In this paper, based on the review of scientific literature, the authors have chosen some standard factors affecting the Russian companies' capital structure: degree of significance of long-term and short term financial leverage, return on total assets, tangible fixed assets, company size, liquidity, share of PPE in total assets, coefficient of assets' autonomy and uniqueness. The paper considers a factor, which is rarely used in academic research, i.e. the level of competitiveness of a company. The authors assessed the competitiveness on the basis of the Herfindahl-Hirschman Index and Tobin's Q Ratio. To analyze the factors affecting the Russian companies' capital structure the authors applied the panel regression using the "two-ways" effect in the model. The effect implies the evaluation of the vector of bidirectional model coefficients with fixed individual and temporal effects. The authors have also used the Pearson's Product-Moment Correlation analysis. As an empirical basis, the authors have researched the panel consisting of 192 Russian listed companies with data selection for the period from 2007 to 2012. The research was conducted by means of collecting quarterly financial statements using the information and statistic base Ruslana. The authors have studied nine various branches of economy and concluded that the level of competition, which is considered as a significant factor in determining capital structure of Malaysian companies that Pandey I.M. revealed in his study, is of insignificant relevance for the Russian market. In Russian organizations the correlation of debt and equity capital is determined based on company size, its profitability and pledge value of its assets, as well as the share of PPE in total assets.
Keywords: capital structure, panel regression, competitiveness, Russian, company, Herfindahl-Hirschman Index, Tobin's Q Ratio
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