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List of publications on a keyword: «заемный капитал»

  • Modification of the trade-off theory of capital structure model for agro-industrial complex enterprises with a study of the two-component nature of the tax shield.

    Conference Paper
    Strategies of Sustainable Development: Social, Law and External-economic Aspects
    Authors:
    Igor V. Shevchenko, Liliia M. Dzhioeva
    Work direction:
    Общие вопросы экономических наук
    Abstract:
    Existing methods for assessing the optimal capital structure of agricultural enterprises are based on the classical trade-off theory with a single rate of borrowed capital, whereas agricultural organizations simultaneously attract market loans (tied to the Bank of Russia key rate) and subsidized loans with state subsidies (1–10% per annum). This leads to a systematic overstatement of the debt tax shield and a shift of the optimum toward excessive debt burden. A modification of the model is proposed that separates the tax shield of market and subsidized debt as independent components, with the inclusion of agency costs relevant to agroholdings. Testing on data from three crop-growing companies in the Central Federal District for 2023–2025 showed that the classical model overstates the tax shield by 0.8–13.0 million rubles annually, depending on the volume of the subsidized portfolio and the dynamics of the key rate. The results are applicable in the financial policy of agroholdings.
    Keywords:
    Capital structure, WACC, borrowed capital, tax shield, agroholding, trade-off theory, subsidized lending to agricultural companies, interest rate subsidization, weighted average cost of capital, debt burden optimization

  • The Impact of the Taxation Regime on the Real Cost of Borrowed Capital of Agricultural Companies: A Comparative Analysis of the General Taxation System and the Unified Agricultural Tax under a High Key Rate

    Conference Paper
    Strategies of Sustainable Development: Social, Law and External-economic Aspects
    Authors:
    Igor V. Shevchenko, Liliia M. Dzhioeva
    Work direction:
    Общие вопросы экономических наук
    Abstract:
    In Russian practice, the Unified Agricultural Tax (UAT) is considered unconditionally beneficial due to its low rate (6%) and simple administration, but this ignores its effect on the real cost of borrowed capital — a key factor of financial stability. Under the Bank of Russia's tight monetary policy, the difference in the debt tax shield between the general taxation system (GTS) and UAT becomes quantitatively significant. Using a modified trade-off model with a two-component tax shield calculation, the weighted average cost of borrowed capital of two agricultural companies in the Central Federal District (one on GTS, one on UAT) is analyzed for 2023–2025. It is found that, with comparable debt levels, the UAT company's borrowing cost in 2025 is 2.6–3.0 percentage points higher than that of the GTS company, and the gap widens as the key rate rises and may undermine the UAT company's competitiveness in financing costs. A methodological approach is proposed for assessing the tax effect w
    Keywords:
    financial stability, key rate, WACC, borrowed capital, tax shield, general taxation system (GTS), Unified Agricultural Tax (UAT), cost of debt, agroholding, trade-off theory, subsidized lending to the agro-industrial complex (AIC), taxation regime

  • Antikrizisnye mery obespecheniia ustoichivosti i rosta malykh i srednikh proizvodstvennykh predpriiatii v usloviiakh vysokoi stoimosti zaemnogo kapitala i ekonomicheskogo spada

    Conference Paper
    Strategies of Sustainable Development: Social, Law and External-economic Aspects
    Author:
    Nikita A. Trufanov
    Work direction:
    Общие вопросы экономических наук
    Abstract:
    В статье рассмотрены меры помощи малым и средним производственным предприятиям для сохранения устойчивости при дорогом заемном капитале и спаде спроса. Актуальность темы связана с тем, что производство требует сырья, оборудования, запасов и оборотных средств, а кредит при высокой ставке становится рискованным источником роста. Цель статьи – обобщить практические антикризисные решения для МСП. Использованы анализ открытых данных Банка России, ФНС и рассмотрение нормативной базы. Показано, что наиболее значимыми являются управление денежным потоком, снижение лишних затрат, кооперация, обучение персонала и осторожное использование мер поддержки. Сделан вывод, что устойчивость чаще обеспечивается не расширением долга, а точным управлением ресурсами и спросом.
    Keywords:
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  • Obligatsii kak istochnik zaemnogo kapitala organizatsii

    Conference Paper
    Law, Economics and Management
    Author:
    Olga O. Vinogradova
    Work direction:
    Общие вопросы экономических наук
    Abstract:
    Раскрыто понятие облигации, рассмотрен порядок привлечения заемных средств через инструмент размещения облигаций, уточнен и дополнен перечень факторов, определяющих кредитный рейтинг АО «Почта России».
    Keywords:
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  • Ekonomicheskaia sushchnost' i klassifikatsiia kapitala predprinimatel'skikh struktur

    Book Chapter
    Culture. Science. Education: modern trends
    Author:
    Ekaterina A. Kurasova
    Work direction:
    Глава 2. Наука
    Abstract:
    The capital of an organization is a fundamental principle in business development. The variety of forms in which the organization's capital acts complicates the process of managing it. At the same time, the use of external sources of financing ensures that business structures achieve their goals and objectives, and sometimes exceed the planned indicators. In capital management, a clear definition of the forms of capital and its structure comes to the fore. Only with strict adherence to raising funds for certain goals and objectives, it is possible to achieve success in the company's activities.
    Keywords:
    capital, equity, debt capital, labor, credit, leasing, business structure
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