Среднесрочное инвестирование на российском фондовом рынке по параметрам ликвидности ценных бумаг
The article describes a methodology for building stability rating, which is used to verify the theoretical hypothesis about the relationship between market capitalization and value-added public industrial companies. Results of the study allowed us to formulate and justify proposals for the creation of value added as a result of the investment bank's interaction with corporate borrowers.
The importance of the topic of the present research is based on the fact that the corporate value is the main index of the company effectiveness within the value-based management paradigm. Now, when the Russian oil and gas industry is under international sectoral sanctions it is extremely important to identify the influence of these sanctions on the value of Russian oil and gas companies.
The present article examines the value of the oil and gas companies and the influence of sectoral sanctions and negative dynamics of oil prices on it. The research methodology is based on econometric modelling. We analyzed four companies that have the biggest market shares: "Rosneft", "Lukoil", "Gazprom neft" and "Tatneft" that represent 62% of the Russian oil industry.
The features of the valuation of Russian oil and gas companies were outlined. Sanctions relating to oil and gas industry were considered, the consequences of their imposition and the fall of oil price were analyzed. The analysis was held to determine the dependence of the value of oil and gas companies on international sanctions and oil price conjuncture.
The results show that in the oil sector the market capitalization directly depends on the oil price, in the gas industry this influence is absent. It was revealed that due to the low level of oil prices, sanctions had not a significant impact on the value of oil and gas companies.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.