The subject of this work is the calculation of the beta (beta coefficient, systemic risk coefficient) of Russian companies to determine the price of their capital using the Capital Assets Pricing Model (CAPM). The purpose is to determine the influence of the duration of the period for which the initial data on the stock market are taken on the reliability of the beta coefficient value. The paper uses general scientific methods, financial methods (CAPM) and methods of mathematical statistics (regression analysis, the criteria of Fisher, Pearson, Student and Shapiro-Wilk). The calculations are based on information on the stock market provided by the Moscow Exchange and Yahoo Finance. The python language was used to collect information, Excel spreadsheets and its standard functions were used for processing it, as well as the STATISTICA program. As a result, the influence of the initial data period on the statistical characteristics of the beta coefficient is determined. The calculations were performed for the periods of 3 months, 1 year, 2 years and 5 years. The best results were obtained for a 2-year period. There are other factors that can affect the reliability of the beta coefficient. The authors continue their research to provide the economy with information about reliable values of beta coefficients of Russian companies.
The article summarizes the methodological foundations of pricing in the housing sector (with the allocation of prices of services for the management of apartment buildings). During the historical analysis of methodological approaches to pricing in the housing sector, the authors identified a directive and market approach. The directive approach describes the procedure for setting prices and its problems, manifested in the fact that attempts to centralize the pricing process on the part of the state have led to overestimation of the cost of services by management companies. Modern approaches with manifestations of a directive approach are described: sequential and compensatory-targeted. The pricing mechanism within the framework of the market approach and its problems are described. The main problem is that high transaction costs create unequal conditions for market participants, which leads to the absorption of small and medium-sized management companies with the subsequent formation of an oligopoly or monopoly in the market. The market approach also has a number of disadvantages in terms of the influence of individual consumer interests on the price. Housing services for the management of apartment buildings in the assessment of consumers of services have different utility, but the assessment of the usefulness of services by an individual consumer is suppressed by a collective assessment of utility. The process approach to the management of the organization and the cluster approach to the organization of housing and communal services are considered as ways to reduce the cost of providing services for the management of apartment buildings. It is proven that the process approach is applied in practice in the case of hotels, while the cluster approach remains a theoretical construct. A set of tools for online and offline marketing communication is offered for increasing the income of management companies (by increasing the number of houses they serve): development of the management company’s website and mobile application, creation of social networks and using messengers, launch of targeted advertising, introduction of autonomous communications. The authors substantiate the necessity of further specialized research and development of a methodological approach to pricing adapted to the modern conditions of the housing services market in Russia, based on standards, laws of production organization, marketing, firm economics, financial management and marginalism.
Инновации и инвестиции МЕТОД ОПРЕДЕЛЕНИЯ ОПТИМАЛЬНОГО СПОСОБА ФИНАНСИРОВАНИЯ ДЕВЕЛОПЕРСКИХ ПРОЕКТОВ Антон Борисович КОГАН кандидат экономических наук, доцент, исполняющий обязанности заведующего кафедрой инноваций и предпринимательства, Новосибирский государственный университет экономики и управления,
Current specifics of entrepreneurship in the field of apartment buildings construction (AB) and the impact of modern financing rules set on it, written in the relevant Federal Law are highlighted in the article. The purpose of the discussion is to develop the method foundations for analyzing the financial boundaries of housing (MFAFBH). The author’s opinion is based on the results of monitoring facts and expert opinions, texts’ analysis of normative acts, averaged requirements of banks for AB projects, methods of equivalent mathematical transformations, calculations according to special dynamic financial models of AB projects (MFPAB), principles of financial decision-making, laws of the primary market real estate (PRMRE), conjuncture of the Novosibirsk PRMRE. The fundamentals of MFAFBH were developed, the MFPAB was compiled for one of the typical apartment buildings in Novosibirsk, the boundary price of housing under construction was calculated, below this prize any AB project could not receive funding, i.e. construction would be impossible. The MFAFBH proposed by the author, can be applied to any region of the country, to forecast housing construction volumes on its basis, to develop and take measures, to manage this field of activity.
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