managementscienceУправленческие науки / Management SciencesManagement Sciences2304-022X2618-9941Financial University under The Government of Russian Federation10.26794/2404-022X-2018-8-2-30-43managementscience-147Research ArticleФИНАНСОВЫЙ МЕНЕДЖМЕНТFINANCIAL MANAGEMENTОценка влияния неблагоприятной экономической и геополитической ситуации на стоимость российских нефтегазовых компанийAssessment of the Impact of the Adverse Economic Geopolitical Environment on the Worth of Russian Oil and Gas Companieshttps://orcid.org/0000-0002-3043-0947ЛипатниковВ. С.LipatnikovV. S.

кандидат экономических наук, доцент, доцент департамента финансов

lipatnikov@hse.ruhttps://orcid.org/0000-0002-2937-8387КирсановаК. А.KirsanovaK. A.

магистрант

kristina-kirsanova@mail.ruНациональный исследовательский университет «Высшая школа экономики», Санкт-ПетербургРоссияNational Research University “Higher School of Economics”, Saint-PetersburgRussian FederationФинансовый университет, МоскваРоссияFinancial University, MoscowRussian Federation201810082018823043Copyright © Липатников В.С., Кирсанова К.А., 20182018Липатников В.С., Кирсанова К.А.Lipatnikov V.S., Kirsanova K.A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://managementscience.fa.ru/jour/article/view/147

Актуальность выбранной темы связана с тем, что в условиях менеджмента, ориентированного на стоимость, рыночная капитализация выступает в качестве ключевого показателя эффективности деятельности компаний. В настоящее время, когда российская нефтегазовая отрасль стала объектом воздействия международных секторальных санкций, выявление влияния этих санкций на стоимость отечественных компаний нефтегазового сектора имеет большое практическое значение. В работе рассмотрены стоимость нефтегазовых компаний и влияние на нее секторальных санкций и негативной динамики цен на нефть. Исследование проводилось при помощи инструментов эконометрического моделирования. Для анализа были выбраны 4 нефтяные компании с наибольшей долей на рынке, а именно ПАО «НК «Роснефть», ПАО «Лукойл», ПАО «Газпром нефть» и ПАО «Татнефть», которые в совокупности составляют 62% всей российской нефтяной отрасли. Освещены особенности оценки стоимости российских нефтегазовых компаний. Рассмотрены санкции в нефтегазовой отрасли РФ, проанализированы последствия их введения и падения мировой цены на нефть. Проведен анализ влияния международных санкций на конъюнктуру цен на нефть и стоимость нефтяных и газовых компаний. Было установлено, что в нефтяной отрасли рыночная капитализация напрямую зависит от цены на нефть, а в газовой отрасли данное влияние отсутствует. Было выявлено, что из-за низкого уровня цен на нефть санкции не оказали значительного влияния на стоимость нефтегазовых компаний.

 

The relevance of the chosen topic is connected to the fact that in the conditions of value-based management, market capitalization acts as a key indicator of the company efficiency. At the present time, when the Russian oil and gas industry has become the object of international sectoral sanctions, the identification of the impact of these sanctions on the domestic oil and gas companies’ value is of great practical importance. The article considers the cost of oil and gas companies and the impact of sectoral sanctions and negative dynamics of oil prices. The study was conducted using econometric modeling tools. For analysis 4 of the oil company with the largest market share, namely PJSC “Rosneft Oil Company”, PJSC “LUKOIL”, JSC “Gazprom Neft” and PJSC “Tatneft”, which in the aggregate represent 62% of the entire Russian oil industry, were selected. The features of valuation of Russian oil and gas companies are covered. The sanctions in the oil and gas industry of the Russian Federation are considered, the consequences of their introduction and the fall of the world oil price are analysed. The analysis to determine the impact of the cost of oil and gas companies from international sanctions and oil prices. It was found that in the oil industry market capitalization depends directly on the price of oil, and in the gas industry this impact is absent. It was discovered that due to the low level of oil prices, the sanctions did not have a significant influence on the cost of oil and gas companies.

 

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The authors declare that there are no conflicts of interest present.