Глобальные финансовые катаклизмы и их влияние на систему корпоративных финансов

Global Financial Crises and Their Impact on Corporate Finance

The article examines how global financial crises and cataclysms that took place in the first quarter of the 21st century affected the corporate finance system. Such aspects of corporate finance as the internal control system, corporate governance principles, risk assessment, management and financial reporting are considered. Based on the analysis of publicly available information, statistical data and regulatory documents, the main changes in the above-mentioned areas of corporate finance that took place after the bankruptcy of Enron in 2001, the crisis in the US mortgage market and the subsequent financial crisis of 2008, the impact of the sanctions since 2014, as well as the consequences of the COVID-19 pandemic in 2019 are identified. Among the key factors that have influenced corporate finance, the following stand out: the growth in the number and diversity of regulatory requirements and restrictions (management and monitoring of regulatory compliance has become a separate and important area in corporate finance); a significant increase in the complexity and multifactorial nature of financial models and various forms of reporting; a reduction in the “planning horizon”, and an increase in the speed of business response and readiness for constant and unexpected changes in strategy, operational management, restructuring and rapid adaptation of existing business processes and systems. © 2025 National Research University Higher School of Economics (HSE University). All rights reserved.