The Eurasian Economic Union (EAEU) is relatively new regional integration block formed in the beginning of 2015 and now consists of five members (Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia). The main document that establishes the basic principles of the functioning of the EAEU is the Agreement on EAEU that also covers the specifics of application of non-tariff measures (NTMs) on a very aggregate level. Overall NTMs adopted within EAEU are equally applied by the members of the Union. But still these measures may find their reflection in the national legislation of the member-states.
In order to analyze EAEU NTMs two sources of information were used: website of the Eurasian Economic Commission and TRAINS/WITS database. They were used as complements and allowed to find the most up to date versions of the legal acts that cover trade- and NTM-related aspects of EAEU functioning.
The article highlights the reports of X International Symposium on Evolutionary Economics (Russia, Pushchino, Moscow Region, September 12-14, 2013).
M&A transactions are realized in various economy sectors of the most developed countries. The major motive for M&A is to obtain synergy effects. That is why it is especially importantfor a company that realizes M&A to estimate future deal outcome correctly. In this study, the analysis of synergy effects in M&A transactions is considered from the point of deal efficiency in the example of food industry because of its strategic importance for any state.
The work consists of three main parts. The first chapter examines the theoretical aspects of M&A transactions. In the second chapter the main concepts and methodologies are presented for valuing synergy effects from the point of deal efficiency. The last chapter is devoted to solving practical problems of the study.
During the study of valuation concepts presented in the second chapter, two methods were chosen for further consideration: the method described in the article written by Kemenov A. V. and Chemerkin M. A. and the DCF method. In this paper, two hypotheses are put forward: 1). the efficiency of the transaction, calculated by the method proposed in the work of Kemenov A. V. and Chemerkin M. A., is an indicator of future synergy effects; 2). there are interrelations between the obtained deal efficiency of the transaction and various pre-deal financial and non-financial indicators of companies.
Thus, the result of this study is the revealed interrelations between the deal efficiency and companies’ pre-deal performance indicators by the cluster analysis method, as well as the valuation ofthe synergy effect by comparing the enterprise value of the merged company after the transaction with companies’enterprise values prior the transaction using theDCF approach on the example of a specific case, chosen on the obtained clustering results and then comparing the results of the two methods.
The paper explores the dynamics of the Russian non-profit organizations contribution to the national economy and their development tendencies. Statistical data on national accounts and FIRA PRO database of 1995-2012 has been analyzed in terms of the share of GDP and industry output accounted for by non-profits and the activity of non-profit organizations in the regions of Russia. The findings indicate that a considerable decline in these indicators. Significant discrepancies between changes in the activity of non-profits and other producers show a possibility of additional nonprofit development factors. It is concluded that there are factors of nonprofit sustainability during the time of financial crises.
At the present time the problem of managing the cost of capital in conditions of external economic shocks is particularly relevant. This occurs because of implementation in 2014 by Bank of Russia new requirements for the structure and capital adequacy of Russian banks in accordance with the Basel 3 capital standards. In this paper we investigate the dependence between the total capital value of the Russian Federation banking sector and the main macroeconomic indicators. Also we assessed the extent and speed of their impact on capital, based on the vector autoregression model.
The article identifies the key determinants that influence the efficiency of companies' investment policy in the retail sector. The sample of the study includes data on 86 Russian retailers actively working in the domestic market. The constructed models showed the degree of influence on the investment policy of retail companies such indicators as assets, net profit, current liquidity ratio, total debt to total assets, company age, online store availability, number of outlets, development plans, number of countries where the retailer is developing, as well as macroeconomic indicators such as gross domestic product, investment volume, interest rate.