ИНСТИТУЦИОНАЛЬНАЯ ПРИРОДА ФИНАНСИРОВАНИЯ РЕАЛЬНОГО СЕКТОРА ЭКОНОМИКИ

The article substantiates an institutional interpretation of the category «financing of the real sector of the economy». It is shown that the resource-based, process-based and system-based approaches do not incorporate into the definition either the institutional shell of financing or the competitive conditions under which it takes place. The author’s definition is proposed, whose constitutive features are the systemic nature of the relations, institutional mediation, coverage of both debt and equity capital, remunerability and competition among the types, forms and institutions of financing. A separate type of transaction costs generated by market power is substantiated. The paradox of bank-centricity without credit intensity is revealed: with a bank loan portfolio at 32.7 % of GDP, bank credit accounted for only 1.9 % of the sources of fixed capital investment in 2025. An indicator of the reproductive effectiveness of credit is proposed. It is concluded that the underfinancing of the real sector is institutional rather than quantitative in nature.

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