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Incorporation of rating parameters into the perpetuity range of the Brusov–Filatova–Orekhova modern theory of capital structure

Brusov P.N. Financial University under Government of Russian Federation, Moscow, Russian Federation ( pnb1983@yahoo.com )

Filatova T.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( tvfilatova@fa.ru )

Orekhova N.P. Southern Federal University, Rostov-on-Don, Russian Federation ( fet_mir@bk.ru )

Kulik V.L. Financial University under Government of Russian Federation, Moscow, Russian Federation ( venya.kulik@mail.ru )

Journal: Finance and credit, #40, 2017

Importance The research focuses on the existing systems of rating, respective methodologies and weaknesses of these methods.
Objectives We modify the methodology embedded into the existing rating systems and devise a brand new approach based on the appropriate application to discounted cash flows, discount of rating parameters, correct assessment of discount rates in line with financial ratios.
Methods The research deals with the perpetuity range of the Brusov–Filatova–Orekhova modern theory of capital cost and capital structure. We also rely upon the modified theory for rating purposes and ranking coefficients.
Results We modify the methodology of the existing rating systems and devise an absolutely new approach to it.
Conclusions and Relevance Modifying the rating methodology, we make our own assessments more accurate and unbiased. Using the toolkit of the advanced theories, we reach new horizons of the rating practice, since it enables the rating segment to predominantly use quantitative methods. The proposed approach should be applied by all rating agencies in assessing the creditworthiness of issuers.


Three colors of company's time (the optimal period in company's development)

Brusov P.N. Financial University under Government of Russian Federation, Moscow, Russian Federation ( pnb1983@yahoo.com )

Filatova T.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( mfilatova@fa.ru )

Orekhova N.P. Higher School of Business of Southern Federal University, Rostov-on-Don, Russian Federation ( fet_mir@bk.ru )

Kulik V.L. Financial University under Government of Russian Federation, Moscow, Russian Federation ( venya.kulik@mail.ru )

Journal: Finance and credit, #33, 2015

Importance We investigate the dependence of the cost of capital on company's lifetime at various levels of leverage and different capital values.
     Objectives The aim of the study is to define minimum cost of capital (WACC), depending on the level of debt financing and cost of capital (equity and borrowed funds).
     Methods
All calculations have been done within the modern theory of cost of capital and structure of capital by Brusov - Filatova - Orekhova, which replaced the now outdated Modigliani - Miller theory, and which is applicable to companies with arbitrary lifetime. We investigate the dependence of WACC on company's lifetime at various leverage levels and various cost of equity and debt capital.
     Results The paper shows, for the first time, that the valuation of WACC in the Modigliani-Miller theory is not minimal, and the valuation of company's capitalization is not maximal. At some stage of company development, its WACC turns out to be lower, and company capitalization, accordingly, greater than the value under the Modigliani-Miller theory. As the 'golden age' of a company depends on the costs of capital, the control over the costs (for example, by modifying the value of dividend payments, that changes the value of equity), company management may expand this age.
     Conclusions We conclude that previous understanding of the results of the Modigliani - Miller theory is incorrect. We discuss the use of open effects in Russian practice, which is especially important under current economic situation.


Is it possible to increase investment efficiency through increasing the rate of corporate profit tax?

Brusov P.N. Financial University under Government of Russian Federation, Moscow, Russian Federation ( pnb1983@yahoo.com )

Filatova T.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( mfilatova@fa.ru )

Orekhova N.P. Universities Research Consortium in Russian South, Rostov-on-Don, Russian Federation ( Natali_Orehova@Bk.Ru )

Kulik V.L. Financial University under Government of Russian Federation, Moscow, Russian Federation ( venya.kulik@mail.ru )

Journal: Finance and credit, #19, 2015

Importance The current condition of the Russian economy enhances the relevance of the issue of corporate profit tax impact on a company's investment activity.
     Objectives The paper examines the effect of changes in the rate of corporate profit tax on investment efficiency, and aims at detecting the anomalies of the influence.
     Methods We made all calculations within the modern theory of capital cost and capital structure developed by Brusov, Filatova, and Orekhova, and under our unique modern investment models. We consider the matter from the viewpoint of equity capital owners, and equity and debt capital owners. In the analysis of long-term projects, we use equity value or WACC calculated by Modigliani and Miller, as a discount rate. When analyzing projects with arbitrary duration, the discount rate is the cost of capital obtained under the Brusov - Filatova - Orekhova theory.
     Results We show that in both cases, i.e. in long-term projects and projects with optional duration, an increase in the rate of corporate profit tax changes the nature of the NPV dependence on leverage at some value of t* : there is a transition from the decreasing function NPV(L), when t < t* , to the increasing function NPV(L), when t > t*b . At higher leverage levels, we observe a qualitatively new effect in investments, i.e. the growth of investment efficiency as the rate of corporate profit tax goes up.
     Conclusions and Relevance
The discovered qualitatively new effects in investments are very important from a theoretical viewpoint, and may lead to qualitatively new managerial decisions on investment optimization.


Influence of taxation on the optimal investment structure of a telecommunication sector company

Brusov P.N. Financial University under Government of Russian Federation, Moscow, Russian Federation ( pnb1983@yahoo.com )

Filatova T.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( mfilatova@fa.ru )

Orekhova N.P. Institute of Management, Business and Law, Rostov-on-Don, Russian Federation ( Natali_Orehova@Bk.Ru )

Brusova A.P. Financial University under Government of Russian Federation, Moscow, Russian Federation ( mfilatova@fa.ru )

Kulik V.L. Financial University under Government of Russian Federation, Moscow, Russian Federation ( venya.kulik@mail.ru )

Journal: Finance and credit, #11, 2015

Importance Given the condition of the Russian economy, the problem of influence of the income tax rate of a company on its investment activity becomes quite relevant.
     Objectives This is the third article in a series of articles dealing with the analysis of operations of Nastcom Plus, a telecommunication sector company. We examined the effects of changes in the income tax rates, both upwards and downwards, on the optimal structure of investments with different periods of project life.
     Methods As in previous articles, we made all calculations under the modern theory of cost and structure of capital developed by Brusov, Filatova, and Orekhova. We analyzed investments using the formula, which we developed earlier for the case of constant value of equity capital. We make the analysis from the point of view of the equity capital owners.
     Results The study shows that an increase in the income tax rates leads to degradation (decrease) of NPV, where degradation reduces, if project duration increases. In particular, for a 5-year project (amortization period), if income tax rate increases by 1%, NPV decreases by 1.5%-2.34% in different years. Though a change in the income tax rate has an impact on the optimum (the optimum for 2-year and 10-year projects changes in 2012, and for a five-year project in 2012 (by 0.5-1 (in leverage units)), nevertheless, the position of the optimum is rather stable.
     Conclusions and Relevance We conclude that under conditions of sanctions and stagnation of the economy, development of methods for assessing the effects of income tax rate of an organization on its investment activities plays an important role.


Modern investment models with uniform debt repayment and their application

Brusov P.N. Financial University under Government of Russian Federation, Moscow, Russian Federation ( pnb1983@yahoo.com )

Filatova T.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( mfilatova@fa.ru )

Orekhova N.P. Institute of Management, Business and Law, Rostov-on-Don, Russian Federation ( Natali_Orehova@Bk.Ru )

Kulik V.L. Financial University under Government of Russian Federation, Moscow, Russian Federation ( venya.kulik@mail.ru )

Journal: Finance and credit, #9, 2015

Earlier, the authors created investment models with debt repayment at the end of project. The models proved to be successful in the analysis of efficiency of real investment projects. In this work, the authors have created new investment models with uniform repayment of debt over the project life. The new models adequately describe real investment projects. Specifically, under these models it is possible to analyze the dependence of investment projects' efficiency on debt financing and taxation. The authors consider the issue as part of the modern theory of capital cost and structure, which have been developed by P.N. Brusov, T.V. Filatova and N.P. Orekhova, and within the perpetuity limit. The authors developed the method of assessing the impact of income tax rate on the net present value (NPV). The study shows that growing income tax rate causes a decrease in the project NPV, and enables to estimate the percentage of the decrease. The possibility of such estimations is unique. It turns out that the effect of taxation on NPV depends on the level of leverage: if it increases, the impact of changes in the income tax rate is significantly reduced. This applies both to an increase and a decrease of the rate; meanwhile, both these options have practical value in the current economic conditions. The authors have investigated how the income tax rate influences the optimal investment structure. Under the existing (20%) and higher (25%) rate of income tax, there is an optimum of NPV dependence on leverage. Investors should consider the structure of invested capital: they will be able without special effort to gain in NPV (sometimes very significant) only by changing this structure.


Mathematical model of the analysis of consumption of water resources and forecasting of an ecological damage

Kulik V.S. phd student, department of management, Southern Federal University ( vladimirk@aaanet.ru )

Journal: Regional Economics: Theory and Pactice, #24, 2010

In given article the model of balance of branch water consumption is considered, the way of construction of indicators of direct and indirect branch water consumption, a matrix of technical factors and a return matrix of Leonteva for water is underlined, are presented and analyzed results of application of these indicators for the Rostov region.


Application indicators of Balanced Scorecard in perfectation the technique of financial planning on the enterprise

Kulik O.S. graduate student, Rostov state university of economics ( olga543@list.ru )

Journal: Finance and credit, #24, 2010

Despite successful examples of introduction methods of financial planning in activity of enterprises, still actual there is a problem of separation strategic plans from tactical. The decision of this problem is application of the Balanced Scorecard. For this purpose it is necessary for managers to learn to define indicators in three measurements - as indicators of various prospects, indicators with various time horizons, early or late indicators (they then join in the enterprise budget). In this article the practical realization of this technique is given on the example of JSC «Donskoy tabak».


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