Financial and industrial groups of Russian regions. The concept and types of financial and industrial groups

Financial and industrial groups (FIG) - associations of industrial enterprises with financial institutions on the basis of the relations of economic and financial interaction established between them. The most important type of financial and industrial groups is the concern - the union of several commercial and industrial enterprises under common financial management.

Tasks :

activation of transformations in the economy;

improvement of the investment situation;

development of competitiveness of domestic goods.

The state legislates the general norms and rules of economic management, provides the legal basis for the implementation of economic legislation, supports effective competition by establishing measures against market monopolization, and provides support to national producers.

The main goal of creating financial and industrial groups is technological or economic integration for the implementation of investment projects and programs aimed at increasing production efficiency, creating new jobs, increasing competitiveness and expanding markets for goods and services.

The disadvantages of existing FIGs as a form of enterprise integration are the dominance of insider control in enterprises, which is typical for Russia, a weak ownership and corporate governance structure, an insignificant role of centralized decision-making, and, as a result, the relative weakness of integration processes.

There are three ways to combine enterprises:

1. On a voluntary basis - with legal registration or without registration of constituent documents;

2. By consolidating by one member of the group (it can be both an enterprise and a bank) the blocks of shares of other members acquired by him.

3. Administrative way - the creation of associations by decision of the Government of the Russian Federation, regional authorities, or on the basis of intergovernmental agreements.

Financial and industrial groups can be classified as follows, based on what exactly the founders of FIGs want:

1. The first type of FIG can be formed on the initiative of financial institutions interested in a reliable and fairly profitable investment.

Financial-industrial groups of this type are distinguished by a wide variety of enterprises included in them, which may be completely unrelated to each other either in terms of industrial cooperation or other economic interests. This type of FIG arises as a result of the diversification of the capital of financial and credit institutions, which increases its reliability in a volatile market environment.

2. The second type of FIG may arise when it is necessary to ensure the production and technical development of a group of industrial enterprises and research organizations that have common interests in technological interaction in the creation of certain products and the development of new technologies.

The organizers of this form of FIGs are industrial enterprises, but they need investments that are available from banks, insurance and investment companies.

Since financial and credit institutions are particularly unwilling to finance industry, industrial enterprises are forced to create their own banks.

3. This type of FIG is designed to promote the formation of the public sector in the economy. The embryos of such FIGs have already been created in the form of holding companies. In order to turn them into FIGs, it is necessary to introduce a large financial and credit institution into their composition.

4. This type is planned to be created on the basis of intergovernmental agreements.

These FPGs have two features:

They are created with the participation of foreign capital attracted by intergovernmental agreements in various forms,

The list of Russian participants in financial and industrial groups is determined by the Government of the Russian Federation from among enterprises with a state-owned share in their capital of at least 25%.

It is also necessary to distinguish between formal and informal FIGs. Most industrial FIGs are officially registered, while most banking FIGs are informal.

The largest FIGs in Russia are : Alfa Group, Basic Element, High-Speed ​​Fleet, Interros, Rosstroy, Nafta-Moscow, Renova, Severstal Group, Sistema (group), Gazprom.

Abroad - the largest company for the production of catalysts "Grace" (USA), "Conoco-Phillips", the Arabian company "Aramco" (an oil production company), the petrochemical complex "SABIK".

Financial and industrial groups of Japan

Japanese financial and industrial groups do not have a legal organization and a single official control body (which takes them out of the scope of antitrust laws). The coordination of the group's activities is carried out on the basis of meetings of the presidents of their corporations and banks. At these meetings, decisions are made on the group's policy in the field of prices, investment and production development, relationships with other groups and corporations, government agencies and political parties. An important integrating role in financial and industrial groups belongs to universal trading companies. In addition to their former functions - suppliers of raw materials and organizers of sales of products of the group companies, including abroad, a number of new ones have recently been added, primarily the provision of all kinds of information and marketing services. There are 6 main financial and industrial groups in Japan. The three main financial and industrial groups are Mitsubishi, Mitsui and Sumitomo. At the center of each of them stands a powerful commercial bank. The Mitsubishi Group includes corporations from almost all industries, but it occupies a particularly strong position in the production of equipment and the construction of nuclear power facilities, in the aerospace industry, the production of military equipment, equipment for the mining industry, and electrical engineering. They are also characterized by a lower degree of mutual holding of shares and a smaller share of intra-group turnover in the total volume of operations of the companies included in these groups. In the sectoral composition of the latter, the share of firms operating in high-tech science-intensive industries is relatively high.

Financial and industrial associations of continental Europe

The total number of financial and industrial groups in the Federal Republic of Germany today that are of general economic importance does not reach ten. The three leading FIGs are headed by the largest national banks: Deutsche Bank AG, Dresdner Bank AG and Commerce Bank (Commerzbank AG). They account for, respectively, 1/3, 1/4 and 1/8 of the share capital of the country.

The core of FIGs created on the basis of these banks is formed by several (from 3-5 to 10) banking, industrial, trade, insurance and transport monopolies, often penetrating into other sectors of the economy.

Commercial banks, which are the undisputed center of the group, are universal credit and financial complexes that combine credit and settlement activities with a wide range of services.

The production activity of industrial concerns mainly covers one specific industry or sub-sector of the economy, where large-scale and mass production is developed based on the use of high technologies. The exceptions are the Siemens concern, which extends its activities to the entire electrical industry, and the Thissen concern - to the steel industry.

In turn, many large and medium-sized companies are grouped around a relatively stable core, forming a rather amorphous periphery compared to the core. On average, the parent holdings of the group own shares and control the activities of about 150 companies.

In addition to the three largest financial-industrial groups in Germany, headed by the leading banks of the country, there are also such financial-industrial groups where the banking capital has several representatives of equal strength and importance, and the industrial association (concern) is the cementing link.

In France, the most widespread financial-industrial associations created around the largest industrial complexes (for example, "Elf-Akiten" (ELF Aquitane), "Company Francaise de Petrol" (petrochemical industry); "Company General Electric" (electronics and electrical engineering) and etc.).

Along with industrial groups in France, trade groups also became widespread. Large trading companies ("Cora", "Intermarche", "Ochan") stood at the origins, and subsequently controlled a number of banks ("Bank Accord", "Bank Chabriere"), extending their influence to some sectors of the French economy.

A characteristic feature of Swedish financial and industrial groups is the predominance of industrial associations associated with the families of large Swedish businessmen and financiers. In general, these FIGs demonstrate characteristics similar to German financial and industrial associations. As with the German groups, cross-shareholdings of up to 25% are widespread.

The Italian economy is dominated by banking financial and industrial groups. First of all, this is due to the fact that the attraction of capital through the issuance of additional share issues by industrial enterprises did not lead to the expected results. Therefore, Italian concerns, in order to increase capital investments, were forced to resort to the use of bank credit, in turn, becoming more and more dependent on lending banks.

In addition to private companies, in the countries of Western Europe, state concerns, which form the basis of state financial and industrial associations, have become quite widespread.

All public holding companies are government-funded, exempt from paying interest on capital received, have the right to issue government-guaranteed bonds, with 65% of annual profits transferred to the state treasury. They are given more autonomy to develop their own market strategy.

The National Institute of Industry (INI) in Spain, the largest state holding in Western Europe, formed in 1941 on the personal initiative of Franco, can serve as examples of such structures involved in the management of state property in other countries. In France, this is Renault (National Directorate of Renault factories).

Financial and industrial groups in the Russian economy

By 2006, the official Register of Financial and Industrial Groups included 75 financial-industrial groups, uniting a total of 1212 enterprises, which employed 3.33 million people. In addition to officially registered groups, a significant number of informal FIGs have also emerged.

The negative side of the activities of large financial and industrial groups in a transitional economy is that they can block the activities of their enterprises in certain areas. As a result, these enterprises may be less adapted to rapid changes in the external environment than independent small and medium-sized enterprises.

A blocking effect of a different kind is also associated with the activity of FIGs. The history of the development of universal banks in Germany, Japan and Korea shows that after the establishment of links between financial and industrial companies, the economy can be in the rigid boundaries of such a system, as a result of which it becomes impossible to develop financial markets according to the Anglo-Saxon model. All credit resources in the economy are distributed among these groups, while small firms outside them face severe financial constraints.

Most industrial FIGs are formally registered, while most banking FIGs are informal (two important exceptions are the Rosprom group, led by Menatep Bank, and the Interros group, led by ONEXIM Bank). Industrial FIGs were usually formed on the basis of economic ties that existed in the socialist economy. Their founders, as a rule, were the former Soviet industrial ministries or large industrial companies. In both cases, companies that are members of FIGs can integrate either vertically or horizontally.

Informal FIGs were formed around large banks and gradually diversified their activities to an ever greater extent. Initially, they concentrated their efforts in certain industries (for example, Inkombank focused on the food industry, Alfa-Bank focused on construction and the food industry). However, at the second stage of privatization (during the so-called loans-for-shares auctions), banks entered into profitable deals regardless of whether they previously controlled enterprises in the respective industries (in particular, all large financial and industrial groups acquired oil companies).

Officially registered and informal FIGs differ in the degree of integration. Integration in informal groups is based on cross-ownership, while the coordination of the activities of members of officially registered groups is carried out through long-term contracts. Thus, integration in officially registered groups is less deep. Instead of a mutual exchange of shares, members of officially registered financial and industrial groups enter into cooperation agreements that help them coordinate their activities and ensure interest in the results of each other's economic activities.

However, one can note a clear evolution of relations between companies that are members of officially registered groups towards cross-ownership. This fact confirms the idea that officially registered FIGs represent an intermediate stage in the formation of the ownership structure in the Russian economy.

Thus, the totality of independent companies and companies - members of informal FIGs can generally behave in much the same way as the totality of companies - members of FIGs.

Based on information about the ownership structure, we divide informal financial-industrial groups into three categories:

Banking groups (where the largest Russian banks play a central role in the implementation of integration);

Industrial groups, or holding type structures;

Groups coordinated by regional administrations.

FIG combines industrial enterprises with financial institutions, for example, into holdings or concerns, for maximum concentration and integration of capital. In this article, we will consider the largest Russian financial and industrial groups.

Lukoil

OAO Lukoil is rightfully considered one of the largest vertically integrated oil and gas companies, providing 2.2% of the world's oil.

The financial and industrial group extracts 16.6% of "black gold" in Russia and refines 16.7% of Russian oil.

The address of the central office of Lukoil (it is also the legal address): Moscow, Sretensky Boulevard, 11. In addition, the company has another headquarters located in East Meadow (a suburb of New York, USA).

The president of the company is Vagit Alekperov, one of the richest people in the world with an official annual income of around $1.5 million. He owns about 21% of the shares of Lukoil.

The Alekperov empire owns deposits in Siberia, oil refineries throughout Russia, a network of gas stations in Latvia, Lithuania, Ukraine, Iraq, the Czech Republic, Croatia, Poland, America, Romania, as well as offshore companies in Cyprus, the Isle of Man, the Virgin and Cayman Islands, and even at Baikonur.

In 2013, the revenue of this financial and industrial group amounted to 3617.9 billion rubles, and the number of employees exceeded 112,000 employees.

In addition to exploration, production and processing of oil and gas, Lukoil is engaged in the marketing of petroleum products and the power industry.

EVRAZ

EVRAZ is the largest vertically integrated mining and metallurgical company. She owns assets not only in Russia, but also in Canada, the USA, Italy, the Czech Republic, South Africa, Kazakhstan and Ukraine.

EVRAZ is one of the twenty largest steel producers in the world. In 2013, the company produced over 16 million tons of steel. By the way, Evraz Group's own base of coking coal and iron ore almost completely meets the internal needs of Evraz Group.

The company is engaged in sales and production of steel products, coal and iron ore mining, production and sales of vanadium and vanadium products, logistics and trade. FIG includes about 30 enterprises.

The headquarters of the financial and industrial group are located in Moscow (Belovezhskaya street, 4, block "B"), as well as in London and Luxembourg. Throughout the history of the company, it has changed its name and location of the center three times.

In 1992, the company was called Evrazmetal and was managed from its headquarters in Moscow, in 2004 the name changed to Evraz Group, and the control center moved to Luxembourg. In 2011, Evraz Plc appeared, headquartered in London.

The mining and metallurgical holding is owned by Roman Abramovich (32.99%), Alexander Abramov (23.45%), Alexander Frolov (11.72%), Evgeny Shvidler (3.33%).

Last year, the company's revenue amounted to 457.6 billion rubles, and the number of employees exceeded 110,000 people.

At the moment, Evraz Plc is going through hard times. Due to an aggressive buying strategy, the company entered the crisis heavily indebted. A quick solution to this problem is hampered by falling steel prices. As a result, in the first half of 2013 alone, Evraz Plc's net debt increased by almost 700 million rubles.

In July last year, the company's market capitalization fell to an all-time low of $1.4. By September, the price of Evraz Plc rose to $2.95, but this is still well below the pre-crisis levels.

Tatneft

OAO Tatneft is the largest Russian oil company with the status of a vertically integrated group. The company currently accounts for 8% of oil production in Russia and 80% in Tatarstan.

Tatneft specializes in the exploration, production, processing and marketing of gas and oil.

In 2013, the company's official revenue amounted to 444.1 billion rubles, and the number of employees exceeded 77,000 people.

The FIG includes about 60 enterprises in the field of exploration and drilling, oil production, as well as representative offices in Ukraine and Moscow, branches in Lithuania and Turkmenistan.

The structure of Tatneft includes motor transport enterprises, mechanical plants, a network of filling stations, the Kama Trading House, the TatNIPIneft Institute, tire manufacturing enterprises (Nizhnekamskshina), the Chuplan insurance company, the National Non-State Pension Fund and much more.

The company's headquarters is located in Almetyevsk (Tatarstan).

The former General Director of OAO Tatneft Shafagat Takhautdinov, having worked in the company for 23 years, at the end of autumn 2013 gave way to his deputy Nail Maganov.

Tatneft is closely linked to the government of Tatarstan. The largest shareholder of the company is the state company Svyazinvestneftekhim, and the board of directors is headed by Tatarstan President Rustam Minikhanov.

Severstal

OAO Severstal is a Russian vertically integrated mining and steel company. It is this FIG that owns the Cherepovets Metallurgical Plant in the Vologda Region, the second largest steel mill in Russia. The headquarters of the company is also located in Cherepovets.

OAO Severstal consists of three divisions: Severstal Resources, Severstal International and Severstal Russian Steel.

In 2013, the company earned 432.8 billion rubles. The number of personnel exceeded the mark of 67,000 people.

The main owner of the company is Alexey Mordashov (he owns almost 80% of the shares), who controls the activities of Severstal through the Cyprus offshore company Frontdeal Ltd. In addition, Mordashov owns large stakes in gold mining, media, retail and engineering companies.

Now Severstal owns enterprises in Ukraine, Latvia, Liberia, Poland, the USA and Brazil.

Sibur

Sibur Holding is the largest Russian petrochemical and gas processing holding. The company's headquarters is located in Moscow, and the holding company is registered in St. Petersburg.

SIBUR has a unique business model that focuses on the integrated operation of two main segments. Sibur ranks first in Russia in terms of associated petroleum gas processing, produces more than a quarter of all liquefied hydrocarbon gases, from 30% to 49% of synthetic rubbers and a sixth of all Russian polyethylene.

The total number of employees at Sibur enterprises exceeds 30,000 people.

To date, 82.5% of the shares in the authorized capital of OAO Sibur Holding are owned by Gennady Timchenko and Leonid Mikhelson.

TAIF

TAIF Group of Companies is a large Russian holding that controls 96% of the oil and gas processing, petrochemical and chemical industries of Tatarstan. The company was founded in 1995 and is now headquartered in Kazan.

The name stands for "Tatar-American Investment and Finance".

TAIF includes 34 companies in the field of oil refining and petrochemistry (for example, TAIF-NK), four companies in the field of investment, financial and management services (TAIF-INVEST), 8 companies in the field of construction and 6 companies in the field of telecommunications and complex services .

The head of the company is Albert Shigabutdinov. His fortune is estimated at 1.15 billion US dollars.

Finally

Modern financial and industrial groups (FIGs) are diversified multifunctional structures formed as a result of combining the capitals of enterprises, financial and investment institutions, as well as other organizations in order to maximize profits, improve the efficiency of production and financial operations, and increase competitiveness in the domestic and foreign markets. markets, strengthening technological and cooperative ties, growth of the economic potential of their participants. The development of financial and industrial groups is becoming a promising way to form modern large-scale production.

A characteristic feature of the current stage of development of financial and industrial groups is their diversified focus, which allows them to quickly respond to changes in market conditions. At the same time, despite the steady trend towards diversification of activities, the creation and functioning of financial and industrial groups with a pronounced specialization is observed. We are talking, first of all, about the formation of financial and industrial groups on the basis of technologically connected enterprises. Thanks to this, material and financial resources are maximally concentrated in one or more areas that give the greatest effect, and secondary, inefficient areas of activity are cut off. Such an approach is quite justified in cases where FIGs are formed on the basis of the most advanced, knowledge-intensive industries that determine the priority areas of scientific and technological progress (for example, in the fuel and energy complex, the electronics industry, and a number of others). It allows, without violating industry specialization, to expand the scope of functioning of FIGs by penetrating into related areas of activity.

The nature of FIG activities, the degree of its universalization predetermine economic expediency, on the one hand, and the degree of development of market relations with the country, on the other. As experience shows, at present there is a steady trend towards the universalization of the leading FIGs.

The creation of financial and industrial groups is carried out in several ways: at the initiative of the participants, by decision of state bodies, by intergovernmental agreements. The most common is the voluntary association of the capitals of individual participants and the establishment of a joint-stock company, which is a newly created organizational structure, with all economic and legal powers and the corresponding legal and economic responsibility. The second way is the voluntary transfer by the participants of the financial and industrial group being created of their shares in the management of one of the group members, as a rule, a bank or a financial and credit institution. The third method consists in the acquisition by one of the group members of blocks of shares in other enterprises and organizations, which as a result of this become members of the financial and industrial group. Such acquisition of blocks of shares is not always voluntary and may be organically linked to the processes of mergers and acquisitions of some companies by others.

Trends in the formation of financial and industrial groups reflect the patterns of development of world production and are of a universal nature. These patterns include: concentration of capital (mergers and acquisitions, creation of strategic alliances), integration of industrial and financial capital, diversification of forms and activities. In the same row are the globalization of activities (the distribution of goods and services, the creation of subsidiaries in the most attractive foreign markets), the internationalization of capital (the growth of transnational companies, attracting foreign investment). It is also necessary to highlight the securitization of company assets, the use of the latest information technologies, the dissemination of international standards for the regulation of national markets (capital, goods, services, labor).

An international financial and industrial group is a structure consisting of a parent company and branches, branches, subsidiaries in other countries. The higher the degree of internationalization of the capital of FIGs, the greater the number of foreign branches included in its structure (ceteris paribus). It is characteristic that not only the production units of financial and industrial groups are moved abroad, as was observed earlier, but also their financial units, which helps to accelerate the financial operations of the group, makes it possible to use the peculiarities of the market situation in various countries with maximum effect (different exchange rates, unequal inflation rates, tax incentives, etc.).

Financial and industrial groups are large integral structures of various types, in which financial institutions play no less a role than production ones. They are organized both on the principle of horizontal integration of diversified industries and vertical integration along technological chains. The creation of a financial-industrial group implies the unification of three structures under one roof: financial - a bank, an investment company, a pension fund, a consulting firm, brokerage houses, foreign economic, information and advertising divisions; production - manufacturing enterprises; commercial - foreign trade companies, commodity exchange, insurance, transport and service companies.

In developed countries, banks are the centers of financial and industrial structures. Working for a certain circle of enterprises, the bank is well aware of the processes of movement of their funds. In the event of any problems, he immediately takes the necessary measures, because the results of a particular production process affect his own economic interests. On the other hand, the legal system of the financial situation. Financial stability can be different and is formed under the influence of a combination of many factors, but only it creates a favorable climate for the integration of banking and industrial capital. The level of the bank's financial stability determines the level of its "competence" as a participant in FIGs. In vertical financial-industrial groups operating on the principle of a closed technological chain, as well as horizontal cartel-type associations, the bank is intended purely for internal settlements.

The creation and functioning of FIGs makes it possible to address the issues of more efficient investment of enterprises by attracting domestic and foreign investments by obtaining loans, placing securities issues, and concentrating funds of group members in order to produce competitive products. A modern financial and industrial group is characterized by efficiency and flexibility in managing the flow of financial resources both between the parent company and branches, and between the branches (divisions) themselves. The choice of financing option for any operation - from the center (parent company) or at the level of branches - is predetermined by the overall strategy of the company, as well as tactical preferences in the field of organizing internal financial flows. The expansion of the scale of financial and industrial groups due to the growth in the number of foreign divisions can be carried out through an increase in foreign direct investment. This may be financing the construction of new production facilities abroad or the purchase of a controlling stake in existing enterprises.

Financial and industrial groups have a number of advantages over other market entities in economic and financial terms:

• * there is a strengthening of the technological chain from the extraction of raw materials to the release of final products, the integration of production is enhanced;
• * diversification of activities gives greater stability to the enterprises of the group and increases the competitiveness of their products; * real prerequisites and opportunities for the restructuring of production are being created;
• * there are prospects for the accumulation of significant capital to achieve the set production and financial goals;
• * there are real opportunities for maneuvering financial resources both within the FIG itself and outside it, expanding the scope of activities and spheres of influence;
• * there is a redistribution of capital between the various divisions of FIGs in accordance with the strategic choice of the group;
• * increases the financial strength of the group, its financial stability and ability to use the advanced capital with maximum efficiency.

The organizational structure of FIGs is characterized by decentralization of management, while at the same time increasing the efficiency of organizational structures of individual units included in the group, a clear distribution of powers and responsibilities, and reliable mechanisms for making coordinated management decisions. Due to the inclusion of research and development departments in the structure of financial and industrial groups, and, consequently, their approach to the direct consumer, the time for introducing scientific and technical developments into production is reduced. Having a unified marketing service closes gaps in the supply chain, helping to accelerate capital turnover.

Making economically viable investment decisions is essential to the financial soundness of the group as a whole. Therefore, in the structure of FIGs, as a rule, there are special analytical units, which include highly qualified experts responsible for evaluating investment projects and the validity of decision-making. Among the areas of activity that contribute to the revival of investment processes, the following are called upon to play an important role:

• * Formation within the framework of financial and industrial groups of investment companies created on the basis of direct financing, i.e. under equity securities. In order to increase the interest in this process of credited organizations, it is necessary to provide for the possibility of subsequent redemption of securities;
• * creation of venture funds at the expense of all participants in FIGs, whose task is to finance the most risky investment projects;
• * Widespread use of the mechanism of creating joint and subsidiaries in order to organically combine the financial resources of FIG members.

To improve the efficiency of FIGs, it is advisable to solve the following tasks:

• * actively include not only large, but also medium-sized and even small enterprises in FIGs, turning them into large satellites and developing close cooperative ties;
• * to expand the mechanism for creating subsidiaries and joint ventures within the framework of FIGs, including those involving foreign capital;
• * expand the corporate basis for the creation of financial and industrial groups, which will allow restoring technological chains and developing cooperation between enterprises on a reliable economic basis;
• * to diversify the types and forms of activities of financial organizations within the groups, including not only universal, but also specialized banks, investment funds and financial companies, which make it possible to widely attract temporarily free financial resources with a decrease in the risk of losses;
• * expand the participation of public funds in investing projects within the framework of FIGs, but not through the direct allocation of budget allocations, but through an interbank loan;
• * to intensify the creation of regional financial-industrial groups with the attraction of funds from local budgets and regional branches of banks.

Experience shows that recently the motivation of enterprises to join financial and industrial groups has sharply increased. This is due to the ability to ensure shareholding control over enterprises and financial and credit institutions in the interests of establishing profitable technological and economic ties. Many people are attracted by the prospect of joint implementation of priority federal and regional programs, obtaining the necessary state support, resources for working capital replenishment and technical re-equipment of production, development of long-term and promising investment projects.

The incentives for the creation of financial-industrial groups are currently:

• * the desire to make real investments in production as a result of association with financial and credit institutions;
• * state guarantees for foreign investment;
• * the opportunity to receive state support provided for by law;
• * an attempt to restore or maintain cooperative ties with partner enterprises in other industries and CIS countries.

The operating FIGs are highly diversified: they cover about 100 areas of industrial activity. The priority areas are the production of passenger cars, aircraft construction, the production of pig iron and metal products, the production of iron ore concentrate; non-ferrous metallurgy (production of nickel, copper, aluminum), production of rolled metal products, pipe production, production of chemical products, etc.

The formation of Russian financial-industrial groups takes place on the basis of a holding or pooling of capital (participation system). The holding implies the presence of a parent and subsidiaries, where the first owns controlling stakes in others. This is achieved in two ways: 1) the creation of new enterprises with a decisive vote in the management structure of FIGs; 2) buying up controlling stakes in operating enterprises directly or through subsidiaries. The idea of ​​creating a holding company is to combine different types of business in such a way that synergy arises between them or their mutual influence increases. One of the varieties of such an association is the formation of an industrial and financial group of a holding type under the control of a bank. In this case, enterprises, as it were, acquire an effective owner who is able to ensure their sustainable development and has the necessary resources for this. To coordinate the investment activities of the group, a single holding company is formed, exercising control through the boards of directors of banks and enterprises. There are a number of types of holdings: state holding structures, holdings in integrated companies, holdings in conglomerates, bank holding structures.

Russian financial-industrial groups are formed mainly by merging large enterprises that already have a dominant or significant position in certain market segments, but are gradually losing it, at least in relation to Western producers. Uniting into financial and industrial groups, enterprises get the opportunity to control certain sectors of the economy. However, the inclusion of mainly large enterprises in FIGs negatively affects the flexibility and dynamism of their management structure.

In a number of cases, financial-industrial groups in Russia are created on the initiative of state bodies and are a reflection of the state's selective policy in the field of economic restructuring. The state seeks to make FIGs the strongholds of industrial policy in order to implement macroeconomic policy by influencing their activities. In addition, the FIG is a structure that allows, due to the special situation in the market, to redistribute investment funds from developed industries to lagging ones (subject to the principles of interaction between the FIG and the state). In order for FIGs to actually perform the function of a structure-forming element of the modern Russian economy, it is necessary to proceed from the following principles of state policy:

• * creation of a favorable environment and special selective support for the formation of FIGs in accordance with the strategic directions of industrial and social policy, the tasks of raising and leveling the standard of living in various regions;
• * Ensuring the public-legal nature of the activities of FIGs;
• * development of a special mechanism of influence and cooperation between the state and financial-industrial groups, based not so much on the provision of benefits and direct subsidies, but on a system of observance of mutual rights and obligations.

Often, on the initiative of the local administration and under its control, financial and industrial groups are created to solve the socio-economic problems of the region. At the same time, the local administration provides for a system of financial support measures for FIGs:

• * exemption in whole or in part from property taxes;
• * preferential lease or transfer for temporary gratuitous use of property that is the property of the region;
• * transfer to trust management of blocks of shares (located in regional ownership) of enterprises technologically related to the main activity of the group, but not included in its composition;
• * provision of an investment tax credit.

The main sources of financing the activity of the financial and industrial group are investment loans from participating banks, financing from the budget under targeted programs, loans and direct investments from banks that are not participants in this FIG, and own funds of enterprises.

World experience shows that financial and industrial groups, covering industrial enterprises, research organizations, trading firms and banks, many associative structures based on internal contractual relations, have become a kind of framework for the market economy of a number of countries. It is at this level of organization of production potential that rational partnership, contractual relations with state bodies are ensured, preparation, coordination and control of the implementation of corporate plans and programs of joint activities of a number of economic entities are carried out. At the same time, the attraction of external investors, the development and implementation of: a corporate strategy for activities in the stock market, the performance of other management functions related to the implementation and protection of the interests of shareholders are activated.

In an efficient market economy, financial and industrial groups are, in essence, repeaters of the government's control over the microeconomy. Thus, the level of macroeconomic regulation of production rises, and the stability of international economic cooperation is ensured. Financial and industrial groups are partners of the state in the development and implementation of a strategy for accelerated modernization of the economy.

Financial and industrial groups are a number of enterprises united by a common management structure and a source of lending, which is usually a bank. Companies that are part of FIGs do not necessarily represent the interests of a particular industry. They can perform different functions in the market, releasing dissimilar products. However, all investments are made from a single source. In addition, FIGs are concerns, sometimes a group of concerns, the majority of whose shares are owned by one individual who determines the development strategy for all

Apparent autonomy and structure

Formally, from a legal point of view, such enterprises operate autonomously from each other. At the same time, having external management and financing, they form what we used to call “financial-industrial groups”. Characteristically, despite their seeming autonomy, companies are oriented towards the fulfillment of a certain task, which may not be directly related to the requirements for the growth of economic income. Financial capitalization often occurs due to the concentration of completely different resources.

Financial and industrial groups integrate the efforts of legal, insurance, financial companies, several alternative media resources and, of course, technological industries. What can unite them, except for the banal desire of the owner to earn a little? Obviously politics. It's just that a certain development of business requires not so much judicial and legal as political and instrumental guarantees for maintaining the inviolability of accumulated capital. And this is possible only in the case of the transformation of industrial, financial, banking and other types of capital into political capital, that is, into power. Strictly speaking, the activity of any FIG is aimed at solving such a problem.

• Industrial FIGs are industrial associations operating on the principle of a concern. It is a rare case when such groups include the advantages of an enterprise of one
• Classical financial-industrial groups are associations created on a contractual basis and creating a management company as a basic link. All structural units of financial and industrial groups retain their former

Financial and industrial groups in Russia

In principle, the FIG is a purely Russian phenomenon, which appeared thanks to the corresponding Russian Federation in the second half of 1993. Initially, it was assumed that by creating such groups, the state would be able to quickly get rid of a series of uncontrollable and, by and large, unprofitable post-Soviet enterprises, and somehow streamline unhealthy, wild competition. However, the mechanism for creating FIGs did not imply the formation of “friendly integration” mechanisms, which provoked the emergence of super players who dominated various market niches. Thus, instead of a controlled competitive environment, total monopolies were created that control entire industries and sectors of the economy. And this, in turn, led to no less strong dependence of companies on the activities of state structures. It was thanks to the creation of their own political projects that they began to create the “necessary” lobbying political and

MINISTRY OF EDUCATION OF THE REPUBLIC OF BELARUS

"UO BELARUSIAN STATE ECONOMIC UNIVERSITY"

Department of Economics of Industrial Enterprises

By discipline: Economics of the organization (enterprise)

On the topic: "Financial and industrial groups"

Minsk 2015

1. Financial and industrial group (FIG) as a form of association of enterprises

2. Combining industrial and financial capital

3. Benefits of FIG members

4. Features of PPG

5. Prerequisites for the formation of FIGs in Belarus

6. FIG in Belarus

List of sources used

Financial and industrial group (FIG) as a form of association of enterprises

According to the Law of the Republic of Belarus dated 04.06.1999 No. 265-Z "On Financial and Industrial Groups", a financial and industrial group is an association of legal entities (group members) that carry out business activities on the basis of an agreement on the creation of a financial and industrial group.

The financial and industrial group is created in order to ensure the economic integration of its members to implement investment projects and programs aimed at increasing the competitiveness of goods (works, services) and expanding their sales markets, increasing production efficiency, and creating new jobs.

The financial and industrial group is not a legal entity.

There is also such a thing as a transnational financial and industrial group - a financial and industrial group, among the participants of which there are legal entities - residents and non-residents of the Republic of Belarus.

The founders of the analysis and study of the essence of capital, the basic concepts of the modern theory of integration of financial and industrial capital are Hilferding R., Lenin V. I., Marshall A., Hayek F., Chamberlin E.

The process of creating a FIG requires significant assistance from the state. This sets the following tasks for public authorities: to remove all artificial obstacles to the pooling of capital, to develop measures to promptly support this process, to ensure its uniform distribution in various fields of activity.

Combining industrial and financial capital

Let us consider industrial and financial capital separately. Industrial capital serves the sphere of production, banking capital, and provides the credit sector. Investments in the real sector of the economy are accompanied by the acquisition of material resources and labor, their production consumption, the accumulation of depreciation charges and, at the final stage, the receipt of incremental capital as a result of the sale of finished products, which is again used for the purpose of resuming and expanding production. The circulation of bank capital is inherent in the acquisition of increased capital as a result of financial transactions or the provision of a loan. The rate of turnover of bank capital is much higher than that of industrial capital.

In financial-industrial groups, these two forms of capital are combined into financial-industrial capital, which has a specific nature of movement and a special form of circulation. Its application allows you to significantly increase the return and receive incremental income as a result of their combined operation. Temporarily released funds at one enterprise - a member of a financial-industrial group - can be used to cover the need for funds of other enterprises - members of the group, since the movement of their capitals and the speed of turnover are different. This saves money because no external capital is involved. In addition, temporarily free funds of enterprises, already as bank capital, can be used for issuing securities, speculative transactions, foreign exchange transactions, complex and non-traditional commercial schemes and combinations, placing loans and other assets anywhere, etc. The effect of the combined use of capital (banking and industrial) is much higher than the sum of the results of their separate operation.

The distinctive features of the financial and industrial group are:

· mandatory presence of banks, other financial and credit institutions and industrial organizations;

· the presence of the main, central campaign;

· state expertise of the organizational project;

· state registration as a financial and industrial group.

Advantages of FIG members

Members of the financial and industrial group are legal entities that carry out any types of economic activities not prohibited by the legislation of the Republic of Belarus and produce goods (works, services), as well as banks and (or) non-bank financial institutions.

In order to coordinate their economic activities and conduct business, participants in a financial and industrial group establish a central company or, with the consent of all one of the participants in this financial and industrial group (parent enterprise). Participation of a legal entity in more than one financial and industrial group is not allowed.

Participation in the FPG gives enterprisescertain benefits:

· pooling of capital for the development and implementation of promising programs;

· accumulation of resources for the maintenance of research units, for research and development work, the development of new technologies, etc.

· the possibility of capital flow from less profitable industries to more profitable ones;

· the possibility of mutual offsets;

· provision of credit resources for investment;

· organization of a unified marketing service for market research to improve the sale of products and services;

Attractiveness of FIG participation for banksis the ability to directly participate in production activities, and, consequently, to obtain new sources of profit, to expand banking activities. Joining the FIG is of interest to pension funds, investment and insurance companies. For example, in the case of participation in the FIG, the insurance company receives:

· the right to service enterprises - members of the group and their personnel;

· the possibility of concluding large insurance contracts;

· the possibility of concluding group contracts (for example, for health insurance);

· a significant reduction in risk due to the availability of information about clients - participants in FIGs;

· the possibility of concluding an agreement "bank-client-insurance company" as an additional means of building mutually beneficial relations with the bank.

The joint operation of enterprises, banks, pension funds, insurance and investment companies gives them additional advantages, since the main strategy of a financial and industrial group is to maximize the profits of all its members. Pension and insurance funds accumulate long-term resources. They have the opportunity to invest in long-term projects. Banks and investment companies still prefer short- and medium-term projects. Thus, the members of the group complement each other. Maximizing the profit of an individual participant ultimately acts as the total income of the financial and industrial group as a whole.

PPG Features

Unlike other forms of integration and organization of production common in the modern market economy (such as concerns, cartels, industrial holdings), financial and industrial groups merged under the control of the parent companylegally and economically independent firms and enterprises belonging to various sectors of the economy - banks and other credit institutions, industrial, trade, transport and other corporations. FIG participants independently operate in the domestic market and act in international trade transactions; The functions of financial control and strategic investment management are transferred to the parent company.

In my own way legal statusfinancial-industrial groups are a corporation, that is, a joint-stock company. By nature of propertythese are, as a rule, private firms, although FIGs may also include state or semi-state (mixed) corporations; by ownership of capital- national (the capital belongs to the entrepreneurs of their country) and mixed transnational (they have a wide network of subsidiaries abroad and the capital belongs to the entrepreneurs of two or more countries).

FIGs are the most complex multi-stage formations that arose as a result of the highest stage of market development and, in particular, the joint-stock form of formation and movement of banking industrial and commercial capital. In relation to other types of associations (cartels, concerns, holdings), they are the last in a row as the highest level of capital integration, concentration of economic power, control and influence. Modern financial groups control the largest concerns (a financial and industrial group of companies in various industries, which distinguishes it from other forms of associations) and trusts (one of the forms of monopolistic associations, in which participants lose their industrial, commercial, and sometimes even legal independence), use holdings for their formation and, of course, use cartel agreements. For example, the American financial group Morgans (official name - Cowdray (Lazir) Morgan Grenfell - Morgan USA, assets - 18-20 billion dollars) controls such major concerns as General Electric and Vickers. The core of Germany's most powerful financial group, Deutsche Bank, includes the concerns Simmens, Bosch, Mannesmann and others.

The basis for the creation of FIGs, as well as other business structures, is a participation system that allows you to unite a significant number of firms under the auspices of the parent company by acquiring part of their share capital and thus obtaining rights to manage them. Its essence lies in the fact that in order to control a joint-stock company, it is enough to own a certain share of its shares.

5. Prerequisites for the formation of FIGs in Belarus

In the context of the transition to a market economy, it became obvious that the industrial complex of the Republic of Belarus cannot adequately meet the needs of society and compete in the world market. The state of the industrial complex was exacerbated by the lack of relevant elements of market infrastructure, unwillingness to open economic borders, a sharp reduction in effective demand, inflation, insufficiently rapid formation of effective financial and credit institutions, an aggravation of the problem of mutual indebtedness of enterprises, and external debts.

The prerequisites for the formation of FIGs in the Republic of Belarus include the following:

· an urgent need to create a new system of investment in the development of industry, in the formation of integrated structures capable of self-development in market conditions;

· an increase in the financial assets of commercial banks and trading firms that are potential investors in the industry;

· the presence of a serious structural and financial and investment crisis in the industry, especially in the field of R&D and high technologies;

· the complexity and lack of experience of independent entry of domestic enterprises into foreign markets;

· loss of a significant share of the domestic commodity market of Belarus due to the appearance on it of products of large foreign companies, including transnational companies (owning production units in several countries).

The priority direction for the formation of FIGs in Belarus today is the organization of production of microelectronic products, diesel engineering, chemical industry products, and complex agricultural equipment. Already in 1997, the formation of three financial and industrial groups - "Format", "Granit" and "BelRusAvto" - was completed. The next stage is the creation of four more financial-industrial groups - "Belarusian Bus", "Radio Navigation", "Development of Electronic Industries", "Mezhgosmetiz". The experience of creating FIGs predetermined the need to harmonize the regulatory framework in this area.

The first agrarian-financial-industrial group in Belarus was JSC "Agrarian financial and industrial company "Zhlobin meat-packing plant" of the Gomel region. In addition to the meat-packing plant itself, it also included a feed mill and an agricultural enterprise for fattening cattle" Stepskoe ".

List of sources used

financial industrial capital bank

1.Economics of the enterprise: textbook. Allowance / L.N. Nehorosheva, N.B. Antonova, L.V. Grintsevich (and others); by red. Doctor of Economics Sciences, prof. L.N. Not good. - Minsk: BSEU, 2008.-719 p.

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