Зависимость инвестиционной активности компании от стадий корпоративного жизненного цикла
In the article reveals an influence of various stages of life cycle of the company on its investment activity. For this purpose it is necessary to follow the dynamics of a life cycle of the separate organization and to find new approaches tin the management policy of the company. The article contains the description of features of a corporate investment policy for each stage of life cycle, the phase of revival of business is separately considered. The methodological basis of research is presented, the constructed models are empirically tested.
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.
The paper contains empirical estimates of how behavioral factor (an attitude towards risk), rationality and uncertainty influence on investment decisions (capital investment) of Russian companies. The research is guided by the models of Sandmo (1971), Bo and Sterken (2007). We have tested a hypothesis, that risk preferring companies tend to grow investment, while risk averse companies are more likely to decrease the number of investment projects under uncertainty. The following rational variables, explaining investment policy, are included into the model: sales growth, market power, return on equity, debt to equity ratio, current liquidity. Since the time span of the research includes both the crisis period (years 2008, 2009) and the period before the crisis (2004-2007) we have also estimated the time effect on the companies’ investments.
The following estimators have been used to get the results: ordinary least squares; fixed effects model; random effects model; panel data models with binary variables controlling time effects; Hausman-Teylor’s model, generalized method of moments.
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.