PhD, Associate Professor, Aksenov Eugene P.

Kuzbass State Technical University, Russia

D.Sc. Professor, Roschina Irina V.

Tomsk State University, Russia

THE QUALITY OF FINANCIAL MANAGEMENT AND

THE PRIORITIES OF HUMAN DEVELOPMENT

At present, the role of financial theory is constantly increasing, as it forms the conceptual basis not only for the implementation of economic and social policies at the macro level, but also supported the methodological basis for the introduction of effective management technologies, financial management of businesses.

Currently, it has become increasingly clear that financial management is not just a work of art, based on scientific methodology, philosophy designed for conceptualizing and implementing optimum administrative decisions aimed at improving the efficiency of financial and economic activity of managing subjects, leading to increased human capital, improving the quality of life of the population. Accordingly, that the methodologically justifier we will accept and correctly implement the necessary financial decisions, the bigger and better the financial results of economic units, larger human capital and, therefore, higher quality of life for the people.

In market conditions, financial relations are central, dominant position, as have a decisive impact on the level of development of virtually all socio-economic relations, both on a global scale at the level of the world community of Nations, the peoples of the world, and at the level of the individual State, regions, municipalities and businesses.

In the implementation of strategic objectives and tasks associated with the modernization of the national economy on the basis of efficient human capital development, rational use of modern scientific and technological progress is central to innovation, improve the methodology of financial management of business entities, which, in fact, is the fundamental basis for the development of the theory and practice of management of corporate finances, improving the efficiency of Russian business, the quality of life of the population.

Ensuring the necessary quality control has traditionally been a priority, difficult problem associated with almost any socio-economic issue, and therefore, the most significant feature, the main prerequisite for determining the effectiveness of financial and economic functions of economic entities, financial relations of the State.

The quality of financial management represents a collection of properties, characteristics of control subsystem, in terms of the methodology of the general theory of management, financial management, determining the possibility of improving processes, goal-setting and achieving, compliance goals, objectives, methods, functions, the financial management objective requirements in the rapidly evolving 21st century foreign and domestic business environment. The business entities need to constantly update the methodology of financial management in order to maintain the competitiveness of the financial condition, necessary and sufficiently high adaptive level.

As studies have shown, for the last fifteen years the quality of Russian governance models at the macro and micro levels are improving slowly. So now the effective management of socio-economic and financial processes in Russia wants the best. In this connection, the general trend to slower dynamics of qualitative characteristics of development of Russia.

Despite the fact that over the past decade, Russia has regained the status of a major economic powers-the world's 10 largest GDP, it is characterized by relatively low values of indicators of economic efficiency, the quality of life. In 2011, it was 67 out of 198 seats in terms of per capita income, 39 out of 60 seats by index value of financial development [1]. Eventually, Russia has the lowest index value of prosperity – 59 place that, above all, due to the low efficiency of management at the macro and micro levels – 96 of the 110 seats according to The Legatum Institute [2].

Quality management is a significant economic entity administering systems that define the properties to create appropriate conditions for the effective functioning of development, based on the selection, differentiation, combine, of the most important factors of internal and external environment. Ultimately, it is the ability to generate, realize competitive advantages. And improving the quality of financial management is not only connected with changes in the management system and elements of the system. It is also the driving force behind these changes.

Therefore, effective financial management businesses implies the existence of high-level methodological support, smooth, clear mechanism for the development, implementation, management decisions based on innovation, development and improvement of the theory of financial management, the transformation of methodology of corporate control, regulation of the financial-economic processes on the basis of modern structural and functional approaches to the development of financial engineering, organizing, monitoring, controlling, and reengineering. Currently, high quality financial management was a necessary condition to ensure continuous growth of effectiveness of financial and economic activities, innovative mobilization of functionality of an entity that provides market success and competitiveness.

In today's rapidly evolving scientific and technological progress in the economically developed States, in Russia, as a rule, there is no shortage of goods, services, there are a plethora of free cash flows. This is an additional factor in reinforcing the need for the development of neoclassical theory, finance, conceptual shift in emphasis on the effectiveness of financial and economic activity, quality of management, increase social impact and social responsibility in the process of meeting the needs of buyers and customers in the products, services, with high consumer properties. Today, it is the necessary conditions to ensure the profitability of financial-economic activities of businesses, the quality of life of the population.

In this context, it is necessary to distinguish four conceptual aspect of the development of the methodology of financial management:

a) а management is a priority, a comprehensive activity that determines the effectiveness, efficiency, virtually all socio-economic and financial relations;

b) а financial activity mediates directly or indirectly all kinds of socio-economic activities in the context of globalization of the economy, development of post-industrialized relations, accelerate innovation processes;

c) а finance business entities are the fundamental basis of the modern State, build human capital, improving the quality of life of the population, since directly or indirectly provide most of the income of the budgets of all levels;

d) a content of financial management concept of efficiency, quality, sophisticated management features, integration with social and humanitarian knowledge, information technology, the formation of innovative multidisciplinary research approaches.

This approach to the definition of the financial-economic growth corresponds to the modern international conceptions of economically developed countries in the world, based on the priorities of human development and social responsibility. It was replaced by the "classic" theory of social and economic development, based on the priorities of the growth rate of the gross national product and hearing person only as a tool, the drive mechanism, the driving force of development.

In the nineties of the last century, a conceptual framework for the development of applied research in the field of economy and finance has become a general theory of management on the management as a process consisting of a set of common functions, covering all the economic and financial life. At the same time, the theoretical foundations of financial management businesses are in the nature of universal laws as valid for all applied research foundations of the management of the economy.

References:

1. The World Economic Forum [Electronic resource]. http://www.weforum. org.

2. The 2011 Legatum prosperity index [Electronic resource]. http://www. prosperity.com