BUSINESS INFORM №11-2014

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Section: Finance, Money Circulation and Credit
UDC 658.14:338.4
Shablista L. M.
Concentration of Equity Capital of Enterprises as a Necessary Precondition to Financial Ensuring of Modernization of Structure of the Real Sector of the Economy (p. 246 - 252)
Considering that the limiting factor of modernization of the real sector of the economy in Ukraine is the need of long-term funding for investment, particularly lack of equity capital of enterprises, whose role in the reproduction process is decreasing in the past seven years (2007-2013), aim of the article is to explore the role of concentration of equity capital of enterprises as to financial ensuring of modernization of structure of the real sector of the economy, identify the factors that impede this process and reduce its effectiveness. The essence and forms of concentration of equity capital were disclosed, trends were analyzed and characteristics of developing of this process in Ukraine were defined. The role of vertically integrated unions in both the accumulation of capital and the capital flow into priority areas («drivers of growth») was explored. The main factors that impede the process of concentration of equity capital and affect its efficiency are: divergence of corporative interests of the oligarchical capital with the public interests; weak institutions of transformation of private capital into productive capital; the conglomerate character of unions that do not have any connection with the basic branch of economy – the integrator; lack of priorities for the development of large business on the part of economy policy; inflexibility of the anti-monopoly law. Conclusion is made about necessarily enhancing the role of the State in regulating the concentration processes, using the whole arsenal of economic and administrative levers of influence, which proved to be effective in the developed countries during the periods of structural adjustment of the economy.
Keywords: concentration of equity capital of enterprises, capital consolidation, oligarchical capital, vertical integration of unions, conglomerate character of unions, capital flow, drivers of growth, modernization of the structure of the real sector of the economy
Tabl.: 3. Bibl.: 21.

Shablista Lyubov M. – Doctor of Sciences (Economics), Professor, Senior Research Fellow, Department of Finance of the Real Sector, Institute for Economics and Forecasting of NAS of Ukraine (26 Panasa Myrnoho Str., Kyiv, 01011, Ukraine)
Email: [email protected]

Article is written in Ukrainian
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Reference to this article:
Shablista, Lyubov M. (2014) “Concentration of Equity Capital of Enterprises as a Necessary Precondition to Financial Ensuring of Modernization of Structure of the Real Sector of the Economy.” Business Inform 11:246–252.

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