Выход на реальные и мнимые облигационные займы российского рынка. Поиск детерминант

Прикладная эконометрика. 2018. № 4(52). С. 22–45.

Teplova T., Galenskaya K., Teplov A.

This paper presents the testing results for hypotheses which try to explain, how do Russian companies choose such financing sources, as public debt (bonds). Bivariate probit models have been applied on a sample of 1107 companies in the interval from 2015 to 2017. The main aim of this paper is to identify the presence of pseudo bond issues and to determine the factors of their issuance on the Russian market. The paradox of the Russian bond market is that with a decrease of profitability and with a deterioration in turnover, a higher the probability of entering the bond market can be observed. We explain this by the pseudo-placements hiding the schemes of bank lending because of the strict rules for regulating risky loans. Specific determinants of the Russian market are the ownership structure, the chief executive officer’s age (CEO), the number of board members. It has been found, that the selection of determinants
for companies with a critical debt level is different from quality companies.

Keywords: bond market, public debt, debt structure, ownership structure, bivariate probit models, CEO' age, financial characteristics of firms, структура долга, публичный долг, облигационный рынок, двумерные пробит модели, структура акционерного капитала, возраст СЕО, финансовые показатели компаний

Publication based on the results of: Исследование проблемных областей развития облигационных рынков развивающихся стран (2018)