Finance and Credit

Debt financing of investment: Sources, forms, mechanisms, tools

Vol. 24, Iss. 8, AUGUST 2018

Received: 8 June 2018

Received in revised form: 22 June 2018

Accepted: 6 July 2018

Available online: 29 August 2018

Subject Heading: INVESTING

JEL Classification: Е62

Pages: 1829–1843

Edronova V.N. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

ORCID id: not available

Maslakova D.O. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

Subject The article deals with clarifying the terms related to debt financing, classifying the sources, forms, mechanisms and instruments of the financing, and specifying the methods to determine the amount of financing through leasing and bond issue, which are not covered by official statistics.
Objectives The study aims to give an original definition of sources, forms, mechanisms and instruments of debt financing based on theoretical works and current practice of debt financing in the Russian Federation, identify the logical subordination of these categories and develop a reasonable classification and methods for determining the volume of investment financing through leasing operations and bond borrowing.
Methods Empirical and logical constructions, analysis and synthesis, generalization, systems approach, and methods of comparative analysis serve as a methodological basis of the research.
Results The paper provides our own definition of terms related to debt financing of investments, based on the content of economic relationship between its subjects; presents a classification of sources, forms, mechanisms and instruments of debt financing on the basis of revealed logical hierarchy of classification features and methods for determining the amount of financing through leasing and bond issue that are not covered by official statistics.
Conclusions Our unique methods enable to assess the status of and trends in the said sources of financing.

Keywords: investment financing, source, form, mechanisms and instruments of investment, debt financing


  1. Maramygin M.S. [Borrowed and Attracted Sources of Financing the Investment Process in a Transition Economy]. Izvestiya Ural'skogo gosudarstvennogo ekonomicheskogo universiteta = Journal of Ural State University of Economics, 2001, no. 4, pp. 136–142. (In Russ.)
  2. Nevryuzina E.I. [Instruments of enterprise financing]. Molodoi uchenyi = Young Scientist, 2014, no. 8, pp. 542–545. URL: Link (In Russ.)
  3. Ermilina D.A. [Specifics of financing investment in the fixed capital of the Russian economy]. Problemy ekonomiki = Problems of Economy, 2012, no. 5, pp. 63–70. (In Russ.)
  4. Grekov I.E., Barsukova O.V., Fokina O.G. [Comparative trends in the development of the banking system in Russia and developed countries]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2011, no. 30, pp. 31–38. URL: Link (In Russ.)
  5. Alekseev A.V. [Investment sources into the Russian economy: The range… is limited]. Investitsii v Rossii = Investments in Russia, 2009, no. 3, pp. 3–10. (In Russ.)
  6. Nikonova I.A. ['A new reality' of project finance in Russia]. Bankovskoe delo = Banking, 2018, no. 1, pp. 47–50. (In Russ.)
  7. Bocharova O.N. [Directions of Improvement of the State Support and Financing of Small and Medium Business]. Sotsial'no-ekonomicheskie yavleniya i protsessy = Socio-economic Phenomena and Processes, 2013, no. 10, pp. 28–32. URL: Link (In Russ.)
  8. Ivanova N.E., Mironova A.P. [Legal aspects of leasing activity regulation in Russia]. Molodoi uchenyi = Young Scientist, 2015, no. 5, pp. 265–269. URL: Link (In Russ.)
  9. Khokhlov M.O., Lyba A.I. [Inception, development and specific features of financial leasing in the economy of developed countries of the world]. Sibirskii torgovo-ekonomicheskii zhurnal = Siberian Trade-Economic Magazine, 2009, no. 8, pp. 16–22. URL: Link (In Russ.)
  10. Fasikov Yu.F. [Bonded loans as a source of financing the social and economic development at the regional and federal level]. Molodoi uchenyi = Young Scientist, 2015, no. 16, pp. 319–322. URL: Link (In Russ.)
  11. Olszak M. The Role of Capital Regulation and Risk-Taking by Banks in Monetary Policy. Oeconomia Copernicana, 2014, vol. 5, iss. 1, pp. 7–26. URL: Link
  12. Mingaleva Zh.A. [Investment of progressive structural shifts in industry]. Ekonomika regiona = Economy of Region, 2006, no. 3, pp. 66–82. URL: Link (In Russ.)
  13. Śliwiński P., Łobza M. The Impact of Global Risk on the Performance of Socially Responsible and Conventional Stock Indices. Equilibrium. Quarterly Journal of Economics and Economic Policy, 2017, vol. 12, iss. 4, pp. 657–674. URL: Link
  14. Gwóźdź K. Assessing the Non-Financial Investment Profitability with Variable Discount Rate. Oeconomia Copernicana, 2015, vol. 6, no. 4, pp. 123–138. URL: Link

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 24, Iss. 10
October 2018