Financial support for the technological development of economic sectors

Abstract

The article deals with the issues of the influence of long-term financing on the technological development of the sectors of the Russian economy as a whole and its individual regions. The purpose of the study was to identify the relationship between the amount of investment, the availability of external long-term financing, and the level of technological development of economic sectors. The objectives of the study were: to identify the dynamics of commissioning and the level of renewal of fixed assets in basic industries; determination of the structure of sources of financing with the allocation of budgetary funds and a bank loan; assessment of the compliance of the volume, sufficiency and nature of financing with the requirements of the technological development of the economy. The study used general and special methods of scientific knowledge: theoretical generalization, the method of monographic research, systemic and evolutionary approaches, methods of economic analysis and statistical data processing, graphics. The information base was the data of Rosstat and its territorial departments, presented on the official websites. As a result, the following conclusions were drawn: about the discrepancy between the level of technological development of basic industries and the requirements of economic growth, which is expressed by the low dynamics of indicators of innovative development of the economy; about the inconsistency of the structure of sources of long-term financing with the needs of the technological development of economic entities; about the forced use by economic entities of their own funds (according to the author, up to 70% against 54–55% according to statistics) as sources of investment due to the inaccessibility of bank loans. Technological development is carried out through an active innovation and investment process, which requires not only long-term debt financing, but also low-cost funds. Such sources in Russia are budgetary funds from the federal and regional budgets, as well as funding equivalent to them from funds (modernization of industry, development of single-industry towns, etc.). Bank loans, which in developed economies are the most important source of economic development, occupy 10–11% in Russia (twice less than budget financing). Thus, the banking system has not become a driver of technological and, more broadly, economic development. In general, the need for financing to ensure technological development is shown by all basic sectors of the economy. Directions for future research may include measures taken at the level of the Government of the Russian Federation, the Bank of Russia, and regional authorities to increase the volume of investment financing; the effectiveness of tools to reduce the cost of funds raised (in particular, bank loans); determination of a sufficient amount of financing for investment processes; decomposition of scientific and technological priorities in the territorial aspect. The conducted research and its results will be useful to scientists dealing with the problems of organizational and economic support of economic development, as well as teachers and students in economic areas.