Cash Management in Russian Metallurgical and Oil and Gas Companies (O. Likhacheva, K. Panasenko, сетевое издание "Электронный журнал "Корпоративные финансы" Journal of Corporate Finance Research", N 3, 2021 г.)
Документ отсутствует в свободном доступе.
Вы можете заказать текст документа и получить его прямо сейчас.
Заказать
Чтобы приобрести систему ГАРАНТ, оставьте заявку и мы подберем для Вас индивидуальное решение
Если вы являетесь пользователем системы ГАРАНТ, то Вы можете открыть этот документ прямо сейчас, или запросить его через Горячую линию в системе.
Likhacheva O., Panasenko K. Cash Management in Russian Metallurgical and Oil and Gas Companies
O. Likhacheva - Candidate of Economic Sciences, Associate Professor, Department of Corporate Finance and Corporate Control, Financial University under the Government of the Russian Federation, Moscow, Russia
K. Panasenko - Adviser to the Department of Analysis and Code of Expenditures of the Department of Interaction with Prefectures of Administrative Districts, Analysis and Code of Expenditures of the Urban Economy Complex of the Department of Finance of the City of Moscow, the Government of Moscow, Moscow, Russia
The problem of money management has remained relevant over the past years. The aim of the study is to assess the impact of debt and cash flow on the amount of cash on companies with and without financial constraints. The main hypothesis of the study is that the impact of debt and cash flow on the level of cash depends on financial constraints which were taken as two proxy variables - dividend payment and bond rating. To substantiate the hypothesis put forward, a regression model of the influence of debt and cash flow on the level of cash is built in the work.
For the analysis, large Russian companies in the metallurgical and oil and gas industries were sorted in accordance with financial constraints. Based on the results of the constructed regression model, the following conclusions can be drawn. Borrowed funds of companies negatively affect the amount of cash on the balance sheet, regardless of the presence and type of financial constraints. Cash flow is not statistically significant for companies without financial constraints. This study has some limitations. The research results can be useful for corporate CFOs in order to optimize cash balances.
Keywords: cash, cash-management, cash flow, debt, financing, financial constraints
Cash Management in Russian Metallurgical and Oil and Gas Companies
Author
O. Likhacheva - Candidate of Economic Sciences, Associate Professor, Department of Corporate Finance and Corporate Control, Financial University under the Government of the Russian Federation, Moscow, Russia
K. Panasenko - Adviser to the Department of Analysis and Code of Expenditures of the Department of Interaction with Prefectures of Administrative Districts, Analysis and Code of Expenditures of the Urban Economy Complex of the Department of Finance of the City of Moscow, the Government of Moscow, Moscow, Russia
Сетевое издание "Электронный журнал "Корпоративные финансы" Journal of Corporate Finance Research", N 3, 2021 г.
Открыть документ в системе ГАРАНТ