Process Management and Scientific Developments”
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International Conference “Process Management and Scientific Developments” Birmingham, United Kingdom (Novotel Birmingham Centre, January 16, 2020) Materials of the International Conference “Process Management and Scientific Developments” (Birmingham, United Kingdom, January 16, 2020) М67 ISBN 978-5-905695-79-7 These Conference Proceedings combine materials of the conference – research papers and thesis reports of scientific workers. They examines tecnical and sociological issues of research issues. Some articles deal with theoretical and methodological approaches and principles of research questions of personality professionalization. Authors are responsible for the accuracy of cited publications, facts, figures, quotations, statistics, proper names and other information. UDC 330 ISBN 978-5-905695-79-7 ©Scientific publishing house Infinity, 2020 © Group of authors, 2020 CONTENTS ECONOMICS Investment valuation: Discussion of three methods Gribov Alexander Fedorovich......................................................................................................................7 Sales features of ındustrial products Hasanov Babak Mikayil, Mammadli Zeynab Tahir, Huseynova Lala Zakir, Aliyeva Sakina Elchin....................................................................................................................................15 Analysis of the legislation of Malaysia in terms of supervision of margin lending and the possibility of implementing certain requirements in the current Russian legislation Emelyanova Ellina Sergeevna...................................................................................................................21 Management of innovative development of high-tech industries using simulation models Khrustalev Evgeny Yuryevich, Larin Sergey Nikolaevich, Khrustalev Oleg Evgenievich........27 Assessment of the level of innovation of high-tech and knowledge-intensive enterprises using expert methods Khrustalev Evgeny Yuryevich, Khrustalev Oleg Evgenievich.......................................................32 Theoretical aspects of studying the reasons for the population outflow from Kamchatsk krai Kulakova Lyudmila Ivanovna, Gadetsky Oleg Yuryevich..............................................................36 PEDAGOGICAL SCIENCES Discussion of the reforms of Peter the Great in the process of training teachers to teach debatable issues of history Varyuschenko Viktor Ivanovich, Gaikova Oksana Viktorovna...........................................................45 Teacher self-improvement during the period of innovative transformations in the modern professional - educational space Manzhos Lyubov Vladimirovna, Hakunova Mira Medzhidovna, Akhtaov Ruslan Akhmedovich..................................................................................................................49 SOCIOLOGICAL SCIENCES Assessment of student anti-corruption training Kirillov Vladimir Petrovich, Kirillova Galina Vladimirovna............................................................56 PHILOLOGICAL SCIENCES Analysis of the semantic group "Colour names of cars" in comparison of two languages Sokolov Kirill Leonidovich............................................................................................................................64 The image of China and the “Chinese text” in Russian literature of the 19th – 21st centuries Krasnoyarova Anna Alexandrovna.........................................................................................................69 On the functions of the Evenki language in the Sakha Republic (Yakutia) Struchkov Kirill Namsaraevich...............................................................................................................76 HISTORICAL SCIENCES The Church diplomats in the Orthodox East in the middle of the 19th century: A.N. Muravyov, archimandrites Porfiry (Uspensky) and Antonin (Kapustin) Smirnova Irina Yuryevna............................................................................................................................82 EARTH SCIENCES Impact on the environment of sheet rolling production in the metallurgical industry Sokolov Leonid Ivanovich.........................................................................................................................92 MEDICAL SCIENCES Clinical risk factors and causes of venous thromboembolic complications in the Republic of Sakha (Yakutia) Vinokurov Mikhail Mikhailovich, Yakovlev Anton Antonovich, Vinokurovа Liudmila Mikhailovna...........................................................................................................96 The dynamics of the circadian rhythm of body temperature in the acute period of severe traumatic brain injury in children Muhitdinova Hura Nuritdinovna.............................................................................................................101 Features of intraoperative pain relief in severe traumatic brain injury in children Muhitdinova Hura Nuritdinovna, Abdusaliyeva Tyrsunoy Mutanovna, Tursunov Daniyor Kamilganovich...........................................................................................................110 BIOLOGICAL SCIENCES Anatomical and topographic features of the pancreas of the European badger Strygina Olesya Aleksandrovna, Kletikova Lyudmila Vladimirovna......................................118 CHEMICAL SCIENCES Methods for the synthesis of polyetheretherketones and polyetheretherketones Salamov Ali Khasmagometovich...........................................................................................................124 Process Management and Scientific Developments INVESTMENT VALUATION: DISCUSSION OF THREE METHODS Gribov Alexander Fedorovich Department of mathematical methods in Economics Russian University of Economics. G. V. Plekhanov Moscow, Russian Federation Annotation. The article deals with the problems of investment valua- tion based on three well-known methods that are widely used in practice. It is shown that the use of a generalized cash flow model for evaluating real investments differs significantly from the results obtained using the classical Modigliani-Miller models. It is noted that the formulas known in corporate Finance are a special case of the generalized model. The use of a generalized model makes it possible to Refine the estimates of invest- ments with a debt load and give them a more adequate character. Keywords: cost, investment project, equity and debt capital, investor, capital structure. Theoretical and practical problems of valuation of companies are in the focus of the scientific community. This is due to a number of reasons. 1) The Role and place of the state in stimulating investment activity is difficult to overestimate. But Russia is a specific country. Along with tra- ditional forms of state participation in the investment process, there are a number of features that are unique to Russia. These include the problem of state participation in business. 2) The state's Share in the ownership of state corporations is too large, and there is no reason to reduce it. This leads to a number of negative consequences, not to mention the fact that it significantly undermines the foundations of the market economy, since the state is not interested in forming a number of institutional conditions that directly affect the invest- ment climate. Second, the state often behaves as a monopolist, reducing or completely destroying competition-the basis of economic growth. And finally, the state by its active participation in the ownership of state corpora- tions violates the fundamental laws of the market economy. 3) Dividend policy. Since the dividend policy does not affect the value of the company, the Russian leadership, in particular top managers make 7 Process Management and Scientific Developments the following conclusions: do not pay dividends, because they reduce the investment activity of the company. But we live in the real world, with taxes, debt capital, etc. In these conditions, the value of the company depends significantly on the formed financial policy. Moreover, the investment and financial activities of the company are interconnected. Dividends are paid when the state is experiencing the" severity " of sanctions and, as a result, lack of funds to cover budget expenditures. During this period, the state (read officials) remember the large state property and decides on the deci- sion to pay dividends. At the same time, ordinary shareholders accidentally win, although this "win" is not unambiguous. The fact is that the market does not like sharp jumps, including dividends. It turns out a paradoxi- cal situation: the increase in the dividend yield of ordinary shareholders ' shares can be compensated by a fall in the capital value of shares. Various arguments are considered, which, in fact, are reduced to one: the state should significantly change its share in the business, i.e., sell some of its shares. This can lead to large-scale privatization. Experts esti- mate that the scale of privatization will be 20-25 billion dollars. It is impor- tant to understand who can provide such large amounts. Should there be any strategic investors. This is a big problem. Probably, there will be large strategic shareholders for some state assets. But, as is usually the case, the main focus will be on ordinary shareholders. Here it is necessary to estimate the amount of money from the population. Given that in recent years, to put it mildly, income has not grown. Therefore, such standard measures