Financial strategy for modernization of fixed capital of Russian enterprises to strengthen their technological sovereignty

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Abstract

The study focuses on the problem of maintaining Russia’s forward position in the Fourth Industrial Revolution. The study is devoted to the development of scientific and practical recommendations for improving the financial support for the modernization of fixed capital of Russian enterprises. A review of all-Russian statistics of Rosstat for 2017-2022 is conducted and processed using trend and regression analysis methods. Capital expenditures on R & D act as an indicator of financial support, and the involvement of enterprises in technological innovations, depreciation of their fixed capital and the intensity of its renewal act as an indicator of the results of technological upgrading of fixed capital. The financial perspective of technological modernization of Russian enterprises is revealed. A conclusion is made about the need to strengthen the technological sovereignty of business entities; a significant increase in financial support for their activities to modernize fixed capital is required. The study systematizes trends in the modernization of fixed capital of enterprises in Russia in 2017-2022, the imposition of which on future periods revealed the threat of Russia losing its global technological leadership. A model has been compiled that quantitatively characterized the technological response to scaling up the financing of modernization activities in Russia. Taking this into account, a financial strategy for the renovation of the fixed assets of Russian enterprises has been developed to strengthen their technological sovereignty in the period up to 2027. The strategy includes a target for increasing capital expenditures of organizations on R&D and the expected return on it in the field of modernization of the fixed capital of firms in Russia in the period up to 2027. The developed strategy supports the implementation of the Concept of Technological Development of Russia until 2030, allowing to improve its financial support.

About the authors

Tatiana N. Litvinova

Volgograd State Agricultural University

Author for correspondence.
Email: litvinova1358@yandex.ru
ORCID iD: 0000-0003-3101-2621
SPIN-code: 4664-6917

Doctor of Science (In Economics), professor of the Management and logistics Department, Faculty of Applied Economics and Management

26 Universitetskiy ave., Volograd, 400002, Russian Federation

Olga V. Konina

Moscow Pedagogical State University

Email: koninaov@mail.ru
ORCID iD: 0000-0002-9058-936X
SPIN-code: 9219-0754

Doctor of Science (In Economics), professor of the Economic theory and management Department, Institute of Social and Humanitarian Education

1 Malaya Pirogovskaya st., bldg. 1, Moscow, 119991, Russian Federation

Yuliya A. Kopytina

Vyatka State University

Email: ja_kopytina@vyatsu.ru
ORCID iD: 0000-0001-8578-1106
SPIN-code: 4452-9708

Doctor of Science (In Economics), professor of the Economics Department, Institute of Economics and Management

36 Moskovskaya st., Kirov, 610000, Russian Federation

Elena S. Akopova

Rostov State University of Economics

Email: Akopova_rsue@icloud.com
ORCID iD: 0000-0002-4562-5077
SPIN-code: 2483-2002

Doctor of Science (In Economics), professor of the Commerce and logistics Department, Faculty of Trade

69 Bolshaya Sadovaya st., Rostov-on-Don, 344002, Russian Federation

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