cash flows

4.5. Estimating Cash Flow with Unequal Receipts

4.6. Evaluation of annuities

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

5. EVALUATION OF SECURITIES AND DECISION MAKING ON FINANCIAL INVESTMENTS

5.1. Basic model for the valuation of financial assets

5.2. Valuation of debt securities

5.3. Valuation of equity securities

5.4. The profitability of a financial asset: types and assessment

5.5. The concept of risk and methods of its assessment

5.6. Investment portfolio risk

5.7. Investment portfolio formation principles

5.8. Model for assessing the profitability of financial assets

5.9. Stock market indicators

6. MAKING DECISIONS ON INVESTMENT PROJECTS

6.1. Development of options 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 the context of inflation and risk

6.7. Optimization of investment allocation across multiple projects

7. ANALYSIS OF PRICE AND CAPITAL STRUCTURE

7.1. Assessment of production leverage

7.2. Financial leverage assessment

7.3. Fundamentals of capital structure theory

8. DIVIDEND PAYMENT POLICY

8.1. Dividend policy and the possibility of its choice

8.2. Factors Determining Dividend Policy

8.3. Procedure for payment of dividends

8.4. Types of dividend payments and their sources

8.5. Dividend Policy and Stock Price Regulation

9. ANALYSIS AND WORKING CAPITAL MANAGEMENT

9.1. The company’s working captain policy

9.2. Types of financing strategies for current assets

9.3. Working capital components

9.4. Control in cash and their equivalents

9.5. Analysis and management of receivables and production inventories

9.6. Traditional ways short-term financing

9.7. New instruments for short-term financing

10. SOURCES OF FINANCING AND METHODS OF ISSUE OF NEW SECURITIES

10.1. Traditional financing instruments

10.2. The main ways to increase capital

10.3. Balance Sheet Models of Funding Sources Management

10.4. New instruments for long-term financing

10.5. Foreign funding sources

11. INFLATION AND ITS INFLUENCE ON FINANCIAL DECISION-MAKING

11.1. Economy in a changing environment - 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. Impact of inflation on misrepresentation of reported data

11.7. Inflationary financial solutions

ANNEXES

Annual financial statements

The system of indicators for assessing financial and economic activities

Financial tables

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

Archive size 24.9 MB

BULLETIN OF ST. PETERSBURG UNIVERSITY

Ser. 5. Issue. one

NEW BOOKS IN BRIEF

Kovalev V.V. Financial management: theory and practice. M .: Prospect, 2006.1016 p.

The first books on financial management to appear on the Russian educational market were translated works by American authors. 1992-1997 Publishing House "Finance and Statistics" published a series of educational literature on accounting and auditing of IMSTS of eight books, including the work of the famous American specialist J. Van Horne "Fundamentals of Financial Management" (1996). In 1997, two more translated works were offered to the Russian reader: 1) Brigham Yu, GapenskiL. Financial management: Complete course: In 2 volumes (St. Petersburg: School of Economics) and 2) Brailey R., Myers S. Principles of corporate finance (Moscow: Olymp-Business). In the same years, the works of Russian authors - V. A. Lyalin, E. S. Stoyanova and others, devoted to the problems of financial management of a company, 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 significantly expanded. Unfortunately, the titles of textbooks and monographs by Russian authors do not always correspond to their content. We must agree with the opinion of prof.

V. V. Kovalev that many works of an educational and educational-methodical nature do not stand up to any criticism and do not correspond at all in the substantive part 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 unsystematic description of some new financial instruments 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 approach, called by the author object-procedural, is based on a clear identification of: a) the objects of attention of the financial manager and b) the procedural side of his activities. The author defines financial management as a system of actions to optimize the financial model of a firm. 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 balance sheet of the company. It is precisely by starting from the balance sheet that it is possible to clearly and consistently identify the objects of attention of the financial manager, that is, to reproduce the statics of the company's financial management. As for the procedural side of his activities, reflecting the dynamics of financial management, here, as a rule, attention is focused on two aspects: investment and financial. As for me-

© B. I. Sokolov, S. V. Sokolova, 2007

According to the author, the most complete and adequate understanding of the sphere 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. Is the enterprise operating efficiently on average? 4. Where to invest financial resources with the greatest efficiency? 5. Where to get the required financial resources?

The proposed approach determined the logic of structuring the book. There are seven large sections in the work. The first section (chapters 1-8) is devoted to an introduction to the theory of finance. Sections from the second to the sixth (chapters 9-23) disclose 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) examines the specifics of financial decisions in atypical situations, to which the author attributed inflation, change in organizational and legal form, pre-bankruptcy and international aspects of the firm's activities.

In the monograph by prof. V.V. Kovalev presents the topics and aspects of the theory and practice of financial management, which are not sufficiently substantively considered in the domestic special literature. First of all, noteworthy is the author's approach to defining the category "finance" (p. 29), which is fundamentally different from that traditionally used by Russian specialists. In this light, the mentioned historical aspect of the development of financial science (pp. 53-74) is interesting, demonstrating the peculiarities of the formation of the neoclassical theory of finance.

It seems reasonable that the idea 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). Also noteworthy is the author's idea that the beginning of the path to practical financial management of a company, undoubtedly, 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 clearly understand the consequences of a particular financial transaction and, as a result, make informed decisions of a financial nature. The work also discusses in detail such poorly studied topics as fair value (p. 285-303), goodwill (p. 303-328), financial instruments (p. 124-152), operational and financial leverage (p. 514 -544), modeling the inflationary income of a firm (p. 908-919), etc.

An interesting section is devoted to revenues, profits 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 indicators of accounting profit that are well known to the Russian reader, the book analyzes the indicators that are formed in the context of the value-based management of a company (in particular, economic value added). The essence of the author's ideas in this direction is presented in generalizing theses reflecting the management aspects of the formation and assessment of the final financial result (p. 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 a given firm.

A significant part of the monograph is devoted to the management of the firm's assets. At the same time, the criteria for assessing real investments (p. 605-659), methods of managing working capital (p. 666-698), methods of analytical substantiation of transactions with financial assets (p. 699-762) are considered.

In most books Russian specialists little attention is paid to the management of the capital structure and the cost of the firm's funding sources. In the work under review, this aspect of the financial manager's activities is considered in great detail.

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

In the section devoted to the peculiarities of financial management in atypical situations, attention is drawn to the author's method of simulation in assessing possible problems with solvency (p. 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 more clear justification and development. The fundamental characteristic of the category "finance" should include a temporal dimension. In this case, the distinction 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) would appear quite understandable.

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 author's logic, one can reliably assert: 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 this is the budget.

The materials on newfangled financial instruments seem to be somewhat out of the context of the book; it would be advisable to give examples of the dividend policy of Russian firms in this work.

The introductory remarks made for subsequent discussions in no way detract from the merits of the book - it is undoubtedly the most significant phenomenon in the financial and economic literature at the turn of the century and introduces substantial contribution in creation, recognition and development national school 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 over the past ten years. Therefore, in the monograph a number of provisions (for example, the analysis of reporting in the work of a financial manager, 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 books: “ Financial accounting and analysis: conceptual framework"(Moscow: Finance and Statistics, 2004); "Financial statements. Analysis of financial statements (Basics of Balancing) "(Moscow: Prospect, 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 problems and tests "(Moscow: Finance and Statistics, 2006), which, in particular, presents tests that allow the reader to self-

for a thoroughly studying the discipline "Financial Management", check the level and degree of understanding of the materials reviewed.

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

Enough full 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.

The book is an in-depth course in a relatively new and dynamically developing discipline dedicated to the description of the logic, principles and techniques of financial management of a commercial organization. The author's approach to the structuring and essential content of the course is stated. The evolution of financial management is described in detail, its relationship with the neoclassical theory of finance and accounting is described, the principles of analysis and financial planning are considered, models for evaluating financial assets, criteria for evaluating investment projects and methods of managing working capital are presented, basic concepts of theories of an efficient capital market and portfolio investments are presented. , capital structure. For senior students, graduate students and teachers of economic universities, scientists and practitioners specializing in financial management and accounting.

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