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List of publications on a keyword: «Capital structure»

  • 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

  • Assessment of the impact of ESG factors and capital structure on the market value of Russian public companies

    Book Chapter
    Economics and Law: Current Issues
    Authors:
    Valeriia A. Borovkova, Viktoriia A. Borovkova, Alisher A. Kosarev
    Work direction:
    Глава 8
    Abstract:
    The paper examines the impact of ESG factors and capital structure on the market value of Russian public companies. The relevance of the study is determined by the growing importance of sustainable development for investment attractiveness, the volatility of the Russian financial market and changes in the cost of debt capital in 2022–2025. Based on data for 19 non-financial public companies for 2016–2025, a panel database of 190 observations was formed, including market capitalization, assets, debt, return on assets, leverage ratios, RAEX ESG ranks and the average annual key rate of the Bank of Russia. Using pooled regression with robust standard errors, it was found that ESG score, return on assets and company size are positively associated with market value, while the growth of Debt/Assets and the crisis period of 2022–2025 have a negative effect. The results make it possible to develop recommendations for increasing market value through ESG development, debt control and improved asset efficiency.
    Keywords:
    Capital structure, ESG factors, financial stability, leverage, regression analysis, market value, Russian public companies, market capitalization
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  • Теоретические основы использования нераспределённой прибыли в финансовой деятельности предприятия

    Conference Paper
    Law, Economics and Management
    Author:
    Irina M. Golovkina
    Work direction:
    Финансы и кредит. Экономика предпринимательства
    Abstract:
    This article examines the theoretical aspects of the formation and distribution of retained earnings as a key element of an enterprise's internal financing. It analyzes the economic essence of retained earnings and their role in ensuring the financial stability and investment attractiveness of a business entity. The main approaches of Russian scholars to defining this concept and the principles of dividend policy are discussed.
    Keywords:
    equity, Capital structure, financial management, retained earnings, self-financing, reinvestment
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  • Venture financing: the Exit Strategies of Investors in the U.S. Market

    Conference Paper
    Law, Economics and Management
    Author:
    Roza O. Voskanian
    Work direction:
    Международная экономика и право
    Abstract:
    Analysis of statistical data showed that mergers and acquisitions remain the most common exit strategy for venture capital investors in the United States in 2020-2025. Due to the 2023 venture capital crisis and the US market's 2025 volatility, investors were cautious about IPOs. Reports from consulting companies show that a similar practice has developed in the European market, but it is different in the Asian market: the ratio of mergers and acquisitions and IPOs in Asian countries is almost equal. The author concludes that the founders and management of companies should consider IPOs as a key goal of venture business development, and at the same time be prepared that the venture investor will not wait for the IPO, but will want to exit the business earlier, using a merger and acquisition deal.
    Keywords:
    equity, Capital structure, financing, mergers and acquisitions, venture capital
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  • Kovenantnye usloviia dogovorov kupli-prodazhi tsennykh bumag

    Conference Paper
    Sustainable Development of Russian Regions in the Age of Transformation Processes
    Author:
    Roza O. Voskanian
    Work direction:
    Современная финансовая и денежно-кредитная политика – меры антикризисного финансового регулирования и бюджетного стимулирования
    Abstract:
    Автором исследуются ковенантные условия как один из видов финансового инструмента, позволяющего снизить риски инвестора. В рамках статьи подчеркивается, что несмотря на широкое распространение ковенантных условий в кредитных договорах представляет интерес и практическую значимость возможность применения ковенантов инвесторами-совладельцами. Автором выделяются четыре основных ковенанта для дополнения договоров купли-продажи со стороны инвестора для снижения уровня неопределенности участников уставного капитала.
    Keywords:
    Capital structure, financing, venture investments, majority owner, financial instrument
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  • Company’s value evaluation through modifying its capital structure with bonds and stocks issuance simulation using machine learning and statistical analysis approaches

    Conference Paper
    Relevant issues of management, economics and economic security
    Authors:
    Daria I. Nazarova, Natalia S. Semina, Leonid R. Nikulin, Iuliia S. Tsertseil
    Work direction:
    Анализ и прогнозирование основных тенденций современной экономики на макро-, мезо- и микроуровне
    Abstract:
    The present financial landscape is complexly woven with the interplay of financial instruments and technologies, reshaping the way companies manage their value. Financial instruments act as the cornerstone of capital structure, influencing cash flows and overall valuation. Meanwhile, financial technologies introduce innovation and efficiency via presenting unprecedented capabilities in assessing and forecasting the impact of these instruments on a company's worth. The ability to make timely decisions on resource allocation and capital raising is a key determinant of success in a rapidly evolving business landscape. Thus, the financial sector undergoes transformative changes, reshaping how companies navigate complexities and make informed decisions in an increasingly dynamic environment. The symbiosis of these elements is reshaping the future of finance, offering new avenues for creating and managing value in an interconnected world.
    Keywords:
    machine learning, Capital structure, securities, company value, simulation modeling, statistical analysis
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  • Transformation of approaches to capital structure management of Russian companies in the context of COVID-19 pandemic

    Conference Paper
    Law, Economics and Management
    Author:
    Galina A. Nekrasova
    Work direction:
    Менеджмент и маркетинг
    Abstract:
    The article analyzes the changes in the capital structure of Russian companies in recent years. It was revealed that during the coronavirus pandemic, the share of borrowed sources in the capital structure of Russian companies increased, mainly due to accounts payable. The changes were short-term - in 2021 there was an increase in the financial independence of companies, while at the same time restoring the level of return on assets.
    Keywords:
    management, Capital structure, COVID-19 pandemic
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  • Nalogovoe planirovanie kak instrument upravleniia strukturoi kapitala (na primere lesopromyshlennogo kompleksa Primorskogo kraia)

    Book Chapter
    Culture. Science. Education: modern trends
    Authors:
    Ekaterina A. Kurasova, Elena N. Stenkina
    Work direction:
    Глава 2. Наука
    Abstract:
    Tax planning is one of the main mechanisms for managing an organization. Taxes as an integral part of any business structure have a huge impact on the development of the organization at any stage of the life cycle. If the company does not have tax planning, the organization usually has problems with management as well as financial and business risks increase. Therefore, tax planning should be established in all company management processes, including the management of the capital structure, as one of the main tools for the company's development.
    Keywords:
    capital, taxes, business, Capital structure, tax planning, capital structure management
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