financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2022-26-4-29-43finance-1725Research ArticleКОРПОРАТИВНЫЕ ФИНАНСЫCORPORATE FINANCEМультикапитальный подход для устойчивого роста: опыт нефтегазовых компанийMulti-Capital Approach for Sustainable Growth: Experience from the Oil & Gas Companieshttps://orcid.org/0000-0002-1995-4651СтеблянскаяА. Н.SteblyanskayaA. N.

Алина Николаевна Стеблянская — PhD, доцент Школы экономики и менеджмента

Харбин

Alina N. Steblyanskaya — PhD, Assoc. Prof., School of Economics and Management

Harbin

alina_steblyanskaya@hrbeu.edu.cnhttps://orcid.org/0000-0002-4508-1284МингьеАй.MingyeAi.

Мингье Ай — PhD, доцент Школы экономики и менеджмента

Харбин

Mingye Ai — PhD, Assoc. Prof., School of Economics and Management

Harbin

aimingye@hrbeu.edu.cnhttps://orcid.org/0000-0002-1106-6131ЕфимоваО. В.EfimovaO. V.

Ольга Владимировна Ефимова — доктор экономических наук, профессор, декан кафедры «Экономика, организация производства и менеджмент»

Москва

Olga V. Efimova — Dr. Sci. (Econ.), Prof., Chairman of the Economics, Organization of Production and Management Department

Moscow

ovefimova@mail.ruhttps://orcid.org/0000-0003-2747-6159КлейнерГ. Б.KleinerG. B.

Георгий Борисович Клейнер — доктор экономических наук, член-корреспондент РАН, профессор, руководитель научного направления «Мезоэкономика, микроэкономика, корпоративная экономика», ЦЭМИ РАН; заведующий кафедрой системного анализа в экономике, Финансовый университет

Москва

Georgiy B. Kleiner — Dr. Sci. (Econ.), Corresponding Member of RAS, Prof., Deputy Director, Central Economics and Mathematical Institute of RAS; Chairman of the Department of System Analysis in Economics, Financial University

Moscow

george.kleiner@inbox.ruhttps://orcid.org/0000-0003-0788-5350РыбачукМ. А.RybachukM. А.

Максим Александрович Рыбачук — кандидат экономических наук, ведущий научный сотрудник, ЦЭМИ РАН; доцент, Финансовый университет

Москва

Maksim A. Rybachuk — Cand. Sci. (Econ.), Senior Research Associate, Central Economics and Mathematics Institute of the Russian Academy of Sciences; Assoc. Prof., Financial University

Moscow

m.ribachuk@gmail.comХарбинский инженерный университетКитайHarbin Engineering UniversityChinaРоссийский университет транспорта (РУТ МИИТ)РоссияRussian University of Transport (RUT)Russian FederationФинансовый университетРоссияFinance UniversityRussian Federation2022110920222642943Copyright © Стеблянская А.Н., Мингье А., Ефимова О.В., Клейнер Г.Б., Рыбачук М.А., 20222022Стеблянская А.Н., Мингье А., Ефимова О.В., Клейнер Г.Б., Рыбачук М.А.Steblyanskaya A.N., Mingye A., Efimova O.V., Kleiner G.B., Rybachuk M.А.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1725

В настоящее время общество традиционно использует экономический капитал в интересах получения прибыли акционерами или финансовыми структурами. Однако в последнее время появилась тенденция анализировать нефинансовые факторы, влияющие на собственный капитал. Мультикапитализм — это доктрина, которая изучает влияние социальных, экологических и экономических показателей на капитал. Предметом исследования является устойчивый рост китайских нефтегазовых компаний. Цель статьи — рассмотреть взаимозависимость нефинансовых показателей с индексом устойчивого роста Хиггинса (далее — SGR) и индексом устойчивого роста Ивашковской (далее — SGI). Важной задачей видится решение проблем, с которыми сталкиваются нефтегазовые компании Китая в отношении внедрения нефинансовой отчетности. Методологическая основа исследования — регрессионный анализ влияния нефинансовых факторов на индексы устойчивого роста. Проанализировано влияние нефинансовых факторов EROI, PRP, ES, ROEenv, ROL, ROEsr на SGR и SGI нефтегазовых компаний КНР. Показано, что нефинансовые показатели демонстрируют более сильную корреляцию с SGR, чем SGI. Главный вывод исследования заключается в том, что существует значительная положительная корреляция между отдельными нефинансовыми показателями и индексами устойчивого роста. Практическое применение полученных результатов исследования видится в развитии нефинансовой отчетности нефтегазовых компаний КНР путем включения показателей EROI, PRP, ES, ROEenv, ROL, ROEsr для оценки работы устойчивого роста предприятия.

Nowadays, companies traditionally use economic capital and follow the interests of profit-making by shareholders or financial structures. However, recently there has been a tendency to analyze non-financial factors affecting equity. Multicapitalism is a doctrine that studies the impact of social, environmental, and economic indicators on equity. The subject of the study is the Chinese oil and gas companies’ sustainable growth. The paper’s purpose is to consider the interdependence of non-financial indicators with the Higgins Sustainable Growth Rate (SGR) and the Ivashkovskaya Sustainable Growth Index (SGI). The primary task is to solve the problems faced by China oil and gas companies regarding the introduction of non-financial reporting. The methodological basis of the study is a regression analysis of the influence of non-financial factors on sustainable growth indices. The authors analyze the impact of non-financial factors EROI, PRP, ES, ROEenv, ROL, ROEsr on the China oil and gas companies’ SGR and SGI. It is shown that non-financial indicators show a stronger correlation with SGR than SGI. The study’s main conclusion is that there is a significant positive correlation between individual non-financial indicators and sustainable growth indices. The practical application of the obtained research results is seen in the development of non-financial reporting of oil and gas companies in China by including indicators EROI, PRP, ES, ROEenv, ROL, ROEsr to assess the work of sustainable growth of the enterprise.

мультикапитальный подходустойчивый росткитайские нефтегазовые компаниииндекс устойчивого роста Хиггинсаиндекс устойчивого роста Ивашковскойmulti-capital approachsustainable growthChina oil and gas companiesHiggins sustainable growth rateIvashkovskaya sustainable growth indexАвторы благодарят рецензентов за большую помощь и поддержку. Данное исследование было поддержано Фондом фундаментальных исследований для центральных университетов (Харбинский инженерный университет) (номера проектов: GK2090260229, XK2090021006010, GK2090260236), Фондом естественных наук провинции Хэйлунцзян (номер проекта: LHG2021009), проектом Министерства науки и технологий Китая для иностранных экспертов высокого уровня (номер проекта: DL2021180001L), государственным заданием Министерства науки и высшего образования Российской Федерации (тема № АААА-А21-121012090086-2). Харбинский инженерный университет, Харбин, Китай. 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The authors declare that there are no conflicts of interest present.