Financial and industrial groups represent. Financial and industrial groups and holdings

Gorzhankina S.V.

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

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

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

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

Today, the world has accumulated extensive experience in creating and developing financial and industrial groups; many approaches to their formation have been worked out in the form of a wide variety of organizational forms, allowing you to get additional competitive advantages from the combination of industrial and financial capital. Within their framework there is a unification industrial enterprises with financial institutions on the basis of establishing between them relations of economic and financial interdependence, division of labor and its coordination in order to carry out joint economic activities.

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

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

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

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

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

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

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

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

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

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

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

General scale of development of financial industrial groups in Russia

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

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

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

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

Table 1
Industry affiliation of financial industrial groups in Russia

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

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

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

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

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

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

According to the method of creation, all currently operating Russian financial and industrial groups (having passed the official registration procedure and created in accordance with Federal law RF “On financial and industrial groups” No. 190-FZ dated 10.30.95) can be divided into:

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

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

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

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

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

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

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

• banking,
• industrial,
• trading

Center “banking” FIG is a credit and financial organization. The desire of Russian banks to cooperate with industrial enterprises is caused by the desire to diversify their activities, acquire new clientele, and reduce investment risk. Today, bank competition is shifting to industrial lending. Also, shareholder control over industrial companies allows banks to expand their influence in the leasing, factoring, insurance and other markets. financial services. Financial industrial groups of this type are distinguished by a wide variety of enterprises included in them, which may be completely unrelated to each other either in production cooperation or in other economic interests.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

At a stretch, financial industrial groups of this type can include the groups “Ruskhim”, “Nosta-Truby-Gaz”, which are oriented towards trust relations between the parent enterprise and the other participants and have in their management blocks of state shares of the enterprises that are part of the group.

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

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

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

Horizontal financial and industrial groups are groups in which participating enterprises carry out production at the same stages or produce the same products. This type includes the following financial and industrial groups: “Prompribor”, “Exohim”, “East Siberian Group”, etc. The financial and industrial group “Prompribor” includes 16 largest enterprises that produce instruments for monitoring and regulating technological processes and accounting for energy resources. Among them: Saransk Instrument-Making Plant JSC, MZTA JSC and MZEP JSC (Moscow), etc.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Problems with the functioning of financial industrial groups

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FINANCIAL AND INDUSTRIAL GROUP (FPG)

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

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

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

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

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

based on intergovernmental agreements.

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

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

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

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

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

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

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

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

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

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

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

The organizational project of a financial industrial group is a package of documents submitted by the central company to the authorized state body and containing the necessary information about the goals and objectives, investment and other projects and programs, the expected economic, social and other results of the financial industrial group, as well as other information necessary to make a decision on registration.

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

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

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

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

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

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

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

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

Encyclopedia of Lawyer. 2005 .

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

A set of legal entities operating as main and subsidiary companies or who have fully or partially combined their tangible and intangible assets on the basis of an agreement on the creation of a financial industrial group for the purpose of technological or... ... Financial Dictionary

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

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

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

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

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

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

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

And (participation system) based on contract. Financial and industrial groups are created for technological purposes or for the implementation of other projects and programs aimed at increasing competitiveness and expanding markets for goods and services, increasing production efficiency, and creating new jobs.

In industrial developed countries financial and industrial groups began to organize at the turn of the 19th and 20th centuries. as a result of the processes of merging production (industrial, transport, trade) and banking capital. For most countries, the formation and development of financial and industrial groups was carried out in an evolutionary way and led to the transformation of financial and industrial groups into the leading link in the world economic system. In the former USSR, with a high level of industrial concentration, the country's banking system, which was characterized by a centralized structure, did not create conditions for the integration of industrial and banking capital, characteristic of a developed market economy. With the beginning of market reforms in the post-Soviet space, the question arose about the need to organize an accelerated process of forming financial and industrial groups.

There were historical precedents for resolving such problems: after World War II, financial and industrial groups were created in a short time in Japan and South Korea, and for their formation in these countries they had great value government support and participation.

Basic principles for creating financial and industrial groups:

• the individual nature of the project for the formation of each financial and industrial group on the basis of a unified regulatory framework;
• a variety of formation methods (including the voluntary participation of participants in a financial-industrial group, a variety of forms of consolidation of shareholdings and the possibility of forming financial-industrial groups from among state-owned enterprises);
• the use of various forms of integration of financial, industrial and commercial capital on the basis of mutual interest in the results of joint activities as a determining condition for the formation;
• priority creation of a financial and industrial group on the basis of technologically and cooperatively related industrial enterprises that produce complex, high-tech products that are secured by effective demand and competitive in the foreign and domestic markets, as well as goods for government needs;
• the expedient formation of a number (usually at least three) of financial and industrial groups in one industry (or regional) product market or the presence of competitors in the relevant types of products;
• state assistance and support for the creation and functioning of financial and industrial groups, investment projects and programs of which meet the goals and priorities of socio-economic policy (forms of state support for financial and industrial groups, taking into account both the general economic situation and the specifics of the activities of a particular financial and industrial group are determined on the basis of a partnership agreement and mutual obligations between the financial and industrial group and government agency executive power);
• the use, when forming financial and industrial groups, of both market and non-market methods of consolidating blocks of shares owned by the state (the use of non-market methods is allowed in order to maintain state control over the relevant industries);
• the possibility of creating interstate financial and industrial groups, taking into account the direction of existing and projected contractual relations and the characteristics of target commodity markets;
• creation on the basis of financial and industrial groups of new investment mechanisms for the development of industrial production, ensuring a reduction in the load on;
• socio-economic feasibility of projects for creating financial and industrial groups, confirmed by examination.

The composition of participants and organizational and legal forms of financial and industrial groups can be varied, taking into account the stages of the full reproduction cycle, the financial and scientific-production potential of enterprises, and their role in mastering specific market segments. The main options are to unite participants in financial and industrial groups around: an industrial enterprise, a research or design organization, a commercial bank, or a trading company.

Financial and industrial groups may vary:

• by forms of production integration (vertical, horizontal,);
• by industry (inter-industry, sectoral);
• by scale of activity (international, state, regional);
• by degree of diversification (multi-industry, single-industry).

The formation of financial and industrial groups on a voluntary basis can be carried out in the form of the establishment by participants of open-type financial and industrial groups, which, according to an agreement between the participants, is assigned the functions of a parent company. These functions can also be performed by one of the participants in financial and industrial groups, gaining control over the other participants.

When legal entities are united into financial and industrial groups, its participants delegate, on a contractual basis, issues of decision-making, disposal of property and income, which in many cases leads to the subordination of the interests of the participants to the interests of the association.

The financial and industrial group is not a legal entity.

Participants of the financial-industrial group are legal entities engaged in any type of economic activity not prohibited by law and producing goods (work, services), as well as banks and (or) non-banking financial institutions. Participants in a financial-industrial group may be other organizations, whose participation, in accordance with the law, is determined by their role in ensuring the investment process in the financial-industrial group. Participants of a financial-industrial group are legal entities of any organizational and legal forms and forms of ownership - residents and non-residents who have signed an agreement on the creation of a financial-industrial group, and the central company established by them. Participants in a financial-industrial group, in order to coordinate their economic activities and conduct business, establish a central company, which is a legal entity, or, with the consent of all participants in the financial-industrial group, assign the authority to coordinate their economic activities and conduct the affairs of the financial-industrial group to one of the participants in this financial-industrial group. industrial group. In this case, the parent company, in addition to its activities as a business entity, has the powers of the central company.

Participation of a legal entity in more than one financial and industrial group is not permitted.

Subsidiaries can be part of a financial-industrial group only if their founding enterprise is a member of this financial-industrial group.

MINISTRY OF EDUCATION OF THE REPUBLIC OF BELARUS

"BELARUSIAN STATE ECONOMIC UNIVERSITY"

Department of Economics of Industrial Enterprises

Discipline: Economics of organization (enterprise)

On the topic: "Financial and industrial groups"

Minsk 2015

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

2. Combining industrial and financial capital

3. Advantages of financial industrial group participants

4. Features of FPG

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

6. Financial industrial groups in Belarus

List of sources used

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

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

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

The financial and industrial group is not a legal entity.

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

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

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

Combining industrial and financial capital

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

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

Distinctive features of the financial and industrial group are:

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

· the presence of a main, central campaign;

· state examination of the organizational project;

· state registration as a financial and industrial group.

Advantages of financial industrial group participants

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

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

Participation in financial and industrial groups gives enterprisescertain advantages:

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

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

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

· possibility of mutual settlements;

· provision of credit resources for investment;

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

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

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

· the possibility of concluding large insurance contracts;

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

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

· the possibility of concluding a “bank-client-insurance company” agreement as an additional means of building mutually beneficial relationships with the bank.

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

Features of FPG

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

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

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

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

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

In the context of the transition to a market economy, it became obvious that the industrial complex of the Republic of Belarus cannot sufficiently satisfy the needs of society and compete in the world market. The state of the industrial complex was aggravated by the lack of appropriate elements of market infrastructure, unpreparedness for the opening of economic borders, a sharp reduction in effective demand, inflation, the insufficiently rapid formation of effective financial and credit institutions, the aggravation of the problem of mutual debt of the enterprise, and external debts.

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

· urgent need to create new system investing in industrial development, in the formation of integrated structures capable of self-development in market conditions;

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

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

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

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

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

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

List of sources used

financial industrial capital bank

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

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

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