VolRC RAS scientific journal (printed edition)
RuEn

Journal section "Territorial finance"

Regional Investment Foundations as a Tool for Attracting Targeted Financing of Projects in the Shipbuilding Industry

Tresoruk A.A.

Volume 25, Issue 5, 2021

Tresoruk А.А. Regional investment foundations as a tool for attracting targeted financing of projects in the shipbuilding industry. Problems of Territory's Development, 2021, vol. 25, no. 5, pp. 125–145. DOI: 10.15838/ptd.2021.5.115.8

DOI: 10.15838/ptd.2021.5.115.8

Abstract   |   Authors   |   References
The industrial policy, implemented by the Russian Government, is aimed at creating a competitive economy including through the modernization of the support system for high-tech industries. The shipbuilding industry is an important element of ensuring the connectivity of the economic space within the country maintaining its technological independence and defense capability. The main purpose of the research is to determine the state support mechanisms for shipbuilding and tools to attract extra-budgetary financing to the industry. Its scientific novelty consists in the development of proposals to increase investment activity in the shipbuilding industry by creating special foundations that attract external financing, and further adjustment of industrial policy in order to increase the competitiveness and investment attractiveness of the industry. The article analyzes the current situation in shipbuilding and the formed system of state support. The industry continues experiencing a shortage of investments, and the mechanisms that stimulate their inflow are targeted. The issue is particularly acute in relation to medium-sized and small-scale activities of regional shipyards and related enterprises of the support industries. The solution to this problem is possible through the expansion of state support measures and a combination of public, quasi-public and private financing. We have proposed to create regional investment foundations, aimed at accumulating investments through public-private partnership instruments. The source of funds for such foundations may be the issue of bonds under the region’s guarantees to implement investment projects for the introduction of the best available technologies, which implies the possibility of subsidizing part of the coupon payments. This approach allows avoiding additional burden on the expenditure part of regional budgets and at the same time, providing a solution to the problem of changing the industry appearance. The results can be used (including by the relevant department) when conducting further research on the problems of attracting investment in the development of machine-building industries in the regions and creating new support measures

Keywords

investments, state support, subsidies, shipbuilding industry, capital market, bonds, extra-budgetary financing, regional foundations

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