Abstract:

The term “study” in the title concerns university economic education and its relationships with scientific research and real practice of financial management. We consider the terms “financial management” in broader meaning that “corporate finance” including additionally finance of small and middle business firms or enterprises.

The report includes three sections. The first section describes briefly the system of notions, tendencies and problems of modern financial management, the relationships this management with financial innovations as new financial products, technologies and institutions and the increasing significance of new education technologies in knowledge economy.

The second section embraces the methodological aspects concerning the solution of the financial issues and development of corresponding education technologies. The authors developed special mathematical models with necessary software for main spheres of financial management, data sets for testing, and methodical recommendations for application in research, university education (for example in simulation games), and practice of management. We elaborated these instruments using the principle was “from simple to complex” and have been checking the novelty of our developments with the help of innovative bibliometric analysis based on of Web of Science, Scopus, EconLit and the other electronic resources.

The third section divided in a few subsections in the historical order traces the emergence, the development and the approbation of different technologies and active methods for the study of financial management. In the Soviet period (1971–1990) we presented simulation mathematical models, cases and business games for inventory management and working capital management, and the simulation game “Plan and stimuli in the production association” (PLAST). The PLAST used a complex of simulation and optimization models and a special software for different models of computers and operating systems. The important experiences contained the development and application of the business plan models for a few real small enterprises with the help of the Novosibirsk State University students. In 1991–2000, we modified the previous enterprise financial models and created the new models according to the emerging market conditions in the Russian Federation. The new fields includes features of corporate finance, securities and financial markets, financial stability and relationships with commercial banks. There was a new set of the financial management developments in 2001–2020. The report describes the transition from a single financial subject “Finance and credit” for bachelors to the two courses “Financial markets and institutions” and “Corporate finance” with their interesting education and other innovations. As well as, we show the development of the option courses for bachelors “Financial methodology”, “Value-based management of the firm”, “Risk management” and “Financial economics” for the masters, and some other education innovations and technologies concerning financial management in the Novosibirsk State University and in some other universities in Russia.

Keywords:

Financial management, financial innovation, corporate finance, education technology, simulation, case study, business game, Russia.