Sochi Journal of Economy

120-132

Authors: Tatiana Yu. Anopchenko, Natalia F. Voronina, Emil I.Soboleva

In the article the author considers microenterprises as subjects that play an important role in the economy of the country, as they are a kind of intermediaries between a complex system of entrepreneurship and consumers, allowing to identify emerging trends in the markets and quickly satisfy a wide range of consumer needs. Financial activity of enterprises should be based on the analysis of its financial stability. It is proved that the analysis of financial stability in this case is an important tool for determining the optimal structure of sources of financing of assets and the effective use of these resources, enhancing the financial independence of the enterprise, which generally increases its stability in the market. The author has made calculations of the analysis of financial stability on the basis of methodical recommendations of Goskomstat on the example of microenterprise on rendering educational services on the basis of the operational statistical reporting, data of accounting reports. The basic coefficients characterizing activity of the organization are allocated and calculated, the justification of the received results is given. The article presents the analysis of accounts receivable, analysis of current accounts payable, liquidity assessment of the balance sheet, return on assets, as well as a number of factors that characterize the ability of the enterprise to Finance its activities.

142-148

Authors: Alla Yu. Baranova, Azniv A. Erukyan

During the pandemic, some business sectors, mainly in the service sector, suffered many times more than others. Fitness clubs, cinemas, restaurants, tour operators, event agencies, hotels and hotels are simply closed and have not made a profit for a long time. One of the first industries to be severely affected by COVID-19 was the hospitality industry. After Russia closed its borders, hoteliers could only hope for domestic tourism. Some hotels did not meet the requirements and closed, others are looking for sources of income. Under these conditions, it is relevant to study the financial stability of hospitality organizations – this is the purpose of the study. The hotel business all over the world is experiencing an acute crisis. Booking.com shares fell more than 30%, while Hilton and Marriott shares fell more than 50%. In Russia, the situation is no better; all hoteliers are faced with an acute question of how to survive in this situation. The occupancy dropped almost threefold (occupancy of 20% of rooms versus 65-75% in the seasonal month). Events are canceled, reservations are canceled, and this all implies a refund to guests and companies. Not all hotels have a margin of safety to withstand such a steep peak, and a sharp increase in reductions is already being noted. In the future, the number of unemployed will only increase. Hospitality organizations can be advised on the following: optimize costs, revise algorithms for working with suppliers, strengthen sanitary measures, and work with each guest. Customer focus is now the most powerful tool. The pandemic will end sooner or later, but new business connections and effective crisis management will remain.Based on the study of financial stability, the article presents the principles of operation of hospitality organizations in a post-pandemic.

157-165

Authors: Evgeny N. Finadeev, Anastasia A. Finadeeva

In the article, the authors raise the issues of using social anthropomorphic robots in the hospitality industry and their perception by end users of services. Today we see two opposite trends: one trend is aimed at the technical improvement of robots (moreover, we are not only talking about the brains of the robots – the artificial intelligence) and the desire of engineers to create a machine that is as similar as possible to a person both externally and in its behavior, and the second trend tells us that the end user of services has a negative attitude towards robots that he cannot distinguish from humans. The hospitality industry, in contrast to industrial production, which has incorporated robots into its business processes for a relatively long time, has traditionally been distinguished by its focus on people, on the use of such soft skills as empathy, creativity, the ability to solve non-standard tasks, etc. Using robots in this area poses difficult challenges, and not in the least – in connection with the consumer's perception of social robots.

175-181

Authors: Kristina K. Kasayeva

The scale, geographic scope, depth and severity of the consequences of the crisis caused by the COVID-19 pandemic surpasses the crises of previous years. Its causes go beyond standard thinking about financial and business cycles. The COVID-19 pandemic served not only as a "trigger" for the realization of the crisis potential that has already developed in the global stock market, but also acted as a powerful autonomous factor in a sharp deterioration in the macroeconomic situation. The Government of the Russian Federation, the Bank of Russia and local state authorities are implementing a large-scale set of measures to combat the COVID-19 pandemic, to socially protect citizens, industries and sectors of the economy in the most difficult situation. A specific feature of the current crisis is that support for the banking sector at its initial stage is not among the priorities of the state's economic policy. On the contrary, the terms of credit holidays were increased and the terms of credit holidays were liberalized, the regulation of interest-free loans for the issuance of wages, completely unusual for banking activities, was introduced, and programs for lending to systemic enterprises at a reduced rate and preferential mortgage lending were launched. The banking sector is actively involved in the implementation of these measures, ensuring the smooth functioning of the national payment system and customer service throughout the entire perimeter of financial services in an environment of increased risks. New trends and directions of lending to SMEs in the Russian Federation have emerged. The development of SMEs is closely related to the lending activities of commercial banks, since they need external borrowing at all stages of their activities. The problem of bank loans to ensure sustainable economic development has exacerbated in the current conditions of the coronavirus pandemic. The creation of an effective lending system to ensure sustainable economic development is possible only through the joint efforts of the Russian government, financial and credit institutions, the Central Bank and business representatives. Then, with the right approach, sustainable economic development will be ensured by stimulating activities to ensure sustainable economic development.

189-199

Authors: Ruslan V. Kolesnikov, Nelli A. Saveleva

This article identifies areas of primary specialization in the sphere of medical tourism in the Southern federal district based on the analysis of medical profiles of organizations involved in the implementation of the federal project "Development of medical services export". Among them: immunology, coloproctology, cardiovascular surgery, maxillofacial surgery, multidisciplinary surgery, urology and nephrology, cosmetology and aesthetic medicine, oncology, laboratory diagnostics, infectious diseases, endocrinology, dentistry, rehabilitation, therapy and professional medicine, children's health, maternity care, gynecology, traumatology and orthopedics, otorhinolaryngology, cardiology, ophthalmology, gastroenterology, pulmonology, neurosurgery, neurology. Statistical methods, graphical methods, and content analysis are used. The research was based on statistical data and presentations of the russian regions that were involved in the implementation of the federal project. The Southern federal district has the necessary prerequisites and has sufficient potential for the development of medical tourism. In the south of Russia, especially favorable conditions have been created for the development of medical resort tourism. Currently, the commercial sector of medicine in the region has not been involved in the implementation of the federal project. In the public sector, there is a high level of utilization and, in general, a fairly low level of the service component of medical services, which undoubtedly has a negative impact on the level of development of medical tourism.

207-212

Authors: Irina Yu. Potashova, Karina A. Korneiko

Currently, any business entity, regardless of its organizational and legal form, stage of the life cycle, type and scale of activity, both in a dynamically developing economy and in a deep crisis, seeks to achieve such a position in the market that would allow it to achieve the desired image, social, financial result. Achieving such a result requires investments and the development of an appropriate financial policy A well-developed financial policy of an enterprise is one of the most important factors in the profitability of any, including a trade organization. By the financial policy of a trade organization, the author understands a group of activities carried out in the field of financial relations within the enterprise in question. The financial policy of a trade organization is one of the most important components of the overall development policy of an enterprise. Financial policy development is impossible without defining the appropriate management style for a trade organization. The structure of the financial policy of an enterprise has a complex structure consisting of many complex elements. Thus, the purpose of the article is to study the features of the financial policy of a trade organization at the present stage of economic development. In the course of writing the article, methods of analysis, generalization and synthesis were used. The article reveals the concept and objectives of the organization's financial policy. The features of financial policy are analyzed depending on the management style. The characteristic of the structure of the organization's financial policy is given. Based on the results of writing the article, it is concluded that when choosing a certain type of strategic development of an organization, a trade organization must improve all elements of its financial policy.

227-230

Authors: Musaed Sulaiman AlAli

COVID-19 pandemic, which first appeared in China, had a huge impact on the world economy. This negative effect was translated into an unprecedented losses in financial markets all around the world. Literature shows that there is a strong negative relation between stock markets returns and pandemic outbreaks. With number of confirmed infection cases exceeding 13.95 million and 593 thousands death cases, as of July 17th 2020, this study is set to examine the effect of confirmed infection and death cases related to COVID-19 on the financial performance of Asia largest five stock markets. The research is based on the daily returns of Shanghai S.E., Nikkei 225, Bombay S.E., Hang Seng Index, and South Korea KOSPI Composite Index over the period Jan 23rd to May 27th, 2020. Using a panel date analysis to examine the effect of both infection and death rates, as independent variables, and the average markets returns of the five markets under study. Results show that there was a statistically significant inverse relation between infection and death rates related to COVID-19 and Asian stock markets returns. But despite of that, this relation was unable to explain stock markets returns indicating that negative returns in these markets was related to other factors.