International business and foreign business. International business: general characteristics. Specialty "International Business"

Objects of foreign investment in the Russian Federation include:

newly created and modernized fixed assets and working capital in all sectors and spheres of the national economy;

securities; targeted cash deposits; scientific and technical products; intellectual property rights; property rights.

An enterprise with foreign investments can carry out any types of activities that meet the goals stipulated in the charter of the enterprise, with the exception of those prohibited by the legislation in force in the territory of the Russian Federation.

To conduct insurance and intermediary activities related to the movement of securities, an enterprise with foreign investments must obtain a license from the Ministry of Finance of the Russian Federation. To conduct banking activities, a license from the Central Bank of the Russian Federation (Central Bank of the Russian Federation) is required, the limit for the participation of foreign capital in the Russian banking system is set at 12% of the total capital of banks registered in Russia.

Foreign investors have the right to use the profits they receive at their own discretion: to reinvest it or keep it in accounts with any bank licensed by the Central Bank of the Russian Federation.

The foreign currency part of the profit can be transferred abroad. The remaining unused ruble part of the profit can be used to buy foreign currency at auctions, stock exchanges, the interbank market, commercial banks, etc. at the market rate. The investor can freely transfer the unused part of the purchased currency abroad.

If an enterprise with foreign investments produces import-substituting products, then, as an exception, it may be granted the right (by decision of the Government of the Russian Federation or a republic that is part of it) to transfer its ruble profits into foreign currency at the expense of foreign exchange funds owned by the republics at a mutually agreed rate.

Along with the profit, an enterprise with foreign investments has the right to transfer abroad and other amounts stipulated by law, which are payments in foreign currency (for example, fees for technical assistance and maintenance, etc.).

Along with certain rights, bans and restrictions have been introduced in the activities of foreign investors.

Foreign investors are prohibited from participating in:

the production of any types of weapons, ammunition, explosives, pyrotechnic products, as well as the repair of military weapons;

manufacture and sale of narcotic, potent and poisonous substances;

sowing, cultivation and marketing of crops containing narcotic and poisonous substances;

processing of ores, precious metals, radioactive and rare earth elements;

treatment of patients suffering from dangerous and especially dangerous infectious, oncological diseases, as well as mental diseases in aggressive forms;

making orders and medals.

Foreign investment in Russia has certain state guarantees; ns are subject to nationalization and may not be subject to requisition or confiscation, except in exceptional cases provided for by legislative acts when these measures are taken in the public interest. In cases of nationalization or requisition, the foreign investor is paid prompt, adequate and effective compensation.

Foreign investors have the right to compensation for losses, including lost profits, caused to them as a result of the fulfillment of instructions of state bodies or their officials that contradict the legislation in force in the territory of the Russian Federation, as well as due to improper performance by such bodies or their officials of the obligations stipulated by law in relation to foreign investor or enterprise with foreign investment.

The compensation must be paid without undue delay in the currency in which the investment was originally made or in any other foreign currency acceptable to the foreign investor. Until the moment of payment, interest is accrued on the amount of compensation in accordance with the interest rate in force in the territory of the Russian Federation.

Compensation for losses, including lost profits, caused to a foreign investor as a result of the actions indicated above, is carried out by the body that allowed these actions.

On the territory of the Russian Federation, there may be created and operate:

enterprises with equity participation of foreign investments (joint ventures) and their branches (representative offices);

enterprises fully owned by foreign investors (enterprises with 100% foreign capital) and their branches (representative offices);

branches (representative offices) of foreign legal entities. Enterprises with foreign investment can be classified according to several criteria (Figure 12.4):

location and affiliation of participants - partners;

sources of investment;

the share of participation of partners in the capital;

type of activity.

Rice. 12.4.

An enterprise with foreign investment can be created either by its establishment, or as a result of the acquisition by a foreign investor of a participation interest (share, shares) in a previously established enterprise without foreign investment or the acquisition of such an enterprise in its entirety.

On the territory of the Russian Federation, enterprises with foreign investments can be created in the following organizational and legal forms:

open or closed joint stock companies; limited liability partnerships; mixed partnerships; full partnerships; individual private enterprises.

When choosing the type of enterprise and its organizational and legal form, it should be borne in mind that the current legislation does not provide for a fundamental difference in the procedure for legal regulation and the benefits provided for enterprises of various organizational and legal forms with or without foreign investment.

When creating an enterprise with 100% foreign investment, a foreign entrepreneur can choose one of three forms of registration:

representation- without the rights of a legal entity and without the right to independent economic activity;

branch- with the right to independent economic activity, but without the right of a legal entity;

joint-stock company closed (JSC) or open (JSC) type with all the rights of a legal entity.

The first two forms - a representative office and a branch - are administratively subordinate to the parent foreign firm that established them, which somewhat narrows down their activities and limits their possibilities with some Russian departmental rules and regulations.

A joint-stock company is the third form of foreign capital investment in Russia, although it is founded by the parent company, it has all the legal possibilities for independent activity.

Enterprises with foreign investment may voluntarily unite into unions, associations, concerns, intersectoral, regional and other associations on terms that do not contradict the antimonopoly legislation in force in the territory of the Russian Federation and in the manner prescribed by Russian legislative acts.

Within the framework of such associations, foreign exchange self-sufficiency of enterprises with foreign investments can be ensured.

The largest number of joint ventures (about 15%) is in the CIS countries. The participation of other countries in the Russian market in the field of joint ventures is as follows: the USA, Germany, China, Finland, Great Britain, etc. (in decreasing order of the share of the joint venture with these countries).

The distribution of joint ventures by field of activity is uneven: industry - 22%; trade and public catering - 43; construction - 8; others - 27%.

In Russia, about 60% of industrial production comes from joint ventures; 6.4% of the joint venture's production is exported.

Establishing an enterprise with a foreign partner involves several stages:

• 1) determination of the purpose of joint activities;
• 2) choosing a partner abroad;
• 3) preparation of initial information and evaluation of options;
• 4) feasibility study;
• 5) preparation of constituent documents.

The motives and goals of partners in joint activities may differ (Table 12.2)

Table 12.2

The main motives for choosing JV partners

Joint activities can be carried out both in the form of joint ventures and in the form of strategic alliances (alliances). They are more preferable when the legal framework is unstable and there are no guarantees from the federal, republican and regional authorities.

The process of evaluating and choosing a partner is one of the most critical stages and involves a thorough collection and study of information about potential partners. To substantiate the decision on joint venture, the following works are performed (Table 12.3).

Composition and content of the stages of partner assessment

Table 12.3

Decision justification stage
Market research	Volumes and dynamics of development Competitor analysis World and domestic prices
SWOT analysis	Strengths
Russian partner	Weak sides Possibilities Legal examination of constituent documents
Property valuation /	By residual book value
	Market value Assessment of the value of the contribution to the authorized capital (when creating a joint venture)
The financial analysis /	Financial performance indicators
	Comparative analysis with domestic / foreign companies
Development strategy /	Production and sales forecasts
business plan	Marketing Organizational structure of management Capital structure Financial budget
Business valuation	Dynamics of income, taking into account the chosen strategy Discounting cash flow

The final step is preparation and execution of constituent documents.

The constituent documents of an enterprise with foreign investments, which has the organizational and legal form of a closed joint-stock company, include the following: minutes of the meeting of founders, application, charter of the company. When registering for a joint venture, you need:

• 1) a written application from the founders with a request to register the enterprise being created;
• 2) notarized copies of constituent documents in duplicate;
• 3) the conclusions of the relevant expert examinations in the cases provided for by law;
• 4) for Russian legal entities - a notarized copy of the decision of the owner of the property to create an enterprise or a copy of the decision of an authorized body, as well as notarized copies of constituent documents for each Russian legal entity participating in the creation of a joint venture;
• 5) a document on the solvency of a foreign investor, issued by the bank or other financial institution serving him (with a certified translation into Russian);
• 6) an extract from the trade register of the country of origin or other equivalent proof of the legal status of a foreign investor in accordance with the legislation of the country of his location, citizenship or permanent residence (with a certified translation into Russian).

For enterprises wholly owned by foreign investors:

1) a written application for registration from a foreign investor;

• 2) notarized copies of constituent documents (in duplicate);
• 3) a document on the solvency of a foreign investor issued by the bank or financial institution serving him (with a certified translation into Russian);
• 4) an extract from the trade register of the country of origin for a foreign investor (with a certified translation into Russian);
• 5) the conclusion of the relevant expertise in the cases provided for by law.

For branches of enterprises with foreign investments and branches of foreign legal entities:

• 1) a statement signed by the head of the enterprise creating the branch with a request to register it;
• 2) a notarized copy of an extract from the decision of the competent management body of the enterprise on the establishment of a branch;
• 3) a notarized copy of the branch regulations (in duplicate);
• 4) notarized copies of the constituent documents of the enterprise creating the branch;
• 5) for a foreign legal entity - an extract from the trade register of the country of origin or other equivalent proof of its legal status in accordance with the legislation of the country of its location (with a certified translation into Russian);
• 6) the conclusion of the relevant expert examinations in the cases provided for by law.

For foreign investors-individuals:

• 1) a document confirming the belonging of an individual to a certain state, his place of work and position;
• 2) a document containing the name and data on the annual turnover of firms established by this individual (or with his participation), etc.

The listed documents can be issued by the embassy of the investing country in Russia or by the internal affairs body or the employer.

The liquidation of an enterprise with foreign investments is carried out in the cases and in the manner provided for by the legislation in force in the territory of the Russian Federation for the corresponding organizational and legal forms of enterprises.

Consideration of the peculiarities of joint ventures that have appeared in Russia over the past years, analysis of the ways and stages of penetration of foreign firms into the Russian market, shows that each of them goes its own way, but one can see common features in their strategy. Particularly indicative is the household appliances market, where more than 10 largest foreign companies operate (Bosch-Sicmens, Tefal, Merloni, etc.).

The Bosch-Sicmens concern views Russia as a country playing a large role in increasing the company's global turnover, from the current 8 billion euros to 10 billion by the end of the decade. As part of this strategy, the concern opened branch offices in St. Petersburg, Yekaterinburg, Novosibirsk, Vladivostok. In the long term, it is envisaged to create production facilities in the country. Initially, two Russian enterprises were considered as potential production partners - the Stinol refrigerator plant (where Merloni is already successfully operating) and one of the vacuum cleaner plants, but then these projects were rejected.

Currently, the Bosch-Sicmens representative office in Moscow has a special department to find partners for joint production.

Now Russia ranks 9th in the list of countries - the largest buyers of household appliances of the concern, it accounts for 1.5-2% of the world turnover of Bosch-Siemens.

The idea of ​​joint production projects is also close to the French company Tefal from the SEB group, with whose participation Tefal-KB was created at the St. Petersburg plant "Krasny Vyborzhets" in 1993 to produce non-stick cookware. Russian products, according to the management of the joint venture, are practically not inferior in quality to French ones, and their prices are 30% lower.

One of the largest in Russia is the joint production of the Merloni concern and the Novolipetsk Metallurgical Plant for the production of Stinol refrigerators in Lipetsk using equipment and technologies provided by Merloni. Funds for the construction of the plant in the amount of USD 150.5 million were received from the Italian bank Mediocrcdito Centrale in the form of an investment loan. The loan is repaid through barter deliveries of metal to Italy by the Novolipetsk Metallurgical Plant, which largely predetermined the cheapness and success of Stinol.

Already, representatives of the Italian company claim that Stinol competes successfully, and in some cases even outstrips the original Merloni refrigerators, as evidenced by their comparative sales volumes in Russia.

The number of foreign tourism companies on the Russian market is growing significantly. Integration processes in the Russian Federation began several years ago with the hotel industry - the emergence of hotel chains and qualitatively new service standards. Now such chains are widely represented in Russia - Sheraton, Marriot, Hilton, Hyatt, Inter-Continental, Accor, Meridien, Holidae Inn, Kcmpinski, Radisson, etc. However, the main form of doing business and the concept of development for most of them is franchising.

The Russian market of tourist services is becoming more and more attractive for large European operators. The first to enter the Russian market was a large operator from Germany - LTU Touristic, which is part of the REWE Trading Group holding. On the international market, LTU Touristic operates under the ITS brand. A subsidiary company "I-Tours" was created in Russia, in which 70% of the authorized capital belongs to LTU Touristic, and 30% - to the Russian "Airline 400". I-Tours was granted the right to use the ITS brand. The new tour operator positions itself as a diversified company.

According to the Concept of Tourism Development in Russia for the period up to 2005, the share of our country accounted for approximately 1% of the world tourist flow. According to WTO estimates, Russia's potential is much higher. With an appropriate level of development of the tourist infrastructure, it can receive up to 40 million foreign tourists a year against the real 7 million. Several dozen Russian travel companies, for example, Akadsm Tour, are engaged in the reception and service of foreign tourists in the Russian Federation, which are very limited in material, financial , human and managerial resources.

In cooperation in the form of a joint venture, domestic and foreign partners are interested not only in profitable supplies of equipment, materials and services to the newly created enterprise, but also in its efficient operation during the operation period. This interest is secured by a profit that is distributed in proportion to the contributions of the participants. When choosing this form of cooperation, attention should be paid to the problem of comparing contributions to the authorized capital made in different currencies and in material values, a commensurate assessment of these values, land plots and subsoil, as well as the validity of the level of remuneration of Russian and foreign specialists.

When calculating the efficiency of the joint venture, it should be borne in mind that the national economic effect is determined not only directly by the share of the profit of the local participant in the joint venture and taxes received by the country, but also by the profit from the supply of equipment and other goods to the joint venture, the profit from the use of the joint venture's products within the country, the effect from the use of temporarily free financial resources of the enterprise, including depreciation. The overall efficiency of the joint venture for all investors involved in its creation and operation is calculated taking into account the summation of the effects obtained by individual investors, converted into a single currency and brought to a single year.

Evaluation of the effectiveness of a cooperation project can be carried out without taking into account capital investments.

Investments in a project can be not only in the form of cash (ruble or foreign currency), but also in the form of equipment, technologies, patents and licenses, land, buildings and other property owned by investors. However, all investments must be valued.

Integral costs, determined by capital investments in fixed and circulating assets, are calculated by the formula

T inclusive;

c1 - discount;

T- year of bringing;

I- index of the year of the billing period.

The shares of participants' contributions when calculating efficiency are determined taking into account, At first, the total actually invested capital (not only fixed in the constituent documents as an authorized fund) and, Secondly, the time of capital investment during the corresponding year (if the investment during the year was, for example, uniform, then its average annual value is 50%).

Sources of investment include:

own material(buildings, equipment, land plots, etc.) and financial resources (profit, depreciation, etc.);

attracted funds - equity deposits, sale of shares, budgetary allocations from the federal or local budgets and other investments of companies, banks of industrial and financial groups;

foreign investment in the form of direct investments in the capital of the enterprise.

The listed three groups of sources form equity the created enterprise. These amounts are not subject to return (during the period of operation of the enterprise), and the subjects who provided the funds participate in the income on the basis of shared ownership.

The fourth group of investment financing sources forms borrowed capital, which is returned within a predetermined time frame and, as a rule, with interest.

Special attention should be paid to the assessment of contributions to intangible assets (objects) used over a long-term period in economic activities and generating income: rights to use land plots, water and other natural resources, patents, licenses, technological and managerial know-how, software products, organizational functions, brands, trademarks, etc. For these assets, the initial and residual cost estimate, the degree of depreciation, and the useful life are determined. The founders of the enterprises themselves agree on the assessment of the value of the assets.

An integral part of calculations and analysis of efficiency in attracting investments is taking into account the credit conditions of cooperation. The calculation of receipts and payments is carried out separately for each source of funding and type of currency, taking into account the specified credit conditions.

The calculation of performance indicators is carried out for the object as a whole and for individual participants-partners of cooperation. At the same time, cash flows are formed, profitability, payback, integral costs and integral effect, and the internal rate of return are calculated.

The total profit for calculating profitability contains taxes and interest paid for attracted loans. Part of the accrued interest, but not paid (due to the grace period), goes to debt and is included in the total invested capital.

Profit is calculated using the formula

where P is the profit from the production and sale of products per year /;

V; - revenue from the sale of products per year /;

С, - the cost of the annual production volume per year /;

The proceeds from the sale of products in the case of the sale of the company's products on credit should be determined taking into account the coefficient of credit influence:

where B is the proceeds from the sale of products, reduced to the year /; B n - the nominal proceeds from the sale of products, determined by the product of the delivery volumes per year / per chains; to cr- the coefficient of credit influence (introduced in the case of the sale of products on credit).

When selling products without payment by installments, the credit impact coefficient is equal to one.

The return on invested capital is calculated using the formula

where P is the profit from the production and sale of products per year /; K (- invested (accumulated) capital by the year I.

Integral costs are made up of capital investments in fixed and circulating assets, losses during the development of production (profit is deducted), losses due to diversion of funds (discount varies). The year of cost reduction is set, as a rule, equal to the last year of the development period:

where Z is the integral costs for the period up to the year of reduction T inclusive;

K, - investment per year /;

П, - profit from production and sales of products per year /;

cI-discount;

T - year of casting;

/ - index of the year of the billing period.

The profitability to the integral costs in the years of the billing period following the year of reduction is determined by the ratio of the profit of the corresponding year to the integral costs:

The number of years of payback of integral costs due to the profit received in the years following the year of reference can be determined by the formula

The calculation takes into account the profit of those years that follow the year of bringing the integral costs of the construction and development period. Calculation using the formula is possible if the profit for the years taken into account is the same and there are no capital investments or their repayment in these years. If this condition is not met, then the payback period is calculated by the method of successive subtraction of profit from the integral costs, to which capital investments are added or the loan repayment of the corresponding year is subtracted.

If, when determining the payback of the integral costs of the construction period, the method of sequential deduction of annual profit values ​​from the costs is used, and the costs of the construction period due to the effect of partial operation of the facility during this period are already fully compensated, the payback period is characterized by a negative value, which indicates that the integral costs have paid off until the last year of the period for which they were summed up:

where Z ocr- the remainder of the integral costs in the year /;

Z r _i "- unpaid costs per year /;

K, - capital investment or repayment of the principal debt in the year /;

NS; - profit of the year /.

Integral economic effect- the main indicator of the project's efficiency, reflecting the amount of net profit (the difference between income and expenses) for the billing period. Other names for this indicator were given above: net present value of NPV, reduced, present, current value, etc.

The positive value of the integral effect is a criterion for the economic profitability of the project. The maximum effect size is an indicator of the most effective variant of the project. The integral economic effect, determined for the billing period, characterizes the economic value of the object and provides the choice of the most profitable option for its creation from the possible set.

When summing up profits, incomes and costs of different years, their timing is taken into account, as well as when calculating the accumulated cash flow.

All performance indicators are calculated on the basis of the so-called cash flow(cash flow), also called real money, determined by the inflow and outflow of cash and material resources.

The inflow includes income from the sale of products, real estate, residual value, funds from the reduction of working capital, and other income.

Outflows include investments in fixed and working capital, operating costs, taxes and fees. When calculating the effectiveness of the project as a whole (from the national economic point of view) taxes and fees are not included in the outflow.

This information is necessary when assessing the internal rate of return (IRR), which reflects the average profitability of the project over the billing period. Other names for the indicator: internal rate of return (IRR), internal rate of return (IRR), internal rate of return (IRR).

The internal rate of return corresponds to the value of the discount coefficient (discount), at which the integral economic effect becomes zero.

The profitability and internal rate of return are compared with the rate of return (income) on capital acceptable for the project as a whole and for individual participants.

IRR is determined by a sequential change (increase or decrease) in the value of the discount d to find the value of the integral effect close to zero. GNP is an integral indicator as a whole for the entire settlement period of cooperation. It should not be used to characterize the performance of individual years (based on prior revenue and cost data).

At the same time, the profitability for each year is necessary to justify the period of tax credits.

Project efficiency indicators are calculated for different levels: full project efficiency from the point of view of the interests of the national economy of the country, efficiency for the federal and local budgets, efficiency for the region (subject of the Federation), domestic and foreign investors, banks-creditors and commercial directly for the enterprise itself (after payment of all taxes, interest on loans, dividends to shareholders).

The full efficiency of the enterprise is determined taking into account all income and expenses before taxes, export and import duties, all other payments directly related to the production activities of the enterprise and the sale of its products.

The efficiency of the enterprise is determined after all the above tax and other payments.

After all taxes and other payments to the federal and local budgets have been paid, the remainder of the profit is transferred to banks (interest on the loan) and distributed among other investors. By comparing the profits of individual investors with their contributions, performance indicators for local and foreign participants are determined. Commercial efficiency is characterized by the ratio of financial results and costs and the comparison of the expected profitability with the required rate of return.

The share of the participant in the total investment is determined taking into account the value of the transferred or invested property and funds.

The criterion for participation in the project is, first of all, a positive integral effect - a positive balance of accumulated real money in the billing period in which this participant incurs expenses and receives income. The ratio of income and costs of an individual investor is compared with the required rate of return on capital.

In Russia, the practice of creating joint ventures in the hotel business has become widespread (Radisson Slavyanskaya Hotel, Baltschug Kempinski, Marco Polo Presnya, Metropol, etc.). In this case, the chain becomes an investor in the project, contributing its capital, know-how and further participating in the hotel's profits. Despite the clear advantages of the functioning of network organizations, in Russia until recently there was not a single national hotel chain. The associations that have existed in Russia to date - the state joint-stock company (GAO) Moscow and Best Eastern Hotels - would be more correctly called consortia or voluntary hotel chains. Thus, currently Best Eastern Hotels (Vienna) includes 280 hotels in Russia and the CIS. Hotels, being members of such a consortium, pay contributions to a single fund, which goes to joint advertising and marketing activities. The financial, economic and managerial independence of the hotels is fully preserved. In order to join Vienna, the hotel transfers to this association the right to represent its interests in reservation systems and sets prices for hotel rooms for Vienna customers 20% lower. Thus, the main goal of hotels entering Vienna is to increase sales by listing the hotel chain, reservation systems, etc.

The emergence and development of domestic hotel chains is only at the stage of formation, however, it is already possible to name a number of Russian hotel enterprises claiming the title of hotel chains, among them: AMAKS Grand hotels - the management company owns 12 hotels in full ownership, 2 - in shared ownership; Hcliopark Hotel Management - by the beginning of 2005, this chain included 5 hotels; JSC "Intourist Hotel Group" - by the beginning of 2005 in full and shared ownership had a number of hotels, as well as 5 hotels under management.

Strategic alliances between large tour operator firms in Russia have not justified themselves. In practical life, these associations turned out to be just acquisitions (for example, Intourist JSC absorbed Begemot),

However, at the present stage, the process of creating strategic alliances is typical for travel agencies (Metropol-Express, Last Minute Voucher Shop, etc.), since they tend to enter into various alliances (but in most cases, these are franchise agreements).

1.1. Concept and scope of international business

The current stage of the formation of the world economy, based on the deepening of the international division of labor, the globalization of the world economy and the liberalization of foreign economic activity, has given rise to a new vision of world economic relations - international Business . International business plays a decisive role in the functioning of the world economy. World statistics show that at present it provides about 90% of world trade turnover, 3/4 of all innovations, more than 90% of accumulated foreign investments. This is manifested due to the openness of the world economy and its impact on national economies, interaction between foreign sectors of all countries of the world, the creation of integration systems in the form of economic unions and free economic zones (FEZ).

International business is trade and investment operations carried out by foreign firms in another country, including among themselves, with the aim of making a profit. That is, speaking on an international scale, the concept "international Business" not identical to the concept widely used in Russia "Foreign economic activity", although it has a lot to do with it. Under foreign economic activity in Russian business understand entrepreneurial activity in the international and national markets of independent enterprises, organizations, firms, companies .

Thus, international business lies in a slightly different economic plane and is not limited to export-import operations. Export-import operations are only a part of international business and, at the same time, they are not included in its entire structure. So, for example, the activities of companies exporting their goods through intermediary links or the activities of importing goods through representative offices of foreign companies located in the territory of a given country can in no way be attributed to international business. That is, the shipment of goods for export and the receipt of imported goods directly from foreign firms is an entrepreneurial activity within the country. Their international settlements, consideration of claims for the quantity and quality of goods, completeness of supplies, etc. Are elements of international business, but not international business itself.

At the same time, the provision of logistics services by a foreign company (services for the transportation, storage and delivery of products to a wholesale buyer) on the territory of another country to foreign companies is a form of international business that has recently become increasingly widespread in world practice. So, for example, the world-famous French logistics company Logos has established its branch in Moscow and carries out the accumulation, storage and delivery of products of such well-known concerns as Mersedes, Volvo, BASF, Nestle, etc. as reliable partners of companies. At the same time, the products themselves do not become the property of the Logos company (as it happens in ordinary wholesale trade), but remains the property of the manufacturing companies. Therefore, the company does not carry out any payments for goods arriving at warehouses and then sold to wholesale buyers. All payments for the goods supplied by Logos are made between the owners of the goods (manufacturers) and wholesale buyers - Russian companies. The storage and delivery services provided by Logos are paid for by foreign companies, mainly in foreign currency. Thus, Russian companies do not enter into any economic ties with the Logos and do not conduct any settlements with it.

To perform this service, Logos has built highly mechanized warehouses throughout Russia, and has created a logistics network of warehouses. For the transportation of goods, Logos attracts carriers, including those from other countries.

The international air carrier, DHL, operates somewhat differently, with branches located in many European countries. Its international business consists in the implementation of high-speed delivery of products to any part of the world at the request of the seller or buyer of the goods.

Such business relationships arise at various levels: both at the level of private companies and at the level of government organizations. In the case of participation of private companies in international business, business transactions are carried out with the aim of making a profit. The activities of firms subsidized by government agencies are not always focused on making a profit as a primary task. However, in a market economy, state-owned companies do not exclude this in their final activities.

It should be especially emphasized that the countries themselves are not the subject of international business, because they cannot have profit as the ultimate goal. The economic relations that states enter among themselves on the basis of the conclusion of interstate treaties are the subject of international economic relations, which, of course, have a decisive influence on the development and functioning of international business. Most often, states pursue their economic interests through state and private companies, including those purposefully created for these purposes.

At the same time, it should be noted that the government of a country often enters into economic relations with foreign private firms in order to obtain loans, conclude contracts for construction, restoration and other works, etc. For the firm, this relationship is an international business, as it is ultimately profit-driven. Countries with which firms enter into such contracts also receive benefits, but this can in no way be qualified as making a profit. Most likely, these are economic benefits due to obtaining products of higher quality, and in a shorter time.

To achieve any of its international goals, a company must establish the forms of foreign trade operations. Some of them may differ materially from the forms used by the company domestically. The choice of forms is influenced not only by the planned goal, but also by the external environment in which the company will operate. The external environment also influences the choice of means that determine such active business functions, such as marketing (market research in order to develop and implement industrial and trade policy).

So. international Business involves doing business with partners from more than one country. Examples include such operations as purchasing raw materials and supplies in one country and transporting them to another country for further processing or assembly; transportation of products from one country to another for the purpose of selling in the retail system; construction of factories in foreign countries in order to generate income based on the use of cheaper labor; obtaining a loan from a bank in one country to finance operations in another country. The parties to such transactions may be individuals, individual companies, and / or government entities.

How does international business differ from commercial activities within one country? In short, domestic entrepreneurship boils down to performing business transactions that do not cross the borders of one state, while international business transactions cross these borders. International business may differ from domestic business in a number of other ways, including the following:

· different countries involved in international business may use different currencies, which leads to the need to convert the currency of at least one of the parties;

· there is a possibility of discrepancies between the legal systems of different countries, which forces one or more parties to make adjustments in their actions to bring them in line with local legislation. In some cases, the laws of different countries may be incompatible, which is the most intractable problem for international managers;

· there are also differences between cultures of different countries, forcing each of the parties to form a strategy of their behavior in such a way as to bring it in line with the expectations of the other;

· each country has a specific composition and amount of available resources. One country may have large reserves of natural resources at its disposal but lack a skilled labor force, while another country has a productive, highly skilled labor force and at the same time lacks natural resources. Thus, the methods of production and the types of products produced may differ depending on the specific conditions of a particular country.

The complexity of the job of an international business manager is much higher than that of a similar job within a single country. International business professionals should be knowledgeable about cultural, legal, political and social differences between countries.

Almost all large companies either conduct business operations in other countries of the world or are involved in the process of economic globalization in other ways.

Small companies are also increasingly involved in international business. In the event of opening a new company, an entrepreneur may be faced with the need to use foreign materials or equipment manufactured in another country, or with the need to compete with foreign companies, or even with the opportunity to sell his products in foreign sales markets (which is quite possible). The explosive development of trade using electronic means of communication has opened up new opportunities for small companies. In modern conditions, a well-designed website allows any company, regardless of its size, to expand its business to a market segment that covers consumers around the world, without the need for a physical presence in each individual country. This opportunity greatly facilitates the process of entry of small companies into the world market. In addition, the use of information technology, in particular the Internet, provides small firms with a number of cost-cutting strategies that enable these firms to compete successfully with larger firms.

The conduct of international commercial transactions by companies depends mainly on two points:

At first, on the goals set for themselves by certain companies;

Secondly ,from the means they have chosen to achieve their goals.

In international business, the means of achieving goals are usually subdivided, first of all, by the nature of the activity - into operational and functional. Operating funds include: import of goods and services, international transportation of goods, licensing, franchising (trade under the brand name and technology of a well-known company), management contract, turnkey contract, direct investment, portfolio investments. Among the functional means of achieving the goal are production, marketing, accounting and audit, finance, personnel work.

In this case, business operations have an impact on the general external environment (external conditions), and themselves, in turn, are influenced by them. The general external environment is shaped by geographic conditions, historical development, political climate, legal regulation, economic condition and cultural heritage of the country. From the external environment, the means of achieving goals are influenced by competitive factors, the most important of which are:

- the rate of change in the operational and consumer parameters of the product, the creation of modified and fundamentally new types of products;

- the speed and degree of renewal of production technology, the introduction of energy and resource saving technologies;

- the optimal volume of production, determined by market conditions, transport communications, the cost of resources, including labor;

- the number of buyers showing demand for a given product or a given technology;

- the volume and regularity of purchases carried out by each of the wholesale buyers;

- the homogeneity of buyers and the homogeneity of their demand for products;

- the presence of local and international competitors and the ratio between them;

- the cost of moving (transporting) products between countries, and in large countries - and across the territory of the country of origin of the product or the country of consumer of the product;

- unique abilities of competitors that cannot be repeated or difficult to repeat (for example, Bill Gates' operating system, Macintosh computer systems, etc.).

international Business is the economic (entrepreneurial) activity of an international company based on the advantages of the international division of labor and the processes of internationalization of production and capital in order to maximize profits.

The importance of international business is extremely high - up to 90% of the export of capital and world trade, including 86% of the volume of trade in high technologies falls on the share of business structures - participants in this process; they control about 55% of all types and varieties of assets.

International business is a complex contractual system of interconnected diverse forms, types and varieties of entrepreneurial activity with the participation of foreign partners, subject to a clear delineation of rights, obligations, obligations and requirements for entities; they cover all areas and sectors of the economy. The applied types of production and economic relations between the subjects have a strict and clear criterionally verified classification. This form of entrepreneurship is distinguished by the originality of goals, objectives, mechanisms, structure and functions, as well as a clear contractual and legal basis for business relations between partners.

Fundamentally important in the concept of international business as a type of activity is the breadth of the concept. Business is not only production and its organization, including planning and support, it is not only marketing activities, including advertising and pricing policy, it is not the management of an international company and financial support - it’s all in a complex.

Business is a qualitatively different type of activity compared to its components. Due to the complexity of business activities, as well as the responsibility of entrepreneurs for the result of the business as a whole, the problems of organizing a business are not so much in the elaboration of individual aspects, but in the careful coordination of the entire complex: production, supply, marketing, management, information support, technical policy and financing. At the same time, for the majority of international companies, due to the main "deficit" in the world market - limited financial resources - the issues of mobilizing and using financial resources are of paramount importance.

Towards generic features of international business should include:

• ? exchange of activities between subjects of international economic relations;
• ? the desire of each participant in the exchange of activities to realize their interests, regardless of whether the interests of the counterparties are being realized or not;
• ? the desire to impose their interests in the event that counterparties refuse to accept the terms of business communication (transactions) that do not suit them;
• ? manifestation of personal or collective initiative in the process of preparing and executing a transaction;
• ? the ability and willingness to take personal (or collective) risk in order to conduct a transaction on favorable terms;
• ? the ability, willingness and ability to carry out various methods of business communication, with the aim of achieving the greatest benefits;
• ? the ability to take alternative steps in various directions in order to ensure an advantageous position for the subsequent conduct of selected business communication techniques;
• ? the ability to differentiate the probable and actual results of transactions, to determine the priorities of activities and to subordinate them to the logic of business communication.

Strategic goal international business - maximizing business value (income, profit) in the process of implementing various international transactions.

Tactical target- the implementation of this strategic setting in relations with each specific counterparty on each occasion using specific conditions of implementation, timing and subject of the transaction.

International business is system, covering the totality of counterparties of international economic relations and integrating their activities into one whole.

The subject of international business are all elements of production relations, primarily the direct producers and their industrial and commercial groupings. It is advisable to analyze the functioning of the latter in conjunction with the study of the system of their economic interests as incentives for the expansion and deepening of international relations in production. The subjects of international business are government agencies in those cases when they are direct participants in transactions (providing government orders to entrepreneurs, determining prices, the composition of benefits when performing special work, etc.). Government structures, along with international economic organizations, can also indirectly influence the subjects of business relations, being the guarantors of legitimate business.

The main aspects of motivation, encouraging an international company to carry out international business are:

• ? expansion of sales (profit per unit of production may increase as sales increase overseas);
• ? acquisition of resources (use by manufacturing companies of the necessary types of products and services, semi-finished products, components and final products in other countries);
• ? diversification of sources of supply and distribution (elimination of fluctuations in the level of their sales and profits due to suitable foreign markets, as well as due to the mismatch of economic cycles in different countries of the world).

The international business system has the necessary systemic properties ( integrative qualities of the system), thanks to which these relations are a holistic formation. The main integrative qualities of the international business system are:

• a) socio-economic sovereignty all subjects of business relations, regardless of their functional role in the business system;
• b) consensus interests of all subjects of business relations.

Sovereignty of subjects business relationship means that the legitimate activities of these subjects are under the protection of state authorities and government and no other entity has the right to interfere in it and forcibly impose its terms of transactions. However, sovereign subjects of business relations do not have complete independence from their counterparties, and if they have freedom in making decisions and conducting them, then we must not forget that this freedom has a certain implementation framework, conditioned by the desire of each of the subjects of business relations to preserve and reproduce their own sovereignty. ...

Consensus of interest means in the system under consideration the mutual obligations of all participants in business relations not to violate the sovereignty of their counterparties. Such obligations are not taken directly by the parties to transactions when they are concluded - they are formed in the process of development and continuous reproduction of business relations on the basis of the mutual benefit of the parties and constitute a prerequisite for the business system.

The sovereignty of the subjects of business relations and the consensus of interests of these subjects determine each other. Contradictions between entrepreneurs should not lead them beyond the existing public consensus of interests, become an interstate problem and acquire a hopeless character.

International business as a systemic phenomenon has its own internal impulses for development ( competition), support and reproduction system ( direct communications between subjects of business relations), infrastructure (exchanges, banks, information systems, consulting and audit companies, educational institutions, etc.), control system ( management), a system for studying counterparties (marketing), performance appraisal system (money).

Forms of doing international business includes trade in goods and services, transportation, licensing, franchising, turnkey projects, management contracts, and direct and portfolio investments. They (forms of international business) are characterized by international business processes occurring in the world economy and emerging in the field of international economic relations (business relations).

The process of globalization of the world economy reflects the characteristic features inherent in international business, which is carried out in accordance with projects aimed at solving global problems of our time - the provision of resources, environmental protection, the construction of intercontinental communications, infrastructure of regional importance, etc., which requires international associations.

What should we understand by the concept of "globalization"? Is the current globalization a direct continuation of the internationalization of capital, the beginning of which was attributed by the French historian F. Braudel to the 16th-17th centuries and which he called the process of creating a "world economy" around some centers of the emergence of European capitalism (Genoa, Holland, England)? Or is the current internationalization something fundamentally new? So, in particular, T. Levitt designated with this word the phenomenon of the merger of markets for individual products produced by large international companies. The Japanese K. Omae believes that the economic nationalism of individual states has become meaningless, while “global firms” are acting as strong actors on the economic scene. The Frenchman B. Badi identifies three dimensions of this concept: 1) globalization is a historical process; 2) globalization means the homogenization of the world; 3) globalization is growing interdependence.

And although the problem of "globalization" is still controversial, each stated point of view has a right to exist, since we are talking about several really important processes: the internationalization of the economy; development of a unified system of world communications; changing and weakening the function of the nation state; enhancing the activity of transnational non-state entities.

Globalization means drawing the whole world into an open system of financial, economic, socio-political and cultural ties based on the latest communication and information technologies.

Hence, the globalization process is all-encompassing. Its various facets are included in the study of almost all social disciplines. Concerning economic science, then it focused on five areas: financial globalization (global financial markets); the formation and functioning of global international companies; gradual change of the process of regionalization of the global economy with multilayer, multi-network structures of trade relations; globalization of markets for goods and services (growth and transformation of international trade); the trend towards convergence, the globalization of science and technology, the globalization of labor.

So, the result financial globalization, the interdependencies of financial markets are five critical events.

At first, this is the termination of state regulation of the activities of financial markets in most countries and the liberalization of foreign transactions.

Secondly, it is the development of technological infrastructure.

Thirdly, this is the emergence of new financial products, such as secondary securities (futures, options, swaps, etc.).

Fourth, speculative movements of financial flows, which today are rapidly moving from market to market, from one securities or currencies to others.

Fifth, these are market potential firms, such as Standard Poor or Moody's, that try to establish common rules for all markets in the world.

Thus, capital is created from capital and the face value rises. The consequence of this process is an increasing concentration of value and value creation in the financial sector, in a global network of capital flows controlled by networks of information systems and their support services. The globalization of financial markets is the foundation of the new global economy.

Subject and driving force of globalization processes are industrialized countries, international companies based there and world financial centers.

The essence of globalization consists in the fact that the number of subjects of international relations has increased, while earlier, in the era of international relations proper, all ties necessarily passed through the national state. Now, in addition to states, international governmental and non-governmental organizations, international companies, and even individuals have entered the international arena. In connection with the multiplicity of global actors, the question arises: how to regulate their actions in the interests of all inhabitants of the globe? Apparently, on the basis of universal human ethics and morality. For example, in the economic field, all merchants, all entrepreneurs adhere to the same rules of conduct in their activities, based on a single idea of ​​honor, dignity, justice, etc. Then the very norms of entrepreneurial ethics form a reliable regulator of commodity relations, which significantly reduces transaction costs.

The basis for globalization served as a new infrastructure created on the basis of modern information technology and telecommunications, as well as the policy of liberalism pursued by governments and international institutions.

In the visible perspective, globalization will entail: unification of regulation and control over markets; improving access for all participants to any markets; standardization of requirements for the movement of capital, the investment process and the global payment and settlement system; intensification of regional integration processes; the opening of closed banking systems. It is suggested that there is a movement towards the universalization of the currency and the creation of a single capital market.

Thus, the global economy is a new historical reality, different from the world economy. The world economy is one in which capital accumulation occurs throughout the world. The global economy is a completely new phenomenon; it is an economy in which the key components have the institutional, organizational and technological capabilities to work as a whole in real time or at some selected time on a global scale.

• Braudel F. Civilization materielle economique et capitalisme. T.III. Paris, 1979.
• Ohmac K. The Bordless World: Power and Straftegy in the Interlinked Economy. Fontana, 1990.
• Badie B. La fin des territories. Paris, 1995.

Specialties related to business and management traditionally occupy leading positions in world rankings of the most prestigious professions. Accordingly, specialists in the field of business and / or management are the undisputed leaders in terms of financial income.

One of the main advantages of business education is its relevance and relevance in the global market. Successful businessmen and managers open up the broadest career prospects, and, in accordance with world rankings, it is easier for them to find a stable and well-paid job.

In domestic realities (we are talking about large corporations and leading brands), specialists who have foreign diplomas are especially highly valued in the labor market. In Western companies, the approach to doing business, innovation and analysis is very different from Ukrainian traditions. Therefore, a specialist who has knowledge of the rules for organizing business in the West is able to correctly set the direction for the development of a domestic company or correct the course already taken. And such skills are highly valued by employers, including financially. It is no coincidence that the top management of leading companies strives to undergo training abroad with an internship in large Western structures.

Education in the field of business and management abroad can be implemented at several levels: business courses, bachelor's, master's degrees. The choice of stage depends on the needs and capabilities of the student.

Internships and refresher courses

Universities in many countries can offer foreign students not only undergraduate or graduate programs, but also short-term professional continuing education courses, upon completion of which a certificate is issued.

These are the most economical programs. In a short time, vocational training abroad provides an opportunity to study the real experience of foreign specialists. Many continuing education programs include field trips.

Internships are also possible - learning by doing or doing an internship and working abroad. Paid internships last from one to one and a half years and are considered work in the process of which training and exchange of professional experience takes place. This is a great opportunity for students to gain work experience even before graduation. And most likely, when applying for a job, this line in the resume will be decisive.

Business-oriented BBA programs

Business and Management programs provide an excellent foundation for an academic degree and a career in business. In business education, as in any other, the first step is the Bachelor of Business Administration (BBA) in areas such as Commerce and Business Administration.

The curriculum of the program covers a wide range of major functional areas of the specialty, namely: management, organizational behavior, accounting, finance, marketing, sales, operations management, information technology, law, human resource management. Students study the basics of economics and quantitative analysis.

At the same time, the curriculum has a pronounced practical focus. It promotes individual improvement through the development of skills such as decision making, teamwork, leadership, negotiation, communication and presentation.

The average length of study for the BBA program may vary, but more often it is 3-4 academic years.

Program BBA is an independent initial stage of professional education or is included in the framework of continuous education and can be considered as a preparatory stage for a higher stage - obtaining an MBA (Master of Business Administration) degree - master of business administration.

At this stage, students acquire knowledge in areas such as enterprise management, personalistics and human resource management, marketing, law and others.

Requirements for admission to BBA

Graduates of secondary general education schools who do not have the appropriate qualifications and sufficient practice in the field of management and management can apply for training with a Bachelor of Business Administration degree. The BBA program can also be viewed as a postgraduate education, i.e. based on the already received higher education.

If we are talking about education abroad, today it is much more economically profitable to get a bachelor's degree in native land, and to go to overseas regions already for postgraduate programs, for example, for an MBA degree.

MBA sounds proudly. And promising

Most of the board members of companies hold an MBA degree. Of course, yesterday's graduates are unlikely to be immediately offered to take a leading position on the board of the enterprise. Although such options are possible if it is a non-profit organization or a developing startup. But over time, you will definitely earn the position of CEO (Chief Executive Officer), literally - the chief executive officer or other senior official of the company (CEO, chairman of the board, president, manager).

In terms of business lines, if you have a Master of Business Administration (MBA), your options are virtually unlimited. You can do almost anything you want to do. An MBA is a desirable candidate for most employers.

“The career prospects for MBA applicants are promising,” the Graduate Management Admission Council said in a report. GMAC is an organization uniting the world's leading business schools, as well as the owner and administrator of the GMAT (The Graduate Management Admission Test), the first and only standardized test developed specifically for business schools today.

The reason for this, according to GMAC, will be the changing priorities of employers. The main goal in the new year for many respondents will be to improve productivity. Business school graduates are trained to cope with such tasks, the respondents are convinced.

According to the two largest GMAC surveys, 74% of employers surveyed indicated that they plan to hire professionals with degrees in business administration. In addition, 22% of employers said they intend to expand the range of vacancies for graduates of these qualification programs.

Another study of the dynamics of world labor markets, previously conducted by TopMBA.com with a larger sample, including a survey of 12,100 companies from 42 countries, also showed an increase in demand by 36% for specialists with MBA degrees.

The data obtained only confirms the recent trend towards hiring specialists with an MBA degree - this allows many companies to maintain their competitiveness in the face of a tightening economic situation. Accordingly, the number of those wishing to enroll in business administration programs will also increase. Therefore, if you are striving for the maximum in your future career, the MBA is for you.

Research shows that 78% of business school graduates choose to pursue a business degree while working as a middle or senior manager. 18% go to MBA while still working as line specialists. Thus, managers who are determined to have a successful career plan it from the very first steps. And only 4% of those who entered the MBA program are business owners.

Where to get a business education

According to BusinessTimes, there are about 10,000 business schools in the world today. In the ratings of the most prestigious schools in the world, institutions from the USA, Canada and Europe are leading, although Asian educational institutions have also begun to appear in recent years.

MBA cost in business schools

In the institutions included in the TOP-25 of the best schools in the world, the cost of training is approximately $ 35,000-50,000 per year (excluding the cost of accommodation, meals, transfers, medical insurance and teaching materials). Therefore, a two-year MBA program will cost an average of about $ 100,000.

At mid-level universities and business schools, the cost of a year of study is 15,000-20,000 euros for Europe and 20,000-25,000 dollars in the United States.

Requirements for applicants for an MBA degree

University degree;

English level IELTS 6.5 - 7.0;

Work experience 2-3 years in positions with high responsibility;

Age over 21.

The duration of the Master of Business Administration program is 1-2 years.

Who Leads Today in International Business Education

World leaders in MBA education - the United States is gradually losing ground. One of the main trends of the last five years has been a decrease in the number of Europeans who send documents and GMAT test results to American business schools.

The reason for the decline in interest in the high cost of programs at US business schools. For example, the cost of a two-year course at one of the best business schools in the United States, Stanford Graduate School of Business, is over $ 150,000. For comparison, the cost of studying at one of the leading business schools in Canada, the Richard Ivey School of Business at the University of Western Ontario, which has the best average graduate salary (more than 100 thousand US dollars according to FT), is 90,000 CAD (duration programs 17 months). The cost of training for middle-level programs is from $ CAD 24,000 per year. Today, the MBA and EMBA programs of Canadian business schools appear in the first places in the priorities of students from many countries. There are several reasons for this.

First of all, a significant increase in the quality of the business programs themselves in Canada and their recognition at the world level. Today, about 10 Canadian business schools are featured in the Financial Times' most recent MBA rankings.

Another reason why more and more students choose Canada is flexible visa rules: while the United States and the United Kingdom are tightening visa rules, Canada, which is also an English-speaking country, on the contrary, is taking steps to simplify the procedure for obtaining a visa.

In addition, at a time when the UK intends to abolish the two-year work permit for foreigners after graduation, many Canadian states are trying to attract qualified foreign students.

A targeted government program to attract foreign students and the actual policy of Canadian business schools have led to a clear increase in interest in MBA programs in Canada from applicants from other countries.

Specialty "International Business"

The more companies enter the world market, the more professionals are required who know how to do business at the international level, who thoroughly know the conditions of international activities, systems of foreign economic regulation, international management and marketing. In the age of globalization, one of the most popular specialties has become the specialty "International Business".

The specialty "International Business" is one of the top five most promising professions, which in the near foreseeable future are designed to provide their owners not only an interesting job, but also a high income.

One of the important advantages of studying abroad with a degree in International Business is the learning strategy, which in almost all Canadian universities provides for the inseparability of theory from practice. This is reflected in the use of such forms of education as structured discussions, business games, trainings, master classes, and case studies. Practicing large specialists from among top and middle managers must be invited to read lectures.

Already at the very beginning of training, literally from the first courses, part of the practical training takes place at enterprises or companies. To improve the qualifications of students, universities send them to participate in international competitions and programs, as well as organize internships in other countries.

What are taught

Students in the specialty "International Business" study the following major disciplines:

• customs regulation of export-import operations
• business planning in foreign economic activity
• business plan as a model of an investment project
• international economic cooperation
• international financial relations
• joint venture
• business risks
• international trade
• international trade in services
• international transport operations
• international Business
• international information business
• international marketing
• strategic management
• logistics
• international competition
• and etc.

In addition to these disciplines, each university also teaches its own subjects that determine the profile of specialization. This is the so-called "university component", which is determined by the university itself. The choice of "university components" reveals the specificity and spirit of a particular educational institution.

For example, several political science disciplines are introduced into the specialty curriculum, such as "Canada's Foreign Economic Policy".

After graduation

Students of the specialty "International Business" after graduation from the bachelor's program can either continue their studies in the magistracy at the same faculty under the specialization program "International Business". Or, enroll in MBA programs in a selected country or partner universities located in other countries, such as the USA, UK, Canada, Czech Republic, Poland, Sweden, France, Australia, New Zealand and others.

The diploma program is mainly of an applied nature and makes it possible to work in not too high managerial positions in such areas as marketing, accounting, personnel management, etc. It is valuable that the specialty "International Business" does not at all prevent graduates from getting a job not only in international, but also in domestic companies - large and small.

If you are interested business education abroad, call or come company - our consultants will answer all your questions!

Scientific publications (articles and monographs) with a keyword international Business published by Creative Economy Publishing House (found: 11 for the period from 2006 to 2017).

1. Sysoeva T.L., Timokhina G.S., Minina T.B.
// Issues of innovative economics. (No. 4/2017).
In this article, the authors demonstrate the features of corporate social responsibility at the present stage of economic development. The article discusses current approaches to the definition of corporate social responsibility, considers the practices used in international business, analyzes the indicators of water and energy consumption by Heineken. Corporate social responsibility allows you to translate the values ​​of the company into society through specific actions in the widest areas, while the most widespread areas are: ecology, education, health care, sports, culture, as well as production. The findings provide an increase in knowledge in terms of understanding the essence of corporate social responsibility and its practical use in international management in current economic conditions. The authors show the cost-effectiveness of implementing corporate social responsibility programs.

Sysoeva T.L., Timokhina G.S., Minina T.B. Corporate social responsibility as a method of reducing production costs // Issues of innovative economics. - 2017. - Volume 7. - No. 4. - p. 449-456. - doi: 10.18334 / vinec.7.4.38542.

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