Over the past decades, developed countries have seen an increasing trend in the importance of the debt finance market in financing investment. With the globalization of global financial markets, this trend has also been evident in emerging markets. However, for domestic companies, the domestic stock market has not yet become a reliable source of capital mobilization, and most enterprises rely on their own funds or attract financial resources in the form of various forms of bank lending. At the same time, the possibilities of effective attraction of investment resources directly in the domestic banking market are limited, as real borrowing rates for many enterprises of the non-oil sector of the economy are significantly higher than the profitability of their business.
Different financial instruments of enterprises have different yield orders. If some of them are minimally profitable and perform the function of saving capital, others multiply it by times. The choice of investment strategy determines which securities will fall into the portfolio, in what proportion they will be presented.
В течение последних десятилетий в развитых странах наблюдается тенденция роста значимости рынка долговых финансовых инструментов в финансировании инвестиций. В условиях глобализации мировых финансовых рынков данная тенденция проявилась и на формирующихся рынках. Однако для отечественных компаний внутренний фондовый рынок пока не стал надежным источником мобилизации капитала, и большинство предприятий полагается на собственные средства или привлекает финансовые ресурсы в виде различных форм банковского кредитования.