Исследование факторов, влияющих на инвестиционную активность компаний

Черкасова Виктория Артуровна; Теплова Ольга Юрьевна

Article

Исследование факторов, влияющих на инвестиционную активность компаний

Корпоративные финансы. 2011. № 3. С. 5-18.

Черкасова В. А., Теплова О. Ю.

In the article are considered various approaches to the problem of the choice of investments' level of the company: a number of the factors which influence the investment activity of the company is revealed; influence of return on investments (ROI) on the investment policy is analysed. The review of economic researches on determinants of investment policy of the companies is studied, various approaches to calculation of ROI are considered. The basic steps and results of the empirical research based on the russian companies' data are presented.

Priority areas: economics

Language: Russian

Keywords: investment activity investment policy capital expenditures return on investment

Russian market of collective investments analysis

Volodin S., Kuznetcova M. In bk.: Risk management: perspectives and open issues. L.: McGraw-Hill Education, 2016. Ch. 1. P. 323-343.

The article describes proposed by the authors methodology of analysis of the Russian mutual funds. The aim of this methodology is to find out how attractive they are to investors and if they are able to provide the possibility of obtaining higher returns with less risk than the market in general. The study determines what type of fund management (active or passive) is more optimal. It also explains the effectiveness of focusing on past performance of the funds for making future investments. In addition, the ability of the management companies to repeat their past results is analyzed. Moreover, it is shown if it makes sense to focus on management companies that achieved the best results in the past while making decisions about future investments. These and other results achieved in this article reveal the features of the Russian market of collective investments and allow investors to form more competent policy of mutual funds’ investments. The methodology proposed by the authors is universal. Its application for the analysis of the other markets of collective investments will allow revealing their features.

Added: May 18, 2016

Designing of integrated system-dynamics models for an oil company

Akopov A. S. International Journal of Computer Applications in Technology. 2012. Vol. 45. No. 4. P. 220-230.

This paper presents a new approach to designing integrated simulation models for large corporations. This approach is based on the use of system-dynamics methods for implementing models of segments of the vertically integrated company taking into account the available direct and feedback links. All models have been designed with the help of power simulation tool - Powersim Studio. In addition, the designed simulation system has been integrated with created genetic algorithm and the corporate data warehouse.

Added: Feb 7, 2013

A “de Soto Effect” in Industry? Evidence from the Russian Federation

Карась А., Pyle W., Schoors K. Институциональные проблемы российской экономики. WP1. НИУ ВШЭ, 2012. No. 03.

The empirical literature assessing the connection between land rights, access to ﬁnance and investment activity has focused largely on actors that, for multiple reasons, might face difﬁculties accessing credit. Communities of small-scale farmers or poor urban households in developing countries, that is, may not be the best place to look for evidence as to whether more secure land rights are sufﬁcient to facilitate borrowing by providing borrowers with a collateralizable asset. We explore this relationship in a setting in which ﬁ nancial market frictions are apt to be less severe – i.e., among large, urban, industrial enterprises. Exploiting policy-induced variation across Russian regions, we use recently-collected survey data to show that private rights to land do indeed facilitate access to external ﬁnancing and promote investment. This ﬁnding is supplemented by additional survey evidence that points to private land serving as an important source of collateral.

Added: Dec 15, 2012

Методология расчета потока инвестиций для оценки истинной стоимости компании

Невейкин В. П. Финансы и кредит. 2010. № 1. С. 34-42.

Added: Oct 12, 2012

Оценка эффективности инвестиционных процессов: анализ зарубежного опыта

Воскресенский В. В. Российское предпринимательство. 2011. № 7-1. С. 10-16.

The paper analyzes the foreign experience in estimating investment process efficiency and its applicability in the Russian conditions. The author examines the methodology of calculating investment efficiency by means of static and dynamic techniques and shows their strengths and weaknesses.

Added: Nov 30, 2012

Влияние финансовых ограничений и реальных опционов на инвестиционную политику компаний

Аистов А. В., Кузьмичева Е. Е. В кн.: XIV Апрельская международная научная конференция по проблемам развития экономики и общества: в 4-х книгах. Книга 2. М.: Издательский дом НИУ ВШЭ, 2014. С. 221-230.

Added: Mar 30, 2014

ПРИНЯТИЕ ИНВЕСТИЦИОННЫХ РЕШЕНИЙ НА ОСНОВЕ МОДЕЛИРОВАНИЯ ДОХОДНОСТИ ТОКЕНОВ

Рассказова А. Н., Королева Е. В. В кн.: Управление развитием крупномасштабных систем MLSD'2018. Т. 1: секция 1-6. М.: ИПУ РАН, 2018. С. 148-156.

Added: Jan 31, 2019

Economic Update - Hungary, Romania: Growth to Moderate in 2015

Gavrilenkov E., Stroutchenevski A., Konygin S. M.: Sberbank CIB, 2014.

Economic growth. The Hungarian economy continued to perform well in 2Q14, GDP growing 3.9% y-o-y, a bit better than in 1Q14 (3.7%) according to the second reading. However, due to base effects (the economy contracted y-o-y in 1Q13 and 2Q13 was the weakest quarter of 2013 at 0.5%), seasonally and calendar-adjusted Q-o-Q GDP growth decelerated from 1.1% in 1Q14 to 0.8% in 2Q14. Romania's GDP expanded 2.4% y-o-y in 1H14 (3.9% y-o-y in 1Q14 and 1.2% in 2Q14), which looks solid compared with the rest of the EU but not as strong as in neighboring Hungary. Next year, growth is set to moderate in both countries. Investment activity. Hungary's accelerating GDP growth was driven by increased government consumption and investment in production capacity (as well as growing exports), while in Romania, investment and construction contracted. Exchange rates. The Hungarian forint has depreciated moderately this year, a bit more against the dollar and less against the euro. The weaker currency has helped keep Hungarian exports competitive on European markets (around 75% of foreign trade turnover is with EU countries). The Romanian leu has strengthened against the euro, which could explain why the country's economic performance was a bit worse in 2Q14 than earlier in the year.

Added: May 28, 2015

Экономика и управление: проблемы и перспективы развития. Сборник научных статей по итогам международной научно-практической конференции г.Волгоград 15-16 ноября 2010 г.

Ч. 1. Волгоград: Волгоградское научное издательство, 2010.

Added: Jan 18, 2013

Competition impact of market structure: The case of banking services markets in two Russian regions

Anisimova A. I., Muradyan P. A., Vernikov A. V. SSRN Working Paper Series. Social Science Research Network, 2011. No. 1919817.

This empirical paper adds to competition and industrial organization literature by exploring the interplay between industry structure and competitiveness on local, rather than nation-wide, markets. We use micro-level statistical data for banks in two Russian regions (Bashkortostan and Tatarstan) to estimate Herfindahl-Hirschman index, Lerner index, and Panzar-Rosse model. We estimate Panzar-Rosse model in two ways: via the widely used price-equation that accounts for scale effects and then via a revenue-equation that disregards scale effects as suggested by Bikker et al. (2009). We find both regional markets to be ruled by monopolistic competition, although estimation by revenue-equation does not reject monopoly hypothesis for Tatarstan. Existence of sizeable locally-owned and operated institutions does not necessarily lead to higher competitiveness of the given regional market, and the results from non-structural methods of estimation suggest that bank competition in Bashkortostan is stronger than in Tatarstan. Going further away from aggregated analysis we compute Lerner indices in two product segments of Tatarstan – retail and corporate loans – and find that retail segment is significantly more competitive. Local banks exert more market power in corporate loans, while federal branches – in retail loans.

Added: May 14, 2012

Обновляемый образовательный ресурс "Экономическая школа НИУ ВШЭ"

2012.

Added: Feb 22, 2013

Влияние выбора целей и инструментов политики денежных властей на уязвимость экономик

Трунин П. В., Дробышевский С. М., Евдокимова Т. В. М.: Издательский дом «Дело» РАНХиГС, 2012.

Added: Mar 26, 2013

Правовые институты в России 2000-2007 годах: взгляд со стороны бизнеса

Яковлев А. А. Общественные науки и современность. 2008. № 4. С. 21-37.

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An Optimal Incentive Contract Preventing Excessive Risk-Taking by a Bank Manager

Penikas H. I. Financial Economics. FE. Высшая школа экономики, 2012. No. 03.

The Basel Committee of Banking Supervision initiated a discussion on the most efficient practices to prevent bank managers from excessive risk-taking. This paper proposes a game-theoretical approach, describing the decision-making process by a bank manager who chooses his own level of risk and effort. If the level of risk implies the variability of the future outcome, the amount of effort applied affects the probability of a positive outcome. Although effort is unobserved for the bank’s stakeholders, the risk level is under control, and is associated with certain indicators such as capital adequacy ratio or leverage level. The risk-neutral utility function of a bank manager and a binary game outcome of gaining profit or loss for a bank are assumed. Starting from the general incentive contract scheme having the fixed and variable parts of remuneration, it is proposed that differentiating the variable part of remuneration is sufficient to motivate bank managers to make fewer risky decisions. More precisely, the variable part of remuneration (e.g. the share of the bank’s profit) needs to be higher in proportion to the higher variance of outcome for the high -risk outcome case to stimulate a bank manager to opt for lower-risk decisions in place of higher-risk situations.

Added: May 3, 2012

На океанских волнах. Россия в мировом кризисе

Уринсон Я. М. Вестник Европы. 2014. № 38-39.

Added: Feb 5, 2018

Modeling policy response to global systemically important banks regulation

Penikas H. I., Titova Y. Financial Economics. FE. Высшая школа экономики, 2012. No. 02.

In this paper we elaborate a simple model that allows for the predicting of possible reactions from financial institutions to more stringent regulatory measures introduced by the Basel Committee on Banking Supervision (BCBS) in regard to global systemically important banks (G-SIBs). The context is framed by a 2011 BCBS document that proposes higher capital requirements for global systemically important banks. We attempt to analyze bank interactions in an oligopolistic market that is subject to demand constraints on loan amounts and additional loss absorbency requirements introduced by the regulator. We distinguish between the bank’s announced funding cost that determines both the loan amount issued and the market interest rate, and the bank’s true funding cost that has a direct impact on retained earnings. We conclude that in a two-stage game both banks will announce the highest funding cost, thus reducing the amount of loans granted (in line with the regulator’s objective), but at the expense of a higher cost of borrowing established in the market. If the game is repeated, then both banks also choose lower loan amounts in the periods prior to the last one in which the declared funding cost is the lowest possible. It should be noted that the designated outcome also coincides with the findings of the Monetary Economic Department of the Basel Committee on Banking Supervision.

Added: May 3, 2012

Применение различных вариантов правила передачи голосов

Карпов А. В., Вольский В. И. Полития: Анализ. Хроника. Прогноз. 2011. № 2. С. 162-174.

Added: Jun 24, 2011