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Evaluating the efficiency of foreign direct investment: A regional dimension

Fedorova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ecolena@mail.ru )

Nikolaev A.E. National Research University – Higher School of Economics (NRU – HSE), Moscow, Russian Federation ( alexed.nik@gmail.ru )

Khomyakov V.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( Khomyakov.v06@gmail.com )

Journal: Regional Economics: Theory and Practice, #11, 2019

Subject This article analyzes the effectiveness of foreign investments and their impact on the economic clusters of the Russian Federation.
Objectives The article aims to identify top regions within the economic clusters concerning the foreign investments attracted and their most effective consumption.
Methods For the study, we used the methods of data envelopment analysis and panel data regression analysis.
Results The article presents the clustering of regions by areas of activity and ratings of the most effective clusters and regions that make them.
Conclusions The involvement of foreign direct investment (FDI) in the supplier-buyer technology chain does not affect the inflow of new technologies. Foreign investment has a positive impact on the industry clusters of the Russian economy and the regions that make them. The effectiveness and level of FDI involvement depend on the region's industry specifics.


IPO issues in the securities market in mainland China

Shevchenko D.A. Southern Federal University, Rostov-on-Don, Russian Federation ( dashevchenko@sfedu.ru )

Khomyakov D.P. Southern Federal University, Rostov-on-Don, Russian Federation ( ares909@yandex.ru )

Journal: Finance and Credit, #32, 2015

Subject The article presents the results of investigation of the China's securities market specifics and modern problems faced by IPO mechanism functioning.
     Objectives The research objectives include identification, analysis and classification of problems in the IPO market of mainland China, their causes and possible solutions.
     Methods We apply systems analysis, statistical analysis, review the empirical data and literature.
     Results The study proves that the Chinese IPO market is unbalanced and has a number of unique problems; government regulation is ineffective and there is no solution to the key problems yet. These problems include delays in issue approval, IPO shares overpricing, and imperfect subscription mechanism. The China Securities Regulatory Commission has to impose a moratorium on the placement of shares; however, it takes no critical decisions to restructure the primary market. The situation requires critical decisions on changing the regulation of the market to develop the IPO market in mainland China and to make full use of its potential. The complex structure of the market and existence of barriers to the IPO of Chinese companies on the most attractive trading platforms are of special importance.
     Conclusions and Relevance Nowadays, the Russian securities market is significantly different from the Chinese one by its size, structure and regulation mechanism. At the same time, the study of the IPO infrastructure and mechanism in China is of great interest due to the need to develop the Russian securities market, identify best practices and advanced instruments for IPO regulation, and prevent potential problems.


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