企业收益率与国家货币政策

本文考虑了与俄罗斯上市公司盈利能力相关的管理政策和国家货币政策的特点｡国家货币政策的紧缩（特别是在不参考资产回报率的情况下提高俄罗斯银行的关键利率）可能会对经济活动的盈利能力产生不利影响｡股息支付指标是股东和潜在投资者的信号｡此外﹐股息支付是公司财务限制的一个指标｡财务限制与资金逆向选择问题相关——当融资来源的选择基础与其价格｡有效管理流动资产将允许其合理使用作为额外的投资来源｡管理或内部成长贡献指标允许您评估外部因素：市场波动﹑宏观经济特征以及金融投机者的行为｡该指标显示管理层对公司价值的真正贡献｡企业经济活动的系统性无利可图是短视的财务政策或管理层错误的战略决策的结果｡管理层按必须照诚信与合理原则行事﹐符合公司及其希望增加业务价值的股东的利益｡管理决策应主要从市值最大化的立场出发｡那么俄罗斯上市公司在金融限制和部门制裁的情况下将以预防动机（precautionary motive）的逻辑行事﹐节省可观的资金用于优先项目的后续投资｡销售增长将为公司容许额外的投资机会｡为了确定适当的预测模型﹐进行了沃德（Wald）﹑布伦斯和帕甘（Breusch–Pagan）及豪斯曼（Hausman）检验｡

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