Prospects for the Development of Legal Regulation of Debt Financing of Investment Activities
- Authors: Vinitskaya L.А.1
-
Affiliations:
- Lomonosov Moscow State University
- Issue: Vol 14, No 3 (2021)
- Pages: 205-212
- Section: Articles
- URL: https://journals.eco-vector.com/2072-3164/article/view/531263
- ID: 531263
Cite item
Open Access
Access granted
Abstract
The purpose of the research. At present, it is necessary to state that many debt financing instruments that have successfully proven themselves abroad have not been reflected in domestic legislation, which needs to be rethought. The purpose of the study is to determine debt financing and its main characteristics, to classify the instruments and to identify gaps in legal regulation. Results. As a result of the research, the author identifies repayment, maturity and secured nature as the main characteristics of debt financing. The author attributes a scheme to minimize risks, in which the lender's responsibility for the success of the investment project is practically absent, as the key to understanding the principles and nature of debt financing. Debt financing is a framework concept and appears in the law through different mechanisms and their combinations, so the author classifies debt financing instruments on various grounds, describes the applicable ways of allocating creditors ' risks, indicates the main gaps in the regulation of debt financing instruments and vectors for further development.
Full Text
About the authors
Liliya А. Vinitskaya
Lomonosov Moscow State University
Email: liliya.vinitskaya@mail.ru
postgraduate student of the Department of Business Law, Faculty of Law Moscow, Russian Federation
References
- Белицкая А.В., Лаутс Е.Б. Инвестирование и кредитование: сравнительно-правовой анализ. // Законодательство. - 2012. - № 4. - С. 43-53.
- Брагинский М.И., Витрянский В.В. Договорное право. Договоры о займе, банковском кредите и факторинге. Договоры, направленные на создание коллективных образований: в 5 томах. Т. 1. - М.: Статут, 2006. - 736 с.
- Вишневский П.Н. Договор трансграничного займа: право и практика. - М.: Инфотропик Медиа, 2018. - 196 с.
- Гражданское право: Учебник. В 2 т. Т. II. Полутом 2 / Отв. ред. проф. Суханов Е.А. 2-е изд., перераб. и доп. - М.: 2000. - 517 с.
- Овсейко С. Субординированные кредиты: понятие и основные черты // Юрист. - 2011. - № 10. - С. 18-22.
- Предпринимательское право: Правовое сопровождение бизнеса: Учебник для магистров / Р.Н. Аганина, В.К. Андреев, Л.В. Андреева и др.; отв. ред. И.В. Ершова. -М.: Проспект, 2017. - 848 с.
- Bichsel R., Blum J. Capital regulation of banks: Where do we stand and where are we going? Journal Swiss National Bank. Quarterly Bulletin. 2005. Vol. 4. P. 42-51.
- Cranston R. Principles of Banking Law. Oxford. Clarendon Press. 1997. 1ii. P. 495 and (Index) 19.
- Damodaran A. Applied Corporate Finance. New York. John Wiley & Sons, Inc. 1999. P. 566.
- Dewar J. International Project Finance: Law and Practice. Oxford University Press. New York. 2011. P. 515.
- Gatti S. Project Finance in Theory and Practice, Second Edition: Designing, Structuring, and Financing Private and Public Projects. September, 5. 2012. USA. P. 464.
- Goode R. Legal Problems of Credit and Security. 3rd ed. London. Sweet & Maxwell. 2003. P. 343.
- Hussain, J., Millman, C., Matlay, H. SME financing in the UK and in China: a comparative perspective. Journal of Small Business and Enterprise Development. 2006. Vol. 13. No 4. P. 584-599.
- Tirole J. The Theory of Corporate Finance. Illustrated Edition. Princeton University Press. USA. 2006. P. 644.
- Weber B., Staub-Bisang M., Alfen H.W. Infrastructure as an asset class: investment strategy, sustainability, project finance and PPP / Second edition. Chichester, West Sussex. JohnWiley & Sons. 2016. P. 422.
- Dr. Fong Chun Cheong St. Equity Financing and Debt Financing (Relevant to PBE Paper II - Management Accounting and Finance). School of Business. Macao Polytechnic Institute. URL: http://www.hkiaat.org/e-newsletter/Apr-15/technical_article/PBEII.pdf (дата обращения 01.04.2021).
- Fletcher P., Pendleton A. Identifying and managing project finance risks: overview (UK). URL: https://www.milbank.com/images/content/1/6/v6/16376/5-564-5045-pl-milbank-updated.pdf (дата обращения 01.04.2021).
Supplementary files
