The efficiency of the functioning of the economy is largely determined by the state of its fixed assets, which characterizes production capabilities branches 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 performance, as well as the formation of the most important national economic proportions largely depend on the size, qualitative composition, age structure, and the efficiency of the process of reproduction and use of fixed assets. Below, the Rosstat data are considered and analyzed, which most fully illustrate the state and dynamics of the fixed assets of the Russian Federation.

Table data. 1 indicate that the 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 down sharply. At the same time, a particularly significant decline 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 of both industries producing goods and industries providing services.

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all branches of industry has led to severe degradation of the material and technical base of the economy: equipment is outdated, dismantled or sold, technological chains have been dissected.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

Table data. 2 also indicate a systematic decrease 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% from the previous year. According to the calculations for 1995-2004. the increase in the physical volume of fixed assets in industry amounted to only 0.4%, i.e. there was no such increase. In agriculture, the situation is completely deplorable: over a 9-year period, the volume of fixed assets decreased by 24%.

There is a clear trend towards the loss industrial enterprises the ability to produce complex and science-intensive products, not only new ones, but also those produced by them earlier in the conditions of stable economic development. The aging process of fixed assets is determined by unacceptably low modern economy the rate of disposal of obsolete equipment and the same low rate of new capital injection. This means that the technical re-equipment of the production apparatus of such basic sectors of the economy as energy, transport, metallurgy, chemistry, mining, etc. is under threat, since as the active part of the fixed capital of these sectors wears out, their full replacement with new domestic equipment would be difficult or impossible.

The increase in output, mainly by increasing the utilization of production capacities, with insufficient investment activity, has preserved the trend of increasing the level of depreciation of fixed assets in the 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 degree of wear and tear of machinery and equipment was much higher - 57.3%.

Thus, over a 10-year period, the depreciation of fixed assets in the Russian economy increased by 1.2 times. Wear Vehicle increased by 4.9 percentage points, buildings - 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 until 2000. , when it amounted to 68.4% against 62.9% in 1995, then it decreased and in 2010 it was equal to 57.3%. Most likely, this was a consequence of the financial crisis of 1998, 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 %)

The moral and physical deterioration of a significant part of the production equipment, the obsolete 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.

High degree of wear of the main production assets in almost all industries is fraught with man-made disasters.

Accidents and injuries are increasing, labor productivity is declining, 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, but 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 this, as a rule, 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 fixed assets put into operation.

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

From 1995 to 2010 greatest specific gravity(50-60%) in the structure of introduced fixed assets were occupied by 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 financial, trade, social sphere etc., and on the other hand, a significant reduction in the production apparatus, the elimination of large volumes of worn-out and obsolete labor instruments without their corresponding compensation in the production sphere.

In 1990, the renewal rate of all fixed assets was 5.8% against 10.2% in 1970. This indicator systematically decreased until 1998, when it dropped to 1.1%, then there was a slight increase to 2, 0% in 2010. Total reduction of the ratio for the period 1970-2010. amounted to 5.1 times. This trend was typical for all sectors of the economy. At the same time, in the sectors producing goods, the coefficient decreased by 7.7 times, while in the sectors providing services, by 3.6 times. However, 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 vast majority of them they functioned beyond the economically justified service life.

The ratio of the coefficients of renewal and disposal of fixed assets indicates that in the Russian economy there is no significant renewal or expansion of the production base, 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 in the excess of the retirement rate of fixed assets over the renewal rate.

Table 4. - Commissioning of fixed assets

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

It is especially alarming that the lowest coefficients are in industries producing new equipment. In its current state, mechanical engineering cannot ensure the reproduction of industrial fixed assets with competitive equipment. One of the obvious reasons for this situation is the long-term decline in the reproductive potential of mechanical engineering and metalworking as a result of a five-fold drop in demand; the worst reproductive opportunities of the investment and technological complex also reflect 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 production equipment used have deteriorated, which is characterized by the data in Table. 5. By 2010, the average age of machinery and equipment in industry had almost doubled compared to 1990 (10.8 years) and amounted to 21.2 years (2.5 times compared to 1970), while The normative service life of equipment accepted in many developed countries of the world is 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 compared even to 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 reduction in the volume of investments in fixed capital and the commissioning of fixed assets in the 1990s. disrupted reproductive processes.

According to Table. 6 investments in fixed assets have the largest share in the structure of investments in non-financial assets (more than 98%). Thus, in 2010 this value was 99.1%. Investments in intangible assets occupy only 0.5-1.5%.

The economic growth that began after the 1998 crisis led to some improvement in the investment sphere, but this was not enough. In 1999, the volume of investments increased by 5.3% compared to 1998, in 2005 - by 17.4% (against 1999). In fact, despite relatively strong investment growth in recent years, the picture remains bleak. The increase in investment that occurred in the 2005s is completely incomparable with the scale of losses incurred by fixed assets over the decade. Investments in the 2005s 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 investment 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 investment in this industry: in 207, the share was 38.7%. The distribution of investments by industry reflects the general unsatisfactory reproductive structure of the economy: there is a relative excess of capital in the export-oriented sector, while there is a clear lack of it in the sector oriented to domestic demand. In recent years, among the sectors of the economy, the largest investments were in the fuel industry and transport.

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

AT chemical production 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 following years, there were no significant changes in the structure of investments in fixed capital by types of economic activity.

It is important to note that even during the most large-scale capital investments in the 1980s. they were only sufficient to keep production steady at a rate of modernization deemed insufficient. With the reduction in investment 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. Noteworthy is the opinion of Acad. K.K. Valtukh, who pointed out: “... since the beginning of the 60s, the country has shown a tendency to reduce surplus labor and, accordingly, lag behind world technological leaders ...

The global crisis of 2008 changed the economic situation in the country. In order to understand its impact 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, which are mainly associated with an imbalance between the real and virtual parts of the economy and some overproduction of goods and services, also necessitate the renewal of technology and increased investment. So, according to academician E. S. Varga, economic crisis 30s in the United States has led to a massive replacement of equipment and an influx of domestic and foreign investment in 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 Germany in the 50s, in the USSR in the 30s. With intensive restructuring of priority sectors, fixed capital also requires rapid renewal. Thanks to this, Japan has successfully displaced other countries in the global market for electrical products and the car market. In the past 10 years, the United States has been massively renewing funds in the production of computers, Germany - in production household appliances and in the automotive industry. A 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 industries develop on the condition that other areas of production receive relatively 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, industrial modernization projects financed from public sources can be successfully implemented. The implementation of this approach will allow the most effective implementation of state support economic entities of the real sector of the economy: financial resources allocated by the state in this case should be directed to finance specific projects carried out in accordance with the principles project management. This will ensure 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 a 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 belongs to mechanical engineering in solving the problems of diversification and growth of the economy through innovative industries. It is machine-building industries that will be able to ensure the gradual liberation of the Russian economy from dependence on raw materials.

The desire to explain the essence and significance of capital was shown by representatives of all major schools and areas of economic science. This can be seen even from the title of many works. Let us mention, in particular, "Capital" by K. Marx, "Capital and Profit" by E. Behm-Bawerk, "The Nature of Capital and Profit" by I. Fischer, "Cost and Capital" by J. Hicks.

The concept and theory of capital

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 the so-called capital goods, i.e. goods to produce other goods. Bricks (they will build a house), machine tools (they will be used to make parts for future passenger cars), a TV set (it will play a TV show), etc. can be considered a capital good.

Narrower definitions are also common. According to the accounting definition, capital refers to all the assets (funds) of the company. 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. in financial form, and sometimes they also allocate commodity capital, i.e. capital in the form of commodities.

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

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

If we add to the material working capital funds in settlements with suppliers and buyers (accounts receivable, i.e. loans and installment payments to buyers, and deferred expenses, i.e. advances to suppliers), cash in the cash desk of the enterprise and the cost of wages, then we get working capital (working capital, or current assets) according to the accounting definition.

Figure No. 17.1. Structure of real capital

Often, capital is divided according to its areas of application: production (industrial), trade, financial (loan), etc. The owners of capital receive income from its use. In the case of loan capital, the income takes the form of interest. In other cases (϶ᴛᴏ other types of money capital or the entire real capital) income takes the form of profit. It is worth noting that it may be different options: 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 the theory of capital

Note that the theories of capital 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. The stick and 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 a self-increasing value, giving rise to the so-called surplus value. Moreover, the creator of the increase in value ( surplus value) he considered only the labor of hired workers. Therefore, Marx believed that capital is, first of all, a certain relationship between different strata of society, in particular between wage workers and capitalists.

Among the interpretations of capital, the so-called temperance theory should be mentioned. It is important to note that one of its founders was the English economist Nassau William Senior (1790-1864). Labor was considered by him as a "victim" of the worker, who loses his leisure and rest, and capital - as a "victim" of the capitalist, who refrains from having all ϲʙᴏyu property to use for personal consumption, and a significant part of it turns into capital.

On the ϶ᴛᴏth basis, a 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 ϲʙᴏ and funds in economic activity, deprives himself of the opportunity to realize part of his wealth today, sacrifices ϲʙᴏ their today's interests for the sake of the future. It is this kind of sacrifice that deserves to be rewarded in the form of profit and interest.

According to the American economist Irving Fisher (1867-1947), capital generates a flow of services, which turn into an inflow 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 renting out an apartment brings its owner $5,000 annually, and in a reliable bank he can get 10% per annum on the money deposited in the urgent account, then the real price of the apartment is $50,000. % per annum, ɥᴛᴏ to receive $ 5,000 annually. Based on all of the above, we come to the conclusion that Fisher included in the concept of capital any good that brings income to its owner (even talent)

Quantifying profit and its dynamics

There are two measures to quantify profit. The absolute indicator of the ϶ᴛᴏth category is the mass of profit, the relative indicator is the rate of profit.

The mass of profit - ϶ᴛᴏ its absolute volume, expressed in money. Rate of return - ϶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 is worth noting that it is calculated as the ratio of profit to the cost of fixed assets and working capital. AT 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 integral part capital of firms in most industries, primarily in the real sector. For example, in Russia in 1997 the ratio between fixed and working capital in the industry as a whole was 8:1.

Structure and analysis of fixed capital

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

Fixed assets largely determine the production potential of the company (industry, the whole country), i.e. the ability to produce (release) for some a period of time a certain amount of products of the desired range 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, the production capacity for the production of cars is about 1.2 million cars a year. Production capacity can often be underused; some of them are being modernized, some are being repaired, and some are idle due to strikes or lack of demand for products manufactured at these facilities. Thus, in 1997, the capacity utilization for the production of passenger cars in Russia was about 80%, for the production of steel - 68%, tractors - 8, footwear - 17%.

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

1. Analysis of fixed assets by technological and age structure. Note that the technological structure shows the relationship between the so-called active part of the funds (working machines and equipment directly involved in the production of products) and their passive part (buildings, structures, etc.). The age structure of the funds characterizes them by their service life. So, at the end of 1997, the age structure of production equipment (϶ᴛᴏ the main part of production capacities) in Russian industry looked as follows: equipment up to 5 years old - 5.4%; 6-10 years - 24.0; 11-15 years old - 24.6; 16-20 years old - 17.5; more than 20 years - 28.6, and the average age of the ϶ᴛᴏth 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 cost of fixed assets using various approaches. When assessing fixed assets by book value the base is the value of fixed assets when they are registered, more precisely, at the time of the initial entry into the balance sheet of fixed assets or its subsequent correction. As a result, the book value is a mixed valuation of fixed assets, since one part of them is still listed under original cost(i.e. acquisition cost), and the other has already been revalued and is listed under the so-called replacement cost.

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

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

In 1997, the renewal coefficient in Russia was 1.4 1 (in 1970 - 10.2; in 1980 - 8.2; in 1990 - 5.8), and the retirement coefficient 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, the share of old funds in the company increases (as ϶ᴛᴏ happened in our country in the 1970s and 1980s). -s gg.)

Depreciation coefficient - ϶ᴛᴏ the share in fixed assets of those funds whose age exceeds the normative 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 effectiveness of the use of fixed assets, which is characterized by a number of coefficients, including such as:

Consider the structure of investments in fixed assets by type of 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 type of activity "production and distribution of electricity, gas and water" is growing, over 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 investment in this type of economic activity.

Also, throughout the 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 aggravated. The hydrological regime of watersheds is deteriorating, due to the human factor, the ability of natural complexes to self-regulate is reduced.

For the study period 2008-2012. gradually decreased the share of investments in fixed assets in the sectors of education and health care and the provision of social services. Shares in the structure of investments in education by 2012 compared to 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 over the period for these types of activities amounted to more than 100%, with the exception of 2009. Creating favorable conditions for human development is one of the most important tasks modern society, in particular Russia, therefore, the reduction in the investment structure of the share of these types of activities is an extremely negative trend.

There is no clear dynamics in the values ​​of the index of the physical volume of investments by the type of activity “operations with real estate, rent and provision of services”, its share decreased by 3 percentage points over the period. At the same time, the share of investments in the “research and development” industry 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 period was kept 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 shifts did not affect the “fishing and fish farming” industry, they also did not concern the “hotels and restaurants” type of activity 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 capital by types of activity, the share of mining operations slightly increased by 0.9% over the period under review, the share of manufacturing decreased by 1.7% and the share of wholesale and retail; repair of vehicles, motorcycles, household products and items personal use by 0.3%. The share in the investment structure of the transport and communications industry changed annually, increasing by 4.5% by 2012 compared to 2008.

Now let's consider the structure of investments in fixed capital by types of ownership, the data are shown in Table 3.

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

Source: Russia in numbers: R32 Stat. Sat. / Rosstat. - M., 2013. - P. 467.

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

Significant for the purposes of the study is the analysis of the structure of investments in fixed capital by sources of financing. A similar structure is presented in table 4.

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

Source: Russia in numbers: R32 Stat. Sat. / Rosstat. - M., 2013. - P.340.

As can be seen from Table 4, during this period a number of changes occurred in the structure of sources of financing 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 has been increasing, over the period it increased by 5.9%. On the one hand, this alignment can be considered a positive shift in the structure of investment financing sources 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 development financial sphere country and underutilization of additional opportunities. There is a reduction in the role of the banking sector. The sharp decline in the share of the domestic banking sector in 2009 may be due to the growth of interest rates on loans, this is indirectly confirmed by the fact that against the background of a general decline in the period in financing capital investments in the share of loans from foreign banks in 2009, this indicator grew by 0.2%, It was in this year that, as can be seen from Figure 7, there was a sharp jump in the refinancing rate of the Central Bank of the Russian Federation. However, in subsequent 2010-2012. despite a significant reduction in lending rates, there was no growth in the share of investments due to bank loans. 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, there is a reduction in the share of budgetary funds in financing investments with a growing volume of investment.

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

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

Source: Investments in Russia: P32 Stat. Sat. / Rosstat. - M., 2013. - P.15.; : Investments in Russia: R32 Stat. Sat. / Rosstat. - M., 2013. - P.14.

From table 5 we can conclude that the specific structure of investments in Russia as a whole in 2011 is characterized by the predominance of investments in industrial, commercial and other non-residential buildings and structures, the share of this type increased by 1.1% in 2009 over the period returned to the value of 2008 at 42.6%, the second position is occupied by investments in the active part of the 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, up 1.6% more value 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: P32 Stat. Sat. / Rosstat. - M., 2013. - P.15.; : Investments in Russia: R32 Stat. Sat. / Rosstat. - M., 2011. - P.14.

From the table, there is no clear dynamics in the areas of investment in fixed capital in the period under review. On the whole, in 2012, compared to the base year 2008, the share of investments allocated for the acquisition of new fixed assets increased by 1.4 percentage points and for construction by 0.2 percentage points. The most effective direction of investment is considered to be modernization and reconstruction, since, in comparison with other areas, it requires less funds and time spent 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 is a huge country with 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 purposes of the study to analyze the territorial (regional) structure of investments in fixed assets. Let's consider the modern territorial (regional) structure of investments, the data are given in Appendix E. The lowest volumes of investments fall on the regions of the North Caucasus Federal District. Let's present the 10 regions with the highest volume and the North Caucasus Federal District in Table 7.

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

The structure of the fixed capital of Russia and its regions, which has developed by the beginning of the 21st century, reflects two aspects:

• 1. The trend in the distribution of production forces, which are determined by historical heritage and economic and geographical factors.
• 2. The changes that took place in the 90s due to the market transformation.

During the market transformation, all regions of Russia have undergone significant changes in the structure and volume of fixed capital. At that time, the decline in production potential reached very critical levels, and losses and damage became irreparable.

However, there are also positive changes that have taken place in the process of formation and use of fixed capital during the period of market transformations, predetermined by transformational changes.

In the context of the diversity of ownership (an increase in the share of private ownership in the investment complex in 2007 to 30–49%, while the state was reduced from 27 to 10%), commercial and industrial restructuring of production took place and, accordingly, the reorientation of fixed capital to the production of competitive goods, the technical modernization of enterprises in those industries whose products are in demand in the market; the rate of development of the basic engineering infrastructure has increased; in the regions there is a process of smoothing structural and technological disproportions. These trends confirm the stimulating effect of the market on the process of formation and use of fixed capital.

At the moment, it is necessary to strengthen the fixed capital of Russia, which requires solving many problems, namely:

• · technical and technological reconstruction and modernization of industries that are a priority for the regions of the country;
• · implementation of infrastructure projects;
• attracting investments that form capital;
• Significant reduction in depreciation of fixed capital.

The decrease in the depreciation of fixed capital is directly related to the resource and technological constraints that are imposed on production due to outdated machinery, equipment and technologies; the costs of creating more efficient technological chains; reorientation of a number of industries due to the need to ensure import substitution, and stopping the degradation of manufacturing enterprises.

According to statistical agencies, the level of depreciation of fixed capital at the beginning of the year in the Russian Federation ranged from 39.2% in construction to 50.7% in transport. The strongest depreciation of fixed capital in industry was noted in the Far Eastern and Siberian federal districts (44.1 and 47.4%, respectively), in transport - in the Urals, Far East and Siberian districts (46.4, 48.4 and 50.2% ). Data on the level of depreciation in terms of the main industries in the context of all federal districts are presented in Table 1. The indicators indicate how high the level of depreciation of fixed capital in all districts in transport, industry and agriculture, construction and communications is not much less. However, as the authors of “The Path to the 21st Century: Strategic Problems and Prospects of the Russian Economy” suggested, “there is reason to believe that the amount of depreciation of fixed capital in Russia, determined by official statistics, is significantly underestimated, primarily due to neglect or incomplete accounting of obsolescence factors” .

Significant depreciation of the production potential is confirmed by data on the share of completely depreciated fixed capital. According to them, in the Russian industry such capital is 19.2%, and in the Volga Federal District the percentage is even higher - 25.6%. The proportion of depreciated capital is also high in agriculture (in the Southern Federal District - 14.9%, in the Siberian - 12.4%), in construction (in the Southern Federal District - 16.0%).

Experts estimate the real level of depreciation of fixed capital in Russia at the level with foreign indicators - not at 45-47%, but at 60%. These indicators sharply pose the problem of technical renewal of fixed capital in all markets and require a transition to new technological developments. Due to the delay in the modernization process, Russia may lose the status of an economically and technically strong state. Modernization should primarily be subject to machinery and equipment.

According to the calculations of the Russian Academy of Sciences, the Chamber of Commerce and Industry of the Russian Federation and the Russian Association of Industrial and Construction Banks, the Russian economy needs $350 billion to replace obsolete production facilities, excluding obsolescence. If obsolescence is taken into account, it is necessary to add about another 185 billion dollars. From this it follows that the so-called "accumulated need" for the renewal of fixed capital is about 535 billion dollars. In addition, for the annual current compensation of the depreciation fund, another 14 to 20 billion dollars are needed.

However, data from the McKinsey Institute says that Russia needs only 15-20 billion dollars for modernization within five years.

The sphere of investments is the most important sphere in the economy of the state. It is especially important for Russia because of the disruption of reproduction processes in the 1990s, during which the volume of investments in fixed capital was reduced and fixed assets were put into operation.

After the crisis in 1998 economic growth led to an improvement in investment, but this was not enough for the country. In 1999 the volume of investments was increased by 5.3% in comparison with 1998, and in 2005. - by 17.4% compared to 1999. In fact, the picture is depressing, despite the relatively high investment growth rates. Growth of investments in 2005 generally incomparable with the scale of losses suffered by fixed assets over the decade.

Analysis of investment activity points to industry differentiation. In the period 1970-2004. industry had the largest share in the field of investment in fixed capital - in 2010. 34.8%. At the same time, there has been a decrease in investments in recent years - the share in 2007 was 38.7%. The distribution of investments by industry shows a general unsatisfactory structure of economic reproduction: an excess of capital in the export-oriented sector and a lack of capital in the sector that is oriented to domestic demand. In recent years, the largest investments have been in transport and the fuel industry.

For the period 2006-2010. a large amount of investment was made in manufacturing - 16.3-17.4% and in mining - 16.8-19.7%. And the share of investments in fixed capital:

chemical production - 1.4-1.5%;

metallurgical production - 3.1-4.3%;

production of equipment and machinery - 0.6%;

electrical equipment - 0.5-0.6%;

production of vehicles - 1.4-1.5%.

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

- increasing the degree of prefabrication of buildings and structures erected by construction organizations, which will entail an improvement in the use of erection 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 servicing construction equipment, etc.

Strengthening the efficiency of the use of fixed assets construction organizations can be achieved by improving the organization of 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 an improved supply of tools and fixtures, an established system for supplying spare parts, materials and structures of appropriate quality.

1.3 Physical and obsolescence of fixed capital

Fixed capital, by its economic nature, is constantly renewable capital. Restoration of the value of means of labor is carried out as they wear out. Allocate physical and moral depreciation of fixed capital.

The physical depreciation of fixed capital means the loss of its usefulness (use value) by the 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 idle.

Moral (value) depreciation is the loss of its value by fixed capital, regardless of the degree of physical depreciation. Obsolescence is caused by two circumstances. Firstly, when mechanical engineering creates cheaper technical means, as a result of which there is a depreciation of old, existing equipment. Secondly, when old machines are replaced by more productive ones (they produce more output in the same time), as a result of which the functioning fixed capital depreciates. Although the new generation of similar machines differs from the old one in higher quality and, accordingly, higher cost, but per unit of utility, new machines are cheaper than the old ones. Thus, the obsolescence of machines is the loss of their value caused by technological 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 Russia's fixed capital

The efficiency of the functioning 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 performance, as well as the formation of the most important national economic proportions largely depend on the size, qualitative composition, age structure, and the efficiency of the process of reproduction and use of fixed assets. Below, the Rosstat data are considered and analyzed, which most fully illustrate the state and dynamics of the fixed assets of the Russian Federation.

Table data. 1 indicate that the 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 down sharply. At the same time, a particularly significant decline 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 of both industries producing goods and industries providing services.

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

Table data. 2 also indicate a systematic decrease 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% from the previous year. According to the calculations for 1995-2004. the increase in the physical volume of fixed assets in industry amounted to only 0.4%, i.e. there was no such increase. In agriculture, the situation is completely deplorable: over a 9-year period, the volume of fixed assets decreased by 24%.

At present, there is a clear tendency for industrial enterprises to lose their ability to produce complex and science-intensive products, not only new ones, but also those produced by them earlier in the conditions of stable economic development. The process of aging of fixed assets is determined by the unacceptably low rate of disposal of obsolete equipment for the modern economy and the same low rate of input of new capital. This means that the technical re-equipment of the production apparatus of such basic sectors of the economy as energy, transport, metallurgy, chemistry, mining, etc. is under threat, since as the active part of the fixed capital of these sectors wears out, their full replacement with new domestic equipment would be difficult or impossible.

The increase in output, mainly by increasing the utilization of production capacities, with insufficient investment activity, has preserved the trend of increasing the level of depreciation of fixed assets in the industry, which is characterized by the data in Table. 3.

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

Thus, over a 10-year period, the depreciation of fixed assets in the Russian economy increased by 1.2 times. Depreciation of vehicles increased by 4.9 percentage points, depreciation of buildings - by 8.4 points, 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 2000, when it was 68.4% against 62.9% in 1995, then it decreased and in 2010 it was already 57.3%. Most likely, this was a consequence of the financial crisis of 1998, 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 %)