Head: Verbinenko Elena, PhD (Econ.), associate professor
Tel: (815 55) 75 859, 79 500
E-mail:office@enqec.apachi.ru


Lines of investigations:
-    study of the regional equity market as a part of the financial market: specific character of its formation and development, evaluation of the investment constituent.


Staff:
Kobylinskaya Galina, PhD (Econ.), senior researcher, head of Sector of Regional Equity Market
Doreoshevich Olga, PhD (Econ.)
Zubareva Tatyana, senior researcher
Chupenko Lyudmila, junior researcher
Golubev Boris, junior researcher


Main completed research projects:

   Sources and mechanisms of finance and credit activity of the northern region (2001-2003).

   Basing on the studies of the regional investment market, the dominance of large-scale industrial enterprises in formation of regional investment resources was proved; it is responsible for prevalence of home investment sources in view of their shortage and it restricts the scope of finance and credit system in the regional investment process.

   The necessity of diversification of large-scale finance and credit institutes and expansion of investments in middle- and small-scale enterprises was substantiated.

   The formation mechanism of investment resources was developed where the diversification of activity is centered on step interrelations between unequal participants of the investment process and it is carried out via comprehensive financing. The studies of capital formation in the North-Western region provide data on functional load of the stock market, which lies in ownership redistribution support, but not in optimization of capital flows.


Current research subject:

    Scientific basis for formation and regulation of the regional financial market (2004-2006).

   The subject is centered on the findings of the investigations, pursued in 2001-2003. During the last period the greatest importance was attached to the studies of sources and mechanisms of financing of both current and capital costs of enterprises, belonging to the active economic sector. The studies indicate that the enterprises of the region regard own resources as a basic financial resource. External funds and financial market are used partly. It especially concerns small- and middle-scale business, which for the most part represent the regional economy.

    The theoretical novelty of the research lies in the development of scientific approaches to formation of the regional financial market and methodical recommendations for its development control.