Digest Finance最新文献

{"title":"Multipliers based on net income as an indicator of the investment attractiveness of domestic vertically integrated oil and gas companies","authors":"O. V. Shimko","doi":"10.24891/df.28.2.122","DOIUrl":"https://doi.org/10.24891/df.28.2.122","url":null,"abstract":"Subject. This article focuses on the market-capitalization-to-net-income ratios of the twenty five leading publicly traded oil and gas companies within 2008 through 2018.\u0000Objectives. The article aims to identify key trends in the changes in the values of market-capitalization-to-corporations'-net-income ratios of the oil and gas companies, as well as identify key trends in their change within the studied period, and identify the factors that caused those changes.\u0000Methods. For the study, I used the methods of comparative, financial and economic analyses, summarizing financial reporting data.\u0000Results. The article finds that the studied multipliers based on net income of shareholders are of little use for assessing the value of oil and gas companies due to the volatility of oil prices. Integrated corporations are not as dependent on oil prices as independent companies. Net income can be affected not only by a decrease in revenue, but also by the cost of impairment, revaluation or write-off of assets in the event of a fall in oil prices, and therefore, the use of the multipliers is advisable in case of high profitability in the industry. Net income may also be affected by income and expenses that are not related to operating activities. This factor should be taken into account when choosing an analogue company. It was revealed that the characteristic features of the market capitalization of companies in the industry are reflected in the indicators, which include the provision with proved reserves and level of debt. It is better to use an enterprise value indicator instead of market capitalization in a multiplier if there is a noticeable difference in debt burden.\u0000Conclusions and Relevance. To apply the multipliers based on net income is very difficult in the face of declining profitability and increasing debt burden in the stock market sector of the global oil and gas industry. The findings can help appraise the value of oil and gas assets as part of a comparative approach and decide on actions for raising the market capitalization of publicly traded oil and gas corporations.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134527549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financing Russia's transport infrastructure using public-private partnership facilities: Current challenges and prospects","authors":"Nikita P. Kulichenkov","doi":"10.24891/df.27.4.404","DOIUrl":"https://doi.org/10.24891/df.27.4.404","url":null,"abstract":"Subject. This article examines the main ways and legal forms of implementation of transport infrastructure projects in the Russian Federation, the challenges associated with financing, and the prospects for the development of the public-private partnership (PPP) mechanism when implementing transport projects.\u0000Objectives. The article aims to substantiate the effectiveness of the use of PPP mechanisms when implementing transport infrastructure projects in Russia to ensure the long-term development of the country.\u0000Methods. For the study, I used analysis and synthesis, deduction and induction, statistical and graphical analyses, and comparison.\u0000Results. The article assesses the role of PPP facilities in project financing to encourage the inflow of investments in the field of transport infrastructure and determines the main organizational and legal framework for the implementation of transport projects.\u0000Conclusions. The State's participation in project financing through PPP mechanisms when implementing transport infrastructure projects in Russia can help improve the attractiveness of long-term projects with high capital expenditures due to a more efficient and flexible distribution of risks and responsibilities among the key partners, and it also contributes to the achievement of national transport objectives significantly.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115427631","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Multipliers Based on Assets and Equity as an Indicator of the Investment Attractiveness of Domestic Vertically Integrated Oil and Gas Companies","authors":"O. V. Shimko","doi":"10.24891/df.27.4.362","DOIUrl":"https://doi.org/10.24891/df.27.4.362","url":null,"abstract":"Subject. The article focuses on ratios of the market capitalization or enterprise value to balance sheet assets or equity of the twenty five leading publicly traded oil and gas companies within 2008 through 2018.\u0000Objectives. The aim of the study is to trace key trends in ratios of the market capitalization or enterprise value to balance sheet assets or equity of corporations in the oil and gas industry, as well as identify the key trends in their changes within the studied period, and establish factors that caused those changes.\u0000Methods. For the study, I used the methods of comparative, financial and economic analyses, summarizing financial reporting data.\u0000Results. The article establishes that the multipliers studied are acceptable for assessing the value of oil and gas companies, but it is preferable to use asset-based ratios. The multiples of the ratio of market capitalization to assets or market capitalization to equity in the oil and gas industry are characterized by a decrease, and the lack of stability of values does not allow using these ratios for other dates in valuation. It is necessary to analyze in detail the results of financial and economic activities and the structure of assets in order to select an analogue company, especially in times of crisis. There is a country factor in the stock market valuation of oil and gas assets. The influence on the market capitalization of the size of the debt component in the structure of total capital has been established. An increase in the level of debt burden over time was revealed. It is advisable to use an indicator of enterprise value that includes net debt instead of market capitalization when there is a difference in debt burden between the assessed corporation and the analogue company.\u0000Conclusions and Relevance. The overall decline in profitability and the increase in debt load in the stock market sector of the global oil and gas industry should be taken into account when using multipliers based on assets and shareholder capital in the assessment of the value of oil and gas corporations through a comparative approach. The findings can be used to appraise the value of oil and gas assets as part of the comparative approach and decide on actions for raising the market capitalization of publicly traded oil and gas corporations.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128412697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Managing the financial stability of enterprises on the basis of business process digitalization","authors":"Y. Shavrina","doi":"10.24891/df.27.2.152","DOIUrl":"https://doi.org/10.24891/df.27.2.152","url":null,"abstract":"Subject. This article considers the knowledge base (KB) as the basis of the digital platform for managing the financial stability of commercial enterprises in the conditions of digitalization of business processes.\u0000Objectives. The article aims to form a knowledge base of the digital platform for managing the financial stability of commercial enterprises in the face of destabilization risks when business process implementing.\u0000Methods. For the study, I used analysis and synthesis, deduction and induction, and the statistical analysis techniques.\u0000Results. The article defines and describes the situations affecting the financial stability of a modern commercial enterprise in the course of business processes, as well as the areas of their digitalization and its role in creating a knowledge base as the basis of a digital platform for managing the financial stability of commercial enterprises.\u0000Conclusions. The development of a theoretical justification and practical recommendations concerning background information for managing the financial stability of commercial enterprises will help the management system use the situation-aware management solution generated by the digital platform.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116844297","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Revenue-Based Multipliers as an Indicator of the Investment Attractiveness of Domestic Vertically Integrated Oil and Gas Companies","authors":"O. V. Shimko","doi":"10.24891/df.27.2.130","DOIUrl":"https://doi.org/10.24891/df.27.2.130","url":null,"abstract":"Subject. This article focuses on the ratios of market capitalization or enterprise value to net revenue from core activities of the twenty five leading publicly traded oil and gas companies within 2008 through 2018.\u0000Objectives. The article aims to identify key trends in the considered ratios of the oil and gas industry corporations and in the ratio changes within the studied period, and identify the factors that have caused these changes.\u0000Methods. For the study, I used comparative, and financial and economic analyses, and generalization of materials of the companies' consolidated financial statements.\u0000Results. Revenue-based ratios are found to be applicable to assess the value of oil and gas companies. Companies with better profitability have higher multiplier values with a similar net revenue structure. It was determined that integrated corporations usually lag behind independent companies in terms of multiples. It was found that the output of oil products from purchased raw materials is estimated by market to be lower than products produced from own resources. The presence of resale in the revenue structure reduces the multiplier value. The debt burden growth contributes to the multiplier reduction. Therefore, in multiplier, it is advisable to use the enterprise value indicator that includes net debt instead of market capitalization with a significant difference in the debt component. The found country factor should be taken into account when using the multiplier.\u0000Conclusions and Relevance. The use of revenue-based multipliers requires a thorough analysis of the financial and business operations of companies. However, it is quite acceptable if the overall profitability decreases and the debt burden increases in the stock market segment of the global oil and gas industry. The results of the study can be used to assess the value of oil and gas assets as part of a comparative approach and develop measures to increase the market capitalization of publicly traded oil and gas corporations.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"2013 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114674596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Developing the theory of formation of enterprise’s efficient portfolio of financial resources on the basis of clustering the elements of its structure","authors":"E. Khlynin, A. S. Vasin, A. Sabinina","doi":"10.24891/df.27.2.212","DOIUrl":"https://doi.org/10.24891/df.27.2.212","url":null,"abstract":"Subject. We consider a portfolio of financial resources as a complex money system generated from various sources of economic activity financing. It is used to fund business goals of the enterprise and includes financial resources with various cost characteristics, level of financial risk, term of use, and other key parameters.\u0000Objectives. The aim is to underpin the viability of cluster approach as a methodological tool for developing the theory of formation of efficient portfolio of financial resources through formulation of tenets and theoretical trajectories of movement for various clusters of financial resources.\u0000Methods. The study rests on the cluster approach to simulate the process of financial portfolio formation. We apply basic provisions of the systems theory and the theory of economic growth and development.\u0000Results. We performed clustering of financial resources by type of sources of finance, formed a structure of clustering matrix, and formulated criteria of positioning the financial portfolio of the enterprise. The paper determines trajectories of movement of typical clusters of financial resources and possible alternative financial strategies, resulting in changes in the key parameters.\u0000Conclusions. If implemented, the cluster approach enables to expand the theoretical base used by financial managers for building an efficient portfolio of financial resources, and to meet the requirements for cost, risk, and stability of the latter, during the entire period of formation.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117225336","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Assessing the institutional and financial factors of the IFRS Foundation management from the perspective of the Eurasian Economic Union","authors":"M. V. Rodchenkov","doi":"10.24891/df.26.4.470","DOIUrl":"https://doi.org/10.24891/df.26.4.470","url":null,"abstract":"Subject. This article explores the impact of the modern institutional and financial structure of the IFRS Foundation on the quality and functionality of the international financial reporting standards, as the main instruments of globalization of the financial and economic sphere, caused by insufficiency in the management of the IFRS Foundation.\u0000Objectives. The article aims to identify the reasons for the growth of risk factors in the IFRS Foundation’s activities caused by its institutional and financial structure, taking into account the previously identified problems of the IFRS Foundation management, assess the position of the Eurasian Economic Union (EEU) in the IFRS management system, and develop practical proposals to minimize the identified risks.\u0000Methods. For the study, I used a comparative analysis.\u0000Results. The article finds that the institutional and financial structure of the IFRS Foundation is characterized by disproportion of the current national, sectoral, and financial representation in the Foundation’s management bodies. This creates risks of inharmonious development of IFRS and confirms the ongoing pendency of the Foundation's unresolved management problems previously identified. The current position of the EEU is characterized by a significant imbalance between functional and financial representations in the Foundation's management system. To reduce such risks, the article proposes to diversify the industry representation, and introduce financial participation coefficients and national representation into the practice of the Foundation's management, based on a transparent and understandable algorithm using public data.\u0000Conclusions. The formulated proposals can be useful for the authorized federal governing bodies of the Russian Federation and the EEU governing bodies when developing growth strategies in the field of accounting and reporting, to improve international standards, and protect the national economic interests of the EEU countries in the course of the IFRS Foundation’s activities under present-day conditions.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124373065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Market valuation of the world's leading public oil and gas corporations as an indicator of investment attractiveness of domestic vertically integrated companies","authors":"O. V. Shimko","doi":"10.24891/df.26.4.414","DOIUrl":"https://doi.org/10.24891/df.26.4.414","url":null,"abstract":"Subject. This article explores the market valuation ratios of the twenty five leading listed oil and gas companies between 2006 and 2018.\u0000Objectives. The article aims to identify key trends in the changes in market valuations of the largest listed oil and gas companies, and identify the factors that have caused these changes.\u0000Methods. For the study, I used comparative, and financial and economic analyses, and generalization of materials of the companies' consolidated financial statements.\u0000Results. The article shows certain changes in the main indicators of market valuation of the leading listed oil and gas companies and identifies the main factors that contributed to these changes. It establishes that the most significant for comparison and valuation are ratios based on balance sheet values of assets and equity, and net sales, EBITDA, DACF and net income ratios are appropriate as auxiliary ratios. The article says that the exchange segment of the industry has increased the debt load, so instead of market capitalization as a component of the coefficients of this group, it is advisable to apply the enterprise value indicator.\u0000Conclusions and Relevance. The article concludes that the market sentiments towards the stock market segment of the global oil and gas industry are getting impaired. This is quite natural against the background of falling profitability of most leading companies. The results of the study can be useful in evaluating, forecasting and developing measures to increase the market capitalization and value of listed oil and gas companies.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127185431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Syndicated Lending: Law Enforcement and Legislative Refinements","authors":"A. L. Belousov","doi":"10.24891/df.26.3.261","DOIUrl":"https://doi.org/10.24891/df.26.3.261","url":null,"abstract":"Subject. This article focuses on the development of the syndicated lending institution as the respective legal framework emerges.\u0000Objectives. The article aims to consider problems of the development of syndicated lending in Russia and describe the main areas for further changes in the legal regulation.\u0000Methods. For the study, I used logical and structural analyses, and functional analysis system and legalistic approaches.\u0000Results. The article describes the essence, features and legal regulation of syndicated lending, and evaluates enforcement practices based on the new syndicated loan law. It also formulates key issues and identifies further areas for changing the legal regulation of syndicated lending.\u0000Conclusions. The development of syndicated lending can significantly support large and medium-sized businesses in terms of job preservation, tax revenue growth, and business competitiveness. The findings can contribute to the theory of syndicated lending in the Russian Federation, and practical activities to suggest possible legislative and regulatory improvements in this area.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114549659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Tax Regimes in the USA: The Review and the Effect on Small Businesses","authors":"S. Filin, L. Chaikovskaya, A. Aitymbetova, E. Zhussipova, G. K. Isaeva","doi":"10.24891/df.26.3.249","DOIUrl":"https://doi.org/10.24891/df.26.3.249","url":null,"abstract":"Subject. The article discusses the development of small businesses in the USA though supporting measures.\u0000Objectives. We suggest how small businesses should be supported and developed by analyzing the relevant practices in the USA. We also identify and analyze factors and conditions that contribute to the development of small businesses through supportive measures taken in the USA.\u0000Methods. We use the methods of analysis, synthesis and logic research through the creative data approach.\u0000Results. In this article we analyze the specifics of tax treatment of business and small business, first of all, in Foreign Trade Zones and in the USA as a whole. We reveal special tax regimes in the USA, referring to the business environment of SME in Russia just for the sake of comparison. Having analyzed relevant positive practices in the USA, we suggest how small businesses should be supported and developed in Russia, which is the novelty of this study.\u0000Conclusions and Relevance. We conclude that the apparatus the USA uses to bring its small business sector to the international market and expand its operations, helps businessmen increase their profit and sales, get more free from seasonal fluctuations and turbulence in the domestic market and receive real financial aid. Supporting the small business, the State should prioritize ensuring sufficient jobs for the people, including the creation of additional ones.","PeriodicalId":111899,"journal":{"name":"Digest Finance","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115855011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}