Käsirahan vaikutus maksukykyyn investointirahoituksessa

Tämän opinnäytetyön tarkoituksena oli kehittää toimeksiantajayrityksen OP Yrityspankki Oyj:n käsirahamallin toimivuutta osamaksupohjaisessa investointirahoituksessa. Toimeksiantaja on suuri finanssipalvelukonserni, joka toimii Suomessa ja Baltian alueella. Opinnäytetyön tavoitteena oli selventää, onko käsirahan määrällä vaikutusta heikossa taloudellisessa tilassa olevan yrityksen maksukykyyn. Kvantitatiivinen tutkimus tehtiin satunnaisotannalla kuljetuskaluston realisointitilastosta ja sitä verrattiin laajempaan vertailuaineistoon. Kohdeaineistosta kerättyjä avainmuuttujia verrattiin kuljetuskaluston vertailuaineistoon ja etsittiin näille korrelaatiota tai toistuvaa trendiä. Tutkimusaineistoja vertailemalla nousi esiin, ettei kohdeaineisto tue tutkimushypoteesia. Käsirahan määrä huonommin luottoluokitelluilla yrityksillä oli yllätykseksi pienempi kuin paremman luottoluokan yrityksillä. Tämä tulos oli päinvastainen kuin oletettiin. Lisäksi käsirahat poikkesivat niitä verrattaessa vertailuaineistoon, eikä niiden määrällä vaikuttaisi olevan selkeää yhteyttä maksukyvyttömyyteen. Käsirahan osuus kasvaa yleensä luottoluokan heikentyessä, mutta realisointiin päätyneiden kohteiden osuudet ovat olleet silti merkittävästi pienempiä kuin keskimäärin, mikä poikkeaa myös yleisestä käsirahamallista. Maksukyvyttömillä asiakkailla oli verrattain pieni käsiraha, mutta siitä huolimatta ne ovat ajautuneet maksukyvyttömyyteen. Tutkimuksesta selvinneet luvut viestivät siitä, että käsirahavaateesta tulisi pitää kiinni eikä luottoa tulisi myöntää heikon talouden yrityksille. Vähäinen käsirahan määrä kasvattaa luotonantajan riskiä, varsinkin huonompien luottoluokkien yrityksissä.The purpose of this bachelor’s thesis is to develop and give more information on the operability of the current deposit model in investment finance based on hire purchase in Op Corporate Bank Plc. It is a large financial institution, which operates mainly in Finland and in the Baltic region. The study was commissioned by Op Corporate Bank Plc. The thesis investigates the effect of deposit on companies whose economic position is poor. The thesis is a quantitative research which was done by a random sample on reposition statistics of transport equipment. Variants gained from statistics were compared to comparable statistics. The hypothesis was that the amount of deposit would be in relation to solvency of companies in a poor economic position. Variants collected from reposition statistics were compared with comparable statistics and a correlation or a repetitive formula was examined. When the statistics were compared, it was found out that reposition statistics don’t support the hypothesis. The amount of deposit was surprisingly smaller in companies with a weaker credit rating than in companies with a greater rating. This is completely opposite than excepted. Furthermore, the amount also deviates when compared to comparable statistics. It seems that amount of deposit does not have a specific influence on solvency problems. In general, the amount of deposit increases as the credit rating decreases, but reposition statistics still show that deposits are significantly smaller than on average which also deviates from standard financing recommendations. Companies with solvency problems have had relatively small deposits. In spite of that they still have drifted into insolvency. The figures received from the study indicate that financial institutions should stick to their deposit requirements. They shouldn’t grant credit to companies with weak economic position, at least not with a small amount of deposit. Lower amounts of deposits increase the financial risk of the creditor, especially in companies with a bad credit rate

Could Russia Embrace an Energy Transition?

By examining how power is constructed and maintained in Russia with the help of hydrocarbons—oil and gas—this article shows why this system is detrimental to Russia in the context of global environmental, technological, and geopolitical changes. While promoting a hydrocarbon culture as central to national identity, the Kremlin has failed to adapt to the global transition toward renewable energy. But external actors such as the European Union could encourage change from within to develop Russia’s untapped potential as a green power, given its vast endowments of renewable resources.Peer reviewe

The energy of Russia : hydrocarbon culture and climate change

This timely book analyses the status of hydrocarbon energy in Russia as both a saleable commodity and as a source of societal and political power. Through empirical studies in domestic and foreign policy contexts, Veli-Pekka Tynkkynen explores the development of a hydrocarbon culture in Russia and the impact this has on its politics, identity and approach to climate change and renewable energy. Cogent and compelling, this book demonstrates how the Russian state leverages its oil and gas reserves in order to create and maintain power both domestically and internationally. Tynkkynen uses empirical studies of key topics such as the national gas programme Gazprom, the Arctic, climate discourse and anthropogenic climate change denial, and the Russia-Finland energy trade to critically examine the situation. The book concludes with a convincing argument for the potential of renewable energy to build a more resilient and sustainable future for Russia and how this might be achieved. This will prove crucial reading for scholars and students of Russian and Eastern European studies and energy and environmental studies, as well as geographers, anthropologists and political scientists. Those working in governments, international organizations and corporations with an interest in Russian energy will also find its insights useful

Russia and the Arctic Environment : Flows of Hydrocarbon Culture

Non peer reviewe

The Arctic Paradox and Russia’s Energy Policy / Arktinen paradoksi ja Venäjän energiapolitiikka

Through its use of the Arctic, Russia tries to fortify the idea that it is a global Energy Superpowe

Modernization of Russia’s Foreign and Security Policy

This chapter looks at Russia’s modernization in the field of foreign policy and external relations. We distinguish between four different approaches to Russia’s foreign policy modernization: military, economic, soft power, and ecological. Each approach opens up a different perspective on what is meant by modernization, and what this means in terms of Russia’s foreign policy. Russia’s overall modernization has not followed a single paradigm, and the end result has therefore not been in line with any particular theoretical projection – since Russia has enough leeway to resist global trends. But neither has it been an outcome of Russia’s own ideas of modernization, since the global environment has been resistant to Russia’s own approaches. Russian foreign policy remains multi-dimensional, and contains within itself several tensions. Placing Russian foreign policy modernization in this context, we suggest a new vocabulary conceptualizing the tensions with two major antinomies; global processes versus nationalistic closing, and great powerness versus economic interdependency. Russia cannot avoid these tensions, nor is it an impotent agent; it must find ways to mediate them.Peer reviewe

Gluon confinement criterion in QCD

We fix exactly and uniquely the infrared structure of the full gluon propagator in QCD, not solving explicitly the corresponding dynamical equation of motion. By construction, this structure is an infinite sum over all possible severe (i.e., more singular than $1/q^2$) infrared singularities. It reflects the zero momentum modes enhancement effect in the true QCD vacuum, which is due to the self-interaction of massless gluons. It existence automatically exhibits a characteristic mass (the so-called mass gap). It is responsible for the scale of nonperturbative dynamics in the true QCD ground state. The theory of distributions, complemented by the dimensional regularization method, allows one to put the severe infrared singularities under the firm mathematical control. By an infrared renormalization of a mass gap only, the infrared structure of the full gluon propagator is exactly reduced to the simplest severe infrared singularity, the famous $(q^2)^{-2}$. Thus we have exactly established the interaction between quarks (concerning its pure gluon (i.e., nonlinear) contribution) up to its unimportant perturbative part. This also makes it possible for the first time to formulate the gluon confinement criterion and intrinsically nonperturbative phase in QCD in a manifestly gauge-invariant ways.Comment: 10 pages, no figures, no tables. Typos corrected and the clarification is intoduced. Shorten version to appear in Phys. Lett.