Capital assets and problems of their reproduction in North-Caucasus Region

Objective: to carry out a comprehensive analysis of the condition and struture of assets in the North-Caucasus federal district, to formulate the main problems of their reproduction to improve the business climate in the region and ensure the growth of the production and investment efficiency of the Russian enterprises, as well as their attraction for the investors. Methods: horizontal (temporal) analysis - comparing of each reporting item with that of the previous period; vertical (structural) analysis - determining the structure of the final results to reveal the influence of each reporting item on the final result; trend analysis - comparing of each reporting item with a number of preceding periods and determining the trend, i.e. the main direction of the indicator’s dynamics, freed from incidental influences and individual features of particular periods. Results: The study of the assets reproduction process, based on market principles in the North-Caucasus federal district, stated that the modern condition of the Russian economy’s production potential is characterized by a significant obsolescence and physical deterioration. At the same time we can not the multidirectional dynamics of such indicators as assets investments in various regions of the district, assets investment per capital, assets investment structure, level of assets deterioration, etc. This leads to the increase of the share of enterprises and products unable to compete with import analogs. Scientific novelty: The article proposes various innovative-investment measures for assets reproduction in the North-Caucasus federal district. Besides the traditional measures (tax remissions, subsidies, state guarantees, premises rent, credits to small business, grants, etc.), we propose to create regional and international development institution, such as investment funds, regional guarantee funds, development corporations, venture funds, etc. For investment diversification we propose, alongside with Investment Fund resources utilization, to attract investment consultants and implement the investment crowdfunding, reflecting the features of investment in the North-Caucasus federal district. The mechanism, which is able to increase the assets reproduction in the North-Caucasus federal district basing on the existing resources and potential, is the institutional space for science, education, business and consumers interaction. The creation of such institutional spaces is stated in the Strategy of Development of the North-Caucasus federal district up to 2025, adopted in 2012 , which is based on business and authorities interaction. Its key projects are the successfully functioning “Corporation for the North-Caucasus development” Public Corporation, “Resorts of the North-Caucasus” Public Corporation, “MRSK Holding” Public Corporation, etc. Practical value: The main provisions and conclusions of the article can be used for grounding and implementing the regional investment standard of each subject of the North-Caucasus federal district.

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