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Факторы Устойчивого Роста Российских Компаний // Factors Of Sustainable Growth Of Russian Companies

Author

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  • E. Ryabova V.

    (National research University “Higher School of Economics”)

  • M. Samodelkina A.

    (National research University “Higher School of Economics”)

  • Е. Рябова В.

    (Национальный исследовательский университет «Высшая Школа Экономики»)

  • М. Cамоделкина А.

    (Национальный исследовательский университет «Высшая Школа Экономики»)

Abstract

Topic. The article discusses the growth of the Russian companies, which became today for many of them a priority. The growth of the company is associated with many challenges. Thus it is required to assess many factors that influence company’s growth. However, until now, we have not a unified approach regarding the content of the term “company’s growth”, nor the defining factors of growth. Therefore, it is possible to highlight two outstanding issues in this area. The first is the choice of the indicator, characterizing the growth of the company. The second is the study of the factors that can have sustainable impact on growth. These are the questions we try to answer in this study. The real and sustainable growth of the companies acts in this study as subjects on the example of the 112 largest Russian companies on the Forbes list.Methods. As research methods we used general scientific methods (analysis, synthesis, comparison, graphics), and special ones (statistical analysis methods, the coefficient method).Results. We proved in this study that the composition and the degree of influence of financial and non-financial factors on the real and sustainable growth of the company are different. The financing structure for large companies is not significant factor. Therefore, it not matter what kind of resources the company uses for the growth of its business. The presence of the Board of Directors is an essential condition for the effectiveness of the current activities that impact on actual sales growth. In the strategic plan, the sustainable growth is due to the presence of independent members in the Board of Directors. Investments in long-term assets demonstrated their importance, with a certain time lag, for both the real growth and sustainability of the company.Implementation of the results. The proposed method can be useful for both external and internal analysts developing investment and financial management decisions. Введение. В статье рассматриваются вопросы роста российских компаний, ставшие для многих из них на сегодняшний день приоритетными. Рост предприятия связан с большим количеством трудностей, для разрешения которых требуется оценить многие факторы, влияющие на него. Однако до настоящего времени не сложилось единого подхода относительно содержания данного термина, ни определяющих его факторов. Таким образом, можно выделить два нерешенных вопроса в данной области. Первый связан с выбором самого индикатора, характеризующего рост компании. Второй заключается в обосновании факторов, способных оказывать устойчивое влияние на рост. Именно на эти вопросы и постараемся ответить в данном исследовании. Фактический и устойчивый рост компаний выступают в качестве самостоятельных предметов исследования на примере 112 крупнейших компаний России из списка Forbes.Методы. В качестве методов исследования использовались как общенаучные методы исследования (анализ, синтез, сравнение, графический), так и специальные (статистические методы анализа, коэффициентный метод).Результаты. В данном исследовании доказано, что состав и степень влияния финансовых и нефинансовых факторов на фактический и устойчивый рост компании различен. Структура финансирования для крупных компаний является незначимым фактором. Следовательно, не важно, за счет каких ресурсов осуществляется рост бизнеса. Наличие совета директоров является существенным критерием для обеспечения эффективности текущей деятельности, что сказывается на фактическом росте объема продаж. В стратегическом же плане на устойчивый рост оказывает влияние наличие независимых членов в совете директоров. Инвестиции в долгосрочные активы продемонстрировали значимость как на фактический, так и на устойчивый рост компании с определенным временным лагом.Область применения результатов. Предложенная методика может быть использована как внешними, так и внутренними аналитиками для разработки инвестиционных и финансовых управленческих решений.

Suggested Citation

  • E. Ryabova V. & M. Samodelkina A. & Е. Рябова В. & М. Cамоделкина А., 2018. "Факторы Устойчивого Роста Российских Компаний // Factors Of Sustainable Growth Of Russian Companies," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 22(1), pages 104-117.
  • Handle: RePEc:scn:financ:y:2018:i:1:p:104-117
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