Корпоративный менеджмент (интернет-проект)
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 possible results of increasing role and importance of digital capital on the economy and corporate finance are considered in conditions when competitiveness is becoming an important measure of the quality of the economy and corporations. Possible social consequences of the growth of the role and importance of digital capital and new challenges for the state are analyzed. New tasks of corporate finance and valuation are researched relating to the growth of the role and value of digital capital.
An article represents a comprehensive overview of approaches to capital structure modeling on the example of the public corporation Silvinit. At first, there are provided a short review of the company and of the corresponding industry followed by the description of how the analogues for the company were chosen. The next part of the article gives a step-by-step description of the practical implementation of such models as WACC model, EBIT-EPS, method of operational profit. Monte-Carlo approach is used for demonstrating an influence of the leverage increase on tax and interest payments as well as company's default risk. In conclusion the authors compare the results of different approaches with the current capital structure of Silvinit.
EBES is a scholarly association for scholars involved in the practice and study of economics, finance, and business worldwide. EBES was founded in 2008 with the purpose of not only promoting academic research in the field of business and economics, but also encouraging the intellectual development of scholars. Conference were with the support of Istanbul Economic Research Association. We are honored to have received top-tier papers from distinguished scholars from all over the world. In the conference, 323 papers will be presented and 569 colleagues from 56 countries will attend the conference.
The book consists of several units covering various aspects of business organisation. The main economic systems, the role of an enterprise as a basic unit of production, the characteristics of small-scale and large-scale business are considered. Corporation as a form of business organisation with its structure, management and financial aspects of operating is analysed.