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.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.