Headings of the journal
"Economics and Management"

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 is devoted to the study of the methodological formation of approaches to assessing the effectiveness of the contract system in the field of procurement to meet state and municipal needs. The study’s relevance stems from the ongoing need to improve public procurement processes. This is supported by the positive trend in pro- curement volumes from 2021 to 2025, the decline in relative savings at contract award, and recent amendments to the relevant regulatory framework. The article discusses the key principles underlying the evaluation of the effectiveness of the contract system, as well as the criteria and indicators used for evaluation. The authors ana- lyzed existing approaches to defining and measuring effectiveness, systematized key criteria and indicators used in Russian and international practice, and identified problems and limitations of existing methods. Particular attention is paid to the degree of development, orderliness and scientific validity of the set of methods, principles and approaches used for assessment. An algorithm for assessing the methodological maturity of the approach is proposed, which provides for the consistent implementation of five interrelated stages aimed at identifying the completeness, balance and practical applicability of the criteria for the effectiveness of the contract system in modern conditions.

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.

Annotation: The article prioritizes low-carbon development measures for the Russian Federation through industrial moderni- zation and energy efficiency improvements. The sectoral structure of anthropogenic greenhouse gas emissions is examined using the National Inventory Report. Using a comparative analysis of technologies, the dominant emission sources requiring priority action were identified. Measures for reducing emissions from enterprises are systematized, including the utilization of secondary energy resources, improved equipment efficiency, carbon dioxide capture, and the reduction of leaks in systems. Implementation constraints related to carbon dioxide handling infrastructure, the capital intensity of projects, and the requirements for measurability and verification of results are highlighted. Feasibility conditions are formulated and logic for selecting measures by emission sources is proposed. It has been noted that the use of carbon capture technologies is economically less preferable in some cases than reducing emissions by improving energy efficiency and replacing used energy resources. The conclusion is that proactive development of energy infrastructure is necessary to prevent an increase in emissions.

Annotation: The article discusses methodological approaches to assessing regional scientific and technological potential in the context of achieving technological sovereignty. The author substantiates a methodology that includes the selection of indicators and their weighting coefficients. The integral index is calculated across four groups: per- sonnel, resource, and infrastructure support, as well as the effectiveness of scientific and innovative activities. An econometric analysis of the Volga Federal District regions reveals significant differentiation. The group with a high level of scientific and technological potential (index >0.4) includes Nizhny Novgorod Oblast, Bashkortostan, Tatarstan, and Perm Krai; the medium-level group (0.2–0.4) includes Samara and Saratov Oblasts and the Udmurt Republic; most regions fall into the low-level category (<0.2). The findings indicate that human resources in the district are insufficient, while infrastructure availability varies considerably. In most regions, the effectiveness of scientific, technological, and innovative activities lags behind infrastructure development, pointing to weak commercialization of research outcomes. The proposed methodology can be used in designing regional scientific and technological development programs.