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Abstract

Vol. 58, No. 2, pp. 151-162 (2007)

“Corporate Finance in Russia -Empirical Analysis Based on the Enterprise Survey Data-”
Fumikazu Sugiura (Institute of Economic Research, Teikyo University)

We have tried to find the main reasons behind the Russia's vibrant economic upturn from the viewpoint of corporate finance by means of macro- and micro-level analyses, and have found that the banking sector has becoming to play a greater role under a strong influence of the government. From a macro-level viewpoint, a positive tendency can be observed in the structure of investment sources of finance, as well as in the ratio of bank borrowing in corporate liability structures. We conducted an interview survey of more than 800 enterprises in 2005 to understand micro-level development. Based on the survey results we found that one-third of the surveyed firms had not received any finance from external sources. They are relatively small and closed firms. We also analyzed firms receiving Sberbank credit. They are open-type incorporations and have some connections with government organizations.