financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2023-27-4-42-53finance-2299Research ArticleИНВЕСТИЦИОННАЯ ПОЛИТИКАINVESTMENT POlICYВзаимозависимость природоохранной деятельности и инвестиционной привлекательности: финансы российской металлургииThe Interdependence of Environmental Activities and Investment Attractiveness: Finances of Russian Metallurgyhttps://orcid.org/0000-0003-4743-5506ЧерниковаЛ. И.ChernikovaL. I.

Людмила Ивановна Черникова — доктор экономических наук, профессор департамента корпоративных финансов и корпоративного управления

Москва

Lyudmila I. Chernikova — Dr. Sci. (Econ.), Prof., Department of Corporate Finance and Corporate Governance

Moscow

LIChernikova@fa.ruhttps://orcid.org/0000-0002-7981-2583ЕгороваД. А.EgorovaD. A.

Дарья Алексеевна Егорова — кандидат экономических наук, доцент департамента корпоративных финансов и корпоративного управления

Москва

Daria A. Egorova — Cand. Sci. (Econ.), Assoc. Prof., Department of Corporate Finance and Corporate Governance

Moscow

DAEgorova@fa.ruhttps://orcid.org/0000-0001-5964-8029МелиховК. С.MelikhovK. S.

Кирилл Сергеевич Мелихов — студент, факультет экономики и бизнеса

Москва

Kirill S. Melikhov — student, Faculty of Economics and Business

Moscow

ks.melichov@gmail.comhttps://orcid.org/0000-0002-9042-6077ЯщенкоА. И.YashchenkoA. I.

Александр Игоревич Ященко — студент, факультет экономики и бизнеса

Москва

Alexander I. Yashchenko — student, Faculty of Economics and Business

Moscow

AIYashchenko@fa.ruФинансовый университетРоссияFinancial UniversityRussian Federation2023280820232744253Copyright © Черникова Л.И., Егорова Д.А., Мелихов К.С., Ященко А.И., 20232023Черникова Л.И., Егорова Д.А., Мелихов К.С., Ященко А.И.Chernikova L.I., Egorova D.A., Melikhov K.S., Yashchenko A.I.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/2299

В настоящее время все страны разделяют долгосрочное видение важности реализации разработки и передачи технологий для повышения устойчивости к изменению климата и сокращения выбросов парниковых газов. Значительную роль в достижении этой цели играют предприятия металлургической отрасли, поскольку они являются производителями большого количества выбросов углекислого газа в атмосферу. В связи с меняющимися условиями функционирования и сменой рынков присутствия очевидную важность в рамках финансов российских металлургических компаний приобретают вопросы обеспечения их инвестиционной привлекательности. Объектом исследования является оценка инвестиционной привлекательности российских металлургических компаний. Предмет изучения — связь между инвестиционной привлекательностью металлургических компаний и результатами проводимой ими природоохранной деятельности. Целью данного исследования является выявление взаимозависимости экологических метрик и инвестиционной привлекательности металлургических компаний. Методологическую основу составляет регрессионный анализ влияния экологических метрик на инвестиционную привлекательность металлургических компаний. Авторы выбрали следующие показатели экологической деятельности: выбросы CO2 , потребление энергии, вторичное использование воды, отходы. Для оценки инвестиционной привлекательности металлургических компаний использовались следующие показатели: выручка, EBITDA, инвестиции в НИОКР. Авторами сделан вывод о существенном влиянии экологической деятельности компаний на их инвестиционную привлекательность. Научная новизна исследования заключается в выявлении взаимозависимости природоохранной деятельности и инвестиционной привлекательности компаний российской металлургии, результаты исследования могут быть использованы как российскими металлургическими компаниями, так и институциональными инвесторами в рамках разработки инвестиционной стратегии.

All countries now share a long-term vision of the importance of implementing technology development and transfer to improve climate resilience and reduce greenhouse gas emissions. Metallurgical enterprises play a significant role in achieving this goal, since they produce a large amount of carbon dioxide emissions into the atmosphere. In connection with the changing operating conditions and changing markets of presence, the issues of ensuring their investment attractiveness are acquiring obvious importance in the framework of the finances of Russian metallurgical companies. The object of the study is an assessment of the investment attractiveness of Russian metallurgical companies. The subject of the study is the relationship between the investment attractiveness of metallurgical companies and the results of their environmental protection activities. The purpose of this study is to identify the interdependence of environmental metrics and the investment attractiveness of steel companies. The methodological basis is a regression analysis of the impact of environmental metrics on the investment attractiveness of metallurgical companies. The authors chose the following indicators of environmental performance: CO2 emissions, energy consumption, water recycling, waste. To assess the investment attractiveness of metallurgical companies, the following indicators were used: revenue, EBITDA, investment in R&D. The authors concluded that the environmental activities of companies have a significant impact on their investment attractiveness. The scientific novelty of the study lies in identifying the interdependence of environmental protection activities and the investment attractiveness of Russian metallurgy companies. The results of the study can be used by both Russian steel companies and institutional investors as part of the development of an investment strategy.

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The authors declare that there are no conflicts of interest present.