Issue №2, 2019



Strategies of financial investments in corporate securities

DOI: 10.34130/2070-4992-2019-2-104-114

Full article 

Bochkova S. V. — Pitirim Sorokin Syktyvkar State University, Syktyvkar, Russia; Candidate of Economic Sciences, Associate Professor, Department of Accounting and Audit, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Klepikov N. V. — Pitirim Sorokin Syktyvkar State University, Syktyvkar, Russia; Candidate of Economic Sciences, Head of Department of Accounting and Audit, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.


The article describes the strategy of financial investments in corporate securities. The purpose of the study is to analyze typical strategies and identify on its basis the key problems in the field of investment activity. The objectives of the study include: consideration of the stages of the process of forming a portfolio of securities, the study of the factors of profitability of various types of financial assets, the justification of the yield curve. Since securities are assets, firms prefer to have them as a guarantor in cases of lack of available funds or the impossibility of a Bank loan. The research considers the reasons for long-term and short-term investments in securities. The investor needs financial monitoring of the securities market in order to maximize the return on investments in the same assets. The article assesses the scientific views on the problem of portfolio investment management. The methods of analysis, comparison, modeling and generalization were used in the work. In accordance with the objective, on the basis of the conducted research, the stages of the securities portfolio formation process were identified: 1) strategic division of assets, 2) investment analysis, 3) the tactical location of assets, 4) monitoring the portfolio as a whole and its constituent positions in particular; such factors affecting the yield curve as liquidity preference, market segmentation and interest rate expectations are considered, securities management strategies are presented, and the need for further study of the behavior of financial assets due to the lack of scientific justification of some economic aspects of the behavior of portfolio investments in the modern market environment is revealed.

Keywords: investment, risk, profitability, asset, investor, profit, strategy, finance, market, portfolio, time, profitability, capital.


  1. Bochkova S.V., Kroytor N.F., Razmyslova Yu.K. Strategii vlozheniya deneg v rynochnyye tsennyye bumagi [Strategies for investing money in marketable securities]. Nauka i tekhnologii. Tom 3. Materialy XXXVI Vserossiyskoy konferentsii, posvyashchennoy pamyati referenta MSNT N.N. Yershovoy [Science and technology. Volume 3. Proceedings of the XXXVI AllRussian Conference, dedicated to the memory of MNNT referent N.N. Ershova]. Moscow: RAN Press, 2016, pp: 34-42. (In Russian).
  2. Bochkova, S.V., Kroytor N.F., Razmyslova Yu.K. Faktory formirovaniya struktury kapitala [Factors forming the structure of capital]. XLII Mezhdunarodnaya nauchno-prakticheskaya konferentsiya «Sovremennaya ekonomika i finansy: issledovaniya i razrabotki» (Sankt-Peterburg, 15 maya 2016 g.) [XLII International Scientific and Practical Conference «Modern Economics and Finance: Research and Development» (St. Petersburg, May 15, 2016)]. St. Petersburg, CER Publishing House, 2016. Pp. 12–19. (In Russian).
  3. Bochkova, S.V., Kroytor N.F., Razmyslova Yu.K. Metody upravleniya debitorskoy zadolzhennost'yu [Methods of management of accounts receivable]. Sovremennaya nauka: aktual'nyye problemy i puti ikh resheniya [Modern science: current problems and ways to solve them], 2016, no. 1 (23), pp: 19-23. (In Russian).
  4. Karachun, I.A. Upravleniye protsessom portfel'nogo investirovaniya v finansovyye aktivy [Managing the process of portfolio investments in to financial assets]. Vestnik Voronezhskogo gosudarstvennogo universiteta. Seriya: Ekonomika i upravleniye [Bulletin of Voronezh state University. Series: Economics and management], 2014, no. 1, pp: 142-148. (In Russian).
  5. Bachelier, L., 1964. The random character of stock market prices. Cambridge: MIT Press, pp. 510.
  6. Markowitz, H., 1952. Portfolio selection. Journal of Finance, 1 (7): 77-91.
  7. Tobin, J., 1958. Liquidity preference as behavior towards risk. Journal of The Rev. of Econ. Studies, 2 (25): 65-86.
  8. Baumol, W.J., 1963. An expected gain-confidence limit criterion for portfolio selection. Journal of Management Science, 10: 174-182.
  9. Sharpe, W., 1964. Capital asset prices: a theory of market equilibrium under conditions of risk. Journal of finance, 3 (19): 425-442.
  10. Samuelson, P.A., 1969. Lifetime portfolio selection by dynamic stochastic programming. Journal of Rev. of Economics a. Statistics, 3 (51): 239-246.
  11. Fama, E.F., 1970. Efficient capital markets : a review of theory and empirical work. The Journal of Finance, 2 (25): 383-417.
  12. Black, F. and M. Scholes. 1973. The pricing of options and corporate liabilities. Journal of Polit. Economy, 81: 637- 654.
  13. Treynor, J.L. and F. Black., 1973. How to use security analysis to improve portfolio selection The Journal of Business, 1 (46): 66-86.
  14. Ross, S.A., 1976. The arbitrage theory of capital asset pricing. Journal of Economic Theory, 13: 341-360.
  15. Karatzas, I., J.P. Lehoczky and S.E. Shreve, 1987. Optimal portfolio and consumption decisions for a «small investor» on a finite horizon. SIAM Journal on Control a. Optimization, 6 (25): 1157-1186.
  16. Fama, E.F. and K.R. French, 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 1 (33): 3-56.
  17. Rockafellar, R. and S. Uryasev, 2000. Optimization of conditional value-at-risk. The Journal of Risk, 3 (2): 21-41. 18. Gabih, A., W. Grecksch and R. Wun-derlich, 2005. Dynamic portfolio optimization with bounded shortfall risks. Journal of Stochastic Analysis a. Applications, 3 (23): 579-594.

For citation: Bochkova S. V., Klepikov N. V. Strategies of financial investments in corporate securities // Corporate Governance and Innovative Economic Development of the North: Bulletin of the Research Center of Corporate Law, Management and Venture Capital of Syktyvkar State University. 2019. No. 2. Р. 104–114. DOI: 10.34130/2070-4992-2019-2-104-114.