Problems justifying the discount rate in emerging capital markets

Voronina, N. V.; Zaretskaya, V.G.

doi:10.1088/1757-899x/698/7/077033

Cited by 2 publications

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“…В научной литературе предлагаются различные подходы к ее расчету. Большинство авторов в качестве ставки дисконтирования рассматривает метод WACC (weighted average cost of capital) [2][3][4][5]. При этом отмечается, что на практике для расчета стоимости собственного капитала компании в основном используется модель CAPM [6].…”

Section: выбор показателя отражающего минимальную доходность инвестиц...unclassified

“…Они также рекомендуют применять метод WACC только в том случае, если остаточный денежный поток по проекту невозможно оценить или когда на этапе предварительного ТЭО инвестиционного проекта бюджет капиталовложений еще не утвержден, а в качестве наиболее справедливой оценки стоимости собственного капитала предлагают использовать показатель ROE. Н. В. Воронина и В. Г. Зарецкая видят сложности практического применения WACC на развивающихся рынках капитала, а именно -какую величину брать в расчетах в качестве ставки дисконтирования (фактическую за период, среднюю за несколько периодов или прогнозную) [5]. M. Jacobs отмечает, что, несмотря на распространенность метода WACC, на практике компании полагаются на ставки дисконтирования выше средневзвекапиталовложений в Российской Федерации"».…”

Section: выбор показателя отражающего минимальную доходность инвестиц...unclassified

“…Следует отметить, что кумулятивный метод используется в России для расчета ставки дисконтирования для публичного партнера при реализации ГЧП-проектов 6 . Однако, как отмечают Н. В. Воронина и В. Г. Зарецкая, учет всех факторов риска значительно увеличивает размер ставки дисконтирования, что заведомо делает инвестиционные проекты неэффективными [5].…”

Section: выбор показателя отражающего минимальную доходность инвестиц...unclassified

“…1) на основе операционной прибыли, формулы (3), (4) [17], (5) [18]: 7 Федеральный закон от 28.06.2022 № 226-ФЗ «О внесении изменений в Федеральный закон "О защите и поощрении капиталовложений в Российской Федерации"». СПС Консультант Плюс.…”

Section: выбор показателя отражающего минимальную доходность инвестиц...unclassified

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State support of Investment Projects Within the Framework of an Agreement on the Protection and Promotion of Capital Investments: A Methodological Rationale

Tyutyukina,

Egorova

2023

jour

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The subject of research is economic interactions related to the implementation of an investment project within the framework of an agreement on the protection and promotion of investments (hereinafter referred to as the APCI).Purpose: methodological substantiation of the expediency of providing state support measures to ensure the minimum profitability of an investment project implemented within the framework of the APCI.Objectives: to propose an indicator that reflects the minimum profitability of an investment project, the mechanism for its usage to determine state support measures, additional state support measures in cases where they are not sufficiently established in the legislation.Methods: analysis of approaches to determining the discount rate; statistical (observation, grouping, method of indicators) for calculating industry-specific ROIC values; content analysis to select state support measures.Results: it is proposed to use the ROIC indicator as the minimum profitability of a commercial investment project. The indicator was calculated according to the data of all organizations that are not subjects of medium and small enterprises operating in the period 2012–2021. The sample included 133 organizations that make up eight subclasses of Russian classifier of types of economic activity (pulp and paper production; production of fertilizers and nitrogen compounds; production of pesticides, etc.; production of paints, varnishes, etc.; production of pharmaceutical substances; production of medicines; activities in the field of telecommunications; development of computer software). Based on the data from 1011 observations, the median value of ROIC for each subclass was calculated, the reliability of which is confirmed by the approved minimum rates of return on invested capital for calculating the tariffs of regulated organizations. A mechanism is proposed for using ROIC to determine state support measures within the framework of the APCI, including: determining the median value of ROIC for foreign economic activity, calculating ROIC for an investment project, and determining state support measures by their ratio. As additional measures of state support within the framework of the APCI, it is proposed to establish tax preferences (lower tax rates, tax benefits, tax deductions), as well as accelerated depreciation of fixed assets. The proposed developments create a methodological basis for substantiating the provision of various state support measures within the framework of the APCI.

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Section: выбор показателя отражающего минимальную доходность инвестиц...unclassified

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State support of Investment Projects Within the Framework of an Agreement on the Protection and Promotion of Capital Investments: A Methodological Rationale

Tyutyukina,

Egorova

2023

jour

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Labor productivity modeling in the agricultural sector

Zhilyakov

Kharchenko

Kandiba

2021

IOP Conf. Ser.: Earth Environ. Sci.

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The article examines the relevance of the study of productivity and wages, highlights the specificity of their relationship in the agricultural sector. On the basis of agricultural organizations of the Kursk region, an analysis of the dynamics of labor productivity in comparison with the dynamics of wages was carried out. A degressive model of wage growth has been identified that does not contain an incentive to increase the productivity of employees. On the basis of the constructed mathematical models for the growth of productivity and wages in agricultural enterprises of the Kursk region, conclusions are drawn about the imbalance of material motivation due to the fact that labor productivity increases in the form of a polynomial function with an increase in wages that is closer to a linear function. The thesis about the disproportions in the growth of productivity and wages was confirmed, and the need for corrective actions and the development of recommendations for both managerial decisions at the level of economic entities and for state regulation of the industry was substantiated. At the level of organizations, more active use of differentiated pay systems is justified, in which the level of remuneration will be directly related to the productivity of workers and the results that they contribute to financial indicators, as well as providing employees with the opportunity to participate in the capital of the enterprise and the distribution of profits with direct participation in organization management. Recommendations have been developed on the need to link the allocation of state support to the level of wages in the organization and more active use of methods of non-material incentives for managers and owners of agricultural organizations from the state.

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Problems justifying the discount rate in emerging capital markets

Cited by 2 publications

References 1 publication

State support of Investment Projects Within the Framework of an Agreement on the Protection and Promotion of Capital Investments: A Methodological Rationale

State support of Investment Projects Within the Framework of an Agreement on the Protection and Promotion of Capital Investments: A Methodological Rationale

Labor productivity modeling in the agricultural sector

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