Generolo Jono Žemaičio Lietuvos karo akademija

The article considers the digital economy as the main factor in the development of small and medium-sized businesses. The programs of the digital economy of various foreign countries were explained. Methods of effective development of the digital economy are studied. The importance of the digital economy in modernizing traditional industries and services is emphasized. Mixed financial transactions have organized by continuous penetration of information in technologies and its role in the development of small and medium-sized businesses have described. In Kazakhstan, the problems of introduction and dissemination of the digital economy in the sphere of small and medium-sized innovative entrepreneurship are discussed: the lack of infrastructure to promote domestic developments, underestimation of innovative activity by domestic entrepreneurs. The digital economy characterized as one of the manifestations of scientific and technological development of Kazakhstan. It provides for a significant favorable impact of digitalization on the development of small and medium-sized innovative entrepreneurship in Kazakhstan. In the digital economy, the main attention paid to one of the most important conditions for the effective development of the leading branches of human activity - the formation of an appropriate institutional environment. The main institutions, personnel and conditions for the use of knowledge for the successful development of the digital economy outlined

Relevance: With the increase of permeability of borders, in the conditions of active political interaction between regions, it became regular to witness appearance of many transnational companies (TNC) and metacorporations differing in forms of management and organizational connections. Where in the case of transnational companies we can most often observe trade expansion with the pushing out of the competitors working on the local market, the pattern more characteristic of metacorporations is merger and acquisition (MAA) where the management of the holding (as a rule) signs contracts with local manufacturers increasing their production capacity at the expense of local productions and businesses. The aim of this paper is to track the dynamics of international business development in the conditions of globalization and find out which regions and spheres of business are currently considered the most preferable for foreign investment. The results gained can be used in planning of perspective outlet markets and in search of new collaboration objects. The novelty of this paper lies in the observed character of interdependence of national economies and redistribution of investment flows between regions. The conclusions were made, that foreign investment flows (FIF) significantly influence the development of business inside the country: businesses with foreign capital receive a number of benefits compared to local companies.

Often taxation is considered as a restriction to any market development, lessening the willingness to effective actions or raising the opportunity costs. Therefore lots of investigations are dedicated to identification of optimal measures in order to satisfy the fiscal needs still encouraging market performance. The purpose of this paper is to identify the impact of capital income taxation on corporate bond market development by using the Laffer curve and tax burden measurements and methods. While theoretical investigations proposed an application of tax exempt to corporate bond transactions, empirical results stated no significant arguments for corporate bond market stagnation to taxation.

The article discusses the situation in Lithuania`s stock market, stock valuation methods and their applicability in the capital market. Stock market data reveals that it is still under the development phase and that determines that a few stock valuation methods can be applied for this Baltic country. Statistical data shows that the most suitable valuation methods according to current market conditions are discounted cash flow to equity and equity economic value added methods. These two methods and their variables were analyzed deeply in order to ensure correct, objective and precise valuation and contribute to sustainable development of valuation practice in Lithuania.

Special features that options include are the main reason of their growing amounts trading in the financial markets. Options can be used in many imaginative ways to create various attractive investment opportunities. Empirical researches all over the world illustrated that options incorporate an insurance element not available in any other security and because of that they can be used by investors to create return distributions unobtainable with the strategy of allocating funds between fixed income securities and stock portfolios. But investor must understand that one of the main aspects of profitable trading in derivative securities is their proper evaluation and pricing. As the exact valuation of options is quite difficult, the article deals with the theoretical and practical aspects of pricing of options. The purpose of the research is to adopt Monte Carlo simulation method to predict prices of plain vanilla options and to compare them to real option prices and option prices calculated using analytical Black-Scholes formula.