Промышленный менеджмент, маркетинг, экономика и финансы

МИНИСТЕРСТВО ОБРАЗОВАНИЯ И НАУКИ РФ 
ФЕДЕРАЛЬНОЕ ГОСУДАРСТВЕННОЕ АВТОНОМНОЕ ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ  
ВЫСШЕГО ПРОФЕССИОНАЛЬНОГО ОБРАЗОВАНИЯ  
«НАЦИОНАЛЬНЫЙ ИССЛЕДОВАТЕЛЬСКИЙ ТЕХНОЛОГИЧЕСКИЙ УНИВЕРСИТЕТ «МИСиС» 
 
 
 
Москва 2013 
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ПРОМЫШЛЕННЫЙ 
МЕНЕДЖМЕНТ, 
МАРКЕТИНГ, 
ЭКОНОМИКА 
И ФИНАНСЫ 
 
СБОРНИК НАУЧНЫХ РАБОТ СТУДЕНТОВ И АСПИРАНТОВ 
КАФЕДРЫ ПРОМЫШЛЕННОГО МЕНЕДЖМЕНТА  
ИНСТИТУТА ЭКОНОМИКИ И УПРАВЛЕНИЯ 
ПРОМЫШЛЕННЫМИ ПРЕДПРИЯТИЯМИ 
СБОРНИК НАУЧНЫХ РАБОТ СТУДЕНТОВ И АСПИРАНТОВ 
КАФЕДРЫ ПРОМЫШЛЕННОГО МЕНЕДЖМЕНТА  
ИНСТИТУТА ЭКОНОМИКИ И УПРАВЛЕНИЯ 
ПРОМЫШЛЕННЫМИ ПРЕДПРИЯТИЯМИ 
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Под редакцией профессора Ю.Ю. Костюхина 
Одобрено научно-техническим советом института ЭУПП 

УДК 65.01:669 
 
П81 
 
Промышленный менеджмент, маркетинг, экономика  
П81 и финансы : сб. науч. работ студентов и аспирантов каф. промышленного 

менеджмента 
ин-та 
экономики 
и 
управления 
промышленными предприятиями ; под ред. Ю.Ю. Костюхина. – 
М. : Изд. Дом МИСиС, 2013. – 267 с. 
ISBN 978-5-87623-759-0 
Сборник выпускается в рамках Дней науки НИТУ «МИСиС» 
и содержит статьи аспирантов и студентов кафедры промышленного 
менеджмента НИТУ «МИСиС», а также статьи сотрудников и студентов 
университетов-партнеров: Университета г. Тренто (Италия), Краковской 
Горно-металлургической академии им. Станислава Сташица (Польша), 
Приазовского государственного технического университета (Украина), 
Московского городского университета управления Правительства Москвы, 
Московского государственного открытого университета и Министерства 
доходов и сборов Украины. 
 
ISBN 978-5-87623-759-0 
© Коллектив авторов, 2013 

СОДЕРЖАНИЕ 
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136 
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148 
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150 
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152 
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155 
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добавленной стоимости и прогноз кризисной ситуации 
ОАО «Челябинский металлургический комбинат» 
158 
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за счет эмиссии ценных бумаг на примере нефтегазовых компаний 
163 
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168 
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налоговых платежей 
176 
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управления на ОАО «Новозыбковский завод «Индуктор» 
180 
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на примере ОАО «Нижнекамскнефтехим» 
183 

Пыркова А.О. Исследование модели гибкого бюджетирования 
предприятия для ОАО «ЭЗТМ» 
188 
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ОАО «Аэрофлот» 
191 
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расширения рынков сбыта продукции на предприятии 
ООО «Промышленная компания  «Бежецкий сталь-завод» 
195 
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с использованием золотого правила финансирования 
197 
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биржевых индексов в долгосрочной перспективе 
и их влияния на промышленность  
201 
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предприятия 
206 
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аффинажа золота на ряде 
отечественных и зарубежных заводов 
211 
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по брикетированию медной сечки для повышения эффективности 
использования вторсырья на ООО «Элкат» 
215 
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ОАО «Щелковский металлургический завод» 
220 
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и анализ денежного потока на примере предприятия 
ОАО «Кольская ГМК» 
224 
Михин В.Ф., Эмбах А.В. Состояние рынка нанопорошка серебра 
и перспективы его производства на базе ФГУП «МЗСС» 
228 
Михин В.Ф., Лазовская М.А. Анализ рынка электротермического 
и электросварочного оборудования 
232 
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на рынке катодной меди 
236 
Михин В.Ф., Правилова И.В Оценка ситуации на рынке продукции, 
производимой ОАО «Раменское приборостроительное 
конструкторское бюро» 
240 
Михин В.Ф., Заикина А.А. Исследование положения группы 
«АДАМАС» на рынке ювелирной продукции 
243 
Михин В.Ф., Барановский М.Ю. Оценка рыночной позиции и перспектив 
развития ОАО «Корпорация ВСМПО-АВИСМА» 
в целях повышения конкурентноспособности предприятия  
247 

Михин В.Ф., Менщикова А.А. Роль ОАО «ГМК «Норильский никель» 
на рынке палладия  
251 
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горячекатаной стали 
254 
Михин В.Ф., Трушина Е.В., Табышева А.К. Исследование рынка 
коксующегося угля и анализ перспективных возможностей 
развития рынка угля на примере ОАО «Мечел» 
258 
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на примере ОАО «Северсталь» 
263 

Professor Stefano Schiavo; Master’s student Elena Dukhnitckaia 
University of Trento, School of International Studies  
Trento, Italy 
COMPARISON OF RUSSIAN AND NORWEGIAN 
EXPERIENCE IN HANDLING THE RESOURCE SECTOR 
Introduction 
Russia and Norway are the two major exporters of oil in the world. 
The countries are the most important suppliers of oil to the European 
Union (Makhortov, 2006). They are, however, extremely different in their 
history and development patterns. Norway is often named as an example 
of a strong capitalist country with well-established institutions, while 
Russia is a country in transition, with very unstable past and presumable 
weak institutional environment. As of January 2012 Norway had proven 
oil reserves of 5.32 billion barrels, compared to 60 billion barrels in 
Russia (EIA). Despite these differences, there is a number of lessons that 
can be learnt by Russian policy-makers from the Norwegian experience.  
This paper aims at comparing Russian and Norwegian experience of 
handling the resource sector and proposing policies for the Russian 
resource industries, based on the Norwegian model. The paper is 
composed of 3 chapters. The first one analyzes the literature on the 
resource curse and the possible measures to avoid it. The second chapter 
concentrates on the analyses of the resource sectors in Norway and 
Russia. The third chapter compares the economic, legal and institutional 
environment of the countries and proposes policy implementations. The 
paper is finished with the conclusion, stating the main findings.  
1 Analysis of the Resource Curse 
At first glance possessing natural resources seems to be a blessing for 
a country. However, the empirical evidence shows that it can as well turn 
into a curse. Discovery of resources seems to foster economic boom in a 
county, as well as providing the government with enormous fiscal 
resources. This advantage can lead to very serious problems, such as 
country’s dependence on the resources, its high vulnerability to the price 
swings and indirect possibly harmful effect on the institutional and legal 
environment, if it wasn’t well organized at the moment of the resource 
discovery (Guriev, 2009; Clark, 2011; Sachs & Warner, 2001). 

The term “resource curse” was first introduced by Auty in 1993, and 
since then it has been used to describe a situation in which resource 
abundance, seemingly a blessing for a country, undermines rather than 
fosters its economic development. There is an extensive body of literature, 
including Sachs and Warner (2001), Deacon (2011), Gylfason (1999) and 
others, which analyzes this phenomenon. The “resource curse” became 
noticed in the second half of the twentieth century as the resource-rich 
countries were very slow at developing their economic potential after the 
World War II. Even though the existence of the curse is not absolutely 
proved, there is a number of empirical evidence in favor of its existence. 
Countries with high resource wealth are mostly not in the list of countries 
with the highest GDP. There is no statistically significant correlation 
observed between country’s economic wealth and its resource wealth 
(Sachs & Warner, 2001).  
A Explanations for the “Resource Curse” 
The fact of the existence of the “resource curse” is nowadays mostly 
accepted by the researchers, however, the causes of this phenomenon still 
remain largely unknown.  
Crowding-out effect. One of the widely used explanations is that the 
resource curse has a crowding-out effect. Sachs and Warner (2001) claim 
that resource curse occurs through the crowding-out effect on the 
manufacturing sector. Increase of wealth in the resource sector creates 
additional demand for non-traded products, which leads to the increase in 
their prices and is also reflected in the non-traded input costs and wages. 
The usage of these non-traded products as inputs in manufacturing makes 
manufactured products more expensive and therefore less competitive on 
the international market. The loss of competitiveness then leads to the 
diminishing of the manufacturing sector (Sachs & Warner, 2001). The 
second possible crowding out occurs in the area of education and 
innovation. As Gylfason (1999) suggests, there is a risk of all potential 
innovators and entrepreneurs switching to the resource sector, which offers 
higher wages. Such process in turn leads to the country’s growth stagnation 
as other areas are left without innovative and entrepreneurial ideas.  
Dutch disease. Another related explanation of the damage that the 
increase of revenues from the natural recourses sector inflicts on the 
manufacturing and agriculture sectors is known as the “Dutch disease.” 
The “Dutch disease” explains the resource curse through the crowding-out 
effect, described above, as well as through the increase of the exchange 
rate. As the government has more money at its disposal it increases the 
expenditure, which leads to more money in circulation and consequent 

currency’s appreciation. The term was first used in the Economist 
magazine to describe the processes in the Dutch economy after the 
country’s discovery of gas in 1959. The Dutch economy focused mainly 
on the gas and its currency appreciated so rapidly that this appreciation 
harmed the country’s export, making them uncompetitive on the global 
market. After the boom of the gas industry has come to an end, the whole 
economy went into recession. Over the boom period in the resource sector 
the manufacturing is in danger of becoming uncompetitive in the world 
market and losing its technological edge. This makes the recovery after 
the resource boom longer and more difficult (Guriev, 2009). There is 
however a controversial opinion in the academic world regarding the 
Dutch experience and whether it can really be labeled as a disease. Larsen 
(2004) on the contrary argues that currency’s appreciation and increase in 
wages might be a natural adjustment of the country’s economy to the 
changing economic environment, which will be later stabilized again.  
Institutions. Another explanation for the occurrence of the reserve 
curse is underdeveloped institutions. When the resources are discovered 
the government gets a high increase in the inflow of money that it can 
spend. As the government expenditure increases, the country and its 
citizens are better off, so there is little incentive for them to intervene and 
control the government’s expenditures as well as to improve political and 
economic institutions. This reluctance to intervene leads to so called 
“institutional trap” observed in resource-rich countries. For the 
development of a country’s institutions an economic diversification is 
necessary. However, the diversification can only be accomplished with 
strong institutions. Diversification decreases the chances of getting rent, 
and therefore would be highly opposed in the institutional environment 
when being in power leads to possessing additional economic benefits 
(Guriev, 2009). A research by Warner and Sachs (2001) indicates that 
there is an association between the resource abundance and the 
authoritarian regime; however, there is no significant evidence for the 
association between non-authoritarian systems and growth.  
B Measures to avoid the resource curse. Assuming that crowding-out 
effect and underdeveloped institutional environment influence the 
economic path of the country after the discovery of the resources, the 
following measures are suggested in the academic literature to avoid or 
lessen the effects of the assumed resource curse.  
Diversification policies. As the resource sector prospers, it attracts 
additional investment and human capital, damaging the development of 
the manufacturing and agricultural sectors. In order to soften the effect of 

the resource sector dominance, a country’s economy needs to be 
diversified (Clark, 2011). There are two ways of diversification that can 
be employed: vertical and horizontal. The vertical diversification is easier 
to implement. It involves choosing certain areas that are viewed as being 
of the countries comparative advantage and providing them with 
preferential conditions, such as lowering taxes, providing subsidies, or 
protecting from foreign competition. An example of the successful 
implementation of vertical diversification is Chile, which invested in 
developing agriculture and fishing, two sectors that are competitive in the 
international market. However, the vertical diversification approach might 
be dangerous for countries with weak institutions as it provides 
opportunities for extra rent-seeking, through financing industries that are 
not of the country’s comparative advantage, but are owned by the 
authorities (Guriev, 2009).  
The second diversification approach is implemented on a horizontal 
level. This approach does not provide incentives to any particular sector. 
It rather stresses investment in human capital, infrastructure and 
improving legal environment, such as property rights protection and 
financial regulations (Guriev, 2009). This approach might be hard to use 
in the environment with weak institutions, in which authorities are not 
willing to change the conditions, allowing them to extract rent. It is 
however highly difficult to measure the outcome of the diversification 
efforts, as the measure is affected by the change in world prices of the 
resource. The measure of economic diversification decreases at the same 
time as the price for natural resources increases. The same amount of 
natural resources export at high price produces higher revenues and 
therefore resource exports account for the nominal increase in their value 
as the proportion of GDP (Guriev, 2009) 
Macroeconomic policies and sovereign wealth funds. When the 
revenues from the resource sector are used for building reserves and 
externally held sovereign wealth, this greatly contributes to the country’s 
economic stability. In the short-run the wealth fund allows to control the 
change in the exchange rate, not allowing the country’s currency to rise 
too rapidly, and in this way it protects other export sectors from loosing 
competitiveness in the global market. Besides that, the sovereign wealth 
fund reduces the possibility of rent-seeking, because the revenues from 
resources go into clearly identified transparent channels (Sovereign 
Wealth Fund Institute). 
Financial development. There are several advantages that the developed 
financial sector can provide to the country. First, companies in the non-resource 

sector are more dependent on the amount of the external finance and therefore 
they benefit more from investment than the companies in the resource sector. 
Second, well-developed financial sector can contribute to reducing inequality 
by providing more people with access to credit and investment opportunities. 
Financial sector’s chnages necessary for development include improving 
regulations of financial markets and banks, the introductiоn of deposit 
insurance and credit history bureaus (Guriev, 2009). 
2 Resource sectors in Norway and Russia 
A Resource sector in Norway. In 1969 oil was discovered in the 
continental shell of Norway in the Northern See and its extraction has 
begun in June 1971 (Makhortov, 2006). Since then Norway has become 
the largest European oil producer. The Norwegian economy has been 
rapidly growing. As today the offshore oil and natural gas sector of 
Norway is the most important source of revenue and in 2010 it made up 
63.9 per cent of the country’s total exports (Jobs, World DataBank). This 
makes the country highly dependent on natural resources. As of January 
2012 Norway had proven oil reserve of 5.32 billion barrels. The peak of 
Norwegian oil production was in 2001 as the country was producing 3.4 
million barrels per day. It has declined over ten years and the production 
in 2011 was just 2.00 million barrels per day. As well as being rich in oil, 
Norway is also the second (Russia being the first) largest exporter of 
natural gas. In 2011 its proven natural gas reserves amounted to 71 trillion 
cubic feet (EIA, Norway).  
Some researchers claim that Norway has avoided the resource curse 
due to the wisely implemented policies and setting the well-considered 
development goals right after the discovery of resources. Relying on the 
Norwegian Parliament reports from the 70-s Larsen (2004) identifies the 
following strategies that the state followed. First, Norway has 
acknowledged the benefits of its centralized wage formation system and 
was aiming at promoting it further. The system allowed to limit the 
magnitude of the wage increase, which was forced by the increase of 
profits in the oil-sector. The Norwegian Parliament has also introduced a 
neutral agency, which calculated the maximum value of the possible wage 
increase according to the productivity increase in the manufacturing 
sector. In fact this might have been one of the crucial policies, which 
prevented rapid currency appreciation. The system allowed to consider 
broader social interests rather than interests of just separate groups. 
Second, the policies have encouraged reliance on the domestic firms for 

the oil extraction and investment in the technological development. 
Norwegian petroleum industry was provided with incentives to rely on the 
local shipbuilding and engineering companies, developing them into one 
of the most successful sectors in the national economy (Norad, 2013). 
Third, the Parliament clearly identified the priority of education and 
research and development sector. A proportion of the revenues was 
dedicated to be channeled in the financing of technological centers, 
scholarships and visits abroad. Fourth, the Norwegian policies in the 70-s 
encouraged payment back of the external debt and establishment of the 
Petroleum Fund. And finally, the Norwegian policymakers have clearly 
identified the priority of developing the areas of the country’s comparative 
advantage and diversifying exports. (Larsen, 2004) 
The peculiarity of the country’s resource sector is that the 
government controls most of its activities. Besides the state is the major 
shareholder of two biggest companies in the sector, possessing 71 per cent 
of shares of Statoil and 44 per cent of shares of Norsk Hydro (Makhortov, 
2006). Resource activities in Norway are regulated by the Petroleum 
activities Act (Act 29 November 1996 No. 72). It states that natural 
resources belong to the people and have to be managed so that to 
guarantee benefit for present as well as future generations. The state is 
responsible for saving and redistributing profits to satisfy in the best 
possible way the needs of the society. The Act indicates a requirement of 
performing an assessment of the economic and social consequences of the 
envisaged petroleum activity before it can be carried into effect. Therefore 
the interests of the local communities must be considered as the first 
priority before any actions can be taken (Makhortov, 2006). 
In order to preserve resources, the exploration and production 
activities are governed by the licensing procedures and only a certain 
number of areas are available in each round. Transparency and 
predictability of the oil-companies are the key elements of the Norwegian 
resource management model. They are important in order to guarantee 
that revenues from resources are distributed in ways beneficial for the 
whole population. In order to guarantee that the exploitation of the natural 
resources is done in the most efficient way, it is usual that a production 
license is awarded to a combined group of companies, each having 
exclusive competences (Norad, 2013).  
The danger of the currency’s appreciation and the oil sector’s 
suppression effect on the export areas were well-recognized by the 
Norwegian policymakers. It is also predicted that the petroleum sector is 
experiencing its boom now, but the revenues are expected to decline 

within next few decades. Therefore in order to guarantee an economic 
stability and ensure the preservation of the revenues from the existing 
natural resources for the future generation, in 1990 the country has 
established a sovereign wealth fund – Oljefondet. It is used to manage the 
effect of the price swings in the oil market and to avoid consequences 
associated with the Dutch disease. The government is only allowed to 
spend 4 per cent of the return of the Fund’s capital. This policy ensures 
that the revenues are used wisely and the future generations would also be 
able to enjoy the benefits of the oil-boom. (Norad, 2013) The money into 
the Fund comes mainly from the taxes to oil companies, as well as 
payments for license to explore and dividends from the state’s partial 
ownership of the major oil company StatoilHydro (Sovereign Wealth 
Fund Institute). 
B. Resource sector in Russia 
Russia has a long history of oil extraction. The first oil wells were 
made in the country as early as the end of the 19th century. The first oil 
fields in Siberia, producing most of the country’s oil, were discovered in 
1960-s. The volume of extraction started to grow rapidly. In 1971 Russia 
was extracting 7,6 million barrels per day, increasing the number to 9,9 
million in 1975. In 1988 Russian oil industry has reached its peak by 
producing 11,4 million barrels per day. The collapse of the Soviet Union 
greatly harmed the industry. The volumes of production were decreasing 
until 1997, when they started growing again (Rosneft).  
Russian oil industry was privatized in 1990-s after the collapse of the 
Soviet Union, however, the process of consolidation that followed led to 
the emergence of several big private companies that control the area. 
There are over two hundred forty companies in the sector; however, the 
ninety per cent of production is controlled just by the eleven major 
enterprises. As of 2011 Russia was second largest producer of oil in the 
world (after Saudi Arabia) as it produced ten billion barrels per day (EIA 
Russia, 2012). However, only thirty per cent of it is processed in the 
country, while the rest is sold abroad. The country has proven oil reserves 
of 60 billion barrels, which account to the 6 per cent of the total estimated 
world reserve. There is also a possibility of 67 billion barrels that are 
predicted to be found. If this number is added, this makes Russia the 
richest country in the world in carbohydrates (Makhortov, 2006).  
The system of resource management is complicated in Russia. 
There are four Ministries involved, each having its distinct area of 
responsibility. Allocation of field licenses and the control for the 
fulfillment of conditions stated in them is within the jurisdiction of 

the Ministry of Natural Resources. The Finance Ministry regulates 
the tax policy, the Ministry of Economic Development establishes the 
tariffs and reforms, and the policy in the sector is within the 
responsibility of the Ministry of Energy (EIA, Russia). In my 
opinion, this lack of any centralized approach might be dangerous for 
the sector’s development, as each of the ministries may pursue its 
own goals without referring to the whole picture of what would be 
beneficial for the county’s economy. As Volchkova (2005) points out 
the whole institutional structure of the country was recreated after the 
collapse of the Soviet Union. As the country undergone 
transformation from the centrally planned to the market economy all 
of its structural components had to be radically changed. The lack of 
long experience has led to the institutional structure being 
underdeveloped and malfunctioning (Volchkova, 2005).  
A significant step to the sustainable resource management in 
Russia has been taken with the adoption of the governmental act of 
the Energy Strategy of Russia until 2030. The groups of objectives 
stated in the document seem to be related to Norwegian policies. The 
first one aims at supply of energy to both individual consumers and 
industries by “reasonable price” stimulating energy efficiency. The 
second is to reduce risks and prevent crises in energy sector. The 
third is to reduce the costs of energy production and consumption by 
investing in more efficient technology. And the final one aims at 
minimizing the environmental impacts by employing more modern 
and safer technology. The document suggests the following 
mechanisms for reaching the stated goals. It acknowledges the 
necessity to stimulate the market environment and proposes the 
implementation of the institutional changes in the sector as well as 
central coordination of tax, tariffs and regulations. It also states the 
need to introduce more precise technical regulations, stricter 
standards aiming at ensuring energy efficiency and the need to 
support and stimulate companies active in innovation and 
implementation of new technology (Ministry of Energy of the 
Russian Federation). 
The possible symptoms of the Dutch disease were seen in the 
Russian economy at the rise of the twenty first century. Over the 
period of 5 years from 1998 to 2003 the Russian ruble appreciated by 
50 % against the dollar, which is explained by the increase in the 
volume of oil export at the time of the increase in the world oil prices 
(Volchkova, 2005). The term “Dutch Disease” is, however, often