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The influence of distortion of international foreign trade relations on the financing of Russian enterprises under globalization

Sysoeva E.F. Voronezh State University, Voronezh, Russian Federation ( fin@econ.vsu.ru )

Budilova E.S. Voronezh State University, Voronezh, Russian Federation ( sms6@yandex.ru )

Journal: Finance and Credit, #7, 2018

Importance The article studies the impact of the distortion of international foreign trade relations on the domestic enterprises financing.
Objectives The paper aims at identifying the negative changes after using the international sources of domestic enterprises financing. It also aims to determine the main factors neutralizing the violation of the international capital flow in the aspect of Russian enterprises financing.
Methods The research uses the methods of systems and comparative analysis, abstraction, logical-gnoseological and dialectical methods.
Results The movement of capital from developed to developing countries entails a violation of the normal functioning of the developed economies. Economic sanctions lead to a serious limitation of the possibility of financing the domestic enterprises. It necessitates reorientation of Russian enterprises to internal sources of financing that have limited volumes. Russia searches investors in foreign financial markets, in particular, in the countries of the Asia-Pacific cooperation.
Conclusions ans Relevance The results of the research can be used in making decisions on the choice of financial sources for Russian enterprises. Identification of the patterns of international capital movement can be used by domestic enterprises to solve practical problems related to attracting international financing.


Financial resources of Russian enterprises as an object of risk-management in turbulent financial markets

Sysoeva E.F. Voronezh State University, Voronezh, Russian Federation ( fin@econ.vsu.ru )

Budilova E.S. Voronezh State University, Voronezh, Russian Federation ( sms6@yandex.ru )

Journal: Economic Analysis: Theory and Practice, #6, 2017

Importance The article focuses on the use of risk management instruments in financial resource management in the face of financial market turbulence, which entails funding constraints and increased financial risks.
Objectives The aims are to define the nature and structure of financial resources, identify the properties of accounts payable as a source of financing for Russian organizations, justify the use of modified effect of financial leverage as a risk management tool and a criteria for taking decisions on capital structure management, trace the dynamics and growth of accounts payable of Russian organizations.
Methods We employ the systems approach, comparative analysis, computational procedures for the pace and changes in accounts payable from 2010 to 2015.
Results The paper underpins the use of accounts payable as a source of funding, offers a measure of modified effect of financial leverage considering accounts payable as a criterion for decision-making on the capital structure of organizations. The findings may be useful for taking decisions on sources of funding in turbulent financial markets and increased risk of other external sources of financing.
Conclusions and Relevance The identified trends enable to conclude on strengthening the role of creditors as a source of financing and the need to take it into account in financial risk management by Russian organizations.


Optimizing the capital structure of enterprises subject to the risk of external funding sources

Sysoeva E.F. Voronezh State University, Voronezh, Russian Federation ( fin@econ.vsu.ru )

Budilova E.S. Tsentr-Agro Group of Companies, Voronezh, Russian Federation ( sms6@yandex.ru )

Journal: Finance and Credit, #45, 2015

Importance The system of funding sources is sensitive to the impact of environmental factors. Under macroeconomic instability, the risk of attracting and using external sources of finance increases. Therefore, the urgency of the problem to optimize the capital structure of enterprises, taking into account the risks of external sources of financing increases.
     Objectives The solution to the problem implies the identification of maximum number of parameters associated with the variety of potentially available funding sources. The study aims to justify the possibility to optimize the capital structure of an enterprise subject to the risk of external funding sources.
     Methods The study relies on principles and methods of systems approach, logical and comparative analyses, and the Harrington's desirability function method. We performed a computational procedure for the level of risks of external funding sources over 2006–2013 based on the calculation of the integrated index on the Harrington's desirability scale.
     Results We substantiate the possibility of optimizing the capital structure of enterprises, taking into account the risk of external sources of their financing. The findings may be useful when choosing the optimal capital structure by enterprises.
     Conclusions The method of calculating the integrated index on the Harrington's desirability scale may serve as a tool to solve practical problems related to enterprise’s capital structure optimization.


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