Оценка оптимальности структуры капитала агропромышленного холдинга (на материалах агрохолдинга "Мираторг")
The world practice shows that the capital structure (proportion of own and debt capital) is important for company’s efficiency. Debt finance allows the company to invest in its growth more actively and with higher efficiency and to use the favorable situation on the market. The paper contains an analysis of the structure of the capital of the agro-industrial holding “Miratorg”. The importance of this task is based on the big size of this company and on the huge part it plays in the Russian agro-industrial complex. This is why it is very important to create conditions for effective functioning of this company, and optimization of the capital structure is one of the tools that can be used to reach this goal. The evaluation of the cost of own and debt capital of the “Miratorg” company was made. A dependence of the capital value from the size of the debt capital was identified. It is demonstrated that during most of the period 2012-2017 the capital structure was not optimal. The part of the debt capital was too small. We can recommend to increase the share of the debt finance in order to improve the efficiency of this company. The low share of the debt finance can be explained by the fact that “Miratorg” is not a public company and can be interested in non-economic goals (financial independence).
Current article is dedicated to the relationship between effectiveness of usage of intellectual capital and capital structure of firms in Russia in 2005-2007. Current research showed that effectiveness of usage of intellectual capital of firms has a positive influence over the level of financial leverage. The result of the research has showed that the more effective usage of intellectual capital makes a company more attractive for the credit organizations and opens more sources to obtain financing. There were also revealed some specific features of relationship between the effectiveness of utilization of intellectual capital and corporate financial decisions in Russia. The result is consistent with the results from the similar researches from the developed markets.
The debt-to-equity choice has always been one of the crucial decisions of the firm’s management. The capital structure is vital for the appropriate development of relationships among the company’s stakeholders. The conflicts of interests between management and shareholders and creditors as well as conflicts between other groups of stakeholders lead to the appearance of agency costs that decrease the corporate value. The role of agency costs is even higher in emerging markets due to higher information asymmetry, lower development of legal system, investors’ protection rights and corporate governance. Our paper contributes to the literature by analyzing the agency costs and capital structure choice on the data of emerging markets companies. Our sample consists of more than 150 companies from BRICS and Eastern Europe within 2000-2010. By conducting the empirical analysis based on both linear panel data regressions as well as simultaneous modeling of leverage choice and management shareholding we obtain the following results. The agency costs are relevant for debt-to-equity choice in Russia, India, China and Eastern Europe but the results are not so obvious in Brazil where financing policy could be explained by trade-off theory. We found out the non-linear relationship between financial leverage and management shareholding which is also in line with agency costs significance. Moreover we revealed that agency costs define long-term leverage, but cannot explain short-term debt in emerging markets. Further, we concluded that debt ratios based on market value of equity are not affected by agency costs opposite to capital structure variables based on book value of equity.
The paper explores theoretical approaches to the company IPO underpricing and analyzes capital structure impact on the underpricing of the Russian issuers.
In the paper some prominent features of a modern financial system are studied using the model of leverage dynamics. Asset securitization is considered as a major factor increasing aggregate debt and hence systems uncertainty and instability. A simple macrofinancial model includes a logistic equation of leverage dynamics that reveals origins of a financial bubble, thus corresponding closely to the Minsky financial instability hypothesis. Using ROA, ROE, and the interest rate as parameters, the model provides wide spectrum of leverage and default probability trajectories for the short and long run.
The tutorial discusses the practical computer analysis in the solution of problems in financial management topics . Included guidelines for the quantitative description of the planning system in financial management. An overview of key categories and provisions for asset management and capital. Revealed theoretical issues related to investment management . The material in this manual has a scientific and practical character and contains the information about the typical problems of financial management , which will be in demand by readers directly in research and professional activities. The manual is intended for students and undergraduates enrolled in the direction of "Economics" and "Management" , and may also be useful to managers and professionals , both financial and non-financial corporations.
Despite a clear distinction in law between equity and debt, the results of such a categorization can be misleading. The growth of financial innovation in recent decades necessitates the allocation of control and cash-flow rights in a way that diverges from the classic understanding. Some of the financial instruments issued by companies, so-called hybrid instruments, fall into a grey area between debt and equity, forcing regulators to look beyond the legal form of an instrument to its practical substance. This innovative study, by emphasizing the agency relations and the property law claims embedded in the use of such unconventional instruments, analyses and discusses the governance regulation of hybrids in a way that is primarily functional, departing from more common approaches that focus on tax advantages and internal corporate control. The author assesses the role of hybrid instruments in the modern company, unveiling the costs and benefits of issuing these securities, recognizing and categorizing the different problem fields in which hybrids play an important role, and identifying legal and contracting solutions to governance and finance problems. The full-scale analysis compares the UK law dealing with hybrid instruments with the corresponding law of the most relevant US jurisdictions in relation to company law. The following issues, among many others, are raised:
– decisions under uncertainty when the risks of opportunism of the parties is very high;
− contract incompleteness and ex post conflicts;
− protection of convertible bondholders in mergers and acquisitions and in assets disposal;
− use of convertible bonds to reorganise and restructure a firm;
− timing of the conversion and the issuer’s call option;
− majority-minority conflict in venture capital financing;
− duty of loyalty;
− fiduciary duties to preference shareholders; and
− financial contract design for controlling the board’s power in exit events.
Throughout, the analysis includes discussion, comparison, and evaluation of statutory provisions, existing legal standards, and strategies for protection. It is unlikely that a more thorough or informative account exists of the complex regulatory problems created by hybrid financial instruments and of the different ways in which regulatory regimes have responded to the problems they raise. Because business parties in these jurisdictions have a lot of scope and a strong incentive to contract for their rights, this book will also be of uncommon practical value to corporate counsel and financial regulators as well as to interested academics.
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.