Research articles for the 2019-04-06
Capital Commitment and Investment Decisions: The Role of Mutual Fund Charges
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Do fund managers extract valuable information from the investors' choice among different load share-classes? We find that the lack of explicit capital commitment of funds without entry or exit load fees affects fund-trading horizon, stock selection, and in turn the overall fund performance. Mutual fund managers with less capital commitment hold shares for shorter periods of time, hold more cash, more liquid stocks, and take less advantage of stocks with slow-moving arbitrage opportunities, i.e. fire sale stocks and R&D intense stocks. Firms held by mutual funds with less capital commitments are in turn likely to cater to short-term demands by engaging in earnings management and lowering the accounting quality of the firm. On the other side, firms held by mutual funds with capital commitments are likelier to give long-term earnings guidance.
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Do fund managers extract valuable information from the investors' choice among different load share-classes? We find that the lack of explicit capital commitment of funds without entry or exit load fees affects fund-trading horizon, stock selection, and in turn the overall fund performance. Mutual fund managers with less capital commitment hold shares for shorter periods of time, hold more cash, more liquid stocks, and take less advantage of stocks with slow-moving arbitrage opportunities, i.e. fire sale stocks and R&D intense stocks. Firms held by mutual funds with less capital commitments are in turn likely to cater to short-term demands by engaging in earnings management and lowering the accounting quality of the firm. On the other side, firms held by mutual funds with capital commitments are likelier to give long-term earnings guidance.
Determining the Dependences for Calculating a Conversion Scale of Profile Height of the Controlled Packing Surface (ÐпÑеделение завиÑимоÑÑей Ð´Ð»Ñ ÑаÑÑеÑа ÑÐºÐ°Ð»Ñ Ð¿ÐµÑеÑÑеÑа вÑÑоÑÑ Ð¿ÑоÑÐ¸Ð»Ñ ÐºÐ¾Ð½ÑÑолиÑÑемой повеÑÑ
ноÑÑи ÑплоÑнениÑ)
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English Abstract: Dependencies for calculating the conversion scale are obtained. the height of the profile of the package surface being monitored from the design parameters of the recording device. The dependencies obtained can be used in the calculation of the device for registering the form of reels, as well as for estimating errors in determining the corresponding parameters of the form.Russian Abstract: ÐолÑÑÐµÐ½Ñ Ð·Ð°Ð²Ð¸ÑимоÑÑи Ð´Ð»Ñ ÑаÑÑеÑа маÑÑÑаба пÑеобÑÐ°Ð·Ð¾Ð²Ð°Ð½Ð¸Ñ Ð²ÑÑоÑÑ Ð¿ÑоÑÐ¸Ð»Ñ ÐºÐ¾Ð½ÑÑолиÑÑемой повеÑÑ Ð½Ð¾ÑÑи паковки Ð¾Ñ ÐºÐ¾Ð½ÑÑÑÑкÑивнÑÑ Ð¿Ð°ÑамеÑÑов ÑегиÑÑÑиÑÑÑÑего ÑÑÑÑойÑÑва. ÐолÑÑеннÑе завиÑимоÑÑи могÑÑ Ð¸ÑполÑзоваÑÑÑÑ Ð¿Ñи ÑаÑÑеÑе ÑÑÑÑойÑÑва ÑегиÑÑÑаÑии ÑоÑÐ¼Ñ Ð±Ð¾Ð±Ð¸Ð½, а Ñакже Ð´Ð»Ñ Ð¾Ñенки погÑеÑноÑÑей опÑÐµÐ´ÐµÐ»ÐµÐ½Ð¸Ñ ÑооÑвеÑÑÑвÑÑÑÐ¸Ñ Ð¿Ð°ÑамеÑÑов ÑоÑмÑ
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English Abstract: Dependencies for calculating the conversion scale are obtained. the height of the profile of the package surface being monitored from the design parameters of the recording device. The dependencies obtained can be used in the calculation of the device for registering the form of reels, as well as for estimating errors in determining the corresponding parameters of the form.Russian Abstract: ÐолÑÑÐµÐ½Ñ Ð·Ð°Ð²Ð¸ÑимоÑÑи Ð´Ð»Ñ ÑаÑÑеÑа маÑÑÑаба пÑеобÑÐ°Ð·Ð¾Ð²Ð°Ð½Ð¸Ñ Ð²ÑÑоÑÑ Ð¿ÑоÑÐ¸Ð»Ñ ÐºÐ¾Ð½ÑÑолиÑÑемой повеÑÑ Ð½Ð¾ÑÑи паковки Ð¾Ñ ÐºÐ¾Ð½ÑÑÑÑкÑивнÑÑ Ð¿Ð°ÑамеÑÑов ÑегиÑÑÑиÑÑÑÑего ÑÑÑÑойÑÑва. ÐолÑÑеннÑе завиÑимоÑÑи могÑÑ Ð¸ÑполÑзоваÑÑÑÑ Ð¿Ñи ÑаÑÑеÑе ÑÑÑÑойÑÑва ÑегиÑÑÑаÑии ÑоÑÐ¼Ñ Ð±Ð¾Ð±Ð¸Ð½, а Ñакже Ð´Ð»Ñ Ð¾Ñенки погÑеÑноÑÑей опÑÐµÐ´ÐµÐ»ÐµÐ½Ð¸Ñ ÑооÑвеÑÑÑвÑÑÑÐ¸Ñ Ð¿Ð°ÑамеÑÑов ÑоÑмÑ
Financial Policies and Internal Governance with Heterogeneous Risk Preferences
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We consider a group of investors with heterogeneous risk preferences that determines a firmâs investment policy, and each investorâs compensation function. The optimal investment policy is a time-varying weighted average of investorsâ optimal policies and converges to the policy of the least (most) risk averse investor in booms (busts), reconciling the diversification of opinions hypothesis and the group shift hypothesis. The most (least) risk averse investor has a strictly concave (convex) claim on the firmâs net worth. For intermediate risk preferences investorsâ claim is S-shaped, resembling preferred stock. We derive investorsâ utility weights absent wealth distribution and under social optimization.
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We consider a group of investors with heterogeneous risk preferences that determines a firmâs investment policy, and each investorâs compensation function. The optimal investment policy is a time-varying weighted average of investorsâ optimal policies and converges to the policy of the least (most) risk averse investor in booms (busts), reconciling the diversification of opinions hypothesis and the group shift hypothesis. The most (least) risk averse investor has a strictly concave (convex) claim on the firmâs net worth. For intermediate risk preferences investorsâ claim is S-shaped, resembling preferred stock. We derive investorsâ utility weights absent wealth distribution and under social optimization.
Regulatory Ambiguity in the Market for Bitcoin
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Economists are fond of employing simple models for policy analysis. However, these models tend to neglect the prospect of regulatory ambiguity. I consider the effects of regulatory ambiguity on entrepreneurial activity. I explain how jurisdictional redundancy exacerbates regulatory ambiguity, increasing the costs of compliance, the probability of regulation, and the potential for political opportunism. To illustrate, I provide a brief description of the regulatory environment of bitcoin in the United States.
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Economists are fond of employing simple models for policy analysis. However, these models tend to neglect the prospect of regulatory ambiguity. I consider the effects of regulatory ambiguity on entrepreneurial activity. I explain how jurisdictional redundancy exacerbates regulatory ambiguity, increasing the costs of compliance, the probability of regulation, and the potential for political opportunism. To illustrate, I provide a brief description of the regulatory environment of bitcoin in the United States.
The Effect of a Government Reference Bond on Corporate Borrowing Costs: Evidence from a Natural Experiment
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Researchers have recently studied the interactions between corporate and government bond issuances within many countries. Some conclude that government bonds compete with private bond issuances, while others maintain that government bonds provide valuable reference entities that improve the private sectorâs ability to issue its own bonds. We study the special case of Chinaâs 2017 issuance of two sovereign bonds denominated in U.S. dollars (USD). We find that USD-denominated Chinese corporate bonds experienced a decline in yield spreads, bid-ask spreads, and price volatility around the time of this sovereign issuesâ announcement. The yield spread changes are particularly large for corporate bonds with maturities similar to those of the USD sovereigns. We conclude that these new bonds serve as useful reference instruments, helping investors to price and hedge the risks impounded in Chinese corporate bonds.
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Researchers have recently studied the interactions between corporate and government bond issuances within many countries. Some conclude that government bonds compete with private bond issuances, while others maintain that government bonds provide valuable reference entities that improve the private sectorâs ability to issue its own bonds. We study the special case of Chinaâs 2017 issuance of two sovereign bonds denominated in U.S. dollars (USD). We find that USD-denominated Chinese corporate bonds experienced a decline in yield spreads, bid-ask spreads, and price volatility around the time of this sovereign issuesâ announcement. The yield spread changes are particularly large for corporate bonds with maturities similar to those of the USD sovereigns. We conclude that these new bonds serve as useful reference instruments, helping investors to price and hedge the risks impounded in Chinese corporate bonds.
The Nexus Between Underlying Dynamics of Bank Capital Buffer and Performance
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This paper reveals the underlying dynamics between the capital buffer and bank performance in EU-27 countries. A dynamic panel analysis shows that capital buffer is significantly affected by bank performance and risk exposure. Remarkably, a threshold analysis identifies regime changes for the underlying relationships during the financial crisis of 2008. We find a positive relationship between the capital buffer and performance for banks that fall in the low performance regime, while a negative relationship is reported for the banks that belong to the high regime. Threshold results also show that buffer exerts a positive impact on bank performance. Although regulation reforms that aim to raise the capital requirements could improve bank performance and stability, these improvements are not homogeneous across banks.
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This paper reveals the underlying dynamics between the capital buffer and bank performance in EU-27 countries. A dynamic panel analysis shows that capital buffer is significantly affected by bank performance and risk exposure. Remarkably, a threshold analysis identifies regime changes for the underlying relationships during the financial crisis of 2008. We find a positive relationship between the capital buffer and performance for banks that fall in the low performance regime, while a negative relationship is reported for the banks that belong to the high regime. Threshold results also show that buffer exerts a positive impact on bank performance. Although regulation reforms that aim to raise the capital requirements could improve bank performance and stability, these improvements are not homogeneous across banks.
Time-Varying Market Participation, Consumption Risk-Sharing, and Asset Dynamics
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We propose a general equilibrium model where heterogeneous risk-averse agents endogenously choose to enter or exit the stock market. We characterize the equilibrium in semi-closed form and present a novel conditional CCAPM. The model implies a procyclical variation in stock market participation. This time-variation gives rise to a countercyclical share of dividend in stockholders' consumption, which drives the amount of stockholders' consumption risk countercyclically, as opposed to the well-documented procyclical aggregate consumption risk. The price of consumption risk in our model is not only affected by consumption re-distribution of stockholders, but also by the time-variation in stock market participation. We find, under the assumption of time-invariant individual risk aversion, that the latter effect dominates the former, leading to a procyclical price of consumption risk. We provide empirical evidence for both the amount and price of consumption risk dynamics, supporting our theory. Overall, this article shows that it is the countercyclical stockholders' amount of risk due to time-varying risk-sharing that explains time-varying risk premium, excess volatility, and the price-dividend ratio.
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We propose a general equilibrium model where heterogeneous risk-averse agents endogenously choose to enter or exit the stock market. We characterize the equilibrium in semi-closed form and present a novel conditional CCAPM. The model implies a procyclical variation in stock market participation. This time-variation gives rise to a countercyclical share of dividend in stockholders' consumption, which drives the amount of stockholders' consumption risk countercyclically, as opposed to the well-documented procyclical aggregate consumption risk. The price of consumption risk in our model is not only affected by consumption re-distribution of stockholders, but also by the time-variation in stock market participation. We find, under the assumption of time-invariant individual risk aversion, that the latter effect dominates the former, leading to a procyclical price of consumption risk. We provide empirical evidence for both the amount and price of consumption risk dynamics, supporting our theory. Overall, this article shows that it is the countercyclical stockholders' amount of risk due to time-varying risk-sharing that explains time-varying risk premium, excess volatility, and the price-dividend ratio.
True Returns: Adjusting Stock Prices for Cash Dividends and Stock Splits
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Accurately calculated historical returns are critical inputs for investment decisions. We document that data vendorsâ adjustments to historical prices for dividends and stock splits result in inaccurate estimations of historical returns. We demonstrate several techniques that can be used to correct the error and estimate the true returns. Our findings pose a challenge for the finance literature that derives conclusions based on the historical returns naively calculated using the adjusted closing prices provided by the data vendors.
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Accurately calculated historical returns are critical inputs for investment decisions. We document that data vendorsâ adjustments to historical prices for dividends and stock splits result in inaccurate estimations of historical returns. We demonstrate several techniques that can be used to correct the error and estimate the true returns. Our findings pose a challenge for the finance literature that derives conclusions based on the historical returns naively calculated using the adjusted closing prices provided by the data vendors.
When it Pays to Pay Capital Gains
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An unconventional approach which for some US-taxable investors can produce a surprisingly large improvement on standard tax-loss harvesting.
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An unconventional approach which for some US-taxable investors can produce a surprisingly large improvement on standard tax-loss harvesting.
Ð'лиÑние полиÑиÑеÑкиÑ
ÑвÑзей и гоÑÑдаÑÑÑвенной ÑобÑÑвенноÑÑи на деÑÑелÑноÑÑÑ ÑиÑм в РоÑÑии (The Influence of Political Connections and Government Ownership on Firm Performance: Evidence from Russia)
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Russian Abstract: ÐолиÑиÑеÑкие ÑвÑзи (ÐС) и Ð¸Ñ Ð²Ð»Ð¸Ñние на деÑÑелÑноÑÑÑ ÑиÑм â" один из ÑамÑÑ Ð°ÐºÑÑалÑнÑÑ Ð´Ð»Ñ ÑазвиваÑÑÐ¸Ñ ÑÑ ÑÑнков, в Ñом ÑиÑле Ð´Ð»Ñ Ð Ð¾ÑÑии, аÑпекÑов коÑпоÑаÑивного ÑпÑавлениÑ. ÐÑ ÑоÑÑава ÑовеÑа диÑекÑоÑов компании завиÑÐ¸Ñ Ð²ÐµÑÑ ÑпекÑÑ ÐºÐ»ÑÑевÑÑ ÐºÐ¾ÑпоÑаÑивнÑÑ ÑеÑений, как инвеÑÑиÑионнÑÑ , Ñак и ÑинанÑовÑÑ . ÐалиÑие аÑÑилиÑованного лиÑа/пÑедÑÑавиÑÐµÐ»Ñ Ð³Ð¾ÑÑдаÑÑÑва Ð¼Ð¾Ð¶ÐµÑ Ð¸Ð»Ð¸ ÑÑÑгÑблÑÑÑ Ð°Ð³ÐµÐ½ÑÑкÑÑ Ð¿ÑоблемÑ, пÑÐ¸Ð²Ð¾Ð´Ñ Ðº неÑÑÑекÑивноÑÑи ÑвÑзаннÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹, или, наобоÑоÑ, пÑиводиÑÑ Ðº ÑлÑÑÑÐµÐ½Ð¸Ñ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñелей за ÑÑÐµÑ ÑазлиÑнÑÑ Ð¿ÑеÑеÑенÑий и вÑгод Ð¾Ñ Ð¿Ð¾Ð»Ð¸ÑиÑеÑкой влаÑÑи. Ð'опÑÐ¾Ñ Ð½Ð°Ð¿ÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð²Ð»Ð¸ÑÐ½Ð¸Ñ Ð¿Ð¾Ð»Ð¸ÑиÑеÑÐºÐ¸Ñ ÑвÑзей на ÑезÑлÑÑаÑÑ Ð´ÐµÑÑелÑноÑÑи ÑиÑм Ñже не пеÑвое деÑÑÑилеÑие ÑвлÑеÑÑÑ Ð¿ÑедмеÑом обÑÑждениÑ, как в академиÑеÑком ÑообÑеÑÑве, Ñак и ÑÑеди ÑиÑокой обÑеÑÑвенноÑÑи, однако Ð´Ð»Ñ Ð Ð¾ÑÑии наблÑдаеÑÑÑ Ð´ÐµÑиÑÐ¸Ñ Ð¸ÑÑледований по данной ÑемаÑике. Ðа оÑнове панелÑнÑÑ Ð´Ð°Ð½Ð½ÑÑ Ð·Ð° 2011-2014 гг. в ÑабоÑе иÑÑледÑеÑÑÑ Ð²Ð»Ð¸Ñние полиÑиÑеÑÐºÐ¸Ñ ÑвÑзей на ÑезÑлÑÑаÑÑ Ð´ÐµÑÑелÑноÑÑи неÑинанÑовÑÑ Ð¿ÑблиÑнÑÑ Ð¿ÑедпÑиÑÑий РоÑÑии. Ð'ÑбоÑка из 106 компаний делиÑÑÑ Ð½Ð° две подвÑбоÑки: полиÑиÑеÑки ÑвÑзаннÑе ÑиÑÐ¼Ñ (ÐСФ) и ÑиÑмÑ, не обладаÑÑие даннÑм пÑизнаком (ÐСФ). Ð' ÑенÑÑе Ð²Ð½Ð¸Ð¼Ð°Ð½Ð¸Ñ Ð² данной ÑабоÑе Ð½Ð°Ñ Ð¾Ð´ÑÑÑÑ Ð´Ð²Ð° оÑновнÑÑ Ð²Ð¾Ð¿ÑоÑа: как Ð½Ð°Ñ Ð¾Ð¶Ð´ÐµÐ½Ð¸Ðµ полиÑиÑеÑки ÑвÑзанного лиÑа в ÑовеÑе диÑекÑоÑов влиÑÐµÑ Ð½Ð° баланÑовÑе и ÑÑноÑнÑе показаÑели ÑÑÑекÑивноÑÑи пÑедпÑиÑÑиÑ, на ÑÑÐ¾Ð²ÐµÐ½Ñ Ð»Ð¸ÐºÐ²Ð¸Ð´Ð½Ð¾ÑÑи, на доÑÑÑп к Ð·Ð°ÐµÐ¼Ð½Ð¾Ð¼Ñ ÑинанÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ð¸ его ÑÑоимоÑÑÑ, а Ñакже, в Ñелом, какÑÑ ÑÐ¾Ð»Ñ Ð³ÑÑппа полиÑиÑеÑки аÑÑилиÑованнÑÑ Ð´Ð¸ÑекÑоÑов игÑÐ°ÐµÑ Ð² коÑпоÑаÑивном ÑпÑавлении. Ð' каÑеÑÑве меÑÑ ÑезÑлÑÑаÑов деÑÑелÑноÑÑи ÑиÑм иÑполÑзÑÑÑÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñели ÑенÑабелÑноÑÑи (ROA, ROE, ÑенÑабелÑноÑÑÑ Ð¿Ð¾ EBIT и обоÑаÑиваемоÑÑÑ Ð°ÐºÑивов) и q-Тобина. Ðо ÑезÑлÑÑаÑам ÑкономеÑÑиÑеÑкого анализа Ñделан вÑвод о Ñом, ÑÑо Ð¼ÐµÐ¶Ð´Ñ ÑÑепенÑÑ Ð¿Ð¾Ð»Ð¸ÑиÑеÑкой ÑвÑзанноÑÑи и баланÑовой ÑÑÑекÑивноÑÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸ имееÑÑÑ Ð½ÐµÐ»Ð¸Ð½ÐµÐ¹Ð½Ð°Ñ Ð·Ð°Ð²Ð¸ÑимоÑÑÑ: положиÑелÑное влиÑние полиÑиÑеÑÐºÐ¸Ñ ÑвÑзей менÑеÑÑÑ Ð½Ð° оÑÑиÑаÑелÑное пÑи доÑÑижении оÑмеÑки в 27% аÑÑилиÑованноÑÑи ÑовеÑа диÑекÑоÑов. ÐÑо ÑвлÑеÑÑÑ ÐºÐ¾ÑвеннÑм подÑвеÑждением ÑеоÑии агенÑÑÐºÐ¸Ñ Ð¸Ð·Ð´ÐµÑжек. Также Ð¼Ñ Ð½Ð°Ñ Ð¾Ð´Ð¸Ð¼ квадÑаÑиÑнÑÑ Ð·Ð°Ð²Ð¸ÑимоÑÑÑ Ð¼ÐµÐ¶Ð´Ñ Ð´Ð¾Ð»ÐµÐ¹ полиÑиÑеÑки ÑвÑзаннÑÑ Ð´Ð¸ÑекÑоÑов и колиÑеÑÑвом денежнÑÑ ÑÑедÑÑв на ÑÑеÑÐ°Ñ . Ðднако ÑледÑÐµÑ Ð¾ÑмеÑиÑÑ, ÑÑо оÑновное воздейÑÑвие иÑÑ Ð¾Ð´Ð¸Ñ ÑолÑко Ð¾Ñ ÐС не ниже ÑедеÑалÑного ÑÑовнÑ. Ð"ипоÑÐµÐ·Ñ Ð¾ положиÑелÑном влиÑнии полиÑиÑеÑÐºÐ¸Ñ ÑвÑзей на доÑÑÑп к Ð·Ð°ÐµÐ¼Ð½Ð¾Ð¼Ñ ÑинанÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ð¸ оÑÑиÑаÑелÑном - на ÑÑоимоÑÑÑ Ð´Ð¾Ð»Ð³Ð°, не бÑли подÑвеÑжденÑ.English Abstract: Political connections (PC) and their influence on firm performance is one of the most relevant topics of corporate governance for emerging markets, Russia is not an exception. The composition of the Board of Directors has an impact on the whole range of key corporate decisions, both investing and financing. The presence of an official can either exacerbate agency problems, leading to decreasing efficiency, or, conversely, result in an improvement of performance due to a variety of preferences and benefits from political power. The direction of influence is widely discussed in academic and social groups; however, the lack of relevant researches for Russia exists. Based on corporate panel data for the period 2011â"2014, we investigated the influence of PC on non-financial Russian listed enterprises. A sample of 106 companies was divided into two sub-samples: politically connected firms (PCF) and politically non-connected (NCF). This article is devoted to the exploration of two fundamental issues: 1) an influence of a politically connected person on the board of directors on the the debt level, its cost and key firm performance indicators, 2) the role of the outside PC-directors in corporate governance. ROA, EBIT-margin, assets turnover, ROE and q-Tobin are used as performance measures. With the means of panel data analysis we detected a nonlinear dependence between the degree of political interdependence and the companyâs balance-sheet efficiency: a positive impact is achieved only below 27% of the boardâs affiliation. It indirectly gives evidence for the agency theory. In addition, we found a quadratic relationship between the share of PC-directors and the amount of cash in the accounts. However, the main effect comes from the political connections of the federal level. The positive impact of PC on debt level and the negative â" on the cost of debt was not confirmed.
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Russian Abstract: ÐолиÑиÑеÑкие ÑвÑзи (ÐС) и Ð¸Ñ Ð²Ð»Ð¸Ñние на деÑÑелÑноÑÑÑ ÑиÑм â" один из ÑамÑÑ Ð°ÐºÑÑалÑнÑÑ Ð´Ð»Ñ ÑазвиваÑÑÐ¸Ñ ÑÑ ÑÑнков, в Ñом ÑиÑле Ð´Ð»Ñ Ð Ð¾ÑÑии, аÑпекÑов коÑпоÑаÑивного ÑпÑавлениÑ. ÐÑ ÑоÑÑава ÑовеÑа диÑекÑоÑов компании завиÑÐ¸Ñ Ð²ÐµÑÑ ÑпекÑÑ ÐºÐ»ÑÑевÑÑ ÐºÐ¾ÑпоÑаÑивнÑÑ ÑеÑений, как инвеÑÑиÑионнÑÑ , Ñак и ÑинанÑовÑÑ . ÐалиÑие аÑÑилиÑованного лиÑа/пÑедÑÑавиÑÐµÐ»Ñ Ð³Ð¾ÑÑдаÑÑÑва Ð¼Ð¾Ð¶ÐµÑ Ð¸Ð»Ð¸ ÑÑÑгÑблÑÑÑ Ð°Ð³ÐµÐ½ÑÑкÑÑ Ð¿ÑоблемÑ, пÑÐ¸Ð²Ð¾Ð´Ñ Ðº неÑÑÑекÑивноÑÑи ÑвÑзаннÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹, или, наобоÑоÑ, пÑиводиÑÑ Ðº ÑлÑÑÑÐµÐ½Ð¸Ñ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñелей за ÑÑÐµÑ ÑазлиÑнÑÑ Ð¿ÑеÑеÑенÑий и вÑгод Ð¾Ñ Ð¿Ð¾Ð»Ð¸ÑиÑеÑкой влаÑÑи. Ð'опÑÐ¾Ñ Ð½Ð°Ð¿ÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð²Ð»Ð¸ÑÐ½Ð¸Ñ Ð¿Ð¾Ð»Ð¸ÑиÑеÑÐºÐ¸Ñ ÑвÑзей на ÑезÑлÑÑаÑÑ Ð´ÐµÑÑелÑноÑÑи ÑиÑм Ñже не пеÑвое деÑÑÑилеÑие ÑвлÑеÑÑÑ Ð¿ÑедмеÑом обÑÑждениÑ, как в академиÑеÑком ÑообÑеÑÑве, Ñак и ÑÑеди ÑиÑокой обÑеÑÑвенноÑÑи, однако Ð´Ð»Ñ Ð Ð¾ÑÑии наблÑдаеÑÑÑ Ð´ÐµÑиÑÐ¸Ñ Ð¸ÑÑледований по данной ÑемаÑике. Ðа оÑнове панелÑнÑÑ Ð´Ð°Ð½Ð½ÑÑ Ð·Ð° 2011-2014 гг. в ÑабоÑе иÑÑледÑеÑÑÑ Ð²Ð»Ð¸Ñние полиÑиÑеÑÐºÐ¸Ñ ÑвÑзей на ÑезÑлÑÑаÑÑ Ð´ÐµÑÑелÑноÑÑи неÑинанÑовÑÑ Ð¿ÑблиÑнÑÑ Ð¿ÑедпÑиÑÑий РоÑÑии. Ð'ÑбоÑка из 106 компаний делиÑÑÑ Ð½Ð° две подвÑбоÑки: полиÑиÑеÑки ÑвÑзаннÑе ÑиÑÐ¼Ñ (ÐСФ) и ÑиÑмÑ, не обладаÑÑие даннÑм пÑизнаком (ÐСФ). Ð' ÑенÑÑе Ð²Ð½Ð¸Ð¼Ð°Ð½Ð¸Ñ Ð² данной ÑабоÑе Ð½Ð°Ñ Ð¾Ð´ÑÑÑÑ Ð´Ð²Ð° оÑновнÑÑ Ð²Ð¾Ð¿ÑоÑа: как Ð½Ð°Ñ Ð¾Ð¶Ð´ÐµÐ½Ð¸Ðµ полиÑиÑеÑки ÑвÑзанного лиÑа в ÑовеÑе диÑекÑоÑов влиÑÐµÑ Ð½Ð° баланÑовÑе и ÑÑноÑнÑе показаÑели ÑÑÑекÑивноÑÑи пÑедпÑиÑÑиÑ, на ÑÑÐ¾Ð²ÐµÐ½Ñ Ð»Ð¸ÐºÐ²Ð¸Ð´Ð½Ð¾ÑÑи, на доÑÑÑп к Ð·Ð°ÐµÐ¼Ð½Ð¾Ð¼Ñ ÑинанÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ð¸ его ÑÑоимоÑÑÑ, а Ñакже, в Ñелом, какÑÑ ÑÐ¾Ð»Ñ Ð³ÑÑппа полиÑиÑеÑки аÑÑилиÑованнÑÑ Ð´Ð¸ÑекÑоÑов игÑÐ°ÐµÑ Ð² коÑпоÑаÑивном ÑпÑавлении. Ð' каÑеÑÑве меÑÑ ÑезÑлÑÑаÑов деÑÑелÑноÑÑи ÑиÑм иÑполÑзÑÑÑÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñели ÑенÑабелÑноÑÑи (ROA, ROE, ÑенÑабелÑноÑÑÑ Ð¿Ð¾ EBIT и обоÑаÑиваемоÑÑÑ Ð°ÐºÑивов) и q-Тобина. Ðо ÑезÑлÑÑаÑам ÑкономеÑÑиÑеÑкого анализа Ñделан вÑвод о Ñом, ÑÑо Ð¼ÐµÐ¶Ð´Ñ ÑÑепенÑÑ Ð¿Ð¾Ð»Ð¸ÑиÑеÑкой ÑвÑзанноÑÑи и баланÑовой ÑÑÑекÑивноÑÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸ имееÑÑÑ Ð½ÐµÐ»Ð¸Ð½ÐµÐ¹Ð½Ð°Ñ Ð·Ð°Ð²Ð¸ÑимоÑÑÑ: положиÑелÑное влиÑние полиÑиÑеÑÐºÐ¸Ñ ÑвÑзей менÑеÑÑÑ Ð½Ð° оÑÑиÑаÑелÑное пÑи доÑÑижении оÑмеÑки в 27% аÑÑилиÑованноÑÑи ÑовеÑа диÑекÑоÑов. ÐÑо ÑвлÑеÑÑÑ ÐºÐ¾ÑвеннÑм подÑвеÑждением ÑеоÑии агенÑÑÐºÐ¸Ñ Ð¸Ð·Ð´ÐµÑжек. Также Ð¼Ñ Ð½Ð°Ñ Ð¾Ð´Ð¸Ð¼ квадÑаÑиÑнÑÑ Ð·Ð°Ð²Ð¸ÑимоÑÑÑ Ð¼ÐµÐ¶Ð´Ñ Ð´Ð¾Ð»ÐµÐ¹ полиÑиÑеÑки ÑвÑзаннÑÑ Ð´Ð¸ÑекÑоÑов и колиÑеÑÑвом денежнÑÑ ÑÑедÑÑв на ÑÑеÑÐ°Ñ . Ðднако ÑледÑÐµÑ Ð¾ÑмеÑиÑÑ, ÑÑо оÑновное воздейÑÑвие иÑÑ Ð¾Ð´Ð¸Ñ ÑолÑко Ð¾Ñ ÐС не ниже ÑедеÑалÑного ÑÑовнÑ. Ð"ипоÑÐµÐ·Ñ Ð¾ положиÑелÑном влиÑнии полиÑиÑеÑÐºÐ¸Ñ ÑвÑзей на доÑÑÑп к Ð·Ð°ÐµÐ¼Ð½Ð¾Ð¼Ñ ÑинанÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ð¸ оÑÑиÑаÑелÑном - на ÑÑоимоÑÑÑ Ð´Ð¾Ð»Ð³Ð°, не бÑли подÑвеÑжденÑ.English Abstract: Political connections (PC) and their influence on firm performance is one of the most relevant topics of corporate governance for emerging markets, Russia is not an exception. The composition of the Board of Directors has an impact on the whole range of key corporate decisions, both investing and financing. The presence of an official can either exacerbate agency problems, leading to decreasing efficiency, or, conversely, result in an improvement of performance due to a variety of preferences and benefits from political power. The direction of influence is widely discussed in academic and social groups; however, the lack of relevant researches for Russia exists. Based on corporate panel data for the period 2011â"2014, we investigated the influence of PC on non-financial Russian listed enterprises. A sample of 106 companies was divided into two sub-samples: politically connected firms (PCF) and politically non-connected (NCF). This article is devoted to the exploration of two fundamental issues: 1) an influence of a politically connected person on the board of directors on the the debt level, its cost and key firm performance indicators, 2) the role of the outside PC-directors in corporate governance. ROA, EBIT-margin, assets turnover, ROE and q-Tobin are used as performance measures. With the means of panel data analysis we detected a nonlinear dependence between the degree of political interdependence and the companyâs balance-sheet efficiency: a positive impact is achieved only below 27% of the boardâs affiliation. It indirectly gives evidence for the agency theory. In addition, we found a quadratic relationship between the share of PC-directors and the amount of cash in the accounts. However, the main effect comes from the political connections of the federal level. The positive impact of PC on debt level and the negative â" on the cost of debt was not confirmed.
Ð'лиÑние пÑÐ¸Ð¼ÐµÐ½ÐµÐ½Ð¸Ñ Ð²Ð½ÑÑÑенниÑ
меÑ
анизмов коÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð½Ð° ÑÑоимоÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ñо ÑÑÑаÑегиÑми дивеÑÑиÑикаÑии и ÑокÑÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ (Effect of the Application of Internal Corporate Governance Mechanisms on the Value of Companies With Diversification and Focusing Strategies)
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Russian Abstract: ÐÑоблемаÑика коÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð² РоÑÑии пÑедÑÑавлÑеÑÑÑ Ð°ÐºÑÑалÑной на ÑегоднÑ. ÐÑо обÑÑловлено Ñем, ÑÑо ÑоÑÑийÑкие ÑÑÐ»Ð¾Ð²Ð¸Ñ Ð²ÐµÐ´ÐµÐ½Ð¸Ñ Ð±Ð¸Ð·Ð½ÐµÑа ÑÑебÑÑÑ Ð¾Ñобого Ð¿Ð¾Ð´Ñ Ð¾Ð´Ð° к ÑоÑмиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ð¾Ð¿ÑималÑной ÑиÑÑÐµÐ¼Ñ ÐºÐ¾ÑпоÑаÑивного ÑпÑавлениÑ. Ð¦ÐµÐ»Ñ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð·Ð°ÐºÐ»ÑÑаеÑÑÑ Ð² оÑенке влиÑÐ½Ð¸Ñ Ð¾ÑделÑнÑÑ ÐºÐ¾Ð¼Ð¿Ð¾Ð½ÐµÐ½Ñов коÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð½Ð° ÑÑоимоÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ñ Ð´Ð²ÑÐ¼Ñ ÑÑÑаÑегиÑми ÑазвиÑиÑ: дивеÑÑиÑикаÑии и ÑокÑÑиÑованиÑ. ÐÑÐ½Ð¾Ð²Ð½Ð°Ñ Ð³Ð¸Ð¿Ð¾Ñеза иÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ ÑоÑÑÐ¾Ð¸Ñ Ð² Ñом, ÑÑо в завиÑимоÑÑи Ð¾Ñ Ð²ÑбÑанной ÑÑÑаÑегии ÑазвиÑÐ¸Ñ (дивеÑÑиÑикаÑии или ÑокÑÑиÑованиÑ) ÑазнÑе Ð¼ÐµÑ Ð°Ð½Ð¸Ð·Ð¼Ñ ÐºÐ¾ÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð¾ÐºÐ°Ð·ÑваÑÑ ÑазлиÑное влиÑние на ÑÑоимоÑÑÑ Ð´Ð°Ð½Ð½ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹. Ð"Ð»Ñ Ð¾Ð±Ð¾ÑÐ½Ð¾Ð²Ð°Ð½Ð¸Ñ Ð²ÑдвинÑÑой гипоÑÐµÐ·Ñ Ð² ÑабоÑе поÑÑÑоена ÑегÑеÑÑÐ¸Ð¾Ð½Ð½Ð°Ñ Ð¼Ð¾Ð´ÐµÐ»Ñ Ð²Ð»Ð¸ÑÐ½Ð¸Ñ Ð¾ÑновнÑÑ ÑакÑоÑов коÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð½Ð° показаÑÐµÐ»Ñ ÑкономиÑеÑкой добавленной ÑÑоимоÑÑи (EVA). Ð' ÑезÑлÑÑаÑе пÑоведенного иÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð´Ð»Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹, иÑполÑзÑÑÑÐ¸Ñ ÑÑÑаÑегии дивеÑÑиÑикаÑии и ÑокÑÑиÑованиÑ, бÑло вÑÑвлено влиÑние ÑÐ°ÐºÐ¸Ñ ÑакÑоÑов коÑпоÑаÑивного ÑпÑавлениÑ, как Ð´Ð¾Ð»Ñ Ð½ÐµÐ·Ð°Ð²Ð¸ÑимÑÑ Ð´Ð¸ÑекÑоÑов в ÑоÑÑаве ÑовеÑа, Ð´Ð¾Ð»Ñ Ð°ÐºÑий, пÑинадлежаÑÐ¸Ñ Ð¼ÐµÐ½ÐµÐ´Ð¶Ð¼ÐµÐ½ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸, и ÑÑаÑÑие гоÑÑдаÑÑÑва в акÑионеÑном капиÑале компании. Ðо ÑезÑлÑÑаÑам поÑÑÑоенной ÑегÑеÑÑионной модели Ð´Ð»Ñ Ð¿ÑедÑÑавленной вÑбоÑки можно ÑделаÑÑ ÑледÑÑÑие вÑводÑ: в завиÑимоÑÑи Ð¾Ñ Ð²ÑбÑанной ÑÑÑаÑегии ÑазвиÑÐ¸Ñ Ð¿ÑоÑлеживаеÑÑÑ ÑазлиÑÐ½Ð°Ñ ÑÑÑÑкÑÑÑа коÑпоÑаÑивного ÑпÑавлениÑ, в ÑаÑÑноÑÑи, Ð´Ð»Ñ Ð´Ð¸Ð²ÐµÑÑиÑиÑиÑованнÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ñ Ð°ÑакÑеÑÐ½Ñ Ð±Ð¾Ð»ÐµÐµ незавиÑимÑй ÑÐ¾Ð²ÐµÑ Ð´Ð¸ÑекÑоÑов, а Ñакже болÑÑее ÑÑаÑÑие гоÑÑдаÑÑÑва в акÑионеÑном капиÑале компании. Ð' ÑÑловиÑÑ Ð¼Ð½Ð¾Ð³Ð¾Ð¾Ð±ÑÐ°Ð·Ð¸Ñ ÑÑÑаÑегий дивеÑÑиÑикаÑии в ÑабоÑе акÑÐµÐ½Ñ Ñделан ÑолÑко на две ÑÑÑаÑегии. Ð' пеÑÑпекÑивнÑÑ Ð¸ÑÑледованиÑÑ Ð¿ÑедполагаеÑÑÑ ÑаÑÑмоÑÑÐµÐ½Ð¸Ñ Ð²Ð»Ð¸ÑÐ½Ð¸Ñ Ð¿ÑоÑÐ¸Ñ ÑакÑоÑов коÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ (напÑимеÑ, коÑпоÑаÑивного долга, ÑоÑÐ¼Ñ Ð²ÑплаÑÑ Ð´Ð¸Ð²Ð¸Ð´ÐµÐ½Ð´Ð¾Ð²) на компании Ñо ÑÑÑаÑегиÑми ÑвÑзанной и неÑвÑзанной дивеÑÑиÑикаÑии. Ðо ÑÑÐ°Ð²Ð½ÐµÐ½Ð¸Ñ Ñ ÑÑÑеÑÑвÑÑÑими иÑÑледованиÑми в пÑедÑÑавленной ÑабоÑе пÑоведено комплекÑное иÑÑледование влиÑÐ½Ð¸Ñ ÑÐ°ÐºÐ¸Ñ ÑакÑоÑов коÑпоÑаÑивного ÑпÑавлениÑ, как Ð´Ð¾Ð»Ñ Ð½ÐµÐ·Ð°Ð²Ð¸ÑимÑÑ Ð´Ð¸ÑекÑоÑов в ÑоÑÑаве ÑовеÑа, Ð´Ð¾Ð»Ñ Ð°ÐºÑий, пÑинадлежаÑÐ¸Ñ Ð¼ÐµÐ½ÐµÐ´Ð¶Ð¼ÐµÐ½ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸, и ÑÑаÑÑие гоÑÑдаÑÑÑва в акÑионеÑном капиÑале компании на ÑезÑлÑÑаÑÑ ÑоÑÑийÑÐºÐ¸Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹, ÑеализÑÑÑÐ¸Ñ ÑÑÑаÑегии дивеÑÑиÑикаÑии и ÑокÑÑиÑованиÑ, ÑÐ´ÐµÐ»Ð°Ð½Ñ Ð¿ÑакÑикооÑиенÑиÑованнÑе вÑводÑ. РезÑлÑÑаÑÑ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð¼Ð¾Ð³ÑÑ Ð±ÑÑÑ Ð¿Ð¾Ð»ÐµÐ·Ð½Ñ Ð¼ÐµÐ½ÐµÐ´Ð¶ÐµÑам и ÑÑководиÑелÑм коÑпоÑаÑивнÑÑ ÑÑÑÑкÑÑÑ Ñ ÑелÑÑ Ð¾Ñенки ÑÑÑекÑивноÑÑи и ÑезÑлÑÑаÑивноÑÑи ÑÑÑеÑÑвÑÑÑей в компании ÑиÑÑÐµÐ¼Ñ ÑпÑавлениÑ.English Abstract: The perspective of corporate governance in Russia is a topical issue nowadays. It is caused by the fact that the Russian business conditions demand special approach to formation of an optimum corporate governance system. The purpose of the study is to assess the impact of individual components of corporate governance on the value of companies with two development strategies: diversification and focusing. The main hypothesis considered in the work is that, depending on the chosen development strategy (diversification or focus), different corporate governance mechanisms have a different impact on the value of these companies. To substantiate the hypothesis put forward, a regression model of the influence of the main factors of corporate governance on the economic value added indicator (EVA) has been constructed. As a result of the conducted research for companies using diversification and focusing strategies, the influence of such corporate governance factors as the share of independent directors on the board, the share of shares owned by the companyâs management, and the stateâs participation in the share capital of the company was revealed. Based on the results of the regression model constructed for the sample, we can draw the following conclusions: depending on the chosen development strategy, a different structure of corporate governance is traced, in particular, for diversified companies a more independent board of directors is characteristic, as well as greater state participation in the share capital the company. In the context of a variety of diversification strategies, the focus is on only two strategies. In prospective studies, it is sup-posed to consider the influence of other factors of corporate governance (for example, corporate debt, dividend payment form) on companies with related and unrelated diversification strategies. Compared to the existing research, a comprehensive study of the influence of such corporate governance factors as the share of independent directors on the board, the share of shares owned by the companyâs management, and state participation in the company's share capital on the results of Russian companies implementing diversification and focusing strategies, made practice-oriented conclusions. The results of the study can be useful for managers and managers of corporate structures in order to assess the effectiveness and efficiency of the existing management system in the company.
SSRN
Russian Abstract: ÐÑоблемаÑика коÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð² РоÑÑии пÑедÑÑавлÑеÑÑÑ Ð°ÐºÑÑалÑной на ÑегоднÑ. ÐÑо обÑÑловлено Ñем, ÑÑо ÑоÑÑийÑкие ÑÑÐ»Ð¾Ð²Ð¸Ñ Ð²ÐµÐ´ÐµÐ½Ð¸Ñ Ð±Ð¸Ð·Ð½ÐµÑа ÑÑебÑÑÑ Ð¾Ñобого Ð¿Ð¾Ð´Ñ Ð¾Ð´Ð° к ÑоÑмиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ð¾Ð¿ÑималÑной ÑиÑÑÐµÐ¼Ñ ÐºÐ¾ÑпоÑаÑивного ÑпÑавлениÑ. Ð¦ÐµÐ»Ñ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð·Ð°ÐºÐ»ÑÑаеÑÑÑ Ð² оÑенке влиÑÐ½Ð¸Ñ Ð¾ÑделÑнÑÑ ÐºÐ¾Ð¼Ð¿Ð¾Ð½ÐµÐ½Ñов коÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð½Ð° ÑÑоимоÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ñ Ð´Ð²ÑÐ¼Ñ ÑÑÑаÑегиÑми ÑазвиÑиÑ: дивеÑÑиÑикаÑии и ÑокÑÑиÑованиÑ. ÐÑÐ½Ð¾Ð²Ð½Ð°Ñ Ð³Ð¸Ð¿Ð¾Ñеза иÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ ÑоÑÑÐ¾Ð¸Ñ Ð² Ñом, ÑÑо в завиÑимоÑÑи Ð¾Ñ Ð²ÑбÑанной ÑÑÑаÑегии ÑазвиÑÐ¸Ñ (дивеÑÑиÑикаÑии или ÑокÑÑиÑованиÑ) ÑазнÑе Ð¼ÐµÑ Ð°Ð½Ð¸Ð·Ð¼Ñ ÐºÐ¾ÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð¾ÐºÐ°Ð·ÑваÑÑ ÑазлиÑное влиÑние на ÑÑоимоÑÑÑ Ð´Ð°Ð½Ð½ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹. Ð"Ð»Ñ Ð¾Ð±Ð¾ÑÐ½Ð¾Ð²Ð°Ð½Ð¸Ñ Ð²ÑдвинÑÑой гипоÑÐµÐ·Ñ Ð² ÑабоÑе поÑÑÑоена ÑегÑеÑÑÐ¸Ð¾Ð½Ð½Ð°Ñ Ð¼Ð¾Ð´ÐµÐ»Ñ Ð²Ð»Ð¸ÑÐ½Ð¸Ñ Ð¾ÑновнÑÑ ÑакÑоÑов коÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð½Ð° показаÑÐµÐ»Ñ ÑкономиÑеÑкой добавленной ÑÑоимоÑÑи (EVA). Ð' ÑезÑлÑÑаÑе пÑоведенного иÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð´Ð»Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹, иÑполÑзÑÑÑÐ¸Ñ ÑÑÑаÑегии дивеÑÑиÑикаÑии и ÑокÑÑиÑованиÑ, бÑло вÑÑвлено влиÑние ÑÐ°ÐºÐ¸Ñ ÑакÑоÑов коÑпоÑаÑивного ÑпÑавлениÑ, как Ð´Ð¾Ð»Ñ Ð½ÐµÐ·Ð°Ð²Ð¸ÑимÑÑ Ð´Ð¸ÑекÑоÑов в ÑоÑÑаве ÑовеÑа, Ð´Ð¾Ð»Ñ Ð°ÐºÑий, пÑинадлежаÑÐ¸Ñ Ð¼ÐµÐ½ÐµÐ´Ð¶Ð¼ÐµÐ½ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸, и ÑÑаÑÑие гоÑÑдаÑÑÑва в акÑионеÑном капиÑале компании. Ðо ÑезÑлÑÑаÑам поÑÑÑоенной ÑегÑеÑÑионной модели Ð´Ð»Ñ Ð¿ÑедÑÑавленной вÑбоÑки можно ÑделаÑÑ ÑледÑÑÑие вÑводÑ: в завиÑимоÑÑи Ð¾Ñ Ð²ÑбÑанной ÑÑÑаÑегии ÑазвиÑÐ¸Ñ Ð¿ÑоÑлеживаеÑÑÑ ÑазлиÑÐ½Ð°Ñ ÑÑÑÑкÑÑÑа коÑпоÑаÑивного ÑпÑавлениÑ, в ÑаÑÑноÑÑи, Ð´Ð»Ñ Ð´Ð¸Ð²ÐµÑÑиÑиÑиÑованнÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ñ Ð°ÑакÑеÑÐ½Ñ Ð±Ð¾Ð»ÐµÐµ незавиÑимÑй ÑÐ¾Ð²ÐµÑ Ð´Ð¸ÑекÑоÑов, а Ñакже болÑÑее ÑÑаÑÑие гоÑÑдаÑÑÑва в акÑионеÑном капиÑале компании. Ð' ÑÑловиÑÑ Ð¼Ð½Ð¾Ð³Ð¾Ð¾Ð±ÑÐ°Ð·Ð¸Ñ ÑÑÑаÑегий дивеÑÑиÑикаÑии в ÑабоÑе акÑÐµÐ½Ñ Ñделан ÑолÑко на две ÑÑÑаÑегии. Ð' пеÑÑпекÑивнÑÑ Ð¸ÑÑледованиÑÑ Ð¿ÑедполагаеÑÑÑ ÑаÑÑмоÑÑÐµÐ½Ð¸Ñ Ð²Ð»Ð¸ÑÐ½Ð¸Ñ Ð¿ÑоÑÐ¸Ñ ÑакÑоÑов коÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ (напÑимеÑ, коÑпоÑаÑивного долга, ÑоÑÐ¼Ñ Ð²ÑплаÑÑ Ð´Ð¸Ð²Ð¸Ð´ÐµÐ½Ð´Ð¾Ð²) на компании Ñо ÑÑÑаÑегиÑми ÑвÑзанной и неÑвÑзанной дивеÑÑиÑикаÑии. Ðо ÑÑÐ°Ð²Ð½ÐµÐ½Ð¸Ñ Ñ ÑÑÑеÑÑвÑÑÑими иÑÑледованиÑми в пÑедÑÑавленной ÑабоÑе пÑоведено комплекÑное иÑÑледование влиÑÐ½Ð¸Ñ ÑÐ°ÐºÐ¸Ñ ÑакÑоÑов коÑпоÑаÑивного ÑпÑавлениÑ, как Ð´Ð¾Ð»Ñ Ð½ÐµÐ·Ð°Ð²Ð¸ÑимÑÑ Ð´Ð¸ÑекÑоÑов в ÑоÑÑаве ÑовеÑа, Ð´Ð¾Ð»Ñ Ð°ÐºÑий, пÑинадлежаÑÐ¸Ñ Ð¼ÐµÐ½ÐµÐ´Ð¶Ð¼ÐµÐ½ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸, и ÑÑаÑÑие гоÑÑдаÑÑÑва в акÑионеÑном капиÑале компании на ÑезÑлÑÑаÑÑ ÑоÑÑийÑÐºÐ¸Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹, ÑеализÑÑÑÐ¸Ñ ÑÑÑаÑегии дивеÑÑиÑикаÑии и ÑокÑÑиÑованиÑ, ÑÐ´ÐµÐ»Ð°Ð½Ñ Ð¿ÑакÑикооÑиенÑиÑованнÑе вÑводÑ. РезÑлÑÑаÑÑ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð¼Ð¾Ð³ÑÑ Ð±ÑÑÑ Ð¿Ð¾Ð»ÐµÐ·Ð½Ñ Ð¼ÐµÐ½ÐµÐ´Ð¶ÐµÑам и ÑÑководиÑелÑм коÑпоÑаÑивнÑÑ ÑÑÑÑкÑÑÑ Ñ ÑелÑÑ Ð¾Ñенки ÑÑÑекÑивноÑÑи и ÑезÑлÑÑаÑивноÑÑи ÑÑÑеÑÑвÑÑÑей в компании ÑиÑÑÐµÐ¼Ñ ÑпÑавлениÑ.English Abstract: The perspective of corporate governance in Russia is a topical issue nowadays. It is caused by the fact that the Russian business conditions demand special approach to formation of an optimum corporate governance system. The purpose of the study is to assess the impact of individual components of corporate governance on the value of companies with two development strategies: diversification and focusing. The main hypothesis considered in the work is that, depending on the chosen development strategy (diversification or focus), different corporate governance mechanisms have a different impact on the value of these companies. To substantiate the hypothesis put forward, a regression model of the influence of the main factors of corporate governance on the economic value added indicator (EVA) has been constructed. As a result of the conducted research for companies using diversification and focusing strategies, the influence of such corporate governance factors as the share of independent directors on the board, the share of shares owned by the companyâs management, and the stateâs participation in the share capital of the company was revealed. Based on the results of the regression model constructed for the sample, we can draw the following conclusions: depending on the chosen development strategy, a different structure of corporate governance is traced, in particular, for diversified companies a more independent board of directors is characteristic, as well as greater state participation in the share capital the company. In the context of a variety of diversification strategies, the focus is on only two strategies. In prospective studies, it is sup-posed to consider the influence of other factors of corporate governance (for example, corporate debt, dividend payment form) on companies with related and unrelated diversification strategies. Compared to the existing research, a comprehensive study of the influence of such corporate governance factors as the share of independent directors on the board, the share of shares owned by the companyâs management, and state participation in the company's share capital on the results of Russian companies implementing diversification and focusing strategies, made practice-oriented conclusions. The results of the study can be useful for managers and managers of corporate structures in order to assess the effectiveness and efficiency of the existing management system in the company.
РнекоÑоÑÑÑ
ÑÑндаменÑалÑнÑÑ
ÑакÑоÑаÑ
ÑÑÑойÑивоÑÑи ÑиÑÑÐµÐ¼Ñ ÐºÐ¾ÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ (Some Fundamental Factors of Corporate Governance System Sustainability)
SSRN
Russian Abstract: ÐногоÑÑовневÑе ÑиÑÑÐµÐ¼Ñ ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð¾Ð±Ð»Ð°Ð´Ð°ÑÑ ÑÑдом ÑвойÑÑв, коÑоÑÑе на пеÑвÑй взглÑд могÑÑ Ð²ÑглÑдеÑÑ Ð¿Ð°ÑадокÑалÑнÑми. ÐапÑимеÑ, обогаÑение ÑиÑÑÐµÐ¼Ñ Ð¾Ð±ÑаÑнÑми ÑвÑзÑми не обÑзаÑелÑно Ð²ÐµÐ´ÐµÑ Ðº повÑÑÐµÐ½Ð¸Ñ ÑÑÑойÑивоÑÑи ÑиÑÑÐµÐ¼Ñ Ð¸ Ð¼Ð¾Ð¶ÐµÑ Ð´Ð°Ð¶Ðµ деÑÑабилизиÑоваÑÑ ÐµÐµ динамикÑ. ÐоÑÑÑоена маÑемаÑиÑеÑÐºÐ°Ñ Ð¼Ð¾Ð´ÐµÐ»Ñ ÐºÐ¾Ñпо-ÑаÑивного ÑпÑавлениÑ, Ñ Ð¿Ð¾Ð¼Ð¾ÑÑÑ ÐºÐ¾ÑоÑой вÑÑвлÑÑÑÑÑ Ð¿Ð¾Ð´Ñ Ð¾Ð´Ñ Ðº обеÑпеÑÐµÐ½Ð¸Ñ ÑÑÑойÑивоÑÑи и ÑпÑавлÑемоÑÑи компании, анализиÑÑÑÑÑÑ Ð½Ð°Ð¸Ð±Ð¾Ð»ÐµÐµ ÑаÑÑо пÑедлагаемÑе и обÑÑждаемÑе новаÑии по оÑганизаÑии коÑпоÑаÑив-ного ÑпÑавлениÑ, ÑиÑÑÐµÐ¼Ñ Ð²Ð½ÑÑÑеннего конÑÑолÑ. ÐÑоведеннÑй анализ модели ÑказÑÐ²Ð°ÐµÑ Ð½Ð° опаÑноÑÑÑ ÑÑезмеÑно ÑилÑного «акÑионеÑного конÑÑолÑ»: акÑÐ¸Ð²Ð½Ð°Ñ ÑÐµÐ²Ð¸Ð·Ð¸Ð¾Ð½Ð½Ð°Ñ ÐºÐ¾Ð¼Ð¸ÑÑиÑ, даже ÑабоÑÐ°Ñ Ð¿ÑоÑеÑÑионалÑно, ÑвелиÑÐ¸Ð²Ð°ÐµÑ Ð½ÐµÑÑабилÑноÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸. Ðоказано Ñакже, ÑÑо одним из важнейÑÐ¸Ñ ÑÑловий ÑÑÑойÑивоÑÑи и ÑпÑавлÑемоÑÑи компании ÑвлÑеÑÑÑ Ð½Ð°Ð»Ð¸Ñие Ð¼ÐµÑ Ð°Ð½Ð¸Ð·Ð¼Ð¾Ð², обеÑпеÑиваÑÑÐ¸Ñ Ð´ÐµÐ»ÐµÐ³Ð¸Ñование пÑинÑÑÐ¸Ñ ÑеÑений по возможноÑÑи на вÑе ÑÑовни ÑпÑавлениÑ: ÑÑÑаÑегиÑ, пÑедполагаÑÑÐ°Ñ ÑовеÑÑенÑÑвование иÑполниÑелÑÑкой диÑÑиплинÑ, Ñано или поздно пÑÐ¸Ð²ÐµÐ´ÐµÑ Ðº поÑеÑе ÑпÑавлÑемоÑÑи динамиÑеÑкой модели компании.СÑÑеÑÑвеннÑй Ð·Ð°Ð¿Ð°Ñ ÑÑÑойÑивоÑÑи многоÑÑовневой ÑиÑÑеме ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð´Ð¾ÑÑавлÑÑÑ: ÑÑаÑÑие в поÑÑÑоении ÑиÑÑÐµÐ¼Ñ Ð²Ð½ÑÑÑеннего конÑÑÐ¾Ð»Ñ Ð²Ñего пеÑÑонала оÑганизаÑии; ÑоÑмиÑование внÑÑÑеннего аÑдиÑа как подÑаз-делениÑ, оÑениваÑÑего ÑиÑÑÐµÐ¼Ñ Ð²Ð½ÑÑÑеннего конÑÑолÑ, ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ ÑиÑками и коÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ (налиÑие ÑолÑко конÑÑолÑного подÑазделениÑ, обеÑпеÑиваÑÑего обÑаÑнÑÑ ÑвÑзÑ, ÑÑндаменÑалÑнÑм ÑакÑоÑом ÑÑÑойÑивоÑÑи не ÑвлÑеÑÑÑ); поддеÑжание макÑималÑной незавиÑимоÑÑи внÑÑÑеннего аÑдиÑа и его ÑÑнкÑионалÑ-ной подоÑÑеÑноÑÑи ÑовеÑÑ Ð´Ð¸ÑекÑоÑов.ÐÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ñ Ð¸ инÑеÑпÑеÑиÑÐ¾Ð²Ð°Ð½Ñ ÑакÑоÑÑ, вÑзÑваÑÑие попадание компании в ловÑÑÐºÑ Â«Ð²Ð±Ð»Ð¸Ð·Ð¸ гÑаниÑÑ ÑÑÑойÑивоÑÑи». Ðак пÑавило, даннÑе ÑакÑоÑÑ Ñ Ð°ÑакÑеÑÐ½Ñ Ð´Ð»Ñ Ð½ÐµÐ±Ð¾Ð»ÑÑÐ¸Ñ Ð³Ð¾ÑÑдаÑÑÑвеннÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ и доÑеÑ-Ð½Ð¸Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ñ Ð¾Ð»Ð´Ð¸Ð½Ð³Ð¾Ð²ÑÑ ÑÑÑÑкÑÑÑ; в ÑÐ°Ð¼ÐºÐ°Ñ ÑаÑÑмаÑÑиваемой модели даннÑе ÑакÑоÑÑ Ð¿ÑоÑвлÑÑÑÑÑ Ð² виде оÑÑÑÑÑÑÐ²Ð¸Ñ ÑвÑзей Ð¼ÐµÐ¶Ð´Ñ Ð¾Ð¿ÑеделеннÑми ÑÑовнÑми ÑпÑавлениÑ. Ðоказано, ÑÑо пÑиоÑиÑеÑноÑÑÑ Ð¼ÐµÑопÑиÑÑий по вÑÐ²Ð¾Ð´Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸ из кÑизиÑа в Ñакой ÑиÑÑаÑии игÑÐ°ÐµÑ Ð²Ð°Ð¶Ð½ÐµÐ¹ÑÑÑ ÑолÑ: попÑÑка акÑионеÑа повлиÑÑÑ Ð½Ð° ÑиÑÑаÑÐ¸Ñ ÑазÑмнÑми, заÑекомендовавÑими ÑÐµÐ±Ñ Ð½Ð° пÑакÑике «ÑоÑеÑнÑми» ÑеÑениÑми Ð¼Ð¾Ð¶ÐµÑ Ð»Ð¾ÐºÐ°Ð»Ñно ÑлÑÑ-ÑиÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñели компании, но оÑÑавиÑÑ ÐµÐµ в ловÑÑке «вблизи гÑаниÑÑ ÑÑÑойÑивоÑÑи». С позиÑий обеÑпеÑÐµÐ½Ð¸Ñ ÑÑÑойÑивоÑÑи компании анализиÑÑÑÑÑÑ Ð¿ÑедлагаемÑе междÑнаÑоднÑми ÑÑандаÑÑами Ð¿Ð¾Ð´Ñ Ð¾Ð´Ñ Ðº оÑганизаÑии ÑÑнкÑии внÑÑÑеннего аÑдиÑа.English Abstract: Multilevel governance systems have a number of properties that at first glance may look paradoxical. For example, additional feedback mechanism does not necessarily increase stability of the system and can even destabilize it. Developing and applying mathematical model of corporate governance allows us to identify ways to ensure company sustainability and manageability, analyze the most frequently proposed and discussed approaches to the organization of corporate governance and internal control system. Our analysis shows drawbacks of overly strong âshareholders controlâ: an overly active revision commission, even working professionally, increases instability of a company. One of the most important conditions for the sustainability and manageability of a company is the availability of a mechanism that ensures the delegation of decision-making to all levels of the companyâs management. Any strategy that implies constant improvement of performance discipline without such mechanism will sooner or later lead to a loss of the companyâs manageability as predicted by our dynamic model.An essential stability for a multi-level management system could be ensured by participation of all personnel in the companyâs internal control system and the formation of the companyâs internal audit unit that could help to evaluate and improve the effectiveness of governance, risk management and control processes (the existence of an ordinary control unit providing feedback is not a fundamental factor of sustainability) as well as independence of internal audit and its functional reporting to the Board.Typical factors that could lead to ânear the border of sustainability trapâ for a small state owned company are analyzed. Possible steps and their prioritization to bring the company out of this situation are discussed in this article. Approaches to the organization of the internal audit function proposed by international standards are analyzed from the standpoint of ensuring the company sustainability.
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Russian Abstract: ÐногоÑÑовневÑе ÑиÑÑÐµÐ¼Ñ ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð¾Ð±Ð»Ð°Ð´Ð°ÑÑ ÑÑдом ÑвойÑÑв, коÑоÑÑе на пеÑвÑй взглÑд могÑÑ Ð²ÑглÑдеÑÑ Ð¿Ð°ÑадокÑалÑнÑми. ÐапÑимеÑ, обогаÑение ÑиÑÑÐµÐ¼Ñ Ð¾Ð±ÑаÑнÑми ÑвÑзÑми не обÑзаÑелÑно Ð²ÐµÐ´ÐµÑ Ðº повÑÑÐµÐ½Ð¸Ñ ÑÑÑойÑивоÑÑи ÑиÑÑÐµÐ¼Ñ Ð¸ Ð¼Ð¾Ð¶ÐµÑ Ð´Ð°Ð¶Ðµ деÑÑабилизиÑоваÑÑ ÐµÐµ динамикÑ. ÐоÑÑÑоена маÑемаÑиÑеÑÐºÐ°Ñ Ð¼Ð¾Ð´ÐµÐ»Ñ ÐºÐ¾Ñпо-ÑаÑивного ÑпÑавлениÑ, Ñ Ð¿Ð¾Ð¼Ð¾ÑÑÑ ÐºÐ¾ÑоÑой вÑÑвлÑÑÑÑÑ Ð¿Ð¾Ð´Ñ Ð¾Ð´Ñ Ðº обеÑпеÑÐµÐ½Ð¸Ñ ÑÑÑойÑивоÑÑи и ÑпÑавлÑемоÑÑи компании, анализиÑÑÑÑÑÑ Ð½Ð°Ð¸Ð±Ð¾Ð»ÐµÐµ ÑаÑÑо пÑедлагаемÑе и обÑÑждаемÑе новаÑии по оÑганизаÑии коÑпоÑаÑив-ного ÑпÑавлениÑ, ÑиÑÑÐµÐ¼Ñ Ð²Ð½ÑÑÑеннего конÑÑолÑ. ÐÑоведеннÑй анализ модели ÑказÑÐ²Ð°ÐµÑ Ð½Ð° опаÑноÑÑÑ ÑÑезмеÑно ÑилÑного «акÑионеÑного конÑÑолÑ»: акÑÐ¸Ð²Ð½Ð°Ñ ÑÐµÐ²Ð¸Ð·Ð¸Ð¾Ð½Ð½Ð°Ñ ÐºÐ¾Ð¼Ð¸ÑÑиÑ, даже ÑабоÑÐ°Ñ Ð¿ÑоÑеÑÑионалÑно, ÑвелиÑÐ¸Ð²Ð°ÐµÑ Ð½ÐµÑÑабилÑноÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸. Ðоказано Ñакже, ÑÑо одним из важнейÑÐ¸Ñ ÑÑловий ÑÑÑойÑивоÑÑи и ÑпÑавлÑемоÑÑи компании ÑвлÑеÑÑÑ Ð½Ð°Ð»Ð¸Ñие Ð¼ÐµÑ Ð°Ð½Ð¸Ð·Ð¼Ð¾Ð², обеÑпеÑиваÑÑÐ¸Ñ Ð´ÐµÐ»ÐµÐ³Ð¸Ñование пÑинÑÑÐ¸Ñ ÑеÑений по возможноÑÑи на вÑе ÑÑовни ÑпÑавлениÑ: ÑÑÑаÑегиÑ, пÑедполагаÑÑÐ°Ñ ÑовеÑÑенÑÑвование иÑполниÑелÑÑкой диÑÑиплинÑ, Ñано или поздно пÑÐ¸Ð²ÐµÐ´ÐµÑ Ðº поÑеÑе ÑпÑавлÑемоÑÑи динамиÑеÑкой модели компании.СÑÑеÑÑвеннÑй Ð·Ð°Ð¿Ð°Ñ ÑÑÑойÑивоÑÑи многоÑÑовневой ÑиÑÑеме ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ Ð´Ð¾ÑÑавлÑÑÑ: ÑÑаÑÑие в поÑÑÑоении ÑиÑÑÐµÐ¼Ñ Ð²Ð½ÑÑÑеннего конÑÑÐ¾Ð»Ñ Ð²Ñего пеÑÑонала оÑганизаÑии; ÑоÑмиÑование внÑÑÑеннего аÑдиÑа как подÑаз-делениÑ, оÑениваÑÑего ÑиÑÑÐµÐ¼Ñ Ð²Ð½ÑÑÑеннего конÑÑолÑ, ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ ÑиÑками и коÑпоÑаÑивного ÑпÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ (налиÑие ÑолÑко конÑÑолÑного подÑазделениÑ, обеÑпеÑиваÑÑего обÑаÑнÑÑ ÑвÑзÑ, ÑÑндаменÑалÑнÑм ÑакÑоÑом ÑÑÑойÑивоÑÑи не ÑвлÑеÑÑÑ); поддеÑжание макÑималÑной незавиÑимоÑÑи внÑÑÑеннего аÑдиÑа и его ÑÑнкÑионалÑ-ной подоÑÑеÑноÑÑи ÑовеÑÑ Ð´Ð¸ÑекÑоÑов.ÐÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ñ Ð¸ инÑеÑпÑеÑиÑÐ¾Ð²Ð°Ð½Ñ ÑакÑоÑÑ, вÑзÑваÑÑие попадание компании в ловÑÑÐºÑ Â«Ð²Ð±Ð»Ð¸Ð·Ð¸ гÑаниÑÑ ÑÑÑойÑивоÑÑи». Ðак пÑавило, даннÑе ÑакÑоÑÑ Ñ Ð°ÑакÑеÑÐ½Ñ Ð´Ð»Ñ Ð½ÐµÐ±Ð¾Ð»ÑÑÐ¸Ñ Ð³Ð¾ÑÑдаÑÑÑвеннÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ и доÑеÑ-Ð½Ð¸Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ñ Ð¾Ð»Ð´Ð¸Ð½Ð³Ð¾Ð²ÑÑ ÑÑÑÑкÑÑÑ; в ÑÐ°Ð¼ÐºÐ°Ñ ÑаÑÑмаÑÑиваемой модели даннÑе ÑакÑоÑÑ Ð¿ÑоÑвлÑÑÑÑÑ Ð² виде оÑÑÑÑÑÑÐ²Ð¸Ñ ÑвÑзей Ð¼ÐµÐ¶Ð´Ñ Ð¾Ð¿ÑеделеннÑми ÑÑовнÑми ÑпÑавлениÑ. Ðоказано, ÑÑо пÑиоÑиÑеÑноÑÑÑ Ð¼ÐµÑопÑиÑÑий по вÑÐ²Ð¾Ð´Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸ из кÑизиÑа в Ñакой ÑиÑÑаÑии игÑÐ°ÐµÑ Ð²Ð°Ð¶Ð½ÐµÐ¹ÑÑÑ ÑолÑ: попÑÑка акÑионеÑа повлиÑÑÑ Ð½Ð° ÑиÑÑаÑÐ¸Ñ ÑазÑмнÑми, заÑекомендовавÑими ÑÐµÐ±Ñ Ð½Ð° пÑакÑике «ÑоÑеÑнÑми» ÑеÑениÑми Ð¼Ð¾Ð¶ÐµÑ Ð»Ð¾ÐºÐ°Ð»Ñно ÑлÑÑ-ÑиÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñели компании, но оÑÑавиÑÑ ÐµÐµ в ловÑÑке «вблизи гÑаниÑÑ ÑÑÑойÑивоÑÑи». С позиÑий обеÑпеÑÐµÐ½Ð¸Ñ ÑÑÑойÑивоÑÑи компании анализиÑÑÑÑÑÑ Ð¿ÑедлагаемÑе междÑнаÑоднÑми ÑÑандаÑÑами Ð¿Ð¾Ð´Ñ Ð¾Ð´Ñ Ðº оÑганизаÑии ÑÑнкÑии внÑÑÑеннего аÑдиÑа.English Abstract: Multilevel governance systems have a number of properties that at first glance may look paradoxical. For example, additional feedback mechanism does not necessarily increase stability of the system and can even destabilize it. Developing and applying mathematical model of corporate governance allows us to identify ways to ensure company sustainability and manageability, analyze the most frequently proposed and discussed approaches to the organization of corporate governance and internal control system. Our analysis shows drawbacks of overly strong âshareholders controlâ: an overly active revision commission, even working professionally, increases instability of a company. One of the most important conditions for the sustainability and manageability of a company is the availability of a mechanism that ensures the delegation of decision-making to all levels of the companyâs management. Any strategy that implies constant improvement of performance discipline without such mechanism will sooner or later lead to a loss of the companyâs manageability as predicted by our dynamic model.An essential stability for a multi-level management system could be ensured by participation of all personnel in the companyâs internal control system and the formation of the companyâs internal audit unit that could help to evaluate and improve the effectiveness of governance, risk management and control processes (the existence of an ordinary control unit providing feedback is not a fundamental factor of sustainability) as well as independence of internal audit and its functional reporting to the Board.Typical factors that could lead to ânear the border of sustainability trapâ for a small state owned company are analyzed. Possible steps and their prioritization to bring the company out of this situation are discussed in this article. Approaches to the organization of the internal audit function proposed by international standards are analyzed from the standpoint of ensuring the company sustainability.
ÐпÑимизаÑÐ¸Ñ Ð¿ÑибÑли Ñепи поÑÑавок на оÑнове кооÑдиниÑÑÑÑиÑ
конÑÑакÑов (Supply Chain Profit Optimization Using Coordinating Contracts)
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Russian Abstract: Ð' ÑÑловиÑÑ ÑовÑеменной, бÑÑÑÑо изменÑÑÑейÑÑ Ñкономики, взаимозавиÑимоÑÑи дейÑÑвÑÑÑÐ¸Ñ ÑкономиÑеÑÐºÐ¸Ñ ÑÑбÑекÑов пÑÐ¾Ð±Ð»ÐµÐ¼Ñ Ð¾Ñенки ÑинанÑовой ÑÑÑекÑивноÑÑи Ñепей поÑÑавок, пÑÑи и ÑпоÑÐ¾Ð±Ñ ÐµÐµ повÑÑÐµÐ½Ð¸Ñ ÑÑановÑÑÑÑ Ð¾Ñобенно акÑÑалÑнÑми. ÐÑи ÑÑом пÑедлагаемÑе ÑпоÑÐ¾Ð±Ñ Ð¿Ð¾Ð²ÑÑÐµÐ½Ð¸Ñ ÑинанÑовой ÑÑÑекÑивноÑÑи Ñепей поÑÑавок Ð´Ð¾Ð»Ð¶Ð½Ñ ÑлÑÑÑаÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñели не ÑолÑко Ñепи, но и каждого ÑÑаÑÑника. Ð¦ÐµÐ»Ñ Ð´Ð°Ð½Ð½Ð¾Ð¹ ÑабоÑÑ Ð·Ð°ÐºÐ»ÑÑаеÑÑÑ Ð² иÑÑледовании пÑÐ¾Ð±Ð»ÐµÐ¼Ñ Ð¸Ð½ÑегÑаÑии Ñепи поÑÑавок на оÑнове конÑÑакÑов, позволÑÑÑÐ¸Ñ ÑкооÑдиниÑоваÑÑ Ð´ÐµÐ¹ÑÑÐ²Ð¸Ñ ÑÑаÑÑников Ð´Ð»Ñ Ð¿Ð¾Ð²ÑÑÐµÐ½Ð¸Ñ ÑинанÑовой ÑезÑлÑÑаÑивноÑÑи вÑÐµÑ Ð·Ð°Ð¸Ð½ÑеÑеÑованнÑÑ ÑÑоÑон и Ñепи поÑÑавок в Ñелом. Ð' каÑеÑÑве меÑÑ ÑинанÑовой ÑезÑлÑÑаÑивноÑÑи ÑаÑÑмаÑÑиваеÑÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°ÑÐµÐ»Ñ Ð¿ÑибÑли Ñепи поÑÑавок и ее ÑÑаÑÑников. Ð' ÑÑаÑÑе пÑедÑÑÐ°Ð²Ð»ÐµÐ½Ñ ÑезÑлÑÑаÑÑ Ð°Ð½Ð°Ð»Ð¸Ð·Ð° ÑовÑеменной заÑÑбежной и ÑоÑÑийÑкой лиÑеÑаÑÑÑÑ Ð² облаÑÑи кооÑдинаÑии Ñепей поÑÑавок на оÑнове конÑÑакÑов. Ð' иÑÑледовании пÑоведен анализ конÑепÑии и ÑÑÑеÑÑвÑÑÑÐ¸Ñ Ð¿Ð¾Ð½ÑÑий кооÑдинаÑии в Ñепи поÑÑавок, и в ÑÐ°Ð¼ÐºÐ°Ñ Ð²Ð½ÐµÑней инÑегÑаÑии Ñепи подÑобно ÑаÑÑмоÑÑена веÑÑикалÑÐ½Ð°Ñ ÐºÐ¾Ð¾ÑдинаÑиÑ. ÐÑновнÑм ÑезÑлÑÑаÑом ÑабоÑÑ ÑвлÑеÑÑÑ ÑоÑмÑлиÑовка пÑÐ¾Ð±Ð»ÐµÐ¼Ñ Ð¸Ð½ÑегÑаÑии Ñепей поÑÑавок и Ð¿Ð¾Ð´Ñ Ð¾Ð´Ñ Ðº ее ÑеÑÐµÐ½Ð¸Ñ Ð½Ð° оÑнове кооÑдиниÑÑÑÑÐ¸Ñ ÐºÐ¾Ð½ÑÑакÑов Ñ ÑелÑÑ Ð¿Ð¾Ð²ÑÑÐµÐ½Ð¸Ñ ÑинанÑовой ÑезÑлÑÑаÑивноÑÑи ÑÑаÑÑников и Ñепи поÑÑавок в Ñелом. Ð"Ð»Ñ ÑазлиÑнÑÑ Ñипов конÑÑакÑов в ÑабоÑе обÑÑÑнена моÑиваÑÐ¸Ñ ÑÑаÑÑников Ñепи пÑи заклÑÑении кооÑдиниÑÑÑÑÐ¸Ñ ÐºÐ¾Ð½ÑÑакÑов и пÑÐ¸Ð²ÐµÐ´ÐµÐ½Ñ Ð²ÑÑÐ°Ð¶ÐµÐ½Ð¸Ñ Ð´Ð»Ñ Ð¾Ð¶Ð¸Ð´Ð°ÐµÐ¼Ð¾Ð¹ пÑибÑли вÑÐµÑ Ð·Ð°Ð¸Ð½ÑеÑеÑованнÑÑ ÑÑоÑон, а Ñакже клаÑÑиÑиÑиÑÐ¾Ð²Ð°Ð½Ñ ÑÑÑÑкÑÑÑа и ÑÐ¸Ð¿Ð¾Ð»Ð¾Ð³Ð¸Ñ Ð¸ÑполÑзÑемÑÑ Ð² ÑепÑÑ Ð¿Ð¾ÑÑавок конÑÑакÑов и ÑпоÑÐ¾Ð±Ñ Ð¸Ñ ÐºÐ¾Ð¾ÑдинаÑии. С ÑеоÑеÑиÑеÑкой ÑоÑки зÑÐµÐ½Ð¸Ñ Ð¿Ð¾Ð»ÑÑеннÑе ÑезÑлÑÑаÑÑ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð¿Ð¾Ð·Ð²Ð¾Ð»ÑÑÑ ÑоÑмализоваÑÑ Ð¿Ð¾ÑÑÐ°Ð½Ð¾Ð²ÐºÑ Ð·Ð°Ð´Ð°Ñи инÑегÑаÑии Ñепи на оÑнове кооÑдинаÑии оÑделÑнÑÑ ÐµÐµ ÑлеменÑов, а Ñакже ÑниÑиÑиÑоваÑÑ Ð²ÑÑÐ°Ð¶ÐµÐ½Ð¸Ñ Ð´Ð»Ñ Ð¾Ð¶Ð¸Ð´Ð°ÐµÐ¼Ð¾Ð¹ пÑибÑли Ñепи и заинÑеÑеÑованнÑÑ ÑÑоÑон. С пÑакÑиÑеÑкой ÑоÑки зÑÐµÐ½Ð¸Ñ ÑезÑлÑÑаÑÑ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð¼Ð¾Ð³ÑÑ Ð±ÑÑÑ Ð¸Ð½ÑеÑеÑÐ½Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ñм, ÑÑÑемÑÑимÑÑ Ðº макÑимизаÑии пÑибÑли Ñепи и пÑибÑли ее ÑÑаÑÑников, Ñак как в данной ÑÑаÑÑе аÑгÑменÑиÑованно обоÑновÑваеÑÑÑ, ÑÑо повÑÑение пÑибÑли Ð¼Ð¾Ð¶ÐµÑ Ð±ÑÑÑ Ð´Ð¾ÑÑигнÑÑо ÑеÑез внеÑнÑÑ Ð¸Ð½ÑегÑаÑÐ¸Ñ Ñепи поÑÑавок Ñ Ð¿Ð¾Ð¼Ð¾ÑÑÑ ÐºÐ¾Ð¾ÑдиниÑÑÑÑÐ¸Ñ ÐºÐ¾Ð½ÑÑакÑов.English Abstract: In todayâs rapidly changing economy, and with the interdependence of economic entities, the problem of assessing supply chain financial performance and the ways of improving that performance become acutely relevant. At the same time, any proposed method for increasing supply chain financial performance should improve not only the performance of the whole chain, but also the performance of each individual participant. The purpose of this work is to study the problem of supply chain integration using contracts, and to allow for the coordination of participantsâ activities in order to improve the financial performance of all stakeholders and the supply chain as a whole. As a measure of financial performance, the indicator of profit vis-a-vis the supply chain and its participants is considered. The article presents the results of an analysis of modern Russian and foreign literature in the field of supply chain coordination using contracts. The study analyses the existing concepts of coordination in the supply chain, and within the framework of external integration of the chain, vertical coordination is considered in detail. The main result of the work is the formulation of the problem of supply chain integration and approaches to its solution using a contract-based approach. In the research for various types of contracts, the motivation of the participants of the chain for adapting the coordinating contracts is explained, the equations for the expected profit of all stakeholders are presented, and the structure and the typology used in the supply chain contracts and their coordination are classified. From a theoretical point of view, the results of this study allow for the formal articulation of the problem of supply chain integration based on the coordination of its individual elements, as well as to unify the expressions for the expected profit of the chain and stakeholders. From a practical point of view, the results of the study may be of interest to companies concerned in maximising the supply chain profit and the profits of its participants, since this article justifies that the increase in profits can be achieved through the external supply chain integration through coordinating contracts.
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Russian Abstract: Ð' ÑÑловиÑÑ ÑовÑеменной, бÑÑÑÑо изменÑÑÑейÑÑ Ñкономики, взаимозавиÑимоÑÑи дейÑÑвÑÑÑÐ¸Ñ ÑкономиÑеÑÐºÐ¸Ñ ÑÑбÑекÑов пÑÐ¾Ð±Ð»ÐµÐ¼Ñ Ð¾Ñенки ÑинанÑовой ÑÑÑекÑивноÑÑи Ñепей поÑÑавок, пÑÑи и ÑпоÑÐ¾Ð±Ñ ÐµÐµ повÑÑÐµÐ½Ð¸Ñ ÑÑановÑÑÑÑ Ð¾Ñобенно акÑÑалÑнÑми. ÐÑи ÑÑом пÑедлагаемÑе ÑпоÑÐ¾Ð±Ñ Ð¿Ð¾Ð²ÑÑÐµÐ½Ð¸Ñ ÑинанÑовой ÑÑÑекÑивноÑÑи Ñепей поÑÑавок Ð´Ð¾Ð»Ð¶Ð½Ñ ÑлÑÑÑаÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñели не ÑолÑко Ñепи, но и каждого ÑÑаÑÑника. Ð¦ÐµÐ»Ñ Ð´Ð°Ð½Ð½Ð¾Ð¹ ÑабоÑÑ Ð·Ð°ÐºÐ»ÑÑаеÑÑÑ Ð² иÑÑледовании пÑÐ¾Ð±Ð»ÐµÐ¼Ñ Ð¸Ð½ÑегÑаÑии Ñепи поÑÑавок на оÑнове конÑÑакÑов, позволÑÑÑÐ¸Ñ ÑкооÑдиниÑоваÑÑ Ð´ÐµÐ¹ÑÑÐ²Ð¸Ñ ÑÑаÑÑников Ð´Ð»Ñ Ð¿Ð¾Ð²ÑÑÐµÐ½Ð¸Ñ ÑинанÑовой ÑезÑлÑÑаÑивноÑÑи вÑÐµÑ Ð·Ð°Ð¸Ð½ÑеÑеÑованнÑÑ ÑÑоÑон и Ñепи поÑÑавок в Ñелом. Ð' каÑеÑÑве меÑÑ ÑинанÑовой ÑезÑлÑÑаÑивноÑÑи ÑаÑÑмаÑÑиваеÑÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°ÑÐµÐ»Ñ Ð¿ÑибÑли Ñепи поÑÑавок и ее ÑÑаÑÑников. Ð' ÑÑаÑÑе пÑедÑÑÐ°Ð²Ð»ÐµÐ½Ñ ÑезÑлÑÑаÑÑ Ð°Ð½Ð°Ð»Ð¸Ð·Ð° ÑовÑеменной заÑÑбежной и ÑоÑÑийÑкой лиÑеÑаÑÑÑÑ Ð² облаÑÑи кооÑдинаÑии Ñепей поÑÑавок на оÑнове конÑÑакÑов. Ð' иÑÑледовании пÑоведен анализ конÑепÑии и ÑÑÑеÑÑвÑÑÑÐ¸Ñ Ð¿Ð¾Ð½ÑÑий кооÑдинаÑии в Ñепи поÑÑавок, и в ÑÐ°Ð¼ÐºÐ°Ñ Ð²Ð½ÐµÑней инÑегÑаÑии Ñепи подÑобно ÑаÑÑмоÑÑена веÑÑикалÑÐ½Ð°Ñ ÐºÐ¾Ð¾ÑдинаÑиÑ. ÐÑновнÑм ÑезÑлÑÑаÑом ÑабоÑÑ ÑвлÑеÑÑÑ ÑоÑмÑлиÑовка пÑÐ¾Ð±Ð»ÐµÐ¼Ñ Ð¸Ð½ÑегÑаÑии Ñепей поÑÑавок и Ð¿Ð¾Ð´Ñ Ð¾Ð´Ñ Ðº ее ÑеÑÐµÐ½Ð¸Ñ Ð½Ð° оÑнове кооÑдиниÑÑÑÑÐ¸Ñ ÐºÐ¾Ð½ÑÑакÑов Ñ ÑелÑÑ Ð¿Ð¾Ð²ÑÑÐµÐ½Ð¸Ñ ÑинанÑовой ÑезÑлÑÑаÑивноÑÑи ÑÑаÑÑников и Ñепи поÑÑавок в Ñелом. Ð"Ð»Ñ ÑазлиÑнÑÑ Ñипов конÑÑакÑов в ÑабоÑе обÑÑÑнена моÑиваÑÐ¸Ñ ÑÑаÑÑников Ñепи пÑи заклÑÑении кооÑдиниÑÑÑÑÐ¸Ñ ÐºÐ¾Ð½ÑÑакÑов и пÑÐ¸Ð²ÐµÐ´ÐµÐ½Ñ Ð²ÑÑÐ°Ð¶ÐµÐ½Ð¸Ñ Ð´Ð»Ñ Ð¾Ð¶Ð¸Ð´Ð°ÐµÐ¼Ð¾Ð¹ пÑибÑли вÑÐµÑ Ð·Ð°Ð¸Ð½ÑеÑеÑованнÑÑ ÑÑоÑон, а Ñакже клаÑÑиÑиÑиÑÐ¾Ð²Ð°Ð½Ñ ÑÑÑÑкÑÑÑа и ÑÐ¸Ð¿Ð¾Ð»Ð¾Ð³Ð¸Ñ Ð¸ÑполÑзÑемÑÑ Ð² ÑепÑÑ Ð¿Ð¾ÑÑавок конÑÑакÑов и ÑпоÑÐ¾Ð±Ñ Ð¸Ñ ÐºÐ¾Ð¾ÑдинаÑии. С ÑеоÑеÑиÑеÑкой ÑоÑки зÑÐµÐ½Ð¸Ñ Ð¿Ð¾Ð»ÑÑеннÑе ÑезÑлÑÑаÑÑ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð¿Ð¾Ð·Ð²Ð¾Ð»ÑÑÑ ÑоÑмализоваÑÑ Ð¿Ð¾ÑÑÐ°Ð½Ð¾Ð²ÐºÑ Ð·Ð°Ð´Ð°Ñи инÑегÑаÑии Ñепи на оÑнове кооÑдинаÑии оÑделÑнÑÑ ÐµÐµ ÑлеменÑов, а Ñакже ÑниÑиÑиÑоваÑÑ Ð²ÑÑÐ°Ð¶ÐµÐ½Ð¸Ñ Ð´Ð»Ñ Ð¾Ð¶Ð¸Ð´Ð°ÐµÐ¼Ð¾Ð¹ пÑибÑли Ñепи и заинÑеÑеÑованнÑÑ ÑÑоÑон. С пÑакÑиÑеÑкой ÑоÑки зÑÐµÐ½Ð¸Ñ ÑезÑлÑÑаÑÑ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð¼Ð¾Ð³ÑÑ Ð±ÑÑÑ Ð¸Ð½ÑеÑеÑÐ½Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ñм, ÑÑÑемÑÑимÑÑ Ðº макÑимизаÑии пÑибÑли Ñепи и пÑибÑли ее ÑÑаÑÑников, Ñак как в данной ÑÑаÑÑе аÑгÑменÑиÑованно обоÑновÑваеÑÑÑ, ÑÑо повÑÑение пÑибÑли Ð¼Ð¾Ð¶ÐµÑ Ð±ÑÑÑ Ð´Ð¾ÑÑигнÑÑо ÑеÑез внеÑнÑÑ Ð¸Ð½ÑегÑаÑÐ¸Ñ Ñепи поÑÑавок Ñ Ð¿Ð¾Ð¼Ð¾ÑÑÑ ÐºÐ¾Ð¾ÑдиниÑÑÑÑÐ¸Ñ ÐºÐ¾Ð½ÑÑакÑов.English Abstract: In todayâs rapidly changing economy, and with the interdependence of economic entities, the problem of assessing supply chain financial performance and the ways of improving that performance become acutely relevant. At the same time, any proposed method for increasing supply chain financial performance should improve not only the performance of the whole chain, but also the performance of each individual participant. The purpose of this work is to study the problem of supply chain integration using contracts, and to allow for the coordination of participantsâ activities in order to improve the financial performance of all stakeholders and the supply chain as a whole. As a measure of financial performance, the indicator of profit vis-a-vis the supply chain and its participants is considered. The article presents the results of an analysis of modern Russian and foreign literature in the field of supply chain coordination using contracts. The study analyses the existing concepts of coordination in the supply chain, and within the framework of external integration of the chain, vertical coordination is considered in detail. The main result of the work is the formulation of the problem of supply chain integration and approaches to its solution using a contract-based approach. In the research for various types of contracts, the motivation of the participants of the chain for adapting the coordinating contracts is explained, the equations for the expected profit of all stakeholders are presented, and the structure and the typology used in the supply chain contracts and their coordination are classified. From a theoretical point of view, the results of this study allow for the formal articulation of the problem of supply chain integration based on the coordination of its individual elements, as well as to unify the expressions for the expected profit of the chain and stakeholders. From a practical point of view, the results of the study may be of interest to companies concerned in maximising the supply chain profit and the profits of its participants, since this article justifies that the increase in profits can be achieved through the external supply chain integration through coordinating contracts.
ÐÑобенноÑÑи Ñделок ÑлиÑний и поглоÑений инноваÑионнÑÑ
компаний на ÑазвиÑÑÑ
и ÑазвиваÑÑиÑ
ÑÑ ÑÑнкаÑ
капиÑала (Mergers and Acquisitions of Innovative Companies in Developed and Emerging Capital Markets: What Sets Them Apart?)
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Russian Abstract: Ð' наÑÑоÑÑее вÑÐµÐ¼Ñ Ð¸Ð½Ð½Ð¾Ð²Ð°ÑионнÑе компании ÑвлÑÑÑÑÑ Ð¾Ð´Ð½Ð¸Ð¼ из клÑÑевÑÑ Ð´ÑайвеÑов миÑового ÑÑнка ÑлиÑний и поглоÑений, ÑÑо обÑÑÐ»Ð¾Ð²Ð»Ð¸Ð²Ð°ÐµÑ Ð°ÐºÑÑалÑноÑÑÑ Ð²ÑÑÐ²Ð»ÐµÐ½Ð¸Ñ Ð¸Ñ Ð¾ÑобенноÑÑей, а Ñакже иÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð²Ð¾Ð¿ÑоÑов ÑÑÑекÑивноÑÑи подобнÑÑ Ñделок. Ð'меÑÑе Ñ Ñем в ÑовÑеменной академиÑеÑкой лиÑеÑаÑÑÑе оÑÑÑÑÑÑвÑÐµÑ Ð¾Ð´Ð½Ð¾Ð·Ð½Ð°ÑнÑе оÑвеÑÑ Ð½Ð° вопÑоÑÑ Ð¾ Ñом, какÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ñ Ð¼Ð¾Ð¶Ð½Ð¾ ÑÑиÑаÑÑ Ð¸Ð½Ð½Ð¾Ð²Ð°Ñионной, каким обÑазом опÑеделиÑÑ ÑÑÐ¾Ð²ÐµÐ½Ñ ÐµÐµ инноваÑионноÑÑи, ÑÑо Ñакое инноваÑÐ¸Ð¾Ð½Ð½Ð°Ñ Ñделка по ÑлиÑÐ½Ð¸Ñ Ð¸ поглоÑÐµÐ½Ð¸Ñ Ð¸ какими оÑобенноÑÑÑми она обладаеÑ. ÐÑайне мало Ð²Ð½Ð¸Ð¼Ð°Ð½Ð¸Ñ ÑделÑеÑÑÑ Ð¼ÐµÐ¶Ð´ÑнаÑоднÑм инноваÑионнÑм Ñделкам по ÑлиÑниÑм и поглоÑениÑм и опÑÐµÐ´ÐµÐ»ÐµÐ½Ð¸Ñ Ð¸Ñ Ð¾ÑобенноÑÑей. Ð' данной ÑÑаÑÑе пÑиводиÑÑÑ ÐºÑаÑкий Ð¾Ð±Ð·Ð¾Ñ Ð¸Ð¼ÐµÑÑейÑÑ Ð»Ð¸ÑеÑаÑÑÑÑ Ð½Ð° даннÑÑ ÑемÑ. ÐпиÑÑваÑÑÑÑ ÑпоÑÐ¾Ð±Ñ Ð¾Ð¿ÑÐµÐ´ÐµÐ»ÐµÐ½Ð¸Ñ Ð¸Ð½Ð½Ð¾Ð²Ð°Ñионной компании и оÑновнÑе Ð¿Ð¾Ð´Ñ Ð¾Ð´Ñ Ð´Ð»Ñ Ð¾Ñенки ÑÑÑекÑивноÑÑи инноваÑионнÑÑ Ñделок по ÑлиÑниÑм и поглоÑениÑм. РаÑÑмаÑÑиваÑÑÑÑ Ñакже междÑнаÑоднÑе инноваÑионнÑе Ñделки по ÑлиÑниÑм и поглоÑениÑм и Ð¸Ñ Ð¾ÑобенноÑÑи. Ðо ÑезÑлÑÑаÑам пÑоведенного обзоÑа бÑл полÑÑен вÑвод о Ñом, ÑÑо в болÑÑинÑÑве ÑÐ°Ð±Ð¾Ñ Ð¸Ð½Ð½Ð¾Ð²Ð°ÑионноÑÑÑ Ð¾Ð¿ÑеделÑеÑÑÑ ÑеÑез абÑолÑÑнÑÑ Ð²ÐµÐ»Ð¸ÑÐ¸Ð½Ñ ÑазлиÑнÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñелей, ÑпиÑок коÑоÑÑÑ Ð¿ÑиводиÑÑÑ Ð² данной ÑÑаÑÑе, или Ñ Ð¿Ð¾Ð¼Ð¾ÑÑÑ ÑпеÑиалÑнÑÑ Ð¾Ð¿ÑоÑников, коÑоÑÑе напÑавлÑÑÑÑÑ Ð¼ÐµÐ½ÐµÐ´Ð¶Ð¼ÐµÐ½ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸. ÐнноваÑионнÑе компании Ñакже могÑÑ Ð±ÑÑÑ Ð¾Ð¿ÑÐµÐ´ÐµÐ»ÐµÐ½Ñ Ð¸ÑÑ Ð¾Ð´Ñ Ð¸Ð· оÑÑаÑлей, в коÑоÑÑÑ Ð·Ð°Ð´ÐµÐ¹ÑÑÐ²Ð¾Ð²Ð°Ð½Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸. Ð"Ð»Ñ Ð¾Ð¿ÑÐµÐ´ÐµÐ»ÐµÐ½Ð¸Ñ ÑÑÑекÑивноÑÑи инноваÑионнÑÑ Ñделок по ÑлиÑниÑм и поглоÑениÑм, как пÑавило, иÑполÑзÑÑÑÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñели, ÑвÑзаннÑе Ñ Ð¿ÑиÑоÑÑом или ÑиÑиÑÑемоÑÑÑÑ Ð¸Ð¼ÐµÑÑÐ¸Ñ ÑÑ Ð¿Ð°ÑенÑов Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸. ÐднознаÑного оÑвеÑа на вопÑÐ¾Ñ Ð¾ влиÑнии Ñделок по ÑлиÑниÑм и поглоÑениÑм на инноваÑионнÑÑ Ð°ÐºÑивноÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸ даÑÑ Ð½Ðµ ÑдалоÑÑ, Ñак как ÑезÑлÑÑаÑÑ Ð¸ÑÑледований имеÑÑ Ð¿ÑоÑивоÑеÑивÑй Ñ Ð°ÑакÑеÑ. ÐÑновнÑм же моÑивом междÑнаÑоднÑÑ Ð¸Ð½Ð½Ð¾Ð²Ð°ÑионнÑÑ Ñделок по ÑлиÑниÑм и поглоÑениÑм ÑвлÑеÑÑÑ Ð¿ÑиобÑеÑение новÑÑ ÑÐµÑ Ð½Ð¾Ð»Ð¾Ð³Ð¸Ð¹ Ð´Ð»Ñ Ð¿Ð¾Ð»ÑÑÐµÐ½Ð¸Ñ ÐºÐ¾Ð½ÐºÑÑенÑнÑÑ Ð¿ÑеимÑÑеÑÑв. Тем не менее полное пÑедÑÑавление об ÑÑÑекÑивноÑÑи данного Ñипа Ñделок оÑÑÑÑÑÑвÑеÑ.English Abstract: Currently, innovative companies are one of the key drivers of the global market for mergers and acquisitions. This makes it important to identify their specific features, as well as to study the effectiveness of such deals. However, in modern academic literature there is no definitive answer to the question of which company can be considered innovative, and how to determine its level of innovation. Also, there is no clear answer to the question of what an innovative M&A deal is, and what distinguishing features it possesses. Extremely little attention is paid to identifying cross-border innovative mergers and acquisitions transactions and the determination of their distinct features. This paper provides a brief overview of the available literature on these topics. It describes how to define an innovative company and the main approaches to assess the effectiveness of innovative mergers and acquisitions deals. It also discusses international innovative mergers and acquisitions and their features. Based on the results of the literature review, it was concluded that in most of the works, innovation is determined through the absolute value of various indicators listed in this paper, or with the help of special questionnaires sent to the companyâs management. Innovative companies can also be defined based on the industries in which companies are involved. Companiesâ innovative performance after mergers and acquisitions is measured by a change in the absolute quantity of company patents, or in the quantity of citations of existing company patents. It was not possible to establish a clear answer about the impact of mergers and acquisitions on the innovative performance of the company, since the research indicates contradictory results. The main motive of cross-border innovation M&A deals is the acquisition of new technologies to gain competitive advantages. However, there is no unequivocal effect on innovation performance as a result of these type of transactions.
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Russian Abstract: Ð' наÑÑоÑÑее вÑÐµÐ¼Ñ Ð¸Ð½Ð½Ð¾Ð²Ð°ÑионнÑе компании ÑвлÑÑÑÑÑ Ð¾Ð´Ð½Ð¸Ð¼ из клÑÑевÑÑ Ð´ÑайвеÑов миÑового ÑÑнка ÑлиÑний и поглоÑений, ÑÑо обÑÑÐ»Ð¾Ð²Ð»Ð¸Ð²Ð°ÐµÑ Ð°ÐºÑÑалÑноÑÑÑ Ð²ÑÑÐ²Ð»ÐµÐ½Ð¸Ñ Ð¸Ñ Ð¾ÑобенноÑÑей, а Ñакже иÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð²Ð¾Ð¿ÑоÑов ÑÑÑекÑивноÑÑи подобнÑÑ Ñделок. Ð'меÑÑе Ñ Ñем в ÑовÑеменной академиÑеÑкой лиÑеÑаÑÑÑе оÑÑÑÑÑÑвÑÐµÑ Ð¾Ð´Ð½Ð¾Ð·Ð½Ð°ÑнÑе оÑвеÑÑ Ð½Ð° вопÑоÑÑ Ð¾ Ñом, какÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ñ Ð¼Ð¾Ð¶Ð½Ð¾ ÑÑиÑаÑÑ Ð¸Ð½Ð½Ð¾Ð²Ð°Ñионной, каким обÑазом опÑеделиÑÑ ÑÑÐ¾Ð²ÐµÐ½Ñ ÐµÐµ инноваÑионноÑÑи, ÑÑо Ñакое инноваÑÐ¸Ð¾Ð½Ð½Ð°Ñ Ñделка по ÑлиÑÐ½Ð¸Ñ Ð¸ поглоÑÐµÐ½Ð¸Ñ Ð¸ какими оÑобенноÑÑÑми она обладаеÑ. ÐÑайне мало Ð²Ð½Ð¸Ð¼Ð°Ð½Ð¸Ñ ÑделÑеÑÑÑ Ð¼ÐµÐ¶Ð´ÑнаÑоднÑм инноваÑионнÑм Ñделкам по ÑлиÑниÑм и поглоÑениÑм и опÑÐµÐ´ÐµÐ»ÐµÐ½Ð¸Ñ Ð¸Ñ Ð¾ÑобенноÑÑей. Ð' данной ÑÑаÑÑе пÑиводиÑÑÑ ÐºÑаÑкий Ð¾Ð±Ð·Ð¾Ñ Ð¸Ð¼ÐµÑÑейÑÑ Ð»Ð¸ÑеÑаÑÑÑÑ Ð½Ð° даннÑÑ ÑемÑ. ÐпиÑÑваÑÑÑÑ ÑпоÑÐ¾Ð±Ñ Ð¾Ð¿ÑÐµÐ´ÐµÐ»ÐµÐ½Ð¸Ñ Ð¸Ð½Ð½Ð¾Ð²Ð°Ñионной компании и оÑновнÑе Ð¿Ð¾Ð´Ñ Ð¾Ð´Ñ Ð´Ð»Ñ Ð¾Ñенки ÑÑÑекÑивноÑÑи инноваÑионнÑÑ Ñделок по ÑлиÑниÑм и поглоÑениÑм. РаÑÑмаÑÑиваÑÑÑÑ Ñакже междÑнаÑоднÑе инноваÑионнÑе Ñделки по ÑлиÑниÑм и поглоÑениÑм и Ð¸Ñ Ð¾ÑобенноÑÑи. Ðо ÑезÑлÑÑаÑам пÑоведенного обзоÑа бÑл полÑÑен вÑвод о Ñом, ÑÑо в болÑÑинÑÑве ÑÐ°Ð±Ð¾Ñ Ð¸Ð½Ð½Ð¾Ð²Ð°ÑионноÑÑÑ Ð¾Ð¿ÑеделÑеÑÑÑ ÑеÑез абÑолÑÑнÑÑ Ð²ÐµÐ»Ð¸ÑÐ¸Ð½Ñ ÑазлиÑнÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñелей, ÑпиÑок коÑоÑÑÑ Ð¿ÑиводиÑÑÑ Ð² данной ÑÑаÑÑе, или Ñ Ð¿Ð¾Ð¼Ð¾ÑÑÑ ÑпеÑиалÑнÑÑ Ð¾Ð¿ÑоÑников, коÑоÑÑе напÑавлÑÑÑÑÑ Ð¼ÐµÐ½ÐµÐ´Ð¶Ð¼ÐµÐ½ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸. ÐнноваÑионнÑе компании Ñакже могÑÑ Ð±ÑÑÑ Ð¾Ð¿ÑÐµÐ´ÐµÐ»ÐµÐ½Ñ Ð¸ÑÑ Ð¾Ð´Ñ Ð¸Ð· оÑÑаÑлей, в коÑоÑÑÑ Ð·Ð°Ð´ÐµÐ¹ÑÑÐ²Ð¾Ð²Ð°Ð½Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸. Ð"Ð»Ñ Ð¾Ð¿ÑÐµÐ´ÐµÐ»ÐµÐ½Ð¸Ñ ÑÑÑекÑивноÑÑи инноваÑионнÑÑ Ñделок по ÑлиÑниÑм и поглоÑениÑм, как пÑавило, иÑполÑзÑÑÑÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñели, ÑвÑзаннÑе Ñ Ð¿ÑиÑоÑÑом или ÑиÑиÑÑемоÑÑÑÑ Ð¸Ð¼ÐµÑÑÐ¸Ñ ÑÑ Ð¿Ð°ÑенÑов Ñ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸. ÐднознаÑного оÑвеÑа на вопÑÐ¾Ñ Ð¾ влиÑнии Ñделок по ÑлиÑниÑм и поглоÑениÑм на инноваÑионнÑÑ Ð°ÐºÑивноÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸ даÑÑ Ð½Ðµ ÑдалоÑÑ, Ñак как ÑезÑлÑÑаÑÑ Ð¸ÑÑледований имеÑÑ Ð¿ÑоÑивоÑеÑивÑй Ñ Ð°ÑакÑеÑ. ÐÑновнÑм же моÑивом междÑнаÑоднÑÑ Ð¸Ð½Ð½Ð¾Ð²Ð°ÑионнÑÑ Ñделок по ÑлиÑниÑм и поглоÑениÑм ÑвлÑеÑÑÑ Ð¿ÑиобÑеÑение новÑÑ ÑÐµÑ Ð½Ð¾Ð»Ð¾Ð³Ð¸Ð¹ Ð´Ð»Ñ Ð¿Ð¾Ð»ÑÑÐµÐ½Ð¸Ñ ÐºÐ¾Ð½ÐºÑÑенÑнÑÑ Ð¿ÑеимÑÑеÑÑв. Тем не менее полное пÑедÑÑавление об ÑÑÑекÑивноÑÑи данного Ñипа Ñделок оÑÑÑÑÑÑвÑеÑ.English Abstract: Currently, innovative companies are one of the key drivers of the global market for mergers and acquisitions. This makes it important to identify their specific features, as well as to study the effectiveness of such deals. However, in modern academic literature there is no definitive answer to the question of which company can be considered innovative, and how to determine its level of innovation. Also, there is no clear answer to the question of what an innovative M&A deal is, and what distinguishing features it possesses. Extremely little attention is paid to identifying cross-border innovative mergers and acquisitions transactions and the determination of their distinct features. This paper provides a brief overview of the available literature on these topics. It describes how to define an innovative company and the main approaches to assess the effectiveness of innovative mergers and acquisitions deals. It also discusses international innovative mergers and acquisitions and their features. Based on the results of the literature review, it was concluded that in most of the works, innovation is determined through the absolute value of various indicators listed in this paper, or with the help of special questionnaires sent to the companyâs management. Innovative companies can also be defined based on the industries in which companies are involved. Companiesâ innovative performance after mergers and acquisitions is measured by a change in the absolute quantity of company patents, or in the quantity of citations of existing company patents. It was not possible to establish a clear answer about the impact of mergers and acquisitions on the innovative performance of the company, since the research indicates contradictory results. The main motive of cross-border innovation M&A deals is the acquisition of new technologies to gain competitive advantages. However, there is no unequivocal effect on innovation performance as a result of these type of transactions.
ÐÑименение меÑода RADR Ð´Ð»Ñ ÑиÑкованнÑÑ
оÑÑоков денежнÑÑ
ÑÑедÑÑв (An Application of the RADR Method for Risky Cash Outflows)
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Russian Abstract: ÐеÑод ÑкоÑÑекÑиÑованной на ÑиÑк ÑÑавки диÑконÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ (RADR) Ð´Ð»Ñ Ð¾Ñенки неÑипиÑнÑÑ Ð¿ÑоекÑов (Ñо знакопеÑеменнÑми денежнÑми поÑоками) в ÑÑловиÑÑ Ð½ÐµÐ¾Ð¿ÑеделенноÑÑи ÑвлÑеÑÑÑ Ð¿ÑедмеÑом акÑивнÑÑ Ð´Ð¸ÑкÑÑÑий на пÑоÑÑжении неÑколÑÐºÐ¸Ñ Ð´ÐµÑÑÑилеÑий. Ðо вопÑоÑÑ, как диÑконÑиÑоваÑÑ Ð¾ÑÑиÑаÑелÑнÑе денежнÑе поÑоки, полÑзÑÑÑÑ Ð¼Ð¾Ð´ÐµÐ»ÑÑ Ð¾Ñенки капиÑалÑнÑÑ Ð°ÐºÑивов CAPM, вÑÑÐºÐ°Ð·Ð°Ð½Ñ Ð´Ð²Ðµ пÑоÑивоположнÑе позиÑии. ÐеÑвÑй Ð¿Ð¾Ð´Ñ Ð¾Ð´ заклÑÑаеÑÑÑ Ð² Ñом, ÑÑо RADR, пÑименÑÐµÐ¼Ð°Ñ Ðº бÑдÑÑÐµÐ¼Ñ ÑиÑÐºÐ¾Ð²Ð°Ð½Ð½Ð¾Ð¼Ñ Ð¿Ð¾ÑÐ¾ÐºÑ Ð´ÐµÐ½ÐµÐ¶Ð½ÑÑ ÑÑедÑÑв, не завиÑÐ¸Ñ Ð¾Ñ Ñого, ÑвлÑеÑÑÑ Ð´ÐµÐ½ÐµÐ¶Ð½Ñй поÑок пÑиÑоком или оÑÑоком. ÐÑи ÑÑом RADR поÑÑепенно возÑаÑÑÐ°ÐµÑ Ð¿Ð¾ меÑе Ñого, как денежнÑе поÑоки ÑÑановÑÑÑÑ Ð±Ð¾Ð»ÐµÐµ ÑиÑковÑми. Ð'ÑоÑой Ð¿Ð¾Ð´Ñ Ð¾Ð´ заклÑÑаеÑÑÑ Ð² Ñом, ÑÑо RADR, пÑименÑÐµÐ¼Ð°Ñ Ðº бÑдÑÑим денежнÑм поÑокам Ñ ÑавнÑм ÑÑовнем ÑиÑка, оÑлиÑаеÑÑÑ Ð´Ð»Ñ Ð¿ÑиÑока и оÑÑока денежнÑÑ ÑÑедÑÑв. СÑавка RADR пÑогÑеÑÑивно ÑвелиÑиваеÑÑÑ Ð´Ð»Ñ Ð´ÐµÐ½ÐµÐ¶Ð½ÑÑ Ð¿ÑиÑоков и ÑнижаеÑÑÑ Ð´Ð»Ñ Ð¾ÑÑоков по меÑе Ñого, как они ÑÑановÑÑÑÑ Ð±Ð¾Ð»ÐµÐµ ÑиÑковÑми. Ð"о наÑÑоÑÑего вÑемени ÐµÐ´Ð¸Ð½Ð°Ñ ÑоÑка зÑÐµÐ½Ð¸Ñ Ð½Ð° пÑÐ¾Ð±Ð»ÐµÐ¼Ñ ÐºÐ¾ÑÑекÑии ÑÑавки RADR Ð´Ð»Ñ Ð½ÐµÑипиÑнÑÑ Ð¿ÑоекÑов в ÑÑловиÑÑ Ð½ÐµÐ¾Ð¿ÑеделенноÑÑи не вÑÑабоÑана, поÑÑÐ¾Ð¼Ñ ÑинанÑÐ¾Ð²Ð°Ñ Ð»Ð¸ÑеÑаÑÑÑа ÑодеÑÐ¶Ð¸Ñ Ð¿ÑоÑивоÑеÑивÑе ÑекомендаÑии. ÐÑиÑиной ÑÑой неÑоглаÑованноÑÑи ÑвлÑеÑÑÑ Ð¿Ñименение Ð´Ð»Ñ Ð¾Ñенки неÑипиÑнÑÑ Ð¿ÑоекÑов меÑода NPV, в коÑоÑом денежнÑе поÑоки Ñазного знака диÑконÑиÑÑÑÑÑÑ Ð¿Ð¾ одинаковой ÑÑавке, ÑÑо, на Ð½Ð°Ñ Ð²Ð·Ð³Ð»Ñд, непÑавилÑно. Ð' данной ÑÑаÑÑе впеÑвÑе Ð´Ð»Ñ Ð¾Ñенки «неÑипиÑного» пÑоекÑа в ÑÑловиÑÑ Ð½ÐµÐ¾Ð¿ÑеделенноÑÑи пÑименен меÑод GNPV, коÑоÑÑй по опÑÐµÐ´ÐµÐ»ÐµÐ½Ð¸Ñ Ð¸ÑполÑзÑÐµÑ Ð´Ð²Ðµ ÑазнÑе ÑÑавки Ð´Ð»Ñ Ð´Ð¸ÑконÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ð¸Ð½Ð²ÐµÑÑиÑий и займов, ÑоÑÑавлÑÑÑÐ¸Ñ Ñакой пÑоекÑ. Ðоказано, ÑÑо ÑÑи ÑÑавки ÑазлиÑаÑÑÑÑ Ð¼ÐµÐ¶Ð´Ñ Ñобой по ÑкономиÑеÑÐºÐ¾Ð¼Ñ ÑодеÑжаниÑ, поÑÑÐ¾Ð¼Ñ Ð¾Ð½Ð¸ Ð´Ð¾Ð»Ð¶Ð½Ñ ÐºÐ¾ÑÑекÑиÑоваÑÑÑÑ Ð½Ð° ÑиÑк ÑазнÑм обÑазом: ÑинанÑÐ¾Ð²Ð°Ñ ÑÑавка должна поÑÑепенно ÑвелиÑиваÑÑÑÑ, а ÑÑавка ÑеинвеÑÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ - поÑÑепенно ÑменÑÑаÑÑÑÑ Ð¾ÑноÑиÑелÑно безÑиÑковой ÑÑавки Ñ ÑоÑÑом ÑÑÐ¾Ð²Ð½Ñ ÑиÑка. ÐÑедложеннÑй Ð¿Ð¾Ð´Ñ Ð¾Ð´ позволÑÐµÑ ÑоглаÑоваÑÑ Ñнижение ÑÑавки диÑконÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ñ ÑелÑÑ ÑменÑÑÐµÐ½Ð¸Ñ Ð¿Ñиведенной ÑÑоимоÑÑи ÑиÑковÑÑ Ð¾ÑÑоков и пÑавило оÑенки Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑи неопÑеделенной инвеÑÑиÑии, оÑнованное на CAPM.English Abstract: The risk adjusted discount rate (RADR) method for evaluating nonconventional projects (where cash flows change sign more than once) under uncertainty was a subject of considerable debate over the course of the last century. Two opposite positions have been advocated for regarding how to discount negative cash flows using a linear pricing rule such as the CAPM. The first view is that the RADR, applied to future risky cash flow, is independent of whether the cash flow is an inflow or an outflow (according to this view, the RADR progressively increases as cash flows become more risky). The second view is that the RADR, when applied to similarly risky future cash flows, is different for cash inflows and cash outflows. Under this latter hypothesis, the RADR progressively increases for cash inflows and decreases for cash outflows as they become more risky. A single consensus viewpoint on the correction approach to the problem of the RADR for nonconventional projects under uncertainty has not yet been developed, and so the finance literature provides conflict-ing recommendations to managers. The reason for that inconsistency, in our opinion, is the use of the NPV method for evaluating nonconventional projects. The NPV method assumes that cash flows of different signs are discounted at the same rate, but this is not accurate. The current paper proposes to use the GNPV method for evaluating nonconventional projects under uncertainty. This method, by default, applies different rates to discount the various investments and loans which form a nonconventional project. It is shown that these rates have different economic contents and therefore have to be adjusted to risk in different ways. A financial rate progressively increases, whereas a reinvestment rate progressively decreases relative to a risk-free rate as the risk level grows. The proposed approach allows one to reconcile conflict be-tween the decreasing of a discount rate to reduce the present value of risky outflows and the increasing of a rate of return for an uncertain investment following from the CAPM.
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Russian Abstract: ÐеÑод ÑкоÑÑекÑиÑованной на ÑиÑк ÑÑавки диÑконÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ (RADR) Ð´Ð»Ñ Ð¾Ñенки неÑипиÑнÑÑ Ð¿ÑоекÑов (Ñо знакопеÑеменнÑми денежнÑми поÑоками) в ÑÑловиÑÑ Ð½ÐµÐ¾Ð¿ÑеделенноÑÑи ÑвлÑеÑÑÑ Ð¿ÑедмеÑом акÑивнÑÑ Ð´Ð¸ÑкÑÑÑий на пÑоÑÑжении неÑколÑÐºÐ¸Ñ Ð´ÐµÑÑÑилеÑий. Ðо вопÑоÑÑ, как диÑконÑиÑоваÑÑ Ð¾ÑÑиÑаÑелÑнÑе денежнÑе поÑоки, полÑзÑÑÑÑ Ð¼Ð¾Ð´ÐµÐ»ÑÑ Ð¾Ñенки капиÑалÑнÑÑ Ð°ÐºÑивов CAPM, вÑÑÐºÐ°Ð·Ð°Ð½Ñ Ð´Ð²Ðµ пÑоÑивоположнÑе позиÑии. ÐеÑвÑй Ð¿Ð¾Ð´Ñ Ð¾Ð´ заклÑÑаеÑÑÑ Ð² Ñом, ÑÑо RADR, пÑименÑÐµÐ¼Ð°Ñ Ðº бÑдÑÑÐµÐ¼Ñ ÑиÑÐºÐ¾Ð²Ð°Ð½Ð½Ð¾Ð¼Ñ Ð¿Ð¾ÑÐ¾ÐºÑ Ð´ÐµÐ½ÐµÐ¶Ð½ÑÑ ÑÑедÑÑв, не завиÑÐ¸Ñ Ð¾Ñ Ñого, ÑвлÑеÑÑÑ Ð´ÐµÐ½ÐµÐ¶Ð½Ñй поÑок пÑиÑоком или оÑÑоком. ÐÑи ÑÑом RADR поÑÑепенно возÑаÑÑÐ°ÐµÑ Ð¿Ð¾ меÑе Ñого, как денежнÑе поÑоки ÑÑановÑÑÑÑ Ð±Ð¾Ð»ÐµÐµ ÑиÑковÑми. Ð'ÑоÑой Ð¿Ð¾Ð´Ñ Ð¾Ð´ заклÑÑаеÑÑÑ Ð² Ñом, ÑÑо RADR, пÑименÑÐµÐ¼Ð°Ñ Ðº бÑдÑÑим денежнÑм поÑокам Ñ ÑавнÑм ÑÑовнем ÑиÑка, оÑлиÑаеÑÑÑ Ð´Ð»Ñ Ð¿ÑиÑока и оÑÑока денежнÑÑ ÑÑедÑÑв. СÑавка RADR пÑогÑеÑÑивно ÑвелиÑиваеÑÑÑ Ð´Ð»Ñ Ð´ÐµÐ½ÐµÐ¶Ð½ÑÑ Ð¿ÑиÑоков и ÑнижаеÑÑÑ Ð´Ð»Ñ Ð¾ÑÑоков по меÑе Ñого, как они ÑÑановÑÑÑÑ Ð±Ð¾Ð»ÐµÐµ ÑиÑковÑми. Ð"о наÑÑоÑÑего вÑемени ÐµÐ´Ð¸Ð½Ð°Ñ ÑоÑка зÑÐµÐ½Ð¸Ñ Ð½Ð° пÑÐ¾Ð±Ð»ÐµÐ¼Ñ ÐºÐ¾ÑÑекÑии ÑÑавки RADR Ð´Ð»Ñ Ð½ÐµÑипиÑнÑÑ Ð¿ÑоекÑов в ÑÑловиÑÑ Ð½ÐµÐ¾Ð¿ÑеделенноÑÑи не вÑÑабоÑана, поÑÑÐ¾Ð¼Ñ ÑинанÑÐ¾Ð²Ð°Ñ Ð»Ð¸ÑеÑаÑÑÑа ÑодеÑÐ¶Ð¸Ñ Ð¿ÑоÑивоÑеÑивÑе ÑекомендаÑии. ÐÑиÑиной ÑÑой неÑоглаÑованноÑÑи ÑвлÑеÑÑÑ Ð¿Ñименение Ð´Ð»Ñ Ð¾Ñенки неÑипиÑнÑÑ Ð¿ÑоекÑов меÑода NPV, в коÑоÑом денежнÑе поÑоки Ñазного знака диÑконÑиÑÑÑÑÑÑ Ð¿Ð¾ одинаковой ÑÑавке, ÑÑо, на Ð½Ð°Ñ Ð²Ð·Ð³Ð»Ñд, непÑавилÑно. Ð' данной ÑÑаÑÑе впеÑвÑе Ð´Ð»Ñ Ð¾Ñенки «неÑипиÑного» пÑоекÑа в ÑÑловиÑÑ Ð½ÐµÐ¾Ð¿ÑеделенноÑÑи пÑименен меÑод GNPV, коÑоÑÑй по опÑÐµÐ´ÐµÐ»ÐµÐ½Ð¸Ñ Ð¸ÑполÑзÑÐµÑ Ð´Ð²Ðµ ÑазнÑе ÑÑавки Ð´Ð»Ñ Ð´Ð¸ÑконÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ð¸Ð½Ð²ÐµÑÑиÑий и займов, ÑоÑÑавлÑÑÑÐ¸Ñ Ñакой пÑоекÑ. Ðоказано, ÑÑо ÑÑи ÑÑавки ÑазлиÑаÑÑÑÑ Ð¼ÐµÐ¶Ð´Ñ Ñобой по ÑкономиÑеÑÐºÐ¾Ð¼Ñ ÑодеÑжаниÑ, поÑÑÐ¾Ð¼Ñ Ð¾Ð½Ð¸ Ð´Ð¾Ð»Ð¶Ð½Ñ ÐºÐ¾ÑÑекÑиÑоваÑÑÑÑ Ð½Ð° ÑиÑк ÑазнÑм обÑазом: ÑинанÑÐ¾Ð²Ð°Ñ ÑÑавка должна поÑÑепенно ÑвелиÑиваÑÑÑÑ, а ÑÑавка ÑеинвеÑÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ - поÑÑепенно ÑменÑÑаÑÑÑÑ Ð¾ÑноÑиÑелÑно безÑиÑковой ÑÑавки Ñ ÑоÑÑом ÑÑÐ¾Ð²Ð½Ñ ÑиÑка. ÐÑедложеннÑй Ð¿Ð¾Ð´Ñ Ð¾Ð´ позволÑÐµÑ ÑоглаÑоваÑÑ Ñнижение ÑÑавки диÑконÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ñ ÑелÑÑ ÑменÑÑÐµÐ½Ð¸Ñ Ð¿Ñиведенной ÑÑоимоÑÑи ÑиÑковÑÑ Ð¾ÑÑоков и пÑавило оÑенки Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑи неопÑеделенной инвеÑÑиÑии, оÑнованное на CAPM.English Abstract: The risk adjusted discount rate (RADR) method for evaluating nonconventional projects (where cash flows change sign more than once) under uncertainty was a subject of considerable debate over the course of the last century. Two opposite positions have been advocated for regarding how to discount negative cash flows using a linear pricing rule such as the CAPM. The first view is that the RADR, applied to future risky cash flow, is independent of whether the cash flow is an inflow or an outflow (according to this view, the RADR progressively increases as cash flows become more risky). The second view is that the RADR, when applied to similarly risky future cash flows, is different for cash inflows and cash outflows. Under this latter hypothesis, the RADR progressively increases for cash inflows and decreases for cash outflows as they become more risky. A single consensus viewpoint on the correction approach to the problem of the RADR for nonconventional projects under uncertainty has not yet been developed, and so the finance literature provides conflict-ing recommendations to managers. The reason for that inconsistency, in our opinion, is the use of the NPV method for evaluating nonconventional projects. The NPV method assumes that cash flows of different signs are discounted at the same rate, but this is not accurate. The current paper proposes to use the GNPV method for evaluating nonconventional projects under uncertainty. This method, by default, applies different rates to discount the various investments and loans which form a nonconventional project. It is shown that these rates have different economic contents and therefore have to be adjusted to risk in different ways. A financial rate progressively increases, whereas a reinvestment rate progressively decreases relative to a risk-free rate as the risk level grows. The proposed approach allows one to reconcile conflict be-tween the decreasing of a discount rate to reduce the present value of risky outflows and the increasing of a rate of return for an uncertain investment following from the CAPM.
РазÑабоÑка ÑниÑиÑиÑованного подÑ
ода к оÑенке ÑÑоимоÑÑи ÑÑÑболÑнÑÑ
клÑбов (Developing a Unified Approach for Evaluation of Football Club)
SSRN
Russian Abstract: Ð"омаÑний ÑÐµÐ¼Ð¿Ð¸Ð¾Ð½Ð°Ñ Ð¼Ð¸Ñа 2018 года должен пÑидаÑÑ Ð´Ð¾Ð¿Ð¾Ð»Ð½Ð¸ÑелÑнÑй импÑлÑÑ Ð´Ð»Ñ ÑазвиÑÐ¸Ñ Ð²Ñем ÑÑбÑекÑам ÑÑÑболÑной индÑÑÑÑии, клÑÑевÑми из коÑоÑÑÑ ÑвлÑÑÑÑÑ ÑÑÑболÑнÑе клÑбÑ. Ð"лавной пÑоблемой оÑеÑеÑÑвенного пÑоÑеÑÑионалÑного ÑÑÑбола оÑÑаеÑÑÑ ÐµÐ³Ð¾ Ð¿Ð¾Ð»Ð½Ð°Ñ Ð·Ð°Ð²Ð¸ÑимоÑÑÑ Ð¾Ñ Ð±ÑджеÑного ÑинанÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ð¸ оÑÑÑÑÑÑвие ÑаÑÑнÑÑ Ð¸Ð½Ð²ÐµÑÑоÑов. Ðдним из ее ÑеÑений Ð¼Ð¾Ð¶ÐµÑ ÑÑаÑÑ ÑазÑабоÑка ÑпÑаведливой меÑодики оÑенки ÑÑÑболÑнÑÑ ÐºÐ»Ñбов, ÑÑиÑÑваÑÑей ÑпеÑиÑÐ¸ÐºÑ Ð¸Ñ Ð´ÐµÑÑелÑноÑÑи и наÑеленной на повÑÑение ÑÑÑекÑивноÑÑи. ÐÑоведеннÑй авÑоÑом анализ показал, ÑÑо иÑполÑзÑемÑе ÑÐµÐ³Ð¾Ð´Ð½Ñ Ð¿Ð¾Ð´Ñ Ð¾Ð´Ñ Ðº оÑенке ÑÑоимоÑÑи ÑÑÑболÑнÑÑ ÐºÐ»Ñбов даÑÑ Ð·Ð°Ð²ÑÑеннÑе ÑезÑлÑÑаÑÑ, ÑÑо Ð²Ð²Ð¾Ð´Ð¸Ñ Ð¿Ð¾ÑенÑиалÑнÑÑ Ð¸Ð½Ð²ÐµÑÑоÑов в заблÑждение и негаÑивно ÑказÑваеÑÑÑ Ð½Ð° ÑазвиÑии ÑÑÑболÑной индÑÑÑÑии. СделаннÑе ÑаÑÑеÑÑ Ð¿Ð¾Ð·Ð²Ð¾Ð»Ð¸Ð»Ð¸ ÑÑоÑмиÑоваÑÑ Ð¼ÐµÑÐ¾Ð´Ð¸ÐºÑ ÑаÑÑеÑа ÑÑоимоÑÑи ÑÑÑболÑнÑÑ ÐºÐ»Ñбов, подÑазÑмеваÑÑÑÑ ÑаÑÑÐµÑ Ð¸Ð½ÑегÑалÑного показаÑелÑ, оÑнованного на вÑÑÑÑке, EBITDA, ÑÑоимоÑÑи ÑоÑÑава, поÑеÑаемоÑÑи маÑÑей и вовлеÑенноÑÑи болелÑÑиков, измеÑÑемой ÑеÑез ÑоÑиалÑнÑÑ ÑеÑÑ Facebook. Ð"Ð°Ð½Ð½Ð°Ñ Ð¼ÐµÑодика Ð¼Ð¾Ð¶ÐµÑ Ð±ÑÑÑ Ð¸ÑполÑзована в каÑеÑÑве единого показаÑÐµÐ»Ñ ÑÑÑекÑивноÑÑи деÑÑелÑноÑÑи, ÑÑиÑÑваÑÑего инÑеÑеÑÑ Ð²ÑÐµÑ ÑÑÐµÐ¹ÐºÑ Ð¾Ð»Ð´ÐµÑов лÑбого ÑÑÑболÑного клÑба: акÑионеÑов, болелÑÑиков и гоÑÑдаÑÑÑва. ÐеÑвÑе напÑÑмÑÑ Ð·Ð°Ð¸Ð½ÑеÑеÑÐ¾Ð²Ð°Ð½Ñ Ð² ÑвелиÑении ÑÑоимоÑÑи, коÑоÑое доÑÑигаеÑÑÑ Ð·Ð° ÑÑÐµÑ ÑоÑÑа ÑинанÑовÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñелей. Ð"Ð»Ñ Ð±Ð¾Ð»ÐµÐ»ÑÑиков пÑиоÑиÑеÑнÑм вÑегда ÑвлÑеÑÑÑ ÑпоÑÑивнÑй ÑезÑлÑÑаÑ, однако и он во многом завиÑÐ¸Ñ Ð¾Ñ ÑинанÑового положениÑ, оÑÑаÑÑи и опÑеделÑÑ ÐµÐ³Ð¾. ÐаконеÑ, гоÑÑдаÑÑÑво полÑÑÐ°ÐµÑ Ð²Ð¾Ð·Ð¼Ð¾Ð¶Ð½Ð¾ÑÑÑ ÑеÑаÑÑ Ð·Ð° ÑÑÐµÑ ÑпоÑÑа (в данном ÑлÑÑае ÑÑÑбола) ÑÑд ÑоÑиалÑнÑÑ Ð·Ð°Ð´Ð°Ñ, а Ñакже полÑÑÐ°ÐµÑ Ð²Ð¾Ð·Ð¼Ð¾Ð¶Ð½Ð¾ÑÑÑ ÑнÑÑÑ Ñ ÑÐµÐ±Ñ ÑинанÑовое бÑÐµÐ¼Ñ Ð¿Ð¾ ÑодеÑÐ¶Ð°Ð½Ð¸Ñ Ð¿ÑоÑеÑÑионалÑнÑÑ ÐºÐ»Ñбов и инÑÑаÑÑÑÑкÑÑÑÑ Ð·Ð° ÑÑÐµÑ Ð¿ÑивлеÑÐµÐ½Ð¸Ñ ÑаÑÑнÑÑ Ð¸Ð½Ð²ÐµÑÑоÑов, ÑÑо опÑÑÑ Ð¶Ðµ бÑÐ´ÐµÑ Ð²Ð¾Ð·Ð¼Ð¾Ð¶Ð½Ñм лиÑÑ Ð² ÑлÑÑае ÑÑÑекÑивнÑÑ Ð¾ÑганизаÑий. ÐÑакÑиÑеÑÐºÐ°Ñ ÑенноÑÑÑ Ð¿Ð¾Ð´Ð¾Ð±Ð½Ð¾Ð¹ модели Ð¼Ð¾Ð¶ÐµÑ Ð±ÑÑÑ Ð¾Ð±Ð¾Ñнована за ÑÑÐµÑ Ñого, ÑÑо 5 показаÑелей, иÑполÑзованнÑÑ Ð² ÑаÑÑеÑÐ°Ñ , в ÑовокÑпноÑÑи Ð¾Ñ Ð²Ð°ÑÑваÑÑ Ð²Ñе клÑÑевÑе напÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ ÑабоÑÑ ÑÑÑболÑного клÑба. СледоваÑелÑно, ÑлÑÑÑение ÑезÑлÑÑаÑов по ÐºÐ°Ð¶Ð´Ð¾Ð¼Ñ Ð¸Ð· Ð½Ð¸Ñ Ð² оÑделÑноÑÑи бÑÐ´ÐµÑ ÑпоÑобÑÑвоваÑÑ Ð¿Ð¾Ð²ÑÑÐµÐ½Ð¸Ñ ÑÑÑекÑивноÑÑи в Ñелом.English Abstract: World cup 2018 should give an additional input to the development of all football organizations in Russia, and especially for the key players in this industry â" football clubs. The main problem of Russian professional football remains to be its full dependence on budgetary financing and the absence of private investors. Development of fair evaluation framework for domestic football clubs could solve this problem and help to improve their overall efficiency. The analysis carried out by the author showed that modern evaluation approaches give inflated results, which leads potential investors into confusion and adversely affects the development of football industry. Using the open data for European football market, including M&A deals author provides a formula for estimating the value of football clubs, implying the calculation of an integrated indicator based on revenue, EBITDA, the value of squad, attendance of matches and the involvement of fans, measured through the social network Facebook. This methodology can be used as a single indicator of efficiency, considering the interests of all stakeholders of any football club: shareholders, fans and the state. The first are directly interested in increasing the value, which is achieved due to the growth of financial indicators. For fans, the sports result is always a priority, however, it also largely depends on the financial situation, and in term determines it. Finally, the state is given the opportunity to solve a number of social issues by the means of sport (in this case football) and also has an opportunity to relieve the financial burden of maintaining professional clubs and infrastructure by attracting private investors, which again will be the case only for efficient organizations. The practical value of such a model can be justified by the fact that the five indicators used in the calculations together cover all the key areas of the football clubâs operation. Therefore, good results it each field will improve overall efficiency.
SSRN
Russian Abstract: Ð"омаÑний ÑÐµÐ¼Ð¿Ð¸Ð¾Ð½Ð°Ñ Ð¼Ð¸Ñа 2018 года должен пÑидаÑÑ Ð´Ð¾Ð¿Ð¾Ð»Ð½Ð¸ÑелÑнÑй импÑлÑÑ Ð´Ð»Ñ ÑазвиÑÐ¸Ñ Ð²Ñем ÑÑбÑекÑам ÑÑÑболÑной индÑÑÑÑии, клÑÑевÑми из коÑоÑÑÑ ÑвлÑÑÑÑÑ ÑÑÑболÑнÑе клÑбÑ. Ð"лавной пÑоблемой оÑеÑеÑÑвенного пÑоÑеÑÑионалÑного ÑÑÑбола оÑÑаеÑÑÑ ÐµÐ³Ð¾ Ð¿Ð¾Ð»Ð½Ð°Ñ Ð·Ð°Ð²Ð¸ÑимоÑÑÑ Ð¾Ñ Ð±ÑджеÑного ÑинанÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ð¸ оÑÑÑÑÑÑвие ÑаÑÑнÑÑ Ð¸Ð½Ð²ÐµÑÑоÑов. Ðдним из ее ÑеÑений Ð¼Ð¾Ð¶ÐµÑ ÑÑаÑÑ ÑазÑабоÑка ÑпÑаведливой меÑодики оÑенки ÑÑÑболÑнÑÑ ÐºÐ»Ñбов, ÑÑиÑÑваÑÑей ÑпеÑиÑÐ¸ÐºÑ Ð¸Ñ Ð´ÐµÑÑелÑноÑÑи и наÑеленной на повÑÑение ÑÑÑекÑивноÑÑи. ÐÑоведеннÑй авÑоÑом анализ показал, ÑÑо иÑполÑзÑемÑе ÑÐµÐ³Ð¾Ð´Ð½Ñ Ð¿Ð¾Ð´Ñ Ð¾Ð´Ñ Ðº оÑенке ÑÑоимоÑÑи ÑÑÑболÑнÑÑ ÐºÐ»Ñбов даÑÑ Ð·Ð°Ð²ÑÑеннÑе ÑезÑлÑÑаÑÑ, ÑÑо Ð²Ð²Ð¾Ð´Ð¸Ñ Ð¿Ð¾ÑенÑиалÑнÑÑ Ð¸Ð½Ð²ÐµÑÑоÑов в заблÑждение и негаÑивно ÑказÑваеÑÑÑ Ð½Ð° ÑазвиÑии ÑÑÑболÑной индÑÑÑÑии. СделаннÑе ÑаÑÑеÑÑ Ð¿Ð¾Ð·Ð²Ð¾Ð»Ð¸Ð»Ð¸ ÑÑоÑмиÑоваÑÑ Ð¼ÐµÑÐ¾Ð´Ð¸ÐºÑ ÑаÑÑеÑа ÑÑоимоÑÑи ÑÑÑболÑнÑÑ ÐºÐ»Ñбов, подÑазÑмеваÑÑÑÑ ÑаÑÑÐµÑ Ð¸Ð½ÑегÑалÑного показаÑелÑ, оÑнованного на вÑÑÑÑке, EBITDA, ÑÑоимоÑÑи ÑоÑÑава, поÑеÑаемоÑÑи маÑÑей и вовлеÑенноÑÑи болелÑÑиков, измеÑÑемой ÑеÑез ÑоÑиалÑнÑÑ ÑеÑÑ Facebook. Ð"Ð°Ð½Ð½Ð°Ñ Ð¼ÐµÑодика Ð¼Ð¾Ð¶ÐµÑ Ð±ÑÑÑ Ð¸ÑполÑзована в каÑеÑÑве единого показаÑÐµÐ»Ñ ÑÑÑекÑивноÑÑи деÑÑелÑноÑÑи, ÑÑиÑÑваÑÑего инÑеÑеÑÑ Ð²ÑÐµÑ ÑÑÐµÐ¹ÐºÑ Ð¾Ð»Ð´ÐµÑов лÑбого ÑÑÑболÑного клÑба: акÑионеÑов, болелÑÑиков и гоÑÑдаÑÑÑва. ÐеÑвÑе напÑÑмÑÑ Ð·Ð°Ð¸Ð½ÑеÑеÑÐ¾Ð²Ð°Ð½Ñ Ð² ÑвелиÑении ÑÑоимоÑÑи, коÑоÑое доÑÑигаеÑÑÑ Ð·Ð° ÑÑÐµÑ ÑоÑÑа ÑинанÑовÑÑ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñелей. Ð"Ð»Ñ Ð±Ð¾Ð»ÐµÐ»ÑÑиков пÑиоÑиÑеÑнÑм вÑегда ÑвлÑеÑÑÑ ÑпоÑÑивнÑй ÑезÑлÑÑаÑ, однако и он во многом завиÑÐ¸Ñ Ð¾Ñ ÑинанÑового положениÑ, оÑÑаÑÑи и опÑеделÑÑ ÐµÐ³Ð¾. ÐаконеÑ, гоÑÑдаÑÑÑво полÑÑÐ°ÐµÑ Ð²Ð¾Ð·Ð¼Ð¾Ð¶Ð½Ð¾ÑÑÑ ÑеÑаÑÑ Ð·Ð° ÑÑÐµÑ ÑпоÑÑа (в данном ÑлÑÑае ÑÑÑбола) ÑÑд ÑоÑиалÑнÑÑ Ð·Ð°Ð´Ð°Ñ, а Ñакже полÑÑÐ°ÐµÑ Ð²Ð¾Ð·Ð¼Ð¾Ð¶Ð½Ð¾ÑÑÑ ÑнÑÑÑ Ñ ÑÐµÐ±Ñ ÑинанÑовое бÑÐµÐ¼Ñ Ð¿Ð¾ ÑодеÑÐ¶Ð°Ð½Ð¸Ñ Ð¿ÑоÑеÑÑионалÑнÑÑ ÐºÐ»Ñбов и инÑÑаÑÑÑÑкÑÑÑÑ Ð·Ð° ÑÑÐµÑ Ð¿ÑивлеÑÐµÐ½Ð¸Ñ ÑаÑÑнÑÑ Ð¸Ð½Ð²ÐµÑÑоÑов, ÑÑо опÑÑÑ Ð¶Ðµ бÑÐ´ÐµÑ Ð²Ð¾Ð·Ð¼Ð¾Ð¶Ð½Ñм лиÑÑ Ð² ÑлÑÑае ÑÑÑекÑивнÑÑ Ð¾ÑганизаÑий. ÐÑакÑиÑеÑÐºÐ°Ñ ÑенноÑÑÑ Ð¿Ð¾Ð´Ð¾Ð±Ð½Ð¾Ð¹ модели Ð¼Ð¾Ð¶ÐµÑ Ð±ÑÑÑ Ð¾Ð±Ð¾Ñнована за ÑÑÐµÑ Ñого, ÑÑо 5 показаÑелей, иÑполÑзованнÑÑ Ð² ÑаÑÑеÑÐ°Ñ , в ÑовокÑпноÑÑи Ð¾Ñ Ð²Ð°ÑÑваÑÑ Ð²Ñе клÑÑевÑе напÑÐ°Ð²Ð»ÐµÐ½Ð¸Ñ ÑабоÑÑ ÑÑÑболÑного клÑба. СледоваÑелÑно, ÑлÑÑÑение ÑезÑлÑÑаÑов по ÐºÐ°Ð¶Ð´Ð¾Ð¼Ñ Ð¸Ð· Ð½Ð¸Ñ Ð² оÑделÑноÑÑи бÑÐ´ÐµÑ ÑпоÑобÑÑвоваÑÑ Ð¿Ð¾Ð²ÑÑÐµÐ½Ð¸Ñ ÑÑÑекÑивноÑÑи в Ñелом.English Abstract: World cup 2018 should give an additional input to the development of all football organizations in Russia, and especially for the key players in this industry â" football clubs. The main problem of Russian professional football remains to be its full dependence on budgetary financing and the absence of private investors. Development of fair evaluation framework for domestic football clubs could solve this problem and help to improve their overall efficiency. The analysis carried out by the author showed that modern evaluation approaches give inflated results, which leads potential investors into confusion and adversely affects the development of football industry. Using the open data for European football market, including M&A deals author provides a formula for estimating the value of football clubs, implying the calculation of an integrated indicator based on revenue, EBITDA, the value of squad, attendance of matches and the involvement of fans, measured through the social network Facebook. This methodology can be used as a single indicator of efficiency, considering the interests of all stakeholders of any football club: shareholders, fans and the state. The first are directly interested in increasing the value, which is achieved due to the growth of financial indicators. For fans, the sports result is always a priority, however, it also largely depends on the financial situation, and in term determines it. Finally, the state is given the opportunity to solve a number of social issues by the means of sport (in this case football) and also has an opportunity to relieve the financial burden of maintaining professional clubs and infrastructure by attracting private investors, which again will be the case only for efficient organizations. The practical value of such a model can be justified by the fact that the five indicators used in the calculations together cover all the key areas of the football clubâs operation. Therefore, good results it each field will improve overall efficiency.
ФакÑоÑÑ, опÑеделÑÑÑие избÑÑоÑнÑÑ Ð´Ð¾Ñ
одноÑÑÑ Ð¿Ð¾ÑÑÑÐµÐ»Ñ ÑеннÑÑ
бÑмаг паевÑÑ
инвеÑÑиÑионнÑÑ
Ñондов (Determinants of Mutual Funds Performance)
SSRN
Russian Abstract: Ð' ÑÑаÑÑе пÑедлагаеÑÑÑ ÑаÑÑиÑение ÑÑадиÑионного Ð¿Ð¾Ð´Ñ Ð¾Ð´Ð° к вÑÑÐ²Ð»ÐµÐ½Ð¸Ñ ÑкономиÑеÑÐºÐ¸Ñ ÑакÑоÑов, влиÑÑÑÐ¸Ñ Ð½Ð° избÑÑоÑнÑÑ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ ÑоÑÑийÑÐºÐ¸Ñ Ð¿Ð°ÐµÐ²ÑÑ Ð¸Ð½Ð²ÐµÑÑиÑионнÑÑ Ñондов (ÐÐФ). Ð¦ÐµÐ»Ñ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ â" ÑÑÑановление ÑакÑоÑов, воздейÑÑвÑÑÑÐ¸Ñ Ð½Ð° избÑÑоÑнÑÑ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ Ñондов как в агÑегиÑованном виде (Ð´Ð»Ñ ÑоÑÑийÑкого ÑÑнка ÐÐФов в Ñелом, оÑделÑнÑÑ Ñипов Ñондов и напÑавлений Ð¸Ñ Ð´ÐµÑÑелÑноÑÑи), Ñак и Ð´Ð»Ñ ÐºÐ¾Ð½ÐºÑеÑнÑÑ ÐÐФов (знаÑимоÑÑÑ ÑакÑоÑов Ð´Ð»Ñ ÐºÐ°Ð¶Ð´Ð¾Ð³Ð¾ Ñонда в оÑделÑноÑÑи). Рнаиболее ÑаÑпÑоÑÑÑаненной ÑÑ ÐµÐ¼Ðµ анализа влиÑÐ½Ð¸Ñ ÑакÑоÑов на избÑÑоÑнÑÑ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ Ñондов (оÑенка ÑегÑеÑÑионнÑми меÑодами модели ÑенообÑÐ°Ð·Ð¾Ð²Ð°Ð½Ð¸Ñ Ñ Ð´Ð°Ð»ÑнейÑим вклÑÑением коÑÑÑиÑиенÑа алÑÑа из оÑененной модели в каÑеÑÑве ÑкоÑÑекÑиÑованной на ÑиÑк Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑи в Ð¼Ð¾Ð´ÐµÐ»Ñ Ñ Ð¼Ð¸ÐºÑо- и макÑоÑкономиÑеÑкими Ñ Ð°ÑакÑеÑиÑÑиками Ñонда) бÑл добавлен: во-пеÑвÑÑ , анализ моменÑÑм-ÑÑÑекÑа (пÑоÑÑого и ÑкоÑÑекÑиÑованного на ÑиÑк), коÑоÑÑй вклÑÑаеÑÑÑ Ð² Ð¼Ð¾Ð´ÐµÐ»Ñ ÐаÑÑ Ð°ÑÑа; во-вÑоÑÑÑ , ÑеÑÑиÑование гипоÑез о знаÑимоÑÑи коÑÑÑиÑиенÑов бÑÑÑÑÑап-меÑодом, ÑÑо, в ÑаÑÑноÑÑи, позволÑÐµÑ ÑаÑÑмаÑÑиваÑÑ Ð¸Ð·Ð±ÑÑоÑнÑÑ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ ÐºÐ¾Ð½ÐºÑеÑнÑÑ , оÑделÑно взÑÑÑÑ Ñондов. Ð'Ñли пÑоанализиÑÐ¾Ð²Ð°Ð½Ñ Ð´Ð°Ð½Ð½Ñе по 667 ÑоÑÑийÑким паевÑм инвеÑÑиÑионнÑм Ñондам за пеÑиод Ñ 2000 по 2016 г. Ð' ÑезÑлÑÑаÑе иÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð±Ñли вÑÑÐ²Ð»ÐµÐ½Ñ ÑледÑÑÑие ÑакÑÑ. ÐÑи вÑбоÑе ÑоÑÑийÑÐºÐ¸Ñ ÐÐФов можно оÑиенÑиÑоваÑÑÑÑ Ð½Ð° иÑÑоÑиÑеÑкие даннÑе (ÑабоÑÐ°ÐµÑ ÑакÑÐ¾Ñ Ð¼Ð¾Ð¼ÐµÐ½ÑÑма) (опÑималÑнÑй пеÑиод â" ÑÑи меÑÑÑа, Ñ Ð¾ÑÑ Ð² поÑледнее вÑÐµÐ¼Ñ Ð»ÑÑÑе ÑабоÑÐ°ÐµÑ ÑÑÑаÑÐµÐ³Ð¸Ñ Ð² 12 меÑÑÑев). ÐоÑÑекÑиÑовка на ÑиÑк ÑлÑÑÑÐ°ÐµÑ ÑезÑлÑÑаÑÑ (лÑÑÑе вÑего пÑоÑвили ÑÐµÐ±Ñ Ð¼ÐµÑÑ Ð¢ÑейноÑа и ШаÑпа). ÐоÑÑÑиÑÐ¸ÐµÐ½Ñ Î± ÐаÑÑ Ð°ÑÑа знаÑим ÑолÑко Ñ 7% Ñондов вÑбоÑки â" не Ð¸Ð¼ÐµÐµÑ ÑмÑÑла вклÑÑаÑÑ ÐµÐ³Ð¾ в далÑнейÑий анализ Ð´Ð»Ñ Ð°Ð±ÑолÑÑно вÑÐµÑ Ñондов. ÐÑи оÑенке микÑоÑкономиÑеÑÐºÐ¸Ñ ÑакÑоÑов Ñондов ÑелеÑообÑазно ÑазделиÑÑ Ð²ÑбоÑÐºÑ Ð½Ð° ÐÐФÑ, Ð´Ð»Ñ ÐºÐ¾ÑоÑÑÑ Ð¸Ð·Ð±ÑÑоÑÐ½Ð°Ñ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ Ð·Ð°Ð´Ð°ÐµÑÑÑ ÐºÐ¾ÑÑÑиÑиенÑом α, и ÑондÑ, Ñ ÐºÐ¾ÑоÑÑÑ Ð¸Ð·Ð±ÑÑоÑÐ½Ð°Ñ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ Ð¾Ð¿ÑеделÑеÑÑÑ Ð¾ÑноÑиÑелÑно бенÑмаÑка (Ð¸Ð½Ð´ÐµÐºÑ ÐÐÐ'Ð'), ÑÑо замеÑно ÑлÑÑÑÐ°ÐµÑ Ð¿Ð¾Ð»ÑÑаемÑе ÑезÑлÑÑаÑÑ Ð¸ повÑÑÐ°ÐµÑ ÐºÐ°ÑеÑÑво модели.English Abstract: This article proposes a new extended approach to identifying the economic determinants of the performance of Russian mutual funds. The purpose of this study is to identify the factors that affect mutual fundsâ excess return, both in the aggregate form (for the Russian mutual fund market in general, i.e. broad categories of funds with different underlying assets types), and for specific mutual funds (i.e. the specific performance indicators of individual funds). The convention-al analysis scheme is extended by two stages: first, by analysing the momentum-effect (simple and risk-adjusted) using the Carhart model; and secondly, by testing the hypothesis on the coefficients significance using the bootstrap-method, which allows one to analyse the excess return of specific, individual mutual funds. Data from a sample of 667 Russian mutual funds for the period from 2000 to 2016 was analysed. The study revealed the following results. Investors can rely on historical data when selecting Russian mutual funds (the momentum factor is significant). Adjustment for risk improves the results (Treynor and Sharpe measures seem to cope best of all). The α Carhart coefficient is significant for only 7% of the sample, and thus it does not make sense to employ it in further analysis for every fund. The excess returns in the regression with fundsâ characteristics are suitable to be set apart by the α Carhart coefficient and the benchmark estimation, which significantly refines the obtained results and improves the quality of the model.
SSRN
Russian Abstract: Ð' ÑÑаÑÑе пÑедлагаеÑÑÑ ÑаÑÑиÑение ÑÑадиÑионного Ð¿Ð¾Ð´Ñ Ð¾Ð´Ð° к вÑÑÐ²Ð»ÐµÐ½Ð¸Ñ ÑкономиÑеÑÐºÐ¸Ñ ÑакÑоÑов, влиÑÑÑÐ¸Ñ Ð½Ð° избÑÑоÑнÑÑ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ ÑоÑÑийÑÐºÐ¸Ñ Ð¿Ð°ÐµÐ²ÑÑ Ð¸Ð½Ð²ÐµÑÑиÑионнÑÑ Ñондов (ÐÐФ). Ð¦ÐµÐ»Ñ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ â" ÑÑÑановление ÑакÑоÑов, воздейÑÑвÑÑÑÐ¸Ñ Ð½Ð° избÑÑоÑнÑÑ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ Ñондов как в агÑегиÑованном виде (Ð´Ð»Ñ ÑоÑÑийÑкого ÑÑнка ÐÐФов в Ñелом, оÑделÑнÑÑ Ñипов Ñондов и напÑавлений Ð¸Ñ Ð´ÐµÑÑелÑноÑÑи), Ñак и Ð´Ð»Ñ ÐºÐ¾Ð½ÐºÑеÑнÑÑ ÐÐФов (знаÑимоÑÑÑ ÑакÑоÑов Ð´Ð»Ñ ÐºÐ°Ð¶Ð´Ð¾Ð³Ð¾ Ñонда в оÑделÑноÑÑи). Рнаиболее ÑаÑпÑоÑÑÑаненной ÑÑ ÐµÐ¼Ðµ анализа влиÑÐ½Ð¸Ñ ÑакÑоÑов на избÑÑоÑнÑÑ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ Ñондов (оÑенка ÑегÑеÑÑионнÑми меÑодами модели ÑенообÑÐ°Ð·Ð¾Ð²Ð°Ð½Ð¸Ñ Ñ Ð´Ð°Ð»ÑнейÑим вклÑÑением коÑÑÑиÑиенÑа алÑÑа из оÑененной модели в каÑеÑÑве ÑкоÑÑекÑиÑованной на ÑиÑк Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑи в Ð¼Ð¾Ð´ÐµÐ»Ñ Ñ Ð¼Ð¸ÐºÑо- и макÑоÑкономиÑеÑкими Ñ Ð°ÑакÑеÑиÑÑиками Ñонда) бÑл добавлен: во-пеÑвÑÑ , анализ моменÑÑм-ÑÑÑекÑа (пÑоÑÑого и ÑкоÑÑекÑиÑованного на ÑиÑк), коÑоÑÑй вклÑÑаеÑÑÑ Ð² Ð¼Ð¾Ð´ÐµÐ»Ñ ÐаÑÑ Ð°ÑÑа; во-вÑоÑÑÑ , ÑеÑÑиÑование гипоÑез о знаÑимоÑÑи коÑÑÑиÑиенÑов бÑÑÑÑÑап-меÑодом, ÑÑо, в ÑаÑÑноÑÑи, позволÑÐµÑ ÑаÑÑмаÑÑиваÑÑ Ð¸Ð·Ð±ÑÑоÑнÑÑ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ ÐºÐ¾Ð½ÐºÑеÑнÑÑ , оÑделÑно взÑÑÑÑ Ñондов. Ð'Ñли пÑоанализиÑÐ¾Ð²Ð°Ð½Ñ Ð´Ð°Ð½Ð½Ñе по 667 ÑоÑÑийÑким паевÑм инвеÑÑиÑионнÑм Ñондам за пеÑиод Ñ 2000 по 2016 г. Ð' ÑезÑлÑÑаÑе иÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð±Ñли вÑÑÐ²Ð»ÐµÐ½Ñ ÑледÑÑÑие ÑакÑÑ. ÐÑи вÑбоÑе ÑоÑÑийÑÐºÐ¸Ñ ÐÐФов можно оÑиенÑиÑоваÑÑÑÑ Ð½Ð° иÑÑоÑиÑеÑкие даннÑе (ÑабоÑÐ°ÐµÑ ÑакÑÐ¾Ñ Ð¼Ð¾Ð¼ÐµÐ½ÑÑма) (опÑималÑнÑй пеÑиод â" ÑÑи меÑÑÑа, Ñ Ð¾ÑÑ Ð² поÑледнее вÑÐµÐ¼Ñ Ð»ÑÑÑе ÑабоÑÐ°ÐµÑ ÑÑÑаÑÐµÐ³Ð¸Ñ Ð² 12 меÑÑÑев). ÐоÑÑекÑиÑовка на ÑиÑк ÑлÑÑÑÐ°ÐµÑ ÑезÑлÑÑаÑÑ (лÑÑÑе вÑего пÑоÑвили ÑÐµÐ±Ñ Ð¼ÐµÑÑ Ð¢ÑейноÑа и ШаÑпа). ÐоÑÑÑиÑÐ¸ÐµÐ½Ñ Î± ÐаÑÑ Ð°ÑÑа знаÑим ÑолÑко Ñ 7% Ñондов вÑбоÑки â" не Ð¸Ð¼ÐµÐµÑ ÑмÑÑла вклÑÑаÑÑ ÐµÐ³Ð¾ в далÑнейÑий анализ Ð´Ð»Ñ Ð°Ð±ÑолÑÑно вÑÐµÑ Ñондов. ÐÑи оÑенке микÑоÑкономиÑеÑÐºÐ¸Ñ ÑакÑоÑов Ñондов ÑелеÑообÑазно ÑазделиÑÑ Ð²ÑбоÑÐºÑ Ð½Ð° ÐÐФÑ, Ð´Ð»Ñ ÐºÐ¾ÑоÑÑÑ Ð¸Ð·Ð±ÑÑоÑÐ½Ð°Ñ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ Ð·Ð°Ð´Ð°ÐµÑÑÑ ÐºÐ¾ÑÑÑиÑиенÑом α, и ÑондÑ, Ñ ÐºÐ¾ÑоÑÑÑ Ð¸Ð·Ð±ÑÑоÑÐ½Ð°Ñ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ Ð¾Ð¿ÑеделÑеÑÑÑ Ð¾ÑноÑиÑелÑно бенÑмаÑка (Ð¸Ð½Ð´ÐµÐºÑ ÐÐÐ'Ð'), ÑÑо замеÑно ÑлÑÑÑÐ°ÐµÑ Ð¿Ð¾Ð»ÑÑаемÑе ÑезÑлÑÑаÑÑ Ð¸ повÑÑÐ°ÐµÑ ÐºÐ°ÑеÑÑво модели.English Abstract: This article proposes a new extended approach to identifying the economic determinants of the performance of Russian mutual funds. The purpose of this study is to identify the factors that affect mutual fundsâ excess return, both in the aggregate form (for the Russian mutual fund market in general, i.e. broad categories of funds with different underlying assets types), and for specific mutual funds (i.e. the specific performance indicators of individual funds). The convention-al analysis scheme is extended by two stages: first, by analysing the momentum-effect (simple and risk-adjusted) using the Carhart model; and secondly, by testing the hypothesis on the coefficients significance using the bootstrap-method, which allows one to analyse the excess return of specific, individual mutual funds. Data from a sample of 667 Russian mutual funds for the period from 2000 to 2016 was analysed. The study revealed the following results. Investors can rely on historical data when selecting Russian mutual funds (the momentum factor is significant). Adjustment for risk improves the results (Treynor and Sharpe measures seem to cope best of all). The α Carhart coefficient is significant for only 7% of the sample, and thus it does not make sense to employ it in further analysis for every fund. The excess returns in the regression with fundsâ characteristics are suitable to be set apart by the α Carhart coefficient and the benchmark estimation, which significantly refines the obtained results and improves the quality of the model.