Scholarly record

STATE INVOLVEMENT IN THE PROCESS OF INCORPORATING THE CORPORATE SECTOR INTO THE WORLD AND NATIONAL FINANCIAL ARCHITECTURE

V. Ivanitsky, T. Reshetnikova, A. Reshetnikov, I.Sofronova, T. Tchilimova

Abstract

The paper deals with the necessity of integrating financial systems of state corporations into financial systems of the world in general and separate countries in particular, mutual benefits of this process outlined. Financial architecture plays a significant role in the development of the world economy consisting of a great number of national and regional economies having different levels of innovative development. The world financial architecture is subject to constant reforms, adapting to new approaches connected with the changes in the geo-economic system of the world finances line-up. Incorporating financial systems of big corporations, transnational ones included, into the world financial architecture will strengthen its sustainability and stability in the face of global imbalances and political conflicts. Rising financial and economic indicators of integrated business entities create investment opportunities for the development of innovative economy of any country, expanding their presence in the national and international financial markets. The specific character of Russia as a country with endemic post-centralized economy is attributed to the state ownership in strategic industries. The state participation in big integrated business entities responsible for the major part of production in Russia allows the government to influence the innovative processes both in the above companies and in the national economy. The innovative character of the national economy makes these companies and the territories they are located in more attractive for investors. The authors outline the specific role of big integrated business enterprises realizing the strategic functions of the state and operating at the national and international levels in the forward innovative development of the country, the state playing an active role on the financial market. The authors believe that considering investment opportunities of the corporate financial architecture emphasizes importance, goal-setting and necessity of active state participation in the finances of big integrated business entities, especially in such countries as Russia. The competitive advantage of state run enterprises is their involvement into big innovation projects.

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DOI resolver: doi.org/10.5593/sgemsocial2017/13/S03.086

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