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4.3. Financial and Economic Integration as a Tool for the Growth of
Investment Support for Public-Private Enterprises
On the development of economic relations in the world, it is clearly
noticeable that the integration processes that developed in the second half of the
20th century are growing in all spheres of social activity. They contribute to the
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development of productive forces and the improvement of production relations.
Integrated economic entities play a significant role in the economy as a whole
and in domestic agriculture.
Integration as one of the forms of division of labor is closely related to its
other forms - specialization, concentration, cooperation.
The theoretical foundation for the study of production concentration
processes and integration processes in the economy was laid by A. Smith and
developed by K. Marx and other scientists. At the same time, many aspects of
the functioning of integrated economic systems remain insufficiently explored,
primarily in relation to individual industries.
If economic integration is “the unification of economic entities, the
deepening of their interaction, the development of ties between them”
(Азрилиян, 2007), then it is logical to assume that financial and economic
integration should be disclosed through the correlation of the categories
“economy” and “finance”.
Analysis of scientific publications allows us to conclude that in the modern
view, economics as a scientific category characterizes the creation and
distribution of gross social product. Within the framework of economic science,
a special area of research is highlighted that studies the distribution of gross
value added (gross social product, national income) — the science of finance. In
turn, within the framework of financial science, the sphere of distribution and
redistribution of savings as an element of GVA and the formation of gross
accumulation, which is described by the category of “investment”, is
distinguished. At the same time, domestic studies on the category of “finance”
do not reveal the essence of distribution relations and therefore are of a limited
nature.
There are many interpretations of integration and its varieties, including
financial and economic integration.
In Russian and foreign scientific publications there are heterogeneous
interpretations of financial and economic integration. In our opinion, two main
approaches to its understanding can be distinguished — wide and narrow.
In an expanded understanding of financial and economic integration, the
authors interpret it as an association of business entities aimed at obtaining
economic benefits from effective development. We propose clarifying this
generalized interpretation as follows: financial and economic integration in the
broad sense is an association of several business entities, based on the principle
of voluntariness, regulated by civil law, aimed at effective joint cooperation to
achieve the economic and financial goals of each of the parties.
In the narrow sense, financial and economic integration is a process, but in
the scientific literature there are different opinions on this. Based on the analysis
of integration processes, we offer the following interpretation: the process of
financial and economic integration is a combination of participants in the
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association and various types of interactions between them, due to the agreed
interests and common strategic priorities of the participants.
Summarizing all of the above, it is possible to imagine financial and
economic integration as a set of economic relations of economic entities, which,
interacting within the framework of an integrated system, establish sustainable
production and management relations and, based on the coordination of their
interests, are aimed at obtaining the synergy effect from joint activities. At the
same time, the systemic qualities of financial and economic integration can be
called integrity, structure, and stability.
In the work of Petraneva et al. (2005) provides the following definition of
integration: “it is a merger (association) of individual business entities”. Such an
interpretation of integration is like the interpretation given in the Big Economic
Dictionary (Азрилиян, 2007). At the same time, the authors understand
agricultural integration as a merger (association) of agricultural enterprises.
Minakov (2007) defines various types of integration. For example,
economic integration is interpreted as “cooperation in which the unification of
economic entities is achieved, their adaptation to each other, deepening of
interaction, development of relations between them”. Agro-industrial integration
is one of the manifestations of economic integration and is understood as a
process of combining or interaction between business entities of different
industries on the basis of a single production cycle or, in a broader sense, the
combination in various organizational forms of agricultural sectors, trade and
industry, aimed at streamlining production and economic relations (Minakov,
2007).
An important role in the processes of integration is played by the state. It is
designed to harmonize the interests of business entities and the economy. For
this, it is necessary to improve the current legislation and deal with the scientific
justification of the existing forms of financial and economic integration. In our
opinion, the priority should not be given to associations of enterprises in the
form of holdings, but to structures that integrate sources of financing while
maintaining the legal independence of business entities.
An integrated financial and credit mechanism seems to be one of the forms
of such a combination. Such a mechanism, in our understanding, combines
different forms, methods and tools of organizing a financial and credit system,
the totality of which ensures stable relations within the system and with external
entities, mediates the movement of monetary resources, combining various
sources of investment (state support funds, within the integrated system) bank
loans, investor funds) and ensuring their rational distribution among effective
lines of business.
The integrated financial and credit mechanism operates according to the
following scheme (Figure 9).
The analysis of diverse forms of integration allows us to conclude that the
optimal organizational and economic form for an integrated financial and credit
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mechanism is an association or a union. The legal grounds for such associations
are regulated by the Civil Code of the Russian Federation (Articles 121–123)
and Federal Law of January 12, 1996 No. 7 On Non-Profit Organizations
(Articles 11–12). From the point of view of law, associations and unions are
equivalent forms of association of legal entities.
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