Human Capital Development as an Element of Financial Management in National Education Systems

  • Vladimir Alexandrovich SLEPOV Plekhanov Russian University of Economics, Moscow, Russian Federation
  • Tatyana Nikolaevna RODENKOVA Plekhanov Russian University of Economics, Russian Federation
  • Mikhail Evgenievich KOSOV Plekhanov Russian University of Economics, Russian Federation Financial University under the Government of the Russian Federation, Moscow, Russian Federation
  • Alexey Igorevich GRISHIN Plekhanov Russian University of Economics, Russian Federation


In recent decades, human capital has become a key element in the development of countries all over the world. The consumer demand for complex products and services (the reflection of human capital in the field of consumption) can enhance the increase in financial and economic indicators. Accordingly, education in the modern economy should not be considered as a field that requires high costs, but rather as an investment field that determines the scale of economic growth. Meanwhile, the policy of financial support of higher education in Russia is still largely focused not on the contribution to the economic and social development of the country, but the internal problems of the system, relying on the notion of education as a sphere of social obligations. In this regard, the transformation of conceptual approaches to the financial management of universities, involving the improvement of the methods used and the development of new methods and models, is of particular relevance.

The study aims to develop the methods and models of university financial management given the modern conditions of financial support for educational institutions of higher education for the development of human capital. The research methods include a review of the scientific literature in this field, synthesis, and analysis of the information received, as well as comparison, formalization, and specification. The study identifies modern approaches to the financial management of Russian universities by assessing existing methods and models, as well as the specifics of financing universities in the current conditions of financial support for education.

Given the concept of a university as a self-learning organization within the framework of the new paradigm of financial management and human capital development, a system model of financial decision making should be used.


[1] Bobylev, S.N., and Grigorev, L.M. 2018. Doklad o chelovecheskom razvitii v Rossiiskoi Federatsii za 2018 god [2018 Human development report in the Russian Federation]. Moscow: Analiticheskii tsentr pri Pravitelstve Rossiiskoi Federatsii, 158.
[2] Douanla, T.L., Abomo, F.M.O. 2015. Government Spending in Education and Economic Growth in Cameroon: A Vector Error Correction Model Approach. Journal of Research in Educational Sciences, Volume VII, 8: 12 – 18. Available at:
[3] Konstantinov, G.N., and Filonovich, S.R. 2007. Chto takoe predprinimatelskii universitet [What is an entrepreneurial university]. Voprosy obrazovaniya, 1: 49-61.
[4] Kosov, M.E., and Akhmadeev, R.G. 2015. Raskhody na nauchnye issledovaniya: nalogovye poslableniya [Research expenses: tax relief]. Vestnik Moskovskogo universiteta MVD Rossii, 2: 224-229.
[5] Osipov, V.S., et al. 2017. Institutional Analysis of Public Administration System. International Journal of Applied Business and Economic Research, 15(15): 193-203.
[6] Rodenkova, T.N. 2011. Finansovoe modelirovanie innovatsionnoi infrastruktury vuza [Financial modeling of university innovation infrastructure]. Vestnik Rossiiskoi ekonomicheskoi akademii, 1(37): 16.
[7] Surova, N.Yu., and Kosov, M.E. 2015. Innovatsionnyi podkhod k upravleniyu protsessami integratsii sistemy obrazovaniya, vuzovskoi nauki i biznesa dlya razvitiya predprinimatelskoi sredy [An innovative approach to managing the integration processes of the education system, university science and business for the development of the business environment]. Vestnik Akademii ekonomicheskoi bezopasnosti MVD Rossii, 6.
[8] Decree No. 497 of the Government of the Russian Federation. Federal Target Program for the Development of Education for 2016-2020. May 23, 2015.
[9] Federal law No. 175-FZ. 2019.
[10] Federal law No. 349-FZ. 2013.
[11] Federal law No. 359-FZ. 2015.
[12] Federal law No. 362-FZ. 2017.
[13] Federal law No. 384-FZ. 2014.
[14] Federal law No. 415-FZ. 2016.
[15] Federal law No. 459-FZ. 2018.
[16] Ministry of Science and Higher Education of the Russian Federation. 5-100 Russian Academic Excellence Project. Retrieved from:
How to Cite
SLEPOV, Vladimir Alexandrovich et al. Human Capital Development as an Element of Financial Management in National Education Systems. Journal of Advanced Research in Law and Economics, [S.l.], v. 10, n. 4, p. 1303-1308, june 2019. ISSN 2068-696X. Available at: <>. Date accessed: 25 feb. 2024. doi: