voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2016-3-34-45voprecotest-180Research ArticleЭКОНОМИКА РЕАЛЬНОГО СЕКТОРАREAL SECTOR ECONOMYОценка влияния санкций на результаты деятельности российских компанийAssessing the impact of sanctions on russian companies performanceФедороваЕ. А.FedorovaE.

д. э. н., проф. кафедры финансового менеджмента Финансового университета при Правительстве РФ, проф. департамента финансов НИУ ВШЭ (Москва)

ecolena@mail.ruФедотоваМ. А.FedotovaM.

д. э. н., проф. кафедры оценки и управления стоимостью Финансового университета при Правительстве РФ (Москва)

mfedotova2007@mail.ruНиколаевА. Э.NikolaevA.

магистр кафедры финансового менеджмента Финансового университета при Правительстве РФ (Москва)

alexed.nik@gmail.comФинансовый университет при Правительстве РФ ; НИУ ВШЭРоссияFinancial University under the Government of RF; National Research University Higher School of EconomicsRussian FederationФинансовый университет при Правительстве РФРоссияFinancial University under the Government of RFRussian Federation201620032016033445Copyright © Voprosy Ekonomiki, NP, 20162016Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/180

В работе на основе спилловер-эффектов рассчитано влияние санкций на результаты работы отечественных компаний. Показано, что технологическая цепочка с учетом структуры внешнеторговых связей конкретной отрасли во многом определяет силу воздействия санкций. На всем периоде исследования (2005-2012 гг.) на выручку компаний больше влияют инвестиции из Германии (импортный, экспортный и горизонтальный страновые спилловеры значимы). В период кризиса 2008-2009 гг. инвестиции из Китая также воздействовали на деятельность отечественных компаний. Импортоориентированные (производящие) отрасли страдают от санкционного режима, что подтверждается значимостью импортного и экспортного спилловеров от ПИИ стран, которые ввели санкции.

The paper presents the estimation of sanctions influence on the results of domestic companies on the basis of spillover effects. It is shown that the strength of sanctions influence is mainly determined by the processing chain in terms of industry foreign trade relations structure. During the whole period under analysis (from 2005 to 2012) the companies’ earnings were influenced mostly by German investment (import, export and horizontal country spillovers are significant). Investment from China also affected national companies during the crisis of 2008-2009. Import-driven (productive) industries suffer from sanction regime that is confirmed by the significance of import and export spillover of FDI from the countries, which introduced the sanctions.

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