Digital financial assets as a source of financing for the company

Abstract

Relatively new capital market instruments have been investigated – digital financial assets, which make it possible to expand the list of sources of business financing. Existing scientific publications mostly cover the very essence, principles and regulatory part of the use of digital financial assets. However, there is a lack in the practical part of the use of these tools in the activities of real companies. Moreover, the impact of the issue of digital financial assets on business performance and financial results is not shown. The purpose of this study is to assess the impact of digital financial assets on the financing structure of Russian companies and on the weighted average cost of capital; to determine the losses and benefits from issuing digital instruments in the Russian jurisdiction.  The research is based on the use of complex methods of scientific knowledge, including sampling analysis, synthesis, grouping and generalization.

The advantages and disadvantages of issuing digital financial assets have been identified both from a technical and financial point of view. The calculations of the structure and cost of capital, taking into account the impact of digital assets, were carried out based on a sample of the largest Russian issuing companies. A formula was developed to assess the sensitivity of the cost of financing under the influence of such factors as the share of digital financial assets and their interest rate. Analytical calculations based on the proposed formulas and conclusions were drawn from the use of a new digital financing tool in Russian practice. The use of digital financial assets can significantly reduce the cost of attracting financing without significantly increasing the cost of capital, and also contributes to the growth of profits and profitability. The main advantages of digital financial assets include reliability, security, reduction of entry barriers and expansion of the circle of investors. New types of assets, such as hybrid digital financial assets and sukuk, open up additional business opportunities, but their prospects require further research.

To cite: Parfenova M.D., Zavalishina A.K. Digital financial assets as a source of financing for the company. Research in Economic and Financial Problems. 2025;4:6. https://doi.org/10.31279/2782-6414-2025-4-6