Investments in civil aviation enterprises. The problem of investment in aviation. Civil aviation market

23.11.202327.05.2017

Abstract of the dissertation on the topic "Management of investment activities of civil aviation enterprises"

As a manuscript

SHITENKOV VIKTOR MIKHAILOVICH

MANAGEMENT OF INVESTMENT ACTIVITIES OF CIVIL AVIATION ENTERPRISES

Specialty 08.00.05 - Economics and management of the national economy (management of innovation and investment activities)

dissertation for the degree of candidate of economic sciences

Moscow - 2005

The work was carried out at the State Academy of Professional Retraining and Advanced Training for Managers and Investment Sector Specialists (GASIS)

Scientific supervisor: Honored Scientist of the Russian Federation,

Doctor of Economic Sciences, Professor

Egorov Anatoly Yurievich

Official opponents: Doctor of Economic Sciences,

Professor

Valinurova Liliya Sabikhovna

Candidate of Economic Sciences Zubenko Vladimir Stefanovich

Leading organization: State Scientific-

civil aviation research institute

The defense will take place on April 2005 at M hours on

meeting of the Dissertation Council D 212.043.01 for the award of the academic degree of Doctor of Economic Sciences at the State Academy of Professional Retraining and Advanced Training for Managers and Investment Specialists (GASIS) at the address: 129272, Moscow, st. Trifonovskaya, 57 room. 201.

The dissertation can be found in the GASIS library. Abstract sent out March 2005

Scientific secretary of the Dissertation Council, candidate of economic sciences, associate professor

Lochan S.A.

GENERAL DESCRIPTION OF WORK

Despite the existence of works in the field of management of investment activities of civil aviation, the economic literature has not sufficiently studied the features of the development of an algorithm for program-targeted management of investment activities of civil aviation enterprises and the development of models for making management decisions in the implementation of their investment projects. At the same time, the introduction of program-targeted management mechanisms and models for optimizing investment decisions at civil aviation enterprises can significantly increase 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 investment activities of civil enterprises

Russian aviation, while defining methods of state support for investment projects of these enterprises;

During the dissertation research, general and specialized literature on the formation of a system of investment flows at civil aviation enterprises and program-targeted 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

national, 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 from federal target programs for the development of the industry and the principles of commercial diagnostics of projects, which made it possible to determine the parameters of the 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 have been determined and justified, providing for the need to use various schemes for financing costs and taking them into account when assessing the performance indicators of investment projects, which made it possible to develop a mechanism for comprehensive diagnostics of projects based on indicators of their attractiveness.

4 . Proposals have been formulated for the development of an algorithm for program-targeted management of investment activities of a civil aviation enterprise, aimed at determining the functional relationship between its production indicators and control influences on the investment activities of this enterprise, which contributed to determining the system of investment flows and assessing the efficiency of use of the enterprise's assets.

5 . Standard models for making management decisions in the implementation of investment projects of civil aviation enterprises have been developed, allowing 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 maximum values of the criterion efficiency.

Testing the work and using the results. The main provisions of the work are reflected in educational lectures and seminars given at the State Academy for Advanced Training and Retraining of Managers and Investment Sector Specialists; proposals for improving the mechanisms of state support for 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 works with a total volume of 1.3 8 pp.

work structure.

Introduction.

Chapter 1. Theoretical foundations for managing the investment activities of enterprises.

1.1. The 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 assessment of the effectiveness of investment activities of civil aviation enterprises.

2.1. Review of methods of state support for investment projects 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 management decisions when implementing 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 (CAEs) 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 share capital of other enterprises, received penalties, fines, penalties, accounts receivable, 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 private companies is to obtain a higher market valuation of the shares of their own enterprise. From the main goal follow the basic objectives of the investment activities of the PGA, the practical implementation of which makes it possible to demonstrate the need to form a system for effective investment management of a given enterprise (Fig. 1).

The study of the stages of investment activity of PGA would not be complete without considering the issues of government influence on the investment activity of the enterprises under study. Therefore, in our work we highlight the features of the formation of the state’s investment policy in relation to such strategically important sectors of the national economy as the aviation industry and the entire complex of civil aviation. Particularly highlighted are the decision-making factors on the investment activities of PGA (Fig. 2).

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 activities of PGAs not only by creating a favorable investment climate and by developing appropriate regulations and providing tax incentives, but also by providing direct government support and financing on a competitive basis. The procedure for financing PGA investment projects from the federal budget is determined by the Government of the Russian Federation.

Rice. 1. Main tasks and stages of investment activities of PGA.

Rice. 2. The role of the state in the development of investment activities of PGAs and the procedure for financing their investment projects from the federal budget.

2. Investment in the development of PGA can be carried out either by private investors or by the state through federal target programs. In any case, the intensity of investment processes is influenced by the factor of the investment climate that has developed in the country. The country’s investment climate, on the one hand, encourages private investors to make positive decisions on financing investment projects, and on the other hand, improving the investment climate makes it easier for the state to resolve borrowing issues and invest the proceeds in investment projects of domestic enterprises. In these conditions, there is a need to disclose the features of constructing an investment policy and implementing investment projects in the PGA, depending on changes in the country’s investment climate.

In this regard, the work 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 PGA investment projects shows, examples of successful cooperation with local authorities can be found. This approach made it possible to find out the attractiveness of PGAs, as well as the directions of their investment policy and its prospects at different levels of management

The investment attractiveness of PGAs is important when developing their investment strategy. Without strategic management of the investment activities of the PGA 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 select an effective way to manage the investment activities of PGAs, taking into account both state support and self-financing opportunities.

3. The study of the theoretical foundations and strategy for constructing the investment activities of PGA allows us to determine methods for managing and assessing 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 methods of state support for the investment activities of PGAs is 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 Federal Target Program at both stages, it is planned to develop an experimental base and methods for experimental research into the creation and repair

restoration work of aircraft equipment. Expected final results of implementation:

Creation of a new generation of knowledge-intensive technologies. solutions, materials and technologies for use in aviation and other industries.

If the investment project of the PGA is financed from several sources (for R&D of aircraft under the Federal Target Program "Aviatekhnika-2015" these are budget funds allocated within the framework of 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 a PGA project increases as its expected completion date approaches.

Budget efficiency - the ratio of the amount of budget revenues from all types of tax deductions associated with the sale of products created as a result of repair and restoration work within the framework of the Federal Target Program 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 joint financing of projects of investment activities of SPA (Fig. 3).

Rice. 3. Mechanism for joint financing of PGA investment projects.

4. After a review of methods for managing the investment activities of state-owned entities, 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 assessment of investment projects. As part of the diagnostics of PA investment projects, the feasibility and effectiveness of the project are usually solved, the parameters of its attractiveness are determined and the conditions for implementation 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 may differ radically in the implementation of these general principles). The principles for diagnosing PGA investment projects can be quite clearly divided into three structural groups. In this regard, in

It is proposed to carry out diagnostics of the attractiveness of the PA investment project both for the project as a whole and for the feasibility of participation in it.

Thus, the basis for the effective management of the investment activities of the PGA is the investment strategy for regulating its projects, providing for the formation

development of mechanisms for their joint financing, taking into account the use of a model for their comprehensive diagnostics. This ultimately makes it possible to competently manage PA investment flows and obtain maximum profit on invested capital based on assessing the feasibility of investing in various aircraft production projects.

5. The quality of management of the investment activities of the PA significantly depends on the information that can be obtained by assessing and processing the parameters of its investment projects. Since such information, as a rule, is inaccurate, which is 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 investment activities of PGA.

The task of creating an optimal air traffic control system is formulated as follows

way. An algorithm for program-targeted management of investment activities (APTCUVD) is developed (Fig. 4) in the form of differential equations, and restrictions and boundary conditions are set; equations describing observation parameters; criterion for optimal management of investment activities and characteristics of random influences. To solve such stochastic problems of optimal management of the investment activity of the PA, 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 the calculation of projects of control influences on investment activities. APTSUVD describes the relationships only of those indicators that can be directly calculated from reporting data on IGA investment projects, i.e. are a subset of many observation parameters. This subset must be sufficiently complete so that from the known values it is possible to calculate the values of the entire set of parameters for monitoring the investment activities 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, ensuring the implementation of the target program of investment activities of this enterprise. The most important characteristic of PGA investment flows is the intensity of transitions of its assets and liabilities from a less efficient to a more efficient state. In Fig. Figure 5 shows the main states in which the assets and liabilities of a PGA may be located.

Rice. 5. Scheme of investment flows of PGA.

At the same time, the work studies in detail the specific indicators characterizing the efficiency of using assets in the investment activities of the IGA, including: the number of days during which the volume of work performed is equal to the amount of cash and short-term investments on the balance sheet of the IGA; number of days during which the volume

the work performed is equal to the amount 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 amount 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) assets of the PGA; return on equity; ratio of borrowed and equity funds; ratio of current liabilities and equity; the ratio of net sales and working capital; current asset adequacy ratio; instant liquidity ratio; the ratio of the total value of non-current assets and equity; ratio of long-term debt and working capital; return on assets.

A fundamental feature of ASUVD is the use of a single algorithm for making operational, tactical and strategic investment decisions. In this regard, the division of investment decisions into PGA into operational, medium-term and long-term, despite all their practical significance, is conditional. The algorithm for managing the investment activities of PGA proposed in the dissertation allows us to significantly 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 draft of which is developed in SILUR of the enterprise.

b. The development of ASHUD allowed us to move on to the development of standard models for making management decisions and implementing investment projects of PGA. The work examines the basics of modeling and identifies those aspects of PGA investment activity that deserve the most attention. The work examines six projects: repair and restoration work as part of a modification (Mod), production of a short-haul Tu-334 aircraft, development of a promising regional aircraft (RS), design and production of a long-haul aircraft (LCA), development

short-medium-haul aircraft (SBMS) and the release of the Tu-324 aircraft. At the same time, 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 budget financing for PGA investment projects is ~ 20%, and the ratio of budget and private financing is gradually changing depending on the readiness of the project. In this case, all investment projects are completed in full and on time, provided that the investor takes part in financing the projects from the very beginning of the PGA projects and in an amount of at least 2/3 of the total cost of investments, and by the time the development work is completed ( R&D), his participation will amount to 7/8 of the total investment cost. When the conditions we have listed are met, the results obtained are presented in table. 1-3, and the models for making management decisions and implementing investment projects of the PGA in Fig. 6.

Table 1.

“Unlimited” financing of R&D by year.

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 restrictions (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's profit is negative with expenses of 1067 million dollars, i.e. For an investor, participation in FIP is unprofitable.

Table 3.

Results of the implementation of PGA investment projects with unlimited financing (budget share< 30%)

Tu-334 RS Mod Tu-324 DMS BSMS

Beginning of OCD, year 4/1 5/5 1/1 1/1 6/6 1/1

End of OCD, year 4/4 11/11 4/4 4/4 12/12 7/7

Continue OCD, years 4/4 7/7 4/4 4/4 7/7 7/7

The 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 profit per unit, $ million. 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, $ million. 11 57 -50 51 -167 -67

Fact, budget profit, $ million. 149 413 155 175 122 427

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's 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 financing amount. Calculations of predicted results for the option of no budget restrictions and a budget share of no more than 75% are shown in Tables 4 and 5, as well as in Fig. Figure 7 presents the corresponding model for making management decisions and implementing investment projects of the PGA.

That blitz 4.

Projected results with unlimited funding and budget share< 75%

Vataga nt Bkshl eff. Invest, eff 1 Cost. OCD £vy. consumables Projects by priority

1 1299 227 1597 871 Tu-334, RS, Tu-324, DMS, BSMS

Table 5.

Results of investment projects with unlimited funding and budget share< 75%

RS Gu-334 dms Tu-324 Mod BSMS

Started OCD, year 5/5 1/1 w/w 1/1 1/1 1/1

End of OCD, year 11/11 4/4 12/12 4/4 4/4 7/7

Poodog-zhit. OCD, years 7/7 4/4 7/7 4/4 4/4 7/7

The 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

Volume of city sales, pcs. 200/200 100/95 50/50 80/80 60/60 J 180/180

Investor profit per unit, $ million 260/260 150/142 225/225 160/160 150/150 306/3ob

Budget profit per ruble, $ million. 500/500 290/276 300/300 200/200 300/300 594/594

Falt. investor profit, $ million 113 27 -52 67 28 43

Fact of spending the budget, $ million. 357 232 7 159 227 317

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. 7. Model for making management decisions and implementing PGA projects when distributing budget funding for aircraft projects, when the share of budget funding at the initial stage of development work is 75%

Let us also consider the possibility of developing a model in the case of limited budget funding. This model examines the list of investment projects and takes into account the budget financing limits included in it and the expected volumes of attracted extra-budgetary funds (in proportion to the budget 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 specified limits.

In practice, the principle of proportional distribution is the basis of the current mechanism for distributing money between PGA investment projects. To make calculations using this principle, you need to give the “proportional distribution” command in the “investment project evaluation” window. The results are presented in Fig. 8, where the real budget constraints on PGA investment projects are indicated.

Rice. 8. Model for making management decisions and implementing PGA projects when distributing budget money among projects for proportional distribution.

All funding is within the limits, but PC and VHI projects are not completed. In addition, the completion of the design and development work on Tu -334 has been delayed by 1 year, and the completion of the design and development work on BSMC by 4 years. This leads to a drop in the market capacity for these aircraft and an increase in the costs of their design (Table 6). In general, the model of management decision-making under proportional

Due to national underfinancing of investment projects, the PGA is on the verge of recoupment of investments.

That blitz b

Predicted results with proportional distribution of budget funds

7. 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 (Fig. 9). This strategy will be based on a combination of various possibilities for financing PGA investment projects from private investors and the state. In addition, the PGA investment activity management strategy takes into account the risks associated with the implementation of investment projects in this sector of the national economy.

Model for making management decisions on PGA projects Algorithm for program-targeted management of PGA investment activities

Budget financing limit - Consideration of investment options for one and (or) several projects in accordance with the Federal Target Program Risk of failure to meet the deadlines for financing and project implementation

Determining the investment strategy for various PGA projects

Development of an effective investment option Maximization of profits and selection of the most promising project management option

Attracting the optimal amount of private investment

Rice. 9. Formation of a strategy for managing projects of investment activities of PGA.

In addition to the investment processes described above, the work analyzes the influence of restrictions and initial data in order to assess the sensitivity of the economic efficiency of PGA 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 greatest impact on the result is exerted by the volume of repair and restoration and scheduled maintenance work on aircraft produced within the framework of existing investment projects and taking into account the PGA investment activity management strategy. Therefore, the work carries out optimization calculations to use the PGA investment activity management strategy with the following initial data: the number of projects is five (the VHI project is excluded as causing the greatest doubt in

feasibility of its implementation) (Table 7). The optimization results are shown in Table 8.

In the tables below - budgetary efficiency is a criterion for the formation and implementation of a strategy for managing the investment activities of PGA (budget revenues minus budget investments). Based on the directive requirements from the state and private investors for investment projects, the numerical value of the budget efficiency criterion is determined. The work proves that budget efficiency, i.e. Budget revenues minus costs for the implementation of PGA investment projects in modern economic conditions and the state of world markets must be no less than 300% of costs.

Table 7.

Parameters of PGA investment projects based on statistical and forecasting quality studies, implementation of the strategy for managing their investment activities.

Project Tu-334 BSMS RS Mod Tu-324

Level of readiness of R&D to begin preparatory production 0.50 0.70 0.60 0.50 0.60

Duration of production preparation, years 1 3 2 2 1

Pre-production costs, $ million. 60 60 40 30 40

Market volume, pcs. 100 180 200 40 80

Market presence, years 10 10 10 10 10

Investor profit per unit, $ million. 1.50 1.90 1.60 3.50 2.00

Budget profit ea units, $ million. 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.

The influence of the PGA investment activity management strategy on the distribution of budget funds, with the exception of

VHI project.

Option Budget effect. Investment efficiency Cost.OKR Budget.expenses. 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, ?S, 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 maximum level of the efficiency criterion K and assume that failure to achieve this level as a result of the implementation of PGA 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 developing a strategy for managing investment activities of P1A, the work proposes to use five substrategies with maximum values of the efficiency criterion. The characteristics of five near-optimal substrategies are discussed in detail in the work. The results of calculations for these sub-strategies within the framework 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 aircraft MO KUTS K, $ million. R, $ million MO[(V)1 - mathematics-

Tu-334 91 199 2.19

RS 200 493 2.47 volume reduction

1 (one) Tu-324 73 152 2.08 carrying out re-

Modifications 40 191 4, 78 mounted - restored

BSMS 123 65 0.53 establishing

Total: 527 1100 and planned - re-

Modifications 36 164 4, 56 installation work; K - expected ena-

Tu-334 91 199 2.19

2 (two) Tu-324 80 173 2, 16 efficiency, both separately for each investment project and as a whole for the sub-strategy; P - expected budget revenues from production

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 repairs

RS 200 404 2.02 but - restored

Modifications 40 191 4.78 nominative and

Total: 404,946 planned - re-

Tu-334 91 199 2.19 installation work

5 (five) Tu-324 80 173 2, 16 one at a time

Modifications 36 164 4.56 to the aircraft.

RS 200 404 2, 02

Total: 364,568

Thus, the strategic management of the investment activities of PGA is based on calculating the efficiency of providing investments, which contributes to the building of

making effective management decisions in the implementation of investment projects of the enterprise. Such an approach makes it possible to create a mechanism for joint financing of civil aviation projects and, based on the possibilities of using budget funds, to build an algorithm for program-targeted management of their investment activities, which allows increasing 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 management 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 pp).

2. Shitenkov V.M. Strategic management of investment activities of civil aviation enterprises. Sat.scient.tr. Issue 4 // M., GASIS, 2004. (0.38 pp).

3. Shitenkov V.M. State support for projects and 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 March 21, 2005. Paper format 60x90/16. Conditional oven l. 1. Circulation 100 copies. Order No. DS-07/05

Publishing house GASIS, Moscow, st. Trifonovskaya, 57.

Dissertation: contents author of the dissertation research: candidate of economic sciences, Shitenkov, Viktor Mikhailovich

Introduction

Chapter 1. Theoretical foundations for managing the investment activities of enterprises 1O

1.1. The 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 assessment of the effectiveness of investment activities of civil aviation enterprises

2.1. Review of methods of state support for investment projects 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 management decisions when implementing investment projects of civil aviation enterprises

3.3. Formation of a project management strategy for investment activities of a civil aviation enterprise

Dissertation: 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 widely implement 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.

To effectively manage the investment activities of civil aviation enterprises, it is necessary not only to determine the goals and objectives of its immediate implementation, but also to take into account current trends in the development of investment activities in the aviation industry, assessing 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.

In strategic terms, it is important for modern Russia to maintain the leading position of enterprises in knowledge-intensive industries, which includes civil aviation. The gross income of the Russian economy will largely depend on the conditions for the further development of civil aviation enterprises, therefore the state must actively support the development of this industry. At the same time, we should not forget about the possibility of attracting private capital for the development of civil aviation and other knowledge-intensive industries.

Management of investment activities of civil aviation enterprises should be built on the basis of the formation and development of investment projects. Determining the priority and feasibility of implementing projects in civil aviation largely depends on the commercial component and the population’s demand for a particular aircraft. In this regard, the most effective way to organize investment activities of industry enterprises will be joint financing of projects.

In this regard, the key direction for the development of the Russian economy is to increase the efficiency of investment activities of civil aviation enterprises through the introduction of modern methods of managing their investment flows, improving the structure of investment decisions, modeling scenarios and forming a strategy for managing investment activities. The study of these issues is of necessary relevance.

The relevance of increasing the efficiency of investment management 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., Afanasyev V., Balashov V., Bard V., Borisov I., Vakhrin P., Ganshin V., Damadaran A., Kovalev V., Koltynyuk B., Lipin A., Makarov E., Malenkov Y., Miroshnikov A., Rusol V., Serov V., Tikhonov V. and others. Certain aspects of the chosen topic are widely covered in academic textbooks and periodicals.

The purpose of the dissertation work is to study methods of organizing and managing the investment activities of civil aviation enterprises, aimed at increasing the efficiency of the implementation of its investment projects in the modern economy through the formation of standard models for making management decisions.

Achieving this goal was carried out by considering a number of logically interrelated tasks that reveal the topic of this work:

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 from the federal budget;

To study the features of strategic management of investment activities of civil aviation enterprises and determine priorities for the implementation of their investment projects in the long term;

Conduct an analysis of management methods and evaluate the effectiveness of investment activities of civil aviation enterprises, while identifying methods of state support for investment projects of these enterprises;

Carry out diagnostics of investment projects of civil aviation enterprises based on determining the parameters of their attractiveness;

To determine the prospects for improving the methods of program-targeted management of investment activities of a civil aviation enterprise in accordance with the selected scenario for the effective management of its investment flows;

To propose a number of models for making management decisions when implementing investment projects of civil aviation enterprises and the conditions for forming a strategy for managing these projects.

The object of the study is the system for managing the investment activities of civil aviation enterprises in the modern Russian economy.

The subject of the study is organizational and economic relations between participants in the investment activities of a civil aviation enterprise on the issue of determining its development strategy.

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, regulations of federal and regional executive authorities devoted to the management of investment projects of civil aviation enterprises.

When solving the problems, 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 process of work, the laws of dialectical logic and general scientific methods were used: scientific abstraction, classification, comparisons, 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 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 based on 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 substantiation of methodological approaches to improving the program-targeted management of investment activities of civil aviation enterprises, based on optimizing the structure of its investment flows and aimed at increasing the efficiency of implementation of investment projects of these enterprises through the formation of standard models for making management decisions in the modern economy .

1. Trends and prospects for managing the investment activities of civil aviation enterprises have been identified and substantiated, taking into account the priorities of state investment policy and allowing one to maneuver the state of investment attractiveness of the enterprises under study.

3. The conditions for effective strategic management of the investment activities of civil aviation enterprises have been determined, providing for the need to use various schemes for financing costs and taking them into account when assessing the performance indicators of investment projects, which made it possible to develop a mechanism for comprehensive diagnostics of projects based on indicators of their attractiveness.

4. Proposals have been formulated for the development of an algorithm for program-targeted management of investment activities of a civil aviation enterprise, aimed at determining the functional relationship between its production indicators and control influences on the investment activities of this enterprise, which contributed to determining the system of investment flows and assessing the efficiency of use of the enterprise’s assets.

5. Standard models for making management decisions in the implementation of investment projects of civil aviation enterprises have been developed, allowing 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 substrategies for managing the investment activities of these enterprises with maximum values of the criterion efficiency.

The theoretical and practical significance of the work lies in the fact that the main theoretical principles 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 feasibility of applying its provisions and conclusions by various enterprises of knowledge-intensive industries when 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 delivering general lectures and special courses in higher economic educational institutions, as well as in advanced training courses for workers involved in the investment field.

Dissertation: conclusion on the topic "Economics and management of the national economy: theory of management of economic systems; 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 (CAEs) 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 share capital of other enterprises, received penalties, fines, penalties, accounts receivable, 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 increasing prices for their products. Thus, in 2004, the growth in profits for PHA products was solely due to the price factor. However, an increase in prices leads to restrictions on demand 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 Government’s decision on complete tax exemption for profits allocated to investments, which has been in effect since January 1, 1993, helps expand their capabilities.

The study of the stages of investment activity of PGA would not be complete without considering the issues of government influence on the investment activity of the enterprises under study. Therefore, in our work we highlight the features of the formation of the state’s investment policy in relation to such strategically important sectors of the national economy as the aviation industry and the entire complex of civil aviation. The work highlights 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 give forward movement 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 activities of PGAs not only by creating a favorable investment climate and by developing appropriate regulations and providing tax incentives, but also by providing direct government support and financing on a competitive basis. The procedure for financing PGA investment projects from the federal budget is determined by the Government of the Russian Federation.

Investment in the development of PGA can be carried out either by private investors or by the state through federal target programs. In any case, the intensity of investment processes is influenced by the factor of the investment climate that has developed in the country. The country’s investment climate, on the one hand, encourages private investors to make positive decisions on financing investment projects, and on the other hand, improving the investment climate makes it easier for the state to resolve borrowing issues and invest the proceeds in investment projects of domestic enterprises. In these conditions, there is a need to disclose the features of constructing an investment policy and implementing investment projects in the PGA, depending on changes in the country’s investment climate.

The overall assessment of the investment attractiveness of PGA is calculated taking into account inflation processes, bank rates, and levels of investment risks. Thus, the investment attractiveness of PGA is a combination of various objective signs, properties, means and capabilities of enterprises that determine the effective demand for capital-forming investments in their projects. Currently, there is no unified methodology for determining the investment attractiveness of PGA. A number of alternative techniques can be used for these purposes.

For example, according to the first method, the investment attractiveness of a PGA is assessed on the basis of a set of various factors that comprehensively determine a given enterprise. For this purpose, the work identifies five groups of characteristics: property relations, demand for products, financial condition, impact on the natural environment, socio-political climate in a civil aviation enterprise. Having analyzed 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 based on its financial condition. One of the very significant characteristics of the financial condition of a PGA is its current profitability. The total level of profitability of the PGA can be assessed 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 the macroeconomic multiplier. The multiplier shows how much the gross domestic product will increase if investments in a given 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 PGA.

The investment attractiveness of PGAs is important when developing their investment strategy. Without strategic management of PGA's investment activities, the effective development of the aviation industry and its rise to a leading position in the world is not possible. However, to solve this problem, it is necessary to diagnose investment projects and select an effective way to manage the investment activities of PGAs, taking into account both state support and self-financing opportunities.

The study of the theoretical foundations and strategy for constructing the investment activities of PGA allows us to determine methods for managing and assessing 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 methods of state support for the investment activities of PGAs is 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 aviation equipment market and, on this basis, the provision of funds to enterprises - manufacturers of aviation equipment and the organization of financial structures that sell aircraft to the domestic market and for export.

The Federal Target Program "Development of Civil Aviation Equipment in Russia for 2002 - 2010 and for the period up to 2015" defines the main directions, goals and priorities for the development of the aviation industry and civil aviation, and also includes a set of measures, the development and implementation of which will be carried out at the federal and regional levels and financed both from the federal budget and from the organizations’ own funds, loans from commercial banks and investors, and foreign loans.

The aviation industry and aviation aviation are one of the leading knowledge-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 investment activities of PGA is one of the priority tasks of the state. The goals of the Federal Target Program are:

Ensuring the production and repair of civil aviation equipment by aviation industry enterprises to meet the demand for it in the domestic/external markets;

Re-equipment of aircraft to provide passenger and cargo transportation and aviation work;

Support and development of scientific, technical and production potential of the aviation industry.

In the process of implementing the Federal Target Program at both stages, the development of an experimental base and methods for experimental research into the creation and repair and restoration of aircraft equipment is provided. Expected final results of implementation:

Ensuring the competitiveness of domestic civil aircraft in the domestic and foreign markets;

Equipping Russian airlines with highly efficient aviation equipment produced and maintained at Russian PGAs, as well as in cooperation with foreign countries, primarily with CIS member states;

Ensuring in 2002-2015 the sale of domestic civil aircraft in Russia and for export in the amount of about 1000 billion rubles;

Direction to the federal budget in the form of taxes on sales and repairs of civil aviation equipment (airplanes, helicopters, engines and avionics) about 300 billion rubles, or an average of 20 billion rubles per year;

Creation by 2015 of up to 500 thousand jobs in aviation and related industries;

Preventing the outflow of convertible currency from Russia in the amount of about 50 billion US dollars by eliminating the purchase and repair of foreign aircraft for the technical re-equipment of the Russian civil aviation fleet;

Preserving the strategic potential of the aviation industry necessary to ensure the national security of Russia;

Creation of a new generation of high-tech 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 Federal Target Program "Aviatekhnika-2015" these are budget funds allocated within the framework of 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 a PGA project increases as its expected completion date approaches.

Thus, a review of PGA investment activity management methods allows us to identify the following criteria for the implementation of investment projects:

Investment efficiency is the ratio of all investor income (dividends, royalties, etc.) to the amount of his investment.

A detailed analysis of the results obtained allowed us to propose a mechanism for joint financing of PGA investment projects.

After a review of the methods for managing the investment activities of PGA, one of the most important issues for improving the quality of these processes is the question 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 assessment of investment projects. As part of the diagnostics of PGA investment projects, the feasibility and effectiveness of the project are usually solved, the parameters of its attractiveness are determined and the conditions for implementation 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 may differ radically in the implementation of these general principles). The principles for diagnosing PGA investment projects can be quite clearly divided into three structural groups. In this regard, the work proposes to diagnose the attractiveness of the PGA investment project both for the project as a whole and for the feasibility of participation in it.

When diagnosing the parameters of the attractiveness of a PGA investment project, the work gives primary importance to the dynamics of the process of generating cash flows. This is ensured by the use of parameters of the attractiveness 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 parameters of the attractiveness 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 calculation schemes for assessing the efficiency 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 enterprise’s income (revenue), which includes the costs of purchasing components and tools and equipment, wages of key workers, energy and fuel costs, depreciation, administrative costs, costs associated with the provision of services and taxes. The paper provides a traditional calculation scheme and a scheme of equity capital when analyzing the effectiveness of investment activities of PGA.

Of great importance in analyzing the effectiveness of PGA investment activities 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 human rights conditions.

The measures envisaged by the PGA investment project to create normal working and rest conditions for employees, providing them with food, living space and social infrastructure (within established standards) are mandatory conditions for its implementation and are not subject to any independent assessment as part of the project results.

Thus, the basis for the effective management of the investment activities of the PGA is 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. This ultimately allows you to competently manage the investment flows of the PGA and obtain maximum profit on invested capital based on assessing the feasibility of investing in various aircraft production projects.

The quality of management of the investment activities of a PGA significantly depends on the information that can be obtained by assessing and processing the parameters of its investment projects. Since such information, as a rule, is inaccurate, which is 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 formulated as follows. An algorithm for program-targeted management of investment activities (APTCUID) is developed in the form of differential equations, and restrictions and boundary conditions are set; equations describing observation parameters; criterion for optimal management of investment activities and characteristics of random influences. To solve such stochastic problems of optimal management of the investment activities of PGA, 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 the calculation of projects of control influences on investment activities. APTSUID describes the relationships only of those indicators that can be directly calculated from reporting data on PGA investment projects, i.e. are a subset of many observation parameters. This subset must be sufficiently complete so that from the known values it is possible to calculate the values of the entire set of parameters for monitoring the investment activities 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, ensuring the implementation of the target program of investment activities of this enterprise. The most important characteristic of PGA investment flows is the intensity of transitions of its assets and liabilities from a less efficient to a more efficient state. The work reflects the main states in which the assets and liabilities of a PGA may be located.

At the same time, the work studies in detail the specific indicators characterizing the efficiency of using assets in the investment activities of the PGA, including: the number of days during which the volume of work performed is equal to the amount of cash and short-term investments on the balance sheet of the PGA; the number of days during which the volume of work performed is equal to the amount of other current assets on the PGA balance sheet; the number of days during which the volume of work performed is equal to the amount 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) assets of the PGA; return on equity; ratio of borrowed and equity funds; ratio of current liabilities and equity; the ratio of net sales and working capital; current asset adequacy ratio; instant liquidity ratio; the ratio of the total value of non-current assets and equity; ratio of long-term debt and working capital; return on assets.

The described algorithm for managing the investment activities of the civil aviation enterprise makes it possible to combine, within a single methodology, the private tasks of managing individual investment projects of an enterprise based on the target function generated by the project financing services of a civil aviation enterprise. The level of detail in its description is sufficient to formulate technical specifications for the development of an automated enterprise control system.

A fundamental feature of APCUIID is the use of a single algorithm for making operational, tactical and strategic investment decisions. In this regard, the division of investment decisions into PGA into operational, medium-term and long-term, despite all their practical significance, is conditional. The algorithm for managing the investment activities of PGA proposed in the dissertation allows us to significantly 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 draft of which is developed in the enterprise's SSPUR.

The development of APTSUID allowed us to move on to the development of standard models for making management decisions and implementing investment projects of PGA. The work examines the basics of modeling and identifies those aspects of PGA investment activity that deserve the most attention. The work examines six projects: repair and restoration work as part of a modification (Mod), production of a short-haul Tu-334 aircraft, development of a promising regional aircraft (PC), design and production of a long-haul aircraft (LMA), development of a short-medium-range aircraft. mainline aircraft (BSMS) and the release of the Tu-324 aircraft. At the same time, PGA investment projects included in the management decision-making model are considered in the work as initial alternatives.

The paper examines a practical situation when the limits of budget financing of PGA investment projects are obviously greater than the sum of all necessary costs for each year. The annual limit of $150 million is taken as an example, which essentially means 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 management decisions and implementing PGA investment projects.

In addition, it is assumed that the average share of budget financing for PGA investment projects is 20%, and the ratio of budget and private financing is gradually changing depending on the readiness of the project. In this case, all investment projects are completed in full and on time, provided that the investor takes part in financing the projects from the very beginning of the PGA projects and in an amount of at least 2/3 of the total cost of investments, and by the time the development work is completed ( R&D), his participation will amount to 7/8 of the total investment cost.

From the materials presented in the dissertation research it is clear that:

Budget revenues amount to $154 0 million with budget expenditures of $530 million, and budget efficiency, taking into account discounting, is almost 300%

The investor's profit is negative with expenses of 1067 million dollars, i.e. For an investor, participation in the federal target program is unprofitable.

Thus, despite unlimited budget funding, such a model turns out to be unrealizable. The reason for this phenomenon, which is not entirely obvious at first glance, is the limitation on the ratio of budgetary and extrabudgetary sources of financing. It is beneficial for the state to quickly implement all projects, and it seems to “forcibly suck in” extra-budgetary money. In reality, a private investor will simply not participate in such PGA investment activities.

Let's 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 financing amount. The work provides calculations of the 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 PGA investment projects.

From the above results it is clear that

Budget profit decreased to $1,299 million, and budget expenses increased 1.7 times (to $871 million);

For investors, projects have become attractive, i.e. almost all projects began to have a positive actual profit, except for the voluntary health insurance project;

All investment projects are completed on schedule, although their ranking by deadlines has changed.

Consequently, we can talk about the optimality of the developed models for making management decisions and implementing PGA investment projects.

In practice, the principle of proportional distribution is the basis of the current mechanism for distributing money between PGA investment projects. To make calculations using this principle, you need to give the “proportional distribution” command in the “investment project evaluation” window. The results are presented in the dissertation research, which outlines the real budget constraints for PGA investment projects.

All funding is within the limits, but PC and VHI projects are not completed. In addition, the completion of the design and development work on Tu-334 has been delayed by 1 year, and the completion of the design and development work on the BSMS by 4 years. This leads to a drop in the market capacity for these aircraft and an increase in the costs of their design. In general, the model of management decision-making with proportional underfinancing of PGA investment projects is on the verge of return on investment.

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 possibilities for financing PGA investment projects from private investors and the state. In addition, the PGA investment activity management strategy takes into account the risks associated with the implementation of investment projects in this sector of the national economy.

In the data presented in the work, budget efficiency is a criterion for the formation and implementation of a strategy for managing the investment activities of PGA (budget revenues minus budget investments). Based on the directive requirements from the state and private investors for investment projects, the numerical value of the budget efficiency criterion is determined. The work proves that budget efficiency, i.e. Budget revenues minus costs for the implementation of PGA investment projects in modern economic conditions and the state of world markets must be no less than 300% of costs.

To develop further recommendations regarding the quality of developing a strategy for managing the investment activities of PGA, the work proposes to use five substrategies with maximum values of the efficiency criterion. The characteristics of five near-optimal substrategies are discussed in detail in the work. The results of calculations for these substrategies within the framework 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 a 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, restoration and scheduled maintenance 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 volume of work on a certain type of aircraft may cause a reduction in the volume of work for aircraft with similar characteristics). Thus, the strategic management of the investment activities of PGA is based on calculating the efficiency of providing investments, which contributes to the construction of a model for making effective management decisions in the implementation of investment projects of the enterprise. This approach allows us to create a mechanism for joint financing of civil aviation projects and, based on the possibilities of using budget funds, to build an algorithm for program-targeted management of their investment activities, which allows us 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

1. Law of the Russian Federation "On the Protection of Consumer Rights".

2. Law of the Russian Federation "On certification of products and services".

3. Law of the Russian Federation "On Standardization".

4. Law of the Russian Federation “On Science and State Scientific and Technical Policy”

5. Federal target program “Development of civil aviation equipment in Russia for 2002-2010 and for the period until 2015”

6. Federal Law of August 15, 1996 N 115-F “On the budget classification of the Russian Federation” (as amended on March 2, 26, 1998, August 5, 2000, August 8, 2001, May 7, 2002)

7. Federal Law of February 25, 1999 N 39-F3 “On investment activities in the Russian Federation carried out in the form of capital investments” (as amended on January 2, 2000)

10. RF PP dated October 15, 2001 N 728 “On the federal target program “Development of civil aviation equipment in Russia for 2002-2010 and for the period until 2015””

11. RF PP dated January 21, 2003 N 29 “On approval of the Regulations on the Commission of the Government of the Russian Federation on optimization of budget expenditures and its composition”

12. Forecast of socio-economic development of the Russian Federation for the period 2003-2005.

13. Decree of the President of the Russian Federation of September 17, 1994 N 1928 “On private investment in the Russian Federation” (as amended on January 20, April 16, 1996)

14. Methodological recommendations on the procedure for organizing and conducting competitions for the placement of centralized investment resources (approved by the Ministry of Economy of the Russian Federation, the Ministry of Finance of the Russian Federation, the Ministry of Construction of the Russian Federation on March 20, March 12, February 26, 1996. NN EYA-77, 7-02-19, VB- 11-37/7)

15. Abalkin J1. I., Aganbegyan A.G. et al. Political Economy. - M.: Politizdat, 1990.

16. Adamov V.E. "Factor index analysis", M. "Statistics", 1971.

17. Ackoff R. Planning in large economic systems. -M. : Mir, 1972. 228 p.

18. Aniskin Yu.P. Investment management: Textbook. M.: IKF Omega-L, 2002. 167 p.

19. Anshin V.M. Investment analysis. M.: Business. 2002, 280 p.

20. Afanasyev V.G. Commercial operation of international air lines. M.: Transport. 1987

21. Afanasyev V.G. International air transport. M.: International air relations. 1992

22. Bakanov M.I., Sheremet A.D. Theory of economic analysis.-M.; Finance and Statistics, 1996

23. Bard B.C. Investment problems of the Russian economy. M.: Exam, 2000.

24. Belenky A.S. “Research of operations in transport systems: ideas and schemes of planning optimization methods” “Mir”, Moscow 1992

25. Betukhina E., Poysik M. “World practice of forming scientific and technological policy”, Chisinau, 1990.

26. Birman G., Schmidt S. Economic analysis of investment projects. M.: UNITY-DANA. 2003

27. Bocharov V.V. Investments. St. Petersburg, Peter, 2003, 288 p.

28. Bryansky G.A. Economic situations. Practical guide. M.: Economics. 1983

29. Budgetary system of Russia educational. Unity 200131. Budget Code of the Russian Federation.

30. Vakhrin P. Investments. M.: Dashkov and Co. 2003

31. Vodachek L., Vodachkova O. “Innovation management strategy at the enterprise”, M. “Economy”, 198 9.

32. Ganshin V.N., Rusol V.A., Lipin A.V. Application of mathematical statistics methods in aviation practice. M.: Transport. 1993

33. Glazyev S.Yu. "Theory of long-term technical and economic development", M. "Vlad-Dar", 1993.

34. Glichev A.V., Kruglov M.I. Product quality management. -M. : Economics, 1979.

35. Goncharov V.V. In search of management excellence: a guide for senior management personnel. M.: MP "Souvenir", 1993.

36. State regulation of the economy, ed. Morozova T.G. Uch.pos. Unity-Dana 2002

37. Damadaran A. Investment assessment. Tools and methods for assessing any assets. M.: Alpina Business Bu. 2004

38. Danilov-Danilyan V.I. Modern management: principles and rules, digest of foreign literature. N. Novgorod. 1992

39. Deeva A. Investments. M.: Exam. 2004

40. Juran D. All about quality: Foreign experience. Issue 2. Top management and quality. M., 1993.

41. Length A.M. Mathematical statistics in technology. M.; "Soviet Science", 1958.

42. Dubrov A.M. Sequential analysis in statistical information processing. M.; Statistics, 1976.

43. Zorin Yu.V., Yarygin V.T. The quality of technological documentation when preparing enterprises for certification. Standards and Quality. 1996, 95.

44. Ivantsevich J., Lobanov A.A. "Human resources of management", M. "Delo", 1993.

45. Ilyenkova N.D. Demand: analysis and management. - M.; Finance and Statistics, 1997

46. Ilyenkova S.D., Gokhberg L.M., Yagudin S.Yu. and others. Innovative management. Textbook - M.; Ed. "Banks and Exchanges", UNITY, 1997

47. Ilyin N.I., Lukmanova I.G. and others. Project management. - St. Petersburg: "Two-Three", 1996.

48. Investment programs in the 2003 budget. “Finance” No. 3, 2003

49. Innovation process in countries of developed capitalism (methods, forms, mechanism). Ed. Rudakova I.E., M. publishing house of Moscow State University, 1991.

50. Operations Research, ed. J. Mauder and S. Elmaghrabi translation from English. "WORLD" 1981 Moscow

51. Iyashvili V.B., Chichelev M.E. “On the principles of formation of budget policy and budget indicators”

52. How does a Japanese enterprise work? Ed. Mondena Y., Shi-bakawa R., Takayanagi S., Nagao T.M.; Economics, 1989.

53. Kanter R. Frontiers of management (books about modern management culture). M.: JSC "Olympus Business". 1999

54. Kasyanchik V.D., Olesyuk E.A. Operational efficiency of international airlines. M.: Bridge. 1994

55. King, D. Cleland. Strategic planning and economic policy. Translation from English. - M.: Progress. - 1982.

56. Kirina J1.B., Kuznetsova S.A. "Strategy of innovative activity of an enterprise" Collection of scientific works. "Formation of an enterprise management mechanism in the conditions of market formation." Ed. Dan. Titova V.V. and Markova V.D., Novosibirsk, 1995.

57. Kovalev V.V. Introduction to financial management. Moscow "Finance and Statistics" 2001

58. Kovalev V.V. Investments. M.: M.: LLC “TK Velby”, 2003, 440 p.

59. Quantitative methods of financial analysis. Moscow Infra-M, 1996

60. Koltynyuk B. Investments. M.: Mikhailov Publishing House. 2003. 848 p.

61. Comprehensive assessment of the effectiveness of measures aimed at accelerating scientific and technological progress. Methodological recommendations and comments on their application, M. “Informelektro”, 1989.

62. Korneeva T.V. Explanatory dictionary of metrology, measuring technology and quality management. M.: Russian language, 1990.

63. Corporate governance. Owners, directors and employees of a joint stock company. - Per. from English - M.: "John Wiley and Suns", 1996, 240 p.

64. Kotler F. Fundamentals of Marketing. Moscow. Progress, 1993

65. Kokhno P.A. and others. "Management", M. "Finance and Statistics", 1993.

66. Kritskov V.F., Yagudin S.Yu. "Features of assessing the effectiveness of the creation and development of new equipment in the tire industry", M. TsNIITENEFTEKHIM, 1991.

67. Kruschwitz J1. Financing and investment. Textbook for universities. - St. Petersburg: Peter, 2000.

68. Kunz G., O'Donnell S. Management: systemic and situational analysis of management functions. M., 1981.

69. Kuritsin A.N. Secrets of effective work: US and Japanese experience for entrepreneurs and managers. M.: Standards Publishing House, 1994.

70. Kuteynikov A.A. "The Art of Being an Innovator", M. "Znanie", 1990.

71. Lapidus V.A. Quality Stars, Standards and Quality. 1997, No. 7, p. 47-53.

72. Lashtduo V.A. Statistical methods, total quality management, certification and something else., Standards and quality. 1996, No. 4, p. 68-70.

73. Lipsits I. Economic analysis of real investments. M.: Economist. 2003

74. Lukashevich I. “Development of N.D. Kondratiev’s ideas in the theories of long waves of innovation”, “Questions of Economics”, 1992, No. 3.

75. Makavrov V.L. Introduction of technical innovations. Economics and organization of industrial production. Novosibirsk: Nauk. 1983

76. Makarov E.V. Basic production assets of civil aviation. M.: Air transport. 1980

77. Malenkov Yu.A., Borisov I.E. Economics of air transport production. Tutorial. St. Petersburg: Academy of Civil Aviation. 1993

78. Makhnova V. I., Chernikov D. A. Efficiency of using fixed production assets. M.: Mechanical Engineering, 1978. - 121 p.

79. Organizational management. Ed. Doctor of Economics, Prof. Rumyantseva Z.P., Doctor of Economics, Prof. Solomatina N.A., M. IKFA-M, 1995.

80. Quality systems management: Textbook. allowance / M. G. Kruglov, S.K. Sergeev, V.A. Taktashov et al. M.: IPC Standards Publishing House, 1997. - 368 p.

81. Murdoch J. Control cards. M: Finance and Statistics, 1986.

82. Meskon M.H., Albert M., Khedouri F. “Fundamentals of Management.” Per. from English M. "Delo", 1992

83. Methodology for a comprehensive technical and economic analysis of the activities of all levels of industry management. Part 1 Comprehensive economic analysis of the industry. - M.: MEP USSR, 1985.

85. Guidelines for assessing the effectiveness of investment projects and their financing, M. "Informelektro", 1990.

86. Miroshnikov A.V. Calculation of the cost of air transportation. M.: Transport. 1979

87. Moiseeva N.K. Functional and cost analysis. Theory and practice. - M.: Electronics, 1984.

88. Moiseeva N.K., Aniskin Yu.P. "Modern enterprise: competitiveness, marketing, renewal", vol. 1 and 2, M. "Vneshtorgizdat", 1993.

89. Moiseeva N.K., Karpunin M.G. Fundamentals of the theory and practice of functional cost analysis. M.: Higher School, 1988.

90. Monden J. "Toyota". Methods of effective management. - M.: Economics, 1989.

91. Morozov Yu.P. "Management of technological innovations in market conditions", N. Novgorod, 1995.

92. Mkhitaryan B.S. Statistical methods in product quality management. M.: Finance and Statistics, 1982.

93. New technology and organizational structures. Ed. Pin-nigs, A. Butandyama. Per. from English, M. "Economics", 1990.

94. Ogaleva JI. Innovation management. M.: Infra-M. 2003

95. Organization and management of mechanical engineering production. Ed. Doctor of Economics, prof. B.P.Rodionova, M. "Mechanical Engineering", 1989

96. Organization, planning and management of an electronics industry enterprise. Under. ed. Stukolova P.M. - M.: Higher School, 1980

97. Basics of entrepreneurship. Dictionary-reference book. M.: Luch-2. 1993

98. Fundamentals of personnel management. Ed. prof. B.M.Genkina, M. "Higher School", 1996

99. Assessment of selection and public financing of investment projects taking into account the multiplier-accelerator effect in depressed regions “Finance and Credit” No. 12, 2002.

100. Panov A. Investment design and project management. M.: Economics and finance. 2002, 200 p.

101. Perminov S.B., Petrov A.I. "Small scientific and technical firms (foreign and domestic experience)", M. "Znanie", 1990.

102. Plan for the production and supply of aviation equipment produced in cooperation with the CIS countries for 2003

103. Podshivalenko G. Investments. M.: Knorus. 2004

104. Popkov V.P. Organization and financing of investments. St. Petersburg: Peter, 2001, 224 pp.

105. Popov V.M. Business planning. M.: FiS. 2003

106. Prigozhin A.I. "Innovations: incentives and obstacles (social problems of innovation) M. "Politizdat", 1989.

107. Promyslov B. D., Zhuchenko I. A. Logistic principles of managing material and cash flows. (Problems, searches, solutions). - M.: Oil and Gas, 1994. - 103 p.

108. Proskuryakov A. M. Accounting for small enterprises. - Vologda: Anlen; Moscow: Zenit - 1992 - 224 e.: ill.

109. Rodionov B.P. Organization and management of mechanical engineering production. M.: Mechanical engineering. 1989

110. Romash M., Shevchuk V. Financing and lending of investments. M.: Misanta. 2004

111. Rumyantseva E. Investments and business projects. In 2 parts. M.: Armita Publishing House, 2001, 349 p.

112. Rusol V.V. Economic efficiency of leasing civil aviation aircraft. M.: JSC "ECOS". 1998

113. Santo B. "Innovation as a means of economic development." Per. from Hungarian M. "Progress", 1990

114. Seregin A.M. "Efficiency of small business", M. "Economy", 1990.

115. Quality system. Collection of normative and methodological documents. M.: Standards Publishing House, 1992.

116. Statistics of science and innovation. Brief terminological dictionary. Center for Science Research and Statistics. M. 1996

117. Statistical methods for quality improvement. Ed. Hitoshi Kume. M.: Finance and Statistics., 1990.

118. Stukov S.A. "Functional-cost analysis", Kalinin, 1982.

119. Twiss B. "Management of scientific and technical innovations", M. "Economics", 1989.

120. Tikhonov V.M. Balashov B.S. The global air transport system and Russian civil aviation. M.: Legal Culture Foundation. 1992

121. Tapman JI.H. Risks in economics, edited by V.A. Shvandera. Moscow Unity 2002

122. Waterman R. “The Renewal Factor.” Per. from English Academy of National Economy under the Government of the Russian Federation, M. "Delo", LTD, 1995.

123. Risk management: Risk. Sustainable development. Synergetics. M.: Nauka, 2000.

124. Feigenbaum A. Product quality control. M., 1994.

125. Financial planning for US small businesses. M.: JV "Crocus International". - 1993.

126. Finance and investment in Russia. Issue 1. Directory. Publishing house "Maksimov Publications". 2004

127. Folomiev A.N., Geiger E.A. Innovation management: Theory and practice. M.: RAGS. 1997

128. Fuller D. Manage or obey. - M.: Foundation "For Economic Literacy", 1992

129. Hoyer V. How to do business in Europe. M.: Progress. 1992

130. Huchek M. "Innovations in enterprises and their implementation", M. "Luch", 1992.

131. Chernov V.A. Unity Investment Strategy 2003-05-28

132. Sharp W., Alexander G. Investments. Textbook. Translation from English. -M.: Infra-M, 1998.

133. Shvandar V. Innovative management. Textbook. Publisher: M.: University textbook. 2004." 382 p.

134. Shvets V.E. "Quality management" in the modern management system. Standards and quality, 1997, No. 6, p. 48.

135. Sheremet A. D., Sayfulin R. S., Negashev E. V. Methodology for financial analysis of an enterprise. - M.: 1992.

136. Schumpeter I. “Theory of Economic Development”, M. “Progress”, 1982.

137. Economics and business (theory and practice of entrepreneurship). Ed. V.D. Kamaeva, M., 1993.140.- Economics and statistics of companies. Ed. prof. S.D. Ilyenkova, M. "Finance and Statistics", 1996

138. Economic yearbook of the business executive: Issue 2/E4 0. Scientific. ed. G. S. Prazdnov; Comp. G.S. Prazdnov, L.I. Kuznetsova. M.: Economics, 1991.

Chapter 1. System of state regulation of civil 10 j aviation activities in the Russian Federation.

1.1. Evolution of methodological approaches to ensuring 10 development of civil aviation activities

1.2. Assessment of the state and trends of civil aviation 33 activities in Russia

1.3. Investment factors for the development of civil 48 aviation activities

Chapter 2. Analysis of the investment capacity of the Russian market 63 of civil aviation activities

2.1. Civil aviation market

2.2. Market of air transportation and air services in Russia

Chapter 3. The role of leasing in the development of civil aviation 115 activities in Russia

3.2. Efficiency of financial leasing of aviation equipment 128 Conclusions and suggestions 146 References

Recommended list of dissertations

Leasing of aviation equipment as a tool for increasing the competitiveness of air transport in the Russian Federation 2006, Candidate of Economic Sciences Chubarov, Nikolai Nikolaevich
Leasing as a factor in the development of entrepreneurship: the example of an airline 2009, Candidate of Economic Sciences Zosimov, Dionis Ruslanovich
Criteria for the development of production and use of aviation equipment in the conditions of the market economic system of Russia 2004, Candidate of Economic Sciences Tishenin, Andrey Alekseevich
Experience and problems of financial leasing: the example of Aeroflot 2007, Candidate of Economic Sciences Kharlashkina, Maria Ruslanovna
Ways of using international leasing by Russian enterprises when purchasing civil aircraft 2000, Candidate of Economic Sciences Pavlov, Igor Gennadievich

Introduction of the dissertation (part of the abstract) on the topic “Investment support for the development of civil aviation activities in Russia”

The need to find scientifically based effective mechanisms for investment support and the development of high-tech sectors of the Russian economy in market economic conditions determines the relevance of the topic of this study. By the beginning of the third millennium, Russia had lost a significant part of the enormous potential that was created during the period of planned development. If the logic of the country's position as a superpower required the active development of industries that could ensure the strategic security of the state with their products, then the period of market reforms and the end of the Cold War relegated development issues at the level of industries and complexes to the background. The state has withdrawn itself from the problems of industrial development, and the emerging private sector is not yet sufficiently developed.

In many sectors, the situation over the 15 years of reforms has not recovered to a level comparable to the pre-reform one. A clear example is civil aviation. The production of new aircraft in Russia has practically ceased, having fallen to zero from a level of one and a half thousand aircraft per year. Air transport accounts for about a third of pre-reform levels and is provided by a fleet of morally and physically obsolete aircraft. According to experts, Russia is currently unable to mass-produce aircraft for technological reasons. This negatively affects the quality of those individual machines that are still manufactured at domestic enterprises. The industry requires radical restructuring and revitalization or will be effectively eliminated in the coming years.

Huge intellectual capital, established foundations of market institutions, rich natural resources, basic elements of production and communication infrastructure, accumulated financial savings in the country,

All these factors create the prerequisites for modernizing the industry at a qualitatively new technical and technological level. The main task is to intensify this process.

In accordance with the Program of the Government of the Russian Federation "Main directions of socio-economic policy of the Government of the Russian Federation for the long term", the country is offered a development scenario based on the release of private initiative and strengthening the role of the state in ensuring favorable economic conditions, including financial and social stability. The emphasis is on Russia's active integration into the world economy while simultaneously protecting Russian interests and ensuring the country's strategic security.

The goals of the Program are achievable only as a result of modernizing the economy, increasing its innovative component, and improving equipment and technologies. Investments of an innovative nature, their breakthrough potential in strategically significant areas.

But in the development of civil aviation, not only technological and innovative characteristics are highly significant. Civil aviation in Russia plays a special role, being, on the one hand, a typical sub-industry that provides transport services to the population and other clients, and on the other hand, it performs the most important function of the country’s integrator, providing transport links between the Center and remote regions, where ground transport communications or absent or extremely poorly developed. It should be noted that such regions include more than 60 percent of the country's territory. Civil aviation is one of the key elements in ensuring the strategic security of the country from the standpoint of infrastructural support for its development.

The industry is in a difficult state and requires significant investment resources for its development. In this regard, the search for effective mechanisms for attracting investment resources in the development of the aviation industry is of great importance.

The degree of development of a scientific problem. Many scientific studies by both foreign and domestic scientists are devoted to the problems of investment activity and investment efficiency, the development of high-tech industries. Among them: V.D. Andrianov,

B. Behrens, G. Birman, K. Van Horn, P. Vilensky, V. Gazman, L. Gitman, F. Damanpour, M. Jonk, R. Kanter, B. N. Kuzyk, V. I. Kushlin, L .Kruschwitz,

A.Ya.Livshits, D.S.Lvov, A.M.Margolin, A.G.Porshnev, D.Rubinfeld,

S. Smolyak, B. Twiss, N. Holt, S. Schmidt, D. Schumpeter, A. N. Folomiev.

This list can be significantly expanded. A number of domestic and foreign researchers reveal the specifics of investment support in the aviation industry, leasing of aircraft equipment, features of the economy of the industry and its interactions, including in the conditions of Russia and the CIS. Among them:

V.S. Bulanov, G. Boulard, E. Matveev, O. Starodomsky, J. Ott, E. Phillips, A. N. Fetisov and others. However, the study of this issue cannot be called exhaustive. Investment support for the development of high-tech industries and the corresponding tools for their regulation are transformed and developed together with the economies of countries under the influence of scientific and technological progress, information technology, and the internationalization of markets. This process requires constant scientific analysis, the development of theoretical explanations for new processes, the search for fresh solutions that use modern achievements of the world economy, theory and practice of industry development.

The main goal of the study is to substantiate the mechanisms of investment and organizational support for the development of civil aviation activities in Russia, taking into account both global experience and Russian specifics. To achieve this, the following tasks were solved:

Analysis of the state of development of the aviation industry in Russia, key influencing factors and trends;

Analysis of global experience in investment support for the aviation industry and assessment of the possibilities of its adaptation to Russian conditions;

Assessment of current trends in the development of the real sector of the Russian economy to take them into account when choosing optimal investment technologies and methods of state regulation of investment processes;

Identification of industry characteristics that influence the choice of investment support methods for the aviation industry;

Development of an investment mechanism for organizing financing of the aviation industry;

Justification of methods of state support for modern investment technologies.

The object of the study is civil aviation activity in Russia as a systemic entity, considered in conjunction with the infrastructure of its functioning.

The subject of the study is organizational and economic relations that arise in the process of investment support for the development of civil aviation activities in Russia.

The theoretical and methodological basis of the study are: a systematic approach, which allows us to consider investment activity in dialectical unity with the processes of organizational formation of the corresponding markets; theoretical research by Russian and foreign scientists on issues of investment activity and state regulation of the development of economic sectors, the functioning and development of financial markets, leasing, problems of efficiency and risks of investment activity, institutional building at the industry level; materials of empirical research on the development of industries and investment activities. During the research, methods such as statistical comparisons, retrospective, diachtronic and cross-factor analysis, grouping, approximation and multifactorial forecasting were used.

The new scientific findings of the study are as follows:

The need for a fundamental change in the currently used economic mechanisms of state regulation of civil aviation activities in Russia is substantiated. It is shown that the need for such changes is predetermined by the inadequacy of the economic content of existing problems in the development of civil aviation - the organizational and legal means of solution used to overcome them. In particular, the industry's key problems of insufficient investment support are expected to be solved, within the framework of the existing system of regulation of civil aviation activities, mainly by certification and licensing of the activities of potential investment recipients. The inadequacy of the means of regulation to the essential characteristics of the object of regulation is one of the main reasons for the crisis state of the object of study.

New methodological approaches to the selection of regulation parameters when forecasting the development of civil aviation are proposed. It is assumed that rationalization of the choice of regulation parameters will improve the quality of forecasts obtained for the purposes of government regulation, based on the industry development model currently used in Russia.

The need to make adjustments to the forecast model for the development of civil aviation currently used for the purposes of state regulation is substantiated, the results of which are reflected in documents of a strategic nature. It is shown that the methodology currently used at the state level for assessing the country's need for aircraft production volumes and investment support for the industry gives significantly underestimated values. An imbalance in estimates of the level of future demand for aviation technology can significantly affect the parameters of the system of state regulation of the development of the industry and restrain its growth.

Measures are proposed to optimize the processes of restructuring and state regulation of the development of the industry, based on the identified quantitative and qualitative parameters of the imbalance in the development of the industry under study, an analysis of the state and trends of the aviation industry, in connection with the air transportation system in Russia.

An analysis of the conditions and features of the functioning of the industry made it possible to identify a number of boundary conditions for its investment support and substantiate the fundamental advantages of leasing support for investments in the aviation industry compared to a loan, which makes it possible to optimize government measures to stimulate the development of the industry.

Based on an analysis of the conditions for the implementation of various leasing projects for aircraft equipment and the dependencies between their parameters, a possible range of conditions for the implementation of projects has been determined in which financial leasing of aircraft equipment will be beneficial to both the lessor and the lessee (area of compromise). A method for calculating the compromise area based on the identified dependencies is proposed.

A number of measures have been proposed to complement the existing system of state investment policy measures aimed at the speedy restoration of the Russian aviation industry and its effective development in modern conditions. The proposals relate mainly to improving the tools for qualitative and quantitative assessments of the current and future development of the subject of regulation, which allows optimizing the parameters of government policy.

The practical significance of the study lies in the fact that its results are translated into specific recommendations for regulating investment processes, infrastructural support and implementation of organizational and structural decisions in the aviation industry, aimed at enhancing development and optimizing investment activity in the industry.

Theoretical conclusions and practical recommendations can be used by subjects of investment activities to improve their efficiency and taken into account when forming a development strategy for business entities and the aviation industry as a whole. Recommendations on state regulation of the investment sphere MOiyr are used by executive and legislative authorities when developing new and making adjustments to existing federal programs, their legal support, as well as when forming state economic and industrial policy. The main provisions of the study may be of interest to researchers, teachers and practitioners, and can be used for the development of relevant special courses on investment activities.

The structure of the work reflects the general logic of the study. The work consists of an introduction, three chapters (including seven paragraphs), conclusions and proposals, a list of references, illustrated with the necessary analytical tables, drawings and diagrams.

Similar dissertations majoring in “Economics and management of the national economy: theory of management of economic systems; macroeconomics; economics, organization and management of enterprises, industries, complexes; innovation management; regional economy; logistics; labor economics", 08.00.05 code VAK

Leasing as an instrument of investment policy in the aviation production and operational complex 2008, Candidate of Economic Sciences Ostrovsky, Alexey Konstantinovich
Technology for assessing the economic feasibility of civil aviation fleet renewal projects based on leasing 2002, Candidate of Economic Sciences Grumondz, Andrey Valerievich
The leasing mechanism as a tool for managing investments in capital goods: The example of civil aviation 2004, Candidate of Economic Sciences Zargano, Mikhail Gennadievich
Organizational and economic mechanisms for managing leasing activities in Russian civil aviation 2004, Candidate of Economic Sciences Samokhin, Alexey Viktorovich
Improving the mechanism for managing leasing relations in air transport 2005, Candidate of Economic Sciences Cherkashin, Dmitry Sergeevich

Conclusion of the dissertation on the topic “Economics and management of the national economy: theory of management of economic systems; macroeconomics; economics, organization and management of enterprises, industries, complexes; innovation management; regional economy; logistics; labor economics", Kuznetsov, Alexander Alekseevich

Conclusions and offers

The conducted research allows us to formulate a number of well-founded conclusions and recommendations regarding aspects of the industry’s functioning that are critical for the development of aviation activities in Russia.

In our opinion, there is some contradiction between the causes of the crisis in the industry recorded in conceptual government documents, and the solutions to these key problems proposed further in the Federal Targeted Program. So the main problems include the lack of funds to update the aircraft fleet and the lack of investment resources to improve equipment. The key causes of the problems directly or indirectly come down to the financial aspect of ensuring the development of the industry. In turn, in the Federal Target Program "Modernization of the Transport System of Russia" and its subprogram "Civil Aviation" (see Decree of the Government of the Russian Federation dated October 15, 2001 No. 728). it is indicated that "... the main principles of ensuring the regulatory role of the state in the field of airline activities is the development of a certification and licensing system and, on this basis, streamlining the number of operators in the air transport market, assisting in the creation of airline alliances." In this case, the means of solution are inadequate to the problems that require solutions. This calls into question the feasibility of implementing the specified federal target program. The work substantiates the need for a fundamental change in the economic mechanisms of state regulation of civil aviation activities that have developed to date in Russia.

It is shown that the inadequacy of the means of regulation to the essential characteristics of the sphere of regulation is one of the main reasons for the crisis state of the object of study. Such a key problem in the development of civil aviation activities as insufficient resource (investment) support should be solved through adequate tools, and not through regulatory actions in the institutional sphere (certification and licensing of the activities of potential investment recipients), which do not have a significant impact on resource factors.

An in-depth analysis of the conceptual, forecasting and regulatory documents existing in the country related to the development of aviation activities made it possible to identify a number of contradictions in the state’s tasks reflected there, in the available and recommended tools for solving problems, and in the proposed approaches.

The paper proposes new methodological approaches to the selection of regulation parameters when forecasting the development of civil aviation. When assessing the need for investment resources for the expanded reproduction of civil aviation activities in the country, it is proposed to focus on assessing the total level of financial costs of the country's airlines in relation to the forecast for the volume of passenger and cargo transportation, interconnected with the forecast for the growth of the country's GDP. The author shows that a well-founded choice of regulation parameters will improve the quality of all information used by government regulatory bodies in management practice.

The need to make adjustments to the predictive model of civil aviation development currently used for the purposes of state regulation is substantiated.

It is shown that the methodology used for assessing the country's need for aircraft production volumes and investment support for the industry gives significantly underestimated values. An imbalance in estimates of the level of future demand for aviation technology can significantly affect the parameters of the system of state regulation of the development of the industry and restrain its growth.

Based on an analysis of the conditions and features of the functioning of a complex of industries related to civil aviation activities, a number of boundary conditions for its investment support have been identified (in terms of volumes, terms of provision and cost of investment resources) and the fundamental advantages of leasing support for investments in the aviation industry compared to credit support have been substantiated. The validity of boundary conditions and investment support tools make it possible to optimize government measures to stimulate the development of the industry.

The rather narrow range of conditions for combining the economic interests of the lessor and the lessee of aviation equipment imposes a number of serious restrictions on the possibilities and directions of state regulation in this area. In particular, the study reveals an almost rigid alternative: either the state will create and launch an investment mechanism from its own resources (on the basis of its special investment institution or by endowing any existing institutions with the necessary resources), which will provide more competitive conditions for financing the creation of new aviation equipment, or domestic The aviation industry will become the property of foreign investors. Let us note that such an institution could also be the institution of state procurement for civil aviation aircraft.

Based on an analysis of the conditions for the implementation of various leasing projects for aviation equipment and the dependencies between their parameters, such a possible range of conditions for the implementation of projects was determined (according to the cost of the purchased equipment and the financial efficiency of its operation, the timing and volume of payments), in which financial leasing of aircraft equipment will be profitable as both the lessor and the lessee (area of compromise).

The operating conditions for the domestic aviation industry set by the current regulatory framework in Russia cannot ensure its sustainable development. The possibility of adopting certain amendments, it seems, cannot fundamentally improve the situation without solving a fundamental issue: the formation of a national system of investment support for expensive projects for the development and production of high-tech, complex products, both civil and military.

Unfortunately, a mechanism for compensating the interest rate on loans, which is quite simple to organize, for example, for the purchase of aircraft, does not solve the problems of the buyer and the lender specific to the area under consideration. It is practically impossible to do without the use of financial leasing. Moreover, as the study showed, leasing itself becomes acceptable only in a fairly narrow range of conditions for its implementation, which requires certain measures of government support to ensure the investment process.

It can be noted here that the mechanism of investment support for development based on leasing obtained for the aviation industry can also be adapted for water and rail transport, the production of other particularly complex and expensive equipment (industrial tractors, excavators, dredges, dredgers, drilling platforms, etc.) .

The global air transportation market is beginning to have a huge impact on the prospects for the development of the domestic aviation industry. First of all, we are talking about the crisis of air transportation in the world in 2001-2003. A consequence of the downturn in the industry was the appearance on the market of a large number of high-quality “second hand” aircraft, 3-15 years old, at low prices. Such aircraft pose serious competition to domestic aircraft not only in the international transportation market sector, where they have advantages in meeting foreign requirements. Imported “second hand” aircraft can seriously compete with domestic aircraft on domestic flights, now in terms of price parameters, operating costs (especially fuel) and terms of purchase (leasing).

It can be noted the need to make adjustments to strategic decisions implemented at the state level, in particular, on the strategy for the development of civil aviation, which is reflected in the Federal Target Program "Modernization of the Russian Transport System". The analysis showed that:

Actual GDP growth rates in 2000-2002 ahead of those predicted at the macroeconomic level.

The forecast significantly (by 20-50%) underestimates the existing world relationship between economic growth and air traffic volumes, which leads to an underestimation of Russia's need for new aircraft. the forecast does not take into account the conditions and consequences of the global air transportation crisis; the forecast is unreasonably accepted as a significant corrective parameter for the forecast values - assessment of the degree of competitiveness of air traffic depending on the length of the transportation route

The above indicates the inadequacy of the mentioned model.

A likely consequence of errors in the initial premises and assessment criteria of the model used to forecast the development of the industry may be: a slight underestimation of the total demand for both passenger and cargo aircraft in Russia for the period until 2015 (estimated by 15-20%)

There is some underestimation of the need to replace obsolete models of domestic aircraft but new ones that meet international requirements, which is associated with a sharp increase in competition from the excess number of foreign aircraft on the market (estimated, a 20-25% increase in the dynamics of retirement of obsolete aircraft and replacement with new ones is required).

It should also be noted that although the long-term nature of the aviation market forecasts allows us to consider it natural that they differ somewhat from the current dynamics of traffic volumes, nevertheless, the fundamental difference between the key influencing factors taken into account in the model from the current situation requires, in our opinion, changes to both the forecast model and and to the Federal Target Program for the Development of Civil Aviation in Russia.

It can be assumed that a more adequate and justified forecast model could be one that would implement a macrodynamic approach to modeling the development of the aircraft fleet, based on coordinating the dynamics of the carrying capacity of a gradually aging operating fleet with the traffic volumes calculated for the period up to 2015.

Due to the high cost of aircraft, the resource intensity of their production and the extensive cooperation of manufacturers, a more accurate general and structural assessment of the need for new aircraft is required. This need should be assessed through the projected development of the deficit in the carrying capacity of the current fleet in relation to the expected demand for transportation, which determines the required composition of the future fleet.

To assess the rational structure of a promising aircraft fleet in terms of passenger capacity, it is necessary to assess the distribution of demand according to the intensity of passenger traffic, which depends not only on the expected volume of traffic, but also on the frequency of aircraft movement on the line. The above requires, in particular, that in the methodology for predicting the rational composition of the aircraft fleet, restrictions on the competitive frequency of aircraft on the airline and appropriate adjustments taking into account the dynamics of development of the environment external to the industry, affecting the passenger flow (cargo flow) estimated for transportation. It is obvious that these parameters are influenced by both the level of development of modes of transport competing with aviation and the level of competition between airlines, as well as the price level of competitive transport, its technical and infrastructural characteristics, the level of well-being of the population, the general economic situation, the level of interregional integration, and a number of other factors.

It is possible that in the long-term modeling of industry development it will be necessary to use a whole set of predictive models, differentiated, for example, for various conditions of traffic intensity, flight load, aircraft passenger capacity class, airline range, certain conditions of the competitive environment, etc.

List of references for dissertation research Candidate of Economic Sciences Kuznetsov, Alexander Alekseevich, 2005

1. Air Code of the Russian Federation;

2. The concept of state transport policy of the Russian Federation, approved by Decree of the Government of the Russian Federation of September 8, 1997 No. 1143;

3. The concept of restructuring the Russian aviation industrial complex, approved by Decree of the Government of the Russian Federation of March 6, 1998 No. 294;

4. Federal target program "Development of civil aviation equipment in Russia for 2002-2010 and for the period until 2015." (Decree of the Government of the Russian Federation dated October 15, 2001 No. 728).

8. Decision of the meeting of the Security Council of the Russian Federation on the issue of defining a general strategy and urgent measures for the preservation and development of aviation and aircraft manufacturing in the Russian Federation dated February 4, 2000;

9. Decree of the Government of the Russian Federation of April 11, 2000 No. 326 “On licensing of certain types of activities.”

10. The concept of state property management and privatization in the Russian Federation, approved by Decree of the Government of the Russian Federation of September 9, 1999 No. 1024;

11. On organizing the development of the draft federal target program “Modernization of the transport system of Russia” (Order of the Ministry of Transport of Russia dated January 5, 2001 No. 5).

12. Law of the Russian Federation of March 22, 1991 “On competition and restriction of monopolistic activities in commodity markets”;

13. On measures of State support for the renewal of the fleet of sea, river, aircraft and their construction (Decree of the Government of the Russian Federation dated 04/09/01 No. 278).

14. Abramov S.I. Investment. M.: Center for Economics and Marketing, 2000.

15. Avdasheva S.B., Rozanova N.M. Theory of organization of industrial markets. M.: IChP "Magister", 1998.

16. Alekperov V.Yu. It's time to liquidate the factories. Expert, 1999, No. 1-2.

17. Ansoff I. Strategic management. M.: Economics, 1989.

18. Balabanov I.T. Risk management. -M.: Finance and Statistics, 1996.

19. Bard B.C. Financial and investment complex. M., 1998.

20. Behrens V., Havranek P. Guide to assessing the effectiveness of investments. M.: Infra-M, 1995.

21. Business plan for an investment project. Ed. Popova V.M. M.: Finance and Statistics, 1997.

22. BICKY. Bulletin of foreign commercial information. Issues for 2000-2003.

23. Birman G., Schmidt S. Economic analysis of investment projects. M.: Banks and exchanges, "UNITY", 1997.

24. Vilensky P.L., Livshits V.N., Orlova E.R., Smolyak S.A. Evaluating the effectiveness of investment projects. M.: Delo, 1998.

25. Vitryansky V.V. Lease agreement and its types. M.: Status, 1999. -299 p.

26. Vorobyov Yu., Karavaeva I., Skrobov A. Collateral lending: foreign experience and Russian reality // Questions of Economics. 1995.- No. 11.

27. Gazman V.D. Leasing: theory, practice, comments. M.: Legal Culture Foundation, 1997.

28. Garner D., Owen R., Conway R. Ernst and Young manuals. Raising capital / Transl. from English M.: "John Wiley and Sons", 1995. - pp. 77-96.

29. Gitman L.J., Jonk M.D. Fundamentals of investing. Per. from English M., 1999. 1008 p.

30. State regulation of a market economy. Textbook for universities. Ed. Kushlina V.I. 2nd ed. - M.: RAGS, 2002.

31. Drucker Peter F. Management challenges in the 21st century. M.: Publishing house. house. "William", 2000.

32. Life tests forecasts // Air transport review. No. 45, 2003.

33. Idrisov A.B. and others. Strategic planning and analysis of investment efficiency. M.: Filin, 1997.

34. Idrisov A.B., Kartyshev S.V., Postnikov A.V. Strategic planning and analysis of investment efficiency. M.: Filin, 1997, p.59.

35. Investment activity in the Russian Federation: conditions, factors, trends. M.: Goskomstat of the Russian Federation, OIPD GMC GKS RF, 2000.

36. Investment design. Ed. Shumilina S.I. M.: JSC "Finstatinform", 1995.

37. Investment projects: principles of analysis. // Investments in Russia, 1994, No. 1-2.

38. Investment business. // General ed. Yakovets Yu.V. M.: Publishing house RAGS, 2002.

41. How they take risks, how they avoid risks. // Expert, 1996, No. 37.

42. Kovalev V.V. Financial analysis: Capital management. Choice of investments. Reporting analysis. 2E ed. - M.: Finance and Statistics, 1997.

43. Kovalev V.V. Lease: law, accounting, analysis, taxation. M., 2000. 272 p.

44. Comprehensive program to stimulate domestic and foreign investment in the economy of the Russian Federation. // Kommersant, 1995, No. 40.

45. Controlling as a tool for enterprise management / E.A. Anankina, S.V. Danilochkin and others; Ed. N.G. Danilochkina. M.: Audit, UNITY, 1998.

46. Kruschwitz Lutz. Financing and investment. Neoclassical foundations of finance theory / Transl. with him. under general editorship V.V. Kovalev and Z.A. Sabov St. Petersburg: Peter Publishing House, 2000. - 400 p.

47. Kuzovkin A.I. Energy saving potential // Economist. 2000. No. 5.

48. Kushlin V.I. Economic strategy of the state at the present stage of reforms. In the book: State regulation of the economy. M.: RAGS, 1998,

49. Lensky E.V., Tsvetkov B.A. Transnational financial and industrial groups and interstate economic integration: reality and prospects.-M.: AFPI Ezhen. "Economics and Life", 1998.

50. Lipsits I.V., Kossov V.V. Investment project. -M.: BEK, 1996

51. Lukinov V.A. Problems of stabilization and development of the investment and construction sector. M.: SIMS LLP, 1998;

52. Mann R., Mayer E. Controlling for beginners. / Per. with him. M.: "Finance and Statistics", 1992. - 208 p.

53. Margolin A.M. Financial support and evaluation of the effectiveness of investment projects. M.: 1997.

54. Margolin A.M., Bystryakov A.Ya. Economic assessment of investments. Textbook for universities. M.: EKMOS, 2001.

55. Margolin A.M., Semenov S.A. Investment analysis. M.: Publishing house RAGS, 1999. -.135 p.

56. Methodological recommendations for assessing the effectiveness of investment projects (second edition). The official publication of the Ministry of Economy of the Russian Federation, the Ministry of Finance of the Russian Federation, the State Committee for Construction, Architecture and Housing Policy. M., 2000. 423 p.

59. The world of project management. Fundamentals, methods, organization, application. / Ed. X. Reschke, X. Schelle. M:, "Alane" - 1994. -304 p.

60. Movsesyan A.G. Integration of banking and industrial capital: modern world trends and development problems in Russia.-M.: Finance and Statistics, 1997;

61. On the threshold of the 21st century. World Development Report 1999/2000. M.: The whole world. The World Bank. 2000.

62. Nikiforova V.D. Formation of a mechanism for long-term investment in the national economy. St. Petersburg, 1997.

63. Novozhilov V.V. Problems of measuring costs and results in optimal planning. M.: Economics, 1967.

64. Panferov G.A. Are methodological approaches to assessing the effectiveness of investment projects perfect? Russian Economic Journal, 1997, No. 2.

67. Porter M. International competition: Transl. from English/Ed. and with a foreword by V.D. Shchetinina. -M.: International. relations, 1993. -896p.

68. Attracting investments in Russia. Markovsky V., Pavlov G., Melnikov A., Ivanov A. - St. Petersburg: BSK, 1996,

69. Attracting investments in Russia. Markovsky V., Pavlov G., Melnikov A., Ivanov A. - St. Petersburg: BSK, 1996,

70. Raising capital. Benefits Ernst & Young. / Per. from English M.: "John Wiley and Sons", 1995.

71. Prilutsky L. Leasing. Legal basis of leasing activities in the Russian Federation. M.: Os-89, 1996.

72. The problem of investment: the director’s view. // Expert, 1997, No. 15.

73. Rekitar A.Ya. Problems of increasing investment activity in the Russian economy. Construction Economics, 1997, No. 8;

74. Smirnov A.B. Leasing operations. -M.: JSC "Consultbanker", 1995.

75. Drawing up a business plan. Manuals Ernst and Young. M.: John Wiley and Sons, 1995.

76. Strategy and tactics of anti-crisis management of the company / Under the general. ed. Gradova, Kuzina. St. Petersburg: Special literature, 1996.

77. Taranukha Yu.V. Economics of industrial markets (in structural and logical diagrams) / Under the general editorship. Doctor of Economics, prof. A.V.Sidorovich; Moscow State University named after M.V. Lomonosov. M.: "Business and Service", 2002. - 240 p.

78. Thomson A.A., Strickland A.J. Strategic management. M.: Unity, 1998

79. Transport in Russia: Statistical collection / Goskomstat of Russia. - M., 2003

80. Fedorenko N.P. Issues of optimal functioning of the economy. M.: Nauka, 1990.

81. Financial and economic mechanism of state support for innovation activity and its regional forms, parts 1-2. M.: RAGS, 1997. - 320 p.

82. Khan D. PiK. Planning and control: the concept of controlling. / Per. with him. M.: "Finance and Statistics", 1997. - 800 p.

83. Khachaturov T.S. Efficiency of capital investments. -M.: Economics, 1979

84. Helfner E. Technique of financial analysis / Transl. from English edited by L.P. Belykh. M.: Audit, UNITY, 1996. - 663 p.

85. Khodov L.G. Fundamentals of state economic policy: Textbook. M.: BEK Publishing House, 1997. - 332 p.

86. Cherkasov V.V. Problems of risk in management activities. M.:, 1999

87. Sharp W., Alexander G., Bailey J. Investments. Translation from English.-M.: INFRA-M, 1999. - 1028 p.

88. Shakhov V.V. Insurance. M.: UNITY, 1997.

89. Sheremet A.D., Sayfulin R.S. Enterprise finance. -M.: Infra-M, 1997.

90. Economic theory of the national economy and the world economy. Tutorial. Ed. Gryaznova A.A., Chechelova T.V. -M.: 1997.

91. World Bank World Bank. Survey of business conditions in the world "World Business Environment Survey" (http://www.worldbank.org/data/).

92. Data on developing markets. Euromoney Internet Securities Inc. (http://www.securities.com/cgi-bin).

93. Eggertston T. Economic Behavior and Institutions. - Cambridge: Cambridge University Press, 1990.

94. International Institute for Management Development. Assessment of the level of competition development, (http://www.imd.ch/wcy/ranking/ranking.cfm).

95. Statistical materials http://www.ieej.or.jp/tmp/

96. Heritage Foundation. Indices of economic freedom of countries. (http://www.heritage.org/news/2000/nrl 10100indexoverview.html).

97. IATA World Air Transport Statistics - Special AGM Edition 1-3. June 2003 -7 // http://www.iata.org/NR/ContentConnector/CS2000/SiteInterface/sites/pressroom/file/wats47agm.pdf

98. McKinsey Global Institute, 1999, Unlocking Economic Growth in Russia (http://mgi.mckinsey.com/mgi/russian.asp).

Please note that the scientific texts presented above are posted for informational purposes only and were obtained through original dissertation text recognition (OCR). Therefore, they may contain errors associated with imperfect recognition algorithms. There are no such errors in the PDF files of dissertations and abstracts that we deliver.

Shapkin Vasily Sergeevich, General Director of the Federal State Unitary Enterprise GosNII GA, Doctor of Technical Sciences, Professor.
Current trends in the air transportation market

In 2001-2010, the average annual growth rate of Russian airline traffic was 10.7% for passenger turnover and 6.5% for cargo turnover. Although the economic crisis of 2009 made negative adjustments to the work of air transport, already in 2010 the air transportation market grew by more than 30% and restored the previous growth trend. At the end of 2010, the volume of passenger air transportation amounted to 147 billion tkm, and cargo air traffic – 4.7 billion tkm, exceeding the pre-crisis 2008 results by 20% in passenger turnover and 28% in cargo turnover.

Competitiveness of domestic airlines in the international transportation market

International departures of passengers from Russian airports

International cargo shipments from Russian airports

Russian airlines generally compete successfully with Western airlines. The share of Western airlines in international traffic through Russian airports still remains significantly below 50%. This is largely ensured by the widespread use of non-scheduled () transportation systems by Russian airlines. However, in recent years there has been a tendency towards an increase in the share of Western airlines in international traffic through Russian airports.

The goals of air transport development are determined by the Transport Strategy of the Russian Federation

You have read 8% of the text.

This is a closed material portal site.
The full text of the material is available only with a paid subscription.

Subscription to site materials provides access to all closed site materials:

- unique content - news, analytics, infographics - website created every day by the editors;
- expanded versions of articles and interviews published in the paper version of the Air Transport Review magazine;
- the entire archive of the magazine "Air Transport Review" from 1999 to the present;
- each new issue of the magazine "Air Transport Review" before the paper version is published and delivered to its subscribers.

Please direct questions regarding paid access to:

"Autopayment" service. Two days before the end of your subscription, the subscription payment for the next period will be automatically debited from your bank card, but we will notify you about this in advance in a separate letter. You can cancel this service at any time in your personal account on the Subscription tab.

financial forecasting bankruptcy

Civil aviation in Russia is the largest sector of the state's 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 a dire condition, which was fully influenced by the economic crisis that occurred in the country in the 90s. The collapse of the USSR, the beginning of economic restructuring and the transition to market relations, corporatization and privatization, changes in the economic management system - all this adversely affected the position of airline enterprises.

The transition of the Russian economy to market relations has led to extremely unfavorable conditions for domestic producers, including air transport products:

· political instability;

· loss of controllability of the economy (trust in the state is reduced to a minimum);

· relatively high level of inflation and price increases;

· lack of a clear legal framework;

· strict tax policy;

· lack of incentive for production and long-term investment;

· 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 dynamics of market processes, enterprise managers are forced to take prompt measures, often without understanding the economic situation as a whole.

The dominant strategy in air transport in the Russian Federation at the moment has become a survival strategy, carried out in conditions of uncertainty and unclear development prospects. Only a few managers are focused on the strategy of integration into the system of global transport and economic relations, which requires managers to focus on international quality standards and the transition to new forms and methods of commercial activity.

A serious symptom of the crisis in Russian civil aviation 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 a centralized extension of its operational life to the required extent, with the participation of the state, was not carried out; operational certificates expired and were not renewed. The practice of individually extending resources for each aircraft separately at the expense of aircraft operators is widely used.

In rare cases, technical modernization (including replacement of engines) allows aircraft of this group to make irregular flights to neighboring countries, mainly to those where fairly liberal operational requirements remain. The lifespan of these aircraft, however, is also limited: the operational life cannot be extended indefinitely, the fuselages and cabins, even after conversion, remain obsolete, 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 the same class , not to mention leasing or one-time rent. The direct consequence of this is a decrease in profitability and safety, and ultimately a loss of market.

Airlines will require 563 units of new aircraft (AC) by 2010, taking into account the increasing decommissioning of the obsolete part of the operating fleet and the planned phased implementation in Russia of ICAO (International Civil Aviation Organization) restrictions on aircraft navigation accuracy, 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) imported aircraft.

Such development of the fleet will ensure an increase in the structure of its carrying capacity of the share of modern aircraft of all types to 60%, which is necessary to qualitatively meet the demand for air transportation, develop regional transportation, increase the efficiency of air transport activities and the accessibility of air transport, and significantly reduce 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 placed on the development and construction of new Russian models. In this regard, it should be noted that the creation of the 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 new aircraft such 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 - Russian regional aircraft, a project of Sukhoi, Boeing and Ilyushin). The launch of the aircraft into mass production was scheduled for 2008. The delivery of new aircraft 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. Having a European certificate will allow the aircraft to be sold for export. The goal set by the Russian-Italian consortium is to occupy 17% of the global short-haul aircraft market. Let us recall that the Sukhoi Civil Aircraft enterprise is in a 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 this, the aircraft will be sent to the first customers. At the moment, Sukhoi, as Vladimir Putin found out as a result of his trip to the Far East, has 98 orders. The first plane will be received by the Armenian Armavia (the Armenians ordered two in total). The catalog price of the SuperJet 100, as explained by Olga Kayukova, director of public relations at Sukhoi, is $28 million, however, in each case, the cost of the order is negotiated separately, and “payment is made in advance.” And the decision about who to deliver the first SuperJet 100 was made based on the order configuration: the simpler it is, the easier it is to manufacture the first aircraft.

Aeroflot, which has ordered 30 aircraft, will also begin to receive aircraft. “Last year we concluded an option with Aeroflot that they would enter into contracts with us for another 15 aircraft,” Sukhoi CEO Mikhail Pogosyan told Vladimir Putin. The Prime Minister was pleased with the activity of Aeroflot.

Also, as Olga Kayukova explained, Sukhoi is negotiating with Rosavia to transfer to it orders from the bankrupt company Dalavia. Another 10 orders belong to Italian companies, some advances have already been received.

At the same time, as Pogosyan clarified, “measures of financial support through Vnesheconombank (VEB) for airlines that are going to purchase the Sukhoi SuperJet 100 are now being discussed.” Moreover, we are talking about support for both Russian and foreign airlines. Poghosyan refused to talk about the methods and volumes of support, but added that such support for airlines purchasing new aircraft is a worldwide practice.

Later, Deputy Prime Minister Sergei Ivanov explained that we are talking 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 be used to increase the authorized capital of Sukhoi Civil Aircraft, and another 3.6 billion from the federal target program “Development of Civil Aviation” will be used to compensate for the rise in cost of aircraft components.

The Russian short-medium-haul aircraft MS-21 should 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 protecting the Russian market from old foreign aircraft. Customs duties for the import of foreign aircraft older than ten years into Russia should be prohibitive, not permissive, he said.

Meanwhile, it is no secret that there are projects to make up for lost time at the expense of foreigners. Like foreign automobiles, aircraft from well-known companies can now be assembled in Russia. Thus, Oleg Deripaska plans to assemble Canadian Bombardiers in Samara, having immediately purchased a plant, a license, and a brand. According to experts, Deripaska expects to open production of Q300 turboprop aircraft designed to transport passengers over short and medium distances. It is planned that these machines will partially replace the currently flying Soviet-made aircraft (Tu-134, Yak-40), which are often more than 30 years old. For Canadians, the Q300 is almost an obsolete model. Bombardier produces more modern aircraft with similar characteristics. We again get far from the best.

In the meantime, domestic airlines see no other option other than leasing new foreign-made aircraft or purchasing used foreign cars.

Today, the main instrument for implementing state transport policy is the federal target program “Modernization of the Russian transport system (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)”.

In terms of civil aviation, during the implementation of the current program, the reconstruction of runways at the airports of Sochi, Pulkovo, Gelendzhik, Mineralnye Vody, Krasnoyarsk, Khabarovsk, Samara, Kurgan, and other air harbors was carried out.

However, regional uneven development of transport infrastructure limits the creation of a single economic space of the country and constrains the development of regional resources. The most significant differences are between the European part of Russia and the regions of Siberia and the 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 transportation. Insufficient government capital investments in airfield infrastructure have led to a threefold reduction in the number of airports in the Russian Federation compared to 1992. This caused a catastrophic decrease in intraregional and local air transportation.

Physical and moral wear and tear of about 70% of artificially paved runways built more than 20 years ago, as well as high wear and tear of ground aviation infrastructure, inefficient composition and unsatisfactory condition of the aircraft fleet negatively affect the economic efficiency of transportation and flight safety.

Despite the fact that the volume of civil aviation traffic in Russia has been growing in recent years at a rate more than twice the world average, its development still does not correspond either to the scale of the country’s territory or to the population’s needs for air transportation.

The growth of passenger air transportation volumes 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 analogues, and the underdevelopment of the airfield infrastructure.

Another problem that we have not yet mentioned is the shortage of qualified personnel that Russian aviation is experiencing. There are many educational institutions in Russia that train personnel for civil aviation. Meanwhile, the problem of training flight and technical personnel for the industry today is more relevant than ever. “In Russia, in the near future there may be a shortage of personnel for pilots,” warned Transport Minister Igor Levitin at one of his meetings with the heads of Russian civil aviation educational institutions. - With the creation of an aircraft manufacturing corporation that will be able to supply equipment for training as much as needed, we may fall behind in the training of pilots from the process of releasing new aircraft, and there will be no one to fly them. The level of pilot training is directly related to flight safety 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”: airlines will not be interested, and the pilots we trained will go to other countries, to their own competitors.”

The hint addressed 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 standard costs 4.5. Fulfillment of the new ICAO recommendation - to spend 240 hours on flight training for 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 must 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 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 is why flight safety suffers. The way out of the situation is to create 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 back in Soviet times is quite suitable: there is both 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 invite 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 deadlines.

As a result of the implementation of the Civil Aviation subprogram, the following indicators are expected to be achieved in the coming years:

Aviation mobility of the population will increase by 62%;

Passenger turnover on international airlines will increase by 41%;

The number of transfer air passengers on connecting international flights and international domestic flights will increase to 3.3 million per year;

After reconstruction, 112 runways will be put into operation;

The 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 Russian regional and local airports will take place, which will increase the number of passengers transported on local airlines by 70%. The modernized fleet of aircraft and ground infrastructure will meet a higher level of ICAO requirements.

In general, it should be noted that the state policy regarding the development of civil aviation in conditions 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, system-forming airports.

It should be taken into account that at present the civil aircraft market has not been formed in the country. There are no stable conditions for relationships between airlines, industry, financial institutions and the state at the stages of production, sales, service and operation of new generation aircraft.

In addition, significant attention should be paid to the problems of developing the air transportation market and aviation services to meet the needs of the population and the country's economy.

The task of consolidation and consolidation of participants in the domestic aviation market has already been recognized by the country's leadership. The catalysts for this rethinking of public policy were various factors. These include concerns about improving flight safety (against the backdrop of an increasing number of aircraft accidents and plane crashes), and 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 regard is the perceived need to create a sufficient number of strong airlines that could act as customers and consumers of significant volumes of products from 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 whom, for socio-economic and cultural reasons, are not characterized by any significant mobility, today there are about 200 officially registered airlines. 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 aircraft, and sometimes even one aircraft. A relatively small portion of aircraft owned by “phantom” companies make sporadic 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 of dequalified (due to lack of flight practice) personnel of this aircraft, which sits idle most of the time without proper service, is associated with an increased risk.

The only exceptions are aircraft owned (directly or through subsidiary airlines) by large resource concerns (Gazprom, Sibneft, LUKoil, etc.), which more or less regularly transport executives (including abroad) , as well as workers to the place of main production activity or to places of rest. Basically, this is Soviet-made equipment with an extended operational life and a valid certificate of fitness, 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, in fact only covers aircraft owned or operated by the 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 for domestic and international passenger and cargo transportation that they occupy or expect to occupy.

Companies included in the top five national rankings based on a set of indicators are usually characterized by a multi-vector nature of their production activities, that is, they operate in more than one market segment - domestic and international, passenger and cargo transportation, scheduled 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 capabilities to purchase 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 cargo transportation market), provision of comprehensive door-to-door services - all these are mandatory attributes of a promising participant in the air transportation market of the 21st century Only large enough companies can do it.

The leadership of the Russian Ministry of Transport has repeatedly publicly stated the advisability of a consistent consolidation of Russian airlines, so that in the near future 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 entirely 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 for the population living in remote and inaccessible 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”, transporting passengers and cargo to large transshipment hubs - “hubs”, from where they would continue on flights of major airlines.

If Russia can implement the overdue 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 government support and careful attitude. Regardless of its share in its capital, the state must significantly reduce the degree of its direct participation in the day-to-day activities of Aeroflot OJSC and stop creating obstacles to its normal development, be it the construction of its own base airport or the acquisition of new competitive aircraft.

The state must also ensure that the promotion of Russian airlines to foreign markets occurs not through the redistribution of Aeroflot's gains (commercial rights for international transportation, slots, etc.), but through the development of new niches and segments.

For their part, the management of Aeroflot and other large companies must take steps to increase the efficiency of their companies, optimize staffing, and eliminate unprofitable or non-core activities. Taking into account the ongoing process of aging of flight personnel, airlines need, with the assistance of the state, to take urgent measures to attract young pilots and navigators to their professional training on new generation aircraft.

It is necessary to clearly understand that without the political and economic support of air carriers - the main promising 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 Russian aircraft and helicopter manufacturing and conquer new ones.

Read also:

C2 Show with three examples the existence of a multi-party political system in modern Russia.
II. The body as an integral system. Age periodization of development. General patterns of growth and development of the body. Physical development……………………………………………………………………………….p. 2
II. The main stages in the development of physics. The formation of physics (until the 17th century).
III dynasty of Ur. Features of the political and socio-economic development of this period.
The Sp2-Hybridized state is characteristic of an atom if the sum of the number of atoms associated with it and the number of its lone electron pairs is equal to 3 (examples).
The 17th century is a “rebellious century.” Social movements in Russia in the 17th century. Schism in the Russian Orthodox Church

Russia has made a sharp turn in its development, moving from a command-administrative system of economic management to market relations. Civil aviation (CA) of Russia was faced with a choice: which path to take? In market conditions, both liberalization of civil engineering management and state regulation of its activities are possible. Before saying the final word, the experience of Civil Aviation 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 that can be learned by “learning from the mistakes of others”?

As is known, 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 engineering workers and entrepreneurs around the world began to be excited by the idea of moving away from the administrative management of this strategically important sector of the state economy and expanding it to than market relations. This idea had its supporters and opponents. Appropriate political and economic conditions were needed under which it would be possible to weaken the measure of government influence and interference in the activities of civil aviation.

And finally, in 1978, the USA adopted 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 existing rules, they did not have the right to stop flying even on lines that were unprofitable for them. As a result, the government was faced with a dilemma: either subsidize unprofitable airlines or allow them to 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 relieve the state budget of 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 airlines received the right to arbitrarily change their tariffs within the limits permitted by law (reduce tariffs by up to 50% and increase them by 5%), provided that the airline carries out more than 70% of traffic on a given line.

Further, a necessary condition for the operation of the law of the market is the presence of free competition. Therefore, when issuing licenses to operate an airline, the authorities sought to provide the opportunity for several airlines to operate on the same 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 and Japan.

An alternative to deregulation is a policy of protectionism and state regulation of all aspects of civil engineering activities. We are talking not only about legal support of the transportation process and ensuring flight safety, but also about legislatively securing the market share of the national airline; restrictions on flight frequency, carrying capacity, and commercial rights for other carriers; licensing of flights on air lines (OL); on differentiation of airport and air navigation charges for foreign and national airlines; on 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 tariff levels, etc.

The Russian Federation, having studied the experience of the pioneers of deregulation and remembering its experience in the field of command and control economic management, has developed a model for managing Russian civil aviation.

At the moment, market conditions are just being formed in Russia, which are still far from civilized ones. There is a need to create a regime of free competition on economically profitable routes and subsidize flights on unprofitable routes.

Certification of aircraft operators has been organized 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. By creating a system for certifying operators, issuing certificates, extending their validity and inspecting them, the state was able to ensure the protection of its own interests, the interests of passengers and consumers of civil aviation services. This system allows you to monitor the activities of the airline in terms of their compliance with the requirements of legislation and regulations, without encroaching on their independence and direct responsibility for ensuring flight safety.

Licenses for flights on domestic and international airlines are being issued. The industry is undergoing economic reform and the privatization of state-owned airlines is underway.

Civil aviation in Russia is the largest sector of the state's economy; the number of workers in it exceeds 257 thousand people. There are 340 airlines registered in Russia, of which 205 airlines operate on international routes, including 39 airlines for flights within the CIS. They have 8.6 thousand aircraft at their disposal. (For reference: 7,334 airlines are registered in the United States.) In Russia, the distribution of aircraft by airline is characterized by the following data:

54 airlines operate more than 10 passenger aircraft
1st, 2nd and 3rd class passengers with a 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 helicopters only.

In general, in the air transport of the Russian Federation in 1996, the volume of work amounted to 71.6 billion pkm, of which 40% was on international flights. Moreover, 1% was carried out by 238 small airlines on an irregular basis; 25% falls on 84 medium and small scheduled airlines; 74% of passenger turnover (53.41 billion pkm) was carried out by 18 largest airlines on a regular basis, including:

1. Aeroflot RMA - 13.85

2. Domodedovo software - 5.41

3. Vnukovsky V L - 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 on international flights. 39 airlines fly within the Russian Federation and the CIS, 135 fly only within the Russian Federation.

When Russian airlines operate abroad, the most popular destinations are Africa (37%), followed by Asia (16%), then the Middle East (13%), Europe (12%), America (11%) and Oceania (10%).

For the long-term existence of an airline, primarily in international air transportation, it is necessary to have effective management of the enterprise that meets numerous requirements.

Success factors in the air transport market are:

Concentrating efforts on profitable activities and traditional sources of income;

Creation of an intercontinental airline network and focusing on strategically important regional routes;

Entering into strategic alliances and cooperation with other carriers;

Improving computer reservation management systems in order to increase profitability, the so-called “Yieled-Management Systems”;

Creation of highly developed systems and sales channels;

Innovation management and marketing;

Increased attention to customer needs;

Concerned personnel;

Favorable “Image” of the airline.

Russian airlines operating international air transportation are currently at different stages of development. Some of them continue to be owned by the state and, apart from a change of name, little has changed in their work. Other airlines have taken significant steps towards creating independent joint stock companies and moving towards the typical structure of Western airlines.

Any attempt to classify existing airlines is problematic. Currently there are five categories:

1. Major 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 Russian regions. With the exception of Aeroflot and St. Petersburg Airlines, 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 more than 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, also participate in
charter activities, where and when such opportunity is available.

3. Small domestic airlines, usually with a limited network of routes, but also frequently operating flights 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 extend their range.

4. Air cargo carriers, usually operating on a charter basis, but also operating international air services and sometimes providing the only connection to remote communities. Some of them also carry passengers in limited quantities.

5. New companies and joint ventures. Transaero is probably the most striking example of an airline not associated with Aeroflot that has received permission to operate international passenger services.

A significant factor in this segmentation was the change in ownership relations. Previously part of the monolithic public sector, Russia's 340 airlines now represent all layers of private ownership from the fully independent Transaero enterprise to partially privatized airlines such as Vnukovo to numerous

enterprises that remain entirely state-owned.

The most obvious market trend over the past four years - and this trend always creates a strong sense of uncertainty - has been the decline in demand for transportation. Some forecasts show that even under the most optimistic estimates, demand will not reach previous levels for the next 20 years.

But such pessimistic assessments do not take into account the multiple changes currently occurring in the economic and social life of the country. Despite the overall decline in gross national product throughout the former Soviet Union, two factors are at work that will cause the airline sector to grow at a faster pace.

Firstly, when determining the gross national product, experts tend to rely on officially published information on the public sector of the economy. Data accounting for the privatized sector of the economy lags behind reality; the returns from new privatized enterprises and the vast “shadow” sector of the economy are underestimated. Forecasts recently published in the London Scool of Economics show that the development of this sector of the Russian economy alone could increase the growth of total gross national product by up to 10% per year. In addition, 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 the former USSR. For two generations, the population experienced severe restrictions on movement - both within the country and abroad. Currently, the desire to travel is limited only by the economic capabilities of the passenger. As new independent airlines compete to increase their revenues, there are many opportunities to travel, often at very modest prices by European standards.

To truly assess the potential for traffic recovery, it is necessary to recognize the significant differences between three market segments: 1) domestic traffic; 2) international transportation within the CIS countries and former USSR countries; 3) transportation on other international routes.

Domestic transport volumes have fallen, and even where there is a pressing need for transport, demand is constrained by inflation. In 1996, passenger traffic on domestic routes was down a further 26% from the previous year, although slight increases on some routes suggest that the trough has already been passed.

The opposite picture is observed in the growing international transport market. 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 to 1995, passenger transportation at the Ministry of Internal Affairs increased by 49.9%, cargo - by 100.5%. A significant part of this transportation is based on “shuttle” flights or trips abroad for the purpose of purchasing various consumer goods for subsequent resale. It should be noted that there is also an increase in real demand for foreign transportation, especially charter.

Statistics of international transport by regional departments show that 75% of passenger and 50% of freight traffic falls on the Moscow City Regional Department.

The number of foreign trips in 1980 was 2 million, this figure has now doubled, and by the year 2000 the figure is expected to increase another 2-3 times.

Taking into account the above considerations, it is possible to make a forecast according to which the volume of passenger transportation on international air routes will be 38-40 billion pkm by the year 2000 (an increase of 2.5 times 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 is predicted). Freight 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 destruction of the command structure and the emergence of markets, often quite primitive, created many new difficulties, including a lack of quality equipment, infrastructure, leadership skills and funds. If transportation demand recovers, the more severe effects of infrastructure lags will become apparent.

As traffic volumes increase, many airlines will find it difficult to supply equipment of high quality and in sufficient quantities to meet passenger demand and expectations. Aging equipment, poor maintenance and poor economic management will quickly turn a situation of oversupply into a situation of severe equipment shortage, although this may seem unlikely given the existing stock of unused equipment at virtually all airports in the former Soviet Union.

Given current levels of demand for air traffic, there is no shortage of aircraft, but there is a significant need for investment in new aircraft - mainly due to issues with maintenance, fuel efficiency, overall quality and end of life.

Some air 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 on leasing terms.

Due to difficult economic conditions, Russian airlines are now having a hard time living.

The airline's operating costs for international flights are high, of which more than 25% are costs for fuel and lubricants, 17% for technical maintenance, 11% each for airport maintenance and labor costs with deductions for social needs, 9% for depreciation of fixed assets. The need to pay taxes is a heavy burden on the shoulders of enterprises.

The crisis of non-payments, which has affected all sectors of the Russian economy, has led to the formation of accounts payable among airlines equal to 26.7% of their income. Accounts receivable account for an average of 24% of their total income. From time to time, problems arise with the solvency of airlines. The actual current ratio averages 1.00, with a standard value of 2.00.

There is also a big problem at the level of product distribution - 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. The majority of Russian airlines, as well as airlines of the newly independent states, are forced to rely on the Central Ticket Sales Agency, which has been preserved from previous times, in the absence of a network of independent agencies connected to each other.

For many senior executives accustomed to operating 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 operations. It would also be useful to gain some experience in monitoring the booking or use of financial results of activities. The level of technical education and practical knowledge is very high, but there is a fundamental need for rapid development of management skills in the marketplace. Many airlines that have just entered the international air transportation market have extremely limited experience and knowledge in the field of the specifics of commercial operation of international airlines.

It must be remembered that the international airline sector can develop much faster in Russia than anywhere else, although any investment will require serious long-term intentions from investors and clear prioritization, that is, the growing demand for new aircraft is an urgent need infrastructure development, the need for leadership support in the broadest sense.

However, recently there have been favorable trends towards improving the general economic situation in Russia, which also fuels hopes for solving some of the problems of airlines.

The main direction for 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 serviceability and repair manufacturability through the introduction of progressive designs and more efficient operating systems for reliable condition monitoring and early detection of faults.

During 1996, 23 aviation accidents occurred with Russian civil aircraft, including 6 accidents in which 187 people died. The absolute safety indicators for all types of flights are as follows:

1995 1996

Number of aircraft accidents 33 23

Number of disasters 6 6

People died 44,187

Incidents 768 702

Aircraft damage 74 76

The data presented indicate that in the industry as a whole, the state of flight safety for eight months of 1996 deteriorated compared to the same period in 1995 (although the total number of aviation accidents decreased by 1.27 times, but the number of disasters remained the same, and the number of fatalities the number of people in them has increased more than 4 times).

An analysis of materials from the investigation of aviation accidents and incidents, the results of scheduled inspections of the activities of air transport operators show that the basis for these crew violations lies primarily in the low level of organization of work at airline enterprises and insufficient control over the activities of crews by flight command personnel,

As a result, the determining factors in aviation accidents associated with human factors have once again become:

Violations of flight rules in mountainous areas;

Flights in weather worse than the established minimum;

Exceeding the permissible flight weight of the aircraft;

Flights with insufficient fuel on board;

Insufficient pre-flight and (or) pre-landing preparation and, as a result, making unreasonable decisions when planning and executing a flight.

Failures of aircraft in flight, which in the past period led to a number of accidents with helicopters, continued to have a significant impact on the decline in the level of flight safety in 1996.

The reasons for most of the shortcomings have already been studied, but the implementation of measures to completely eliminate them is 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 into flight operation practice of electronic computer technology during international flights, the efficiency of each flight is significantly increased while complying with the necessary safety and regularity requirements flights. This is accompanied by further improvement of aircraft schedules based on more accurate consideration of wind distribution, temperature and expanded options for choosing 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 modes taking into account the requirements of efficiency.

Given the actual commercial load of the aircraft, a necessary condition is a comprehensive consideration of the optimal fuel supply, flight modes, taking into account their influence on the engine life and other factors, solving the problems of optimizing the laying of each air route on international flights in terms of its length and the required maneuvering in the landing aerodrome area, improving the quality of navigation control over the execution of each flight, corresponding to the improvement of the organization of flight operations.

In the field of organizing passenger transportation, significant attention is paid to the sale of airline tickets. The automated system for booking and selling tickets for flights within Russia is being improved. Work is underway to improve the relationship between reservation and sales systems for all airlines, and mutual settlements between them will be significantly accelerated and simplified through the Clearing House created in Russia. In addition, the country has a BSP (Billing and Settlement Plan) Governing Council, which is involved in the implementation of the Russian 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 maximally meet the growing needs of the population and the economy for 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 airlines are now having a difficult life.

In the current conditions in Russian civil aviation, a study devoted to the economic mechanism of an airline’s operation is undoubtedly relevant, especially if it carries out transportation on international airlines.

Recently, individual works on this topic have begun to appear, but they are devoted to specific issues and do not contain a unified 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, with constantly changing political and economic conditions, there is a need to review old and formulate new recommendations for airlines today.

Abstract of the dissertation on the topic "Management of investment activities of civil aviation enterprises"

Dissertation: contents author of the dissertation research: candidate of economic sciences, Shitenkov, Viktor Mikhailovich

Dissertation: introduction in economics, on the topic "Management of investment activities of civil aviation enterprises"

Dissertation: bibliography in Economics, Candidate of Economic Sciences, Shitenkov, Viktor Mikhailovich, Moscow

Recommended list of dissertations

Leasing of aviation equipment as a tool for increasing the competitiveness of air transport in the Russian Federation 2006, Candidate of Economic Sciences Chubarov, Nikolai Nikolaevich

Leasing as a factor in the development of entrepreneurship: the example of an airline 2009, Candidate of Economic Sciences Zosimov, Dionis Ruslanovich

Criteria for the development of production and use of aviation equipment in the conditions of the market economic system of Russia 2004, Candidate of Economic Sciences Tishenin, Andrey Alekseevich

Experience and problems of financial leasing: the example of Aeroflot 2007, Candidate of Economic Sciences Kharlashkina, Maria Ruslanovna

Ways of using international leasing by Russian enterprises when purchasing civil aircraft 2000, Candidate of Economic Sciences Pavlov, Igor Gennadievich

Introduction of the dissertation (part of the abstract) on the topic “Investment support for the development of civil aviation activities in Russia”

Leasing as an instrument of investment policy in the aviation production and operational complex 2008, Candidate of Economic Sciences Ostrovsky, Alexey Konstantinovich

Technology for assessing the economic feasibility of civil aviation fleet renewal projects based on leasing 2002, Candidate of Economic Sciences Grumondz, Andrey Valerievich

The leasing mechanism as a tool for managing investments in capital goods: The example of civil aviation 2004, Candidate of Economic Sciences Zargano, Mikhail Gennadievich

Organizational and economic mechanisms for managing leasing activities in Russian civil aviation 2004, Candidate of Economic Sciences Samokhin, Alexey Viktorovich

Improving the mechanism for managing leasing relations in air transport 2005, Candidate of Economic Sciences Cherkashin, Dmitry Sergeevich

List of references for dissertation research Candidate of Economic Sciences Kuznetsov, Alexander Alekseevich, 2005

Competitiveness of domestic airlines in the international transportation market

The goals of air transport development are determined by the Transport Strategy of the Russian Federation

Where to go from Venice

Open left menu Murcia What and where to eat

How to get from Alicante airport to the city