Financial and industrial group. Financial and industrial groups of Russian regions

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

Lukoil

OJSC 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 produces 16.6% of “black gold” in Russia and processes 16.7% of Russian oil.

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

The company's president 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 Lukoil shares.

Alekperov's empire owns fields 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 3,617.9 billion rubles, and the number of personnel exceeded 112,000 employees.

In addition to exploration, production and refining of oil and gas, Lukoil is involved in the marketing of petroleum products and the electricity sector.

EVRAZ

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

EVRAZ enters the “twenty” largest producers steel in the world. In 2013, the company produced more than 16 million tons of steel. By the way, our own base of coking coal and iron ore almost completely meets the internal needs of Evraz Group.

The company is engaged in the sale and production of steel products, coal and iron ore mining, the production and sale of vanadium and vanadium products, logistics and trade. The financial industrial group includes about 30 enterprises.

The headquarters of the financial and industrial group are located in Moscow (Belovezhskaya str., 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 Evrazmetall and was managed from its headquarters in Moscow; in 2004, the name changed to Evraz Group, and the management center moved to Luxembourg. In 2011, Evraz Plc appeared with headquarters in London.

The mining and metallurgical holding is owned by Roman Abramovich (32.99%), Alexander Abramov (23.45%), Alexander Frolov (11.72%), Evgeniy 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 experiencing better times. Due to an aggressive purchasing strategy, the company entered the crisis with serious debt. 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.

Last July, the company's market capitalization fell to a historic low of $1.4. By September, the price of Evraz Plc rose to $2.95, but this is still much lower than pre-crisis values.

Tatneft

OJSC Tatneft is the largest Russian oil company, having the status of a vertically integrated group. Currently, the company accounts for 8% of oil production in Russia and 80% in Tatarstan.

Tatneft specializes in 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 financial industrial group includes about 60 enterprises in the field of geological 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 gas stations, the Kama Trading House, the TatNIPIneft Institute, tire production enterprises (Nizhnekamskshina), the insurance company Chuplan, the National Non-State Pension Fund and much more.

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

Former CEO OJSC Tatneft Shafagat Takhautdinov, having worked in the company for 23 years, at the end of autumn 2013, gave up his post to his deputy Nail Maganov.

Tatneft is closely connected with the government of Tatarstan. The company's largest shareholder is the state-owned company Svyazinvestneftekhim, and the board of directors is headed by Tatarstan President Rustam Minikhanov.

Severstal

OJSC Severstal is a Russian vertically integrated mining and steel company. It is this financial and industrial group that owns the Cherepovets Metallurgical Plant in the Vologda Region - the second largest steel mill in Russia. The company's headquarters is also located in Cherepovets.

OJSC 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 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 blocks of shares 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 is registered in St. Petersburg.

SIBUR has a unique business model, which is focused on the integrated operation of two main segments. Sibur ranks first in Russia in terms of processing volumes of associated petroleum gas, producing 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 personnel at Sibur enterprises exceeds 30 thousand people.

At the moment, 82.5% of the shares in the authorized capital of OJSC Sibur Holding belong to Gennady Timchenko and Leonid Mikhelson.

TAIF

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

The name stands for “Tatar-American Investments and Finance”.

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

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

Finally

In the 90s XX century As a result of large-scale processes of privatization of state-owned enterprises in Russia, the collapse of industrial and production associations began, which led to the disintegration of the economy. One of the main prerequisites for the legislative regulation of associations of legal entities in the form of financial and industrial groups was the recognition of the necessity of functioning in the economy of our country along with small and medium-sized business structures of large industrial and economic complexes. Since it is large structures that ensure the competitiveness of the products of enterprises in knowledge-intensive industrial sectors and intensify the processes of investment in the spheres of the real economy.

Financial and industrial groups (hereinafter referred to as FIGs) are often called “special economic zones”, as they allow one to minimize many risks and obtain a favorable tax regime. FIGs are also quite attractive for foreign investors. In Russia there are now about 100 officially registered financial and industrial groups (Interros, Nizhny Novgorod Automobiles, Mostatnafta, Magnitogorsk Steel, Sibagromash, etc.), and there are several times more unofficial groups (for example, "Alfa Group"). At their core, many business associations meet all the characteristics of a financial-industrial group, but are not such because they have not gone through the state registration process.

Financial and industrial groups are created in all member states of the CIS, but in Western economies this special organizational type of association is absent. Foreign analogues of domestic financial industrial groups can be considered related enterprises or concerns in Germany, groups of partnerships in France, holding companies in the UK and the USA. The essence of such entities is that it is an association of participants that does not have the status of a legal entity, which is based on economic subordination and control of one participant over others.

Currently, the main regulatory act regulating the organization and activities of financial and industrial groups is the Law on Financial and Industrial Groups.

A financial-industrial group is a set of legal entities operating as main and subsidiary companies or who have fully or partially combined their tangible and intangible assets on the basis of an agreement to create a financial industrial group for the purpose of technological or economic integration for the implementation of investment and other projects and programs aimed at increasing competitiveness and expansion of markets for goods and services, increasing production efficiency, creating new jobs.

From the legal definition of a financial-industrial group it follows that it is not one of the organizational and legal forms of legal entities. The impossibility of giving financial-industrial groups the status of a legal entity is due to the desire to preserve for their participants the legal personality of a legal entity, ensuring the conduct of business activities. Despite the absence of a financial industrial group as a complex formation of a set of rights and obligations inherent in a legal entity, it can be noted individual elements legal personality of financial industrial groups in relations regulated by antimonopoly and tax laws.

Firstly, group members involved in production can be recognized as a consolidated group of taxpayers, i.e. a single subject of tax legal relations.

Secondly, in Art. 20 of the Tax Code of the Russian Federation contains the concept of “interdependent persons,” which, among other things, can be organizations if one of them participates in the authorized capital of the other and the total share of such participation is more than 20%. The identification of the category of interdependent persons turned out to be necessary for the tax authorities to be able to exercise control over pricing in transactions carried out between interdependent persons. The use of “transfer pricing” between participants in business associations makes it possible to underestimate the tax base, which, of course, does not meet the interests of the state. Consequently, tax authorities control interdependent persons as a single entity.

From the point of view of antimonopoly legislation, group members, even if they are formally autonomous (independent) legal entities, represent components of the overall structure, are managed from a single center and are engaged in entrepreneurial activity to achieve the interests of the group as a whole. Therefore, in antimonopoly legislation, financial industrial groups are recognized as a single economic entity.

Based on the forms of production and economic integration, a distinction is made between “vertical”, “horizontal” financial and industrial groups and conglomerates. According to statistics in Russia, the majority of registered financial and industrial groups are distinguished by a vertical type of association (Aerofin, Defensive Style groups). Horizontal integration involves the merger of enterprises focused on producing homogeneous products (Rosstroy, BelRusAvto groups). Conglomerates are considered the most stable form of association, which has enterprises in different, unrelated business sectors, in order not to depend on the economic situation in a particular industry (the “United Industrial and Construction Company” group).

Based on industry affiliation, it is customary to distinguish industry and inter-industry groups; according to the degree of business diversification - single-industry and multi-industry; by scale of activity - regional, interregional and interstate (transnational). Financial and industrial groups are considered transnational if among their participants there are legal entities that are under the jurisdiction of the CIS member states, or have divisions on the territory of these states, or carry out capital construction there. A transnational company created on the basis of an intergovernmental agreement acquires the status of an interstate financial and industrial group.

Participants in a financial-industrial group can build their relationships in two ways: either as interaction between the main and subsidiaries, or as interaction on the terms of full or partial unification of their tangible and intangible assets. In the first case, we are dealing with an actual holding model, when the main (parent) company has the opportunity through its block of shares (shares) in subsidiaries, i.e. by virtue of the predominant participation in their authorized capital, manage the activities of each of them. We can say that the financial industrial group of the first type is a business association based on a “participation system”, economic subordination and corporate control. In such an association, the main company performs the functions of a central company, through which, in essence, the activities of the group as a whole are conducted.

The financial industrial group of the second type is a voluntary contractual entrepreneurial association of legal entities independent from each other. According to statistics, the majority of registered (official) financial and industrial groups are created precisely according to the type of association based on an agreement; they are sometimes referred to as "soft non-holding corporations" or "contractual holdings." A financial-industrial group of this type is created by concluding an agreement on the creation of a financial industrial group by group members, in accordance with which a central company is established. That is, the central company, in fact, is a subsidiary or dependent company in relation to all participants of the financial industrial group. By its legal nature, the agreement on the creation of a financial and industrial group is a type of simple partnership agreement (Articles 1041-1054 of the Civil Code of the Russian Federation).

Current legislation provides for a number of restrictions on participation in a financial and industrial group.

Thus, state and municipal unitary enterprises can be part of financial industrial groups on conditions determined by the owner of the property. A financial-industrial group involves the combination of tangible and intangible assets, but a unitary enterprise, not having the right of ownership to the property assigned to it, cannot independently dispose of its assets; it requires coordination of its transactions with the owner of the property. However, despite these restrictions, in Russia more than 10% of the total number of participants in all registered financial and industrial groups are enterprises in the public sector of the economy.

Subsidiaries can be part of a financial and industrial group only together with their main company. Decisions, actions, transactions of subsidiaries can be quite strictly predetermined by the main (parent) companies. Therefore, a situation cannot be ruled out in which a subsidiary will be forced to choose between the decisions of the governing bodies of the financial industrial group and the main (parent) company that are mandatory for it, but contradictory to each other. Thus, this limitation is due to the desire to ensure proper controllability in the execution of decisions in the financial industrial group system by its participants.

Legislation prohibits a legal entity from participating in more than one financial and industrial group. This restriction prevents monopolization of the market, since groups with the same composition of participants do not create conditions for free competition. However, it is obvious that participants in financial industrial groups have the right to be members of other types of associations, for example, banking groups.

Public and religious associations cannot be participants in financial and industrial groups, since the goals of the activities of these organizations (taking into account restrictions on engaging in entrepreneurship) do not imply the possibility of their participation in industrial and financial complexes.

Regardless of the type of financial and industrial group organized (holding or contractual association), it consists of obligatory and initiative (optional) participants. Mandatory participants in the financial and industrial group are enterprises operating in the field of production, as well as banks and credit organizations. Manufacturing enterprises are assigned the functions of manufacturing and releasing commercial products or providing services; banks or credit organizations are assigned the role of investment structures.

Optional participants in financial industrial groups may include investment funds, insurance companies, non-state pension funds, as well as any other organizations.

The first stage of creating a financial and industrial group is the development of its local acts. In all types of financial industrial groups, mandatory local documents include the organizational project of the group, i.e. a package of documents containing the necessary information about the goals and objectives, investment and other projects and programs, the expected economic, social and other results of the financial industrial group. An organizational project, as a rule, includes an explanatory note and a feasibility study for the future activities of a financial industrial group.

In the case of a contractual type of merger into a financial-industrial group, local documents also include the agreement on the creation of a financial industrial group and the charter of the central company. The agreement on the creation of a financial industrial group is a type of agreement on joint activities (simple partnership). Along with the essential conditions mandatory for a simple partnership agreement, it must contain information about the name of the financial-industrial group, the procedure and conditions for the establishment of the central company, the procedure for formation, the scope of powers of the board of directors of the financial-industrial group, the procedure for making changes to the composition of participants, the volume, procedure and conditions for combining assets , the purpose of the association of participants, the duration of the agreement. Other terms of the agreement on the creation of a financial-industrial group are established by the participants, based on the goals and objectives of a particular financial-industrial group, taking into account industry, regional and other specifics.

The financial and industrial group is registered by a central company, which, being a separate legal entity, is created and registered earlier than the group itself. The registration of the group is carried out by the Ministry economic development and trade of the Russian Federation in a separate state register.

To register, the central company of a financial-industrial group submits an application for registration, an agreement on the creation of a financial industrial group (an agreement is not required if the group is formed as a combination of main and subsidiary companies), notarized copies of registration certificates, constituent documents, copies of registers of shareholders of each of the participants, including the central company, organizational project, notarized and legalized documents of foreign group members. In addition, it is necessary to submit a conclusion from the Federal Antimonopoly Service confirming that the creation of a financial and industrial group will not lead to restriction of competition in product or financial markets.

After examination of the submitted documents, state registration financial and industrial group.

Today, one of the actively growing forms of organizing interaction between financial and industrial organizations not only in our country, but also abroad is Financial-Industrial Groups (FIGs).

The activities of a financial industrial group are the activities of its participants, which they carry out in accordance with the agreement on the creation of the group and / or its organizational project when using separate assets.

Participants of a financial-industrial group are legal entities that have signed an agreement on the creation of a financial-industrial group, the central company of a financial-industrial group established by them, or the main and subsidiary companies that form the financial-industrial group.

Financial industrial groups may include commercial and non-profit organizations, including foreign ones, with the exception of public and religious organizations(associations), namely:

State and municipal unitary enterprises - in the manner and on the terms determined by the owner of their property;

Subsidiary business companies and enterprises - only together with the main company (unitary founding enterprise);

Investment institutions, non-state pension funds, insurance companies, whose participation is determined by their role in ensuring the investment process in financial industrial groups.

Financial and industrial groups have one characteristic feature - the absence of any formally established organizational structure.

The extreme complexity and ramification of the internal structure of financial industrial groups is caused by the desire to confuse accounting as much as possible and minimize tax payments on this basis, as well as to circumvent existing state regulation requirements, including restrictions on investment activities.

It should also be emphasized that the formation of a financial industrial group is not just an organizational and legal process of formalizing the interaction of financial and industrial companies, it is connections between industrial, trading, financial firms and organizations that have been developing over a long period of time. These ties are formed through a system of participation (including cross-shareholding), personal union, long-term credit obligations and other forms of dependence.

A company is allowed to participate in only one financial and industrial group officially registered in the State Register. Subsidiaries have the right to enter financial industrial groups only together with their parent companies.

The key concept of the law is the “central company of the financial industrial group,” which can be an investment institution, business entity, association or union.

Joint activity within the framework of a simple partnership involves the selection of a participant who is entrusted with the conduct of common affairs, but not all partners are ready to trust one participant. In this case, a joint establishment of a central company controlled by a board of managers is more appropriate.

The Board of Governors is the highest governing body of the group. Through it, control of participants over joint activities and the use of allocated resources is ensured. Each member sends a representative to the governing board. For such financial and industrial groups, the agreement on the creation of a group is a kind of memorandum of association a simple partnership, the general affairs of which are carried out by a central company. In particular, it determines the volume, procedure and conditions for the merger of assets, as well as the procedure for the formation, scope of powers and other conditions for the activities of the board of governors.

The central company is authorized by law or agreement to conduct the affairs of the group, so, in particular, it maintains consolidated accounting, reporting and balance sheet of the financial industrial group, prepares an annual report on the activities of the group, and carries out certain banking operations in the interests of the participants of the financial industrial group. For the obligations of the central company arising as a result of participation in the activities of the financial-industrial group, the participants bear joint liability, the specifics of the fulfillment of which are established by the agreement on the creation of the group.

The right to maintain a consolidated balance sheet gives the central company the ability to distribute financial resources among financial industrial group participants without any hindrance from the point of view of tax legislation. This, in turn, makes it possible to talk about the central company as an institution for the formation and distribution of financial resources within financial industrial groups and as an investment institution.

The nomination by a financial-industrial group participant of a representative to the board of directors of the financial-industrial group is carried out by a decision of the competent management body of the financial-industrial group participant. The competence of the FIG governing board is established by the agreement on the creation of the FIG.

Among the participants of the financial industrial group, there must be organizations operating in the production of goods and services, as well as banks or other credit organizations. Participants of financial industrial groups producing goods and services can be recognized as a consolidated group of taxpayers and maintain consolidated accounting, reporting and balance sheets of financial industrial groups, and they also have the right to cross-own shares.

FIGs, among the participants of which there are legal entities under the jurisdiction of member states of the Commonwealth of Independent States, having separate divisions on the territory of these states or making capital investments on their territory, are registered as transnational financial and industrial groups.

If a transnational financial-industrial group is created on the basis of an intergovernmental agreement, it is assigned the status of an interstate or international financial-industrial group.

For participants in an interstate financial and industrial group, national treatment is established by intergovernmental agreements on the basis of reciprocity. Makarova G.L. Organization of financial and industrial groups. - M., 2003. - P. 120.

Structural elements of emerging financial and industrial groups

In order to highlight the main elements of specifically domestic financial and industrial groups, it is necessary to trace how large private capitals were formed, since it is the fact of the availability of capital that is fundamental in the formation of financial industrial groups.

The weakness of state power and legislation, the embryonic state of market institutions, the rapid pace of privatization and opening of the economy, and the inexperience of the population have created a fertile environment for the spontaneous formation of large private capital. The public sector has become a kind of incubator for private firms. Preferential, privileged access to state resources has become a necessary condition successful development of large private businesses.

The banking sector is characterized by a high pace of market transformations. However, the real flowering of banks is associated with liberalization in 1992. The banking sector has benefited the most from inflation. The situation was aggravated by the ineffective payment system, the underdevelopment of the foreign exchange market and the unstable exchange rate of the ruble. Banks used all this to their advantage.

The expansion of large banks within the banking sector itself, the formation of networks of capital banks in the regions is one of the features of the current stage of development of financial industrial groups. It should also be taken into account that banks have more qualified personnel than other economic entities. This allows them to formulate their own investment strategies aimed at acquiring a significant share in sectors that have opportunities for growth in the medium term.

Thus, one of essential elements The emerging domestic financial and industrial groups are banks.

The second area of ​​rapid capital accumulation is trade. The high profitability of the trading business is associated with huge differences in the structures of domestic and world prices, which made foreign trade very effective immediately after the abandonment of the state monopoly in this area.

In many cases, trading structures appeared earlier than financial ones and acted as parent companies to the latter. However, given the profitability of the banking business, almost all prominent trading companies have not only opened their own banks, but also consider their own banking activities as a priority area of ​​development.

In turn, banks directly penetrate the trading services market by creating subsidiaries. Banks are also actively involved in acquiring shares in major retailers.

Thus, banks and trading companies are in today's conditions the main structure-forming elements of financial industrial groups. This is where the main source of income for the group (which can be partially redistributed in favor of other enterprises included in the group, including for the development of new markets).

Besides, in modern structure PPG, as a rule, there are two more “typical” elements - Insurance Company and a checking investment fund. In conditions of inflation and in the absence of traditions in society for the consumption of insurance services, the development of insurance faces demand restrictions. However, within larger structures, insurance companies turn out to be extremely useful, including for tax-free increases in cash payments to those working in financial industrial groups (through insurance payments) and organizing the legal export of capital (through reinsurance abroad).

Today, investment funds play a major role in the practical implementation of the investment strategy of financial industrial groups in terms of the acquisition of blocks of shares and individual enterprises during privatization.

To a lesser extent, such transformations as, for example, real estate firms are common in the structure of modern financial industrial groups. A relatively new trend that will intensify is the formation of private pension funds. Medvedev N.A. Problems of formation and development paths of financial and industrial groups / Medvedev N.A., Oblivin A.A. - M., 2000. - P. 204.

Based on all of the above, we can conclude that participants in a financial-industrial group can be various industrial enterprises, financial institutions and other legal entities. However, at present, the main elements of financial industrial groups are banks, so it is necessary to reflect in more detail the role of financial and credit institutions in the formation and development of financial and industrial groups.

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

1. The first type of financial industrial group can be formed on the initiative of financial institutions interested in a reliable and fairly profitable investment of funds. By purposefully consolidating shares of trading, industrial, and transport enterprises (directly or through the creation of holding structures), financial companies become the core of the group.

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 production cooperation or in other economic interests. This type of financial industrial group arises as a result of diversification of the capital of financial and credit institutions, increasing its reliability in changing market conditions. In today's conditions, the formation of financial industrial groups of this kind is doubtful, since banks avoid long-term investments in industrial enterprises, especially large ones.

2. The second type of financial industrial group may arise if 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 financial industrial group are industrial enterprises, but they need investments 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. Now, wanting to create financial industrial groups, many are also going to establish new banks as part of these groups. These banks are usually low-power. In addition, the Central Bank of the Russian Federation has now set a lower limit of authorized capital for commercial banks, which is difficult to overcome.

These types of financial industrial groups are focused on the interests of private enterprises and the actual market conditions of their work.

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

These financial industrial groups are focused on enterprises, either state-owned or corporatized, but with a high proportion of federal ownership.

This type includes financial industrial groups that intend to create regional administrations in their territories and regions, wanting to use a new structural form to achieve their goals.

4. This type is intended to be created on the basis of intergovernmental agreements. It is assumed that these FIGs have two features: firstly, they are created with the participation of foreign capital attracted by intergovernmental agreements in various forms, and secondly, the list of Russian participants in FIGs is determined by the Government of the Russian Federation from among enterprises with a state ownership share in their capital of at least 25 %. However, many do not consider the creation of financial industrial groups on the basis of state-owned enterprises to be promising. It is also necessary to distinguish between formal and informal financial and industrial groups.

Most industrial FIGs are officially registered, while most banking FIGs are informal.

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

According to statistics today, due to the formation of financial industrial groups, the volumes of shipped products, revenue from product sales, balance sheet profit, and profitability increase.

It would seem that this indicates the fruitfulness of the idea of ​​​​official status for financial industrial groups. However, there is still a lot to be done to ensure that the integration of industrial and banking capital within the framework of the majority of structures that have received this status ceases to be a declaration.

World experience in the activities of financial and industrial groups.

A market-oriented financial system is characterized by a high level of development of the capital market and a wide range of different financial instruments. Moreover, initially high level the development of industrial corporations, the reliability of whose shares were not in doubt, greatly facilitated the process of attracting additional capital. Industrial enterprises increased their capital mainly through new issues of shares, so there was virtually no need for long-term lending as a way to increase their fixed capital. Therefore, in the current conditions, the functions of banks were limited to accumulating savings, providing short-term loans, and carrying out transactions with securities on the foreign market, but without direct participation in the management of enterprises. Another distinctive feature of the largest corporations in a market-oriented financial system is the significant degree of dispersion of share capital. A typical corporation in a market-oriented financial system has many owners, each of whom owns a relatively small share of corporate capital. As a result, no group of shareholders can claim special rights to manage the company.

In addition, the integration processes in countries with a market-oriented financial system were greatly influenced by antimonopoly legislation. Thus, in the American economy, antimonopoly legislation not only made it difficult to concentrate industrial capital, but also created additional obstacles to the merging of banking capital with industrial capital.

Now, using the example of US corporate structures, we will consider the characteristic features of their organizational structure and management. Financial and industrial associations existing in the United States can be divided into two groups: the first includes structures dominated by banks, while control over enterprises is exercised by banks (for example, Chase, Morgan, Mellon, Leeman-Goldman , Sax").

The organizational structure of banking financial and industrial groups is a horizontal association of large oligopolistic firms, in the center of which is a leading commercial bank. In most cases, these groups have a similar history of creation and development and have the same structure.

In addition, the United States is also characterized by a tendency to increase activity and trading capital both in penetration into industry and financial institutions. Trading concerns are moving along the path of creating, if not financial and industrial groups, then certainly along the path of forming subgroups in which they play a very significant role.

Concluding our examination of US financial and industrial associations, it is necessary to make a number of comments.

A characteristic feature of the American corporate business model is the principle of strict separation between the financial and production sectors of the economy, which has recently increasingly become the object of criticism as contradicting the fact of the very successful functioning of countries with bank-oriented financial systems.

The economic policy of the American state, contrary to “antitrust laws,” not only did not prevent the spread of control by banking structures over industrial ones, but even contributed to this process.

Financial and industrial associations of continental Europe

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

The core of financial industrial groups created on the basis of bank data is formed by several (from 3-5 to 10) banking, industrial, trade, insurance and transport monopolies, often penetrating into other areas of the economy.

Commercial banks, which are the undisputed center of the group, are universal credit and financial complexes combining credit and settlement activities with a wide range of services. In fact, German banks are the main source and “relay” of financial “energy”.

The production activities of industrial concerns mainly cover one specific industry or sub-sector of the economy, where large and mass production based on application high technology(primarily ferrous and non-ferrous metallurgy; steel, chemical and electrical industries; automotive and mechanical engineering). The exceptions are the Siemens concern, which extends its activities to the entire electrical industry, and the Thissen concern, which covers 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 group's parent holdings own shares and control the activities of about 150 companies.

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

Along with national banking groups, regional banking groups occupy a special position in the German economy. Their most noticeable development is observed in Bavaria. Bavarian industrial enterprises, which are fairly medium in size, traditionally maintain ties with Bavarian banks even when they are part of concerns that are structural elements of the financial groups of large German banks.

In France, the most widespread are financial and industrial associations created around the largest industrial complexes (for example, Elf Aquitane, Company Française de Petrole (oil chemical industry); "Company General Electricity" (electronics and electrical engineering), etc.) Tsvetkov V.A. Financial and industrial groups: Experience and prospects // Probl. forecasting. - 2000. - N 1. - P. 284.

The industrial component of these associations is, as a rule, a single whole production-wise- formed on the basis of technologically interconnected enterprises. Groups can include from several dozen to several hundred legally independent firms. Banking institutions that are part of groups are quite often controlled by the main industrial enterprises of the group.

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

A characteristic feature of financial and industrial groups in Sweden is the predominance of industrial associations associated with the families of large Swedish businessmen and financiers. In general, financial industrial group data demonstrate characteristics similar to financial and industrial associations in Germany. As in German groups, cross-shareholding is widespread, reaching up to 25%.

In the Italian economy, banking financial and industrial groups occupy a dominant position. First of all, this is due to the fact that raising capital through issuing additional issues of shares 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 loans, in turn, becoming more and more dependent on the banks lending to them.

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

The organizational structure for managing state property of numerous private joint-stock companies, whose controlling stakes were purchased by the state, are state holding companies, which allow the government to consistently implement its economic policies in various areas of economic and social development.

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

Examples of such structures involved in the management of state property that operate in other countries include the National Institute of Industry (INI) in Spain - the largest state holding in Western Europe, formed in 1941 on Franco’s personal initiative. In France it is Renault (National Directorate of Renault Plants). Agafonov V.I. Large industrial associations and financial and industrial groups. - Kaluga, 2007. - P. 240.

The results of a number of studies, summarizing the world and first domestic experience in the development of financial and industrial groups, show: the large-scale formation of such large organizational and economic structures is one of the key directions for bringing the economy out of the crisis and reforming it on a truly market basis.

Currently, objective conditions have arisen for the formation and activities of financial and industrial groups in our country. In the current conditions, the formation of financial and industrial groups is one of the ways for the survival of industrial enterprises. Great hopes are placed on the activities of financial and industrial groups in the branches of the military-industrial complex.

Today, our country has created the necessary legal framework for the creation of financial and industrial groups and already has great experience in their area of ​​activity. We hope that financial and industrial groups, with the help of the state, will help stabilize the economic situation in the country.

However, the formation of groups cannot be turned into another voluntaristic campaign and this form cannot be imposed on enterprises. The formation of financial industrial groups and the choice of their specific variant is a matter for the enterprises themselves.

It would be wrong to say that large corporations and financial industrial groups do not include negative aspects and trends. The point, however, is that ideal social forms that do not contain negative potentials do not exist at all. It is therefore important, first of all, to soberly determine what exactly the formation of financial and industrial groups can give to the Russian economy in its current state.

Those responsible for making decisions in the field of economic policy should take into account the listed positive and negative consequences of the activities of financial and industrial groups. Until now, the government has not prevented the development of these groups (and even encouraged it). This approach may be fully justified given the benefits that financial industrial groups provide to their members. However, it must be remembered that FIGs have a negative impact on market competitiveness and flexibility economic system, which are key in terms of long-term economic growth.

MINISTRY OF EDUCATION OF THE REPUBLIC OF BELARUS

"BELARUSIAN STATE ECONOMIC UNIVERSITY"

Department of Economics of Industrial Enterprises

Discipline: Economics of organization (enterprise)

On the topic: "Financial and industrial groups"

Minsk 2015

1. Financial-industrial group (FIG) as a form of enterprise association

2. Combining industrial and financial capital

3. Advantages of financial industrial group participants

4. Features of FPG

5. Prerequisites for the formation of financial industrial groups in Belarus

6. Financial industrial groups in Belarus

List of sources used

Financial-industrial group (FIG) as a form of enterprise association

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

The financial and industrial group is created in order to ensure the economic integration of its participants for the implementation of 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 concept as a transnational financial and industrial group - a financial and industrial group, among whose members 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 R. Hilferding, V. I. Lenin, A. Marshall, F. Hayek, E. Chamberlin.

The process of creating a financial industrial group requires significant assistance from the state. This poses the following tasks for government authorities: to remove all artificial obstacles to the pooling of capital, to develop measures for the operational support of this process, to ensure its uniform distribution throughout various fields activities.

Combining industrial and financial capital

Let's consider industrial and financial capital separately. Industrial capital serves the production sector, banking capital provides the credit sector. Investments in the real sector of the economy are accompanied by the acquisition of material resources and work force, their production consumption, accumulation of depreciation charges and final stage receipt of increased capital as a result of the sale of finished products, which is again used for the purpose of renewing and expanding production. The circulation of banking capital is characterized by the acquisition of increased capital as a result of financial transactions or the provision of a loan. The turnover rate of banking capital is significantly higher than that of industrial capital.

In financial-industrial groups, these two forms of capital are combined into financial-industrial capital, which is characterized by a specific nature of movement and a special form of circulation. Its use allows you to significantly increase returns and receive increased income as a result of their combined operation. Temporarily released cash at one enterprise - a member of a financial-industrial group - can be used to cover the cash needs of other enterprises - members of the group, since the movement of their capital and the speed of turnover are different. This saves money because borrowed capital is not attracted from outside. In addition, temporarily free funds of enterprises, already as bank capital, can be used for issuing securities, speculative transactions, currency transactions, complex and unconventional commercial schemes and combinations, placing loans and other assets anywhere, etc. The effect of the combined use of capital (banking and industrial) is significantly greater than the sum of the results of their separate functioning.

Distinctive features of the financial and industrial group are:

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

· the presence of a main, central campaign;

· state examination of the organizational project;

· state registration as a financial and industrial group.

Advantages of financial industrial group participants

Participants of the financial and industrial group are legal entities engaged in any type of economic activity not prohibited by the legislation of the Republic of Belarus, and producing goods (work, services), as well as banks and (or) non-banking financial institutions.

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

Participation in financial and industrial groups gives enterprisescertain advantages:

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

· accumulation of resources for the maintenance of research units, for carrying out scientific research work, developing new technologies, etc.

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

· possibility of mutual settlements;

· 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 bankslies in the opportunity to directly participate in production activities, and, consequently, obtain new sources of profit and expand banking activities. Joining financial industrial groups is of interest to pension funds, investment and insurance companies. For example, in case of participation in a financial industrial group, the insurance company receives:

· the right to service enterprises that are 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);

· significant reduction in risk due to the availability of information about clients - participants of the financial industrial group;

· the possibility of concluding a "bank-client-insurance company" agreement as additional remedy building mutually beneficial relationships with the bank.

The joint operation of enterprises, banks, pension funds, insurance and investment companies gives them additional advantages, since the main strategy of the financial and industrial group is to maximize the profits of all its participants. Pension and insurance funds accumulate long-term resources. They have the opportunity to invest them in long-term projects. Banks and investment companies still predominantly give preference to short- and medium-term projects. Thus, the group members 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.

Features of FPG

Unlike other common in modern market economy forms of integration and organization of production (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 operate independently in the domestic market and participate 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 ownershipthese are, as a rule, private firms, although financial industrial groups may also include state or semi-state (mixed) corporations; by capital ownership- national (the capital belongs to entrepreneurs of their own country) and mixed transnational (they have a wide network of subsidiaries abroad and the capital belongs to entrepreneurs of two or more countries).

FIGs are complex multi-stage formations that arose as a result of the highest stage of market development and, in particular, shareholder form formation and movement of banking industrial and commercial capital. In relation to other types of associations (cartels, concerns, holdings), they stand last in the 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 different industries, which distinguishes it from other forms of associations) and trusts (one of the forms of monopolistic associations, within which participants lose production, commercial, and sometimes even legal independence), They use holdings for their formation and, of course, take advantage of cartel agreements. For example, the American financial group Morgan ( official name- Cowdray (Lazir) Morgan Grenfell - Morgan USA, assets - $18-20 billion) 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 financial industrial groups, as well as other business structures, is a participation system, which makes it possible to unite a significant number of firms under the auspices of the parent company by acquiring part of their share capital and thus obtaining the 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 proportion of its shares.

5. Prerequisites for the formation of financial industrial groups 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 sufficiently satisfy the needs of society and compete in the world market. The state of the industrial complex was aggravated by the lack of appropriate elements of market infrastructure, unpreparedness for the opening of economic borders, a sharp reduction in effective demand, inflation, the insufficiently rapid formation of effective financial and credit institutions, the aggravation of the problem of mutual debt of the enterprise, and external debts.

The prerequisites for the formation of financial industrial groups in the Republic of Belarus include the following:

· an urgent need to create a new investment system for industrial development, to form integrated structures capable of self-development in market conditions;

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

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

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

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

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

The first agrarian-financial-industrial group in Belarus was the Agricultural Financial-Industrial Company Zhlobin Meat Processing Plant JSC in the Gomel Region. In addition to the meat processing plant itself, it also included a feed mill and an agricultural enterprise for fattening cattle Stepskoye.

List of sources used

financial industrial capital bank

1.Enterprise economics: textbook. Benefit / L.N. Nekhorosheva, N.B. Antonova, L.V. Grintsevich (and others); by ed. Doctor of Economics Sciences, prof. L.N. Not good. - Minsk: BSEU, 2008.-719 p.

Http://www.levonevski.net/pravo/norm2013/num55/d55889.html

Http://base.spinform.ru/show_doc.fwx?rgn=2032

Gorzhankina S.V.

In market conditions, the formation of financial-industrial complexes is inevitable. The mechanisms for their creation, composition and structure may be different due to different levels of economic development, the degree of its commercialization, and the state of the financial, stock and commodity markets. Russian characteristics are associated with the past large-scale privatization, the destruction of previous economic ties, inflation and the investment crisis.

The merger of financial capital with industrial capital and the formation of financial and industrial associations on this basis reflects the objective stable trends of a modern industrialized economy. The interdependence of the main types of capital has reached such a degree that not only their autonomous existence is not possible, but in their movement they strive to create unified organizational centers that regulate it.

The economy of the vast majority of highly developed countries consists of analogues of financial industrial groups - transnational corporations. The formation of large financial and industrial complexes is associated with the need to conduct large-scale scientific research and development, make fuller use of technological potential, expand industrial cooperation, as well as the desire to withstand sharp fluctuations in business conditions.

Financial and industrial groups are universal diversified complexes, including industrial enterprises, banks, trading firms, insurance, pension, investment and other companies. They provide guaranteed access to financial, credit, material and technical resources, as well as the most reliable and profitable placement of capital.

Today, the world has accumulated extensive experience in the creation and development of financial and industrial groups; many approaches to their formation have been worked out in the form of a wide variety of organizational forms that make it possible to obtain additional competitive advantages from the combination of industrial and financial capital. Within their framework, industrial enterprises are united with financial institutions based on the establishment between them of relations of economic and financial interdependence, division of labor and its coordination in order to carry out joint economic activities.

Flexibility in decision-making and coordination of joint efforts, combined with the stable and long-term nature of ties between the enterprises included in the group, give FIGs great advantages. They manifest themselves primarily in the following possibilities:

• implement your long-term strategy related to the ability to foresee and predetermine the future state of the market;
• organize joint production and economic activities, carry out joint research and production programs;
• deepen specialization and develop cooperative ties, cooperate in the supply and sales sphere in order to save related costs;
• increase the consistency of enterprise actions during production integration;
• finance R&D and promptly implement the results obtained into production;
• expand the circle of investors, strengthen relationships with financial institutions;
• consolidate investment resources;
• it is profitable to redistribute investment resources, concentrate them on the most profitable and profitable areas;
• optimize material and financial flows, including from the point of view of tax obligations;
• save on costs thanks to transfer prices, large scale production, which allows you to differentiate prices, reduce losses associated with fluctuations in market conditions;
• reduce the need for working capital ah based on the use of trade loans, bills, etc.;
• improve business image in domestic and foreign markets.

The need of the Russian economy for large, vertically integrated and at the same time diversified industrial associations began to appear back in the 60s. To overcome departmental disunity and organize the coordinated work of large economic and technological complexes, many Soviet specialists made a lot of efforts. Suffice it to recall the experiment with economic councils. Later, scientific and production associations (NPOs), all-Union industrial associations (VPO), trade and industrial associations (TPO), agro-industrial complexes (APC) up to the State Agro-Industrial Association, and territorial production associations were created.

The question of creating highly integrated intersectoral associations arose again in 1993. During this period, the destruction of the sectoral structure of industrial management was practically completed, which led to a weakening of the coordination of production activities of enterprises producing many types of technologically complex products.

In connection with the actual focus on the disintegration of large industrial complexes, enterprises immediately encountered problems of controllability and financing, associated primarily with the insolvency of consumers of products in most industries, declining investment activity, more than modest budget financing, and a lack of working capital.

Many researchers saw the solution to these problems in the formation of new organizational and economic structures that unite privatized enterprises of varying degrees of technological connectivity and embody the process of financial and industrial integration, the merging of industrial capital with financial capital, on a new mutually beneficial basis. The advantage of these forms is the opportunity to solve strategic problems of developing production and increasing its efficiency, no longer on a purely credit basis, but on the basis of joint-stock co-founding.

In specific Russian conditions, the formation of financial industrial groups, in addition to increasing competitiveness in world markets, can also solve many internal anti-crisis and reform problems. The proposed sets of problems in official documents and in the work of individual researchers vary significantly, but they can be grouped as follows:

• strengthening the regulation of the national economy and facilitating the implementation of government programs;
• counteracting the decline in production on the basis of stabilizing economic relations and creating an internal competitive environment;
• increasing competitiveness domestic production in domestic and foreign markets;
• stimulating monetary stabilization and easing waves of non-payments by facilitating mutual settlements between technologically related enterprises;
• support for small and medium-sized businesses;
• resuscitation of investment processes;
• launching structural restructuring, stopping the decline in the country's scientific and technical potential;
• maintaining the defense capability of the state while simultaneously promoting the conversion of the military-industrial complex without losing the latter’s enormous capabilities;
• management of state stakes in enterprises and production complexes;
• strengthening the disintegrated economic space in the all-Russian and entire post-Soviet area.

Within a financial-industrial group, a number of factors and mechanisms can be implemented that increase the efficiency of both individual enterprises that make up the group and the financial industrial group as a whole (Fig. 1).

Enterprises of the same technological chain that are part of a financial industrial group can use the transfer pricing mechanism: they pay each other for the supplied products not at market prices, but at lower transfer prices.

Also, partial or complete transfer of VAT payments from the intermediate stages of sales of products of one legal entity - the supplier to another legal entity - the consumer to the final stage in the technological chain of sales of finished products ensures savings in working capital. Due to this, production efficiency increases.

General scale of development of financial industrial groups in Russia

The formation of financial and industrial groups in Russia officially began with the advent of the Decree of the President of the Russian Federation “On the creation of financial and industrial groups in the Russian Federation” No. 2096 of December 5, 1993.

Picture 1. Schematic diagram functioning of financial industrial groups

As of March 1, 1998, 74 financial and industrial groups were included in the State Register, incl. 9 transnational. The groups include more than 1,100 legal entities, incl. more than 150 financial and credit institutions. There are 8 financial and industrial groups at the registration stage. Today, financial and industrial groups provide annual production volumes approaching 70 billion rubles. The total number of employees in financial industrial groups is more than 4 million people. According to pre-crisis estimates of experts, by the end of 1998 at least 100 financial and industrial associations should have been officially operating in Russia.

Financial industrial groups unite legal entities of various organizational and legal forms and forms of ownership. The vast majority of participants are privatized and private enterprises, united according to the type of vertical or horizontal integration, diverse in industry and regional affiliation. Basically, the activities of registered groups correspond to the priorities established by the Program for Assistance to the Formation of Financial Industrial Groups (see Table 1).

Table 1
Industry affiliation of financial industrial groups in Russia

Industry	Number of financial industrial groups created	List of created financial and industrial groups
Metallurgical		“Nosta-Truby-Gas” (Novotroitsk Oren-
complex		burg region), “United Mining
		metallurgical company” (Moscow),
		“Magnitogorsk Steel” (Magnitogorsk),
		“AtomRudMet” (Moscow), etc.
Extraction of minerals		“Jewelry of the Urals” (Ekaterinburg),
fossils		East Siberian Group” (Irkutsk),
		“Metal industry” (Voronezh), “Kuz-
		bass" (Kemerovo), "Elbrus" (Moscow),
		“Russian Diamond Union” (Moscow)
		“Neftekhimprom” (Moscow), “Transnational
petrochemistry		nal financial and industrial group
		“Slavic paper” (Moscow), “Volzhskaya
		company" (Nizhny Novgorod), "Inter-
		Khimprom” (Moscow), “Consortium “Rus-
		textile” (Moscow), “Interros”
		(Moscow), “Exohim” (Moscow), etc.
Agro-industrial		“United Industrial-Construction-
complex		naya company" (Ryazan), "Unity"
		(Perm), “Soyuzagroprom” (Voronezh),
		“Belovskaya” (Belovo, Kemerovo region)
		lusty), “Grain-Flour-Bread” (Moscow),
		“Kamenskaya agro-industrial finance
		group” (Kamenka, Penza region)
		sti), “Russian Fur Corporation”
		(Moscow), “Vyatka-Les-Invest” (Kirov),
		“Center-Region” (Ryazan), etc.
Mechanical engineering		“Kontur” (Novgorod), “Special
		transport engineering" (Moscow-
		VA), “Tyazhenergomash” (Moscow), “Rossa-
		Prim” (Ryazan), “Gormashinvest”
		(St. Petersburg), etc.
Car-		“Nizhny Novgorod Automobiles” (Nizhny
structure		Novgorod), “Volga-Kama financial-
		industrial group" (Moscow), "Don-
		invest" (Rostov-on-Don), "Sokol"
		(Voronezh)
Airplane-		“Russian Aviation Consortium”
structure		(Moscow), “NK Engines” (Samara),
		“Aviko-M” (Moscow), “Aerofin”
		(Moscow city)
Instrumentation		“Ural Plants” (Izhevsk), “Siberia”
		(Novosibirsk), Prompribor (Moscow)
Shipbuilding		“High-Speed ​​Fleet” (Moscow), “Morskaya
		equipment" (St. Petersburg), "Dalniy
		East” (Vladivostok)
Light industry		“Soyuzprominvest” (Moscow), “Textile-
laziness		holding “Yakovlevsky” (Ivanovo),
		“Russian Fur Corporation” (Moscow),
		“Russian Textile Consortium”
		(Moscow), “Trekhgorka” (Moscow)
Construction industry		“Sreduralstroy” (Ekaterinburg), “Ros-
		Stro" (St. Petersburg), "Dwelling"
		(Moscow), etc.

In general, the totality of financial industrial groups is quite broadly diversified and covers more than 100 areas of activity in a wide variety of industries.

Financial and industrial groups, as experience shows, are essentially focused on long-term returns. However, the results for 1995-1997 suggest that the groups have already become a significant factor in counteracting the decline in production and investment. Thus, according to the State Statistics Committee of Russia (Form 1-FIG), for the presented set of officially registered financial and industrial groups in 1996, there was a 2 percent increase in the volume of manufactured products, a 10 percent increase in the volume of shipped industrial products, an 8 percent growth of capital-forming investments. The best groups in terms of dynamics of volume indicators were the groups “Nizhny Novgorod Automobiles”, “Unity” (Agroindustrial Complex), “East Siberian Group” (Fuel and Energy Complex and Petrochemicals) and a number of others. Particularly noteworthy is the contribution to the industrial development of automobile manufacturing financial and industrial groups, whose efforts in 1996 largely ensured a four percent increase in output passenger cars in the country.

At the expense of the FIG Prompribor enterprise’s own resources in 1995–1996. completed 10 investment projects within the framework of the program “Creation of new generations of energy metering and control devices and their development industrial production in 1995–1997.”

The experience accumulated since the creation of the first financial and industrial groups allows us to draw preliminary conclusions about the main trends in the process of their formation.

Based on the specifics of the Russian economy, groups can be classified according to the following criteria:

• way of creating
• the initiator of the formation,
• organizational structure,
• form of industrial integration,
• scale of activity.

According to the method of creation, all currently operating Russian financial and industrial groups (which have undergone the official registration procedure and created in accordance with the Federal Law of the Russian Federation “On Financial and Industrial Groups” No. 190-FZ dated October 30, 1995) can be divided into:

• formed by decision of authorities (federal, regional, city, etc.; on the basis of intergovernmental agreements);
• formed on an initiative basis (as a result of a contractual process on a voluntary basis; market methods of consolidating blocks of shares).

In practice, these paths are rarely implemented in pure form. Often, combinations of several options are used in each of the created groups. Recently, FIGs have been created primarily on the basis of an agreement at the initiative of participants through market consolidation of assets.

By decision of the federal authorities (Decree of the President of the Russian Federation, Decree of the Government of the Russian Federation), the following groups were created: “Magnitorskaya steel” (Decree of the President of the Russian Federation dated May 27, 1994 No. 1089); “Exohim” (Order of the Government of the Russian Federation dated July 6, 1994 No. 858-r); “Volzhsko-Kama” (Decree of the President of the Russian Federation of November 2, 1994 No. 2057), etc.

By decision of the republican and regional administrations, groups were created: “Ural Plants”, “Trans-Urals”, etc.

By decision of the municipal authorities, for example, the Trekhgorka financial and industrial group was formed (Order of the Moscow Mayor dated May 30, 1995).

On the basis of intergovernmental agreements, the following groups were registered: “Interros”, “Nizhny Novgorod Automobiles”, “Accuracy”, “Aerofin”, “TaNACo”, etc.

Depending from the initiator of creation, the consolidating core around which the entire group is built, the currently available financial and industrial groups can be divided into:

• banking,
• industrial,
• trading

Center “banking” FIG is a credit and financial organization. The desire of Russian banks to cooperate with industrial enterprises is caused by the desire to diversify their activities, acquire new clientele, and reduce investment risk. Today, bank competition is shifting to industrial lending. Also, shareholder control over industrial companies allows banks to expand their influence in the markets of leasing, factoring, insurance and other financial services. 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 production cooperation or in other economic interests.

The main condition for the emergence “industrial” FIG is the need to ensure the production and technical development of a group of enterprises and research organizations that have common interests in technological interaction in the creation of certain products and the development of new technologies. The “initiators” of this type of financial industrial group are factories (JSC “Nizhny Novgorod Automobiles” - FIG “Nizhny Novgorod Automobiles”, Magnitogorsk Iron and Steel Works - FIG “Magnitogorsk Steel”, JSC “VAZ” and “KAMAZ” - “Volzhsko-Kama” FIG).

If cooperation between members of a financial and industrial group comes down to cooperation in the supply and sales sector, then the leading positions are naturally occupied by trading companies. Many commodity producers have realized the need for close cooperation with fairly large and specialized enterprises in the field of supply and sales, which allows them to have an effective impact on the market through control not only over the production, but also the distribution cycle.

“Soft” (consortium, association, union) and “hard” (holding type) options are possible organizational structure financial and industrial groups. The choice of the type of organizational structure of a financial industrial group is determined by ownership relations in the group, capital ties between its participants, a set of contractual and informal mutual obligations, goals of creation and directions of development.

An analysis of the activities of Russian financial and industrial groups showed that the organization of cooperation between enterprises participating in the group remains one of the weak points of financial and industrial groups. Claims to the organization of management of financial industrial groups arise both from the point of view of the manageability of the group’s development, and from the point of view of the financial security of its plans.

In accordance with the Law of the Russian Federation “On Financial and Industrial Groups”, the following options for integrating and consolidating the property of financial industrial groups are possible:

• creation of a holding company (main and subsidiaries);
• participation system based on an agreement on the creation of a financial industrial group.

The most common form of integration so far is the formation of “soft” associative structures based on the development of contractual relations.

First of all, this is seen as the fastest and cheapest way to test the possibilities of joint activities. In addition, the attractiveness of “soft” forms is associated with the motivation to unite with manufacturers of related products. For such financial and industrial groups, the agreement on the creation of a group is a kind of founding agreement of a simple partnership, the general affairs of which are carried out by the central company.

The basis for the functioning of a financial-industrial group can be a whole system of agreements on joint activities, each of which covers those participants who cooperate in one of the areas of its activity. In this case, the central company can keep records of joint activities under all contracts.

In reality, many Russian financial and industrial groups simultaneously use several capital consolidation mechanisms: a joint stock company is jointly established, some group members participate in the capital of others, and capital concentration is achieved through loans. Thus, in the financial and industrial group Interros, the joint stock company INROSCapital, which contributed the largest share to the capital of the company established by the group (12.9%), owns 34.8% of the shares of JSCB Mezhdunarodnaya finance company” and 20.93% of the shares of JSC “Phosphorit”, part of the same financial and industrial group.

There are contradictory trends in the formation of the authorized capital of the central company of a financial industrial group. Group members strive for equality of influence on the activities of the central company and, in this regard, for parity of contributions to its authorized capital. This desire is especially evident when, with significant differences between enterprises in terms of the size of assets, contributions to the authorized capital of the central company are set equal for all or almost all founders (FIG "Ural Plants", FIG "Russian Fur Corporation"). However, the equal participation of financial industrial group enterprises in the capital of the central company being created does not yet create the power and economic prerequisites for the convergence of their interests. At the same time, there is often a significant dispersion in the shares of individual participants in this capital. This circumstance cannot be explained solely by differences in their financial capabilities. Thus, Avtobank’s participation in the capital of the central company FIG “Nizhny Novgorod Automobiles” is only 0.05%. The dispersion of shares can be considered as recognition of the already established distribution of economic roles in the group or the inevitability of the subsequent transformation of financial industrial groups. For example, in the financial and industrial group Magnitogorsk Steel, the role of JSC Magnitogorsk Iron and Steel Works, whose contribution to the authorized capital of the central company is 65.13%, stands out.

It is noteworthy that most Russian financial and industrial groups are characterized by a rather modest participation of banking structures in the authorized capital of the central company of the group. For the financial industrial group “Svyatogor” it is less than one percent, for the financial industrial group “Nizhny Novgorod Automobiles” – 8.87%. In the Magnitogorsk Steel financial and industrial group, Promstroybank owns 4.2% of the shares of the central company, AvtoVAZbank - 2.1%.

The scale of consolidation of resources in the authorized capital of the central company of a financial industrial group is often relatively small. In most cases, the central company is inferior in economic weight to many of the founders. This affects the controllability of the development of the financial and industrial group.

As for organizational associations such as holding companies, their attractiveness is still low. Real holding structures in the domestic economy demonstrate different efficiency. A holding, as a form of organization of a financial industrial group, presupposes the presence of parent and subsidiary companies. The first one owns the second ones (has controlling stakes in their authorized capital). Such a group is created through acquisition (purchase) or creation of new, dependent enterprises.

Among the main reasons that make it difficult to create a financial industrial group of this type are the following:

• lack of equity capital sufficient to purchase shares of enterprises that are participants in the cooperation;
• reluctance to become a “subsidiary” or dependent company and hopes that have not yet been destroyed to independently establish themselves in the market;
• the presence of rather complex bureaucratic procedures when registering holdings; restrictions on areas of activity, market share.

With great stretch, financial industrial groups of this type can include the groups “Ruskhim”, “Nosta-Truby-Gaz”, which are focused on trust relations of the parent enterprise with the rest of the participants and have in their management blocks of state shares of the enterprises that are part of the group.

Entrusted management of property (trust) is considered as the most acceptable way out of this situation. The lack of money to ensure economic turnover and the depletion of resources of even the largest commercial structures have significantly reduced investment potential and led to the exhaustion of opportunities to improve the structure of the economy through the direct acquisition of stakes. The trust allows you to organize the formation of large corporations without spending significant funds on the part of the structure-forming companies.

The orientation towards one or another of the above forms of integration within the framework of financial industrial groups largely depends on the chosen target strategy of the complex. Experience shows that as soon as “softer” methods of ensuring controllability exhaust their capabilities for effectively running a business, they are replaced by tougher, holding ones. Therefore, there is reason to expect a gradual increase in the number of holding structures in the near future.

FIGs may vary by forms of industrial integration: vertical, horizontal and conglomerates. Vertical FIGs- these are associations in which participating enterprises produce one type of product, participating in its production at different stages. An example is the FIG “Tula Industrialist”, “Metal Industry”, “Magnitogorsk Steel”, “Nosta-Truby-Gas”, etc. In particular, in the FIG “Tula Industrialist” the leading position in the group is occupied by JSC “Tulachermet”. Almost all industrial enterprises participating in the group either supply it with their products, or receive raw materials from it, exchange orders and resources. At the same time, Tulachermet acts as the main intra-group center of shareholder control of such enterprises as Yubskomet and Tula Industrialist Bank. FIG “Metalloindustry” is a vertically integrated structure that unites the entire chain from the extraction and enrichment of iron ore to the production of engineering products.

Horizontal financial and industrial groups are groups in which participating enterprises carry out production at the same stages or produce the same products. The following financial and industrial groups belong to this type: “Prompribor”, “Exohim”, “East Siberian Group”, etc. The financial and industrial group “Prompribor” includes 16 largest enterprises producing control and regulation devices technological processes and energy accounting. Among them: Saransk Instrument-Making Plant JSC, MZTA JSC and MZEP JSC (Moscow), etc.

At the same time, it is worth noting that this type of integration is most strictly controlled by the State Committee for Antimonopoly Policy and Support of New Economic Structures: associations (large joint-stock companies, financial industrial groups) occupying more than 35% of the federal or local market for certain groups of goods have great difficulty passing the examination and approval by this department.

Highly diversified financial and industrial groups (or conglomerates) are groups that include several directly unrelated industries. First of all, this includes the Interros financial and industrial group, which includes the following enterprises operating in various sectors of the economy: RAO Norilsk Nickel, JSC Kuznetsk Metallurgical Plant, JSC Novokuznetsk Aluminum Plant (metallurgy), JSC LOMO ( optics), JSC Khimvolokno, JSC Phosphorit (chemical industry), state enterprise Oktyabrskaya Railway" (transport).

Financial and industrial groups can be classified by scale of activity into regional, interregional and transnational.

The trend towards the formation of financial and industrial groups of a regional nature is actively supported by local executive authorities and is considered by them, on the one hand, as a way to strengthen the positions of regions in relations with the center, and on the other, as a means of solving regional economic and social problems. Local administrations associate the formation of financial industrial groups with large regional programs that ensure the structural restructuring of technologically interconnected enterprises, taking into account the priority tasks of maintaining employment and solving environmental problems. The greatest positive experience in the formation of regional groups has been accumulated in Tula and Ryazan.

Interregional cooperation is typical, for example, for the financial and industrial group “Unity”. The FIG sets its goals to saturate the market of the Ural and Siberian regions with high-quality and cheap food products, ensure import substitution in this area, as well as radical technical re-equipment of enterprises Food Industry. In this regard, the group members include enterprises that provide the supply of agricultural raw materials, their processing, and technological re-equipment of the food industry. A special feature of the FIG is the inclusion in its structure of the high-tech defense enterprise Mashinostroitel (Perm), which produces technological equipment for the agro-industrial complex.

Interregional financial and industrial groups also include the United Mining and Metallurgical Company, Siberian-Ural Aluminum, East Siberian Group, etc. There are mutually beneficial cooperation ties between enterprises that ensure vertical integration within the United Mining and Metallurgical Company financial and industrial group. : from mining and primary processing of coal and mining raw materials to the production of steel, finished metal products, their transportation and sales. The close location of raw material enterprises to metallurgical plants, as well as the geographically advantageous location of the port member of the Nakhodka Sea Trade Port OJSC group (since the countries of the South-Eastern and Central Asia the most active foreign partners in the ferrous metals market) are important advantages of the group.

At the same time, transnational financial and industrial groups, groups whose members include legal entities under the jurisdiction of CIS member states, are making their presence known more actively.

The collapse of the USSR, which led to the formation of a number of sovereign states, led to the severance of previous economic ties, the breakdown of established cooperative relations, and as a result, the paralysis of certain sectors of the economy of the new independent states. The CIS member countries are striving to restore business contacts through the creation of international financial and industrial associations.

Currently there are 9 groups of this type: “Interros” (Russia, Kazakhstan), “Nizhny Novgorod Automobiles” (Russia, Belarus, Ukraine, Kyrgyzstan, Tajikistan, Moldova, Latvia), “Accuracy” (Russia, Belarus, Ukraine), “ Transnational Aluminum Company (Russia, Ukraine), Siberian Aluminum (Russia, Kazakhstan), Aerofin, etc.

An example here, of course, is the Nizhny Novgorod Automobiles financial and industrial group, the selection of participants of which is focused on cooperative ties with enterprises of Ukraine, Belarus, Kyrgyzstan, and Latvia. Thus, RAF JSC (Elagva, Latvia) receives 77 positions of finished parts and assemblies from GAZ JSC (Nizhny Novgorod, Russian Federation). Ukrainian participants (PO Belotserkovshchina and Chernigov Plant) supply GAZ JSC with tires and driveshafts. JSC “Kyrgyz Automobile Assembly Plant” (Bishkek, Kyrgyzstan), receiving chassis from JSC “GAZ”, supplies cooling radiators for the needs of financial industrial groups.

If we approach the consideration of financial industrial groups from the perspective of assessing their scale: the volume of industrial output, the number of employees, etc., then the groups can be divided into large, medium and small.

Today, at least 10 of the largest groups have the opportunity to become the “locomotives” of the national economy. These are “Nizhny Novgorod Automobiles”, “Metal Industry”, “Magnitogorsk Steel”, “Volzhsko-Kama”, etc.

Within the framework of the Magnitogorsk Steel financial and industrial group, which has clear technological cooperation and a clear leader in the person of Magnitogorsk Iron and Steel Works JSC, it was possible to unite 18 enterprises with a workforce of more than 260 thousand people, fixed assets of 5072 billion rubles and a commercial output volume of more than 3 .3 trillion rubles. The leading investment project within the financial industrial group is the commissioning of a complex at MMK JSC for the production of 5 million tons of hot-rolled and 2 million tons of cold-rolled steel sheet in year. These products will be supplied to both the domestic and foreign markets (1,400 thousand tons and 600 thousand tons annually, respectively).

Among the largest registered financial industrial groups, one cannot fail to note Volzhsko-Kamaskaya, which includes the automobile manufacturing associations AvtoVAZ JSC and KamAZ JSC. The total number of employees reaches 231 thousand people. A number of promising investment projects are being implemented within the framework of the financial industrial group. JSC AvtoVAZ produces fuel-efficient cars VAZ 2110, 2114, 2123. A program for the production of diesel passenger cars has been outlined. JSC KamAZ has a program for modernizing power units for three-axle tractors with a carrying capacity of 8-12 tons and road trains with a carrying capacity of 16-20 tons. The production of Oka cars is expanding, including for disabled people.

The results of the activities of Russian financial industrial groups allow us to speak about the positive impact of the integration of financial and industrial capital not only at the macro, but also at the micro level. More than half of the groups currently operating can be called “islands of stability” in the sea of ​​chaos that has overwhelmed all sectors of the economy. According to data from 15 financial industrial groups alone, in 1997 their production volumes increased by five percent, the volumes of products sold - by 40%, exports - by 28%, investments - by 250%. The FIG portfolio includes over 200 investment projects with total financing of 65 trillion rubles.

Problems with the functioning of financial industrial groups

Despite certain results achieved by financial and industrial groups and the corresponding legislative work carried out, their formation faces serious problems and difficulties.

Among the existing problems of the formation and functioning of financial industrial groups we can highlight: general economic, legislative, organizational, financial.

General economic difficulties are obvious. They relate to the difficult financial and economic situation of most manufacturers, the decline in investment activity, the lack of government support, and the inflexibility of tax policy.

Many people demand a speedy legislative solution legal issues. There is a need for clear regulation of the legal essence of financial industrial groups. The main role in the formation of a group is assigned to the agreement on its creation, the legal status of which is unclear. Some experts subsume this agreement under a simple partnership agreement, precisely defined in the Civil Code. Under this agreement, a group of persons undertakes to pool their contributions and act together without forming a legal entity to make a profit and/or other legal purpose. And in the law on financial industrial groups, contractual relations are clearly linked to the formation of a new legal entity (central company).

The procedure for preparing documents for registering a financial industrial group also needs clarification: should group members sign an agreement with an already registered central company or first sign an agreement and then create a central company as part of the implementation of the agreement.

The Law on Financial Industrial Groups prescribes the conclusion of an agreement on the creation of a financial industrial group in all cases, except for the formation of a group on the holding principle.

The issue of the adoption mechanism has not been sufficiently resolved management decisions in FIG. The management functions of the financial-industrial group are performed by the Board of Governors and the central company created for the ongoing management of the financial-industrial group's activities. The way each of these bodies makes decisions is different. If the central company is created in the form of a joint stock company and is therefore subject to the law “On joint stock companies”, decisions are made by the General Meeting of Shareholders of the central company. In the Board of Governors, decisions are made according to the principle: one member of the Board - one vote, per General meeting central company - voting takes place in blocks of ordinary shares.

The restriction on the participation of banks in more than one financial industrial group is already being reviewed by the State Duma, and perhaps financial and credit institutions will be allowed to join several groups.

The article concerning the joint liability of participants for the obligations of the central company arising as a result of the activities of the financial and industrial group requires elaboration and clarification. Since joint and several liability presupposes liability with all of its property, and participation in a financial industrial group can be limited for each enterprise to only a part of its assets, it would be more logical to limit the liability of each to its share in the total assets formed for the implementation of the financial industrial group program. The law allows you to establish in the contract only the specifics of the execution of joint and several liability. This circumstance gives rise to natural wariness of potential participants when creating a group.

The methods of separating and consolidating assets for the activities of financial-industrial groups are also not regulated by regulations: how to do this within the framework of specific programs being implemented, whether to carry out this transfer under the terms of trust agreements or in another way, etc.

It is important to work out a clear mechanism for distributing government orders between enterprises, the procedure for financing and responsibility for the execution of the order.

As for the legal framework of state support, the set of incentives for the creation and activities of financial industrial groups is presented mainly on paper (primarily in Article 15 of the Law on Financial Industrial Groups) and has little connection with existing features mechanism for managing unified corporate activities.

Problems of an organizational nature are caused, first of all, by the lack of development organizational structures management of financial industrial groups; lack of regulatory powers of the central company; a high share of costs associated with the group’s internal turnover.

Among the financial difficulties in the functioning of financial-industrial groups, one should first of all mention the low potential of Russian commercial banks, assessed by their own capital, which does not give them the opportunity to invest significant amounts in industry. Even with favorable economic and political situations for the development of this process, Russian banks will not be able to satisfy the investment needs of production by more than 10%. Hence the need to attract foreign investment, which cannot be done without government guarantees.

For the successful development of established and the emergence of new functional financial industrial groups, joint efforts of the legislative and executive authorities, interested scientific centers and corporate specialists to solve the above problems.