Yaroslavl, Yaroslavl, Russian Federation
Yaroslavl, Russian Federation
VAK Russia 5.2.4
The article presents the author’s vision of the investment capital management system of companies, including two subsystems - its attraction and use. The elements, emerging relationships and key indicators of each subsystem are presented. The economic added value formed on the basis of key indicators of this system and reflecting the dynamics of business value is defined as a target indicator of the functioning of the entire system. The proposed provisions are recommended for use both in the formation of capital management systems of organizations and in assessing their effectiveness. Attention to the processes of investment capital management in modern domestic conditions is updated, when high rates and restrictions on the volume of attracted capital coexist with problems of operational efficiency caused by economic sanctions and the inflation factor. The example of PAO Severstal shows how, in the above conditions, a domestic company manages investment capital by making compromise decisions and adjusting tactical target guidelines, which often conflict with the provisions adopted in global management practice when striving to achieve a strategic goal - growth in business value. An assessment is given of the adopted strategic plans for the company’s development, forecasts are made and proposals are made to adjust decisions in the investment capital management system, which are aimed at improving the value of economic added value in the long term. It is shown that in the foreseeable future, there is no reason to expect an increase in the company’s value. A breakthrough in the current trends can only occur with the restoration of a free capital market, the lifting of economic sanctions, the use of budgetary funds to support the civil, primarily manufacturing, sector of the economy
investment capital, capital management system, capital raising subsystem, capital use subsystem, economic added value, the formation of a capital management system in modern economic conditions
1. Investicionnaya aktivnost' v promyshlennosti v 2023 godu: rezul'taty oprosa predpriyatiy: [Elektronnyy resurs]. – Tekst: elektronnyy. – URL: https://cbr.ru/Content/Document/File/158056/analytic_note_20240109_dip.pdf (data obrascheniya 08.01.2025).
2. Patrusheva E.G. Igol'nikov I.G. Issledovanie vzaimosvyazi investicionnoy deyatel'nosti rossiyskih predpriyatiy i rosta ih stoimosti// Vestnik Yaroslavskogo gosudarstvennogo universiteta. 2010. №3. S.108-115. EDN: https://elibrary.ru/MUJQVB
3. Patrusheva E.G. Paradoksy proyavleniya effekta finansovogo rychaga v rossiyskih kompaniyah// Vestnik Yaroslavskogo universiteta. Yaroslavl'. 2013. № 3. S.143-148.
4. Patrusheva E.G. Pochemu padaet stoimost' rossiyskih mashinostroitel'nyh kompaniy?// Teoreticheskaya ekonomika. Nauchnyy elektronnyy ekonomicheskiy zhurnal.. – 2020. - №4. - S. 44-52. EDN: https://elibrary.ru/YRKFPT
5. Sharpe W.F. Capital Assets Prices: A Theory of Market Equilibrium Under Conditions of Risk // The Journal of Finance.- 1964.- 3(19). S. 425–442. DOI: https://doi.org/10.1111/j.1540-6261.1964.tb02865.x
6. Damodaran A. Investment valuation: Tools and methods for evaluating any assets. – Moscow, Alpina Business Books. - 2005. - 998 p.
7. Damodaran, A. Ocenka stoimosti aktivov / A. Damodaran [per. s angl. P. A. Samsonov]. - Minsk : Popurri.- 2012. – 269 s.
8. Gukova A. V. Investicionnyy kapital predpriyatiya: teoreticheskie aspekty upravleniya / L. V. Gukova // Ekonomicheskiy analiz: teoriya i praktika. – 2008. – № 4(109). – S. 26-31.
9. Korzhnev S.V. Ocenka dinamiki srednevzveshennoy stoimosti kapitala krupneyshih rossiyskih kompaniy posle 2022 g.//Vestnik universiteta. 2024.- № 12. - S. 146–152. DOI: https://doi.org/10.26425/1816-4277-2024-12-146-152; EDN: https://elibrary.ru/MGZBTF
10. Voronov D. S., Ramenskaya L. A. Ocenka stoimosti kapitala i stavki diskontirovaniya na baze rossiyskoy finansovoy statistiki // Journal of New Economy, - 2023. - №. 1. - C. 50–80. DOI: https://doi.org/10.29141/2658-5081-2023-24-1-3; EDN: https://elibrary.ru/OJNEWT
11. Pudovkina O.E., Sharohina S.V. Upravlenie strukturoy kapitala. E-SCIO. – 2019. - 10(37). - S.44–49. EDN: https://elibrary.ru/KBZDWK
12. Komarova, A. G. Problema razvitiya investicionnoy strategii kompaniy v Rossii / A. G. Komarova, I. V. Ohotnikov, I. V. Sibirko // Russian Economic Bulletin. – 2019. – T. 2, № 6. – S. 260-263. EDN: https://elibrary.ru/GZPUSI
13. Gukova A. V. Upravlenie formirovaniem investicionnogo kapitala predpriyatiya: Monografiya / Pod red. A.Yu. Egorova i M.V. Konotopova. – M. : Izdatel'stvo “Paleotip”. 2004. - 200 S.
14. Kulina I.N. Upravlenie formirovaniem investicionnogo kapitala predpriyatiya : avtoreferat dis. ... kandidata ekonomicheskih nauk : 08.00.05 / Gos. akad. prof. perepodgotovki i povysheniya kvalifikacii rukovodyaschih rabotnikov i specialistov investic. sfery. — Moskva, 2006. — 23 s. EDN: https://elibrary.ru/NKHOLJ
15. Gukova A. V. Investicionnyy kapital predpriyatiya: teoreticheskie aspekty upravleniya / L. V. Gukova // Ekonomicheskiy analiz: teoriya i praktika. – 2008. – № 4(109). – S. 26-31.
16. Vasil'eva E. V., Ukolova N. V., Monahov S. V. Kapital organizacii. Aktual'nye voprosy sovremennoy ekonomiki. - 2020.- № 8.-S.306-310. DOI: https://doi.org/10.34755/IROK.2020.74.68.134; EDN: https://elibrary.ru/UVHDXJ
17. Bikmetova, Z. M. Raschet ekonomicheskoy dobavlennoy stoimosti (EVA) na primere rossiyskih predpriyatiy / Z. M. Bikmetova // Ekonomika i upravlenie: nauchno-prakticheskiy zhurnal. – 2022. – № 3(165). – S. 78-84. DOI: https://doi.org/10.34773/EU.2022.3.15; EDN: https://elibrary.ru/KIHEBK
18. Brodunov A.N., Zhukova K.V. Model' ekonomicheskoy dobavlennoy stoimosti (eva) kak metod upravleniya stoimosti biznesa. Vestnik Moskovskogo universiteta imeni S. Yu. Vitte. Seriya 1: Ekonomika i upravlenie. - 2022.- S. 28-33.
19. Ivashkovskaya, I. V., Kukina E. B., Penkina, I. V. Ekonomicheskaya dobavlennaya stoimost'. Koncepcii. Podhody. Instrumenty// Korporativnye finansy.- 2010.-№ 4 (2).- S. 103-108. EDN: https://elibrary.ru/MUZULV
20. Belova E.O, Kuznecov S.M. VBM – koncepciya upravleniya stoimost'yu kompanii / Ekonomika i biznes. - №11.- 2021.- S.15-18.
21. Cherkasova V.A., Teplova O.Yu. Issledovanie vliyaniya faktorov finansovyh ogranicheniy na investicionnye resheniya kompaniy na razvivayuschihsya rynkah kapitala. – Korporativnye finansy - 2013 - №2 – S.4-16. EDN: https://elibrary.ru/QYPMQB
22. Guariglia, A. (2008), Internal financial constraints, external financial constraints, and investment choice: evidence from a panel of UK firms // Journal of Banking&Finance. – 2008.- №32.- P. 1795–1809.
23. Wei, F., & Xing, L. Influence of financial constraints and uncertainty on company investment behavior. - Economic Science.- 2004. - №2. – P.17-27.
24. Finansovaya otchetnost' po RSBU | Severstal' [Elektronnyy resurs]. – Tekst: elektronnyy. – URL: https://severstal.com/rus/ir/indicators-reporting/finreps-rsbu/ (data obrascheniya 10.03.2025).
25. «Severstal'» predstavila Strategiyu 2024-2028 [Elektronnyy resurs]. – Tekst: elektronnyy. – URL: https://severstal.com/rus/media/archive/severstal-predstavila-strategiyu-2024-2028/ (data obrascheniya 26.04.2025).
26. Betas by Sector [Elektronnyy resurs]. – URL: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html (data obrascheniya 30.03.2025).
