Аnalysis of the Corporate Bond Market Development in Russia

Nowadays the problem of the corporate bond market development is especially relevant, because today this financial instrument is one of the fastest growing segments of the Russian capital market, but despite it, their share in the long-term debt of the companies is growing very slowly. So, the main purpose of the current research is to analyze the current state of the corporate bond market and identify the main problems that impede its functioning. The study posed the following tasks: 1. To analyze the degree of development of the corporate bond market in Russia. 2. To identify the fundamental factors affecting the state of the Russian corporate bond market. 3. To develop a regression model, describing the dependence of microeconomics factors on the volume of circulating corporate bonds. The results of this work show, that the main reason, that impedes the development of the corporate bond market is the existing norms of Russian tax legislation. The main difficulties in legislative regulation of corporate bonds in Russia are: high costs of issuance and placement of bonds, high tax costs for coupon yield on corporate bonds, as well as legislative priority of other investment objects. In addition, this study developed a comprehensive , reforming the taxation rules of transactions with securities, which can increase the attractiveness of corporate bonds for investors and the issuers. At the same time, within the empirical part of this study, the hypotheses about the importance of the influence of investment in fixed assets, the IMOEX index, the money supply and the Brent price on the volume of circulating corporate bonds of non-financial organizations were confirmed. The weighted average interest rate on loans to non-financial organizations, investments in fixed assets and the Brent price have a significant positive impact on the volume of circulating bonds of financial sector.