Market research of enterprises’ debt funding sources: comparative analysis

The article examines the role of enterprises’ debt funding sources, emphasizing their importance for the development and expansion of business due to the high speed and accessibility of raising funds, as well as the “tax shield” effect. The focus of the study is a comparison of two main sources of debt financing: corporate bonds and corporate loans. The corporate bond market has a wide variety of instruments issued for the specific objectives of the issuer. The Russian debt capital market faces challenges such as a high concentration of state-owned issuers and an unstable volume of corporate issues. Solving these problems, along with developing the market, will increase its attractiveness for all participants. Corporate lending has a higher share of market among sources of corporate financing, and the market is characterized by high quality underwriting of borrowers. The key problem of the Russian banking sector is low competition and the concentration of corporate loans in a narrow circle of banks. The development of an ecosystem approach, characteristic of large players, may increase these risks. Credit institutions need to maintain a balance between traditional lending and the development of financial market instruments.