Научно-технические ведомости СПбГПУ: Экономические науки (Dec 2019)
Profitability of enterprises in high-tech sectors and factors influencing it: analysis and modeling
Abstract
Enterprises of high-tech industries and services sectors are the drivers of the growth of the modern economy and the priorities of economic development. In Russia, it is extremely important to ensure their effective development in the current conditions of economic stagnation, economic sanctions and an unfavorable external environment. One of the most important indicators of the enterprises efficiency is the profitability of their activities, which is investigated in this article. The purpose of the article is to analyze the dynamics of profitability of enterprises in high-tech sectors and to model the influence of factors on profitability. The objects of research are enterprises of six high-tech industries and services sectors of Russia. The study period includes 2013-2017. The full sample includes 1826 enterprises or 9130 observations (1826 enterprises * 5 years, panel data). Analyzed indicator: net return on assets. Research methods: analysis of variance, regression models with fixed effects. Results. Analysis of the dynamics of the profitability of high-tech sectors during the period 2013-2017 showed that more than 75% of enterprises in each sector remained profitable annually in the face of economic stagnation. For the period 2013-2017, the profitability of the sector 30.3 (production of aircraft) significantly increased, which, obviously, reflects the results of active state stimulation of this sector. At the same time, a decrease in the profitability of commercial enterprises in the sector 72 (scientific research and development) was revealed, which indicates the problems of the development in this sector and the insufficient level of state support in an adverse external environment. Modeling the influence of factors revealed for most high-tech sectors a highly significant positive effect of the size of the enterprise and production efficiency on profitability and a highly significant negative effect of the share of borrowed capital and the age of the enterprise on profitability. Thus, in order to increase the net return on assets, enterprises in high-tech industries and services sectors should increase revenue, increase production efficiency and avoid large amounts of borrowing. It is advisable for state authorities to stimulate competition, processes of business generation and the development of new and small enterprises, as well as exert a regulatory influence on the credit market, subsidize interest rates on loans and provide soft loans to enterprises of high-tech sectors.
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