Abstract
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.
Highlights
The discovery of new mineral deposits, as well as the current situation on the world market, indicate that the mineral and mineral resources sector of Russia will play a special role in the Russian economy for a long time
The article presents the results of the analysis of the estimated values of discount rates by the authors in relation to the largest companies of the mineral resources sector of Russia, whose shares are among the blue chips of the Moscow Exchange stock sector (MOEX) and determine the financial stability of the country's economy
Comparing the results of calculations of the discount rates based on different information bases, namely, on the data of the US securities market and the securities market of Russia, the following results can be summarized:
Summary
The discovery of new mineral deposits, as well as the current situation on the world market, indicate that the mineral and mineral resources sector of Russia will play a special role in the Russian economy for a long time. The investment process requires, as a rule, significant investment, and, in this regard, the importance of evaluating the effectiveness of investment projects proposed for implementation increases. One of the most important indicators affecting performance criteria is the discount rate. The article presents the results of the analysis of the estimated values of discount rates by the authors in relation to the largest companies of the mineral resources sector of Russia, whose shares are among the blue chips of the Moscow Exchange stock sector (MOEX) and determine the financial stability of the country's economy
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