TY  - JOUR
TI  - The Choice of a Compromise Rate for Intra-Company Lending of Enterprises
T2  - Экономический журнал ВШЭ
IS  - Экономический журнал ВШЭ
KW  - integrated group of enterprises
KW  - structural business unit
KW  - production area of the enterprise
KW  - working capital
KW  - neoclassical production function
KW  - non-production consumption
KW  - intra-company loan rate
KW  - analytical loan rate selection method
KW  - external financing
KW  - financial dependence
AB  - The aim of the article is the development of a toolkit of models and methods for choosing a compromise rate for the management company and structural business unit within an integrated group of enterprises, making it possible to increase the efficiency of basic production activities of the holding company units and thus maintaining the stability of the financial sector and the profitability of corporate capital. The subject of the study is to investigate the influence of external factors of the market environment and controllable production factors of holding enter­prises on the effective rate for intercompany loans. The model calculations were carried out by the example of a virtual enterprise with a hierarchical organizational structure, for which the neoclassical dependence "labor-capital expenditures - out­put of commodity products" is valid for the divisions (technological divisions). As methods the article provides relevant economic and mathematical models for de­termining the effective rate of intra-company credit and a description of the origi­nal analytical method of selecting the compromise rate proposed by the aut hors. This rate was calculated by the example of test data, and the influence of each of the external factors on its value was studied. Interpretation of the results and specific steps for the holding enterprises to maximize the return on credit in the production sector and efficient corporate resource allocation is proposed.
AU  - M. Gorskiy
AU  - M. Khalikov
AU  - I. Vnukov
UR  - https://ej.hse.ru/2022-26-2/662148423.html
PY  - 2022
SP  - 270-284
VL  - 26