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Debt financing of investment: Sources, forms, mechanisms, tools

Vol. 24, Iss. 8, AUGUST 2018

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Received: 8 June 2018

Received in revised form: 22 June 2018

Accepted: 6 July 2018

Available online: 29 August 2018

Subject Heading: INVESTING

JEL Classification: Е62

Pages: 1829–1843

Edronova V.N. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

ORCID id: not available

Maslakova D.O. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

Subject The article deals with clarifying the terms related to debt financing, classifying the sources, forms, mechanisms and instruments of the financing, and specifying the methods to determine the amount of financing through leasing and bond issue, which are not covered by official statistics.
Objectives The study aims to give an original definition of sources, forms, mechanisms and instruments of debt financing based on theoretical works and current practice of debt financing in the Russian Federation, identify the logical subordination of these categories and develop a reasonable classification and methods for determining the volume of investment financing through leasing operations and bond borrowing.
Methods Empirical and logical constructions, analysis and synthesis, generalization, systems approach, and methods of comparative analysis serve as a methodological basis of the research.
Results The paper provides our own definition of terms related to debt financing of investments, based on the content of economic relationship between its subjects; presents a classification of sources, forms, mechanisms and instruments of debt financing on the basis of revealed logical hierarchy of classification features and methods for determining the amount of financing through leasing and bond issue that are not covered by official statistics.
Conclusions Our unique methods enable to assess the status of and trends in the said sources of financing.

Keywords: investment financing, source, form, mechanisms and instruments of investment, debt financing


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