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Arkadeva O.G., Berezina N.V., Il'in I.V.
Comparative Analysis of the Financial Situation of Regional and Capital Developers
Keywords: housing construction, mortgage lending, housing market, financial situation, financial performance, tax burden, regional developers, capital developers
The construction industry is one of the drivers of development of the modern economy. It determines both the rate of the economic development of the regions and the standard of living of the population. The rate of housing construction is a key indicator that reflects the intensity of the demographic and reproductive processes of the territories. The purpose of the study is to study the factors that determine the features of the choice of indicators and interprete the results of the analysis of the financial position of regional and capital developers. Materials and methods. The main research methods were a retrospective analysis of the housing construction market in the Russian Federation and a coefficient analysis of the financial position of a regional developer. Using the example of LLC “Otdelfinstroy-specialized homebuilder”, comparison with the leaders of the construction industry of the Russian Federation – PJSC “PIK-specialized homebuilder” and PJSC Samolet Group is given for some indicators. Calculations were carried out according to official accounting (financial) statements. Results. The retrospective analysis of indicators of the housing market, the mortgage lending market, and the rate of housing construction identified the external environmental factors that determine the conditions of regional developers’ activity. Availability and diversity of sources of financing, the size and complexity of development projects, the level of effective demand and market capacity, the level of competition, the stringency of regulation, and variety of business models act as factors that determine the features of the analysis of the financial situation of regional developers. Indicators of operational and financial analysis are identified. They can be used in relation to the activities of capital developers, but due to the influence of these factors they have limited use for regional developers. Conclusions. In general, the activities of capital and regional developers have their own characteristics, which determine the difference in approaches to the interpretation of the results of financial analysis. Both in the capital region and in the periphery, developers operate by forming groups of companies. This increases scope of business by pooling resources, boosts productivity, and reduces various types of risks, but makes the financial statements of individual companies that form the group less transparent and informative for external users.
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About authors
- Arkadeva Olga G.
- Candidate of Economics Sciences, Associate Professor, Department of Finance, Credit and Economic Security, Chuvash State University, Russia, Cheboksary (knedlix@yandex.ru; ORCID: https://orcid.org/0000-0003-4868-2365)
- Berezina Natalia V.
- Candidate of Economics Sciences, Associate Professor, Head of the Department of Finance, Credit and Economic Security, Chuvash State University, Russia, Cheboksary (study.2011@yandex.ru; ORCID: https://orcid.org/0000-0001-7320-3624)
- Il’in Il’ya V.
- 4th year Student, Economics Faculty, Chuvash State University, Russia, Cheboksary (ilyushka1ljin@ya.ru; )
Article link
Arkadeva O.G., Berezina N.V., Il'in I.V. Comparative Analysis of the Financial Situation of Regional and Capital Developers [Electronic resource] // Oeconomia et Jus. – 2024. – №2. P. 1-17. – URL: https://oecomia-et-jus.ru/en/single/2024/2/1/. DOI: 10.47026/2499-9636-2024-2-1-17.
