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Subject. The article deals with the transformation of the Russian economic model. Objectives. The purpose is to test the hypothesis about the impact of companies generating high added value (digital companies) on the economic model of the country. Methods. The study rests on general scientific principles and research methods, like abstraction, generalization of approaches of domestic and foreign authors to industrial policy, and the economic analysis. Results. I analyzed characteristic features of companies operating in industries with high and low generated added value, offered a five-stage methodology for assessing the key characteristics of companies. At the first stage, the production function of companies is investigated to determine the impact of the return on the resources involved and the presence of a multiplicative effect on the scale of the country's economy. At the second stage, the indicators of volatility, growth, marginality are analyzed to determine the impact of these characteristics on the dynamics of GDP. At the third stage, indicators of investment and innovation activity are calculated to assess their impact on the level of investment in the economy. The fourth stage is devoted to the analysis of the financial activities of companies, including their ability to attract external equity and debt capital, and to the evaluation of the distribution policy, which enables to conclude on company’s ability to attract resources for development. At the fifth stage, the capitalization rate and expected rate of profit growth of companies are evaluated to assess their investment attractiveness. Conclusions. The calculations performed on the basis of financial and non-financial statements of PAO MMC Norilsk Nickel and Yandex for 2022 lead to the conclusion that companies in industries generating high added value (digital companies) provide a multiplier effect, contribute to accelerating economic growth, increasing competitiveness, and improving the country's economic model. However, for the sustainable development of these companies, an industrial policy is needed to support and stimulate them.
Subject. The article deals with the transformation of the Russian economic model. Objectives. The purpose is to test the hypothesis about the impact of companies generating high added value (digital companies) on the economic model of the country. Methods. The study rests on general scientific principles and research methods, like abstraction, generalization of approaches of domestic and foreign authors to industrial policy, and the economic analysis. Results. I analyzed characteristic features of companies operating in industries with high and low generated added value, offered a five-stage methodology for assessing the key characteristics of companies. At the first stage, the production function of companies is investigated to determine the impact of the return on the resources involved and the presence of a multiplicative effect on the scale of the country's economy. At the second stage, the indicators of volatility, growth, marginality are analyzed to determine the impact of these characteristics on the dynamics of GDP. At the third stage, indicators of investment and innovation activity are calculated to assess their impact on the level of investment in the economy. The fourth stage is devoted to the analysis of the financial activities of companies, including their ability to attract external equity and debt capital, and to the evaluation of the distribution policy, which enables to conclude on company’s ability to attract resources for development. At the fifth stage, the capitalization rate and expected rate of profit growth of companies are evaluated to assess their investment attractiveness. Conclusions. The calculations performed on the basis of financial and non-financial statements of PAO MMC Norilsk Nickel and Yandex for 2022 lead to the conclusion that companies in industries generating high added value (digital companies) provide a multiplier effect, contribute to accelerating economic growth, increasing competitiveness, and improving the country's economic model. However, for the sustainable development of these companies, an industrial policy is needed to support and stimulate them.
Subject. The article addresses the balance in the movement of Russian finance. Objectives. The purpose is to determine the balance in the movement of Russian finance. Methods. The study rests on systems approach, using the method of statistical analysis. Results. The study shows high potential of debt securities owned by Russian banks and transferred under repo transactions with the Bank of Russia, with the excess of dynamics of growth of financial assets minus liabilities of the banking system over the monetary base (in a broad definition). The paper revealed dominant growth of financial assets minus liabilities of households and non-profit organizations serving households holding the entire growth in the domestic economy with the fall of non-financial corporations and relatively stable growth of public administration. It also revealed a stable growth of debt securities issued at market value in the context of high volatility and a wide range of the volume of quoted shares of Russian issuers traded on the domestic market, and insignificant growth rates of federal loan bonds. It highlights the problem of balance in the movement of Russian finance, i.e. high volatility and a wide range of the volume of quoted shares of Russian issuers traded on the domestic market, and a drop in financial assets minus liabilities of non-financial corporations. Conclusions. The unveiled balance in the movement of Russian finance, largely maintained through the stable growth of debt securities issued at market value and a significant increase in financial assets minus liabilities of households and non-profit organizations serving households, points out to the monetary authorities the critical opportunities for the development of the financial system.
Subject. The article addresses financial and economic structure of modern Russia. Objectives. The purpose is to determine the financial and economic structure of modern Russia. Methods. The study draws on the systems approach, using the methods of statistical, neural network, and cluster analysis. Results. The paper shows a connection between the growth of accounts payable and the excess of growth in the profitability of sold goods, products, works, services over the growth in return on assets, and, as a result, increasing need to implement measures to tighten the monetary policy of the Bank of Russia concerning inflation targeting. It also defines the importance of GDP growth, including GDP per capita (in terms of purchasing power parity, constant and current prices) for the financial and economic structure of modern Russia that links the ability to provide general government expenditures (debt), primary and net lending (government sector borrowings), the volume of exports and imports. The positive moment of the current financial and economic structure is steadily high values of growth in the current account balance, in particular through a stable decline in the volume of exports of goods and services. Conclusions. Understanding the current financial and economic structure of modern Russia demonstrates the monetary authorities the importance of increase in the current account balance in the context of GDP growth and general government expenditures at current prices in the national currency.
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