Determinants of the Company Value

According to the measures taken in Russia in order to stimulate investment projects execution and the action plan to accelerate the growth of investments, the issues of attracting capital in companies become relevant. Attracting investment when using government support measures or existing credit and financial instruments in current activities or private investment is directly related to the value of the companies. Despite the current world economy downturn, the activity of the global and Russian mergers and acquisitions market will continue to grow. An accurate understanding of the value of companies allows to achieve higher efficiency in this area. In this context, management decisions in companies should be based on the analysis of both certain company's value drivers which might be specific in some cases and the indicators that characterize them. Thus, the relevance of the purpose of the dissertation research, aimed at selecting a specific sector and determining the determinants of the value of the relevant Russian companies seems obvious. Empirical research in this area is not widely presented in the scientific literature, especially in relation to industry specifics in the Russian Federation. The study analyzes data on 9 Russian companies related to the steel production and mining industry for the period from 2012-2014 to 2020. The study uses standard least squares modeling with a step-by-step analysis of the data obtained. The results indicate that there is a relationship for 16 indicators. The most frequently significant and have a positive relationship with market capitalization are indicators: Price / Book , EBITDA; Net Debt, Capital expenditures, Cash and Short Term Investments.