Financial and industrial group. Financial and industrial groups: Russian experience

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 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 carry out large-scale scientific research and developments, fuller use of technological potential, expansion of 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 there is a unification industrial enterprises with financial institutions on the basis of establishing between them 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 through 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 the competitiveness of 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.

Figure 1. Schematic diagram of the functioning of the financial industrial group

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.

Unite in financial industrial groups legal entities 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 the group of enterprises and scientific research organizations who have common interests in technological interaction to create certain products and develop 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, it is considered as the fastest and cheap way testing 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 “INROSKapital”, 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 “International Financial Company” and 20.93% of the shares of JSC “Phosphorit”, included in the same financial and industrial group.

In formation authorized capital the central company of the financial industrial group there are contradictory trends. 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. This type includes the following financial and industrial groups: “Prompribor”, “Exohim”, “East Siberian Group”, etc. The financial and industrial group “Prompribor” includes 16 largest enterprises that produce instruments for monitoring and regulating technological processes and accounting for energy resources. 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 the extraction 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 materials enterprises to metallurgical plants, as well as the geographically advantageous location of the port member of the group, Nakhodka Sea Commercial Port OJSC (since the countries of Southeast and Central Asia are 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 FIG 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 sheets per 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 and industrial groups allow us to talk about positive impact 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 financially industry 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 When a group is formed, it is entrusted 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 mechanism for making management decisions in financial industrial groups has not been sufficiently resolved. 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 ah”, 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 liability presupposes liability with all of one’s 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 operation 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 the existing features of the mechanism for managing unified corporate activities.

Problems of an organizational nature are caused, first of all, by the lack of development of organizational structures for managing 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, 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.

In economically developed countries, it is large national and transnational corporations (TNCs), financial and industrial groups (FIGs) that occupy dominant positions in the economy, and truly knowledge-intensive industries are represented mainly by the largest corporations.

Financial industrial groups are created as an innovative self-developing structure for innovation, based on a new technological chain, a single balanced production system. The basis for the practical use of a single product of innovation for a financial industrial group is an innovation project.

Federal Law of the Russian Federation of November 30, 1995 No. 190-FZ “on financial and industrial groups” defines financial and industrial groups as a set of legal entities operating as main subsidiaries, either fully or partially combining their tangible and intangible assets (participation system) on the basis agreement on the creation of financial industrial groups for the purpose of technological or economic integration for the implementation of investment and other projects and programs aimed at increasing competitiveness and expanding markets for goods and services, increasing production efficiency, and creating new jobs.

In accordance with Decree of the President of the Russian Federation No. 2096, financial industrial groups can be created in three main ways:

1) voluntarily, by forming an open joint-stock company, transferring blocks of shares to a trust to one of the group members, or acquiring one of the group participants of blocks of shares of other participants; in this case, the group is formed primarily from privately owned enterprises and financial institutions;

2) by decision of the Government of the Russian Federation in the event that the members of the group are state-owned enterprises, as well as institutions and organizations financed from the federal budget;

3) on the basis of intergovernmental agreements.

Projects for the creation of financial industrial groups by decision of the Government of the Russian Federation are subject to mandatory examination carried out by the Ministry of Economy, the Ministry of Finance and the Antimonopoly Committee. Applications for the creation of financial industrial groups are submitted to Goskomprom, which registers them in the register of financial industrial groups of the Russian Federation.

The most serious restrictions are provided for FS formed on a voluntary basis. Some of these restrictions are absolute (hard) in nature, while others require coordination with government agencies (soft restrictions). The most stringent requirements include prohibitions on cross-ownership of shares of group members, on the voluntary merger of capital if the share of state ownership in it exceeds 25%, on participation in financial and industrial groups of financial holdings, credit and financial and investment institutions (each institution cannot more than 10% of the shares of any enterprise in the group and deposits-shares of the enterprises of the group more than 10% of its assets), as well as some other types of associations.

In accordance with the “Temporary Regulations on Holding Companies Created upon Formation state enterprises"joint stock companies" is a financial company that has more than 50% of its capital in securities of other issuers and other financial assets, which is close to what is understood as a holding company in the West.

Soft limits are set to:

entry into a financial industrial group of enterprises with more than 25 thousand employees, as well as those occupying a dominant position in the republican or local market, the creation of a group of more than 20 participants and with a total employment of more than 100 thousand people, for the acquisition by one financial industrial group of shares of enterprises included in others FIG (these steps must be coordinated with the State Committee for Industry, the State Property Committee and the Antimonopoly Committee, as well as with the authorities of those regions where the enterprises participating in the FIG are located);

joining a group of enterprises with a significant share of defense orders in total production (this is permitted with the consent of the Ministry of Defense and the Ministry of Economy);

participation in a group of state-owned enterprises, as well as institutions and organizations financed from the federal budget (consent of the government or an authorized body is required).

There are two ways of organizing financial industrial groups: voluntary and directive, although in the Federal Law of the Russian Federation “On Financial and Industrial Groups” there is no such division. The law is based on two main forms of organization of financial industrial groups: holding and participation system. Holding as a form of organization, a financial industrial group presupposes the presence of parent and subsidiary companies, where the first owns a controlling stake in the latter; such a financial industrial group is created through the acquisition or creation of new subsidiaries. FIGs that have the form of a holding include the association MENATEP, RAO UES of Russia, Gazprom, Interros-Mikrodin.

Participation system As a form of organization, a financial industrial group presupposes the emergence of capital of companies that are members of the group (cross-ownership of shares). The above-mentioned Law interprets this form of financial-industrial group as a complete or partial consolidation of capital voluntarily (by concluding an agreement on the creation of a financial-industrial group) or forcibly. In this case, a central company must be created, which, in accordance with the agreement concluded between its participants, disposes of property and income and carries out any legal actions. Real financial industrial groups are based on the participation system.

In the conditions of the domestic economy, the directive method of creating financial industrial groups on the basis of state ownership is of great importance. The regulation on financial industrial groups and the procedure for their creation provides for the possibility of creating financial industrial groups by decision of the government in cases where the composition of the group members is formed only from state federal enterprises, as well as institutions and organizations financed from the state budget. In some cases, it is envisaged to create a financial industrial group on the basis of Decrees of the President of the Russian Federation. Thus, Presidential Decree No. 2023 of October 28, 1994 “On the development of measures of state support for the creation and activities of financial and industrial groups on the basis of the financial and industrial group Interros” approved the creation of the Interros financial and industrial group, which includes both state and non-state enterprises and organizations. Presidential Decree No. 2057 of November 2, 1994 “On the creation of a financial and industrial group with the participation of joint-stock companies AvtoVAZ and KamAZ” approved the creation of a financial and industrial group with the participation of these joint-stock companies.

Unlike previous legislation, the law does not establish any restrictions in the field of the organizational and legal form of FIGs. All participants can be both commercial and non-profit organizations, including foreign ones, except for public and religious organizations. Participants may include investment institutions, non-state pension and other funds, and insurance organizations. The only significant thing is the necessary presence among the participants of the financial industrial group of organizations operating in the production of goods and services, as well as banks and other credit organizations.

The main structure-forming elements of the group are:

the need to combine assets to carry out the activities of financial industrial groups;

the possibility of recognizing the participants of a financial industrial group as a consolidated group of taxpayers and, as a result, the possibility of maintaining free (consolidated) accounting, reporting and balance sheet of the financial industrial group;

joint liability of financial-industrial group participants for the obligations of the central company of the financial-industrial group arising as a result of joining the group.

Groups represent an organizational form of combining capital with large-scale industrial tyranny characteristic of Russia. The fundamental feature is that in groups the attraction of financial resources is combined with the process of their concentration in areas that ensure consolidation and expansion of their own share of the domestic market, and also active promotion to the world market.

When creating a financial industrial group, the possibility of not only mutual assistance of its member enterprises to each other increases, but also the possibility of significantly expanding the field of activity, which serves as the basis for increasing the initial capital. Thanks to financial industrial groups, a powerful material, financial and scientific base can be created not only for the survival of enterprises in the conditions of the emerging market, but also for further development. In modern economic conditions, individual enterprises are not able to update their constantly outdated production assets. By uniting into integrated structures, they get this opportunity. The possibilities of production, sales of products, maintenance and acceleration of scientific and technical development of enterprises are also significantly expanding.

The important goals of creating a financial industrial group are:

management and control over financial flows;

obtaining powerful sources of expanded reproduction;

increasing the efficiency of own production;

orientation of production towards active promotion to the foreign market;

connection to trade turnover with the foreign market not only of individual enterprises, but also of entire technological connections.

The formation of financial industrial groups has high economic development potential. From a macroeconomic point of view, the creation, organization and functioning of financial industrial groups provide an opportunity to solve a number of problems:

concentration of investment resources in priority areas of economic development and obtaining relatively cheap financial resources accumulated in the financial organizations of the group;

providing financial resources to industry, research and development (R&D), acceleration of scientific and technological progress;

increasing export potential and competitiveness of products domestic manufacturer;

implementation of progressive structural changes in industry;

formation of long-term economic ties;

improving the investment climate and stabilizing production;

risk reduction;

long-term diversion of financial resources with a guarantee of preservation and intended use.

Existing in Russian Federation Financial industrial groups actually began to form in 1991-1994. and were created in various ways:

organization based on former government agencies with subsequent development and diversification of production (RAO Gazprom) -

formation by large enterprises of their own banks, research institutes, trade missions (VAZ);

targeted purchase by a commercial bank of controlling stakes in enterprises of interest to it (MENATEP, Rosprom).

Most of the financial industrial groups were formed through the establishment of commercial banks by large enterprises of various forms of ownership. At the same time, the founders pursued a number of goals:

investing funds with high returns;

reducing the risk of loss of own working capital placed in a controlled bank, their effective use, protection against hanging money by creating a transparent structure of cash flows;

obtaining the opportunity to finance the activities of the founders through access to financial markets through the bank.

In cases where Russian banks acted as investors, they took maximum measures to reduce the high level of risks. As a result of collateral auctions, some of the largest banks acquired controlling or “blocking” stakes in privatized oil production, oil refining, telecommunications, infrastructure, and manufacturing enterprises.

Thus, banks solved a number of important problems: they attracted company funds from enterprises and expanded their resource base; they reduced operational risks by introducing their managers into management bodies; reduced currency risks, since the products were mainly export-oriented; eliminated credit risks, since in fact fixed assets acted as collateral; reduced inflation risks, since the products of enterprises in the industries in which financial industrial groups were formed (products of oil production and refining, telecommunications services, transportation services, etc.) were price determining. A feature of Russian financial and industrial groups is the mixed nature of their creation, combining the features of partnership and hierarchy. FIGs based on partnership are characterized by the creation of a central company in the form of a non-profit association that is not engaged in financial and economic activities. The merger of enterprise assets occurs within the framework of their joint activities, without transferring ownership to the central company. Most often, these are agreements on joint activities, when each participant transfers his property or part of it into common shared ownership, and after termination of the agreement receives it back. Therefore, such an association, as a rule, is temporary and is used to implement a specific program. For a financial industrial group based on a hierarchy, the main way to combine assets is to consolidate the stakes of participating enterprises in a central company. As a result, a “main company - subsidiary” system is being built. In Russia, most of the financial and industrial groups were created precisely on this principle and are actually a concern. However, the concern is different from the financial and industrial group. In the concern, management forces departments to undertake structural changes, and in financial industrial groups, tasks are solved through a system of incentive motivational mechanisms.

The classification of FIGs is given in table. 4.3.

The structure of financial industrial groups is largely determined by the nature of integration, which can be built on a horizontal, vertical or mixed principle. The horizontal (industry) principle of integration is effective for supporting enterprises with a small or medium innovation cycle and realizing their technological potential, accelerating the implementation of scientific developments. Financial industrial groups formed in this way play a significant role in realizing the innovative potential of industries. An example is financial industrial groups created in the chemical and forestry industries. The second - also horizontal - type
grace extends to its same type mainly independently, as a rule, on the basis of conveyor production, for example, enterprises in the automotive and aviation industries. The creation of financial-industrial groups with the participation of such enterprises provides them with the opportunity to strengthen their positions in the foreign market, however, such an association can lead to increased monopolism in the domestic market, therefore such financial-industrial groups are appropriate if they include all the main manufacturers of these products or when the task is to ensure the innovation cycle products.

FIG classification
By origin of capital: 1. Former sectoral ministries and large state associations that arose as single joint-stock companies and created their own banks 2. Industrial enterprises seeking to restore or maintain old economic ties, ensure normal supply, therefore creating holding companies with the presence of a credit and financial institution 3. large banks, not limiting themselves to credit and financial operations, themselves act as initiators of financial industrial groups, uniting former state structures and private companies	By capital integration: 1. Horizontally integrated groups 2. Vertically integrated groups 3. Diversified financial and industrial groups
By territorial basis: 1.Regional groups 2.national groups 3.Transnational groups (international)	Based on legitimacy: 1. Formal (officially registered) 2. Informal (without official status)

Vertical integration unites enterprises connected along the technological chain and belonging to various industries. In such financial and industrial groups it is possible not only to accelerate the introduction of high-tech products, but also to increase the technological level of enterprises that produce components and spare parts, and to carry out technological exchange between enterprises, which will prevent disruptions in the supply of components for the product.

The next type of association is a combination of horizontal vertical integration. In such financial and industrial groups, the tasks of ensuring the innovation cycle for creating a complex high-tech product are usually solved.

Initially, FIGs in economically developed countries (usually made up of enterprises technologically connected to each other, i.e. FIGs based on horizontal and vertical integration. However, over time, integration based on diversification has become typical, when enterprises from various industries are combined into FIGs based on a merger or acquisition of one company by another. For example, in the group of 100 leading industrial firms in England, 96 are diversified, in Germany - 78, in Italy - 90. Russia was no exception. An example is the Interros-Mikrodin financial and industrial group, whose members are JSC Kuznetsk Metallurgical plant", JSC "Irgiz", JSC "Novokuznetsk Aluminum Plant", JSC "INROS Capital", JSC "Raznotrade", JSC "Roskhlebprodukt", JSC "Soyuzplodimport", VTF "Energia", JSC "Phosphorit", Concern "Norilsk Nickel" ", JSCB "International Financial Company", CB ONEXIM, JSC "Khimvolokno", JSC "Azot", VO "Tyazh-Promexport", VEO "Soyuzpromexport", etc. However, as world experience shows, the most functional financial industrial groups are based on diversification integration not in strategic raw materials, but specifically in knowledge-intensive industries, since the main goal of these financial industrial groups is the development of innovative potential, the production of high-quality products and a breakthrough with them on the world market.

The process of creating financial industrial groups in Russia is proceeding in two main directions:

1) an association for the purpose of producing predominantly one specific type of product;

2) formation of financial industrial groups by industry type.

When forming a financial-industrial group according to the first type, the disadvantage is the possible vulnerability of the group as such as a result of unfavorable changes in market conditions; competition in the market can force the financial-industrial group out of it, especially for its central company. At the same time, other participants who have and use the opportunity to maintain independence outside the activities of financial industrial groups turn out to be more resistant to fluctuations in market conditions. However, the independence of any participant is significantly limited by the principle of joint liability for the obligations of the central company. When forming a financial industrial group according to the second type, the problem of making a decision by its managing center arises, i.e. the problem of synchronizing the interaction of all participants. In addition, the implementation of this principle allows for greater stability in the market. The formation of a specific financial industrial group can combine both directions.

A study of the experience of creating and operating financial-industrial groups shows that in order to develop innovative processes within associations, special innovative structures must be created in the form of research and technological centers that deal with the issues of maintaining and developing the scientific and technical potential of enterprises and organizations included in the financial-industrial group. They contribute to the high efficiency of in-house scientific research developments in conditions of market competition and have certain advantages over the developments of independent research organizations, since innovation units are directly involved in the production and implementation of innovations for their organization, the needs of which they know well.

The creation of financial industrial groups is associated with the need for structural restructuring of the economy and support for those areas of the national economy that can contribute to economic growth. This organizational structure unites industrial enterprises, banks, and trade organizations. A characteristic feature of financial and industrial groups is that they function as independent, self-developing organizations.

Let's consider the principles of forming financial and industrial groups. Let there be a certain production technology, the implementation of which requires many operations (collection, processing of primary raw materials, manufacturing of final products). There is an owner of the technology. To ensure the final result, it is necessary to introduce technology into production.

The task arises of forming a group of enterprises connected into a single technological cycle (technological chain - TC). The chain is formed by the management company of the financial and industrial group.

Creation of a technological chain includes the following stages:

defining the goal (strategy);

study of technology;

selection of manufacturing companies (contractors);

design;

choosing a source of financing;

control of results.

First of all, the purpose of the technological chain is determined. To select counterparties, it is necessary to obtain and analyze information about the functioning of each potential participant in the financial industrial group. This information should contain: information about the management of the counterparty; product range; financial statements for the previous four quarters; structure of assets and structure of liabilities; equipment condition data; indicators of the duration of the technological cycle of production of products from the counterparty, which can be used in female shopping centers; price structure for products that can be used within the shopping center; information about connections with other enterprises.

IN real life PPGs in their pure form are quite rare. In practice, the integration of a planned economy with its predilection for directive-command methods and accompanying passive submission is manifested. Inertia is enhanced by the state retaining controlling stakes in enterprises included in financial industrial groups, elements of budget financing, and the distribution of privileges. This leaves an imprint on the entire management system of financial industrial groups and especially their labor resources and investments. Without taking into account the inertia of management, it is difficult to explain, for example, the preservation of a high level of employment despite a catastrophic drop in production, work on new government orders with chronic non-payment for completed ones, etc.

With the expansion of the area of ​​control over the economy by new commercial entities, the dominant trend is the replacement of state monopoly with polycentrism based on the interaction of commercial, socio-political and government structures. The problem of interaction between the center and the controlled periphery does not disappear, but receives new conditions of movement.

A large financial and industrial group represents a significant segment of the social sphere. Most financial industrial groups consist of dozens of large enterprises employing thousands of workers and employees scattered across many regions.

Russian financial industrial groups are characterized by two types of associations - conglomerate and based on production cooperation.

The conglomerate type is characterized by the association of joint stock companies that are not connected with each other by a system of production cooperation, based on participation in the common capital and the dependence of each growth. Banks play a dominant role in these groups. The MENATEP bank group can serve as an association.

The second type is characterized by production cooperation as the basis for unification and the subordination of all other elements of the group (banks, insurance companies, etc.) to it. Most groups in the oil production and oil refining industries belong to this type.

Both types of integration in control systems and problem solving have both common features and differences.

New to Russian systems management is the differentiation of participants in financial industrial groups (individuals and legal entities) not only along the line of the hierarchy of the position of each participant in the cooperation of labor, but also along the line of his ownership of the material conditions and results of production. In a short period of time, controlling stakes in the new joint stock companies ended up in the hands of a few individuals and legal entities. Thus, in JSC Uralmash, 27% of the shares are in the hands of one company, Bioprocess; in JSC ZIL, 265 shares belong to JSC Mikrodin, etc. The majority of those working at financial industrial group enterprises either have no shares at all or have several shares, which do not make them effective owners. In almost all registered groups, controlling blocks of voting shares remain in the hands of the state.

Along with the differentiation of property, there inevitably comes a differentiation of interests and opportunities for their implementation. The management system is faced with the task of consolidating social groups with far from coinciding interests. Without it, the group cannot function effectively, but consolidation does not mean the removal of contradictions. The solution to this problem is multivariate.

Most enterprises before joining the financial industrial group were joint-stock companies, owned by separate groups of owners. Limited inclusion of these enterprises in the intragroup management system becomes possible on the basis of centralized control over them as objects of property. Management of real owners turns out to be part of the management system of the financial

To date, three main control schemes for real financial industrial groups have been formed.

The first type includes financial industrial groups, where the central management link is the holding company (Fig. 4.9).

By concentrating controlling stakes in itself, the holding company turns into the management center of the entire group. Such an entity is, for example, the Rosprom company, created by MENATEP Bank.

The second type includes groups where the center of ownership is a financial institution, usually a commercial bank (Fig. 4.10).

As a controlling shareholder, a bank is no different from an ordinary holding company. As a rule, the bank structure has a holding department, which directly performs the functions of a property management center. All other forms of management in the group are built on this basis. An example is the Russian Credit Bank holding company.

The third type includes groups where participants have consumed their capital and created a joint-stock company (Figure 4.11). Such a company is practically no different from an ordinary corporate structure, where, in addition to functional production

divisions there are banking institutions, research centers, etc. Such associations include the giant Russian Metallurgy company. Property management is carried out through the complex interaction of the meeting of shareholders, the board, the apparatus, the audit commission, etc. (Fig. 4.12).

In some financial and industrial groups (Sokol, Antey, integrated oil companies, etc.), boards of directors are created - representatives of joint stock companies included in the groups, which resolve issues of profit distribution, formation of reserves, etc. In many conglomerate-type financial and industrial groups, the functions of the council are performed by the bank's head board and holding division.

The state participates in the management of financial industrial groups through the work of representatives of interested departments in meetings of shareholders and boards of directors. For example, on the boards of directors of oil integrated companies there are employees of the State Property Committee, the Antimonopoly Committee, and the Ministry of Energy of the Russian Federation.

The interaction of the centers and periphery of ownership and disposal of property becomes the first of the core moments of the financial industrial group management system. This is what management is based on. functional departments, specifies the objective function

group strategic and operational planning, resource allocation, etc.

Technical skills and knowledge of specialists involved in the management system technological processes and production cooperation are primary in comparison with their position in the property system. But corporate owners and managers also evaluate a specialist based on the criterion of subordination to the technical and economic management system for the purpose of increasing capital and personal loyalty.

Refusal to form a management system based on personal considerations or preferences turns out to be a difficult task, effectively solved only under the pressure of intense competition. Ideal solution no problem found yet. The manifestation of “favoritism” and groupism is observed both in the West and in the East, and often contributes to the death of corporations. It is important to consider what exactly creates the breeding ground for this, what the forces are that counteract their development, what forms help in overcoming them. In particular, attention should be paid to the widespread use of specialized recruitment companies, independent expert groups for assessing the work of management, etc.

In Russian financial and industrial groups, the formation of an apparatus for managing technological processes and industrial cooperation occurs in conditions of a low level of competition, an incomplete process of privatization, and an all-encompassing criminalization of society. This will inevitably reduce the efficiency of the financial industrial group.

The key to stabilizing the modern domestic economy, strengthening the work of enterprises and their development is investment in the real sector of the economy. However, financial resources are limited. In addition, the paradox of the Russian economy is that Russian enterprises, while objectively experiencing a chronic shortage of working capital, at the same time have more of it than similar Western companies. In such a situation, the importance of the formation and effective functioning of diversified structures with a management system that ensures sufficient stability and flexibility increases. One of the most important elements of industrial restructuring today are financial and industrial groups.

FIGs can significantly contribute to stimulating investment in the real sector of the economy. Firstly, they make it possible to create stability in obtaining financial resources for investment activities due to the merger of production and financial institutions into a single group. Secondly, financial industrial groups ensure the effectiveness of investment in production due to the unity and interconnection of all reproduction processes. The creation of financial and industrial groups is one of the ways to properly and profitably organize the production and marketing activities of enterprises and get maximum returns in as soon as possible due to a clearly constructed system of distribution of responsibilities, areas of activity between participants and an orderly scheme of cash flows.

Within the framework of the financial industrial group, a closed cycle of expanded production is formed from the initial financing of the production cycle to the receipt of profit and its refinancing. The mechanism of financial ties between group members is determined primarily by the financial institutions of the group, whose activities make it possible to achieve stability and a quick response to outgoing changes within the group and in the external environment.

Question No. 26

Introduction

Communication processes in which employees of the management apparatus participate are vital links between the manager and his subordinates, between managers of the same level, between the organization and external environment. In daily work, a manager must use information from various available sources - superior managers, subordinates, managers at the same level, customers, suppliers, etc. The operational activities of a manager differ from his decision-making activities. These two essential activities are interrelated and depend on the information processed and transmitted within the organization. Communication processes enable managers to do their jobs effectively and make decisions about the optimal strategy to achieve their goals.

Communicationsin an organizational context involve interactions between people. It is the process of exchanging information and transmitting information between individuals or groups of people. Organizational communication is the process by which managers develop information delivery systems a large number people within the organization and individuals and institutions outside it. She serves necessary tool in coordinating the activities of organizational units, allows you to obtain the necessary information at all levels of management.

The purpose of my essay is to study how organizational communications work in practice.

The objectives are to study how communications are related to the activities of employees in the organization, what role they play in the organization, and how they can be managed.

In my essay I will study organizational communications using the example of an organization called Petrolesport OJSC.

The main difficulty in writing my essay is studying the practical part of the material, because... I don't have enough information about my own company.

The importance of communications

Communication is important for managers for the following reasons:

1) managers spend most of their time on communications. According to many experts, this takes up 75-95% of managers' time. Therefore, they should be interested in improving this type of activity;

2) communications are necessary for management effectiveness;

3) communications are necessary to assert the authority and express the will of the leader;

4) well-established communications contribute to ensuring organizational effectiveness. If an organization is effective in communication, it is effective in all other activities.

It is customary to distinguish four main functions of communication in a group or organization as a whole: control, motivation, emotional expression and information transfer. With the help of communication it is carried out control behavior of group members. In organizations, there is a hierarchy and formal subordination that employees must adhere to. When an employee, for example, is asked to align his actions with the company's strategy, communication serves a controlling function. At the same time, it enhances motivation, bringing information to employees about what needs to be done, how to improve work, etc.

For most people, their work is the primary source of social interaction. Communication, which takes place in a group, is a mechanism through which group members express their attitude to what is happening. Thus, communication promotes emotional expression workers and allows them to realize social needs. The function of communication, which is associated with its role in the decision-making process, is also significant. It provides the data that individuals and groups need to make decisions through transfer of information

Analysis of drugs from the benzenesulfonylamide group

Analysis of drugs from the benzenesulfonylamide group. In the control and analytical laboratory, the content of sulfadimethoxine in tablets was determined by nitritometry

Analysis of drugs from the group of salts of aliphatic carboxylic acids and hydroxy acids, ascorbic acid, aliphatic amino acids and their derivatives

FINANCIAL AND INDUSTRIAL GROUP (FPG)

a set of legal entities acting as main and subsidiary companies or who have fully or partially combined their tangible and intangible assets (participation system) on the basis of an agreement on the creation of financial industrial groups for the purpose of technological or economic integration for the implementation of investment and other projects and programs aimed at increasing competitiveness and expanding markets for goods and services, increasing production efficiency, creating new jobs.

The year of the appearance of the first financial industrial groups in the Russian Federation should be considered 1994 - the time of large-scale privatization. The need to maintain existing economic ties, long-term pooling of capital and labor resources to conduct certain activities has overpowered the tendency to formally separate organizations previously associated

the roof of one production association or even one state enterprise.

December 5, 1993 The President of the Russian Federation signed Decree No. 2096 “On the creation of financial and industrial groups in the Russian Federation” (currently no longer in force), which approved the Regulations on financial industrial groups and the procedure for their creation. According to clauses 1 and 2 of the Regulations, FIGs were recognized as a group of enterprises, institutions, organizations, credit and financial institutions and investment institutions registered in accordance with the Regulations, the combination of capital of which was carried out in the manner and on the conditions provided for by the Regulations. FIG participants could be any legal entities, including foreign ones. Financial industrial groups could be created: on a voluntary basis;

by consolidating by one group member the blocks of shares of other participants acquired by it; by decision of the Council of Ministers - Government of the Russian Federation;

based on intergovernmental agreements.

It was with intergovernmental agreements that the creation and activities of financial industrial groups began. March 28, 1994 in Moscow, an Agreement was signed between the Government of the Russian Federation and the Government of the Republic of Kazakhstan on the basic principles for the creation of Russian-Kazakh financial and industrial groups; September 9, 1994 in Almaty - Agreement between the Government of the Russian Federation and the Government of the Republic of Kazakhstan on the creation of an interstate financial and industrial group, etc.

The formation of financial industrial groups on a voluntary basis or in the order of consolidation of blocks of shares was carried out by: establishing by the group members an open-type joint stock company in the manner prescribed by the legislation of the Russian Federation; transfer by group members of their owned blocks of shares of enterprises and financial institutions included in the group into trust management to one of the group members; acquisition by one of the group members of stakes in other enterprises, as well as institutions and organizations becoming members of the group.

The Council of Ministers - the Government of the Russian Federation, taking into account the antimonopoly legislation of the Russian Federation, determined the size of blocks of shares, the transfer to trust management or acquisition of which led to the formation of financial industrial groups.

The use of the phrase “Financial Industrial Group” in the name of an enterprise, institution, or organization was allowed only in cases where the status of this group was confirmed by a corresponding entry in the Register of Financial Industrial Groups of the Russian Federation.

A distinctive feature of this stage of the creation of financial industrial groups was the possibility of introducing an expert element into the notification procedure for their creation. Despite the fact that FIG was by its nature an ordinary association of legal entities, the possibility of creating such could be made dependent on the positive conclusion of an interdepartmental expert group created by the Ministry of Economy of the Russian Federation, the Ministry of Finance of the Russian Federation and the State Attestation Commission.

FIGs, in accordance with the Federal Law of the Russian Federation dated November 30, 1995 No. 190-FZ “On Financial and Industrial Groups,” can be created only in two ways - either by acquiring shares (shares) of each other in such a ratio that leads to the emergence of a system of relations between the main and subsidiaries , or the creation of a special joint-stock company (central company) for the management of the financial industrial group. In the first case, the participants of the financial industrial group are the main and subsidiary companies, in the second - the joint-stock company and its founders. The central company is created and registered before the creation of the financial industrial group in accordance with the general procedure.

Financial industrial groups may include commercial and non-profit organizations, including foreign ones, with the exception of public and religious organizations (associations); However, participation of a legal entity in more than one financial and industrial group is not allowed. 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. Subsidiary business companies and enterprises can be part of a financial industrial group only together with their main company (unitary founding enterprise). FIG participants can be investment institutions, non-state pension and other funds, insurance organizations, whose participation is determined by their role in ensuring the investment process in the FIG.

The set of legal entities forming a financial industrial group acquires such status by decision of the Ministry of Industry on its state registration. For state registration, the central company of the financial-industrial group (and when creating a financial-industrial group through mutual participation - participants of the financial-industrial group) submits the following documents to the authorized state body:

application for the creation of a financial industrial group; agreement on the creation of financial and industrial groups (with the exception of financial and industrial groups formed by the main and subsidiary companies); notarized copies of the registration certificate, constituent documents, copies of registers of shareholders (for JSC) of each of the participants, including the central company of the financial industrial group;

organizational project: notarized and legalized constituent documents of foreign participants; MAP conclusion. The Government of the Russian Federation may establish additional requirements for the composition of submitted documents. The decision on state registration of financial industrial groups is made on the basis of an examination of the submitted documents.

The agreement on the creation of a financial industrial group must determine: the name of the financial industrial group; procedure and conditions for establishing the central company of a financial industrial group; the procedure for the formation, scope of powers and other conditions for the activities of the board of governors; the procedure for making changes to the composition of financial industrial group participants; volume, procedure and conditions for combining assets; the purpose of uniting participants; contract time. Other conditions are established by the participants based on the goals and objectives of the FIG and compliance with the legislation of the Russian Federation.

The organizational project of a financial industrial group is a package of documents submitted by the central company to the authorized state body and 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, as well as other information necessary to make a decision on registration.

The State Register of Financial Industrial Groups is a unified data bank containing the necessary information on the state registration of financial industrial groups. The composition of information and the structure of the register are determined by the Government of the Russian Federation.

The management and conduct of the affairs of a financial industrial group is carried out either by the Board of Governors (when creating a financial industrial group through a participation system) or by a central company. The Board of Governors consists of representatives of all participants of the financial industrial group. The appointment of a representative to the council is carried out by decision of the competent management body of the financial industrial group participant. The competence of the board of governors is established by the agreement on the creation of the financial industrial group.

The central company of the financial industrial group makes decisions on issues within its competence in the manner established by the legislation on joint stock companies.

Participants of financial industrial groups engaged in the production of goods and services can be recognized as a consolidated group of taxpayers; they can also maintain summary (consolidated) accounting, reporting and balance sheets of financial industrial groups; for the obligations of the central company arising as a result of participation in the activities of the financial industrial group. its participants bear joint liability.

FIGs have the right to count on state support for their activities by decision of the Government of the Russian Federation, and specifically on: a) offset of the debt of a FIG participant. whose shares are sold at investment competitions (auctions), in the amount of investments provided for by the terms of investment competitions (auctions) for the buyer - the central company of the same financial industrial group; b) granting participants of the financial-industrial group the right to independently determine the terms of depreciation of equipment and the accumulation of depreciation charges with the use of the received funds for the activities of the financial-industrial group;

c) transfer to the trust management of the central company of a financial-industrial group of blocks of shares of participants of this financial-industrial group temporarily assigned to the state: d) provision of guarantees to attract various types of investments; e) provision of investment loans and other financial support for the implementation of financial industrial group projects. State authorities of the constituent entities of the Russian Federation have the right, within their competence, to provide additional benefits and guarantees to financial industrial groups. The Central Bank may provide banks that are participants in a financial industrial group and carry out investment activities in it with benefits that provide for a reduction in mandatory reserve requirements and changes in other standards in order to increase their investment activity.

A financial industrial group is considered liquidated from the moment the registration certificate expires and is removed from the register. A financial-industrial group is liquidated in the following cases: all participants of the financial-industrial group make a decision to terminate its activities; the entry into force of a court decision invalidating the agreement on the creation of a financial industrial group; a violation of the legislation of the Russian Federation during the creation of a financial industrial group established by a court decision that has entered into legal force; expiration of the agreement on the creation of a financial industrial group. if it is not extended by the participants of the financial-industrial group: the Government of the Russian Federation makes a decision to terminate the certificate of registration of the financial-industrial group due to the non-compliance of its activities with the terms of the agreement on its creation and the organizational project.

The obligations of the participants of a financial industrial group to fulfill the agreement on the creation of a financial industrial group in the event of its liquidation are valid, since this does not contradict the Federal Law and the Civil Code of the Russian Federation. Belov V. A.

Encyclopedia of Lawyer. 2005 .

See what "FINANCIAL AND INDUSTRIAL GROUP" is in other dictionaries:

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 on the creation of a financial industrial group for the purpose of technological or... ... Financial Dictionary

Financial and industrial group- (English financial and industrial group) in the Russian Federation, a set of legal entities operating as main and subsidiary companies or who have fully or partially combined their tangible and intangible assets (participation system) on the basis of an agreement on ... ... Encyclopedia of Law

See Financial Industrial Group Dictionary of business terms. Akademik.ru. 2001 ... Dictionary of business terms

See FINANCIAL INDUSTRIAL GROUP. Raizberg B.A., Lozovsky L.Sh., Starodubtseva E.B.. Modern economic dictionary. 2nd ed., rev. M.: INFRA M. 479 p.. 1999 ... Economic dictionary

Financial and industrial group- a set of legal entities operating as main and subsidiary companies or who have fully or partially combined their tangible and intangible assets (participation system) on the basis of an agreement on the creation of a financial industrial group for the purpose of... ... Official terminology

Legal dictionary - in accordance with Art. 2 of the Law of June 4, 1999 On financial industrial groups, a financial industrial group is considered an association of legal entities (group members) carrying out economic activities on the basis of an agreement on the creation... ... Legal Dictionary of Modern Civil Law

financial and industrial group- (FIG) according to the legislation of the Russian Federation, a set of legal entities operating as main and subsidiary companies or who have fully or partially combined their tangible and intangible assets (participation system) on the basis of an agreement on the creation of a FIG (Federal Law On... ... Large legal dictionary

Financial and industrial group- a set of legal entities operating as main and subsidiary companies or who have fully or partially combined their tangible and intangible assets (participation system) on the basis of an agreement on the creation of a financial industrial group for the purpose of ... Administrative law. Dictionary-reference book audiobook

Financial and industrial groups are a number of enterprises united by a common management structure and a source of lending, which is usually a bank. The companies included in the financial industrial group do not necessarily represent the interests of a particular industry. They can perform different functions in the market, producing dissimilar products. However, all capital investments are made from a single source. In addition, financial industrial groups are concerns, sometimes a group of concerns, the majority of shares of which belong to one private person who determines the development strategy of all

Visible autonomy and structure

Formally, from a legal point of view, such enterprises operate autonomously from each other. At the same time, having external management and financing, they form what we used to call “financial-industrial groups”. What is characteristic is that, despite all the apparent autonomy, companies are focused on performing a specific task, which may not be directly related to the requirements for growth of economic income. Financial capitalization often occurs through the concentration of completely different resources.

Financial and industrial groups integrate the efforts of legal, insurance, financial companies, several alternative media resources and, of course, technological production. What can they have in common, other than the owner’s banal desire to earn a little money? Obviously politics. It’s just that at a certain level of business development, it is no longer so much judicial and legal as political and instrumental guarantees of preserving the inviolability of accumulated capital. And this is only possible if industrial, financial, banking and other types of capital are transformed into political capital, that is, into power. As a matter of fact, the activities of any financial and industrial group are aimed at solving such a problem.

• Industrial financial and industrial groups are industrial associations operating on the principle of a concern. It is a rare case that such groups include the advantages of an enterprise of the same
• Classic financial and industrial groups are associations created on a contractual basis and creating a management company as a basic unit. All structural units of the financial industrial group retain their previous

Financial and industrial groups in Russia

In principle, financial industrial groups are a purely Russian phenomenon, which appeared thanks to the corresponding Russian Federation back in the second half of 1993. Initially, it was assumed that by creating such groups, the state would be able to quickly free itself from a series of uncontrollable and by and large unprofitable post-Soviet enterprises, and somehow streamline unhealthy, wild in nature competition. However, the mechanism for creating financial industrial groups did not involve the formation of “friendly integration” mechanisms, which provoked the emergence of super players who occupied a dominant position in various market niches. Thus, instead of a controlled competitive environment, total monopolies were created, controlling entire industries and sectors of the economy. And this, in turn, led to an equally strong dependence of companies on the activities of government agencies. It was thanks to the creation of their own political projects that they began to create the “necessary” lobbying political and

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. It provides participants with control over joint activities and use of allocated resources. 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 founding agreement of a simple partnership, the general affairs of which are carried out by the 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 for the 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 the most important elements of 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 noticeable trading companies 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 FIGs, as a rule, have two more “standard” elements - an 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. Purposefully consolidating shares of trade, industrial, 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 financial and industrial groups have two features: firstly, they are created with the participation of foreign capital attracted by intergovernmental agreements in various forms, secondly, the list of Russian financial industrial group participants 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 The largest corporations in a market-oriented financial system is a 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 Federal Republic In Germany today, those of general economic importance do 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 is developed based on the use of 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 quite medium in size, traditionally maintain ties with Bavarian banks even when they are part of concerns that are structural elements financial groups 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 (petrochemical industry); Company Generale Electricité (electronics and electrical engineering) and 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 additional issues of shares by industrial enterprises did not lead to the expected results. Therefore, Italian concerns, in order to increase capital investments, were forced to resort to the use of bank 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 operating 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 some experience in the field of their activities. 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 contain 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.