ФАКТОРЫ УСТОЙЧИВОГО РОСТА РОССИЙСКИХ КОМПАНИЙ

Финансы: теория и практика. 2018. Т. 22. № 1. С. 104–117.

Ryabova E., Самоделкина М. А.

Introduction. The issue of growth is becoming a priority for many companies today. The growth of an enterprise is connected with many difficulties to solve which it is necessary to evaluate a great number of factors influencing it. However until now there has not been formed any approaches to neither the meaning of this term, nor factors determining it. Thus it is possible to single out two unsolved questions on this sphere. The first is connected with the choice of the indicator itself that characterizes the growth of the companies. The second is in grounding the factors that can have a permanent impact on the growth. The authors will try to answer these two questions in the current research.

Actual and sustainable growth of companies is a separate subject of the research on the example of 122 biggest Russian companies from the Forbes list.

 Methods. Methods used in the research are general scientific methods of analysis (analysis, synthesis, comparison, graphical) as well as special (statistical methods of analysis, coefficient method).

Results. In this research it is proved that the combination and extent of impact of financial and non-financial factors on actual and sustainable company growth varies.  The structure of financing for large companies is an insignificant factor. Therefore, it is not important at the expense of what resources the growth of business takes occurs. The existence of the board of directors is an essential criterion for ensuring the effectiveness of current activities, which affects the actual growth in sales. From the strategic perspective, sustainable growth is influenced by the presence of independent members on the board of directors. Investments in long-term assets have proved to be significant for both actual and sustained growth of the company with a certain time lag.

The sphere of result application. The proposed methodology can be used by both external and internal analysts to develop investment and financial management decisions.

Keywords: факторы роста, sustainable growth, устойчивый рост, нефинансовые показатели, sustainable growth models, growth factors, non-financial indicators, модели устойчивого роста