Investment support for the development of civil aviation activities in Russia Kuznetsov Alexander Alekseevich. The problem of investment in aviation Investment aspects of the development of civil aviation
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Russia has made a sharp turn in its development, moving from a command-administrative system of economic management to market relations. Civil aviation (GA) of Russia faced a choice: which way to go? Under market conditions, both liberalization of civil aviation management and state regulation of its activities are possible. Before saying the final word, the experience of GA in other countries of the world was carefully studied and the features of the political, economic, and demographic situation in Russia were analyzed.
So what are the lessons to be learned by "learning from the mistakes of others"?
As you know, after World War II, when the economies of some countries, and, above all, the United States, began to develop intensively and bring significant profits, the minds of civil aviation workers and entrepreneurs of the world began to excite the idea of moving away from the administrative management of this strategically important branch of the state economy and spreading to her market relations. This idea had its supporters and opponents. Appropriate political and economic conditions were necessary under which it would be possible to weaken the measure of state influence and interference in the activities civil aviation.
Finally, in 1978, the United States passed the Airline Deregulation Act of 1978 Wash., 1978. When developing it, the government took into account, first of all, the fact that due to a sharp increase in operating costs, many US national airlines began to incur significant losses. Meanwhile, according to the rules in force, they did not have the right to stop flights even on lines that were unprofitable for them. As a result, the government faced a dilemma: either subsidize unprofitable airlines or let them go bankrupt. And it set a course for a certain weakening of state regulation of the air transport business, hoping that free competition would become the panacea that would revive this branch of private enterprise and save the state budget from unnecessary expenses.
The main provisions of the Deregulation Act 1978 are as follows. The formalities for issuing licenses to airlines to operate specific airlines have been simplified. Moreover, they were given the right to independently change the frequency of flights on these lines.
Then the airlines were given the right to arbitrarily change their fares within the limits permitted by the Law (reduce the fare by up to 50% and increase them by 5%), provided that the airline carries out more than 70% of the traffic on this line.
Further, a necessary condition for the operation of the law of the market is the existence of free competition. Therefore, when issuing licenses to operate an airline, the authorities sought to provide the opportunity for several airlines to operate on one line.
The idea of deregulation seemed so attractive that the example of the United States was followed first by Canada, and then by European countries, Japan.
An alternative to deregulation is the policy of protectionism and state regulation of all aspects of the activity of the GA. It is not only about the legal support of the transportation process and ensuring flight safety, but also about the legislative consolidation of the market share for the national airline; limiting the frequency of flights, carrying capacity, commercial rights for other carriers; licensing of flights over air lines (VL); on differentiation of airport and air navigation charges for foreign and national airlines; about the sale or administrative distribution of "slots"; on the requirement of high insurance coverage for foreign carriers; on the strict distribution of flight frequencies between airlines and the administrative establishment of fare levels, etc.
The Russian Federation, having studied the experience of the pioneers of deregulation and recalling its experience in the field of command and control of the economy, has developed a model for managing civil aviation in Russia.
At the moment, market conditions are just being formed in Russia, which are still far from being civilized. There is a need to create a regime of free competition on economically profitable routes and to subsidize flights on unprofitable routes.
Organized certification of operators aircraft taking into account international flight safety requirements. An operator offering its services for air transportation and other types of work is obliged to organize its activities in strict compliance with state requirements for ensuring flight safety. Having created a system for certification of operators, issuance of certificates, extension of their validity and inspection, the state was able to protect its own interests, the interests of passengers and consumers of civil aviation services. This system makes it possible to control the activities of the airline in terms of their compliance with the requirements of legislation and regulations, without infringing on their independence and direct responsibility for ensuring flight safety.
Issuance of licenses for flights on domestic and international airlines. An economic reform is being carried out in the industry, and state-owned airlines are being privatized.
Civil aviation in Russia is the largest branch of the state economy, the number of employees in it exceeds 257 thousand people. There are 340 airlines registered in Russia, of which 205 airlines operate flights on international air routes (IAL), including 39 airlines for flights within the CIS. They have 8.6 thousand aircraft at their disposal. (For reference: 7334 airlines are registered in the USA.) In Russia, the distribution of aircraft by airlines is characterized by the following data:
54 airlines operate more than 10 passenger aircraft
1st, 2nd and 3rd class with a passenger capacity of 30 people. and more;
147 airlines operate less than 10 aircraft of these classes;
9 airlines operate more than 10 cargo aircraft of the 1st and
2nd class;
11 airlines operate flights on foreign-made aircraft (DC-10, BOEING, A-310, FALKON, BAe);
51 airlines operate only helicopters.
On the whole, in 1996, the volume of work in the air transport of the Russian Federation amounted to 71.6 billion pkm, of which 40% - on international lines. Moreover, 1% was performed by 238 small airlines on an occasional basis; 25% is accounted for by 84 medium and small airlines operating regular flights; 74% of passenger turnover (53.41 billion pkm) was carried out by 18 major airlines on a regular basis, including:
1. Aeroflot RMA - 13.85
2. Domodedovo software - 5.41
3. Vnukovo VL - 4.70
4. Pulkovo - 3.41
5. Krasnoyarsk AL - 3.20
6. Khabarovsk AP - 3.0
7. Transaero - 2.99
8. Tyumen AL - 2.40
8. Siberia -2.24
9. Don AL - 2.01
10. Bashkir AL - 1.55
11.Kavminvodyavia - 1.40
12. Baikal - 1.35
13. Samara - 1.30
14. Tyumenaviatrans - 1.27
15. Yakutaviatrans - 1.12
16. Russia - 1.08
17. Ural AL - 1.03
A total of 166 airlines operate flights within the Russian Federation, the CIS and international flights. 39 airlines fly within the Russian Federation and the CIS, 135 - only within the Russian Federation.
When Russian airlines work abroad, Africa (37%) is the most popular, followed by Asia (16%), then the Middle East (13%), Europe (12%), America (11%) and Oceania (10%).
For the long-term existence of an airline, when performing, first of all, international air transportation, it is necessary to effectively manage an enterprise that satisfies numerous requirements.
Success factors in the air transport market are:
Concentration of efforts on profitable activities and traditional sources of income;
Creation of an intercontinental network of airlines and focus on strategically important regional routes;
Entering into strategic alliances and cooperating with other carriers;
Improvement of computerized seat booking management systems to increase profitability, the so-called "Yieled-Management Systems";
Creation of highly developed systems and distribution channels;
Innovation management and marketing;
Increased attention to customer needs;
Interested personnel;
Favorable "Image" of the airline.
Russian airlines performing international air transportation are currently at different stages of development. Some of them continue to be the property of the state and, apart from the name change, little has changed in their work. Other airlines have taken significant steps towards the creation of independent joint-stock companies and the transition to the standard structure of Western airlines.
Any attempt to classify existing airlines is problematic. There are currently five categories:
1. The main airlines based in Moscow or the main industrial centers of Russia, created on the basis of large manufacturing enterprises. Aeroflot, Domodedovo Production Association and Vnukovo Airlines are the largest air carriers based in Moscow. Yugavia, Sibavia, Aerovolga, Krasnoyarsk Avia and Pulkovo (St. Petersburg) are examples of large airlines based in the regions of Russia. With the exception of Aeroflot and St. Petersburg Airlines, the flights of these airlines are mainly limited to flights to destinations within Russia and the CIS. However, almost all of these companies operate charter flights in order to generate additional profits.
2. Charter airlines. Often with nothing but an office and a name, firms offer aircraft leasing when customer demand arises. Small local airlines and virtually any aircraft owner, including test flight centers, are also involved in
charter activities, where and when such an opportunity is provided.
3. Small domestic airlines, usually with a limited network of routes, but also frequently flying to Moscow and sometimes charter flights on domestic and international routes. Many of these airlines operate aircraft that are nearing the end of their useful lives, often underloaded to increase range.
4. Cargo carriers, usually operating on a charter basis, but also providing international air transport and sometimes providing the only link to remote communities. Some of them are also engaged in the transport of passengers in limited quantities.
5. New companies and joint ventures. Transaero is perhaps the most prominent example of an unaffiliated airline licensed to operate international passenger services.
A significant factor in this segmentation was the change in ownership relations. Once part of the monolithic public sector, the 340 Russian airlines now represent all layers of private ownership from the wholly independent Transaero, to partially privatized airlines such as Vnukovo, to numerous
enterprises that are wholly state-owned.
The most obvious market trend over the past four years - and this trend always causes a strong sense of uncertainty - has been a drop in demand for transportation. Some forecasts show that even with the most optimistic estimates, demand will not return to its former level over the next 20 years.
But such pessimistic assessments do not take into account the multiple changes currently taking place in the economic and social life of the country. Despite an overall decline in gross national product, two factors are at work throughout the former Soviet Union that will cause the air travel sector to grow at a faster pace.
First, when determining the gross national product, experts tend to rely on officially published data on the public sector of the economy. Accounting for data on the privatized sector of the economy lags behind reality; the return on newly privatized enterprises and the vast "shadow" sector of the economy is underestimated. Forecasts published recently in the London Scool of Economics show that the development of this sector of the Russian economy alone can increase the growth of the total gross national product up to 10% per year. In addition to this, it should be mentioned that the deposits of a small number of extremely wealthy "new Russians" in Western banks are estimated at $20 billion.
The second important factor is the presence of latent demand for travel in former USSR. For two generations, the population has experienced severe restrictions on movement, both within the country and abroad. Currently, the desire to travel is limited only by the economic possibilities of the passenger. As a result of new independent airlines competing to increase their revenues, there are many opportunities to travel, often at modest rates by European standards.
In order to realistically assess the potential for recovery in traffic volumes, it is necessary to recognize significant differences between three market segments: 1) domestic transportation; 2) international transportation within the CIS countries and former countries THE USSR; 3) transportation on other international routes.
Domestic traffic volumes have fallen, and even where there is an urgent need for traffic, demand is limited by inflation. In 1996, passenger traffic on domestic routes fell another 26% from the previous year, although slight increases in traffic on some routes suggest that the floor has already been passed.
The opposite picture is observed in the growing market of international transportation. The movement between the newly independent states - the so-called "near abroad" - and Russia developed on the basis of historically established trade and economic ties.
In 1996, compared with 1995, passenger traffic at the Ministry of Internal Affairs increased by 49.9%, cargo - by 100.5%. A significant part of these traffic is based on "shuttle" flights or trips abroad to purchase various consumer goods for subsequent resale. It should be noted that there is also an increase in real demand for foreign transportation, especially charter flights.
The statistics of international traffic by regional offices show that 75% of passenger and 50% of freight traffic is accounted for by the Moscow City Regional Office.
The number of foreign trips in 1980 was 2 million, now this figure has doubled, and it is expected that by the year 2000 the figure will grow by 2-3 times.
Taking into account the above considerations, it is possible to make a forecast according to which the volume of passenger traffic by 2000 on international airlines will amount to 38-40 billion pkm (2.5 times growth compared to 1991 and 3 times compared to 1996 ), on domestic airlines, passenger traffic is expected to double in comparison with 1996 (32-35 billion pkm are predicted). Cargo turnover will increase by an average of 20%.
The disintegration of Aeroflot into numerous airlines created many problems for the management of these companies. The collapse of the command structure and the emergence of markets, often very primitive, have created many new difficulties, including a lack of quality equipment, infrastructure, leadership skills and funds. In the event of a recovery in demand for transportation, the effects of lagging infrastructure will be more severe.
As traffic volumes increase, many airlines will find it difficult to obtain equipment of high quality and in sufficient quantities to meet passenger demand and expectations. Aging equipment, insufficient maintenance and poor economic management of its operation will quickly turn a situation of surplus into a situation of severe shortage of equipment, although with the existing presence of idle equipment at almost all airports in the former Soviet Union, this may seem unlikely.
At the current level of demand for transportation, there is no shortage of aircraft, at the same time, there is a significant need for investment in the acquisition of new aircraft - mainly due to problems with maintenance, fuel economy, overall quality and expiring life.
Some carriers, such as Aeroflot or Transaero, are trying to avoid these problems by leasing Western aircraft. But there are few such aircraft, and it remains unclear whether the industry and airlines will be able to operate a large number of Western aircraft under leasing.
Due to difficult economic conditions, Russian airlines are now living hard.
The airline's operating costs for international flights are high, of which more than 25% are fuel and lubricants, 17% - maintenance, 11% each - airport maintenance and labor costs with deductions for social needs, 9% - depreciation of fixed assets. A heavy burden on the shoulders of enterprises is the need to pay taxes.
The crisis of non-payments, which engulfed all sectors of the Russian economy, led to the formation of accounts payable from airlines, equal to 26.7% of their income. Accounts receivable is on average 24% of their total income. From time to time there is a problem with the solvency of airlines. The actual current liquidity ratio is 1.00 on average, while the normative value is 2.00.
At the level of product distribution, there is also a big problem - there is no centralized system for booking and selling air tickets on international and domestic airlines, within which new airlines could offer their services. The sale of air tickets is carried out for the most part at a primitive level. Majority Russian airlines, as well as the airlines of the newly independent states, are forced to rely on the Central Agency for the sale of tickets, preserved from the old days, for lack of a network of independent agencies connected with each other.
For many senior executives accustomed to working within airlines in a centralized economy, strategic planning, marketing, financial management, cash management and capital budgeting are new, previously unknown aspects of their day-to-day activities. It would also be useful to have some experience in controlling bookings or using financial results. The level of technical education and practical knowledge is very high, but there is a fundamental need for the rapid development of management skills in the marketplace. Many airlines that have just entered the international air transportation market are characterized by extremely modest experience and knowledge in the field of commercial operation of international airlines.
It must be remembered that the sector of airlines operating flights on international flights in Russia can develop much faster than anywhere else, although any investment will require serious long-term intentions and clear prioritization from investors, that is, growing demand for new aircraft, an urgent need infrastructure development, the need for leadership support in the broadest sense.
However, recently there have been favorable trends in the improvement of the general economic situation in Russia, which nurtures hopes for the solution of some problems of airlines.
The main direction of increasing labor productivity in airlines and the economic efficiency of civil aviation is to increase the technical level of aircraft and aircraft engines, both in terms of their weight aerodynamic and thermodynamic perfection, and to increase maintenance and repair manufacturability through the introduction of progressive designs and more efficient operation systems for reliable condition monitoring. and early fault detection.
During 1996, 23 accidents occurred with civil aircraft of the Russian Federation, including 6 accidents, in which 187 people died. The absolute safety indicators for all types of flights are as follows:
1995 1996
Number of accidents 33 23
Number of accidents 6 6
People died 44 187
Incidents 768 702
Aircraft damage 74 76
The given data indicate that in the industry as a whole the state of flight safety for eight months in 1996 worsened compared to the same period in 1995 (although the total number of accidents decreased by 1.27 times, but the number of accidents remained the same, and the number of fatalities more than 4 times more people in them).
An analysis of the materials of the investigation of aviation accidents and incidents, the results of scheduled inspections of the activities of air transport operators show that these violations of the crews are primarily based on the low level of organization of work at aviation enterprises and insufficient control over the activities of the crews by the command and flight personnel,
As a result, the determining factors of aviation accidents associated with the human factor have again become:
Violations of the rules for performing flights in mountainous areas;
Flying in weather worse than the minimum;
Exceeding the allowable flight weight of the aircraft;
Flights with insufficient fuel on board;
Insufficient pre-flight and (or) pre-landing preparation and, as a result, the adoption of unreasonable decisions in the planning and implementation of the flight.
Failures continued to have a significant impact on the decline in flight safety in 1996 aviation technology in flight, which in the past period led to a number of accidents with helicopters.
The reasons for most of the shortcomings have already been studied, but the implementation of measures to completely eliminate them is being delayed, primarily due to the lack of necessary funding for the work.
In connection with the search for new and improvement of existing technical means, the implementation of a number of organizational and technical measures and methods, with the widespread introduction of electronic computers into the practice of flight operation when performing flights on MVL, the efficiency of each flight is significantly increased, subject to necessary requirements ensuring the safety and regularity of flights. This is accompanied by further improvement of aircraft flight schedules based on a more accurate account of the distribution of wind, temperature and expansion of the choice of flight levels; improving the quality, timing of receipt and processing of meteorological information, programming taking into account these data for each flight; optimization of flight performance modes, taking into account the requirements of efficiency.
Given the actual payload of the aircraft, a necessary condition is a comprehensive consideration of the optimal fuel supply, flight modes, taking into account their impact on the engine life and other factors, solving the problems of optimizing the laying of each air route on the MVL in terms of its length and the required maneuvering in the area of the landing airfield, improving the quality of navigation control over the performance of each flight, corresponding to the improvement of the organization of flight operation.
In the field of organizing passenger transportation, considerable attention is paid to the sale of air tickets. The automated system for booking and selling tickets for flights within Russia is being improved. Work is underway to improve the interconnection of booking and sales systems for all airlines, and mutual settlements between them will be significantly accelerated and simplified through the Clearing House established in Russia. In addition, the BSP (Billing and Settlement Plan) Governing Council operates in the country, which is engaged in the implementation of Russia's BSP for international air transportation.
These measures will undoubtedly give a new impetus to the development of the sales system and the improvement of mutual settlements between airlines and their sales agents.
The development of civil aviation is carried out to maximize the satisfaction of the growing needs of the population and the economy in high-speed international and domestic air traffic. At the same time, the experience of our foreign partners is taken into account and the latest achievements of world science and technology are used.
Due to difficult economic conditions, Russian aviation enterprises are now having a hard life.
In the current conditions in Russian civil aviation, a study on the economic mechanism of the airline's operation is undoubtedly relevant, especially if it performs transportation on international airlines.
Recently, separate works on this topic have begun to appear, but they are devoted to particular issues and do not contain a single concept for the development of the airline. An analysis of these works is given below. There are studies on this issue in Russian and Soviet economic science. However, under constantly changing political and economic conditions, there is a need to revise the old and formulate new recommendations for airlines today.
Latest economic data for the 1st quarter of 2014 year - american the economy reduced its result by 2.9%, which is the largest drop since the beginning of 2009. This serves as a strong warning that the actual growth of the global market is very fragile.
At the same time, many investors today are looking for all sorts of alternative investment options in order to diversify their capital investment portfolios with an even distribution of risks. However, in their quest to find new projects, many investors seem to be ignoring an asset that many of them use quite often - aircraft.
Unlike real estate or other infrastructure, aircraft as an asset generate more stable and predictable cash flows based on monthly rent payments. In addition, proper technical control and maintenance of modern aircraft can maintain their economic efficiency for 25 years of operation. At the end of its service life, the aircraft can be dismantled into parts and components, which can then be sold on the secondary market.
Investors prefer to minimize their high-risk assets in advance in order to insure themselves against possible hidden risks.
Despite the numerous global economic problems associated with the leading aircraft manufacturers, experts in their forecasts are convinced of the annual growth air transportation and demand for new aircraft. Boeing and Airbus are confident of a 5% annual growth in air traffic over the next two decades. In an effort to support the growth in demand for air travel, companies are actively placing orders for airliners. China alone plans to order $600 billion worth of aircraft by 2030.
But the majority of transportation companies have a profit of 1-5% based on the results of work for the year and are forced to look for sources of free cash. In this case, investors have the opportunity to invest free cash assets in airlines with stable payments. Financial and leasing companies own more than 40% of the world's commercial air fleet.
After the conclusion of rental or leasing transactions, the lessor must constantly monitor the technical condition of the aircraft. Poor service and improper performance of service work can lead to an increase in the accident rate of aircraft and lead to multimillion-dollar losses.
Investors for their investments can choose different strategies with different levels of risk. When financing a transaction, it is necessary to foresee possible risks and carefully choose a partner.
financial forecasting bankruptcy
Civil aviation in Russia is the largest branch of the state economy, the main purpose of which is the transportation of passengers and cargo.
Currently, the enterprises of the aviation complex of our country are in the most difficult condition, which was fully influenced by the economic crisis in the country that occurred in the 90s. The collapse of the USSR, the beginning of the restructuring of the economy and the transition to market relations, corporatization and privatization, changes in the system of economic management - all this adversely affected the position of aviation enterprises.
The transition of the Russian economy to market relations has led to extremely unfavorable conditions for domestic manufacturers, including air transport products, conditions:
political instability;
loss of control over the economy (trust in the state is reduced to a minimum);
Relatively high levels of inflation and price increases;
Lack of a clear legal framework;
· the most severe tax policy;
Lack of incentive for production and long-term investment;
The problem of non-payments.
This is not a complete list of problems at the macroeconomic level that Russian airlines face. They are forced to work in conditions of uncertainty and increased risk. Due to the dynamism of market processes, business leaders are forced to take prompt measures, often without understanding the economic situation as a whole.
The dominant strategy in the air transport of the Russian Federation at the moment has become a strategy of survival, carried out in the face of uncertainty and ambiguity in development prospects. Only a few of the leaders are guided by the strategy of integration into the system of world transport and economic relations, which requires managers to focus on international quality standards, the transition to new forms and methods of commercial activity.
A serious symptom of the Russian civil aviation crisis is the steady moral and physical aging of the aircraft fleet. We are talking about Soviet-made equipment, the service life of which in most cases has long expired. Work on centralized, with the participation of the state, the extension of its operational life in the required volume was not carried out, operational certificates expired and were not renewed. The practice of individual extension of resources for each aircraft separately at the expense of aircraft operators is widely used.
In rare cases, the technical modernization (including the replacement of engines) made it possible for the aircraft of this group to make non-scheduled flights to neighboring states, mainly to those where rather liberal operational requirements remain. The life of these aircraft, however, is also limited: the service life cannot be extended indefinitely, the fuselages and cabins remain morally obsolete even after re-equipment, and technical modernization sooner or later reaches its reasonable limit, beyond which further re-equipment becomes more expensive than the cost of a new aircraft of a similar class not to mention leasing or a one-time lease. A direct consequence of this is a decrease in profitability and safety, and ultimately the loss of the market.
By 2010, airlines will need 563 units of new aircraft (AC), taking into account the increasing decommissioning of the obsolete part of the operated fleet and the planned phased introduction of ICAO (International Civil Aviation Organization) restrictions on the territory of Russia on the accuracy of aircraft navigation, aircraft noise and harmful emissions during this period. substances during aircraft flights. Most likely, 80-90% of the indicated 563 units will be purchased (leased) by imported aircraft.
Such a development of the fleet will ensure an increase in the structure of its carrying capacity of the share of modern aircraft of all types up to 60%, which is necessary for the qualitative satisfaction of the demand for air transportation, the development of regional transportation, increasing the efficiency of air transport activities and the availability of air transport, and significantly reducing the harmful impact of aviation on the environment. It should be noted that the total investment requirement for the development of the new generation aircraft fleet is estimated at 206.5 billion rubles. The question arises, what share of these investments will go to the domestic aviation industry?
Now the greatest hopes are pinned on the development and construction of new Russian models. In this regard, it should be noted that the creation of a civil aircraft MS-21 is envisaged, in addition, the program of the regional aircraft SuperJet-100 is actively developing (it should be noted that it is possible to equip the domestic aviation industry with such new aircraft as the Tu-334 and An-204 ready for serial production).
The Sukhoi SuperJet-100 aircraft belongs to the family of regional aircraft of the RRJ type (Russian Regional Jet - a Russian regional aircraft, a project of Sukhoi, Boeing and Ilyushin). The launch of the aircraft into serial production was scheduled for 2008. Delivery of new liners to air carriers is planned from 2009-2010.
According to the latest data, the SuperJet-100 is currently undergoing certification tests, both in Russia and in Europe. The presence of a European certificate will allow selling aircraft for export. The goal set by the Russian-Italian consortium is to occupy 17% of the world market for short-haul aircraft. Recall that the Sukhoi Civil Aircraft Company is in consortium with the Italian Alenia Aeronautica (the Italians own 25% plus one share) and is building the SuperJet 100.
Sukhoi plans to receive certificates by the end of the year. Immediately after that, the aircraft will be sent to the first customers. On this moment Sukhoi, as Vladimir Putin found out as a result of his trip to the Far East, has 98 orders. The first aircraft will be received by the Armenian Armavia (the Armenians ordered two in total). The price of the SuperJet 100 according to the catalog, as Olga Kayukova, director of public relations at Sukhoi, explained, is $ 28 million, but in each case the cost of the order is negotiated separately, while "payment is made in advance." And the decision on who to supply the first SuperJet 100 was made based on the configuration of the order: the simpler it is, the easier it is to manufacture the first aircraft.
Aeroflot, which has ordered 30 aircraft, will also begin to receive liners. “Last year, we signed an option with Aeroflot that they would sign contracts with us for another 15 aircraft,” Sukhoi General Director Mikhail Pogosyan told Vladimir Putin. The Prime Minister was pleased with the activity of Aeroflot.
Just as Olga Kayukova explained, Sukhoi is negotiating with Rosavia to transfer orders from the bankrupt company Dalavia to it. Another 10 orders belong to Italian companies, some advances have already been received.
At the same time, as Poghosyan specified, “measures of financial support through Vnesheconombank (VEB) for airlines that are going to purchase Sukhoi SuperJet 100 are now being discussed.” And we are talking about supporting both Russian and foreign airlines. Pogosyan refused to talk about the methods and volumes of support, but added that such support for airlines buying new aircraft is a worldwide practice.
Later, Deputy Prime Minister Sergei Ivanov explained that it was about providing airlines, primarily Aeroflot, with a loan of $250 million for 13 years for the purchase of SuperJet 100. The funds will be provided by VEB.
Putin promised the enterprise financial assistance from the state in the amount of 6.8 billion rubles. Of these funds, 3.2 billion will go to increase the authorized capital of Sukhoi Civil Aircraft, and another 3.6 billion from the federal target program "Development of Civil Aviation" - to compensate for the rise in the cost of aircraft components.
The Russian short-medium haul aircraft MS-21 is to be put into operation in 2012. The aircraft will be produced in three modifications - for 132, 150 and 168 passengers - which differ from each other only in the length of the fuselage. The flight range will be up to five thousand kilometers, and in the LR (Long Range) version - up to 6350 kilometers.
But these are all plans for the future. In the meantime, Sergei Ivanov proposed to protect the Russian market from old foreign aircraft. Customs duties for the import into Russia of foreign aircraft older than ten years should be prohibitive, not permissive, he said.
Meanwhile, it is no secret that there are projects to catch up at the expense of foreigners. Like automobile foreign cars, planes of well-known firms can now be assembled in Russia. So, Oleg Deripaska plans to assemble Canadian Bombardiers in Samara, having bought both the factory, the license and the brand at once. According to experts, Deripaska expects to open the production of Q300 turboprop aircraft designed to carry passengers over short and medium distances. It is planned that these machines will partially replace the Soviet-made aircraft currently flying (Tu-134, Yak-40), which are often more than 30 years old. For Canadians, Q300 aircraft are almost obsolete. Bombardier releases more modern aircraft with similar characteristics. Again, we get far from the best.
So far, domestic airlines see no other way out, except for leasing new foreign-made aircraft or purchasing used "foreign cars".
Today, the main tool for implementing the state transport policy is the federal target program "Modernization transport system Russia (2002-2010)". This was announced at a meeting of the Government Commission on the development of industry, technology and transport by the Minister of Transport of the Russian Federation Igor Levitin, who presented the draft of a new federal target program "Development of the Russian transport system (2010-2015)".
As part of civil aviation, during the implementation of the current program, the runways at the airports of Sochi, Pulkovo, Gelendzhik, Mineralnye Vody, Krasnoyarsk, Khabarovsk, Samara, Kurgan, and other air harbors were reconstructed.
However, regional uneven development transport infrastructure limits the creation of a single economic space of the country and hinders the development of regional resources. The most significant differences are between the European part of Russia and the regions of Siberia and Far East. In 14 regions where aviation is the main or only year-round mode of transport, the airfield network is being reduced due to underfunding.
The current state of affairs in the Civil Aviation does not allow full use of its competitive advantages to increase the volume of freight and passenger traffic. Insufficient state capital investments in airfield infrastructure have led to a threefold reduction in the number of airports in the Russian Federation compared to 1992. This has caused a catastrophic decrease in intra-regional and local air travel.
The physical and moral deterioration of about 70% of paved runways built more than 20 years ago, as well as the high deterioration of ground aviation infrastructure, the inefficient composition and poor condition of the aircraft fleet, negatively affect the economic efficiency of transportation and flight safety.
Despite the fact that the volume of Russian civil aviation traffic in last years are growing at a rate more than double the world average, its development still does not correspond to either the size of the country's territory or the needs of the population in air transportation.
The growth in the volume of passenger air transportation is limited by the high cost of aviation services, which is primarily due to the use of outdated aircraft, whose fuel consumption is twice as high as that of modern Russian and foreign counterparts, and the underdevelopment of airfield infrastructure.
Also, a problem that we have not yet mentioned is the shortage of qualified personnel experienced by Russian aviation. There are many educational institutions that train personnel for civil aviation in Russia. Meanwhile, the problem of training flight and technical personnel relevant to the industry today more than ever. “In Russia, in the near future, there may be a shortage of personnel for pilots,” Minister of Transport Igor Levitin warned at a meeting with the heads of educational institutions of civil aviation in Russia. - With the creation of an aircraft manufacturing corporation, which will be able to supply equipment for training as much as necessary, we can lag behind in the training of pilots from the process of launching new aircraft, and there will be no one to fly them. The level of pilot training is most directly related to the safety of flights in civil aviation, and this is our area of responsibility, Levitin said. - So participation in financing is only a right, not an obligation of airlines. But they must remember that this is a “two-way street”: there will be no interest from airlines, and the pilots trained by us will go to other countries, to their own competitors.”
The allusion to air carriers has a very real basis: the outdated norm of 60-hour flight training for one pilot cost the state 2 million rubles, the current 150-hour one costs 4.5. Implementation of the new ICAO recommendation - to spend 240 hours on flight training of a pilot - will also require appropriate funding.
Levitin also called on the heads of civil aviation educational institutions to work more actively with air carriers in terms of social partnership. But, probably, the state should also find a way to balance the costs of flight schools: navigation costs alone cost the educational institution tens of millions of rubles a year.
The annual growth in the volume of air passenger traffic in the country in recent years has been more than 10%, and airlines are already forced to accept previously released pilots, which affects flight safety. The way out of the situation is the creation of universal pilot training and retraining centers in the country. One of the places for such a center is Ulyanovsk, the minister believes. The base laid here in Soviet time, quite suitable: there is also an aircraft manufacturer, and the oldest Flight School with experienced teaching staff.
According to the data announced at the meeting, in recent years, more than half of all Russian air transportation has been carried out on foreign Boeing and Airbus aircraft. “The numbers will grow, so we need, firstly, to offer foreign manufacturers to create pilot retraining centers in Russia, and secondly, to organize aircraft maintenance here,” the minister concluded.
These and other problems of the industry predetermined the need to develop a new edition of the federal target program with a change in its name and implementation timeframe.
As a result of the implementation of the subprogram "Civil Aviation", it is expected to achieve the following indicators in the coming years:
Aviation mobility of the population will increase by 62%;
Passenger turnover on international air routes will increase by 41%;
The number of transfer air passengers at connections between international flights and international domestic flights will grow to 3.3 million per year;
After reconstruction, 112 runways will be put into operation;
Airlines will purchase 659 modern aircraft.
In 2010-2015, the formation of a national backbone network of air harbors, the development of hub transportation technologies and the priority development of domestic regional and local airports will take place, which will increase the number of passengers transported on local airlines by 70%. The upgraded fleet of aircraft and ground infrastructure will meet a higher level of ICAO requirements.
In general, it should be noted that the policy of the state regarding the development of civil aviation in the context of limited budget funds should be based on the principle of a motivated reduction in the number of airport complexes and development through the concentration of resources of key, backbone airports.
At the same time, it should be taken into account that at present the market of civil aviation equipment has not been formed in the country. There are no stable conditions for relations between airlines, industry, financial institutions and the state at the stages of production, sale, service and operation of new generation aircraft.
In addition, considerable attention should be paid to the problems of developing the market for air transportation and aviation services to meet the needs of the population and the economy of the country.
The task of consolidating, enlarging the participants of the domestic aviation market already recognized by the country's leadership. Various factors have been catalysts for this rethinking of public policy. These include concern for improving flight safety (against the background of an increase in the number of accidents and air crashes), the unsatisfied demand of the political and business elite for modern and efficient aircraft for flights within the country and abroad. Of particular note in this series is the conscious need to create a sufficient number of strong airlines that could act as customers and consumers of significant volumes of products of the domestic aviation industry and, thus, save the latter from complete and final collapse.
In a country with a population of 145 million, most of which, due to socio-economic and cultural reasons, does not differ in any significant mobility, today about 200 airlines are officially registered. It is estimated that almost 90 percent of Russian air carriers are ghost companies, or more accurately, "dead souls." These are registered business entities that have registered ownership of several units of aircraft, and sometimes even one aircraft. A relatively small part of the aircraft owned by "phantom" companies makes single flights from time to time, mainly on local routes. There is no need to talk about any serious significance of this episodic activity from the point of view of the country's economy or the social mobility of its population. At the same time, the operation by dequalified (due to lack of flight practice) personnel of this aircraft, which is idle most time without proper service is associated with an increased risk.
The only exceptions are aircraft owned (directly or through subsidiaries) by large commodity concerns (Gazprom, Sibneft, Lukoil, etc.), which more or less regularly transport management (including abroad) , as well as workers to the place of the main production activity or to places of rest. Basically, these are Soviet-made equipment with an extended service life and a valid certificate of validity, allowing flights within the country.
Thus, the concept of "Russian aviation", the fate of which directly depends on the immediate implementation of comprehensive reforms in the industry, actually covers only aircraft owned or operated by 20-25 leading national airlines. At the same time, the carriers included in this group are also characterized by extreme heterogeneity both in terms of their financial and economic capabilities, and in terms of the market niche of domestic and international passenger and freight traffic that they occupy or expect to occupy.
Companies that are in the top five of the national rating in terms of a set of indicators, as a rule, are characterized by the multi-vector nature of their production activities, that is, they operate in more than one market segment - domestic and international, passenger and cargo transportation, regular and charter flights.
It is quite obvious that in modern conditions only medium and large (by world standards) carriers can be economically viable. Only they will have sufficient opportunities to acquire or lease modern and efficient equipment, maintain (including training and periodic retraining) qualified personnel, and introduce the latest technologies.
Marketing, electronic booking and ticket sales (in the passenger market), multimodal logistics support for cargo transportation, including the maintenance of modern warehouses (in the freight transportation market), the provision of comprehensive door-to-door services - all these mandatory attributes of a promising participant in the 21st century air transportation market can only be sufficiently large companies.
The leadership of the Ministry of Transport of Russia has repeatedly publicly stated the expediency of a consistent consolidation of Russian airlines, so that in the short term there will be no more than 4-5 of them. According to some expert estimates, in Russian conditions this quantitative indicator is not only unattainable, but also not fully justified economically.
Taking into account the size of the country's territory, the need to solve specific problems related to ensuring a minimum level of social mobility of the population living in remote and hard-to-reach areas, and maintaining the territorial integrity of the state, according to these experts, the optimal number of Russian airlines would be 5-10. This implies that the national carrier, as well as the 2-4 largest airlines, would act as the main carriers within the country and abroad. The rest (including helicopter companies) would carry out local transportation and play the role of "feeders", bringing passengers and cargo to large transshipment hubs - "hubs", from where they would follow on the flights of the main airlines.
If Russia is able to implement urgent reforms and bring its civil aviation out of the systemic crisis, then a gradual transition to new forms of international legal regulation of its relations with the outside world in the field of air transport will become logical and justified.
The national carrier requires special attention, powerful and, most importantly, effective state support and careful attitude. Regardless of its share in its capital, the state should significantly reduce the degree of its direct participation in the daily activities of JSC Aeroflot, stop obstructing its normal development, whether it be building its own base airport or acquiring new competitive aircraft.
The state should also ensure that the promotion of Russian airlines to foreign markets occurs not through the redistribution of Aeroflot's gains (commercial rights for international flights, slots, etc.), but through the development of new niches and segments.
For their part, the management of Aeroflot and other large companies should take steps to improve the efficiency of their companies, optimize staffing, and eliminate unprofitable or non-core activities. Taking into account the ongoing process of aging of the flight crew, airlines, with the assistance of the state, need to take urgent measures to attract young pilots and navigators to their professional training on new generation aircraft.
It must be clearly understood that without the political and economic support of air carriers - the main prospective consumers - the revival of the domestic aviation industry is simply impossible. Moreover, this is the only way to preserve the remaining foreign markets for civilian products of the Russian aircraft and helicopter industry and win new ones.
Dissertation abstract on the topic "Management of investment activities of civil aviation enterprises"
As a manuscript
SHITENKOV VIKTOR MIKHAILOVYCH
MANAGEMENT OF INVESTMENT ACTIVITIES OF CIVIL AVIATION ENTERPRISES
Specialty 08.00.05 - Economics and management of the national economy (management of innovations and investment activities)
dissertations for the degree of candidate of economic sciences
Moscow - 2005
The work was carried out at the State Academy for Professional Retraining and Advanced Training of Executives and Investment Specialists (GASIS)
Scientific adviser: Honored Worker of Science of the Russian Federation,
doctor of economic sciences, professor
Egorov Anatoly Yurievich
Official opponents: Doctor of Economics,
Professor
Valinurova Liliya Sabikhovna
Candidate of Economic Sciences Zubenko Volodymyr Stefanovich
Lead organization: State Scientific and
civil aviation research institute
The defense will take place "April 2005 at M hours on
meeting of the Dissertation Council D 212.043.01 on awarding the degree of Doctor of Economics at the State Academy of Professional Retraining and Advanced Training for Executives and Investment Specialists (GASIS) at the address: 129272, Moscow, st. Trifonovskaya, 57 aud. 201.
The dissertation can be found in the GASIS library. The abstract was sent out in March 2005.
Scientific Secretary of the Dissertation Council, Candidate of Economics, Associate Professor
Lochan S.A.
GENERAL DESCRIPTION OF WORK
Despite the presence of works in the field of civil aviation investment activity management, the features of the development of an algorithm for program-targeted investment activity management of civil aviation enterprises and the development of models for making managerial decisions in the implementation of their implementation have not been sufficiently studied in the economic literature. investment projects. At the same time, the introduction of target-oriented management mechanisms and models for optimizing investment decisions at civil aviation enterprises can significantly improve the efficiency of managing their investment projects. This area has not received adequate coverage in the domestic economic literature and has the necessary novelty.
Conduct an analysis of management methods and evaluate the effectiveness of the investment activities of enterprises of citizens
skoi aviation, having determined at the same time methods of state support for investment projects of these enterprises;
In the course of the dissertation research, general and specialized literature on the formation of a system of investment channels at civil aviation enterprises and the program-target management of their investment activities in the modern Russian economy was studied. When writing the work, legislative and regulatory documents, annual reports and official publications on the problems of managing investment activities in civil aviation, materials of scientific conferences, as well as federal
ral, regional and corporate statistical and analytical materials and documents.
2. A mechanism for joint financing of investment projects of civil aviation enterprises was proposed and tested, based on the use of resources of federal targeted programs for the development of the industry and the principles of commercial diagnostics of projects, which made it possible to determine the parameters of budgetary and investment efficiency of the implementation of these projects at civil aviation enterprises.
3 . The conditions for effective strategic management of the investment activities of civil aviation enterprises are determined and substantiated, providing for the need to use various schemes for financing costs and taking them into account when evaluating the performance indicators of investment projects, which made it possible to develop a mechanism for complex diagnostics of projects in terms of their attractiveness.
four . Proposals for the development of an algorithm for the program-targeted management of the investment activity of a civil aviation enterprise are formed, aimed at determining the functional relationship between its performance indicators and the control effects on the investment activity of this enterprise, which contributed to the definition of a system of investment flows and the assessment of the efficiency of using the enterprise's assets.
five . Typical models for making managerial decisions in the implementation of investment projects of a civil aviation enterprise have been developed, which make it possible to form an effective strategy for managing their investment activities depending on the volume of budgetary and private financing of a group of industry projects, as well as to propose five sub-strategies for managing the investment activities of these enterprises with the maximum values of the criterion efficiency.
Approbation of the work and use of the results. The main provisions of the work are reflected in educational lectures and seminars delivered at the State Academy for Advanced Studies and Retraining of Managers and Investment Specialists, proposals for improving the mechanisms for state support of investment projects of civil aviation enterprises in the modern economy were discussed and approved at the All-Russian scientific and practical conference "Modern Russia: economy and state".
Publications. The main provisions of the dissertation are reflected in three scientific papers with a total volume of 1.3 8 pp.
work structure.
Introduction.
Chapter 1. Theoretical foundations of managing the investment activities of enterprises.
1.1. Economic essence of investments and management of investment activity of enterprises.
1.2. The role of the state in the development of investment activities of civil aviation enterprises.
1.3. Features of strategic management of investment activity of civil aviation enterprises.
Chapter 2. Analysis of management methods and evaluation of the effectiveness of investment activities of civil aviation enterprises.
2.1. Review of methods of state support for projects of investment activity of civil aviation enterprises.
2.2. Diagnostics of investment projects of civil aviation enterprises and selection of parameters of their attractiveness.
2.3. Calculation of the efficiency of investment activity of civil aviation enterprises.
Chapter 3 Improving the management of investment activities of civil aviation enterprises.
3.1. Algorithm for program-targeted management of investment activities of civil aviation enterprises.
3.2. Development of models for making managerial decisions in the implementation of investment projects of civil aviation enterprises.
3.3. Formation of a strategy for project management of investment activities of a civil aviation enterprise.
Conclusion
Bibliography.
1. In modern conditions, Russian civil aviation enterprises (CGA) carry out simple and expanded reproduction of fixed production assets mainly at the expense of their own investment resources, which include: profit, depreciation, income from participation in the equity capital of other enterprises, received penalties, fines, penalties, receivables, interest on deposits in commercial banks, funds received from the sale of property and intangible assets of the enterprise.
In modern conditions, the main goal of all investment activities for PGA is to obtain a higher market value for the shares of its own enterprise. From the main goal follow the basic tasks of the investment activity of the PGA, the practical implementation of which makes it possible to demonstrate the need for the formation of an effective investment management system for this enterprise (Fig. 1) .
The study of the stages of the investment activity of the PGA would not be complete without considering the issues of state influence on the investment activity of the enterprises under study. Therefore, in our work, we highlight the features of the formation of the investment policy of the state in relation to such strategically important sectors of the national economy as the aviation industry and the entire PGA complex. Decision-making factors on the investment activities of the PGA are highlighted (Fig. 2).
The investment policy of the state is a strategic direction of the social economic development, since investments are the lever that will allow to give momentum to the PGA through the emergence of cumulative economic effects (direct and indirect: net present value, commercial, budgetary, economic, social efficiency) . Consequently, investments for the state become the main instrument
overcoming the systemic crisis of the country's reproductive system and further economic growth of the PGA. Today, the state needs to stimulate the investment activity of the PGA not only by creating a favorable investment climate and by developing relevant legal acts and providing tax incentives, but also by providing direct state support and funding on a competitive basis. The procedure for financing PGA investment projects at the expense of the federal budget is determined by the Government of the Russian Federation.
Rice. 1. Main tasks and stages of PGA investment activity.
Rice. 2. The role of the state in the development of PGA investment activities and the procedure for financing their investment projects at the expense of the federal budget.
2. Investing in the development of the PGA can be carried out either by private investors or by the state through federal targeted programs. In any case, the investment climate factor in the country influences the intensity of investment processes. The investment climate of the country, on the one hand, encourages private investors to make positive decisions on financing investment projects, and on the other hand, an improvement in the investment climate makes it easier for the state to resolve borrowing issues and invest the funds received in investment projects of domestic enterprises. Under these conditions, it becomes necessary to disclose the features of building an investment policy and implementing investment projects at the PGA, depending on changes in the country's investment climate.
In this regard, the paper analyzes the content of the concept of investment climate both in the country as a whole and in individual regions, where, as the experience of implementing real investment projects of the PGA shows, one can find examples of successful cooperation with local authorities. This approach made it possible to find out the attractiveness of the PGA, as well as the direction of their investment policy and its prospects at different levels of government.
The investment attractiveness of PGAs is important in developing their investment strategy. Without strategic management of PGA investment activities it is not possible
effective development of the aviation industry and bringing it to a leading position in the world. However, to solve this problem, it is necessary to diagnose investment projects and choose an effective way to manage the investment activities of the PGA, taking into account both state support and self-financing opportunities.
3. The study of the theoretical foundations and strategies for building the investment activity of the PGA makes it possible to determine the methods for managing and evaluating the effectiveness of investment projects in the aviation industry, as well as their dependence on the conditions of state support for their practical implementation. In this paper, a review of the methods of state support for the investment activities of the PGA was carried out on the basis of an assessment of the Federal Target Program (FTP) for the development of these enterprises for 2002-2015.
In the process of implementing the FTP at both stages, the development of an experimental base and methods for experimental research on the creation and repair of
restoration work of aviation equipment. Expected end results of implementation:
Creation of a new generation of science-intensive technical. solutions, materials and technologies for use in aviation and other industries.
If the PGA investment project is financed from several sources (for R&D of aircraft under the Aviatechnika-2015 federal target program, these are budget funds allocated under the federal target program and attracted extra-budgetary investments), then the ratio between the volumes of investments from various sources can be adjusted by appropriately adjusting the model, carried out with taking into account the investment attractiveness of this project and the degree of its readiness. It is believed that the investment attractiveness of the PGA project increases as the date of its expected completion approaches.
Budget efficiency - the ratio of the amount of revenues to the budget from all types of tax deductions related to the sale of products created as a result of repair and restoration work under the FTP, to all budget costs for the program (can be calculated taking into account discounting);
A detailed analysis of the results obtained allowed us to propose a mechanism for co-financing the projects of investment activities of the GPA (Fig. 3).
Rice. 3. Mechanism for joint financing of PGA investment projects.
4. After the review of SBS investment activity management methods, one of the most important issues for improving the quality of these processes becomes the issue of diagnosing investment projects and choosing the parameters of their attractiveness. Diagnostics of PA investment projects is a set of methods for economic, financial, technological, environmental and organizational evaluation of investment projects. As part of the diagnostics of PA investment projects, the tasks of the feasibility and effectiveness of the project are usually solved, the parameters of its attractiveness are determined, and the implementation conditions are optimized.
Despite the significant differences that exist between specific PA investment projects in terms of such important positions as scale, focus, etc., the fundamental approaches to diagnosing projects have much in common (although, of course, they can radically differ in the implementation of these general principles). The principles of diagnosing investment projects of the PGA" can be quite clearly divided into three structural groups. In this regard, in
It is proposed to both diagnose the attractiveness of the PA investment project both for the project as a whole and for the expediency of participating in it.
Thus, the basis for the effective management of the PGA investment activity is the investment strategy for regulating its projects, which provides for the formation
the mechanisms of their joint financing, taking into account the use of the model of their complex diagnostics. This ultimately makes it possible to competently manage the investment flows of the PA and get the maximum return on invested capital based on the assessment of the feasibility of investing in various projects for the production of aviation equipment.
5. The quality of management of the PA's investment activities essentially depends on the information that can be obtained by evaluating and processing the parameters of its investment projects. Since such information, as a rule, is inaccurate, due to the properties of both the “aggressive” market environment and the shortcomings of information systems, automated investment management systems (AIMS) belong to the class of stochastic feedback control systems.
Rice. 4. Features of the formation of an algorithm for program-targeted management of the investment activity of the PGA.
The task of creating an optimal ATS is set as follows.
way. An algorithm for program-target management of investment activity (APCUVD) is developed (Fig. 4) in the form of differential equations, and restrictions and boundary conditions are set; equations describing observation parameters; criterion of optimality of investment activity management and characteristics of random influences. To solve such stochastic problems of optimal management of PA investment activity, special methods can be used, including the stochastic maximum principle, the dynamic programming method, etc.
APTSUID is intended to describe the functional relationship between the production key indicators of a civil aviation enterprise and to calculate projects of control actions on investment activity. APTSUVD describes the interrelationships of only those indicators that can be directly calculated from the reporting data on IGA investment projects, i.e. are a subset of the set of observation parameters. This subset should be complete enough so that the known values can be used to calculate the values of the entire set of parameters for monitoring the investment activity of the PGA.
The main task of the decision maker is to maintain a balance between the input and output investment flows of the PGA, which ensures the implementation of the target program of the investment activity of this enterprise. The most important characteristic of PGA investment flows is the intensity of the transition of its assets and liabilities from a less efficient to a more efficient state. On fig. Figure 5 shows the main states in which PGA assets and liabilities can be.
Rice. 5. Scheme of PGA investment flows.
At the same time, specific indicators characterizing the effectiveness of the use of assets in the investment activity of the IGA are studied in detail, including: the number of days during which the volume of work performed is equal to the sum of cash and short-term investments on the balance sheet of the PGA; the number of days during which the volume
the work performed is equal to the sum of other current assets on the balance sheet of the PGA; the number of days during which the volume of work performed is equal to the sum of other non-current assets on the balance sheet; PGA equity turnover ratio - the ratio of the net volume of repair and restoration services performed and equity capital; the ratio of long-term debt to the total value of long-term (non-current) PGA assets; return on equity; the ratio of borrowed and own funds; the ratio of current liabilities and equity; the ratio of net sales and working capital; current assets adequacy ratio; instant liquidity ratio; the ratio of the total value of non-current assets and equity; the ratio of long-term debt and working capital; return on assets.
The principal feature of ASHUVD is the use of a single algorithm for making operational, tactical and strategic investment decisions. In this regard, the division of investment decisions on PGA into operational, medium-term and long-term, for all their practical significance, is conditional. The PGA investment management algorithm proposed in the dissertation makes it possible to largely minimize the influence of personal factors of uncertainty on the accuracy of investment decisions, which is achieved by narrowing the powers of the decision maker to the authorization of fairly trivial investment decisions, the project of which is developed in the SILUR of the enterprise.
b. The development of ASHUVD allowed us to move on to the development of standard models for making management decisions and implementing PGA investment projects. The paper studies the basics of modeling and identifies those aspects of the PGA investment activity that deserve the most attention. The paper considers six projects: repair and restoration work as part of the modification (Mod), production of the Tu-334 short-haul aircraft, development of a promising regional aircraft (RS), design and production of a long-haul aircraft (LMA), development
short-medium haul aircraft (BSMS) and the release of the Tu-324 aircraft. At the same time, the PGA investment projects included in the management decision-making model are considered in the work as initial alternatives.
In addition, it is assumed that the average share of public funding for PGA investment projects is ~ 20%, and the ratio of public and private funding, depending on the readiness of the project, is gradually changing. In this case, all investment projects are completed in full and on time, provided that the investor participates in project financing from the very beginning of the PGA projects and in the amount of at least 2/3 of the total investment cost, and by the time the development work is completed ( OKR) his participation will be 7/8 of the total cost of investments. When fulfilling the conditions we have listed, the results obtained are presented in Table. 1-3, and the models for making managerial decisions and implementing PGA investment projects are shown in fig. 6.
Table 1.
“Unlimited” R&D funding by years.
Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Total
Amount 150 150 150 150 150 150 150 150 150 150 150 150 150 150 2100
Table 2.
Projected results, $ million, no budget constraints (budget share< 30%)
Option Budget eff Invest eff Cost R&D Budget expenditure Projects by priority
1 1540 -164 1597 530 Tu-334, RS, Mod, Tu-324, DMS, BSMS
From the above materials it is clear that:
The investor has a negative profit at expenses of 1067 million dollars, i.e. participation in FIP is unprofitable for an investor.
Table 3
The results of the implementation of PGA investment projects with unlimited funding (share of the budget< 30%)
Tu-334 RS Mod Tu-324 DMS BSMS
Start of OKR, year 4/1 5/5 1/1 1/1 6/6 1/1
End of OKR, year 4/4 11/11 4/4 4/4 12/12 7/7
Continue. OKR, years 4/4 7/7 4/4 4/4 7/7 7/7
Beginning will prepare, pr-va, year 1/1 9/9 1/1 1/1 11/11 6/6
Serial production pump, year "A 11/11 4/4 4/4 14/14 9/9
Sales volume, pcs. 100/95 200/200 40/40 80/60 50/50 180/180
Investor's profit per unit, $mln 150/143 260/260 100/100 160/160 225/225 306/306
Budget profit per unit, $ million 290/276 500/500 200/200 200/200 300/300 594/594
Fact, investor profit, $mln. 11 57 -50 51 -167 -67
Fact, budget profit, $mln. 149 413 155 175 122 427
year year year year year year year year year year year year year year 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Rice. 6. Model for making management decisions and implementing PGA projects with the distribution of budget funding for aircraft projects and the absence of restrictions.
Let us consider the case when the state is ready to take on a large share of the costs of financing PGA investment projects, in which, at the initial stage of development work, the state share can reach 75% of the amount of financing. Calculations of predicted results for the option of no budgetary restrictions, and the budget share is not more than 75% are shown in tables 4 and 5, as well as in fig. 7 shows the corresponding model for making managerial decisions and implementing PGA investment projects.
Ta blitz 4.
Projected results with unlimited funding and budget shares< 75%
Vataga nt Bkschl eff. Invest, eff 1 Cost. ROC £vy. cons. Projects by priority
1 1299 227 1597 871 Tu-334, RS, Tu-324, DMS, BSMS
Table 5
Results of the implementation of investment projects with unlimited funding and budget shares< 75%
RS Gu-334 dms Tu-324 Mod BSMS
R&D started, year 5/5 1/1 w/w 1/1 1/1 1/1
End of ROC, year 11/11 4/4 12/12 4/4 4/4 7/7
Wait a minute. OKR, years 7/7 4/4 7/7 4/4 4/4 7/7
Beginning will prepare, pr-va, year 9/9 1/1 11/11 1/1 1/1 6/6
Serial production started, year 11/11 3/4 14/14 4/4 4/4 9/9
The volume of government sales, pcs. 200/200 100/95 50/50 80/80 60/60 J 180/180
Investor profit per unit, $mln 260/260 150/142 225/225 160/160 150/150 306/3Ob
Budget profit per quarter, $mln 500/500 290/276 300/300 200/200 300/300 594/594
Falt. investor profit, $mln 113 27 -52 67 28 43
Fact stay budget, $mln. 357 232 7 159 227 317
year year year year year year year year year year year year year 2 3 4 5 6 7 8 9 10 11 12 13 14
Rice. Fig. 7. Model for making managerial decisions and implementing PGA projects in the distribution of budget funding for aircraft projects, when the share of budget funding at the initial stage of R&D is 75%
Let us also consider the possibility of developing a model in the case of limited budget financing. This model considers a list of investment projects and takes into account the limits of budgetary financing included in it and the expected volumes of attracted extrabudgetary funds (in proportion to the budgetary allocations for the project, taking into account the degree of its readiness), initial data on projects, in terms of their timely financing. The model assumes a proportional distribution of funds for projects between the state and private investors. The principle of proportional distribution assumes that for each project in the current year an amount of money is allocated proportional to the needs of each project in this year, but within the specified limits.
In practice, the principle of proportional distribution is the basis of the current mechanism for distributing money between PGA investment projects. For calculations according to this principle, it is necessary to give the command “proportional distribution” in the window “assessment of the investment project”. The results are presented in fig. 8, where the real budget constraints on investment projects of the PGA are indicated.
Rice. 8. Model for making managerial decisions and implementing PGA projects in the distribution of budget money for projects for proportional distribution.
All funding is within the limits, but the PC and VHI projects are not completed. In addition, the completion of the R&D for Tu-334 was delayed for 1 year, and the R&D for BSMC for 4 years. This leads to a drop in the market capacity for these aircraft and an increase in the cost of their design (Table 6). In general, the model of making managerial decisions with the proportion
Due to the national underfunding of investment projects, PGA is on the verge of recoupment on invested investments.
Ta blitz b
Projected results with proportional distribution of budget funds
7. The implementation of APTSUID and the development of standard models for making managerial decisions and implementing PGA investment projects allowed us to identify the conditions for creating an investment management strategy (Fig. 9) . This strategy will be based on a combination of various options for financing GGA investment projects by private investors and the state. In addition, the PGA investment management strategy takes into account the risks associated with the implementation of investment projects in this sector of the national economy.
Management decision-making model for PGA projects Algorithm for program-targeted management of PGA investment activities
Budget financing limit - Consideration of options for investing in one and (or) several projects in accordance with the FTP Risk of non-compliance with the terms of financing and project implementation
Defining an investment strategy for various GGA projects
Development of an effective investment option Profit maximization and selection of the most promising project management option
Attracting the optimal amount of private investment
Rice. 9. Formation of a strategy for project management of PGA investment activities.
In addition to the investment processes described above, the paper analyzes the impact of constraints and initial data in order to assess the sensitivity of the economic efficiency of CGA investment projects for the creation (modification), repair and restoration and scheduled maintenance of passenger aircraft to variations in the initial financing conditions.
Of all the random components, the result is most influenced by the volume of repair and restoration and scheduled repair work on aircraft produced within the framework of existing investment projects and taking into account the PGA investment management strategy. Therefore, optimization calculations are carried out in the work to use the PGA investment management strategy with the following initial data: the number of projects is five (the VHI project is excluded as the most doubtful in
the feasibility of its implementation) (Table 7) . The optimization results are shown in Table 8.
In the tables below - budgetary efficiency - the criterion for the formation and implementation of the strategy for managing the investment activity of the PGA (budget revenues minus budget investments). Based on the directive requirements on the part of the state and private investors for investment projects, the numerical value of the criterion of budget efficiency is determined. The paper proves that budget efficiency, i.e. budget revenues minus the costs of implementing PGA investment projects in modern economic conditions and the state of world markets should be at least 300% of the costs.
Table 7
Parameters of PGA investment projects on the basis of statistical and predictive studies of the quality of the implementation of the strategy for managing their investment activities.
Project Tu-334 BSMS RS Mod Tu-324
R & D readiness level for the start of preparatory production 0.50 0.70 0.60 0.50 0.60
Duration of pre-production, years 1 3 2 2 1
Pre-production costs, $mln. 60 60 40 30 40
Market volume, pcs. 100 180 200 40 80
Market presence, years 10 10 10 10 10
Investor's profit per unit, $mln 1.50 1.90 1.60 3.50 2.00
Budget profit, a unit, $ mln. 2.50 2.50 2.50 6.00 2.50
Degree of readiness for 1 year of the program 0.50 0.00 0.00 0.50 0.50
Table 8
Impact of PGA investment management strategy on the distribution of budgetary funds, with the exception
DMS project.
Option Budget.eff. Investment eff. OCD cost Expenditure budget Projects by priority
1 1100 62 1042 358 Mod, Tu-334, Tu-324, BSMS, RS
2 1093 58 1047 358 Tu-334, Tu-324, Mod, BSMS, RS
3 967 181 606 200 RS, Tu-324, Mod, Tu-334
4 947 158 618 203 Mod, ?С, Tu-334, Tu-324
5 339 154 623 204 RS, Tu-324, Tu-334, Mod
6 654 -186 1040 351 Tu-324, Mod, Tu-334, BSMS
7 581 -136 871 297 Tu-334, Mod, BSMS
8 572 -51 764 265 Tu-334, Tu-324, BSMS
9 554 -92 870 296 Mod, Tu-324, BSMS
10 453 -36 619 224 Tu-334, BSMS
11 447 -46 681 243 Mod, BSMS
12 428 13 611 222 Tu-324, BSMS
Let us set the limiting level of the efficiency criterion K and assume that failure to achieve this level as a result of the implementation of CGA investment projects is unacceptable for the state. Based on certain expected results of the implementation of investment projects:
K \u003d (358 * 300%) / 100% \u003d 1074 million dollars.
To develop further recommendations regarding the quality of the development of the P1A investment management strategy, the paper proposes to use five sub-strategies with the maximum values of the efficiency criterion. The characteristics of the five near-optimal substrategies are discussed in detail in the paper. The results of calculations for these sub-strategies as part of the formation of a unified strategy for managing the investment activities of the PGA are summarized in Table 9.
Table 9
Results of optimization calculations.
Strategy Gil of the aircraft MO KUTS K, $mln. R, $ million MO[(V)1 - math-
Tu-334 91,199 2.19 expected
RS 200 493 2.47
1 (one) Tu-324 73,152 2.08 re-
Modifications 40 191 4, 78
BSMS 123 65 0.53
Total: 527 1100 and planned - re-
Modifications 36 164 4, 56 installation works; K - expected en-
Tu-334 91,199 2.19
2 (two) Tu-324 80 173 2, 16 efficiency, both separately for each investment project, and in general for the sub-strategy; P - expected revenues to the budget from pro-
RS 200 4 93 2.47
BSMS 123 65 0.53
Total: 530 1094
Tu-334 91,199 2.19
3 (three) Tu-324 VO 173 2, 16
Modifications 40 191 4.78
RS 200 404 2.02
Total: 411,967
Tu-334 91,199 2.19
4 (four) Tu-324 73,152 2.08 maintenance
RS 200 404 2.02 but - restored
Modifications 40 191 4.78
Total: 404,946 planned - re-
Tu-334 91,199 2.19 installation works
5 (five) Tu-324 80 173 2, 16 one by one
Modifications 36 164 4.56 aircraft.
RS 200 404 2, 02
Total: 364,568
To estimate the distribution of the random variable K, we need information about the dispersions of random variables and their correlation moments. This information was obtained as a result of studying the statistics of repair and restoration and scheduled repair work on foreign and Russian aircraft and takes into account the mutual influence of pairs of aircraft with similar operational characteristics in the same market sectors (an increase in the scope of work for a certain type of aircraft may cause a reduction in the scope of work for aircraft with similar characteristics.)
Thus, the strategic management of the investment activity of the PGA is based on the calculation of the effectiveness of the provision of investments, which contributes to the construction of a
make effective management decisions in the implementation of investment projects of the enterprise. Such an approach makes it possible to form a mechanism for joint financing of GPA projects and, based on the possibilities of using budgetary funds, to build an algorithm for the program-targeted management of their investment activities, which makes it possible to increase the role of civil aviation in the effective development of the Russian economy.
In conclusion, the main conclusions and proposals of the author of the dissertation research on improving the methods and mechanisms for managing the investment activities of civil aviation enterprises in the modern Russian economy are presented.
PUBLICATIONS
1. Shitenkov V.M. Development of standard models for making managerial decisions and strategies for managing the investment activities of civil aviation enterprises. Collection of scientific articles "Economic Bulletin of MIT" Issue 3 // M., REA, 2005. (0.69 p.l.).
2. Shitenkov V.M. Strategic management of investment activity of civil aviation enterprises. Collection of scientific papers Issue 4 // M., GASIS, 2004. (0.38 pp).
3. Shitenkov V.M. State support for projects, investment activities of civil aviation enterprises. All-Russian Scientific and Practical Conference "Modern Russia: Economy and State". M., GASIS, November 14-15, 2003 (0.31 pp).
Signed for publication on March 21, 2005. Put into production on 21.03.2005. Paper size 60x90/16. Conv. oven l. 1. Circulation 100 copies. Order No. DS-07/05
Publishing house GASIS, Moscow, st. Trifonovskaya, 57.
Thesis: content author of the dissertation research: candidate of economic sciences, Shitenkov, Viktor Mikhailovich
Introduction
Chapter 1. Theoretical foundations for managing the investment activities of enterprises 10
1.1. Economic essence of investments and management of investment activities of enterprises
1.2. The role of the state in the development of investment activities of civil aviation enterprises
1.3. Features of strategic management of investment activities of civil aviation enterprises
Chapter 2. Analysis of management methods and evaluation of the effectiveness of investment activities of civil aviation enterprises
2.1. Review of methods of state support for projects of investment activities of civil aviation enterprises
2.2. Diagnostics of investment projects of civil aviation enterprises and selection of parameters for their attractiveness
2.3. Calculation of the efficiency of investment activities of civil aviation enterprises
Chapter 3. Improving the management of investment activities of civil aviation enterprises
3.1. Algorithm for program-targeted management of investment activities of civil aviation enterprises
3.2. Development of models for making managerial decisions in the implementation of investment projects of civil aviation enterprises
3.3. Formation of a project management strategy for investment activities of a civil aviation enterprise
Thesis: introduction in economics, on the topic "Management of investment activities of civil aviation enterprises"
Relevance of the research topic. In the modern economy, it is necessary to introduce strategies for managing the investment activities of enterprises in all spheres of the domestic economy. This provision is of particular relevance for leading industries such as civil aviation.
For the effective management of investment activities of civil aviation enterprises, it is required not only to determine the goals and objectives of its direct implementation, but also to take into account current trends in the development of investment activities in the aviation industry, evaluating the role of state support for the industry.
The current state of the Russian economy and the transition of most civil aviation enterprises to market relations with a decrease in the level of their state support contributed to the search for new mechanisms and forms of financing their investment projects.
Strategically for modern Russia it is important to maintain the leading position of enterprises in science-intensive industries, which includes civil aviation. From conditions further development civil aviation enterprises will largely depend on the gross income of the Russian economy, so the state should actively support the development of this industry. At the same time, one should not forget about the possibility of attracting private capital for the development of civil aviation and other science-intensive industries.
Management of investment activities of civil aviation enterprises should be based on the formation and development of investment projects. Determining the priority and expediency of implementing projects in civil aviation largely depends on the commercial component and the demand for this or that aviation equipment by the population. In this regard, the most effective way to organize the investment activities of enterprises in the industry will be joint financing of projects.
In this regard, the key direction in the development of the Russian economy is to increase the efficiency of the investment activities of civil aviation enterprises through the introduction of modern methods for managing their investment flows, improving the structure of investment decisions, modeling scenarios and forming an investment management strategy. The study of these issues has the necessary relevance.
The relevance of improving the efficiency of managing the investment activities of civil aviation enterprises is disclosed in a number of works by foreign and domestic scientists and practitioners. The works of famous Russian scientists and leaders are devoted to the study of this issue, such as: Akoff R., Anshin V., Afanasiev V., Balashov V., Bard V., Borisov I., Vakhrin P., Ganshin V., Damadaran A., Kovalev V., Koltynyuk B., Lipin A., Makarov E., Malenkov Yu., Miroshnikov A., Rusol V., Serov V., Tikhonov V. and others. Certain aspects of the chosen topic are widely covered in academic textbooks and periodicals.
Despite the presence of works in the field of civil aviation investment activity management, the features of the development of an algorithm for the program-targeted management of the investment activity of civil aviation enterprises and the development of models for making managerial decisions in the implementation of their investment projects have not been sufficiently studied in the economic literature. At the same time, the introduction of target-oriented management mechanisms and models for optimizing investment decisions at civil aviation enterprises can significantly improve the efficiency of managing their investment projects. This area has not received adequate coverage in the domestic economic literature and has the necessary novelty.
The purpose of the dissertation work is to study the methods of organizing and managing the investment activities of civil aviation enterprises, aimed at improving the efficiency of the implementation of its investment projects in the modern economy through the formation of standard models for making managerial decisions.
The achievement of this goal was carried out by considering a number of logically interrelated tasks that reveal the topic of this work:
To study the theoretical foundations of managing the investment activities of industrial enterprises in the modern economy, defining its economic essence, main tasks and stages of development;
Determine the role of the state in the development of investment activities of civil aviation enterprises and the procedure for financing their investment projects at the expense of the federal budget;
To study the features of the strategic management of the investment activities of civil aviation enterprises and determine the priorities for the implementation of their investment projects in the long term;
Conduct an analysis of management methods and evaluate the effectiveness of the investment activities of civil aviation enterprises, while determining the methods of state support for investment projects of these enterprises;
To carry out diagnostics of investment projects of civil aviation enterprises on the basis of determining the parameters of their attractiveness;
Determine the prospects for improving the methods of program-targeted management of the investment activities of a civil aviation enterprise in accordance with the chosen scenario for the effective management of its investment flows;
To propose a number of models for making managerial decisions in the implementation of investment projects of civil aviation enterprises and the conditions for the formation of a strategy for managing these projects.
The object of research is the system for managing the investment activity of civil aviation enterprises in the modern Russian economy.
The subject of the study is the organizational and economic relations between the participants in the investment activity of a civil aviation enterprise on the issue of determining the strategy for its development.
The methodological and theoretical basis of the dissertation research was the results of research by domestic and foreign researchers in the field of investment activity, regulatory legal acts of federal and regional executive authorities devoted to the management of investment projects of civil aviation enterprises.
When solving the tasks set, methods of systems theory were used; probability theory; concepts and principles of investment management; economics of macro-, meso- and micro-levels; methods of comparative technical and economic analysis; methods of expert assessments; methods for predicting investment results.
In the course of the dissertation research, general and specialized literature on the formation of a system of investment channels at civil aviation enterprises and the program-target management of their investment activities in the modern Russian economy was studied. When writing the work, legislative and regulatory documents, annual reports and official publications on the problems of managing investment activities in civil aviation, materials of scientific conferences, as well as federal, regional and corporate statistical and analytical materials and documents were used.
In the process of work, the laws of dialectical logic and general scientific methods were applied: scientific abstraction, classification, comparison, analysis and synthesis, induction and deduction, analogies, modeling. The totality of the methodological base used made it possible to ultimately ensure the reliability and validity of the conclusions and practical solutions.
A number of methodological provisions and conclusions contained in the dissertation are illustrated with calculation tables and graphical diagrams prepared by the author on the basis of statistical data from the Ministry of Economic Development and Trade of the Russian Federation, the Ministry of Finance of the Russian Federation, the Research Institute of Aviation Industry Economics and the State Statistics Committee of Russia.
The scientific novelty of the work lies in the development and justification of methodological approaches to improving the program-targeted management of the investment activities of civil aviation enterprises, based on optimizing the structure of its investment flows and aimed at improving the efficiency of the implementation of investment projects of these enterprises through the formation of standard models for making managerial decisions in the modern economy .
1. Trends and prospects for managing the investment activities of civil aviation enterprises are identified and substantiated, taking into account the priorities of the state investment policy and allowing to maneuver the state of investment attractiveness of the enterprises under study.
2. A mechanism for joint financing of investment projects of civil aviation enterprises was proposed and tested, based on the use of resources from federal targeted programs for the development of the industry and the principles of commercial diagnostics of projects, which made it possible to determine the parameters of budgetary and investment efficiency of the implementation of these projects at civil aviation enterprises.
3. The conditions for effective strategic management of the investment activities of civil aviation enterprises were determined and substantiated, providing for the need to use various schemes for financing costs and taking them into account when evaluating the performance indicators of investment projects, which made it possible to develop a mechanism for complex diagnostics of projects in terms of their attractiveness.
4. Proposals have been formulated for the development of an algorithm for the program-targeted management of the investment activity of a civil aviation enterprise, aimed at determining the functional relationship between its performance indicators and the control effects on the investment activity of this enterprise, which contributed to the determination of the system of investment flows and the assessment of the effectiveness of the use of the enterprise's assets.
5. Standard models for making managerial decisions in the implementation of investment projects of a civil aviation enterprise have been developed, which make it possible to form an effective strategy for managing their investment activities, depending on the volume of budgetary and private financing of a group of industry projects, and also to propose five substrategies for managing the investment activities of these enterprises with the maximum values of the criterion efficiency.
The theoretical and practical significance of the work lies in the fact that the main theoretical provisions and conclusions contained in the dissertation can be used to improve the management of investment activities of civil aviation enterprises and build an effective strategy for managing their investment flows when modeling effective management decisions in the implementation of current investment projects.
The practical significance of the work carried out lies in the expediency of applying its provisions and conclusions by various enterprises of science-intensive industries in organizing a system of program-targeted management of their investment activities.
The results of the dissertation research can be used in writing educational and practical manuals and reading general lectures and special courses in higher economic educational institutions, as well as in advanced training courses for employees employed in the investment field.
Thesis: conclusion on the topic "Economics and management of the national economy: the theory of economic systems management; macroeconomics; economics, organization and management of enterprises, industries, complexes; innovation management; regional economics; logistics; labor economics", Shitenkov, Viktor Mikhailovich
Conclusion
In modern conditions, Russian civil aviation enterprises (CGA) carry out simple and expanded reproduction of fixed production assets mainly at the expense of their own investment resources, which include: profit, depreciation, income from participation in the equity capital of other enterprises, received penalties, fines, penalties, receivables, interest on deposits in commercial banks, funds received from the sale of property and intangible assets of the enterprise.
As a rule, PGAs make up for the lack of investment resources by raising prices for their products. Thus, in 2004, the increase in profits for PGA products was due solely to the price factor. However, the increase in prices leads to demand restrictions and problems with the sale of products, followed by a decline in production. The Government of the Russian Federation is taking measures that make it easier for the PGA to generate the necessary investment resources. The decision of the Government on the full exemption from tax on profits directed to investments, which has been in force since January 1, 1993, helps to expand their opportunities.
In modern conditions, the main goal of all investment activities for PGA is to obtain a higher market value for the shares of its own enterprise. From the main goal follow the basic tasks of the PGA investment activity, the practical implementation of which makes it possible to demonstrate the need to form a system for the effective investment management of this enterprise.
The study of the stages of the investment activity of the PGA would not be complete without considering the issues of state influence on the investment activity of the enterprises under study. Therefore, in our work, we highlight the features of the formation of the investment policy of the state in relation to such strategically important sectors of the national economy as the aviation industry and the entire PGA complex. The paper highlights the decision-making factors on the investment activities of PGA.
The investment policy of the state is a strategic direction of socio-economic development, since investments are the lever that will allow to give momentum to the PGA through the emergence of cumulative economic effects (direct and indirect: net present value, commercial, budgetary, economic, social efficiency) . Consequently, investments for the state become the main tool for overcoming the systemic crisis of the country's reproductive system and further economic growth of the PGA. Today, the state needs to stimulate the investment activity of the PGA not only by creating a favorable investment climate and by developing relevant legal acts and providing tax incentives, but also by providing direct state support and funding on a competitive basis. The procedure for financing PGA investment projects at the expense of the federal budget is determined by the Government of the Russian Federation.
Investing in the development of PGA can be carried out either by private investors or by the state through federal targeted programs. In any case, the investment climate factor in the country influences the intensity of investment processes. The investment climate of the country, on the one hand, encourages private investors to make positive decisions on financing investment projects, and on the other hand, an improvement in the investment climate makes it easier for the state to resolve borrowing issues and invest the funds received in investment projects of domestic enterprises. Under these conditions, it becomes necessary to disclose the features of building an investment policy and implementing investment projects at the PGA, depending on changes in the country's investment climate.
In this regard, the paper analyzes the content of the concept of investment climate both in the country as a whole and in individual regions, where, as the experience of implementing real investment projects of the PGA shows, one can find examples of successful cooperation with local authorities. This approach made it possible to find out the attractiveness of the PGA, as well as the directions of their investment policy and its prospects at different levels of management.
The overall assessment of the investment attractiveness of PGA is calculated taking into account inflationary processes, bank rates, and levels of investment risks. Thus, the investment attractiveness of PGA is a combination of various objective features, properties, means and capabilities of enterprises that determine effective demand for capital-forming investments in their projects. Currently, there is no single methodology for determining the investment attractiveness of PGA. A number of alternative techniques can be used for this purpose.
For example, according to the first methodology, the investment attractiveness of PGA is assessed on the basis of a complex of various factors that comprehensively determine this enterprise. For this purpose, five groups of features are identified in the work: property relations, demand for products, financial condition, environmental impact, socio-political climate at the civil aviation enterprise. After analyzing the investment attractiveness of PGA according to this methodology, we can conclude that the most attractive for investment are enterprises serving space engineering.
In accordance with the second method, the investment attractiveness of a PGA is assessed on the basis of its financial condition. One of the most significant characteristics of the PGA financial condition is its current profitability. The combined rate of return of PGA can be measured by the return on sales, assets, equity and invested capital.
According to the third method, the investment attractiveness of PGA is determined on the basis of a macroeconomic multiplier. The multiplier shows how much the gross domestic product will increase if investments in this enterprise increase by one, and reflects the mechanism for creating indirect macroeconomic effects through additional demand as a result of the implementation of investment projects and the functioning of the GPA.
The investment attractiveness of PGAs is important in developing their investment strategy. Without the strategic management of PGA investment activities, it is impossible to effectively develop the aviation industry and bring it to a leading position in the world. However, to solve this problem, it is necessary to diagnose investment projects and choose an effective way to manage the investment activities of the PGA, taking into account both state support and self-financing opportunities.
The study of the theoretical foundations and strategies for building the investment activity of the PGA makes it possible to determine the methods for managing and evaluating the effectiveness of investment projects in the aviation industry, as well as their dependence on the conditions of state support for their practical implementation. In this work, a review of the methods of state support for the investment activity of the PGA was carried out on the basis of an assessment of the Federal Target Program (FTP) for the development of these enterprises for 2002-2015.
The main condition for the effective operation of the PGA is the restoration of the domestic market for aviation equipment and, on this basis, the provision of funds to enterprises - manufacturers of aviation equipment and the organization of financial structures that sell aviation equipment to the domestic market and for export.
The FTP "Development of civil aviation technology in Russia for 2002 - 2010 and for the period up to 2015" determines the main directions, goals and priorities for the development of the aviation industry and the CAA, and also includes a set of measures, the development and implementation of which will be carried out at the federal and regional levels and be financed both at the expense of the federal budget, and at the expense of the own funds of organizations, loans from commercial banks and investors, foreign loans.
The aviation industry and PGA are one of the leading science-intensive industries in Russia, the work of which ensures the creation of a large number of jobs in the aviation and related industries and is essential for ensuring the defense capability of the state. The development of PGA investment activity is one of the priority tasks of the state. The goals of the FTP are:
Ensuring the production and repair of civil aviation equipment by aviation industry enterprises to meet the demand for it in the domestic / foreign markets;
Re-equipment of aircraft to ensure passenger and cargo transportation and aviation work;
Support and development of the scientific, technical and production potential of the aviation industry.
In the process of fulfilling the FTP at both stages, it is envisaged to develop the experimental base and methods for experimental research on the creation and repair and restoration of aircraft. Expected end results of implementation:
Ensuring the competitiveness of domestic civil aviation equipment in the domestic and foreign markets;
Equipping Russian airlines with high-performance aviation equipment manufactured and maintained at Russian PGAs, as well as in cooperation with foreign countries, primarily with the CIS member states;
Ensuring in 2002-2015 the sale of domestic civil aviation equipment in Russia and for export in the amount of about 1,000 billion rubles;
Allocation to the federal budget in the form of taxes from the sale and repair of civil aviation equipment (aircraft, helicopters, engines and avionics) about 300 billion rubles, or an average of 20 billion rubles a year;
Creation by 2015 of up to 500 thousand jobs in the aviation and related industries;
Prevention of the outflow of convertible currency from Russia in the amount of about 50 billion US dollars by excluding the purchase and repair of foreign aircraft for the technical re-equipment of the Russian civil aviation fleet;
Preservation of the strategic potential of the aviation industry, necessary for ensuring the national security of Russia;
Creation of a new generation of science-intensive technical solutions, materials and technologies for use in aviation and other industries.
If the PGA investment project is financed from several sources (for R&D of aircraft under the Aviatechnika-2015 federal target program, these are budgetary funds allocated under the federal target program and attracted extrabudgetary investments), then the ratio between the volumes of investments from various sources can be adjusted by appropriately adjusting the model, carried out with taking into account the investment attractiveness of this project and the degree of its readiness. It is believed that the investment attractiveness of the PGA project increases as the date of its expected completion approaches.
Thus, a review of PGA investment management methods makes it possible to single out the following criteria for the implementation of investment projects:
Budgetary efficiency - the ratio of the amount of budget revenues from all types of tax deductions related to the sale of products created as a result of repair and restoration work under the FTP, to all budgetary costs for the program, (can be calculated taking into account discounting);
Investment efficiency - the ratio of all investor income (dividends, royalties, etc.) to the amount of his investment.
A detailed analysis of the obtained results allowed us to propose a mechanism for co-financing projects for the investment activity of the PGA.
After a review of PGA investment management methods, one of the most important issues for improving the quality of these processes is the issue of diagnosing investment projects and choosing the parameters of their attractiveness. Diagnostics of investment projects PGA is a set of methods for economic, financial, technological, environmental and organizational evaluation of investment projects. As part of the diagnosis of PGA investment projects, the tasks of the feasibility and effectiveness of the project are usually solved, the parameters of its attractiveness are determined, and the implementation conditions are optimized.
Despite the significant differences that exist between specific PGA investment projects in terms of such important positions as scale, focus, etc., the fundamental approaches to diagnosing projects have much in common (although, of course, they can radically differ in the implementation of these general principles). The principles of diagnosing PGA investment projects can be quite clearly divided into three structural groups. In this regard, the paper proposes to diagnose the attractiveness of the PGA investment project both for the project as a whole and for the feasibility of participating in it.
When diagnosing the parameters of the attractiveness of the PGA investment project, the work focuses on the dynamics of the process of generating cash flows. This is ensured by using the attractiveness parameters of investment projects, based on the assertion that future cash receipts have a lower value in the present. The numerical reflection of the time value of money is the interest rate, which is called the discount rate (rate) when using the attractiveness parameters of investment projects, which shows the relative change in the value of money per unit of time.
In the diagnosis of PGA investment projects, a significant place is occupied by the analysis of the effectiveness of their investment activities. In this analysis, the formalization of calculation schemes for assessing the effectiveness of PGA investment projects is of great importance.
First of all, when formalizing the calculation schemes for evaluating the performance indicators of PGA investment projects, a forecast of profit from the implementation of the project is created, which is made using a standard approach that involves the sequential subtraction of all its costs from the income of the enterprise (revenue), which include the costs of purchasing components, tools and equipment, salaries of key workers, energy and fuel costs, depreciation, administrative costs, service costs and taxes. The paper presents the traditional calculation scheme and the scheme of equity capital in the analysis of the effectiveness of PGA investment activities.
Of great importance in the analysis of the effectiveness of the investment activities of the PGA, due to their strategic importance for the national economy, is the assessment of the social results of the project, which assumes that the project complies with social norms, standards and conditions for observing human rights.
The measures envisaged by the PGA investment project to create normal working and rest conditions for employees, provide them with food, living space and social infrastructure facilities (within the established norms) are mandatory conditions for its implementation and are not subject to any independent assessment as part of the project results.
Thus, the effective management of PGA investment activities is based on the investment strategy for regulating its projects, which provides for the formation of mechanisms for their joint financing, taking into account the use of a model for their comprehensive diagnostics. Ultimately, this makes it possible to competently manage PGA investment flows and receive the maximum return on invested capital based on the assessment of the feasibility of investing in various projects for the production of aviation equipment.
The quality of PGA investment management depends significantly on the information that can be obtained by evaluating and processing the parameters of its investment projects. Since such information, as a rule, is inaccurate, due to the properties of both the “aggressive” market environment and the shortcomings of information systems, automated investment management systems (AIMS) belong to the class of stochastic feedback control systems.
The task of creating an optimal SUID is posed as follows. An algorithm for program-targeted management of investment activity (APCUID) is developed in the form of differential equations, and restrictions and boundary conditions are set; equations describing observation parameters; criterion of optimality of investment activity management and characteristics of random influences. To solve such stochastic problems of optimal management of PGA investment activity, special methods can be used, including the stochastic maximum principle, the dynamic programming method, etc.
APTSUID is intended to describe the functional relationship between the production key indicators of a civil aviation enterprise and to calculate projects of control actions on investment activity. APTSUID describes the interrelationships of only those indicators that can be directly calculated from the reporting data on PGA investment projects, i.e. are a subset of the set of observation parameters. This subset should be complete enough so that the known values can be used to calculate the values of the entire set of parameters for monitoring the investment activity of the PGA.
The main task of the decision maker is to maintain a balance between the input and output investment flows of the PGA, which ensures the implementation of the target program of the investment activity of this enterprise. The most important characteristic of PGA investment flows is the intensity of the transition of its assets and liabilities from a less efficient to a more efficient state. The paper reflects the main states in which PGA assets and liabilities can be.
At the same time, the specific indicators characterizing the effectiveness of the use of assets in the investment activity of the PGA are studied in detail, including: the number of days during which the volume of work performed is equal to the sum of cash and short-term investments on the balance of the PGA; the number of days during which the volume of work performed is equal to the sum of other current assets on the balance sheet of the PGA; the number of days during which the volume of work performed is equal to the sum of other non-current assets on the balance sheet; PGA equity turnover ratio - the ratio of the net volume of repair and restoration services performed and equity capital; the ratio of long-term debt to the total value of long-term (non-current) PGA assets; return on equity; the ratio of borrowed and own funds; the ratio of current liabilities and equity; the ratio of net sales and working capital; current assets adequacy ratio; instant liquidity ratio; the ratio of the total value of non-current assets and equity; the ratio of long-term debt and working capital; return on assets.
The described algorithm for managing the investment activity of the PGA makes it possible to combine, within the framework of a single methodology, the particular tasks of managing individual investment projects of an enterprise based on the target function formed by the project financing services of a civil aviation enterprise. The level of detail of its description is sufficient to formulate the terms of reference for the development of an automated enterprise control system.
The principal feature of APTSUID is the use of a single algorithm for making operational, tactical and strategic investment decisions. In this regard, the division of investment decisions on PGA into operational, medium-term and long-term, for all their practical significance, is conditional. The PGA investment management algorithm proposed in the dissertation makes it possible to largely minimize the influence of personal uncertainty factors on the accuracy of investment decisions, which is achieved by narrowing the powers of the decision maker to the authorization of fairly trivial investment decisions, the project of which is developed in the enterprise's SPPUR.
The development of APTSUID allowed us to move on to the development of standard models for making managerial decisions and implementing PGA investment projects. The paper studies the basics of modeling and identifies those aspects of the PGA investment activity that deserve the most attention. The paper considers six projects: repair and restoration work as part of the modification (Mod), production of a short-haul aircraft Tu-334, development of a promising regional aircraft (PC), design and production of a long-haul aircraft (LMA), development of a short-range aircraft mainline aircraft (BSMS) and the release of the Tu-324 aircraft. At the same time, the PGA investment projects included in the management decision-making model are considered in the work as initial alternatives.
The paper considers a practical situation when the limits of budgetary financing of investment projects of the PGA are obviously greater than the sum of all necessary costs for each year. As an example, an annual limit of $150 million is taken, which actually means that there are no investment restrictions. Consideration of this option is of great interest, because. allows you to compare the values of budget and investment efficiency in the absence of restrictions, with the results that will be achieved with real values of budget restrictions when forming models for making managerial decisions and implementing investment projects of the PGA.
In addition, it is assumed that the average share of public funding for investment projects of the PGA is 20%, and the ratio of public and private funding, depending on the readiness of the project, is gradually changing. In this case, all investment projects are completed in full and on time, provided that the investor participates in project financing from the very beginning of the PGA projects and in the amount of at least 2/3 of the total investment cost, and by the time the development work is completed ( OKR) his participation will be 7/8 of the total cost of investments.
From the materials presented in the dissertation research, it can be seen that:
Budget revenues are $1540 million with budget expenditures of $530 million, and discounted budget efficiency is almost 300%
The investor has a negative profit at expenses of 1067 million dollars, i.e. For an investor, participation in the FTP is unprofitable.
Thus, despite the unlimited budget financing, such a model is unrealizable. The reason for this phenomenon, which is not entirely obvious at first glance, is the limitation on the ratio of budgetary and non-budgetary sources of funding. It is beneficial for the state to quickly implement all projects, and it, as it were, “forcefully sucks in” extra-budgetary money. In reality, the private investor simply will not participate in such PGA investment activities.
Let us consider the case when the state is ready to take on a large share of the costs of financing PGA investment projects, in which, at the initial stage of development work, the state share can reach 75% of the amount of financing. The paper presents calculations of predicted results for the option of no budget restrictions, and the budget share is not more than 75%, and also presents the corresponding model for making management decisions and implementing investment projects of the PGA.
From the above results, it can be seen that
Budget profit decreased to 1299 million dollars, while budget expenditures increased 1.7 times (up to 871 million dollars);
For investors, the projects have become attractive; almost all projects began to have a positive actual profit, except for the VHI project;
All investment projects are being implemented on schedule, although their timing has changed.
Therefore, we can talk about the optimality of the developed models for making managerial decisions and implementing PGA investment projects.
Let us also consider the possibility of developing a model in the case of limited budget financing. This model considers a list of investment projects and takes into account the limits of budget financing and the expected volume of attracted extra-budgetary funds (in proportion to the budget allocations for the project, taking into account the degree of its readiness), the initial data on projects, in terms of their timely financing. The model assumes a proportional distribution of funds for projects between the state and private investors. The principle of proportional distribution assumes that for each project in the current year an amount of money is allocated proportional to the needs of each project in this year, but within the specified limits.
In practice, the principle of proportional distribution is the basis of the current mechanism for distributing money between PGA investment projects. For calculations according to this principle, it is necessary to give the command “proportional distribution” in the window “assessment of the investment project”. The results are presented in the dissertation research, where the real budget constraints on PGA investment projects are indicated.
All funding is within the limits, but the PC and VHI projects are not completed. In addition, the completion of the R&D for Tu-334 was delayed for 1 year, and the R&D for BSMS for 4 years. This leads to a drop in market capacity for these aircraft and an increase in the cost of their design. In general, the model of managerial decision-making with proportional underfunding of PGA investment projects is on the verge of payback on invested investments.
The implementation of APTSUID and the development of standard models for making management decisions and implementing PGA investment projects allowed us to identify the conditions for creating a strategy for managing investment activities. This strategy will be based on a combination of various options for financing GGA investment projects by private investors and the state. In addition, the PGA investment management strategy takes into account the risks associated with the implementation of investment projects in this sector of the national economy.
In addition to the investment processes described above, the paper analyzes the impact of restrictions and initial data in order to assess the sensitivity of the economic efficiency of CGA investment projects for the creation (modification), carrying out repair and restoration and scheduled maintenance work on passenger aircraft to variations in the initial financing conditions.
Of all the random components, the result is most influenced by the volume of repair and restoration and scheduled repair work on aircraft produced within the framework of existing investment projects and taking into account the PGA investment management strategy. Therefore, optimization calculations are carried out in the work to use the PGA investment management strategy with the following initial data: the number of projects is five (the VMI project is excluded as causing the greatest doubt about the feasibility of its implementation)
In the data presented in the paper - budgetary efficiency - a criterion for the formation and implementation of the strategy for managing the investment activity of the PGA (budget revenues minus budget investments). Based on the directive requirements on the part of the state and private investors for investment projects, the numerical value of the criterion of budget efficiency is determined. The paper proves that budget efficiency, i.e. budget revenues minus the costs of implementing PGA investment projects in modern economic conditions and the state of world markets should be at least 300% of the costs.
Let us set the limiting level of the efficiency criterion K and assume that failure to achieve this level as a result of the implementation of CGA investment projects is unacceptable for the state. Based on certain expected results of the implementation of investment projects: K=(358*300%)/100%=1074 million dollars.
To develop further recommendations regarding the quality of the development of the PGA investment management strategy, the paper proposes to use five sub-strategies with the maximum values of the efficiency criterion. The characteristics of the five near-optimal substrategies are discussed in detail in the paper. The results of calculations for these substrategies as part of the formation of a unified strategy for managing the investment activities of the PGA are summarized in the analytical materials of the dissertation research.
To estimate the distribution of the random variable K, we need information about the dispersions of random variables and their correlation moments. This information was obtained as a result of studying the statistics of repair and restoration and scheduled repair work on foreign and Russian aircraft and takes into account the mutual influence of pairs of aircraft with similar operational characteristics in the same market sectors (an increase in the scope of work for a certain type of aircraft may cause a reduction in the scope of work for aircraft with similar characteristics). Thus, the strategic management of PGA investment activities is based on the calculation of the effectiveness of the provision of investments, which contributes to the construction of a model for making effective management decisions in the implementation of investment projects of the enterprise. Such an approach makes it possible to form a mechanism for co-financing CGA projects and, based on the possibilities of using budgetary funds, to build an algorithm for the program-targeted management of their investment activities, which makes it possible to increase the role of civil aviation in the effective development of the Russian economy.
Dissertation: bibliography in Economics, Candidate of Economic Sciences, Shitenkov, Viktor Mikhailovich, Moscow
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INTRODUCTION
ANALYSIS OF THE STATE OF AIRPORTS
WAYS TO SOLVING THE PROBLEM
TARIFF SYSTEM AND CURRENT PROBLEMS
INTRODUCTION
The year 2012 ended turned out to be rich in events for the air transport industry, however, even behind the spectacular opening ceremonies of new air terminals and cargo terminals (including the grand event at Vnukovo at the end of the year), there is no shortage of budget funds for the development of transport infrastructure and the need to attract private investment. Landmarks set state program"Development of the transport system", provides for a doubling of aviation mobility on local lines and an increase in the number transfer passengers 7.6 times by 2020. Achieving these indicators requires the development of the land component, which is achievable only if non-state investments are attracted. At the same time, the interest of private structures in airports as objects for investment is natural: the airport business all over the world is distinguished by stability and fairly high profitability. However, financial institutions are not ready to invest in projects in Russia on the same terms as in other countries. One of the reasons is that the return on investment mechanisms in our country differ significantly from those used in Europe, America and Asia. The existing tariff system, under which the FTS sets marginal rates based on profitability, allows it to survive but not develop. The discussion of which way to go in order to ensure a return on investment, but at the same time prevent a rapid increase in tariffs, inevitably boils down to the need to increase passenger traffic, develop the non-aeronautical revenue sector and revise the tariff system.
ANALYSIS OF THE STATE OF AIRPORTS
The state of the airport network of the Russian Federation is assessed by service users - airlines - as unsatisfactory. In his speech at the general meeting of the Association of Air Transport Operators, Evgeny Chibirev, its president, repeatedly returned to the topic of investing in this segment. First, declaring the need to solve the problem of "restoring the airport network that has been thoroughly ruined over the past 20 years": "We need new ideas to attract investment. Unfortunately, we do not hear them," he complains. Then, speaking about the possible tools for raising funds, he recalls that “the world has long learned that airports are the “goose that lays golden eggs” for the regions. And everything is being done to make airports prosper. profits into development. And those airports that are state-owned, are regular recipients of government subsidies to finance renovations, have virtually unlimited access to borrowed capital." "Why is none of this series done here?", the president of the association ends with a rhetorical question.
Indeed, there is no need to talk about access to borrowed capital for many airport operators. The first barrier, which seems almost insurmountable, is the dimensional qualification. It's not a secret for anyone that the scale of the airport's business significantly affects the value of the rates of charges and tariffs. Thus, the press service of the capital's Sheremetyevo points out, referring, among other things, to world practice, that the business of the main operator can only be profitable if the passenger traffic reaches 1 million passengers a year. Yevgeny Chudnovsky, general director of Airports of the Regions, is more optimistic: he estimated the lower break-even point for airports at 500,000 passengers a year.
WAYS TO SOLVING THE PROBLEM
Today, the government has chosen the main way to solve the problem in relation to airfields that provide transportation on regional and local lines. By creating federal state-owned enterprises, the tasks of preserving the airfield network, bringing it up to regulatory requirements and keeping tariffs from immeasurable growth are being solved. The price of solving these problems is extremely high, and as the number of FKP increases, it will continue to grow - according to the Ministry of Transport, the full implementation of plans to create a FKP will cost the treasury about 8 billion rubles. in year. But it is also important that this tool will be applied only to objects of social significance. If an airport is located in a city connected with other major centers by a stable land connection, there is no need to talk about including such an airport in the FKP. Thus, for the vast majority of ports serving less than 500 thousand passengers a year, support measures are required, primarily from the regions.
But even for large ports, attracting investments is not an idle question. The ratio of the operating company's revenue to the volume of investments required for the implementation of large-scale projects makes it impossible to implement them without borrowed funds. Thus, according to Sergey Emdin, General Director of the Northern Capital Gateway Company, the revenue of Pulkovo Airport in 2011 amounted to about 6 billion rubles, and only one stage of the reconstruction of the airport required investments in the amount of 1.2 billion euros. Considering long term implementation of investment programs (usually exceeding 15 years), as well as a fairly high rate on attracted loans, a decrease in the cost of borrowing could have a positive impact on consumer spending. After all, it's no secret that the only generator of cash flow in civil aviation are passengers.
In conditions of economic instability, an unfavorable investment climate, when there is no confidence in the possibility of returning the invested money, "long" investments are distinguished by a high cost. For example, a credit line issued by the Bank of Moscow for the construction of a new terminal at Vnukovo Airport cost the borrower 10.5% per annum in foreign currency. And only after the first stage of the terminal was built and the property rights were registered on it, which made it possible to lay the object, the rate was reduced to 8% in rubles. It is not surprising that the period when the facility is still under construction, but not put into operation, is usually deeply unprofitable for the operator.
The availability of instruments that would guarantee financial institutions a return on investment even in conditions where the operator's business is stalling due to certain circumstances, would reduce the risks of investments and reduce the rate on attracted loans. So in world practice, a targeted passenger fee is common, introduced during the construction of large capital-intensive facilities. As Vladislav Katchan, director of the Balance of Interests consulting company, explains, “the amount of this fee is small (about $10-20), and passengers pay it only at this airport and only for a limited period of time. The collected funds should be spent only on financing the facility under construction. investment airport capital financial
The advantages of this approach are obvious: funds go to creditors, while the amount of receipts depends only on passenger traffic, but not on the financial performance of the airport operator. This protects the interests of the investor and reduces the cost of borrowing. The benefits for airlines are also clear: the fee is introduced only for the period of return on investment, after the loans are repaid, it is canceled. At the same time, today airports include an investment component in other tariffs and fees. As the practice of commissioning a number of terminals shows, a one-time increase in non-regulated tariffs by 30-40% is not uncommon. However, even after the return of loans, this former investment component will remain in tariffs. Finally, the fee is fixed for the long term, allowing airlines to plan costs.
We also agree with the thesis about the need to revise the system of tariff regulation in the Novaport company, which implements investment programs at seven Russian airports. Thus, Mikhail Smirnov, General Director of Novaport LLC, speaking at the Vedomosti conference, noted that the material problems of regional airports are caused, first of all, by the lack of an investment component in the tariff regulation system, high certification requirements that do not depend on the scale of the airport and high rental rates. In addition, due to the complexity of intergovernmental agreements, airports have problems opening new flights.
TARIFF SYSTEM AND CURRENT PROBLEMS
From the point of view of an investor, the tariff system that has developed in our country is complex and does not allow predicting rates, does not guarantee tariffs sufficient to obtain an acceptable return. Its main disadvantages are the opacity of the algorithm for deciding on tariff rates, focusing on current profitability, and not on the return on invested capital. The current methodology completely lacks accounting for the costs of the airport operator in connection with the implementation of concession agreements, and this tool will be actively used in projects to develop transport infrastructure. In addition, the indexation of tariffs, as a rule, does not exceed the level of inflation. S. Emdin confirms this thesis, recalling that "since January 2012, the FTS of Russia has revised the growth of tariffs for our airport ("Pulkovo" - "AviaPort") by only 3.8%, while only electricity this year has risen in price by 11- 12%, plus inflation," he says.
E. Chudnovsky, who previously headed the dynamically developing Ekaterinburg Koltsovo Airport, is categorical in his assessments: “The current tariff level ensures the profitability of only the current infrastructure, the level of service of which no longer suits the modern passenger and, in fact, is comfortable only for those who are not going to invest in development". The "Airports of the Regions" are also sure that it is necessary to change the principles of the tariff policy. "The country already has an experimental methodology - with a return on capital. This scheme is now being used in the energy sector. We are actively cooperating with the Federal Tariff Service on this issue and offer to take on an investment obligation for construction," the director general of the management company notes.
However, references to tariff regulation, as a rule, provoke criticism from airlines. This is not surprising: after all, carriers who observe the growth of airport service costs understand only one thing under the system of forming long-term tariffs - that their costs will increase in the long term. And the recommended way out of this situation is to pay more attention to commercial activities and the development of non-aviation services. On this issue, the views of all parties coincide. "Orientation of owners and operators of airports to consumers and the development of non-aviation assets will become a serious source of additional income," says Vitaly Maksimov, Chairman of the Board of Directors of Transproekt. Alas, for the development of non-aviation revenues, the desire of the airport management alone is not enough - it also requires a sufficient amount of space to accommodate commercial facilities, which is not found in most standard terminals of the Soviet period, and a lot of passengers. The only question is how to stimulate passenger traffic, on which non-aviation revenues critically depend.
Growth rates of traffic on domestic lines today lag behind the growth in the number of passengers served on international lines. As a result, it is precisely such transportation that can become the main driver for the development of the non-aeronautical revenue segment. But they can be stimulated, firstly, by liberalization and an increase in the number of designated carriers, up to the announcement of the regime " open skies", and secondly, the promotion of transit. As noted in the "Air Gates of the Northern Capital", in a number of Asian countries, the practice of simplifying visa regime for transit passengers, bringing additional income to businesses, and increases tax revenues for the state. It is not superfluous to recall that St. Petersburg has already implemented an approach in which Foreign citizens, arriving in Northern Palmyra on cruise ferries, enjoy the possibility of a visa-free stay in the city. However, the initiative to extend this practice to air tourists has not yet been implemented. As for the wishes of a number of airports to extend the "open skies" regime to the flights performed to them, they run into opposition from carriers who believe that an excessive increase in competition will be disastrous for them.
CONCLUSION
One way or another, the choice of tools that will support infrastructure projects in the air transport industry is overdue. Investment attractiveness can be significantly increased, and without spending budget funds. It is enough to competently apply tariff regulation measures - to enable airports to include an investment component in tariffs for services provided, as well as non-tariff regulation measures aimed at increasing passenger traffic. And the achievement of population mobility indicators, the well-being of industry companies, and the state of the regional economy depend on how quickly they are implemented. After all, as Sheremetyevo reminds, "state investments in airports are returned, in addition to the rental payments of airport operators, to a large extent in the form of taxes, and not only airport operators, but hundreds of other businesses that directly or indirectly gravitate towards large air transport hubs."
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The essence and types of foreign investment, the conditions for their implementation. Problems and prospects for the activation of foreign investment in the economy of Ukraine, assessment of the climate in the state and directions for its improvement. The main problems and conditions for attracting investment.
term paper, added 09/11/2014
Economic essence, classification of forms and types of investments. Financial support of investment activity (characteristics of internal and external sources). Features of attraction and dynamics of foreign investments in the Russian Federation.
term paper, added 11/30/2010
The essence of investments and their forms, the main sources, internal and external, and the importance in the economy. Free economic zones as a form of attracting foreign investment in the economy of the state, the main problems and prospects for their further development.
term paper, added 10/16/2014
The role of attracting investment in the country's economy. Goals and objectives of the investment policy of the state. Analysis of attracting investments in the Russian economy at the present stage. Causes and ways to overcome the investment crisis in the Russian economy.
term paper, added 12/08/2014
The essence and role of foreign investment in the economy, the mechanisms for attracting and managing them, the essence of state regulation. Investment climate of the Russian Federation. Ways to increase the investment attractiveness of the economy of the Northern region.
thesis, added 12/27/2009
Strengthening the tax base Arkhangelsk region local and regional budgets in a crisis. Analysis of revenues of local, regional and federal budgets. Modern problems of the tax system in the Russian Federation and ways to solve them.
term paper, added 11/03/2010
Analysis of the volume of investments in the Republic of Belarus. Factors hindering the activation of investment processes: the uncertainty of the macroeconomic situation, the bureaucratization of investment activities. Measures to attract investment in the real sector of the economy.
test, added 09/07/2016
State regulation of investment activity. Methods for protecting financial investments from risk. Classification and evaluation of the effectiveness of financial investments. An example of calculating financial investments. Signs of the intended purpose of investment objects.
