Relevance. The stock exchange prices of shares reflect the view from the market position of the value of a particular public company: the market capitalization of the issuing company acts as a value indicator. The volatility of stock prices, on the other hand, determines the dynamics of market capitalization. In this regard, the problem of market capitalization management and its forecasting in the future becomes urgent. Taking into account the raw materials orientation of the Russian economy, enterprises of the mineral raw materials complex are of particular interest from the point of view of value management. The purpose of the study is to identify the most significant external and internal cost factors affecting the market capitalization of the largest oil companies in Russia, and to calculate promising cost management models. Research methods. In the process of studying value factors on the basis of retrospective statistical data and methods of correlation analysis were used. Results. The correlation analysis of the following variables was carried out: price per 1 share of an oil company observed on the Moscow Exchange; the price of Brent crude oil; revenues from sales; operating profit; net profit; company assets; equity capital of the company. Based on the analysis, the factors with the highest correlation coefficients were selected in relation to the dependent variable “price per 1 share of an oil company observed on the Moscow Exchange”, as well as with relatively low values of pair correlation coefficients directly with each other in order to avoid the effect of multicollinearity. The variables included in the model are: the price of Brent crude; revenues from sales; operating profit; company assets; equity capital of the company. Linear regression models have been constructed for PAO Rosneft, PAO Lukoil, and PAO Tatneft. Conclusions. A detailed analysis of the obtained linear regression models taking into account the correlation coefficients, t-statistics, significance level values (P-values), determination coefficients R2, calculated values of F-criteria showed generally conflicting results. The most significant models are single-factor price models, in which sales revenue acts as an independent variable. Other models require their refinement through careful analysis and more observations. It is planned to continue research and search for cost factors that affect the change in market capitalization not only for oil companies but for other enterprises of the mineral resource complex as well.

Цель работы. Исследование посвящено анализу влияния сырьевых цен на процесс управления рыночной капитализацией компании на примере наиболее крупных публичных акционерных обществ нефтегазодобывающего сектора, в большом количестве представленных на отечественном рынке акций.

The article provides a comparative analysis of discount rates for the largest companies in the mineral resources sector of Russia, which are calculated on the basis of statistical data from the US and Russian securities markets. Using the CAPM model (Capital Asset Pricing Model) for each selected company, various ruble discount rates were obtained. Calculations based on statistical data from the Russian securities market showed higher rates, and this, according to the authors, can negatively affect the assessment of potential investment projects in terms of their effectiveness. According to the results of the study, it was concluded that when calculating discount rates, it is advisable to use statistical data from the US securities market, since they give more objective results. The appropriateness of their use in forecasting the return on investment is largely due to the length of the retrospective period when calculating the premium for the risk of investing in stocks (from 1928 to the present), smoothing out market volatility at certain crisis times. The Russian securities market has a short retrospective, uneven dynamics of indicators, which does not allow full use of its statistical information. The authors see the prospect of further research in constructing special stochastic models for discount rates forecasting to evaluate investments in companies of the mineral resources sector of Russia.

Introduction. The article is devoted to a comparative analysis of discount rates and return on equity indicators of the largest companies in the Russian mineral resource complex. Research aim is to test the following hypothesis: in the conditions of stable operation of the company, the return on equity is higher than the discount rate. Methodology. Discount rates are calculated based on statistical data of the US securities market using the CAPM (Capital Asset Pricing Model). The return on equity is calculated based on the company's consolidated financial statements for the period from 2006 to 2019. ISSN 0536-1028 «Известия вузов. Горный журнал», № 8, 2020 79 Research result. The results of calculations confirm the hypothesis formulated by the authors: as practice shows, it is true that stable companies in the mineral resource complex of Russia (with rare exceptions) have a return on equity higher than the discount rate. Conclusions. The authors believe that when applying a particular method of calculating the discount rate for a particular company, the upper limit of the range of its possible values should be used as the return on equity of this company. The prospect of further research is seen in determining the lower limit of the range of possible values of the discount rate.

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