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Emission of corporate bonds by SME subjects as a method of attracting capital
- Publication Year :
- 2022
- Publisher :
- СанкÑ-ÐеÑеÑбÑÑгÑкий полиÑÐµÑ Ð½Ð¸ÑеÑкий ÑнивеÑÑиÑÐµÑ ÐеÑÑа Ðеликого, 2022.
-
Abstract
- Ð¦ÐµÐ»Ñ ÑабоÑÑ â ÑаÑÑмоÑÑение ÑелеÑообÑазноÑÑи и ÑÑÑекÑивноÑÑи пÑивлеÑÐµÐ½Ð¸Ñ Ð·Ð°ÐµÐ¼Ð½Ð¾Ð³Ð¾ капиÑала меÑодом вÑпÑÑка коÑпоÑаÑивнÑÑ Ð¾Ð±Ð»Ð¸Ð³Ð°Ñий. ÐбÑекÑом иÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð² ÑабоÑе ÑвлÑеÑÑÑ Ð½ÐµÐ¿ÑблиÑное акÑионеÑное обÑеÑÑво ÐÐÐ ÐÐÐÐÐÐÐÐÐЯ ÐÐÐÐÐÐÐЯ «Роделен»; пÑедмеÑом â вÑпÑÑк биÑжевÑÑ ÐºÐ¾ÑпоÑаÑивнÑÑ Ð¾Ð±Ð»Ð¸Ð³Ð°Ñий как ÑпоÑоб пÑивлеÑÐµÐ½Ð¸Ñ ÐºÐ°Ð¿Ð¸Ñала Ð´Ð»Ñ ÐР«Роделен». ÐÐ»Ñ Ð´Ð¾ÑÑÐ¸Ð¶ÐµÐ½Ð¸Ñ Ð¿Ð¾ÑÑавленной Ñели бÑли ÑаÑÑмоÑÑÐµÐ½Ñ ÑеоÑеÑиÑеÑкие аÑпекÑÑ Ð¸ ÑазлиÑнÑе ÑпоÑÐ¾Ð±Ñ Ð¿ÑивлеÑÐµÐ½Ð¸Ñ Ð·Ð°ÐµÐ¼Ð½Ð¾Ð³Ð¾ капиÑала, пÑоведено ÑÑавнение облигаÑионного и кÑедиÑного займа, Ð½Ð°Ð¹Ð´ÐµÐ½Ñ Ð´ÐµÐ¹ÑÑвÑÑÑие пÑогÑÐ°Ð¼Ð¼Ñ Ð³Ð¾ÑÑдаÑÑÑвенной поддеÑжки Ð´Ð»Ñ ÑÑбÑекÑов ÐСРпо обоим ÑпоÑобам пÑивлеÑÐµÐ½Ð¸Ñ ÐºÐ°Ð¿Ð¸Ñала, а Ñакже ÑаÑÑмоÑÑен алгоÑиÑм вÑÑ Ð¾Ð´Ð° компании на биÑжÑ. ÐÑоведен анализ конкÑÑенÑного Ð¿Ð¾Ð»Ð¾Ð¶ÐµÐ½Ð¸Ñ ÐР«Роделен» на ÑÑнке лизинговÑÑ ÑÑлÑг, пÑи анализе ÑинанÑовой оÑÑеÑноÑÑи ÐР«Роделен» вÑÑвлена болÑÑÐ°Ñ Ð´Ð¾Ð»Ñ Ð·Ð°ÐµÐ¼Ð½ÑÑ ÑÑедÑÑв в ÑÑÑÑкÑÑÑе ÑинанÑиÑÐ¾Ð²Ð°Ð½Ð¸Ñ Ð´ÐµÑÑелÑноÑÑи, опÑеделена плаÑежеÑпоÑобноÑÑÑ ÑмиÑенÑа и Ð½ÐµÐ¾Ð±Ñ Ð¾Ð´Ð¸Ð¼Ð¾ÑÑÑ Ð² пÑивлеÑении дополниÑелÑного заимÑÑвованиÑ. РаÑÑÑиÑана Ð¾Ð¶Ð¸Ð´Ð°ÐµÐ¼Ð°Ñ ÑÑноÑÐ½Ð°Ñ Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑÑ Ð¿Ð¾ вÑоÑÐ¾Ð¼Ñ Ð¾Ð±Ð»Ð¸Ð³Ð°ÑÐ¸Ð¾Ð½Ð½Ð¾Ð¼Ñ Ð²ÑпÑÑÐºÑ ÐР«Роделен», пÑоведено ÑопоÑÑавление ожидаемой и ÑеалÑной Ð´Ð¾Ñ Ð¾Ð´Ð½Ð¾ÑÑей. ÐÑÐµÐ½ÐµÐ½Ñ Ð´Ð¾Ð¿Ð¾Ð»Ð½Ð¸ÑелÑнÑе заÑÑаÑÑ Ð¿Ñи оÑганизаÑии вÑпÑÑка облигаÑий и пÑивлеÑении денежнÑÑ ÑÑедÑÑв ÑеÑез банк, ÑаÑÑÑиÑана ÑеалÑÐ½Ð°Ñ ÑÑоимоÑÑÑ Ð·Ð°Ð¸Ð¼ÑÑвованиÑ. РезÑлÑÑаÑом ÑабоÑÑ ÑвлÑеÑÑÑ Ð¾Ð±Ð¾Ñнование ÑÑÑекÑивноÑÑи пÑивлеÑÐµÐ½Ð¸Ñ Ð·Ð°ÐµÐ¼Ð½ÑÑ ÑÑедÑÑв компанией ÑеÑез ÑондовÑй ÑÑнок меÑодом вÑпÑÑка коÑпоÑаÑивнÑÑ Ð¾Ð±Ð»Ð¸Ð³Ð°Ñий, а Ñакже пÑедложение далÑнейÑÐ¸Ñ ÑпоÑобов заимÑÑвований денежнÑÑ ÑÑедÑÑв Ð´Ð»Ñ ÑмиÑенÑа.<br />The purpose of the paper is to consider the expediency and efficiency of attracting borrowed capital by issuing corporate bonds. The object of the research is non-public joint stock company CJSC LEASING COMPANY "Rodelen"; the subject of the research is the issue of corporate bonds as a method of raising capital for LK "Rodelen". To achieve this goal, theoretical aspects, and various ways of raising borrowed capital were considered, a comparation of a bond loan and credit loan was made, existing government supports programs for SME subjects were found for both ways of raising capital, and the algorithm of the companyâs entry into the stock exchange was considered. The analysis of the competitive position of LC âRodelenâ in the leasing services market was carried out; the analysis of the financial statements of LC "Rodelen" revealed a large share of borrowed funds in the structure of financing companyâs operation. The solvency of the issuer and the need to attract additional borrowing was determined. In the paper the expected market yield of the second LC Rodelen bond issue was calculated, and a comparison of expected and real returns was carried out. The additional costs of organizing the issue of bonds and raising funds through the bank credits are estimated, the real costs of borrowing is calculated. The result of the research is to substantiate the effectiveness of raising borrowed capital by the company through the stock market by issuing corporate bonds, as well as suggesting further ways of borrowing funds for the issuer.
- Subjects :
- гоÑÑдаÑÑÑÐ²ÐµÐ½Ð½Ð°Ñ Ð¿Ð¾Ð´Ð´ÐµÑжка ÐСÐ
ÑÑÑекÑивноÑÑÑ Ð²ÑпÑÑка коÑпоÑаÑивнÑÑ Ð¾Ð±Ð»Ð¸Ð³Ð°Ñий
efficiency of corporate bond issue
банковÑкое кÑедиÑование
коÑпоÑаÑивнÑе облигаÑии
gouverment sme support
bank lending
заемнÑй капиÑал
borrowed capital
corporate bonds
Subjects
Details
- Language :
- Russian
- Database :
- OpenAIRE
- Accession number :
- edsair.doi...........84513be27e7d7a76233594279963c9cf
- Full Text :
- https://doi.org/10.18720/spbpu/3/2022/vr/vr22-1113