Abstract
Introduction. A credit rating reflects the degree of debt sustainability of the region, but the issue of its factors at the regional level has been under-researched. The article is based on the conducted study and reveals the major factors that influenced the assignment of credit ratings by Russian and international rating agencies to the regions of Russia. Materials and Methods. The methodology of both Russian (ACRA and Expert RA) and foreign (Fitch Ratings, S&P Global Ratings, and Moody's Investors Service) rating agencies were analyzed. Factor and correlation analysis was used to group the factors; their quantitative indicators were selected. Ordinal and multinomial logistic regressions (logits) were used to test the explanatory power of the factors. Results. The negative impact on the rating of the factors of debt, deficit, and the size of the public sector, as well as the positive impact of the size and dynamics of the region’s economy has been corroborated. The negative impact of poverty, as well as the positive impact of life expectancy and the size of capital budget expenditures has been highlighted. Differences in using the indicator of the region’s dependence on subsidies have been revealed: it has been regarded as an insignificant factor by international agencies, but as a negative one by Russian agencies. Discussion and Conclusion. The authors have established that Russian agencies give priority to quantitative budget indicators, while international ones give priority to traditional economic indicators. The identified significance of the indicators of life expectancy and poverty has become a particularly valuable result as it indicates a direct dependence of the credit rating on the quality of life in the region. The results obtained make it possible to formulate regional budget policy measures aimed at reducing credit risk, expanding debt financing, and increasing the effectiveness of budget policy. The results of the study will be useful not only in the practice of public administration, but also in further scientific research, as they open the way to the analysis of the interdependence between the credit rating and countercyclical fiscal policy measures, as well as to clarify the role of other factors in creditworthiness, especially those of an institutional nature.
Highlights
International experience shows that social innovation is an important tool for regional development, this type of innovation is a relatively new phenomenon for Russia
Its key factor is innovation, which, in turn, is determined by the availability of sufficient amount of human capital, it being a set of knowledge, skills and abilities, including the ability of a person to generate ideas, create innovations, and bring them to production
The theoretical foundations of the study include the works of Russian and foreign academic economists, generalization and critical analysis of which made it possible to show the indirect impact of human capital on sustainable development
Summary
The factors in the liquidation orientation of the institution of insolvency in the Russian Federation, as well as the trends in the increase in duration of insolvency proceedings with a minimum number of satisfied creditor claims have been identified; counterarguments have been presented regarding the alleged low efficiency of trustees in bankruptcy; arguments concerning the annual increase in the workload of trustees in bankruptcy have been statistically supported. 126 Федерального закона «О несостоятельности (банкротстве)»); б) препятствование проведению инвентаризации; в) обжалование результатов оценки, обращение в арбитражный суд с заявлениями о разрешении разногласий в части порядка реализации имущества должника; г) включение аффилированных лиц в реестр требований кредиторов должника с целью аккумулирования большинства голосов для контроля над процедурой; д) попытки приостановления торгов, оспаривание результатов торгов, жалобы в Федеральную антимонопольную службу Российской Федерации; е) жалобы на действия арбитражного управляющего, давление на него посредством подачи жалоб в Управление Росреестра с целью отстранения от процедуры или же полной дисквалификации управляющего; ‒ величина и разнородность конкурсной массы, что приводит к необходимости организации нескольких длительных процедур торгов; ‒ комплексный и ресурсозатратный характер деятельности арбитражного управляющего по оспариванию подозрительных сделок должника с последующей реализацией возвращенных в конкурсную массу активов или прав требования к третьим лицам; ‒ юридической работой по привлечению к субсидиарной ответственности контролирующих лиц должника. Результаты исследования представляют интерес для арбитражных управляющих, специалистов, сопровождающих процедуры банкротства, а также студентов факультетов экономического и юридического профилей, поскольку включают в себя не только обширный статистический анализ эффективности института несостоятельности в его действующем состоянии, но и сравнительный анализ законопроекта изменений в Федеральный закон «О несостоятельности (банкротстве)» с точки зрения профессионального положения арбитражных управляющих.
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