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ЭКОНОМИЧЕСКИЕ НАУКИ:
5.2.1. Экономическая теория
5.2.3. Региональная и отраслевая экономика
5.2.4. Финансы
5.2.5. Мировая экономика
5.2.6. Менеджмент


ЭКОНОМИЧЕСКИЕ,
ФИЗИКО-МАТЕМАТИЧЕСКИЕ НАУКИ:
5.2.2. Математические, статистические и инструментальные методы в экономике

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Ковенанты как инструмент решения конфликта интересов между акционерами и кредиторами компании

т. 20, вып. 16, апрель 2014

Доступна онлайн: 27.04.2014

Рубрика: Корпоративные финансы

Страницы: 37-50

Задорожная А.Н. кандидат экономических наук, доцент кафедры финансов, кредита, бухгалтерского учета и аудита, Омский государственный университет путей сообщения 
anna_zador@mail.ru

В статье рассмотрены основные теоретические положения агентской теории с акцентом на конфликте интересов между акционерами и кредиторами компании. В качестве одного из механизмов снижения данного конфликта используются ковенанты. Приведен обзор основных классификаций ковенант, в том числе и финансовых. На основе гипотезы влияния контрактов на стоимость компании сделано предположение о зависимости ковенант и процентной ставки, а также представлен анализ работ, содержащих результаты эмпирических исследований данной гипотезы.

Ключевые слова: агентская теория, конфликт интересов, акционеры, кредиторы, активные ковенанты, пассивные ковенанты, финансовые ковенанты, гипотеза влияния контрактов на стоимость

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