Headings of the journal
"Economics and Management"

Annotation: The article describes the problems of qualitative renewal of the theory and practice of application of factors of modern production, where the technology of their interaction plays an increasingly significant role. The key problems in the sphere of development of total factor productivity (TFP) are identified: incomplete consideration of openness and growing complexity of the modern economy, underestimation of non-economic conditions and factors in qualitative renewal of human capital as the creator and integrator of all technological forms, low level of protection of property rights, rent-oriented behavior as a source of conflict of interests, etc. The novelty of the research results lies, firstly, in substantiation of the transition from the totality of production factors, within the TFP, to their systemic and interconnected unity; secondly, in shifting the scientific and practical vector in the study of TFP in favor of enterprises as primary links of the economy. It is shown that total factor productivity is intended to become an object of transformation from the traditionally priority macroeconomic analysis to the level of the firm while simultaneously positioning the phenomenon of corporate systemic factor productivity (CSFP).

Annotation: The article is devoted to the study the impact of the Russian initial public offering (IPO) market on the national stock market capitalization, taking into account macroeconomic conditions. The analysis of the IPO market was conducted, which examined the dynamics of the MIPO index in the period 2024–2025, and studied the volumes of funds raised and the post-IPO dynamics of the capitalization of issuer companies that carried out placements in the first half of 2024. The regression analysis was used to assess the impact of the volume of funds raised through IPO and SPO on the total capitalization of the Russian stock market, taking into account macroeconomic factors in the model, such as GDP, the M2 monetary aggregate, stock trading volume, the long-term federal loan bonds rate, and the exchange rate. A statistically significant positive relationship was revealed between the volume of funds raised through IPOs and SPOs, and market capitalization. The article presents promising areas for the development of the IPO market in Russia, including measures of state support and increasing the investment attractiveness of companies.

Annotation: The article discusses the methodological basis for assessing the level of competition in the banking services market. Along with a variety of coefficients and indices, most of the methods used often do not take into account subjective factors, such as public satisfaction with the banking sector. The article proposes an original methodol- ogy that combines objective (quantitative) market indicators with subjective assessments of public satisfaction. The assessment of all factors in points allows us to form a combined assessment of competition in the regional market and determine the market category based on the level of competition development. The methodology has been tested in several regions, resulting in a clear and interpretable assessment. Of the seven regions, four were in the zone of underdeveloped competition, one was in the zone of insufficiently developed competition, and two were on the border between insufficiently developed and developed competition The results obtained can serve as a basis for developing a set of measures to promote competition in the banking services market in the relevant market category or for adjusting it in the roadmap.

Annotation: The article examines the potential of tokenizing equity rights in privately held companies as a tool to narrow the gap between current stock market capitalization and the 2030 target benchmark. The problem stems from the high concen- tration of capitalization and limited availability of public offerings for mid-segment companies, which constrain the expansion of issuers and the range of instruments on sale. The methodology includes analysis of capitalization dynamics for 2020–2025, comparative analysis of legal regimes for tokenization of securities and Russian regulation of digital financial assets, construction of a causal model and scenario assessment. Tokenization has been found to affect capitali- zation through lower transaction costs, increased secondary liquidity, greater transparency of corporate rights, and an expanded issuer base. The scenarios show a possible contribution of 3–8 percentage points of gross domestic product by 2030 if a regulated secondary market is formed. The conditions for implementation of the effect have been defined: legal certainty of corporate actions, reliable accounting and treasury infrastructure and proportional protection of investors.

Annotation: The article examines an approach to strengthening the financial resilience of commercial healthcare organizations, enabling a transition from a model of operational stability to a model of strategic adaptability and growth. The theoretical section systematizes external and internal factors of financial resilience, focusing on industry-specific factors: a high proportion of fixed costs, a long financial cycle with insurance companies, mandatory costs for integration with the Unified State Health Information System (EGISZ), and cybersecurity. A three-component structure of adaptive potential is substantiated: positional resilience (liquidity and autonomy), operational sta- bility (profitability), and developmental stability (investment capacity). Using an existing medical organization as an example, a comprehensive diagnostic was conducted, including an analysis of competitive positioning, calculation of financial resilience, liquidity, and profitability ratios, cash flow assessment, and a SWOT analysis. A paradox of “stagnant stability” has been identified: despite formally absolute indicators of financial resilience and revenue growth, the medical organization exhibits critically low profitability, deteriorating material and technical resources, and an inability to self-finance development. In conclusion, a strategy for overcoming the identified dysfunctions is proposed, comprising three interrelated stages: financial stabilization; improving op- erational efficiency through the digitalization of processes; and strategic diversification through the development of medical transportation and telemedicine services, creating a closed-loop service ecosystem. Implementation of the proposed measures will significantly increase profitability and ensure the competitive development of the organization.