Влияние факторов финансовых ограничений на инвестиционную активность компаний на развитых и развивающихся рынках капитала
The article is defined the relationship between cash flow and investments in companies. An algorithm was built which determined the dependence of company's investment activity from the determinants of financial constraints. The methodology was tested on data from companies in developed and emerging markets. The comparative analysis of the factors was realized which gives understanding that phenomenon of limiting depends from the type of market and will develop ways to improve investment policy of firms in developing economies.
Business Studies practice listening tasks which are based on authentic sources, specially designed for the English state exam of the 4th year Public Administration students.
This study investigates the puzzle of zero-debt in emerging markets using a sample of firms from Eastern Europe during 2000-2013. The results of this paper are in line with the previous research of firms from developed markets. Firms that are financially constrained do not use debt as a result of credit rationing while financially unconstrained firms intentionally eschew debt to maintain financial flexibility and avoid underinvestment incentives. Furthermore, this study provides new insights into unconstrained firms’ performance during different economic situations. Firms that strategically avoid debt show better financial results than levered firms.
The article examines the experience of China's investment policy aimed at creating favorable conditions to attract investment, particularly foreign direct investments, to the most important country's industries. In recent years, this policy (the establishment of free economic zones, trade liberalization, the establishment of an appropriate legislative framework, state support for investors) has brought noticeable positive results, but with the beginning of the global financial crisis allowed to avoid the most painful consequences. This experience taking into account all its particularities can be useful for our economy.
After the global financial crisis Russian macroeconomic dynamics changed dramatically: reduced access to external financing and the worsening economic outlook led to very weak investment dynamics. We test and confirm the hypothesis that one of the reasons is high debt burden of Russian companies - debt overhang. We propose a new indicator for debt overhang. Now the issue of financing investment in Russia is especially important: due to political reasons, the international capital markets are closed for most Russian companies. Special attention is given to the active participation of the government in the capital of companies. Companies associated with the state have formal and informal preferences, easier access to debt financing and may have soft budget constraints.
We study the relationship between SMS (small medium size) firm ownership structure and obstacle to finance. The empirical research considers both the concentration of the company's ownership (controlling owner) and the presence of foreign participants in the equity capital. Our aim is to identify those determinants of financial markets (bond market development), legal institutions and firms characteristics in the transition economies of the post soviet countries that can be considered as barriers to attracting financial resources. This paper sheds light on large shareholders’ influence on obstacle to finance.
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.