Investment dynamics is a significant economic category. Its change and characteristics. Statistical analysis of the fixed capital of Russia Statistical analysis of the fixed capital of Russia

Consider the structure of investments in fixed assets by type economic activity, the data are presented in Appendix D. From Appendix D it can be seen that for the period 2008-2012. certain shifts in the structure are observed. The share of investments in fixed assets by the type of activity "production and distribution of electricity, gas and water" is growing, during the period the share increased by 2.3 percentage points, and the indices of the physical volume of investments for each year in relation to the previous year are more than 100% , this indicates an annual increase in capital investments in this type of economic activity.

Also, throughout the entire period, the share of investments in financial activities is growing.

In general, over the period, the share of investments in agriculture, hunting and forestry decreased by 0.8 percentage points. Russia is a country with huge reserves of forest resources and agricultural land, but the condition of the land is assessed as unsatisfactory - the processes of land degradation are aggravating. The hydrological regime of drainage basins is deteriorating, due to the human factor, the ability of natural complexes to self-regulation decreases.

During the study period 2008-2012. the share of investments in fixed assets by sectors of education and health care and the provision of social services gradually decreased. The shares in the structure of investments in education by 2012 compared with 2008 decreased by 0.2 percentage points, in health care and the provision of social services by 0.4 percentage points. At the same time, the indices of the physical volume of investments in relation to previous years during the period for these types of activities amounted to more than 100%, with the exception of 2009. The creation of favorable conditions for the development of human potential is one of the most important tasks of modern society, in particular Russia, therefore, the reduction in the structure of investments in the share of these types of activities is an extremely negative trend.

In the values ​​of the index of the physical volume of investments by the type of activity “transactions with real estate, rent and provision of services”, no clear dynamics is observed, its share over the period decreased by 3 percentage points. At the same time, the share of investments in the research and development sector in the structure of investments in fixed assets increased by 0.2 percentage points from 0.5% at the beginning of the period to 0.7% by the end of the study period, the volume index for this the period remained above 100%. Such changes indicate an improvement in the structure of capital investments, since the development of this type of activity contributes to scientific and technological progress.

For 2008-2012 structural changes did not affect the fishing and fish farming industry, they also did not affect the type of activity of hotels and restaurants for four years, but in the last year of the period its share decreased by 0.1%, which is a significant shift, taking into account the fact that that in previous years the share of this type of activity was only 0.5% in the structure of investments in fixed assets.

In the structure of investments in fixed assets by type of activity during the period under review, the share of mineral extraction increased slightly by 0.9%, the share of manufacturing industries decreased by 1.7% and the share of wholesale and retail trade; repair of motor vehicles, motorcycles, household goods and personal items by 0.3%. The share in the structure of investments in the transport and communications industry changed annually, having increased by 2012 by 4.5% compared to 2008.

Now let us consider the structure of investments in fixed assets by type of ownership, the data are shown in Table 3.

Table 3 - Structure of investments in fixed assets by type of ownership in 2008-2012 (as a percentage of the total)

Source: Russia in Figures: P32 Stat. Sat. / Rosstat. - M., 2013 .-- p. 467.

Table 3 shows that the share of investments in fixed assets of Russian property is growing every year. The role of the property of municipalities and the state in investments is decreasing: thus the share of capital investments municipal property for the period under review 2008-2012 annually decreases by an average of 0.3% of the total volume of investments in the national economy, the share of investments in fixed assets state property decreases annually by an average of 0.58%, an exception in the dynamics is 2009, when there was an increase in the share of state-owned capital investments by 1.2% compared to 2008. This is due to the drop in the overall level of investment activity in the country, if the growth rate of investments in fixed assets in the country as a whole in 2009 amounted to 90.83% of the 2008 level, then the growth rate of investments in state property in the same year amounted to 96.7 %. The downward trend in the share of state-owned capital investments is a natural process against the background of privatization processes taking place in the economy since the beginning of the transition to a market-based economic system and speaks of an increase in investment attractiveness for private investors.

The analysis of the structure of investments in fixed assets by funding sources is significant for the research purposes. A similar structure is shown in Table 4.

Table 4 - Structure of investments in fixed assets by sources of financing in the period 2008-2012 (as a percentage of the total)

Source: Russia in Figures: P32 Stat. Sat. / Rosstat. - M., 2013 .-- p. 340.

As can be seen from Table 4, during this period a number of changes took place in the structure of sources of financing for investments in fixed assets. During the period under review, with the exception of 2010, the share of investments in fixed assets financed from own funds increased, during the period it increased by 5.9%. On the one hand, this alignment can be considered a positive shift in the structure of sources of investment financing from the point of view that own funds ultimately have a higher degree of profitability, on the other hand, it is a negative trend in terms of the development of the country's financial sector and the underutilization of additional opportunities. The role of the banking sector is declining. A sharp decline in the share of the domestic banking sector in 2009 is possibly associated with an increase in interest rates on loans, this is indirectly confirmed by the fact that against the background of a general decline in the financing of capital investments in the share of loans from foreign banks in 2009, this indicator increased by 0.2%. It was in this year, as can be seen from Figure 7, that a sharp jump in the refinancing rate of the Central Bank of the Russian Federation took place. However, in the subsequent 2010-2012. despite a significant decrease in lending rates, no growth in the share of investments due to bank loans was observed. In general, over the period, the role of the banking sector in financing capital investments decreased from 11.8% to 7.9%. Also, with the exception of 2009, a decrease in the share of budgetary funds in financing investments with a growing volume of investment is observed.

The ratio of investment costs by types of investment objects is shown by the specific structure of investments in fixed assets . The specific structure of investments is presented in Table 5.

Table 5 - Species structure of investments in fixed assets in the period 2008-2012 (as a percentage of the total)

Source: Investments in Russia: R32 Stat. Sat. / Rosstat. - M., 2013. - S. 15 .; : Investments in Russia: R32 Stat. Sat. / Rosstat. - M., 2013 .-- p. 14.

From Table 5, it can be concluded that for the specific structure of investments in Russia as a whole in 2011, the predominance of investments in industrial, commercial and other non-residential buildings and structures is characteristic, the share of this type having increased by 1.1% in 2009 over the period returned to the value of 2008 in 42.6%, the second position is occupied by investments in the active part of funds - machinery, equipment and vehicles, by the end of the period the share was 36.3%, which is 1.4% less than at the beginning of the period under review, in third place is housing - with an investment share of 15.2% in 2012, which is 1.6% more than in 2008 and, accordingly, the last position in the distribution of investments by types of fixed assets is occupied by investments in other fixed assets.

To determine the direction of investment in fixed assets, consider table 6.

Table 6 - Directions of investments in fixed assets in the period 2008-2012 (as a percentage of the total)

Source: Investments in Russia: R32 Stat. Sat. / Rosstat. - M., 2013. - S. 15 .; : Investments in Russia: R32 Stat. Sat. / Rosstat. - M., 2011 .-- p. 14.

From the table, no clear dynamics is observed in the areas of investment in fixed assets in the period under review. In general, in 2012, compared with the base year 2008, the share of investments directed to the acquisition of new fixed assets increased by 1.4 percentage points and to construction by 0.2 percentage points. The most effective area of ​​investment is considered to be modernization and reconstruction, since in comparison with other areas it requires less funds and less time before putting fixed assets into operation. In this case, over the period, the share of capital investments allocated for modernization and reconstruction decreased by 1.6 percentage points.

the Russian Federation- a huge country in terms of its scale, possessing a rich natural resource potential, but the distribution of resources across the country is uneven, therefore, the structure of the economy and investment should be different. Therefore, it is important for the research purposes to analyze the territorial (regional) structure of investments in fixed assets. Let us consider the modern territorial (regional) structure of investments, the data are given in Appendix D. The lowest volumes of investments are in the regions of the North Caucasian Federal District. Let's present the 10 regions with the highest volume and the North Caucasian Federal District in Table 7.

Table 7 - Share of investments in fixed assets by regions of Russia in the period 2008-2012 (as a percentage of the total)

- an increase in the degree of assembly of buildings and structures erected by construction organizations, which will entail an improvement in the use of assembly cranes in terms of carrying capacity and power;

- introduction of a system of scientific organization of labor;

- mechanization and automation of machine control processes;

- advanced training of workers serving construction equipment, etc.

Strengthening the efficiency of using fixed assets construction organizations can be achieved by improving the organization of the repair of construction equipment on the basis of interdepartmental cooperation, the introduction of aggregate-nodal repair methods, and the creation of a network of specialized repair enterprises. The organizational prerequisites for increasing the intensity of the work of construction machines are the improvement of the availability of tools and devices, an established system of supply of spare parts, materials and structures of appropriate quality.

1.3 Physical and moral deterioration of fixed capital

Fixed capital by its economic nature is permanently renewable capital. The restoration of the value of the means of labor is carried out as they wear out. Allocate the physical and moral deterioration of fixed capital.

Physical wear and tear of fixed capital means the loss of their usefulness (use value) by means of labor. This wear can be of two types. First, the means of labor wear out in the process of their productive use (breakdown of machines, destruction of factory buildings from vibration, etc.). Secondly, they lose their properties under the influence of atmospheric conditions (heat, cold, water), even if the equipment is inactive.

Moral (cost) depreciation is the loss of a fixed capital of its value, regardless of the degree of physical depreciation. Obsolescence is caused by two factors. First, when mechanical engineering creates cheaper technical means, as a result of which there is a depreciation of the old, operating equipment. Second, when old machines are replaced by more productive ones (they produce more output at the same time), as a result of which the functioning fixed capital is depreciated. Although the new generation of similar machines differs from the old more high quality and correspondingly higher cost, but per unit of utility the new machines are cheaper than the old ones. Thus, obsolescence of machines is the loss of value by them caused by technical progress.

Under the conditions of modern scientific and technological progress and competition, the aging of fixed capital has accelerated.

Chapter 2. Statistical analysis of the fixed capital of Russia

2.1 The state of the fixed capital of Russia

The efficiency of the economy is largely determined by the state of its fixed assets, which characterizes the production capabilities of the sectors of the economy, determines the pace and scale of its development. The volume of production, the development of the productive forces of the industry, its financial and economic results of activity, as well as the formation of the most important national economic proportions largely depend on the size, qualitative composition, age structure, efficiency of the reproduction process and the use of fixed assets. Below we consider and analyze the data of Rosstat, which most fully illustrate the state and dynamics of fixed assets of the Russian Federation.

Table data. 1 indicate that fixed assets in the national economy of the country before the beginning of the reform period (1990s) grew at a fairly high rate. Their annual growth was 5-10% and for 1970-1990.

Table 1. - Fixed assets in the national economy of the Russian

Federation (at the beginning of the year; at full book value)

In the post-Soviet period, the growth of fixed assets has slowed sharply. At the same time, a particularly significant decrease occurred in 1995, when the growth rate of fixed assets throughout the economy as a whole amounted to 99.8% of the previous year. This trend was characteristic both for industries producing goods and for industries providing services.

The Russian economy is in dire need of modernization, as fixed assets are aging and technological lag is growing. A long deep recession in almost all industries has led to a severe degradation of the material and technical base of the economy: equipment is outdated, dismantled or sold, technological chains have been dismembered. The production potential accumulated by the beginning of the reform has been declining all these years, and the most advanced production of the highest technological level suffered most from downtime.

Table data. 2 also indicate a systematic decline in the physical volume of fixed assets in construction, industry, agriculture and forestry. During the period 1995-2004. growth rates in construction, agriculture and forestry did not exceed 100% of the previous year. According to the calculations for 1995-2004. the increase in the physical volume of fixed assets in industry was only 0.4%, i.e. there was no increase as such. V agriculture the situation is completely deplorable: over the 9-year period, the volume of fixed assets has decreased by 24%.

Currently, there is a clear trend of loss industrial enterprises the ability to produce complex and high technology products, and not only new, but also produced by them earlier in the conditions of stable economic development. The aging process of fixed assets is determined by the rates of retirement of obsolete equipment, which are unacceptably low for a modern economy, and the same low rates of new capital input. This means that under threat is the technical re-equipment of the production apparatus of such basic sectors of the economy as energy, transport, metallurgy, chemistry, mining, etc. equipment will be difficult or impossible.

An increase in output mainly by increasing the utilization of production capacities, with insufficient investment activity, has mothballed the tendency to an increase in the level of wear and tear of fixed assets in industry, which is characterized by the data in Table. 3.

At the beginning of 2010, the degree of depreciation of fixed assets in the economy as a whole was 45.1%, including in industry - 50.6%, while in 2000 these values ​​were 38.6 and 46.2%, respectively. The wear rate of machinery and equipment was significantly higher - 57.3%.

Thus, over a 10-year period, the depreciation of fixed assets in the economy of the Russian Federation increased by 1.2 times. The depreciation of vehicles increased by 4.9 percentage points, of structures - by 8.4 points, the depreciation of buildings remained at the same level as in 1995. It should be noted that the depreciation of the most active part of fixed assets (machinery and equipment) increased up to In 2000, when it amounted to 68.4% against 62.9% in 1995, then it decreased and in 2010 it was already equal to 57.3%. Most likely, this was a consequence of the 1998 financial crisis, after which the Russian industry acquired certain opportunities for growth and development. However, this did not lead to overcoming most of the problems.

Table 2. - Indices of the physical volume of fixed assets by sectors of the economy (in comparable prices; in%)

Introduction

1.2 Fixed capital (fixed assets)

1.3 Physical and moral deterioration of fixed capital

Chapter 2. Statistical analysis of the fixed capital of Russia

2.1 The state of the fixed capital of Russia

2.2 Adjustment of fixed assets

Chapter 3. Development of a program for improving fixed assets of Russia

Conclusion

Introduction

Fixed capital is one of the key economic categories. The situation with real capital in Russia in general has been one of the most pressing issues of the Russian economy for more than a dozen years. By what indicators do we lag most behind the economies of developed countries? Among others, it is the state of real assets. In which sector of the Russian economy is there a chronic lack of investment? In the real capital sector. Analysts are constantly sounding the alarm: the imbalance between increasing investments in the financial market, the securities market and the significant underfunding of the real sector of the economy will ultimately lead to the degradation of industries and the lack of securities backing with real values.

After all, it is the timely and sufficient re-equipment of production facilities that is the guarantor of long-term growth in productivity, profitability and reduction in production costs. A guarantee of the competitiveness of products both in the domestic and foreign markets. It is the focus on the intensive development of the economy with the use of advanced technologies that is the way to improve the situation in the real capital market. At present, Russia is called a "raw material colony" in relation to developed countries due to the fact that we export raw materials, we import high-tech final products. At this stage of economic development, it is more profitable for us than to produce a product inside the country. The technologies are imperfect, the equipment is outdated, the oil refining depth is 40-45%, and abroad it reaches 96%.

So, the real capital market today is perhaps the key issue of the Russian economy. A market that requires significant investment, development and implementation of R&D. Of course, in the current financial crisis, ambitious plans for a total modernization of most firms and state. enterprises will have to be postponed. However, the crisis is a temporary phenomenon, and in 2-3 years, according to forecasts, the situation will stabilize. This means that we will return to the old problems: should we still lag behind the level of developed countries by 50 years, or should we accelerate development and catch up? (as Brazil, India and China are doing so successfully).

The subject of this work has long been of interest to economists, now both the views of the classics and the points of view of modern economists and analysts are well known.

Target term paper- to give a statistical analysis of fixed capital in the Russian Federation.

To do this, you need to set the following tasks:

1. The main theories of capital, as understood by various economic schools and doctrines,

2. Modern understanding of the capital market and its structure,

3. Supply and demand in the market for services of capital, loan capital, capital goods,

4. Evolution of the capital market in Russia, current trends and recommendations for improving the situation.

Chapter 1. Capital market and its structure

1.1 Capital market and its structure

Allocate fixed (real) and fictitious capital.

Fictitious capital is a special form of loan capital investment. Presented in securities, it makes an independent movement, different from real capital, and regularly brings income to its owners in the form of dividends or interest.

Real capital is divided into stock (what is at a given point in time) and investments (considered for a certain period). Also, real capital is divided into capital itself (for example, a machine tool) and capital services (for example, a machine tool service). On this basis, the following segments of the capital market are distinguished:

1. Market for capital goods. This is the purchase and sale of production assets

2. Market for capital services. Production assets can be leased, products can be produced on them.

3. Loan market (money for funds)

Real capital exists and functions in 3 forms:

1. Cash capital

2. Productive capital

3. Commodity capital

These 3 types of real capital are involved in the circulation of capital.

The circulation of capital is such a movement of capital, in which, passing through various stages, it returns to the form with which it began its movement. Moreover, in the process of continuous renewal and repetition of circuits, capital at any given moment is simultaneously in all forms, thereby symbolizing the unity of the process of production and circulation. The circulation of capital is called its movement, covering successively its advance, use in production, the sale of the produced goods and return to its original form.

This path of movement of industrial capital takes place in any society, regardless of its socio-economic arrangement. Capitalism, socialism, developing countries - none of this matters. The difference lies in the connection methods work force with the means of production and in the appropriation and use of the final effect of capital movement - profit. Money capital (M) is advanced by the capitalist for the purchase of means of production (Cn) and labor power (Pc), which, being combined in the production process (P), continue to interact until the output finished products(T). Selling a commodity, the capitalist receives its value in monetary form (D), the initially advanced amount of capital is returned to its owner, but already increased by a determining amount.

The time of capital turnover is made up of the time of production and the time of circulation. Production time includes the working period, breaks in the production process and the presence of capital in inventories.

The circulation time covers the period of sale and purchase of goods; it depends on the remoteness of sales markets, development transport system, the state of the market, the degree of competition, its saturation with goods. The circulation time includes the time spent by the finished product in the warehouse; the time of its transportation to the consumer; time of realization of finished products; time of acquisition of stocks of means of production. Thus, it covers the process of marketing finished products and the acquisition of new means of production.

The rate of capital turnover depends on many factors: on the structure of the productive capital itself, the duration of the working period in production, the condition of vehicles and highways, the completeness and rhythm in the operation of equipment and machines, the setting of trade, etc.

Depending on the rate of turnover and the method of transferring value to the finished product, productive capital is divided into fixed and circulating. The distinction between fixed and circulating capital was drawn by A. Smith. In his opinion, fixed capital is the one that generates profit, while remaining the property of the one who owns it; working capital is a good that ceases to be the property of its owner. Thus, draft animals are fixed assets, but if they are sold on the market, they are converted into working capital. Thus, A. Smith understood the working capital as commodity, or commercial, capital.

D. Ricardo's division of capital into fixed and circulating capital was based on a different principle. He carried out this division depending on the degree of capital durability. However, unlike A. Smith, D. Ricardo excluded the costs of raw materials and supplies from the working capital and in fact equated working capital with the cost of purchasing labor.

The disadvantage of this indicator may be its limited use instead of the OF. First, investments (capital investments and commissions) in a planned economy and investments in a market economy are formed on the basis of fundamentally different mechanisms. So, before the transition to the market, they were determined state plan, and a significant part of them may be unused today. This means that the length of the time series of such "fixed assets" is deliberately limited. Secondly, if the task is to explain the dynamics of investments, for example, with the involvement of the apparatus of the investment function, data on investments will not carry information about the stocks of production capacities accumulated before the transition to the market and suitable for the production of products in demand today. At the same time, it is most likely that they can be determined by these reserves.

The fourth approach, based on the premise of the constancy of the fixed assets service life during the last three decades of the planned and the entire period of the market economy, makes it possible to obtain comparable estimates of the fixed assets dynamics for the entire period under consideration, to weaken the distortions from the revaluations of the 1990s. and to assess the dynamics of effective PFs taking into account the old PFs. An attempt to apply it was made in, where model estimates of serviceable OP at the level of the national economy were obtained for the period 1959-2001. taking into account the distortions from revaluations, as well as the assessment of the dynamics of effective fixed assets.

The disadvantages of this method include the tough assumptions on which it is based: about the constancy of the OP service life and the preservation of the production function parameters, estimated from the data for the period of the planned economy, in the first years after the transition to the market. In addition, if some part of the PF ceased to be used during the transformational recession of 1991-1994, and then did not change the owner and was used again, it also falls out of consideration.

This work is devoted to the construction of estimates of serviceable OF and effective OF using a modified version of the fourth approach.

To implement the methodology, one needs data on output, fixed assets and inputs in comparable prices, as well as employment for the entire study period.

The gross domestic product was chosen as the output indicator. In the period from 1960 to 1990, inclusive, the so-called "agreed indices" of economic growth were used, and from 1990 to 2010 - the official data of the State Statistics Committee. At the point corresponding to 1990, in order to reduce the relative discrepancy associated with the change in methodology, the average index between the data and the data of Goskomstat was taken.

Official statistical publications for various years up to and including 1990 provide data on the average annual number of workers, employees and collective farmers. In there are data on the average annual number of employees since 1980, with the available values ​​for 1980, 1985 and 1990. do not correspond to the average annual number of workers, employees and collective farmers for those years. Thus, a simple aggregation of the employment series for the periods before and after 1990 has a certain margin of error. In this work, the average annual number of workers and employees, and then the average annual number of employed, were used as an indicator of employment up to 1990 inclusive. Since all estimates were supposed to be made on the basis of a dynamic series of employment growth rates, it was believed that the error associated with the change in the methodology in the period 1990-1991 had an insignificant effect on the conclusions.

Data on FF since 1960 in comparable prices were published in 1994, and then the series was continued according to data for subsequent years.

The situation with the input data was somewhat more complicated. By comparing the data from and, as well as recalculating the series when constant prices change, it was possible to form a time series lengthened. At the same time, it was assumed that the growth rates of inputs throughout the national economy and the growth rates of inputs by state and cooperative enterprises in the period 1950-1965. coincided.

The used method for assessing the dynamics of the OF is published in. The idea of ​​the approach is based on the premise of the constancy of the equipment service life over the entire investigated interval. Taking into account the severity of this assumption, it should be noted that the last general inventory for the purpose of accounting for the condition, depreciation and disposal of fixed assets was carried out in the early 1970s. and since then there is no reliable information on the change in the service life of the PFs involved in the production of the national economy as a whole. The increase in the degree of depreciation of fixed assets and the data on the age structure of fixed assets in industry, which are published by Goskomstat, only testify to the time spent by fixed assets on the balance sheet of enterprises. At the same time, nothing is known about its actual serviceability, or about its ability to produce products in demand. In turn, arguments are presented both in favor of lengthening the real life of the OF in a market economy in comparison with the planned one, and in favor of its reduction. Under these conditions, it seems that other assumptions about changes in the real life of the equipment may turn out to be no less rough. On the other hand, if reliable information appears in this regard, the proposed methodology can be amended accordingly.

Based on the data on inputs and FF for the period of the planned economy (1960-1989), the expected service life d is estimated for five different survival functions in such a way that the FF estimates correspond as closely as possible to the official data. The values ​​of other parameters of the survival functions g were chosen the same as in the original work.

A sharp drop in output growth rates and a drop in commissioning after 1990 with their subsequent reaching a more or less constant level after 1994 makes it possible to single out a period of transformational recession. To obtain an estimate of effective PFs, the premise is introduced that it is the freezing of PFs associated with the lack of demand for the products produced with their help that explains the decline in output in 1991-1994. In fact, apparently, this decline is also partly due to an increase in hidden unemployment, with a decrease in total factor productivity, as well as the action of a number of other factors, the consideration of which will require a separate study.

Within the framework of the assumptions adopted in the work, the following conclusions can be drawn.

Revaluations of fixed assets led to a significant overestimation of fixed assets in comparable prices, which may be due to the ability and interest of enterprises to resolve the issue of disposal of unused and unusable fixed assets in order to achieve the required indicators of their economic activity.

The overestimation of the official estimates of PF can be decomposed into two components: accounting for PF unsuitable for use and accounting for PF usable, but not involved in the production of PF.

By 2010, the volume of effective fixed assets decreased 2.6-2.7 times compared to the level of the end of 200. The volume of operational facilities for the same period decreased by 1.2-1.6 times.

By 2010, the share of PFs purchased new or on the secondary market ranged from 71.5 to 74.3% of efficient and 32.9-43.2% of usable PFs.

The results obtained do not have a solid foundation for regular inventories of PFs in all sectors of the economy and therefore are based on sub-accounts, assumptions and various kinds of estimates, which, according to the authors, are classified as “second-class” products. Nevertheless, out of the three questions posed at the very beginning, it was possible to find some answer to the last two.

With regard to the market value of old production facilities, then a different approach is required, the development of which is a separate independent task. One way or another, it has to be solved in order to tackle more serious problems, similar to those that were listed at the very beginning. Unfortunately, it is unlikely that it will be possible to extract all the data necessary for this from old domestic statistical reference books.

Chapter 3. Development of a program for improving fixed assets

Of Russia

capital depreciation fixed assets

One of the most important tasks in the development of industry is to ensure production, primarily by increasing its efficiency and more complete use of intra-economic reserves. For this, it is necessary to use fixed assets and production capacities more rationally.

The increase in the production of industrial products is achieved due to:

1) commissioning of fixed assets and production facilities;

2) improving the use of existing fixed assets and production capacities.

The growth of fixed assets and production capacities of industry, its branches and enterprises is achieved through new construction, as well as reconstruction and expansion of existing enterprises.

Reconstruction and expansion of existing factories and plants, being a source of increasing fixed assets and production capacities of enterprises, at the same time make it possible to better use the production apparatus available in industry. The decisive part of the increase in production in industry as a whole is received from the existing fixed assets and production capacities, which are several times higher than the new funds and capacities introduced annually.

One of the most important tasks of increasing the efficiency of the use of capital investments and fixed assets is the timely commissioning of new fixed assets and production capacities, their rapid development. Reducing the time required for the commissioning of new factories and plants allows you to quickly get the products necessary for the national economy from technically more advanced fixed assets, accelerate their turnover and thereby slow down the onset of obsolescence of fixed assets of enterprises, increase efficiency social production generally.

The creation of large production associations has a significant impact on the successful solution of the problem of improving the use of fixed assets, production capacities and growth of labor productivity. At the same time, it is necessary to pay more attention to the development of production specialization and technical re-equipment of existing enterprises, the withdrawal of products unusual for their profile from these enterprises, the creation of specialized industrial facilities in small and medium-sized cities that tend to large industrial centers, where there are reserves of labor.

An important reserve for increasing the efficiency of using fixed assets and production capacities of operating enterprises lies in reducing the time of in-shift equipment downtime, which at a number of industrial enterprises reaches 15-20% of the total working time.

Improving the use of fixed assets and production capacities depends to a large extent on the qualifications of personnel, especially on the skill of workers servicing machines, mechanisms, aggregates and other types production equipment... A creative and conscientious attitude of workers to work is an important condition for improving the use of fixed assets and production capacities.

It is known that the level of use of production capacities and fixed assets largely depends on the perfection of the system of moral and material incentives. An analysis of the technical and economic indicators of industrial enterprises operating in the new conditions of planning and economic incentives shows that a new economic mechanism, including the introduction of payments for production assets, a revision of wholesale prices, the use of a new indicator to determine the level of profitability, the creation of incentive funds at enterprises , contribute to the improvement of the use of fixed assets.

Improving the efficiency of the use of fixed assets at the present time, when the country is experiencing a widespread and global decline in production, is of great importance. Enterprises that have fixed assets inherited from the socialist economy should not only strive to modernize them, but also make the most efficient use of what they have, especially in the current conditions of a deficit of finance and productive investment.

Any set of measures to improve the use of production capacities and fixed assets, developed at all levels of industrial management, should provide for an increase in production volumes, primarily due to a more complete and efficient use of on-farm reserves and through a more complete use of machinery and equipment, an increase in the shift ratio , elimination of downtime, reduction of terms of development of newly commissioned capacities, further intensification of production processes.

Improving the use of fixed assets also means accelerating their turnover, which greatly contributes to solving the problem of reducing the gap in terms of physical and obsolescence, accelerating the pace of renewal of fixed assets. Finally, the effective use of fixed assets is closely related to another key task - improving the quality of products, since in conditions of market competition high-quality products are sold faster and are in demand.

The successful functioning of fixed assets and production capacities depends on how fully extensive and intensive factors for improving their use are realized. An extensive improvement in the use of fixed assets and production capacities implies that, on the one hand, the operating time of the operating equipment in the calendar period will be increased, and on the other hand, the specific weight of the operating equipment in the composition of all equipment available at the enterprise will increase.

The most important areas for increasing the operating time of equipment are:

1) reduction and elimination of in-shift equipment downtime by: improving the quality of equipment repair service, timely provision of the main production with raw materials, materials, fuel, semi-finished products, ensuring production with a labor force;

2) reduction of all-day equipment downtime, increase of the shift ratio of its work.

Full utilization of the permanent fund of operating time of the existing equipment park makes it possible to increase the volume of production and reduce its cost without additional capital investments. An increase in the operating time of individual machines, devices contributes to an increase in production and a decrease in capital intensity in the event that this stage of the process is “ bottleneck"In the general technological" chain ". An increase in the operating time of equipment along the entire technological "chain" also leads to an increase in the volume of production and a decrease in the capital intensity of products. But the latter depends mainly on how or how the equipment downtime will be reduced. The primary reserve is the elimination of unscheduled downtime due to lack of raw materials, energy, delayed sales of products.

The shift factor can be increased due to the additional number of machine operators, the release of unnecessary equipment.

An important way to improve the efficiency of the use of fixed assets and production capacity is to reduce the amount of unnecessary equipment and the rapid involvement of non-installed equipment in production. The death of a large number of means of labor reduces the possibility of an increase in production, leads to direct losses of materialized labor due to their physical wear and tear, since after long-term storage the equipment often becomes unusable. Other equipment in good physical condition turns out to be morally obsolete and is written off along with the physically worn out.

The possibilities for an intensive way of increasing the efficiency of fixed assets and production capacities are much wider. It assumes an increase in the degree of utilization of fixed assets per unit of time. An increase in the intensive load of equipment can be achieved by modernizing existing machines and mechanisms, establishing an optimal mode of their operation. Operation under the optimal mode of the technological process ensures an increase in production without changing the composition of fixed assets, increasing the number of employees and while reducing consumption material resources per unit of production.

Conclusion

The current state of the capital market in Russia raises serious concerns. Along with unfavorable market conditions, there is an imbalance in the distribution financial resources the state with an emphasis on supporting the stock market while maintaining stabilization funds.

Professional, responsible and focused on national interests The country's leadership should, first of all, realize that the current world economic crisis is not just a stock crisis, but a financial one, and we are only experiencing its first stage, its prologue. The global stock game for a fall on its current scale can be conducted only for the sake of an extreme underestimation of real assets and for their subsequent purchase for a pittance, i.e. for the purpose of a new world redistribution of property. If we proceed from the fact that the refinancing rate of the US Federal Reserve System is 1.5 percent per annum, and the Russian central bank rate is almost an order of magnitude higher, then, of course, we should reject the continuation of the line of “openness to the civilized world” and close ourselves from the trap of “free trade”. More specifically, it is necessary, firstly, urgent, "firefighting" measures to ensure effective control of property rights to key strategic objects, and indeed to everything in the country during the crisis period, which is not a virtual speculative, but a real value. Moreover, one must be prepared for serious conflicts with the United States and with the West as a whole, absolutely inevitable if these measures are effective.

Secondly, in the conditions of massive multi-month non-payments that have already emerged in the national economy, it is absolutely not enough to give large domestic companies the opportunity to "refinance". We need extraordinary measures of state coercion of strategically important corporations-monopolists to make payments, above all to machine-building and other high-tech contractors, for work performed, as well as coercion of these corporations to conclude long-term, three to five year contracts with manufacturers-suppliers.

It is, of course, necessary to support the banking system within reasonable limits, taking under strict state control all banking expenses, including payments to top managers. However, it is a hundred times more important to seriously support the real sector of the economy, without which the banking system, in fact, is not needed by anyone except financial speculators.

List of used literature

1. Andrianov V.D. Russia in the world economy. - M., 2008.

2. Valypukh K.K. Information theory of value and the laws of a non-equilibrium economy. - M .: Yanus-K, 2009 .-- 869 p.

3. Varga E.S. Economic crises. - M .: Nauka, 2004 .-- S. 318-319.

4. Money. Credit. Banks (textbook). / Ed. prof. O.I. Lavrushin. - M .: Finance and statistics, 2008 .-- 464 p.

5. Guseva K.N. Long-term lending. // Money and credit. - 2000. - No. 7.

6. Shchiborsch K. Consumer credit: Western experience and development prospects in Russia // Banking technologies. - 2008. - No. 9.

7. Kolbachev E.B. Economic science and overcoming the crisis. // Bulletin of the South Russian State Technical University (NPI). Series: Socio-economic sciences. - 2008. - No. 3. - S. 3.

8. Ignatskaya M. Finance, credit and money circulation in developed countries... // Economist. - 2009. - No. 12.

9. Materials of the journal "Capital Markets".

10. Lavrushin OI Features of the use of credit in a market economy. // Banking. - 2009. - No. 6.

11. Russian economic journal "Kommersant".

12. Kosterina T.M., Gessel M.A. Objective and subjective problems in modern credit relations. // Banking. - 2008. - No. 2.

13. Finance. Money turnover. Credit (textbook). / Ed. prof. L.A. Drobozin. - M .: Finance, UNITI, 2008 .-- 479 p.

14. Economics: Textbook. 3rd ed., Rev. and add. / Ed. Dan. prof. A.S. Bulatov. - M .: Economist, 2010.

15. Economic theory: Textbook. / Under total. ed. ac. IN AND. Vidyapina, A.I. Dobrynin, G.P. Zhuravleva, L.S. Tarasevich. - M .: INFRA-M, 2009.

Ermishin P.G. The basics economic theory... // Lecture course.

Boldyrev Y. Projection of the global crisis on Russia: what should the state and the “common man” do? // Russian economic journal. - 2008. - No. 7-8. - S. 3-15.

Representatives of all major schools and areas of economic science have shown an aspiration to explain the essence and significance of capital. This is evident even from the title of many works. Let us mention, in particular, “Capital” by K. Marx, “Capital and Profit” by E. Böhm-Bawerk, “The Nature of Capital and Profit” by I. Fischer, “Value and Capital” by J. Hicks.

Capital concept and theory

The essence and forms of capital

Capital - ϶ᴛᴏ a certain amount of goods in the form of material, monetary and intellectual means used as a resource in further production. Therefore, capital is the sum of so-called capital goods, i.e. goods for the production of other goods. Bricks (a house will be made of them), machine tools (they will be used to make parts of future cars), a TV (it will reproduce a TV program), etc. can be considered a capital good.

Narrower definitions are also widespread. According to the accounting definition, all assets (funds) of a firm are called capital. According to the economic definition, capital is divided into real (physical, production), i.e. in the form of means of production, and money, i.e. v financial form, and sometimes commodity capital is also allocated, i.e. capital in the form of goods.

Real capital is divided into fixed and working capital (Fig. 17.1). Fixed capital is usually property that has been in service for more than one year. In Russia, fixed assets are called fixed assets.

To the real working capital only material circulating assets should be included, i.e. production inventories, work in progress, finished goods inventory and goods for resale. This economic definition working capital.

If you add funds to the working capital in settlements with suppliers and buyers (accounts receivable, i.e. loans and installments of payments to buyers, and prepaid expenses, i.e. advances to suppliers), cash at the cash desk of the enterprise and wage costs, then we get working capital (working capital, or current assets) by accounting definition.

Figure 17.1. Real capital structure

Often, capital is divided according to the spheres of its application: production (industrial), trade, financial (loan), etc. Capital owners receive income from its use. In the case of loan capital, income takes the form of interest. In other cases (϶ᴛᴏ other types of money capital or all real capital), income takes the form of profit. It is worth noting that it can be in different versions: the profit of the company, dividends of the owner of shares, royalties of the owner of intellectual capital (for example, the owner of a patent), etc.

Note that capital theories

Note that capital theories have a long history.

A. Smith characterized capital exclusively as an accumulated stock of things or money. D. Ricardo interpreted it as a means of production. A stick and a stone in the hands of primitive man seemed to him the same element of capital as machines and factories.

Unlike their predecessors, K. Marx approached capital as a category of social character. It is worth noting that he argued that capital is ϶ᴛᴏ self-increasing value, giving rise to the so-called surplus value. Moreover, he considered only the labor of hired workers to be the creator of the increment in value (surplus value). Therefore, Marx believed that capital is, first of all, a certain relationship between different strata of society, especially between wage workers and capitalists.

Among the interpretations of capital, mention should be made of the so-called theory of abstinence. It is important to note that one of its founders was the English economist of Nassau William Senior (1790-1864). He regarded labor as a "victim" of the worker who was losing his leisure and rest, and capital as a "victim" of the capitalist who refrained Use this property for personal consumption and convert a significant part of it into capital.

On the ϶ᴛᴏth basis, the postulate was put forward that the benefits of the present are of greater value than the benefits of the future. And consequently, the one who invests and means in economic activity, deprives himself of the opportunity to realize part of his wealth today, sacrifices his present interests for the sake of the future. It is this kind of sacrifice that deserves the reward of profit and interest.

According to the American economist Irving Fisher (1867-1947), capital generates a flow of services, which turn into an influx of income. The more the services of this or that capital are valued, the higher the income. Therefore, the amount of capital must be estimated on the basis of the amount of income received from it. So, if the renting of an apartment brings its owner $ 5,000 annually, and in a reliable bank he can get 10% per annum on the money put on the urgent account, then the real price of the apartment is $ 50,000. % per annum, to receive $ 5000 annually.Based on the above, we come to the conclusion that in the concept of capital, Fisher included any benefit that brings income to his owner (even talent)

Quantifying profit and its dynamics

There are two measures for quantifying profits. The absolute indicator of the ϶ᴛᴏth category is the mass of profit, the relative indicator is the rate of profit.

The mass of profit is ϶ᴛᴏ its absolute volume, expressed in money. Rate of profit - ϶ᴛᴏ the ratio of profit to advanced capital, expressed as a percentage.

In Russia, the rate of return is often referred to as the level of profitability. Material published on http: // site
It should be noted that it is calculated as the ratio of profit to the value of fixed assets and working capital... In the Russian industry, the level of profitability in 1980 was 12.5%; in 1990 - 12.0; in 1997 - 9.0.

Main capital

Main capital(fixed assets) will be the main part of capital of firms in most industries, primarily in the real sector. For example, in Russia in 1997, the ratio between fixed and circulating capital for industry as a whole was 8: 1.

Fixed capital structure and analysis

Fixed assets are represented primarily by buildings and structures, transmission devices, machines, equipment and instruments, vehicles, tools, livestock, household durables (household property), as well as intangible assets (patents, trademarks, copyright and other rights)

Fixed assets largely determine the production potential of a firm (industry, the whole country), i.e. the ability to produce (release) for a certain time period a certain amount of products of the required assortment and quality. In relation to enterprises (firms) in the sphere of material production, they often talk about their production capacity (production capacity) For example, in Russia, production capacity passenger cars make up about 1.2 million vehicles per year. Production capacity can often be underutilized; some of them are being modernized, some are being repaired, some are idle due to strikes or lack of demand for products manufactured at these facilities. Thus, the utilization of production capacities for the production of passenger cars in Russia in 1997 was about 80%, for the production of steel - 68, tractors - 8, footwear - 17.

Fixed assets are accounted for in statistics using balance of fixed capital. It is a statistical table, the data of which characterize the volume, structure, reproduction and use of fixed assets. The analysis of fixed assets is carried out in many areas, including:

1. Analysis of fixed assets by technological and age structure. Note that technological structure shows the relationship between the so-called active part of funds (working machines and equipment directly involved in the production of products) and their passive part (buildings, structures, etc.) The age structure of funds characterizes them in terms of service life. So, at the end of 1997, the age structure of production equipment (϶ᴛᴏ the main part of production capacity) in the Russian industry was as follows: equipment under 5 years old - 5.4%; 6-10 years old - 24.0; 11-15 years-24.6; 16-20 years old - 17.5; more than 20 years - 28.6, and the average age of his equipment was 15.9 years (in 1970 it was 8.4 years, in 1980 - 9.5 years, in 1990 - 10.8 years )

2. Analysis of the value of fixed assets using various approaches. When evaluating fixed assets by book value the base is the cost of fixed assets when registering them, more precisely, at the time of the initial recording in the balance of fixed assets or its subsequent correction. As a result, the carrying amount is a mixed estimate of fixed assets, since one part of them is still listed under original cost(i.e. the cost of acquisition), and the other has already passed the revaluation and is listed under the so-called replacement value.

Moreover, both the initial and replacement cost can be as follows complete, i.e. at the time of purchase or the next revaluation, and residual, those. minus depreciation or with additions from modernization and reconstruction.

2. Analysis of renewal, disposal and depreciation of fixed assets, which are characterized by the prevailing coefficients of renewal and disposal.

In 1997, the renewal rate in Russia was 1.4 1 (in 1970 - 10.2; in 1980 - 8.2; in 1990 - 5.8), and the retirement rate was 1.0 ( in 1970 - 1.7; in 1980 - 1.5; in 1990 - 1.8)

Moreover, in the analysis, not only the values ​​of each of these coefficients are important, but also the difference between them. For example, with a high renewal rate and a low retirement rate at a firm, the share of old funds increases (as ϶ᴛᴏ was the case in our country in the 70s and 80s). -e years)

Depreciation rate - ϶ᴛᴏ share in fixed assets of those funds whose age exceeds the standard terms. So, at the end of 1998, the depreciation of fixed assets in Russia amounted to 41%, in 1, including 52% in industry (in 1970 - 26%; in 1980 - 36; in 1990 - 46)

4. Analysis of the efficiency of using fixed assets, which is characterized by a number of coefficients, including such as:

The efficiency of the economy is largely determined by the state of its fixed assets, which characterizes the production capabilities of the sectors of the economy, determines the pace and scale of its development. The volume of production, the development of the productive forces of the industry, its financial and economic results of activity, as well as the formation of the most important national economic proportions largely depend on the size, qualitative composition, age structure, efficiency of the reproduction process and the use of fixed assets. Below we consider and analyze the data of Rosstat, which most fully illustrate the state and dynamics of fixed assets of the Russian Federation.

Table data. 1 indicate that fixed assets in the national economy of the country before the beginning of the reform period (1990s) grew at a fairly high rate. Their annual growth was 5-10% and for 1970-1990.

Table 1. ? Fixed assets in the national economy of the Russian

Federation (at the beginning of the year; at full book value)

In the post-Soviet period, the growth of fixed assets has slowed sharply. At the same time, a particularly significant decrease occurred in 1995, when the growth rate of fixed assets throughout the economy as a whole amounted to 99.8% of the previous year. This trend was characteristic both for industries producing goods and for industries providing services.

The Russian economy is in dire need of modernization, as fixed assets are aging and technological lag is growing. A long deep recession in almost all industries has led to a severe degradation of the material and technical base of the economy: equipment is outdated, dismantled or sold, technological chains have been dismembered. The production potential accumulated by the beginning of the reform has been declining all these years, and the most advanced production of the highest technological level suffered most from downtime.

Table data. 2 also indicate a systematic decline in the physical volume of fixed assets in construction, industry, agriculture and forestry. During the period 1995-2004. growth rates in construction, agriculture and forestry did not exceed 100% of the previous year. According to the calculations for 1995-2004. the increase in the physical volume of fixed assets in industry was only 0.4%, i.e. there was no increase as such. In agriculture, the situation is completely deplorable: over the 9-year period, the volume of fixed assets has decreased by 24%.

At present, there is a clear tendency for industrial enterprises to lose the ability to produce complex and high-tech products, not only new ones, but also those previously produced by them in conditions of stable economic development. The aging process of fixed assets is determined by the rates of retirement of obsolete equipment, which are unacceptably low for a modern economy, and the same low rates of new capital input. This means that under threat is the technical re-equipment of the production apparatus of such basic sectors of the economy as energy, transport, metallurgy, chemistry, mining, etc. equipment will be difficult or impossible.

Increase in output mainly by increasing the utilization of production capacities, with insufficient investment activities, mothballed the tendency of an increase in the level of wear and tear of fixed assets of industry, which is characterized by the data in Table. 3.

At the beginning of 2010, the degree of depreciation of fixed assets in the economy as a whole was 45.1%, including in industry - 50.6%, while in 2000 these values ​​were 38.6 and 46.2%, respectively. The wear rate of machinery and equipment was significantly higher - 57.3%.

Thus, over a 10-year period, the depreciation of fixed assets in the economy of the Russian Federation increased by 1.2 times. The depreciation of vehicles increased by 4.9 percentage points, of structures - by 8.4 points, the depreciation of buildings remained at the same level as in 1995. It should be noted that the depreciation of the most active part of fixed assets (machinery and equipment) increased up to In 2000, when it amounted to 68.4% against 62.9% in 1995, then it decreased and in 2010 it was already equal to 57.3%. Most likely, this was a consequence of the 1998 financial crisis, after which the Russian industry acquired certain opportunities for growth and development. However, this did not lead to overcoming most of the problems.

Table 2. ? Indices of the physical volume of fixed assets by sectors of the economy (in comparable prices; in%)

Table 3. - Degree of depreciation of fixed assets of organizations by sectors of the economy (at the beginning of the year; in%)

Moral and physical deterioration of a significant part of the production equipment, the outdated technologies used are currently the main obstacle to the possible involvement of free capacities for the production of competitive products. In our opinion, no more than 10% of unused capacities can be involved in this process.

A high degree of wear and tear of fixed assets in almost all industries is fraught with man-made disasters.

Accidents and injuries are increasing, labor productivity is decreasing, product quality is deteriorating, regardless of the qualifications of workers. A particularly serious threat to social security is the failure and increased accident rate of chemical and other industries associated with the formation of toxic and explosive waste.

According to some authors, at present the main problem is not so much the introduction of advanced technology to the level of highly developed countries, as the replacement of obsolete and worn-out fixed assets with new ones. Of course, the replacement of equipment can be combined with the introduction and development of new technologies, but the latter process is longer and more expensive, and it cannot be carried out simultaneously and everywhere, because, as a rule, this is accompanied by a temporary decline in production. The high depreciation of fixed assets is a consequence of the insufficient volume of new fixed assets being put into operation and obsolete ones being liquidated. Table data. 4 characterize the growth rates of the fixed assets being put into operation.

1990 to 1998 the number of fixed assets introduced did not exceed 100% of the number of fixed assets introduced in the previous year. The 1998 financial crisis changed the situation, and since 1999 there has been an increase in the growth rates of the fixed assets being commissioned. Significant growth was recorded in 2005 - 120.7% versus 1999. In 2010, this value was 111.7% versus the previous year.

1995 to 2010 The largest share (50-60%) in the structure of the fixed assets being commissioned was occupied by the industries providing market and non-market services. On the one hand, this is due to the hypertrophied attention in these years to the development of the financial, trade, social sphere, etc., and on the other, to a significant reduction in the production apparatus, the elimination of large volumes of worn out and obsolete means of labor without their corresponding compensation in the production sphere.

In 1990, the rate of renewal of all fixed assets was 5.8% against 10.2% in 1970.This figure was systematically decreasing until 1998, when it dropped to 1.1%, then there was a slight increase to 2. 0% in 2010 General decrease in the coefficient for the period 1970-2010. was 5.1 times. This trend was typical for all sectors of the economy. At the same time, in the industries producing goods, the coefficient decreased by 7.7 times, while in the industries providing services, by 3.6 times. Moreover, until the 1990s. the process of renewal of fixed assets was more intensive in industries producing goods (6.7% in 1990).

A sharp slowdown in the renewal of the active part of fixed assets led to the fact that in the overwhelming majority they functioned outside the economically justified service life.

The ratio of the coefficients of renewal and retirement of fixed assets indicates that there is no significant renewal or expansion of the production base in the Russian economy; enterprises can only maintain it at the achieved level. If we consider this ratio for individual industries, then we can state the fact that in agriculture and forestry, as well as in construction, there is a negative trend of excess of the rate of retirement of fixed assets over the coefficient of renewal.

Table 4. - Commissioning of fixed assets

This suggests that enterprises, in fact, are losing their fixed assets.

It is especially alarming that the lowest ratios are in the industries producing new equipment. In the current state of the art, mechanical engineering cannot provide the reproduction of fixed assets of industry with competitive equipment. One of the obvious reasons for this situation is the long-term decline in the reproductive potential of machine building and metalworking as a result of a fivefold drop in demand, the worse reproductive potential of the investment and technological complex reflects a clear structural lag in relation to developed countries.

Due to a sharp slowdown in the process of updating fixed assets, the age parameters of the used production equipment worsened, which is characterized by the data in Table. 5. By 2010, the average age of machinery and equipment in industry has almost doubled compared to 1990 (10.8 years) and amounted to 21.2 years (compared to 1970 - 2.5 times), with adopted in many developed countries of the world normative time equipment service 6-10 years.

The share of equipment that can be called modern, i.e. the service life of which is less than five years, and which essentially determines the competitiveness of production, in 2010 amounted to 8.6% against 40.8% in 1970, i.e. decreased by 4.7 times. An even lower percentage of equipment (5.1%) is at the age of 6-10 years. The share of equipment with a service life of more than 20 years was over 50% in 2010, an increase in comparison even with 1990 by almost 3.5 times.

The investment sphere is one of the most important in the economy of any state. Its condition is of particular importance for Russia, where a long-term decline in investment in fixed assets and the commissioning of fixed assets in the 1990s. disrupted reproductive processes.

According to the table. 6 investments in fixed assets have the largest share in the structure of investments in non-financial assets (over 98%). So, in 2010 this value was 99.1%. Investments in intangible assets account for only 0.5-1.5%.

The economic growth that began after the 1998 crisis led to some improvement in the investment sector, but this was not enough. In 1999, the volume of investments increased by 5.3% compared to 1998, in 2005 - by 17.4% (by 1999). In fact, despite the relatively high growth rates of investment in last years, the picture remains depressing. The increase in investments that took place in the 2005s is completely incomparable with the scale of losses incurred by fixed assets over a decade. Investments in 2005 much less than what was invested in fixed assets in the pre-reform period.

The analysis shows a significant sectoral differentiation of investment activity. During the period 1970-2004. the largest share in the structure of investments in fixed assets was occupied by industry (34.8% in 2010). At the same time, in recent years, there has been a slight decrease in investments in this industry: in 207, the share was 38.7%. The distribution of investments by industry reflects the overall unsatisfactory reproduction structure of the economy: in the export-oriented sector there is a relative surplus of capital, while in the sector oriented to domestic demand, there is a clear lack of it. In recent years, among the sectors of the economy, the largest investments fell on the fuel industry and transport.

In 2006-2010. in the structure of investments in fixed assets by type of economic activity, the largest volume of investments falls on manufacturing (16.3-17.4%), mining (16.8-19.7%). In turn, the share of investments in fixed assets:

In chemical production it was 1.4-1.5%;

In metallurgical production - 3.1-4.3%;

In the production of machinery and equipment - 0.6%;

Electrical equipment - 0.5-0.6%;

In the production of vehicles - 1.4-1.5%.

Over the next years, there were no significant changes in the structure of investments in fixed assets by type of economic activity.

It is important to note that even during the largest capital investments in the 1980s. they were only enough to maintain stable production at a rate of modernization that was considered insufficient. With the decline in investments that occurred after 1990, it is impossible not only to modernize, but simply to maintain the industrial infrastructure in working order.

The unsatisfactory state of the investment complex in the national economy of the country has a fairly long history. The opinion of Acad. K.K. Valtukh, who pointed out: “... since the beginning of the 60s, a tendency towards a decrease in surplus labor has been observed in the country and, accordingly, lagging behind the world technological leaders ...

The global crisis of 2008 changed the economic situation in the country. In order to understand its influence on the prospects for improving fixed assets in the national economy, it is necessary to analyze the experience of solving such problems in crisis situations.

Periodic financial crises in developed countries, associated mainly with an imbalance between the real and virtual parts of the economy and some overproduction of goods and services, also necessitate updating technology and increasing investment. So, according to Academician E.S. Varga, the economic crisis of the 30s. in the United States led to a massive replacement of equipment and an influx of domestic and foreign investment into the economy.

Table 5.? Age structure of production equipment in industry (in%)

Table 6. - Structure of investments in non-financial assets (in% of total)

With the exit from the crisis to the stage of production growth, the renewal of fixed capital accelerated: in the USA in 1933-1937, in the FRG in the 50s, in the USSR in the 30s. With intensive restructuring of priority sectors, fixed assets also require rapid renewal. Thanks to this, Japan has successfully pushed other countries into the global market for electrical products and the passenger car market. In the past 10 years, the United States has massively renewed funds in the production of computers, Germany - in production household appliances and in the automotive industry. The widespread and rapid renewal of the equipment fleet is impossible due to the lack of funds from the state and firms for these purposes. Priority sectors are developing on condition that other spheres of production receive comparatively less investment.

The inevitability of state support for the national economy during periods of crisis presents certain opportunities for the modernization of fixed assets. In this situation, modernization projects in industry, financed from government sources, can be successfully implemented. The implementation of this approach will make it possible to most effectively implement state support for economic entities in the real sector of the economy: financial resources allocated by the state in this case, should be used to finance specific projects carried out in accordance with the principles project management... This will provide support for effective innovation institutions, rather than individual enterprises and business groups.

At the same time, special attention should be paid to modernization projects in mechanical engineering, which, as noted above, requires radical modernization, which can be carried out through the development of investments, infrastructure, institutions and innovations. It will be necessary to achieve a complete replacement of technologies and form a fundamentally new technological order. The most important role for mechanical engineering belongs to the solution of the problems of diversification and economic growth through innovative industries. It is the engineering industries that will be able to ensure the gradual liberation of the Russian economy from dependence on raw materials.