In the oil and gas industry, which is the basis of the Russian energy market, a significant and urgent question arises: How to distribute companies according to their investment attractiveness? Accordingly, quantitative indicators are needed. Lacking extensive experience in the practical implementation of fundamental rating tools, work is needed to develop methodologies of weighting coefficients and lists, built on the experience of the “big three” rating agencies. The article proposes an algorithm for forming an integral rating of companies based on financial reporting indicators and the author’s rules of fuzzy logic based on the principle of “circular convolution”, from the best to the slave, deepening the analysis to the center, when all companies are exhausted and places in the rating are distributed. The problem of assessing and integrally indexing the indicators of large companies in leading sectors of the economy (e.g., oil and gas, banks, electricity) is becoming manifest, while it is obvious that there is competition between large companies of the country’s leading industries for state investment resources. The nature of the leading industries is such that it is necessary to assess the quality of the company’s functioning based on the formation of rating groups. Based on the rating, investments are distributed among the companies under consideration. The author has developed a portfolio model that is analogous to the Harry Max Markowitz model, which does not contradict this model but allows consideration of a broader range of risk assessments used in the model (for example, the rating of companies). The optimal portfolio is built, taking into account the resulting index and the initial grouping in the hierarchical data correction mode. The logically sequential method of circular convolution of four important indicators to an integral index and a mathematically substantiated method for optimizing the minimax portfolio presented in the work will allow the investor to develop optimal (from the point of view of the transparency of the apparatus used, mathematical feasibility and time spent on the implementation of the software package) tools for investing and enlarging his capital.

Эволюция системы экологических налогов, сборов и платежей в Российской Федерации

The article is devoted to the formation of a methodology for assessing the investment and fiscal attractiveness of professional sports facilities, for which there are many similar techniques, but no single universal one. The authors made an attempt to form such a methodology, based on the ecosystem approach, within which the attractiveness of a particular object is assessed in aggregate and taking into account the interrelationships of the object and the macroeconomic environment (state, territorial and sectoral regulation), as well as the microeconomic environment (the financial position of the organization and the characteristics of the object itself). The article gives examples of indicators, their variants of values and estimated values and presents a general algorithm for applying the technique and basic formulas for calculations.

The present research deals with analyzing the role of oil rent in Russian economy and finance system as well as identifying systemic restrictions stipulated by today’s dependence of the country on hydrocarbon export. The basis of the work is formed by historic – economic and macro-analytical approaches, which allows us to trace transformation of economic growth mechanism in Russia from mobilization model of the Soviet Union to the current model of the Russian Federation, where power resources perform the function of capital source. Historically in conditions of insufficient amount of private savings and limited possibilities of finance institutions earnings from power resource export became the base of budget revenue of the budget system in the Russian Federation, the source of investment project implementation and safe backing of long-term social and economic stability. However, oil price drop in spring 2025 caused by foreign economic factors (trade war of the US with record high custom-tariff restrictions and symmetric response of countries-counteragents, a growth in oil supply on the part of OPEK+ countries and general decline in demand on traditional power carriers) exposes vulnerability of the current finance and in general macro-economic structure. Analysis of the federal budget of Russia fulfillment for the 1sr quarter 2025 shows a sharp rise in deficit, drop in oil and gas revenues and reduction in the liquidity part of the National Wealth Foundation. These factors can threaten sustainability of the finance system of Russia. Today’s compensatory steps, i.e. tax adjustment, foreign currency interventions, operative redistribution of expenses should be considered as short-term ones. Without structural transformation and cutting rent dependence Russian economy could run into risk of entering a long-term stagnation. In conclusion the research highlighted the necessity of institutional reforms, strengthening investment climate and passing to saving model based mainly on internal capital but not on export rent.

The paper considers a set of theoretical, practical and methodological issues related to determining the level of competitiveness of publishing companies by forming an integral assessment. The methodology of the study is the application of the ranking system, the Fishburne method, the definition of the specific weights of indicators, allowing you to assess financial competitiveness of companies, the tools of graphic analysis to calculate the overall integrated indicators that characterize the level of competitiveness of the publishing company. The main findings of the study are to determine the level of competitive potential (LCP) of companies, through integral evaluation. The advantage of the assessment method used is the application of a system of financial, marketing and reputational indicators. This indicator system has made it possible to more accurately determine the level of financial competitiveness and improve the effectiveness of financial and investment decisions made in the publishing industry.