Capital structure and loan financing strategy Gazprom PJSC

The article considers the problems of analysis and assessment of the capital components of a large Russian oil and gas company (PJSC Gazprom), whose market activity is associated with limited access to competitive financial markets. It is shown that for the conditions of a closed market for borrowed capital, there is an optimal capital structure of the corporation, ensuring maximum profitability of own funds invested in financing operating expenses and acceptable capitalization due to the growth of the market value of shares. I found confirmation of the thesis that the optimal according to the above criteria, the share of borrowed financing in the total capital of the company should be in the range of 30-35 %, which would ensure the weighted average price of capital and the level of capital costs at a level comparable to the global one (for raw materials and manufacturing industries). Conclusions are drawn on trends in the optimal capital structure of PJSC Gazprom in the context of the structural transformation of the Russian economy and against the background of the continued sanctions regime. The relevance, theoretical and practical importance of studies of the optimal capital structure of a company operating in an economy with a low level of institutional development, conducted from the perspective of a criterion for maximizing its market value, is noted.