Особенности финансового состояния компаний с убывающими доходами

The recent rise in inflation in Europe, caused by the pandemic, the increase in prices for energy resources and the violation of the logistics of energy supplies, has led to a decrease in company income. This makes it relevant to study the financial condition of companies with falling revenues. The purpose of this study is the development of tools for quantifying the impact of falling company incomes is becoming essential for making adequate management decisions. Until recently, such tools in capital structure theory did not exist. Two main theories of the capital cost and capital structure — Brusov — Filatova — Orekhova (BFO) theory and Modigliani — Miller (MM) theory — described companies with constant revenue: the first — for arbitrary age company, the second — for perpetuity companies. Within last couple years both these theories have been generalized for the case of variable revenue. In this paper the peculiar properties of the financial state of companies with falling income are studied within the modern capital cost and capital structure theory — Brusov–Filatova– Orekhova (BFO) theory, generalized for the case of variable revenue. As part of the goal, the tasks are solved to study the behavior of the main financial indicators (the cost of raising capital, the discount rate, the company’s capitalization, the cost of equity, and others), their dependence on debt financing, the age of the company in the face of declining income, which will make it possible to make adequate management decisions and reduce risks for companies.  Недавний рост инфляции в Европе, вызванный пандемией, ростом цен на энергоресурсы и нарушением логистики энергопоставок, привел к снижению доходов компаний. Это делает актуальным изучение финансового состояния компаний с падающей выручкой. Целью настоящего исследования является разработка инструментов для количественной оценки влияния падения доходов компании на ее финансовые индикаторы, что необходимо для принятия адекватных управленческих решений. До недавнего времени таких инструментов в теории структуры капитала не существовало. Две основные теории стоимости капитала и структуры капитала — Брусова–Филатовой–Ореховой (БФО) и Модильяни–Миллера (ММ) — описывали компании с постоянным доходом: первая — для компаний произвольного возраста, вторая — для бессрочных компаний. За последние пару лет обе эти теории были обобщены на случай переменных доходов. В данной работе особенности финансового состояния компаний с падающими доходами исследуются в рамках современной теории стоимости и структуры капитала — теории Брусова–Филатовой–Ореховой (БФО), обобщенной на случай переменных доходов. В рамках поставленной цели решаются задачи по изучению поведения основных финансовых показателей (стоимости привлечения капитала, ставки дисконтирования, капитализации компании, стоимости собственного капитала и других), их зависимости от заемного финансирования, возраста компании в условиях снижения доходов, что позволит принять адекватные управленческие решения и снизить риски для компаний

Tensor analyzing power Ayy in deuteron inclusive breakup at large Pt and spin structure of deuteron at short internucleonic distances

The Ayy data for deuteron inclusive breakup off hydrogen and carbon at a deuteron momentum of 9.0 GeV/c and large Pt of emitted protons are presented. The large values of Ayy independent of the target mass reflect the sensitivity of the data to the deuteron spin structure. The data obtained at fixed $x$ and plotted versus Pt clearly demonstrate the dependence of the deuteron spin structure at short internucleonic distances on two variables. The data are compared with the calculations using Paris, CD-Bonn and Karmanov's deuteron wave functions.Comment: 4 pages, 2 figures, talk given at the SPIN2004 Conf., 10-16 Oct. 2004, Triest, Ital

Tensor Ayy and vector Ay analyzing powers in the H(d,d')X and ^{12}C(d,d')X reactons at initial deuteron momenta of 9 GeV/c in the region of baryonic resonances excitation

The angular dependence of the tensor Ayy and vector Ay analyzing powers in the inelastic scattering of deuterons with a momentum of 9.0 GeV/c on hydrogen and carbon have been measured. The range of measurements corresponds to the baryonic resonance excitation with masses 2.2--2.6 GeV/c^2. The Ayy data being in good agreement with the previous results demonstrate an approximate $t$ scaling up to -1.5 (GeV/c)^2. The large values of A_y show a significant role of the spin-dependent part of the elementary amplitude of the NN->NN* reaction. The results of the experiment are compared with model predictions of the plane-wave impulse approximation.Comment: 7 pages, 7 figures. submitted to Yad.Fi

Measurements of multiplicity fluctuations of identified hadrons in inelastic proton–proton interactions at the CERN Super Proton Synchrotron: NA61/SHINE Collaboration

Measurements of multiplicity fluctuations of identified hadrons produced in inelastic p+p interactions at 31, 40, 80, and 158 GeV/c beam momentum are presented. Three different measures of multiplicity fluctuations are used: the scaled variance ω and strongly intensive measures Σ and Δ. These fluctuation measures involve second and first moments of joint multiplicity distributions. Data analysis is preformed using the Identity method which corrects for incomplete particle identification. Strongly intensive quantities are calculated in order to allow for a direct comparison to corresponding results on nucleus–nucleus collisions. The results for different hadron types are shown as a function of collision energy. A comparison with predictions of string-resonance Monte-Carlo models: EPOS, SMASH and VENUS, is also presented

Measurements of π−\pi ^- production in 7^7Be + 9^9Be collisions at beam momenta from 19A to 150A GeV ⁣/ ⁣cA\,\text{ GeV }\!/\!c in the NA61/SHINE experiment at the CERN SPS

The NA61/SHINE experiment at the CERN Super Proton Synchrotron (SPS) studies the onset of deconfinement in hadron matter by a scan of particle production in collisions of nuclei with various sizes at a set of energies covering the SPS energy range. This paper presents results on inclusive double-differential spectra, transverse momentum and rapidity distributions and mean multiplicities of $\pi ^\pm$, $K^\pm$, p and $\bar{p}$ produced in the 20% most central$^7$Be+$^9$Be collisions at beam momenta of 19A, 30A, 40A, 75A and 150A ${\mathrm{Ge} \mathrm{V}}\!/\!c$. The energy dependence of the $K^\pm$/$\pi ^\pm$ ratios as well as of inverse slope parameters of the $K^\pm$ transverse mass distributions are close to those found in inelastic p+p reactions. The new results are compared to the world data on p+p and Pb+Pb collisions as well as to predictions of the Epos, Urqmd, Ampt, Phsd and Smash models

Measurements of π±\pi ^\pm , K±K^\pm , p and pˉ\bar{p} spectra in 7^7Be+9^9Be collisions at beam momenta from 19A to 150A GeV ⁣/ ⁣c{\mathrm{Ge} \mathrm{V}}\!/\!c with the NA61/SHINE spectrometer at the CERN SPS

The NA61/SHINE experiment at the CERN Super Proton Synchrotron (SPS) studies the onset of deconfinement in hadron matter by a scan of particle production in collisions of nuclei with various sizes at a set of energies covering the SPS energy range. This paper presents results on inclusive double-differential spectra, transverse momentum and rapidity distributions and mean multiplicities of π ± π± , K ± K± , p and p ¯ p¯ produced in the 20% most central 7 7 Be+ 9 9 Be collisions at beam momenta of 19A, 30A, 40A, 75A and 150A GeV/c GeV/c . The energy dependence of the K ± K± /π ± π± ratios as well as of inverse slope parameters of the K ± K± transverse mass distributions are close to those found in inelastic p+p reactions. The new results are compared to the world data on p+p and Pb+Pb collisions as well as to predictions of the Epos, Urqmd, Ampt, Phsd and Smash models

Measurements of π±\pi ^\pm , K±K^\pm , p and pˉ\bar{p} spectra in 7^7Be+9^9Be collisions at beam momenta from 19A to 150A GeV ⁣/ ⁣c{\mathrm{Ge} \mathrm{V}}\!/\!c with the NA61/SHINE spectrometer at the CERN SPS

The NA61/SHINE experiment at the CERN Super Proton Synchrotron (SPS) studies the onset of deconfinement in hadron matter by a scan of particle production in collisions of nuclei with various sizes at a set of energies covering the SPS energy range. This paper presents results on inclusive double-differential spectra, transverse momentum and rapidity distributions and mean multiplicities of π ± π± , K ± K± , p and p ¯ p¯ produced in the 20% most central 7 7 Be+ 9 9 Be collisions at beam momenta of 19A, 30A, 40A, 75A and 150A GeV/c GeV/c . The energy dependence of the K ± K± /π ± π± ratios as well as of inverse slope parameters of the K ± K± transverse mass distributions are close to those found in inelastic p+p reactions. The new results are compared to the world data on p+p and Pb+Pb collisions as well as to predictions of the Epos, Urqmd, Ampt, Phsd and Smash models

Spectra and mean multiplicities of π- in central 40 Ar+ 45 Sc collisions at 13A, 19A, 30A, 40A, 75A and 150 AGeV/c beam momenta measured by the NA61/SHINE spectrometer at the CERN SPS: NA61/SHINE Collaboration

The physics goal of the strong interaction program of the NA61/SHINE experiment at the CERN Super Proton Synchrotron (SPS) is to study the phase diagram of hadronic matter by a scan of particle production in collisions of nuclei with various sizes at a set of energies covering the SPS energy range. This paper presents differential inclusive spectra of transverse momentum, transverse mass and rapidity of π$^{-}$ mesons produced in central$^{40}$ Ar$^{+}$45Sc collisions at beam momenta of 13A, 19A, 30A, 40A, 75A and 150A Ge V /c. Energy and system size dependence of parameters of these distributions – mean transverse mass, the inverse slope parameter of transverse mass spectra, width of the rapidity distribution and mean multiplicity – are presented and discussed. Furthermore, the dependence of the ratio of the mean number of produced pions to the mean number of wounded nucleons on the collision energy was derived. The results are compared to predictions of several models