Abstract
Over the past ten years have seen ambiguous situation concerning China and Russia gas companies. On the one hand, companies’ reports show conservative policies and sustainable growth in the coming years, on the other hand, companies’ financial performance suggest another situation because of insufficient level of financial indexes that reflects the inconsistency of existing sustainable growth approaches. These indicates relevance of the research concerning China and Russia gas market companies’ financial sustainable growth in conditions of global economy and investment policy implementation. The main purpose of the Research is to analyze China and Russia gas market companies’ financial growth strategy by means of Geniberg Z – matrix as well as enhanced Financial Sustainability Indicators System indexes by identifying which indicators have a greater influence on Sustainable Growth Rate. It is found that ROCE, ROFA, CR, DOL, ROL influence on Russian gas market companies’ SGR, and ROCE, WACC, ROL, CG Dummy influence on Chinese gas market companies sustainable growth.
Highlights
Nowadays, we pay much attention to the problems of justifying the choice of evaluation criteria and analysing the effectiveness of a company’s methods
Non-financial factors and their influence on the Sustainable Growth Rate should become an essential part of financial system sustainability analysis
It was illustrated that sustainable growth factors for Russian gas companies and Chinese gas companies are not identical
Summary
We pay much attention to the problems of justifying the choice of evaluation criteria and analysing the effectiveness of a company’s methods. The debate about the importance of this concept and its impact on company efficiency continues apace This is justified, in our opinion, for the following reasons: (a) all companies and industries are unique and have their own individual set of sustainable growth factors, which does not allow us to single out a “standard” set of sustainable growth factors; (b) there is no generally accepted methodology for assessing the impact of sustainability factors on companies’ performance; and (c) many companies do not follow non-financial reporting according to GRI standards, which significantly complicates analysis and synthesis [1]. The objective of the present study is to analyse the biggest Chinese and Russian gas market companies’ growth for ten years and try to assess the impact of other criteria on Financial Sustainability Indicators System (FSIS)
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