Coordination of economic interests in the process of movement of fixed capital of industrial enterprises as a goal of state economic policy

Ivashchenko Andrey Olegovich ORCID: 0009-0006-2332-0519 Postgraduate student; Department of Economic Theory; Federal State Educational Budgetary Institution of Higher Education 'Financial University under the Government of the Russian Federation' 119415, Russia, Moscow, Prospekt Vernadskogo district, Leninsky prospekt, 98 room 1, sq. 52 ivashoan@mail.ru

Introduction

The coordination of the economic interests of the subjects of the movement of fixed capital of industrial enterprises is an important aspect of the state economic policy aimed at ensuring sustainable economic growth. The category of "interest" in science has many meanings and covers various aspects of human life, including motivation, goals, needs, and social relationships. Interests can be both individual and collective, and they play an important role in shaping behavior, decision-making, and interaction between subjects. From the point of view of philosophy, interest can be defined as an aspiration or desire that motivates the subject to act in a certain direction. This may be related to satisfying needs, achieving goals, or getting pleasure. Interests can be roughly divided into social, economic, cultural, and political. Each type of interest has its own characteristics and influences the behavior of individuals and groups. In social philosophy, interests are considered as the basis of social interactions and conflicts. Interests can be both a source of cooperation and a cause of contradictions between different groups. Existential philosophers such as Jean-Paul Sartre consider interests as part of human freedom and responsibility.^[1] Adam Smith, in his work The Wealth of Nations (1776), emphasizes that economic interest is the driving force behind human activity, and that individual interests, the pursuit of profit and well-being contribute to the common good of society. Economic interest is an important category in economic theory that reflects the desire of individuals, groups, or organizations to obtain material goods and resources. Different authors and economists define economic interest in different ways, depending on their theoretical approaches and context ^[2].

Interests can be either compatible or contradictory. Karl Marx emphasizes that class interests lead to conflicts, while other theories emphasize the possibility of cooperation and compromise ^[3]. Within the framework of the theory of the social contract, the economic interests of individuals are considered as the basis for the formation of society and the state. Philosophers such as Thomas Hobbes and Jean-Jacques Rousseau discuss how individual interests can be combined to create a common good^[4].

With the globalization of the global economy, interests are becoming more complex and hierarchical. Representatives of the Frankfurt School analyze how interests are formed and manipulated within cultural and social structures, emphasizing the importance of critical analysis of interests in the context of power and ideology ^[5].

From the point of view of adherents of institutional economics, the actions of economic entities are carried out within the framework of a contract. The contract, due to the existing rules and laws, is a reflection of compliance with the interests of the subjects of interaction. However, in practice, each subject primarily pursues its own interests, allowing for its own benefits arising from the asymmetry of information ^[6]. It is proposed to study the consistency of the interests of the subjects of the movement of fixed capital of industrial enterprises from the perspective of the institutional economy, since this will allow to identify existing institutional traps and omissions in the existing rules of interaction of subjects.

The subjects of the movement of fixed capital of industrial enterprises include: the state, enterprises (owners of means of production), financial institutions, institutes of science and education. The interaction of subjects should be a coordinated mechanism that meets the needs of these subjects. In this context, it is necessary to determine how the fixed capital contributes to meeting the needs of each of the economic entities.

A.N. Bychkova, within the framework of the economic mechanism of the sphere of reproduction of fixed capital, considers state bodies as subjects of influence over the object – industrial enterprises. The fixed capital is also considered as an object of influence. ^[7]. It should be noted that if we consider the fixed capital of industrial enterprises as an object within which the interaction of subjects takes place: government structures of various levels, industrial enterprises, investors, financial structures, employees, then we can identify the most powerful subjects of interaction that have a greater degree of influence on the development of fixed capital. State institutions play one of the most significant roles in the development of the fixed capital of industrial enterprises ^[8].

At the same time, it should be emphasized that in the current economic and political situation: in the context of sanctions, the need for import substitution, the growing need for an innovative breakthrough, as well as the importance of information, the integration of industrial enterprises and interaction within the framework of fixed assets play an important role, as described in the article by Kozlov A.N. "An economic entity in the structure of neo-institutional impact" ^[9]. Based on this material, it can be concluded that in addition to vertical relationships, horizontal relationships are formed within the interests of the subjects of fixed capital.

Bodrunov S.D. points out that in the modern new economic order, knowledge-intensive production plays a fundamental role, which requires active industrial policy in the context of the formation of this production, which is based not only on material values, but also on knowledge ^[10]. In this regard, it seems necessary to include educational organizations and institutes in the subjects of the movement of fixed capital of industrial enterprises ^[11].

Problem statement

Currently, the issue of developing the fixed capital of industrial enterprises is fundamental to solving problems related to the self-sufficiency of the country's economy and the accumulation of national wealth. Under the conditions of sanctions and import substitution, the role of national industry has increased and there is a need to form both a practical and a theoretical basis for the successful operation of industries and the formation of stability of industrial development in the long term. Having analyzed the economic interests of the subjects of the movement of fixed capital of industrial enterprises, it is possible to form a model of qualitative interaction of subjects for the effective implementation of state economic policy.

The purpose and objectives of the study

The purpose of the study is to identify the basic principles of coordinating the economic interests of the subjects of the movement of fixed capital of industrial enterprises as an element of the state economic policy of its development.

Within the framework of this goal, the solution of the following tasks is proposed:

- clarify the definition of "fixed capital of industrial enterprises", "movement of fixed capital of industrial enterprises";

- definition of subjects of movement of fixed capital of industrial enterprises;

- analysis of the interests of the subjects of the movement of fixed capital of industrial enterprises.

Methodology and research conditions

Using a comparative descriptive research method, the categories "fixed capital of industrial enterprises" and "movement of fixed capital" were analyzed. Using the dialectical method of formalization, the role of the state in coordinating the interests of the subjects of the movement of fixed capital of industrial enterprises was determined.

The graphical representation of the information demonstrated ways to coordinate the interests of the subjects of the movement of fixed capital of industrial enterprises.

The analysis of statistical information has highlighted the Russian institutional environment in which the movement of fixed capital of industrial enterprises takes place.

The results of the study

The fixed capital of industrial enterprises is a set of relationships and interdependencies in relation to tangible and intangible assets that are used in the production of goods and services and have a long service life. It plays a key role in ensuring production activities and includes material components such as production and administrative buildings, warehouses, workshops and other structures that are necessary for carrying out production activities, machines, machine tools, tools and equipment used in the production process. These assets are the main assets that are directly involved in the creation of products and surplus value. Intangible assets include patents and licenses, the right to use certain technologies, inventions or trademarks that can generate income ^[12].

The fixed capital of industrial enterprises plays a key role in the accumulation of national wealth, as it is the basis for the creation of surplus value and has a long useful life. It is thanks to the fixed capital that enterprises are able to increase their own value for the country. Fixed capital requires significant investments and is a long-term asset, which makes it an important element of strategic planning and management ^[13].

The movement of fixed capital of industrial enterprises is the process of changing the condition and structure of fixed assets as a result of their acquisition, use, depreciation, modernization and disposal. In a place with the movement of fixed capital of industrial enterprises, knowledge and information are accumulated, which is expressed in the acquisition of additional skills by employees of organizations, their professional growth and development ^[14]. Thus, the movement of fixed capital leads to a qualitative increase in human capital.

The movement of fixed capital includes several key stages and aspects that are important for effective asset management of an enterprise.

Figure 1 - Components of the fixed capital movement process

According to Figure 1, the movement of fixed capital begins with investments, i.e. purchases of new fixed assets such as buildings, equipment, machinery and vehicles. Leasing is an alternative to purchasing, which allows enterprises to access the necessary assets without significant initial investments. It should also be noted that many enterprises purchase used assets, which is a more cost-effective option for them. Fixed capital is used in the production process to create goods and services. The efficiency of the use of fixed assets directly affects the productivity and profitability of the enterprise, at the same time, regular maintenance and repair of fixed assets supports their operability and prolongation of service life.

The next component of the movement of fixed capital of industrial enterprises is depreciation, which is the distribution of the cost of fixed assets over their service life. Depreciation takes into account the depreciation and obsolescence of assets, which allows them to correctly reflect their value in accounting.

Within the framework of the movement of fixed capital of industrial enterprises, two operation options are assumed. In the first case, changes and improvements are made to the fixed assets to increase their productivity and efficiency (if possible). Major repairs are also possible, which significantly extends the service life and improves the functionality of fixed assets.

In the second case, there is a write-off: sale or disposal. Removal from accounting of fixed assets that can no longer be used in the production process due to physical or moral deterioration. Capital can be withdrawn through sale, disposal, or transfer to other organizations.

The assessment of the efficiency of the use of fixed capital, including the analysis of profitability, productivity and maintenance costs, is the final stage of the movement of fixed capital.

In Russia, there are currently problems with the movement of fixed capital of industrial enterprises, such as a slow renewal process and a high level of wear and tear. Comparing the update processes of 2015-2024 and 1970-1980, we can conclude that the update process has slowed down by 2 times. And in some industries, almost 3 times. Whereas in the 1970s and 1980s, on average, fixed assets were subject to renewal every 15 years, at present this indicator is 30-50 years ^[15]. According to the Federal State Statistics Service, currently the depreciation rate of fixed assets is 47.7%. The highest degree of wear is typical for the mining industries (52.8%), manufacturing (45.9%), production and distribution of electricity, gas and water (40.2%) ^[15]. These problems arise due to the lack of a large amount of available financial resources in companies, which does not allow them to regulate and update the structure of fixed assets in a planned manner ^[15].

It seems that the state has the greatest interest in increasing the fixed capital of industrial enterprises, since the level of national wealth of the country depends on the increase in fixed capital and its modernization. Thus, the state is the most important actor in stimulating modernization and innovation.

According to the list of measures of state support for industry for 2025 provided by the Ministry of Industry and Trade of Russia, not all sectors of the national economy receive the proper degree of support. For example, the Federal project "Assistance in the implementation of investment projects and support for manufacturers of high-tech products in civilian industries" involves the allocation of funds in the amount of 44,017,621.8 million rubles. While the Federal project "State support of Russian aircraft construction organizations" is 1,507,7442.2 million rubles. This indicator indicates the uneven distribution of state interests across sectors of the economy ^[16].

In turn, as already noted, the increase in the volume of fixed capital of industrial enterprises leads to an increase in national wealth. The following formula can be used to reflect the relationship between fixed assets and economic indicators:

GDP = f (Fixed capital, Labor, Technology) (1);

where:

GDP — gross domestic product;

f is a function reflecting the relationship between variables;

Fixed capital is a set of tangible and intangible assets used in the production process.;

Labor — quantity and quality of labor force;

Technology is the level of technological development and innovation.

National wealth can be considered as the totality of all assets of a country, including fixed assets. An increase in fixed capital can lead to an increase in productivity and, consequently, to an increase in national wealth.:

National wealth = Fixed capital + Working capital + Intangible assets;

Economic development can be considered as a process in which productivity increases and the living conditions of the population improve. Fixed capital is an important factor in this process:

Economic development = GDP + Quality of life + Social conditions;

Thus, the relationship between fixed assets, GDP and economic development can be expressed as follows: an increase in fixed assets (investments in equipment, technology and infrastructure) leads to an increase in labor productivity. Labor productivity growth contributes to an increase in GDP. An increase in GDP, in turn, leads to an increase in national wealth and an improvement in economic development.

According to statistics, the volume of investments in 2024 increased by 2.1% compared to the previous year and amounted to 34.751 trillion rubles. In 2023, the volume of investments in fixed assets in nominal terms amounted to 34.036 trillion rubles. Total investments in fixed assets in 2022 amounted to 27.865 trillion rubles. In 2019, 19.32 trillion rubles of investments in fixed assets were used (the period before COVID 19). Consider 2013, the period before the sanctions. According to Rosstat, the volume of investments in fixed assets in Russia in 2013 decreased by 0.3% compared to last year, to 13 trillion 220.5 billion rubles (Figure 2).

Figure 2 – The volume of government investments in fixed assets of enterprises

According to Figure 2, it can be concluded that due to the sanctions, there is a need to invest in the country's own economy, including the fixed capital of industrial enterprises. Every year, the volume of investments increases, which in turn affects the growth of the national economy and production. In 2024, Russia's industrial production increased by 4.6%. In December 2024, this figure reached 8.2% year-on-year, which was a record high since January 2022.

The manufacturing industry in September showed an acceleration in growth rates to 6.6% year-on-year, which indicates a desire to move away from a resource-dependent economy. Overall, the manufacturing sector grew by 7.9% year-on-year in the first 9 months of 2024. At the same time, it is worth considering the issue of uniformity of investments across sectors of the economy, so that there is no imbalance in the development of industries. It should also be noted that so far a large share of investments in fixed assets is accounted for by the extractive industry, which underlines the dependence of the national economy on resources.

At the same time, government programs make it possible to upgrade fixed assets, that is, to purchase new equipment. At the same time, if industrial enterprises are forced to work independently on the modernization of fixed assets, without the participation of the state, then reconstruction and technical re-equipment will remain the main forms of reproduction of fixed assets. They make it possible to reduce the duration of the investment process and the investment development time, which ensures a high return on investment. At the same time, the problems of equipment wear will be quite acute.

For industrial enterprises, an increase in fixed capital brings benefits that can significantly affect their competitiveness, efficiency and sustainable development. Let's consider the main advantages for the industry associated with an increase in fixed capital. First of all, the economic benefit is formed from the growth of labor productivity. Investments in new and more productive machines, equipment, and technologies can increase production volumes and reduce costs. The introduction of automated systems and technologies makes it possible to reduce the time required for operations and reduce the percentage of defects. Secondly, the product quality increases. Investments in fixed assets can help enterprises meet international quality standards, which opens up new sales opportunities.

Cost reduction is due to the energy efficiency of modern equipment. Also, updated machines and equipment require less maintenance and repair costs, which also reduces overall costs. With new equipment, enterprises can expand their product range, which allows them to fully meet public needs, participate in import substitution, and lead to the self-sufficiency of the national economy in general and the demand for enterprises in particular. Increasing the fixed capital is a strategic step that ensures the long-term sustainability and development of enterprises. It should also be noted that modern equipment and technologies can reduce the risks associated with production processes, such as breakdowns and downtime.

Again, it should be noted that balance, consistency and availability of resources must be maintained in order to form horizontal links between the subjects of the fixed capital of industrial enterprises. A negative example is the excess of Rostselmash agricultural machinery in warehouses (more than 1,700 combine harvesters), against the background of the need to "re-equip the village." As noted by the deputy chairman of the SRZP faction, Valery Gnutov, the Russian agro-industrial complex is showing an increase in harvest, while there are not enough resources to purchase the necessary fixed capital ^[17]. This problem was voiced in a report by the head of the Communist Party faction Gennady Zyuganov, Mikhail Mishustin ^[17]. Thus, the formation and maintenance of the horizontal interests of the subjects of the fixed capital of industrial enterprises is the state competence.

Companies with modern fixed assets and high performance indicators are more attractive to investors, which can lead to additional investments and financing. Increasing the fixed capital can help enterprises gain access to various government support and subsidy programs. An increase in fixed assets leads to the creation of new jobs, professional development of employees and a decrease in personnel migration. The company's employees will be satisfied with their jobs and the quality of their work.

Also, modern technologies are often more environmentally friendly, which helps to reduce the negative impact on the environment and improve the intangible assets of the company.

Thus, an increase in fixed capital for industrial enterprises brings many benefits, including increased productivity, improved product quality, and lower costs. These advantages contribute to the long-term sustainable development of enterprises and their ability to adapt to changes in the market. Investing in fixed assets is a strategically important step to achieve success in modern manufacturing. However, not all industrial enterprises renew their fixed assets. The problem is of a managerial nature. Owners and directors of enterprises try to benefit in the short term, as a result, the life cycle of enterprises is reduced to 10 years, after which it becomes difficult to restore production. This problem remains open, since the private sector of the economy is not responsible for activities related to fixed assets. Even in state-owned companies, the ability to assign responsibility to managers is a difficult process.

Increasing the fixed capital of industrial enterprises brings benefits not only to the enterprises themselves, but also to financial institutions that provide financing and services.

Let's consider the main advantages for financial institutions associated with an increase in the fixed capital of industrial enterprises.:

1 increase in creditworthiness - an increase in fixed capital improves the financial condition of enterprises, which reduces risks for creditors. More stable companies with modern equipment and technologies are less likely to default;

2 companies with a high level of fixed capital receive higher credit ratings, which makes them more attractive for lending;

3 An increase in fixed capital may lead to an increase in the number of enterprises in need of financing for modernization and expansion, which creates new opportunities for lending;

4 Financial institutions establish long-term relationships with enterprises that actively invest in fixed assets, which contributes to a stable income from lending;

5 Financial institutions offer additional services such as insurance, asset management consulting, and financial analysis, which also increases their income.

6 investments in fixed assets lead to the creation of new jobs, which contributes to an increase in household incomes and, consequently, an increase in demand for financial services;

7 Financial institutions invest in stocks and bonds of companies that increase their fixed assets, which can lead to an increase in their value and profitability;

8 Financial institutions participate in financing large projects related to the increase of fixed assets, which opens up new opportunities for profit.

So, in 2024, there were business lending programs, for example: "1570" - an industrial mortgage for the development of manufacturing enterprises and the increase of fixed assets. The maximum amount of borrowed funds is up to 500 million rubles, the Central Bank's interest rate is 3.5% ^[18]. This program is implemented with state support. The government is called upon to neutralize the risks that financial institutions carry when lending. Thus, for financial institutions, the development of the fixed capital of industrial enterprises becomes a profitable long-term contract.

In connection with the above, an increase in the fixed capital of industrial enterprises allows financial institutions to reduce risks, expand their customer base, and increase revenues. These factors contribute to the creation of a more stable and dynamic economy, which ultimately benefits both businesses and financial institutions.

The economic interests of the institutes of science and education are represented by the availability of additional resources to produce specialists who meet the qualification requirements for the country's enterprises. It is possible to implement more business contracts. Also, an increase in the fixed capital of industrial enterprises leads to the stimulation of the development of human capital. As part of the introductory and production practices, students of educational organizations will receive primary skills in working with modern equipment, which contributes to the formation of commitment to their future profession.

At the moment, there is a shortage of personnel in almost all industries and professional groups. Thus, in 2022-2024, the shortage of personnel increased to 37 out of 39 professional groups. The largest increase was observed among fishing and hunting workers (the deficit increased by 13%), agricultural producers (the deficit increased by 9%), service sector workers (the deficit increased by 7%), unskilled agricultural workers (the deficit increased by 7.1%) and IT specialists (the deficit increased by 6.1%).

The shortage of staff decreased only among sellers and did not change among healthcare professionals, although in 2022 it reached a high level — 10.3% of all employees ^[19].

This is largely due to the lack of popularity of a number of professions and the motivation to acquire knowledge. Kazan Gorbunov Aviation Plant (KAZ) announced a shortage of engineers, and therefore the planned delivery of new aircraft is disrupted ^[20].

The need for correlation between educational, scientific, and industrial sectors is becoming increasingly necessary. Once again, it is worth noting that only with the help of the state is it possible to satisfy the interests of regulatory entities through the implementation of targeted educational programs. The availability of modern equipment, in turn, will become an additional incentive to work at enterprises. According to a study by Larisa Smirnykh, flexible working hours for highly qualified specialists stimulate the growth of innovation. At the same time, with the development of technology, there is a demand for highly qualified specialists ^[21]. Thus, the definition of the category of fixed capital is confirmed as a set of interrelations and interactions within the framework of fixed assets (buildings, machine tools, equipment, etc.).

Let us present a scheme for coordinating the economic interests of subjects regulating the fixed capital of industrial enterprises (Figure 3).

Figure 3 – Possibilities of coordinating the economic interests of subjects regulating the movement of fixed capital of industrial enterprises

Figure 3 shows the balance of economic interests of all subjects of the movement of fixed capital. Stakeholders in the movement of fixed capital include:

- government agencies involved in the development and implementation of industrial and investment policies;

- industrial enterprises – representatives of industrial enterprises of various industries and spheres of economic activity, the management of manufacturing companies;

- Financial institutions are represented by banks and investment companies that seek financing for the acquisition and modernization of fixed assets;

- Institutes of science and education: research institutes, educational organizations of various levels that train employees of industrial enterprises.

According to Figure 3, the initiator of the formation of effective interrelations of subjects in relation to the fixed capital of industrial enterprises is the state. It is the state that has the greatest impact on national production through the implementation of industrial policy and has the highest interest in the development of industry. Government agencies form policies aimed at supporting investments in fixed assets, including tax incentives and subsidies.

The interests of the subjects are coordinated by analyzing needs and identifying opportunities. Initially, an assessment of the state of fixed assets should be carried out: enterprises analyze the state of their fixed assets, identify the needs for modernization and renewal. The next stage is the study of economic opportunities and prospects, including the demand for products, the availability of technology and equipment, as well as financial conditions. Enterprises develop strategies to increase and modernize their fixed assets, taking into account the interests of all entities.

Financial institutions assess the risks associated with financing and make decisions on granting loans or investments.

The implementation of projects involving the acquisition and modernization of fixed assets takes place through a contract between stakeholders. The establishment of project execution control includes tracking deadlines, product quality requirements, compliance with professional standards in project execution, and budget implementation.

The assessment of the results of the modernization of fixed assets includes the impact on productivity, product quality and financial performance.

The instruments for coordinating the interests of the subjects of the fixed capital of industrial enterprises include:

- dialogue, regular meetings and consultations between representatives of the subjects of the fixed capital of industrial enterprises to discuss current issues and problems;

- Creation of working groups and committees, including representatives of all stakeholders, to jointly solve problems;

- Development and implementation of laws and regulations governing the movement of fixed assets and the protection of the interests of all participants.

Coordination of economic interests of subjects regulating the movement of fixed capital of industrial enterprises is an important element of effective management and sustainable development ^[21]. It requires active cooperation between government agencies, enterprises, financial institutions, science and education. Successful coordination of interests contributes not only to improving the efficiency of using fixed assets, but also to creating a favorable economic and social environment.

Conclusion

Thus, the state defines the general rules of the game, develops economic policy, regulates industries and creates conditions for investments. Enterprises make decisions on investments in fixed assets, modernization and development of production facilities. Banks and investment companies provide financing for projects related to the movement of fixed assets. Educational organizations and research institutes train specialists who meet the requirements of the professional standard and competencies for working at enterprises in the country, have a base of practice and opportunities to conclude business contracts with enterprises for joint activities.

The coordination of the economic interests of the subjects of the movement of fixed capital of industrial enterprises is a key element of the state economic policy aimed at accumulating national wealth. Effective interaction between the government, business, financial institutions, and employees helps create conditions for sustainable growth, increased competitiveness, and innovation. It is important to develop tools for cooperation and dialogue that will help to take into account the interests of all parties and ensure the harmonious development of the industrial sector.

Further research directions

In further research, a mechanism for regulating the interests of subjects of the movement of fixed capital of industrial enterprises will be developed, and a criterion assessment of the state and movement of fixed capital of industrial enterprises in modern Russia will also be developed.