State Ownership as a Factor in Companies Valuation

Student: E`l`kind Dmitrij

Supervisor: Ekaterina Tuzikova

Faculty: Faculty of World Economy and International Affairs

Educational Programme: Bachelor

Year of Graduation: 2014

This research is devoted to investors’ attitude to government’s involvement in companies’ ownership structure. It can result in the systematic, but not determined by fundamentals underestimation or overestimation of businesses compared to the market. During the research a negative correlation between the government’s share in the business and its EV/EBITDA for Russian companies’ valuation was revealed. However, the statistical significance appeared to be low. On the other hand, no relation between values of the German companies’ and government’s shares in their equity was revealed.

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