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Selection of a stock exchange for an IPO of a technology-based company 为科技公司的首次公开募股选择证券交易所
O. V. Motovilov, I. Samylov, Madina S. Seidova, Jsc PwC Audit
The article examines factors influencing the choice of exchange platform used by the manage-ment of innovation-oriented companies, such as depth, accessibility, efficiency, and stability, as well as the level of underestimation of the shares of new issuers during an IPO. The au-thors formulate a series of hypotheses and show that the level of the depth of a site is directly dependent on the degree of development of the country's financial institutions for all types of sites (main and alternative), and on the level of trading intensity (but only for alternative ones). It was discovered that alternative sites of countries belonging to the Anglo-Saxon fi-nancial system are, on average, less concentrated than corresponding major exchange sectors. Regarding the underestimation of shares, it was shown that on the first day of trading, this is higher among Russian companies in the high-tech industry. A site selection algorithm is pro-posed that can be applied by managers of Russian innovation-oriented companies for making IPO decisions. This algorithm combines previously analyzed quantitative factors and a num-ber of qualitative factors, which include the level of marketing and organizational support for new issuers, level of financial support for new issuers, and degree of company readiness to place shares on a specific site. The advantage is to take into account a wider set of factors that influence the decision to choose a site for an IPO of an innovation-oriented company and to consider opportunities offered by alternative stock exchanges for such issuers.
本文考察了影响创新型公司管理层选择交易平台的因素,如深度、可访问性、效率和稳定性,以及IPO期间低估新股发行人股票的程度。专家们提出了一系列假设,并表明一个网站的深度水平直接取决于该国金融机构对所有类型网站(主要网站和替代网站)的发展程度,以及交易强度水平(但仅适用于替代网站)。人们发现,属于盎格鲁-撒克逊金融体系的国家的替代地点平均不如相应的主要外汇部门集中。关于对股票的低估,研究表明,在交易的第一天,这在高科技行业的俄罗斯公司中更高。提出了一种选址算法,俄罗斯创新型公司的经理可以应用该算法进行IPO决策。该算法结合了先前分析的定量因素和大量定性因素,包括对新发行人的营销和组织支持水平、对新发行者的财务支持水平以及公司在特定网站上配售股票的准备程度。这样做的好处是考虑到影响创新型公司首次公开募股地点选择的一系列更广泛的因素,并考虑其他证券交易所为这些发行人提供的机会。
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引用次数: 0
Sustainable banking: conceptualization and implementation practice 可持续银行:概念与实施实践
Канаев Александр Владимирович, Канаева Ольга Алексеевна
The article explores the actively developing and little-investigated phenomenon of a modern financial system termed “sustainable banking.” The relevance of the study is due to a number of circumstances: first, awareness of the growing importance of sustainable (responsible) fi-nancing as key driver of sustainable development for solving large-scale economic, social, and environmental problems; second, the lack of a generally accepted holistic system of views on sustainable banking, the content of relevant concepts, which indicates that its conceptualiza-tion is incomplete; third, scholarly and public interest in foreign banks’ modern practices of sustainable development, which opens up broad opportunities for Russian banks to use their experience. This article determines the direction of sustainable banking, reveals the content of its conceptualization, and identifies features of the formation of this phenomenon in Rus-sia. By sustainable banking, the authors understand processes of theoretical comprehension and generalization of the practice of banks that declare a commitment to ideas of sustainable  development, leading to the formation of ideas about this phenomenon and formation of a relevant system of concepts. The article describes current approaches to sustainable banking; shows the most important international initiatives for incorporating ideas and principles of sustainable development into activities of financial institutions, as well as practical steps taken by various financial institutions (development banks, traditional banks and so-called non-traditional banks, known as sustainable banks) for integrating principles of sustainable devel-opment into strategies and bank operations. The authors conclude that this integration and the development of sustainable banks allows us to speak of the formation of a special business model of responsible business conduct — a sustainable banking model. A separate section is devoted to an analysis of the situation in the area in question and identification of measures to enhance the role of banks in ensuring responsible financing in Russia.
本文探讨了一种被称为“可持续银行”的现代金融体系的积极发展和很少被研究的现象。这项研究的相关性是由于以下几个原因:首先,人们意识到可持续(负责任的)融资作为解决大规模经济、社会和环境问题的可持续发展的关键驱动力的重要性日益增加;二是缺乏一个普遍接受的关于可持续银行的整体系统的观点,相关概念的内容,这表明其概念化是不完整的;第三,学术界和公众对外国银行可持续发展的现代实践感兴趣,这为俄罗斯银行利用其经验提供了广阔的机会。本文确定了可持续银行的发展方向,揭示了可持续银行的概念内涵,并确定了俄罗斯可持续银行现象形成的特点。通过可持续银行,作者理解了银行对可持续发展理念的实践的理论理解和概括过程,从而形成了对这一现象的看法和相关概念体系的形成。本文描述了目前可持续银行的方法;展示将可持续发展的思想和原则纳入金融机构活动的最重要的国际倡议,以及各种金融机构(开发银行、传统银行和所谓的非传统银行,称为可持续银行)为将可持续发展原则纳入战略和银行业务所采取的实际步骤。作者的结论是,这种整合和可持续银行的发展使我们能够谈论形成一种负责任的商业行为的特殊商业模式-可持续银行模式。另一节专门分析有关地区的局势,并确定加强银行在确保俄罗斯负责任融资方面的作用的措施。
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引用次数: 4
Moral Economies: Possibilities for a New Framework of Economic Structure and Change 道德经济:经济结构与变革新框架的可能性
J. Hass
This article addresses a long-held dispute across social science disciplines: that market and moral economies are distinctly different and even contradictory. This debate was never resolved, and was also problematic, as both sides did not address either competing claims, not empirical reality, with sufficient rigor and care. I suggest revisiting the original Scott-Popkin debate afresh, while exploring whether moral and market economy explanations are complementary, rather than contradictory. I posit that market and moral economies, as phenomena, are intertwined, and that a proper approach treats both framing (norms) and decisions (calcu-lation) as embedded in fields. Actors have historically articulated moral economies of norms as well as interests, thus underpinning market and other economies. The author posits three possibilities for a future framework of moral economy: moral economies as transformative; moral economies as anchored in concrete entities, rather than as free-floating norms; and moral economies as multiple, embedded in field contexts. Using these approaches to moral economy, I give brief examples of economic transformations that involved not only interests and markets, but also moral claims.
这篇文章解决了社会科学学科之间长期存在的争议:市场经济和道德经济明显不同,甚至相互矛盾。这场辩论从未得到解决,也存在问题,因为双方都没有以足够的严谨和谨慎来处理相互竞争的主张,而不是经验现实。我建议重新审视最初的斯科特·波普金辩论,同时探讨道德和市场经济的解释是否是互补的,而不是矛盾的。我认为,市场经济和道德经济作为一种现象是相互交织的,正确的方法将框架(规范)和决策(计算)视为嵌入领域。行动者在历史上阐述了规范和利益的道德经济,从而支撑了市场和其他经济。作者提出了未来道德经济框架的三种可能性:道德经济是变革性的;道德经济植根于具体实体,而不是自由浮动的规范;道德经济是多元的,嵌入到实地环境中。利用这些道德经济学的方法,我举了一些经济转型的简单例子,这些转型不仅涉及利益和市场,还涉及道德主张。
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引用次数: 1
Influence of external shocks on the spatial structure of the population of the border Territories 外部冲击对边境地区人口空间结构的影响
P. Druzhinin, D. Zimin
This article examines changes in the spatial structure of the population in border regions of Finland and Russia along the Finnish-Russian and Finnish-Swedish borders in 1970–2016.The influence of external shocks (such as Russia’s economic reforms, liberalization of the border regime, and Finland’s accession to the EU) is analyzed. The article then identifies patterns of change in the population of territorial units, depending on their geographic location. Statistical models linking the dynamics of the population of territorial units and their location show that only since the early 1990s, i.e. during and after the aforementioned shocks, did population dynamics start to depend on distance to the regional capital and so-called “active zones.” On the Russian side, a few border municipalities were identified as active zones — they participate actively in cross-border cooperation and have developed transport and customs infrastructure, including international border crossing points. On the Finnish side, active zones include cities with strong regional universities generating and disseminating innovations. Cooperation of Finnish eastern border subregions with the Russian Federation has not had a significant impact. In contrast, some Finnish western coastal regions with small universities benefit more tangibly from their cooperation with Sweden. This collaboration increases their innovation potential. The results of the study could be useful for public bodies in charge of the development of border and peripheral regions.
本文考察了1970-2016年芬兰-俄罗斯和芬兰-瑞典边境地区芬兰和俄罗斯边境地区人口空间结构的变化。分析了外部冲击(如俄罗斯的经济改革、边境制度自由化和芬兰加入欧盟)的影响。然后,文章根据其地理位置确定了领土单位人口变化的模式。将领土单位的人口动态与其位置联系起来的统计模型表明,只有从20世纪90年代初开始,即在上述冲击期间和之后,人口动态才开始依赖于与地区首府和所谓的“活动区”的距离。在俄罗斯方面,几个边境城市被确定为活动区- -它们积极参与跨界合作,并发展了运输和海关基础设施,包括国际过境点。在芬兰方面,活跃区域包括拥有强大的地区大学的城市,这些大学产生和传播创新。芬兰东部边界分区域同俄罗斯联邦的合作没有产生重大影响。相比之下,一些拥有小型大学的芬兰西部沿海地区从与瑞典的合作中获益更多。这种合作增加了他们的创新潜力。这项研究的结果可能对负责边境和周边地区发展的公共机构有用。
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引用次数: 2
Import Substitution and/or Export Orientation: the Case of Indian Pharmaceutical Industry 进口替代和/或出口导向:印度制药业的案例
М. А. Губина
This article is devoted to Indian experience of catch-up development strategy implementation in the pharmaceutical industry. Economic development in various countries is sometimes based upon import substitution system. But for the officially supported programs, production sectors used to demonstrate low competitiveness (or worse). On the other hand, alternative industrial strategies (export-orientation) tend to be resulting considerable performance and promotion on the global market. So, the following issues have attracted our attention: 1) effects of catch-up development policy enforcement in Indian pharmaceutical industry (from 1947 up to now); 2) identification of competitive differentiators in Indian pharmaceutical industry. The research showed that Indian pharmaceutics success had been determined by combination of external and internal factors: a wide range of import substitution and export-oriented tools and activities (internal factors); forfeiture of patent rights of leading medical products on the international market that had encouraged some Indian medicine manufacturers to advance; essential need to control increasing drug expenditures in the USA and regulations established by Hatch-Waxman Act in 1984 (external factors). Those factors facilitated Indian generics expansion and brought Indian companies to leading positions on the American generic market. Top-priority industries can yield huge dividends eventually provided that state-backed policy is pursued. The other article worth mentioning is that effect of the import substitution activity is time limited. Export-oriented policy is recognized as more productive and profitable in the long run.
本文旨在探讨印度在医药行业实施赶超发展战略的经验。许多国家的经济发展有时是以进口替代制度为基础的。但在官方支持的项目中,生产部门过去表现出较低的竞争力(甚至更糟)。另一方面,其他工业战略(出口导向)往往在全球市场上产生可观的业绩和促进。因此,以下问题引起了我们的关注:1)追赶发展政策在印度制药业的实施效果(1947年至今);2)印度制药业竞争差异化因素的识别。研究表明,印度制药业的成功是由外部和内部因素共同决定的:广泛的进口替代和面向出口的工具和活动(内部因素);国际市场上领先医疗产品的专利权被没收,这种专利权曾鼓励一些印度药品制造商向前发展;控制美国不断增加的药品支出的基本需要和1984年哈奇-韦克斯曼法案制定的法规(外部因素)。这些因素促进了印度仿制药的扩张,并使印度公司在美国仿制药市场上处于领先地位。只要国家支持的政策得到贯彻,重点产业最终可以产生巨大的红利。另一篇文章值得一提的是,进口替代活动的效果是有时间限制的。从长远来看,以出口为导向的政策被认为更有生产力和利润。
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引用次数: 2
Cryptocurrency as an Investment Instrument in a Modern Financial Market 加密货币作为现代金融市场的投资工具
S. Saksonova, I. Kuzmina-Merlino
This paper considers the development of attractive strategies featuring cryptocurrency assets, considering their costs and potential risks. The object of analysis in this paper is cryptocurren- cy as an investment instrument. The main hypothesis of the research is that modern portfolio theory can be applied to cryptocurrency investments to design an investment portfolio with appropriate risk and profitability characteristics. The authors of the paper: (i) place crypto- currencies in the context of modern financial market and financial technology development; (ii) develop assessment criteria for determining attractiveness of individual cryptocurrencies; and (iii) develop recommendations for creating an optimal cryptocurrency investment portfolio. In order to test the hypothesis, the authors performed calculations and used such methods of scientific research as the collection and processing historical values for cryptocurrency rates from July 2017 to January 2018, as well as data analysis for correlation, covariance, and return on investment. It is shown that a cryptocurrency investment portfolio should be created considering investor objectives and should obey a logical relationship between risk and profitability. Therefore, cryptocurrencies should not be correlated; an investment portfolio should be sufficiently diversified to minimize risk; cryptocurrencies should be liquid, that is freely exchangeable to a fiat currency on an appropriate exchange (e.g. dollars, euros). Investors should also consider regular rebalancing of the portfolio, which could help increase its profitability.
本文考虑了以加密货币资产为特色的有吸引力的策略的发展,考虑了它们的成本和潜在风险。本文分析的对象是加密货币作为一种投资工具。该研究的主要假设是,现代投资组合理论可以应用于加密货币投资,以设计具有适当风险和盈利特征的投资组合。本文作者:(i)将加密货币置于现代金融市场和金融技术发展的背景下;(ii)制定评估标准,以确定个人加密货币的吸引力;以及(iii)制定创建最佳加密货币投资组合的建议。为了验证这一假设,作者进行了计算,并使用了科学研究方法,如收集和处理2017年7月至2018年1月加密货币利率的历史值,以及相关性、协方差和投资回报率的数据分析。研究表明,加密货币投资组合的创建应考虑投资者的目标,并应遵循风险和盈利能力之间的逻辑关系。因此,加密货币不应相互关联;投资组合应充分多样化,以将风险降至最低;加密货币应该是流动的,可以在适当的交易所(如美元、欧元)自由兑换成法定货币。投资者还应考虑定期对投资组合进行再平衡,这可能有助于提高其盈利能力。
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引用次数: 17
How Corporate Governance Influence Dividends on Different Corporation Lifecycle Stages 公司治理在公司生命周期不同阶段对股利的影响
A. Larin, A. Novak, I. Khvostova
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引用次数: 1
Structural Analysis of Economic Growth in China: International Comparison Context 中国经济增长的结构分析:国际比较背景
O. Sukharev, E. Voronchikhina
The Chinese economy over the long term has shown relatively high average growth rates, even considering a gradual slowdown over the last several years. In this regard, it is important to identify features of this model and policies of economic growth in comparison with other countries. Purpose of this research is to conduct a structural analysis of the Chinese economic growth in comparison with the United States, Germany, Japan, and Russia, as well as to identify features of its structural dynamics and macroeconomic policy. The subject of investigation is models of economic growth in these countries, and approaches to macroeconomic growth policy in China and Russia that determine the contribution of GDP components and economic sectors to the rate of economic growth. The hypothesis is that the economy growth model is determined by the dominance of the components and sector in GDP. Three basic growth models are defined. The model based on the dominance of gross consumption in the USA and Russia, investment in China, and a mixed growth model in Germany and Japan. The Chinese economy is close to the “Schumpeterian” growth model. The Russian economy approximates the “Fisher” model, especially in terms of macroeconomic policy requirements. Therefore, to ensure the investment growth model, it is necessary, in addition to encouraging investments, to change the characteristics of structural dynamics, including change in macroeconomic policy instruments.
从长期来看,中国经济的平均增长率相对较高,即使考虑到过去几年的逐渐放缓。在这方面,与其他国家比较,确定这种模式和经济增长政策的特点是很重要的。本研究的目的是对中国经济增长与美国、德国、日本和俄罗斯进行结构性分析,并识别其结构动态和宏观经济政策的特征。调查的主题是这些国家的经济增长模型,以及中国和俄罗斯的宏观经济增长政策方法,这些政策决定了GDP组成部分和经济部门对经济增长率的贡献。该假说认为,经济增长模式是由组成部分和部门在GDP中的主导地位决定的。本文定义了三种基本的增长模式。该模型基于美国和俄罗斯的总消费占主导地位,中国的投资占主导地位,德国和日本的混合增长模型。中国经济接近“熊彼特”增长模型。俄罗斯经济接近于“费雪”模式,特别是在宏观经济政策要求方面。因此,要保证投资增长模式,除了鼓励投资外,还需要改变结构动力的特点,包括改变宏观经济政策工具。
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引用次数: 1
Digital Transformation in the Manufacturing Industries of Russia: an Analysis of the Business Tendencies Observations Results 俄罗斯制造业的数字化转型:商业趋势观察结果分析
I. Lola, M. Bakeev
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引用次数: 4
Influence of the People’s Bank of China Monetary Policy on the Country’s Economic Development 中国人民银行货币政策对国家经济发展的影响
S. Bekareva, E. Meltenisova, Ekaterina A. Shikhovtsova, Yuying Song
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引用次数: 1
期刊
Vestnik Sankt-Peterburgskogo Universiteta-Ekonomika-St Petersburg University Journal of Economic Studies
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