Year of Graduation
The Influence of Import Substitution Policy on Large Russian Corporations Financial Results
Currently, a wealth of practical experience in the implementation of import substitution has been accumulated, aimed at reducing economic and technological dependences and activating social and economic development at the regional and local levels. The relevance is due to its topicality, since the share of imported goods in the commodity resources of the country's trade has been increasing since 2008. This paper attempts to identify does the import substitution policy in Russia have a positive effect on companies’ financial performance, as the proxy of which the ROA was chosen. In this work two main hypotheses are testing. The first relates to determine the presence of the influence of the import substitution policy on the financial results of companies, second - to identify the determinants that contribute to its increase. To confirm the first of which the econometric method "difference in differences" was used, according to which it can be concluded that the average ROA value of enterprises increased by 0.6. Due to the results of the regression analysis, it turned out that the increase in loan financing negatively affects the economic efficiency of companies in import-oriented industries. The growth of autonomy, the turnover of receivables and the profitability of sales affects positively. It can be concluded that, in order to increase efficiency, it is necessary to optimize costs, change monetary policy, move to self-financing and reinvest most of the net profit in research and development.