Efficiency of loan financing and the risk of bankruptcy of enterprises with joint stock ownership

The article deals with the issue of evaluating the effectiveness and risk of debt financing from risky funds, which is relevant for the stage of restrictions on external financing of market activities of domestic enterprises of state and joint-stock ownership. The article considers enterprises of joint-stock ownership (corporations) engaged in the sectors of production and processing of oil and oil products, as well as in related industries, for which the attraction of borrowed capital has been critical until recently. It is shown that in the absence of sanctions restrictions, the levels of efficiency and risk of debt financing of capital-intensive industries fully meet the conditions for the equilibrium of commodity markets and capital markets, and the possibilities of attracting funds from the financial market directly correspond to the criterion of growth in the efficiency of equity capital. However, under sanctions restrictions, these patterns are violated and the problem of choosing effective import substitution strategies comes to the fore, which allows saving on the cost of own funds in the direction of organizing technological chains with high added value exclusively within the framework of own and related industries (integrated groups of enterprises, holdings and holding companies) without attracting additional financial resources.