voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2023-3-40-62voprecotest-4020Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL ECONOMICSСтоит ли ограничивать права собственности и инвестиции иностранных компаний? (Кейс фондового рынка)Is it worth limiting the ownership and investment of foreign companies? (Stock market case)https://orcid.org/0000-0002-7226-2689НеппА. Н.NeppA. N.

Непп Александр Николаевич, кандидат экономических наук доцент, старший научный сотрудник УрФУ, доцент Уральского института управления РАНХиГС

Екатеринбург

Alexander N. Nepp

Ekaterinburg

anepp@inbox.ruУральский федеральный университет имени первого Президента России Б. Н. Ельцина; Уральский институт управления Российской академии народного хозяйства и государственной службы при Президенте РФРоссияUral Federal University named after the first President of Russia B. N. Yeltsin; Ural Institute of Management; Russian Presidential Academy of National Economy and Public AdministrationRussian Federation202303032023034062Copyright © Voprosy Ekonomiki, NP, 20232023Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/4020

Рассматриваются возможные последствия для фондовых рынков от введения ограничений в отношении иностранной собственности и инвестиций в России; а также за границей против российской собственности. Использованы данные РФ и 37 стран с применением модели фиксированных эффектов. Показано; что ограничительные меры против иностранной собственности и инвестиций негативно отразятся на капитализации российского фондового рынка. Эффект будет усиливаться под воздействием таких факторов; как коррупция; свобода инвестиций; финансовая свобода; торговая свобода и свобода ведения бизнеса. Качество судебной системы значимо при исследовании доли внутреннего фондового рынка в мировом. Налоговые льготы не смогут компенсировать негативные последствия введения ограничительных мер против иностранной собственности и иностранных инвестиций.

To identify possible equity market implications of restrictions on foreign ownership and investment in Russia; as well as against Russian ownership abroad; we reviewed data from 38 countries and applied fixed effects models to panel data. We show that restrictive measures against foreign ownership and investment will have a negative impact on the capitalization of the domestic stock market. The effect will be amplified under the influence of such factors as corruption; freedom of investment; financial; trade and business freedoms. The quality of the judiciary is most important when examining the share of the domestic stock market in the world stock market. Tax incentives and increased fiscal freedom will not be able to have a positive impact in the face of restrictive measures against foreign ownership and investment.

капитализация компанийстоимость акцийограничения иностранной собственностикоррупциянезависимость судебной системысвобода инвестицийфискальная свободасвобода ведения бизнесафинансовая свободасвобода торговли.capitalization of companiesshare pricesrestrictions on foreign ownershipcorruptionindependence of the judiciaryfreedom of investmentfiscal freedomfreedom of businessfinancial freedomfreedom of tradeИсследование выполнено в рамках проекта РФФИ 20-04-60158ReferencesГуриев С. (2007). Что известно о коррупции в России и можно ли с ней бороться? // Вопросы экономики. № 1. С. 11—18. https://doi.org/10.32609/0042-8736-2007-1-11-18Guriev S. (2007). Corruption in Russia: What do we know and what can we do? Voprosy Ekonomiki; No. 1; pp. 11—18. (In Russian). https://doi.org/10.32609/0042-8736-2007-1-11-18Полтерович В.; Попов В.; Тонис А. (2007). Механизмы «ресурсного проклятия» и экономическая политика // Вопросы экономики. № 6. 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The authors declare that there are no conflicts of interest present.