Corporations and their role in the Russian economy. Russian corporations in the modern economy

Most domestic corporations work in the fuel and energy sector of the economy, while there are relatively few of them in other sectors, for example, Eye Microsurgery, AvtoVAZ. According to the Financial Times rating, several domestic corporations were included in the list of the world's largest transatlantic corporations.

The largest corporations in Russia, the volume of sales of their products and the number of employees are presented in the following list:

RAO UES of Russia. Operates in the electric power industry, the total sales volume is 218,802.1 million rubles, and the number of employees is 697.8 thousand people;
Gazprom". Operates in the oil, oil and gas industry, the total sales volume is 171,295.0 million rubles, and the number of employees is 278.4 thousand people;
oil company Lukoil. Operates in the oil, oil and gas industry, the total sales volume is 81,660.0 million rubles, and the number of employees is 102.0 thousand people;
Bashkir Fuel Company. Operates in the oil, oil and gas industry, the total sales volume is 33,081.8 million rubles, and the number of employees is 104.8 thousand people;
"Sidanco" (Siberian-Far Eastern oil campaign). Operates in the oil, oil and gas industry, the total sales volume is 31,361.8 million rubles, and the number of employees is 80.0 thousand people;
oil company Surgutneftegaz. Operates in the oil, oil and gas industry, the total sales volume is 30,568.0 million rubles, and the number of employees is 77.4 thousand people;
AvtoVAZ. Operates in the engineering industry, the total sales volume is 26,255.2 million rubles, and the number of employees is 110.3 thousand people;
RAO Norilsk Nickel. Operates in the non-ferrous metallurgy industry, the total sales volume is 25,107.1 million rubles, and the number of employees is 115.0 thousand people;
oil company Yukos. Operates in the oil, oil and gas industry, the total sales volume is 24,274.4 million rubles, and the number of employees is 93.7 thousand people;
oil company Sibneft. It operates in the oil, oil and gas industry, the total sales volume is 20,390.9 million rubles, and the number of employees is 47.0 thousand people.

Financial industrial groups have a significant impact on the functioning of the national economy.

At the initial stage of the formation of domestic corporations, great importance was attached to the pooling of the capitals of the CIS countries, as a result of which modern domestic financial and industrial groups developed active activities in the territory of the former USSR - the CIS. This was facilitated by the course of the governments of states towards more active economic integration.

The development of the domestic economy is in the direction of reducing the financial and industrial groups to a few powerful universal transnational corporations by analogy with foreign ones. In terms of dynamics, they should concentrate more than half of their production capacities. Only in this case can we count on the fact that the domestic economy will become a competitive exporter of not only raw materials, but also manufactured goods.

Hamatkhanova Amal Muratovna, postgraduate student of the Faculty of Economics, Moscow State University named after M.V. Lomonosov, Russia

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Sources:

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2. Report “State corporations in modern Russia» on industrial policy [Electronic resource]. – Access mode: http://www.derrick.ru/?f=n&id=14158.
3. Russian Statistical Yearbook 2013 [Electronic resource]. – Access mode: http://www.gks.ru/wps/wcm/connect/rosstat_main/rosstat/ru/statistics/publications/catalog/doc_1135087342078.
4. Forecast plan (program) for the privatization of federal property for 2014-2016. [Electronic resource]. – Access mode: http://www.rosim.ru/documents/154973.
5. Tokareva A. Public sector in the economy // Journal "Kommersant Power" [Electronic resource]. – Access mode: http://www.kommersant.ru/doc/2233355.
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7. Boeing Corporation: history of development and current situation [Electronic resource]. – Access mode: http://www.ekportal.ru/page-id-3188.html.
8. Annual report of JSC "United Aircraft Building Company" for investors for 2012 - Financial results of 2012 [Electronic resource]. – Access mode: http://www.uacrussia.ru/ru/investors/reports/annual_reports/.
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10. Official site of the Airbus company. Airbus Summary Results 1989-2013 [Electronic resource]. – Access Mode: http://www.airbus.com/presscentre/corporate-information/key-documents/.
11. Pastushin A. The cost of the Sochi Olympiad exceeded 1.5 trillion rubles. [Electronic resource]. – Access mode: http://rbcdaily.ru/market/562949985651475.
12. Sokolov A.A. Insider control and investments of the Olimpstroy Group of Companies [Electronic resource]. – Access mode: http://naukovedenie.ru/PDF/68evn412.pdf.
13. JSC "Russian Railways" today - the mission of the company [Electronic resource]. – Access mode: http://www.rzd.ru.
14. Accounts Chamber: Russia is not enough railways[Electronic resource]. – Access mode: http://top.rbc.ru/economics/10/02/2014/904366.shtml.
15. Reporting of the company "Russian Railways" [Electronic resource]. – Access mode: http://ir.rzd.ru/static/public/ru?STRUCTURE_ID=32#2.
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The essence of a corporation

The object of the economy of the enterprise are separately, independently managing organizations. For example, firms, organizations. Such objects can be both commercial and non-commercial type. Objects also differ in forms of management. For example, public joint stock companies or open joint stock companies. AT Russian Federation The Civil Code establishes such a form of association and management as a corporation.

To study the corporation as an object of the enterprise economy, the same methods and market laws are used as for others. commercial enterprises. Features appear only in connection with aspects of the corporation.

Also, under the economics of corporate governance, such a concept and field of knowledge as corporate governance is often used.

Definition 1

A corporation is an economic entity that has the properties of a legal entity. Created based on legislative framework. Ownership in a corporation belongs to the shareholders on a collective basis. The board of directors is responsible for economic policy. A feature is the bringing together of various parties in order to achieve common goals.

Examples of the largest corporations in the world: Unilever, Nestle, Procter & Gamble, Johnson & Johnson. In the Russian Federation, corporations are developing in such industries as insurance, finance and credit, and the fuel and energy industry. Examples of corporations in Russia: OAO Gazprom, OAO Severstal.

Features of corporations

The main features and properties of corporations are manifested in the following:

pooled resources;
information monopoly;
performance standards without the admission of internal competitors;
separation of the capital of corporations from the personal capital of the subjects of the corporation;
opportunity to raise capital;
increased liquidity;
legal entity status;
often the center of economic interest in the country;
there is a system of delegation of authority;
may include several enterprises in the group;
a large number of employees and a leading position in the market.

Depending on the specifics and form of activity (commercial or non-commercial firms), the signs of a corporation may also change. The laws of a particular country also greatly influence the legal aspects of corporate activities.

There were three main corporate systems: German, Anglo-American and Japanese. The Anglo-American model is characterized by the presence of many small shareholders, while the management of the enterprise's economy is in senior management corporations. In the German model, on the contrary, all participating parties can take part in making and finding decisions. In the Japanese model, a social community is a feature, corporate culture and solidarity.

Remark 1

The main element of the corporation is the main company and many subsidiaries. The main company is responsible for strategy development, planning, control. For example, OJSC Gazprom is the main company in the corporation, and such companies as Gazprom Neft, Burgaz and others are responsible for oil exploration and production, Gazprom Pererabotka (and others) are responsible for processing, and regional companies in Russia are responsible for marketing and gas distribution.

Classification

Consider the main classification of corporations.

Can be divided into three main groups:

by scope;
according to the form of organization of financial and industrial capital;
for the purpose of creation.

In the first group, there are: transnational, interstate, national, sectoral, diversified, regional, enterprises. In the second group, there are: associations, syndicates, trusts, holdings, concerns. In the third group, there are: commercial and non-profit corporations.

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MINISTRY OF EDUCATION OF THE REPUBLIC OF BELARUS

EE "BELARUSIAN STATE ECONOMIC UNIVERSITY"

Department of Economic Theory

COURSE WORK

discipline: Macroeconomics

on the topic: Large corporations and their role in modern economy

accounting and economic,

2nd year student, 12DEB-1 Misnikevich V.A.

Supervisor

cand. economy Sciences, Associate Professor Novikova L.N.

Introduction

1 Theoretical basis emergence and functioning big business

2 Large corporations in the world of modern business

2.4 Comparative analysis of corporation models

3 Big business in the Republic of Belarus and its impact on the economy

3.3 Problems and opportunities for the development of Belarusian big business

3.4 Prospects for cooperation between international corporations and business in Belarus

Conclusion

List of sources used

Applications

corporation business market

corporation, transnational corporation, transnationalization, globalization, national economy

Object of study - large corporations

The subject of the study is the role of large corporations in the modern economy

The purpose of the work is to reflect the role of large corporations in the development of the modern economy as a whole and in the development of the economy of the Republic of Belarus

Research methods: analysis and synthesis, generalization, comparative analysis

Research and development: reviewed various models large corporations and the impact of big business on the market economy as a whole and on the economy of the Republic of Belarus.

The author of the work confirms that the term paper analytical material correctly and objectively reflects the state of the process under study, and all theoretical, methodological and methodological provisions and concepts borrowed from literary and other sources are accompanied by references to their authors.

CORPORATION, MULTINATIONAL CORPORATION, TRANSNATIONALIZATION, GLOBALIZATION, NATIONAL ECONOMY

Object of research is national economy

Subject of research is large corporations in modern economy

The work purposes are to reflect a role of large corporations in the development of modern economy as a whole and in development of the economy of the Republic of Belarus

Research methods are analysis and synthesis, generalization, comparative analysis

Researches and developments are disclosure of concept of corporation, the reason and history of emergence of the large companies became the result of writing of this term paper, various models of large corporations and influence of large business on market economy as a whole and on economy of Republic of Belarus are considered. Also in this term paper advantages and shortcomings of large corporations are considered.

Author of work confirms that the above course work in analytical material correctly and objectively reflects the state of the process under investigation, and all borrowed from the literature and other sources of theoretical and methodological terms and concepts are accompanied by references to their authors.

INTRODUCTION

The development of the modern world economy is determined by large organizational and economic structures (corporations), which are one of the most common forms of organizing large-scale production based on joint participation its members in the activities of the organization and on the limited liability of participants (shareholders) for the debts of the corporation. The corporation provides for shared ownership, legal status and concentration of management functions in the hands of the highest echelon of professional managers (managers).

In industrialized countries, corporations produce the bulk of the gross domestic product (GDP). In post-socialist economies, where the integrating functions of the state are not yet strong enough, corporations are forced to take on a significant part of these functions. At the same time, the role of corporations is not limited to their activities within the country - they often act as carriers of national economic, including geostrategic interests at the global level.

The influence of large corporations on the economy of various countries of the world is constantly growing. Today, the largest corporations can dictate terms not only to their competitors, but also to entire states - thanks to their financial power and political lobbying at the highest levels. The income of these corporations exceeds the GDP of many countries of the world, they create millions of jobs in each state, some of them are already state-forming from an economic point of view.

The rapid growth of foreign direct investment, the expansion of the technological division of labor beyond firms, industries and national boundaries is accompanied by the emergence of giant international research and production complexes with branches in different countries and on different continents.

Transnational corporations are turning world economy into international production, ensuring the acceleration of scientific and technological progress in all its directions, the technical level and quality of products, production efficiency, and the improvement of forms of management and enterprise management.

At present, the direct international production of economic associations, based on the international movement of entrepreneurial capital, has become the main factor in the world economy.

Capital is characterized by a high degree of international mobility, its movement occurs in the process of moving financial flows between creditors and borrowers in different countries, between owners and their firms that they own abroad.

The relevance of the chosen topic is due to the ever-increasing role of large corporations in the process of world reproduction.

1. Theoretical foundations for the emergence of large business

1.1 Background and reasons for the emergence of large business

Big business- entrepreneurial activity large and largest firms in various market segments, extending to the national and international economic spheres and providing for the use of all the benefits of increasing business activity in the context of globalization, economic integration, diversification, business reengineering.

A large form, often having the status of a corporation, is distinguished by the fact that it produces a significant, significant share of the total output of the industry; or it is characterized as a large volume indicators: the number of employees, sales volume, size of assets.

Both in the scientific literature and in the popular media, there are two main interpretations of the concept of "corporation" - broad and narrow. As for the first, in accordance with it, a corporation is a community (organization, association, group, etc.) of persons aimed at defending or promoting their specific (corporate) interests.

In a broad sense, corporations are also such associations as trade unions, unions of entrepreneurs, and other social and professional associations.

When classifying a company as a large one, industry, territorial and state specifics are taken into account. For example, in mechanical engineering, the volume of output, the cost of fixed assets, and the number of employees are considered the determining factor. AT agro-industrial complex land area or number of livestock are taken into account. In large and small highly developed countries, the scale of the firm is assessed differently in terms of volume indicators.

Corrects the scale of employment in large firm industry aspect of its business (formally - from 250 or more people). For example, Wal-Mart Stores, operating in retail(she owns largest network hypermarkets, it owns 4.2 thousand stores), there are 1,383,000 employees. At the major western consulting company and no more than 100,000, the Russian one has a maximum of 500. 385,000 people work at the factories of the General Motors automobile concern, 97.8 thousand people extract oil and gas from Exxon Mobil. The largest bank in the world, Citigroup, employs 285,000 employees. The staff of a large venture firm does not exceed 100 highly qualified specialists. Aircraft in the Boeing Corporation produce 188,000 people.

The history of the emergence of corporations as a form social organization is inextricably linked with the development of the so-called common law (common law), which was formed in its most complete form in England and continues to determine legal systems many countries that in one way or another fell under the influence of England in past periods. The legal systems of many of these countries, including the United States, now differ considerably from English, but nonetheless these systems have their roots in English public law.

The concept of incorporation is one of the most important achievements in the development of economic and economic relations within the Western cultural tradition. The idea of a fictitious (legal) entity appeared in ancient world and was widespread in Greece, Asia Minor and Rome.

The origin of the corporation as a specific form of organization is the subject of much debate. For example, the family can be seen as a kind of corporation, since it has all characteristic features last. Corporations can include church organizations, medieval cities, workshops and guilds, and many others. Of these, the most detailed descriptions and can be analyzed as one of the most ancient are the Roman city-states, which were corporations of free citizens living in the city. These were voluntary associations of free citizens who retained their main features regardless of the change of their members, had common property, etc. They took over the functions of creating public infrastructure (roads, aqueducts, etc.) and thus were involved in the ownership of public property.

In business practice, corporations appeared much later. Their forerunners were various types of partnerships. Including partnerships that were formed in ancient times.

Most often, relations between partners took the form of an organization called “commenda” (commenda), a prototype of a limited partnership.

More complex forms of corporate organization did not appear until the 16th century. with the development of global forms of trade and the formation of colonies. At this stage, England came forward as the main colonial power.

One of the first trading companies in England, which can rightfully be considered a corporation, was the English East India Company founded in 1599 .

In continental Europe, development followed the same path. The lead was held by Holland, who created in 1602 the United East India Company, which had a constant share capital from the beginning.

American corporate building was shaped mainly under the influence of English. The first successful company was established in 1606.

Other European powers also mastered the American continent, using corporate forms of business organization.

The very development of business in the United States was rather slow due to the agrarian nature of the economy of this country in the 17th-18th centuries.

The first colonists were hostile to corporations, since not without reason they considered them a tool in the hands of the European powers to control American territories.

Before the independence of the United States, there were only 6 business corporations. However, already in 1800 there were 219 corporations for the operation of planned roads, bridges and canals, 36 for the operation of docks, water supply and fire protection, 67 banks and insurance companies, but only 6 corporations in the area industrial production.

The advantages of the corporate form of management were fully demonstrated by the example of the construction of railways. Even before the outbreak of the Civil War, this industry was the first to exceed a billion dollars in turnover.

In 1853, the New York Central Company was formed. It united 10 railway companies by merging their share capitals. This was one of the first large associations, produced by the merger of capitals.

In a broad sense, the process of mergers and acquisitions is associated with the transfer of control over the company's activities, which can be both formal and non-formal. In accordance with generally accepted approaches abroad, a merger is understood as any association of economic entities, as a result of which a single economic unit is formed from two or more existing structures. In the narrow sense of the word, a merger means the termination of the activities of the merging companies, in a broader sense - and absorption.

Acquisition is a combination of two or more independent economic units, in which one (absorbing) legal entity is retained and the assets and liabilities of the acquired legal entities are transferred to it. At the same time, the acquired legal entities either cease to exist or are controlled by participation in the capital.

Another common form of combination has been the formation of holdings. At the same time, the central company established control through the acquisition of controlling stakes in its divisions (subsidiaries). This form was most common in public infrastructure industries.

However, the largest corporations in that period began to form in industries. In 1901, "US Steel" was formed with a capital of more than $ 1.4 billion - the first billionaire corporation.

By 1990, the top 200 US corporations had total capital in 81 billion dollars, which amounted to more than 50% of America's corporate capital.

The reasons for the success of corporations lie in the following.

· This is the most convenient form of raising capital for organizing projects, especially when it comes to the need to use new technologies to break through the competition with others.

The corporation allows the organization itself and its assets to exist indefinitely.

· The corporation ensures the independence of management.

· Corporations give businessmen the privilege of limited liability.

· A corporation is a separate "legal" entity that exists independently of their creators.

Currently, the process of creating corporations consists of several stages, the main of which include: obtaining permission from the government, issuing and distributing shares, choosing a board of directors and appointing managers or managers to them.

To obtain a permit, for example in the United States, it is enough to obtain it from the state authorities, although a number of activities, which, by the way, must be indicated when applying for a permit, require obtaining a permit from the federal authorities. In addition to indicating the direction of activity, they also indicate the expected number of shares to be distributed, the amount of equipment and a number of other details.

The next stage is the issue and distribution of shares. Some US states require at least three shareholders, although in most cases at least one is sufficient. For complete control, you can keep 98% of the shares with yourself, and distribute two shares among relatives. If the capital of the founders is used in the formation of a corporation, then the shares are distributed in accordance with the share of the contributed capital. The issuance of shares is followed by the election of the board of directors. Legal shareholders have the power to choose the board of directors and control over them in the course of their activities, but in reality such power lies with those who own the majority of all shares. On the other hand, if power is distributed among a wide number of shareholders, it becomes possible for competitors to buy shares and take control. Usually issued shares are divided into two types - ordinary and preferred. The former give the right to vote, the latter do not.

Features of sole proprietorship, partnership and corporation, which can be seen as advantages and disadvantages in relation to each other. The table presents the advantages and disadvantages of the main forms of business in terms of the complexity of education, the ability to attract new capital, responsibility, longevity and taxation. (See Appendix A)

Today's transnational corporations (TNCs) are very different from the multinational firms that emerged in the 1960s.

Transnational corporation - large association, which uses in its economic activity an international approach and involving the formation and development of an international production, sales, trade and financial complex with a single decision-making center in the home country and with branches, representative offices and subsidiaries in other countries.

TNCs are characterized by the creation on the territory of other countries not only of production enterprises, but also of research centers and sales and marketing departments, as well as the involvement of representatives of different countries and nationalities in the management of the company and its branches. As a result, the furthest traditional centers advanced technology countries join the latest achievements of science and technology simultaneously with the most developed states.

The most common reason for the emergence of TNCs is the internationalization of production and capital based on the development of productive forces that outgrow national-state boundaries.
Among the specific reasons for the emergence of TNCs should be attributed to them economic efficiency due to the large scale of production in many industries. The need to survive in the competitive struggle contributes to the concentration of production and capital on an international scale. As a result, activity on a global scale becomes justified. And accordingly, it becomes possible to reduce production costs and get excess profits.

Quite a few important role the state plays a role in the formation of national international corporations. It encourages their activities on the world stage and provides them with markets through the conclusion of various political, economic and trade unions and international treaties.

There are several main directions in the study of the prerequisites for the emergence and economic content of TNCs.

1. The theory of market power. One of the first authors of the theory - American economist S. Hymer, who in 1960 discovered and traced the trends and directions of movement of real flows of production factors that contradict existing theories international trade. According to this theory, firms early stages of their development, they expand their market share through mergers and acquisitions, and when the strengthening of market power in their country becomes impossible, they expand their activities beyond national borders, which means the emergence of TNCs.

2. Theory of internationalization. Authors R. Dagman, E. Penrose, O. Williamson. Here we use as a basis economic theory J. Keynes. Based on the concept of economies of scale, which is that with the increase in the size of the firm there are additional opportunities for the productive use of previously unused economic resources. This leads to the emergence of diversified companies through diversification and combination.

3. The concept of competitiveness. The theory is based on the "concept life cycle goods". Authors - R. Vernon, R. Stobauh. It proceeds from the fact that consumer demand first leads to the emergence of a new product; as the market is saturated with it, the demand for it stabilizes, and then decreases and stops altogether. Firms in the initial period of development and release organize production on their territory; Gradually, along with the saturation of the domestic market, new products begin to be exported abroad, and then new production begins to develop in new countries, since in order to maintain profits, firms are forced to look for new markets for products (to lengthen its life cycle).

4. Behavioral theory of TNCs. Founder - G. Perlmutter. It has become widespread in recent decades, when the success of the company is increasingly dependent on the principles of acceptance management decisions. According to this theory, the main criterion for the emergence of TNCs is the nature of the behavior and thinking of managers, who should consider each branch of the company not as an independent enterprise, but as an element of a common corporate system that functions on a global scale.

Finally, in the early 80s English economist J. Dunning, based on the generalization of these theories, proposed the so-called multifactorial approach to the study of the activities of TNCs. The growth of international production of TNCs, according to supporters of this theory, is the result of the interaction of the following factors: advantages of ownership (capital, money, managerial and marketing experience), advantages of location (market size), advantages of internationalization (benefits from independent activities in local markets).

1.2 The role of big business in a market economy

As the global economy emerges from the crisis, governments and businesses are trying to identify and use promising sources of economic growth. In particular, there are discussions about the contribution of large and small companies to this process. Both are necessary for economic growth, but a special role belongs to large corporations.

There are two main visions of the essence of a corporation:

· Mandatory unambiguity of the wording - external vision, corporation as an external manifestation (organizational and legal form, official status, strictly regulated rights and obligations of participants);

· Alternative wording - internal vision, a corporation as an internal environment (system of internal characteristics, interconnection of elements, intra-organizational relations).

The fact is that, despite the relatively small number of such companies, their contribution to the total GNP and labor productivity is exceptionally large. This is especially important because in the past decade, productivity gains in developed countries accounted for up to two-thirds of the growth in total GNP.

TNK today is about 60 thousand. main (parent) companies and more than 500 thousand of their foreign branches and affiliated (dependent) companies around the world. The role of TNCs in shaping the key, defining trends in the development of the modern world economy can hardly be overestimated. As truly transnational centers of decision and action, they have a significant impact on the global economy.

Through their investment decisions and choice of production locations, TNCs play an important role in distributing the world's productive potential. Their influence on international trade is proportional to their participation in this trade. According to some estimates, TNCs carry out more than half of the world's foreign trade turnover. TNCs account for more than 80% of trade high technology. Forming a single network, transnational capital owns one third of all production assets and produces almost half of the global product.

Important factors in the competitiveness of transnational corporations are: hierarchical structure TNK, human capital”, embodied in intangible assets, and the use of network technologies, which significantly increases the efficiency of doing business and allows TNCs to implement the functions that determine the development of the world economy as a whole: regulation of production and distribution of products on a global scale; stimulating the globalization of the economy.

The scale of their international financial operations provides them with a privileged position as borrowers or savers in the Eurocurrency market, with about 8 trillion dollars at their disposal. euromoney. TNCs control up to 90% of the export of capital. Total foreign exchange reserves multinational companies 5-6 times higher than the reserves of central banks of all countries of the world.

By expanding their transnational activities, they create economic prerequisites for organizing international production with a single market and information space and the international capital market, work force, scientific and technical, consulting and other services. Fighting for sales markets on a global scale, TNCs increase the level of competition, which causes the need for constant innovation, technology change and the acceleration of scientific and technological progress. By facilitating the circulation of capital, people and technology, they greatly contribute to economic growth and development.

The mass expansion of corporations beyond national borders is ensured and accelerated by the internationalization of production. Speaking about the factors that cause changes in the activities of international monopolies in the conditions of scientific and technological revolution, the head of a major consulting firm"McKinsey" USA K. Ohmae names among them the growth of capital intensity of many industries, the accelerated pace of development new technology, unification of consumption .

Large multinational companies are concentrated mainly in sectors that experience global competition (for example, in manufacturing), and always play a key role in periods of economic recovery following the next recession. These are, as a rule, the most famous global brands, widely represented in various sectors of the economy. For example, in the United States, while accounting for only 1% of the private sector, large corporations generate 60% of all sales, accumulate three-quarters of the fund wages and more than 60% of assets. (see appendix B, table B1)

The contribution of large multinational companies to productivity and employment growth varies across sectors of the economy. Their special concentration was noted in seven sectors: manufacturing industry, information technology sector, professional services, trade, extractive industry, finance, utilities.

It is known that the increase in productivity is facilitated by the growth of investment, which increases the capital-labor ratio, product innovations, as well as managerial and technological innovations that increase efficiency. production activities companies. The main factor in increasing labor productivity in TNCs is research and development.

The return on R&D spending in the private sector is usually difficult to accurately estimate, but a number of studies on some developed countries estimate this figure at 20-30% or more. The rapid growth of productivity in TNCs is also due to the fact that their activities are concentrated in certain sectors of the economy. About half of the contribution of such companies to labor productivity growth is related to the manufacturing industry. Other important industries include professional services, Information Technology and retail.

Depending on the different strategies of TNCs, cooperation agreements in the field of R&D can be concluded at various stages: at the very beginning of research and development, at the stage of implementation of research, at the stage of mass updating of technologies, etc. But more often there is cooperation at the “preliminary stage” of production. The reason for this behavior of TNCs should be sought in the fact that the stage fundamental research is of a general nature, while subsequent stages of R&D can provide specific benefits for TNCs. In R&D, TNCs can choose between cooperative and competitive strategies.

The exclusive role of large TNCs in today's globalizing economy makes many countries make significant efforts to attract them to their territory.

It should be noted that a large number of the largest corporations in the modern world are located in the United States. (see appendix B, table B2)

A special place in the world economy is occupied by strategic alliances of TNCs. The conducted research allows us to conclude that the strategic alliance is one of the forms of international scientific, technical and production and marketing cooperation of firms.

It is determined that the main modern approaches to the study of alliances, in particular: "international theories of strategic alliances", "intra-company theories of strategic alliances", "behavioral theories" can be applied to consider private firms of strategic alliances. However, when analyzing the practice of creating, developing and functioning of alliances, the most correct approach seems to be the integrated use of several theoretical concepts depending on the current economic situation and environment. (see appendix B3)

Strategic alliances with the participation of Western European TNCs play an important role in the global economy. TNCs of the EU state form an average of 35-40% of all strategic alliances in the world. Strategic alliances of EU TNCs have a significant impact on the development of the global automotive and pharmaceutical industries, and also play a significant role in the global ICT sector.

Scientific and technological strategic alliances are of particular importance in the modern world economy. They provide additional advantages in the joint development of technologies in established industries. Alliances allow TNCs to approximately 14-20 months and the period of organizing new production and reduce the cost of mastering production by 50-70%. At the same time, 93-99% of the quality level of the partner's products is achieved.

Of the 100 largest economies in the world, 52 are multinational corporations, the rest are states. Over 2/3 foreign trade and about half of world industrial production is accounted for by TNCs. They control approximately 80% of technological innovations and know-how.
The total volume of accumulated foreign direct investment exceeds $4 trillion, and the volume of sales of TNCs is 25% of the world, and 1/3 of TNC products are produced by affiliated foreign structures. The volume of sales of foreign structures of TNCs already exceeds all world exports.
For example, half of US export operations are carried out by American and foreign TNCs, in the UK, up to 80% of TNCs carry out similar operations, in Singapore - up to 90%.
TNK enterprises employ more than 73 million people, who annually produce products worth more than $1 trillion. Including related industries, TNCs have provided jobs for 150 million people.

By main economic indicators, such as turnover, income, number of employees, large corporations outperform many developing countries. This is the main concern of experts and analysts about the possibility of negative economic and political pressure of companies on small countries.

Under the control of TNCs are separate commodity markets: 90% of the world market for wheat, coffee, corn, timber, tobacco and iron ore, 85% - copper and bauxite market, 80% - tea and tin market, 75% - crude oil, natural rubber and banana market.

Thus, the following advantages of a corporation as a form of entrepreneurship can be distinguished. The method of financing - the sale of shares and bonds - allows you to attract the savings of numerous individuals. Through the stock exchange, you can withdraw your securities from one firm and invest in another. Easier access to bank capital. Limited liability. Corporate owners risk only the amount they have invested in the purchase of shares. Their personal assets are not endangered even if corporations go under.

Creditors can sue corporations as a legal entity, but not corporation owners as individuals.

The use of mass production technology, the ability to use specialized personnel in each of the areas of activity give advantages in productivity.

It is also necessary to note the shortcomings of the corporation.

In the corporate form of business, there are opportunities for some abuse. Although prohibited by law, the corporate form can be the basis for the repurchase and sale of valueless securities. Since the corporation is legal entity, some unscrupulous business owners sometimes get the opportunity to avoid personal liability for questionable activities. The disadvantages include double taxation: the first time corporate profits are taxed, the second time - part of the owner's personal income (dividends). Note also the inactivity of the typical shareholder. Most of the shareholders do not exercise their voting rights or use them formally. The average shareholder may have only 1,000 of the 15 million ordinary shares outstanding. One vote does not play, in fact, no role. The non-use of the right to vote or the complete transfer of authority to corporate officials leads to the fact that the latter get the opportunity to independently determine the fate of companies. The following inconveniences should also be noted. Corporations whose shares are in open sale waive their rights to trade secrets. The law requires that large, public corporations provide information about their finances and operations to all interested parties. In general, the advantages are not comparable to the disadvantages.

The enormous importance of corporations to the modern market economy cannot be denied. International production under the control of TNCs is the central link in the internationalization of economic life. TNCs significantly modify both the structure of world economic relations and the mechanism of functioning of national reproduction complexes. Increasingly large volumes of international trade in goods, the exchange of scientific and technical knowledge, industrial cooperation ties and capital migration are concentrated within giant transnational companies.

Thus, we can say that we classify a company as a large corporation according to various criteria, from the production of a significant, significant share of the total output of the industry, to large volume indicators that characterize it: the number of employees, sales volume, size of assets.

It should be noted that the first corporations arose quite a long time ago and continued their development with the development of mankind at an accelerated pace. Today, more than ever, we can see the impact large companies to the modern economy. Moreover, this influence affects almost every person living in the modern world. Large corporations not only produce a huge amount of goods and services, but also provide opportunities to reduce the unemployment rate in the country through job creation.

2. Large corporations in the world of modern business

2.1 American corporation model

The main feature of this model is that only the shareholders of the corporation have the right to influence the strategic decisions and policies of the organization. The interests of a corporation are identical to those of its shareholders as an organizational group. Managers and employees who make up the hired group and are called upon to carry out the instructions of the owners are not included in the corporation. At the same time, managers act as agents of shareholders, who are delegated limited rights to operational management corporation.

The key problem of governance in the American model of the corporation is to align the interests of managers as a group with significant de facto power in the corporation, and the interests of shareholders with de jure power. There are many areas in corporate governance where the interests of owners and managers come into conflict. This is due to the fact that managers, in addition to the corporation, are also included in a wider system of social relations, which often has a much stronger influence on the formation of the structure of their interests than internal corporate relations. For example, social status manager in the United States largely depends on the size of the company where he works, and on his place in the hierarchy. Therefore, the corporate manager has a group interest in increasing the size of the company and complicating its hierarchy. This is often done at the expense of retained earnings, i.e. by reducing dividend payments, which may be contrary to the interests of shareholders. Therefore, in American business practice, there are mechanisms that, on the one hand, prevent the emergence of such conflicts, and, on the other hand, contribute to their most effective resolution. Basically, they are associated with the presence of a certain cultural and legal environment. Standards ethical behavior managers in the United States are so high, and the punitive actions of the managerial community are so serious that the use of legal prosecution of managers in case of violation of established norms is extremely rare.

Another special American model is the very high fragmentation of the shareholding of a corporation: in most large companies, the number of shareholders is in the hundreds of thousands and millions, and the largest blocks of shares - in units of percent. This means that none of the shareholders has the ability to control the actions of management. Control becomes real only as a result of the collective efforts of shareholders.

The dispersion of the block of shares, along with high level The development of the securities market has another important consequence - the majority of shareholders are not tied to the corporation by any obligations, except for the investments made in the block of shares, and evaluate their involvement in business only by the size of dividend payments or by the increase in the market value of shares.

In the event of a problem, shares easily change their owners, and new people come to power. This ease of change of ownership has important consequences: in the system of separation of powers within the corporation, the emphasis is shifting in favor of professional management.

However, the opportunity to use this advantage exists until certain limit. In the event that the market value of a share falls sufficiently low and falls below its real market value, the corporation may become the object of a so-called “hostile takeover” (hostile takeover) by an external investor. At the same time, the “corporate invader”, with the support of investment banks, buys up a controlling stake, restructures, changes the management team, which together leads to a sharp increase in the share price. After that, the company can be sold to new owners. In the last quarter of the twentieth century. this procedure has become an independent highly profitable type of business. Specialists of companies involved in this business constantly monitor the corporate stock market and quickly monitor the fall in the share price below their real price. These firms play the role of a kind of "orderlies" of the market, which forces the company's management to maintain the price of the shares of their companies within certain limits.

Thus, the liquid market of corporate shares becomes one of the factors of external control of the activities of corporations and the maintenance of efficiency. The liquidity of the American market is due to the rather high level of development of "economic democracy", which began to be deliberately planted in the United States after the Great Depression of 1929. Its most important element is the information openness of the business, a high volume of mandatory quarterly and annual reporting. This data is available not only to government departments, shareholders and participants in the securities market, but also to anyone. Corporation openness in the US is much higher than in Germany and Japan.

Another major difference of the American model is a direct prohibition for banks to own shares of non-financial companies. This rate was established after the crisis of 1929 as a reaction to the massive speculation of banks in the securities of the company. It eliminated one of the most important areas for conflict of interest: a bank that owns shares in a non-financial company ceases to be an impartial supplier financial resources to the market and becomes interested in suppressing the competitors of "his" company. Banks cease to perform the functions of a financial infrastructure and become the core of the formation of a financial oligarchy. In the USA this legislative norm supported by the practice of resolving bankruptcy lawsuits. A creditor who actively intervenes in the management of the affairs of his debtor before bankruptcy is equated in his rights with other shareholders, and his claims are satisfied along with other shareholders in the last turn. This law and judicial practice effectively block the participation of external financial structures in the management of American corporations.

Finally, the described model assigns a secondary role to the state, which in the American tradition is considered as an undesirable element of corporate construction. The participation of the state should be minimal and limited only by the establishment of "rules of the game" that are the same for all market participants.

2.2 Continental corporation model

In Europe, the model dominates, which is characterized by the inclusion in the corporation of all major interested groups: shareholders, financial structures, organizational workers, the state. All of them are perceived as part of the corporate structure and have certain management rights. The social partnership of government, labor and capital is historically enshrined in the very structures of corporate governance and in the laws governing economic activity in many European countries. Thus, if in the USA the so-called Social responsibility business is something imposed on the corporation from the outside, then, for example, in Germany - it is part of corporate life.

In the continental model, shareholders are only one of the interested groups, and this makes this model fundamentally different from the American one. Banks that provide corporations with additional capital, mainly borrowed, also have the right to participate in strategic management.

Another difference of this model is the inclusion of organized workers in the corporation. A law passed in Germany in 1976 formalized the role of workers in the corporate governance structure. It requires companies with more than 2,000 employees to have "supervisory boards" made up of 50% shareholder representatives and 50% workers. At the same time, the personnel manager of the corporation must be a member of the supervisory board ex officio. The members of the Supervisory Board themselves are elected at representative meetings of shareholders and labor collective. In organizations with between 500,000 and 2,000 people, supervisory boards may consist of only a third of workers. These boards are primarily intended to oversee the company's policy on employment and working conditions, but may also speak on other matters of corporate life.

In addition, workers have the opportunity to influence the policy of the corporation indirectly, through trade unions, which in this country can participate in the share capital of corporations. Thus, special conditions for the interaction between labor and capital are formed, which are significantly different from the US practice. In the post-war years, during the active implementation of the "Marshall Plan", American management specialists tried to introduce in Germany a system of collective agreements used by trade unions, as in the United States, but were surprised to find that in this country there is a different practice based on other social democratic traditions. relationships between company management and workers. It is based on the confrontation between the administration of the enterprise and the workers, and the ideology of the need to develop a consensus. Here, the administration and workers' organizations are linked into a single team, which is focused on achieving public consent in the name of realizing national goals.

The consensus-building process begins at the national level, where the German Industrialists' Association determines the general policy and standards for interaction with trade unions. This activity is taken up by industry associations. Corporations voluntarily agree to follow these guidelines, but firms that deviate from these standards may be subject to public sanctions. In turn, trade unions have a similar mechanism for developing a unified policy towards employers. A key role in it is played by the metalworkers' union, which unites about a third of the blue-collar workers in this country. Thus, in Germany there is an institutional mechanism that actively includes representatives of labor in the management of corporate structures. Similar arrangements exist in the Nordic countries and some others.

In the continental model, the corporation as an institution is inalienable from the state with which it has partnerships, and which often owns significant stakes and has its representatives on the boards of all large firms.

In turn, the state stimulates and supports coordination between companies within individual industries. There are associations where development strategies are worked out. Their decisions have recommendations, but firms that do not comply with these recommendations can be subject to penalties that can greatly complicate the life of a disobedient company. Finance and trade unions are also closely linked to sectoral structure. Taken together, this creates powerful prerequisites for coordinating efforts. There is no such mechanism and cannot be in the US, where it is subject to antitrust laws.

The stock market plays a much smaller role in Europe than in countries using the American model. It is smaller and less liquid. Buying and selling shares involve relatively high transaction costs, and the lack of ongoing information about the state of affairs in corporations makes it difficult to make decisions about transactions. To a much greater extent than, for example, in the United States, the business of obtaining confidential information is flourishing; industrial espionage. Under these conditions, the stock market cannot be a universal regulator. However, no one expects this from him. The fact is that it is dominated by large investors who control all corporations of any significance. These large shareholdings include both individual owners and financial companies, banks, trade unions, state governments, municipalities, etc. For the most part, these shareholders have additional interests in corporations, in their successful work. Therefore, they part with great difficulty with their blocks of shares and prefer to actively intervene in the affairs of the company in case of problems.

The control of current activities in European corporations is carried out by supervisory boards, which at the same time are designed to ensure a balanced representation of interests. different groups. We have spoken above about the extent of participation of labor representatives in supervisory boards. A smaller group, but much more influential in these councils, is formed by representatives of financial institutions, primarily banks. At the same time, they can be present as shareholders, but also as major creditors.

The involvement of banks in the management of a European corporation has significant implications for the governance structure of the economy. Through banks, additional connections are made between related companies, industrial groups are formed that specialize in technology-oriented business sectors. Supporters of the continental model see this as a positive, organizing role of banks and believe that this is one of the main features of this model of corporate building. Legally, it is enshrined in granting banks the right to own shares of non-financial corporations in any amount. In Europe, there is no division of banks into investment and commercial ones, which gives one company the opportunity to provide the entire range of financial services. The latter allows banks to collect information about their customers to a much greater extent than is available to an ordinary shareholder. Thus, banks that have the opportunity to use inside information about the state of affairs in companies receive undeniable advantages in the manipulation of shares. But in accordance with tradition, banks bear not only financial (as creditors), but also moral responsibility to society for the efficiency of companies. Thus, working with troubled companies is an integral part of their activities. Banks create special funds, actively participate in restructuring, provide financial services, etc. .

Germany occupies a special place in the development of corporate construction in modern Europe. Her model is a product of the historical features of a country that was feudally fragmented until the middle of the 19th century. It lagged behind in industrial development in comparison with other leading countries - Great Britain, France, the Netherlands, the USA - by about half a century. Feudal vestiges had a restraining effect on the development of entrepreneurship.

To achieve such political goals as becoming the leader of Europe in economic terms, Germany had to rely on large international capital and public investment. As a result, large banks with international capital, industrial cartels and the state formed a kind of triangle in which all major decisions were made in the direction of investments. Thus, Germany was one of the first world powers in which a coordinated industrial policy was pursued. By definition, Germany is an example of "organizational capitalism", where banks and large corporations play even big role in the organization of the economy than the state.

2.3 Japanese corporation model

During the occupation of Japan after the end of World War II, American specialists took steps to establish a democratic society in this country. Among them was the introduction of the American model of management. Therefore, the previously existing national business organization model was destroyed and a de jure model was adopted in which the shareholders constitute the legal basis of the corporation. However, in combination with a strong national tradition of organizing the life of society, it gave its special variety - the Japanese model of the corporation.

The whole business life of Japan is permeated with the ideas of serving the emperor and the state. State system business support gave preference to projects offered by samurai, who were undividedly devoted to this service, and not to projects from other strata, since the latter could pursue their own selfish goals, which is contrary to state ideology. Therefore, the first large banks and industrial corporations of this country were state-owned. Then the state sold these firms to the private sector, and the principle was established that the types of business that are strategically important for the country should be created and supported at the initial stages of their development by the state. Thus, the Japanese state first creates and then privatizes successful new corporations in the name of achieving public goals, which is exactly the opposite of what is being done in the US or Germany.

Corporations and their role in the Russian economy. Russian corporations in the modern economy

Features of corporations

Classification

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