PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2018 | vol. 14, iss. 2 | 185--206
Tytuł artykułu

The Development of Company's Debt Portfolio

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
Goal: Although companies use actively the potentials of a debt capital market and debt financial instruments market to finance their activities, the development of company's debt portfolio for the strategic perspective remains a relevant issue. The goal of this paper is to create a model for the development of the optimal debt portfolio aimed at implementing company's corporate strategy. Methods: We have created an optimization model for creating company's debt portfolio based on G. Markowitz's portfolio theory within a framework of our research. To develop a target function, we have used the maximum contingent income from the attraction of loans. We have created a system of restrictions based on financial risks diversification. To implement the model, we have used the MS Excel environment and the packet of applied programs MathCAD Results: We have elaborated the model for creating company's debt portfolio for the strategic perspective. We have chosen the maximization of contingent benefits of attracting loan capital from different sources of debt financing as a target criterion of the model. The model's restrictions enable to diversify financial risks. They encompass the following terms: the achievement of the goal structure of capital, the provision of financial risks diversification in choosing the strategy for financing company's assets; the optimization a financial leverage effect; the diversification of the risks of losing ability to pay and reducing financial stability. To analyze the possible utilization of the model, we have considered the development of the debt portfolio of a construction company, which provides the strategy for company's development over the next 5 years. The results of the research have enabled to develop company's optimal debt portfolio that complies with the terms of financial risks diversification and to define the optimal sources of loans at each moment of time. Conclusions: Our model for the development of company's debt portfolio enables to model the structure of the sources of loan financing depending on the needs for loan capital at each moment of time and maximum amounts that a company may attract from each source of debt financing. Changes in the terms of granting loan capital and changes in the situation in product and financial markets may lead to structural shifts in the content of financing sources; therefore, the process of modelling the optimal structure of debt financing should be a continuous. The obtained results of modeling the structure of a debt portfolio enable a company to make more informed decisions in attracting loan financing. (original abstract)
Rocznik
Strony
185--206
Opis fizyczny
Twórcy
  • Omsk State Pedagogical University, Russia
Bibliografia
  • Geraschenko, I. P. (2009). Sistema obespecheniya effektivnoi realizatsii korporativnoi strategii [the system of providing efficient implementation of a corporate strategy]. Problemy Sovremennoi Ekonomiki, 2, 122-125 [In Russian].
  • Rossiya v Tsifrah [Russia in Figures]. 2017. Short statistical collection. Moscow: Rosstat. [In Russian].
  • Grechenyuk, A. V., Grechenyuk, O. N. (2015). Sovremennye tendentsii i osobennosti formirovaniya kapitala Rossiyskih aktsionernykh obschestv [Modern tendencies and peculiarities of developing the capital of Russian stock companies]. Ekonimicheskiy Analiz: Teoriya i Praktika, 28(427), 40-55. [In Russian]
  • Leevik, Yu. S., Nasedkina, A. S. (2016). Faktory vliyayuschiye na strukturu kapitala Rossiyskih kompaniy [Factors that influence the structure of the capital of Russian companies]. Ekonomika i Upravlenie, 5(127), 48-52 [in Russian].
  • Balyuk, I. A. (2016). Mezhdunarodnuy dolgovoi rynok: sovremennoe sostoyanie i tendentsii razvitiya [International debt market: modern state and tendencies of development]. Economicheskaya Teoriya, Analysiz, Practika, 5, 25-36 [in Russian].
  • Russian statistical yearbook (2012). Statistical collection. Moscow: Rosstat [In Russian].
  • MSE (2016). Annual account of the Moscow Stock Exchange MICEX-RTS PJSC for 2016. [Electronic resource]. Retrieved January 16, 2018, from http://2016.report-moex.com/ru/review/markets/equity-and-bond-market. [In Russian].
  • Markowitz, H. M. (1991). Portfolio selection. Efficient diversification of investments. Oxford, N.Y.: Blackwell.
  • Melnikova, L. F. (2014). Analiz rynka zaemnogo kapitala na osnove portfelnogo podkhoda [The analysis of the loan capital market based on portfolio approach]. Ekonomika i Predprinimatelstvo, 11(52), 432-436. [In Russian].
  • Postupinskiy, I. A. (2016). Razrabotka modeli formirovaniya optimalnogo dolgovogo portfelya metallurgicheskoi kompanii [The elaboration of the model for developing the optimal debt portfolio of a metallurgic company]. Upravlenie Ekonomicheskimi Sistemami: Electronic Scientific Journal, 6(88), 37. [In Russian].
  • Korotin, V., Ulchenkov, A., Islamov, R. (2016). Debt portfolio management for an oil company under oil price uncertainty. Computational Economics, 49(2), 289-306.
  • Korotin, V. Yu., Ulchenkov, A. M., Islamov, R. T. (2014). Optimizatsiya struktury dolgovogo portfelya neftyanoi kompanii po kvantilnomu criteriyu [Optimizing the Structure of debt portfolio of an oil company in compliance with a quantile criterion]. Korporativnye Finansy, 3(31), 68-82. [In Russian].
  • Ekhilevskaya, E. V. (2011). Portfel dolgovykh obyazatelstv, ego suschnost i sostav [Debt obligations portfolio. Its essence and content]. Bulletin of ENGECON. Series: Economics, 6, 305. [In Russian].
  • Mekhedov, D. K. (2011). Dispersionnyi podkhod k optimizatsii portfelya obligatsiy [The dispersion approach to the optimization of bond portfolio]. Trudy Instituta Sistemnogo Analiza Rossiyskoi Akademii Nauk, 61(2), 59-68. [In Russian].
  • Sedova, S. V. (1999). Model optimizatsii investitsionnyh proektov i algoritm ee chislennogo analiza [The model for optimizing investment projects and the algorithm of its numerical analysis]. Ekonomika i Matematicheskie Metody, 35(4), 87-93. [In Russian].
  • Teplova, T. V. (2016). Effektivnyy finansovyy direktor [An efficient financial manager]. Мoscow: Yurait Publishing House. [In Russian].
  • Altman, E. I. A. (1984). Further empirical investigation of the bankruptcy cost question. Journal of Finance, 39(4), 1067-1089.
  • Evdokimova S. S., Bondarenko S. A. (2017). Spetsifika otsenki srednevzveschennoi stoimosti kapitala kreditnoi organizatsii i metody ee optimizatsii [Specifics of the assessment of the average weighed cost of the capital of a lending agency and methods of optimization]. Finansy i Kredit, 23(14), 792-803. [In Russian].
  • Geraschenko I. P. (2009). Formirovanie tselevoi struktury kapitala v predprinimatelskoi deyatelnosti [The development of the target structure of capital and entrepreneurial activities]. Finansy i Kredit, 29, 62-71. [In Russian].
  • Zadorozhnaya A. N. (2015). Poryadok Ispolzovaniya Metoda Volatilnosti EBIT i modeli analiza EBIT-EPS pri prinyutii finansovyh resheniy [The operation of the EBIT method of volatility and the EBIT-EPS model of analysis in making financial decisions]. Finansovaya Analitika. Problemi i Reshenia, 36(270), 24-37. [In Russian]
  • Berger P., Ofek E., Yermac D. (1997). Managerial entrenchment and capital structure decisions. Journal of Finance, 52(4), 1411-1438.
  • Lang L. H. P., Ofek E., Stulz R. M. (1996). Leverage, Investment and firm growth. Journal of Financial Economics, 40(1), 3-29.
  • Teplova T. V. (2007). Investitsionnye rychyagi maksimizatsii stoimosti kompanii [The investment leverages of company's cost maximization]. Praktika Rossiyskih Predpriyatiy. Moscow: Verschina. [In Russian].
  • Limitovskiy M. A. (2008). Investitsionnye proekty i realnye optsiony na razvivayuschihsya rynkah [Investment projects and real options in the developing markets]. Moscow: Yurait. [In Russian].
  • Parks, S. (2006). How to fund your business: the essential guide to raising finance to start and grow your business. Prentice Hall.
  • Zorina E. V., Dontsova L.V. (2016). Dolgovoe finansirovanie investitsionnoi deyatelnosti organizatsiy [Debt financing of the investment activities of organizations]. Voprosy Regionalnoi Ekonomiki, 27(2), 62-69. [In Russian].
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171513830

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.