Fundamentals of integration of production and economic organizations. Types of integration in the activities of the organization

merger- this is any association of economic entities, as a result of which a single economic unit is formed from two (or more) pre-existing structures. Involves combining the assets of two entities through management control new organization, which is jointly owned by the shareholders of the organizations participating in this process.

Absorption or acquisition takes place where one organization obtains control over another by acquiring a controlling stake with voting rights. Acquisition can be defined as the taking of one organization by another under full control, management of it with the receipt of absolute or partial ownership. Absorption is often carried out by buying up all the shares of the organization on the stock exchange, that is, its direct property acquisition.

Creation of a joint venture- a form of participation of the country in the international division of labor by creating an enterprise with jointly contributed property by participants from different countries for joint management, joint distribution of profits and joint sharing of risks. The purposes of establishing a joint venture may be:

1) more complete saturation of the market of the country where the joint venture is located with goods and services that are the subject of its activities;

2) attraction to the country of advanced technologies, managerial experience, additional material and financial resources;

3) expansion of the export base;

4) reduction of imports due to the release of import-substituting products;

5) expansion of the sales market;

6) optimization of taxation.

Creation of a strategic alliance or contracting- a long-term agreement between two or more independent organizations from around the world on cooperation in the field of product sales, research and development, product manufacturing, technological development. The goals of this type of integration:

1) risk reduction;

2) saving all types of resources on the expansion of the scale of production;

3) exchange of advanced technologies;

4) elimination and reduction of competition;

5) overcoming state trade and investment barriers when entering promising foreign markets.

Each of the integration strategies of the organization has characteristic features. So, vertical integration is accompanied by the expansion by the purchasing organization of its activities either to the previous production stages, up to the suppliers of raw materials, or to the subsequent ones - to the final consumer. For example, the merger of mining, metallurgical and engineering enterprises.

Strategies for vertical integration "back" (or "up") used to stabilize or protect a strategically important source of supply. Sometimes this integration is necessary because the suppliers do not have the resources or know-how to produce the parts or materials the organization needs. Another goal could be access to new technology, critical to the success of the underlying activity. Many computer manufacturers have integrated with semiconductor manufacturers to master this technology.

Yes, industry industrial production Concrete in Australia is highly competitive as barriers to entry are low and product demand is cyclical. Market participants are engaged in price wars and have low incomes. The extraction of sand and gravel for the production of concrete, on the contrary, is extremely profitable business. The number of quarries is limited, and high transportation costs act as severe barriers to new entrants entering the market. Mining companies raise prices and make super profits. Realizing this, concrete producers integrated "backward" into career business mainly due to absorption. Now three large players in the Australian market control about 75% of the industrial production of concrete and quarries.

Forward (or Downward) Integration Strategies are used to provide control over the output channels. For a consumer goods company, this could be franchise control, exclusive contracts, or a chain of stores like Yves Rocher or Bata. In industrial markets, the main purpose of using this strategy is to control the development of further links in the industrial chain, which are provided by the organization. That is why some basic sectors of the economy are actively involved in the development of organizations that further transform their products. Sometimes forward integration is done to learn more about the users of the organization's products. In this case, a branch is created, the task of which is to understand the problems of customers in order to better meet their needs.

An example of forward integration is the activity of the automotive industry, which creates its own distribution and dealer networks. Companies with a powerful dealer network usually own them completely. For market newcomers, this means that they must invest more money and time in the development of new large dealer networks. The choice of this strategy by American auto giants such as General Motors at one time made it possible to protect the market from the expansion of Japanese manufacturers.

Horizontal Integration observed when one organization takes control of another belonging to the same sector of the economy and located at a similar level of production. Among the advantages of horizontal integration are the reduction of costs and tax payments. The elements of a horizontal integration strategy, as a rule, are:

adding regional markets or quickly entering new ones;

increasing market share by acquiring a competitor;

strengthening the existing position in the market;

acquisition of technology, partners, etc.

There are four main types of strategies for horizontal integration of enterprises (Fig. 13.2).

Rice. 13.2. Types of Horizontal Integration Strategies

Horizontal Y-type integration- this is an association of organizations in the same industry that produce the same type of product or carry out production at a similar stage. The goal is to strengthen the position of the organization by acquiring or controlling competitors. Justifications for the application: to neutralize a competitor that prevents reaching a critical mass to obtain economies of scale; get a win on the complementarity of the range of goods, gain access to the sales network or individual hard-to-reach segments of customers.

A special kind of horizontal integration is generic fusion of X- or K-types - an association of organizations that produce related goods. For example, an organization that manufactures cameras teams up with an organization that manufactures photographic film or photographic chemicals. At the same time, X-integration is the union of complementary, similar in terms of sales organizations or activities, and K-integration is the accession of an organization without changing the main activity.

There are many examples of successful horizontal integration in the world. Thus, the well-known Austrian company Fischer, which at one time specialized exclusively in the production of professional alpine and cross-country skis, bought out the shares of its Japanese partner in 2002 and began to manufacture also running boots and ski poles. In 2011, Fischer introduced the new Vacuum fit technology, which for the first time in history made it possible to fully adapt a ski boot to the anatomical features of the wearer's foot.

German company Völkl, a manufacturer of professional alpine skis, does not try to produce something that it is not a specialist in. In 1994, the company entered into a cartel agreement with Tecnica and Marker for joint worldwide distribution. Today, as part of the alliance, the players offer a certain integrated platform, according to which Marker produces special bindings for Völkl skis, and Tecnica boots fully fit them. Such cooperation increases the efficiency of each of the three listed enterprises.

The acquisition by the Austrian holding company Raiffeisen International Bank-Holding AG of 93.5% of the shares of Bank Aval in Ukraine is also a typical example horizontal integration.

H-type conglomerate merger- this is the union of organizations of various industries without the presence of a production community, that is, the merger of an organization in one industry with an organization in another industry, which is neither a supplier, nor a consumer, nor a competitor. Within the framework of a conglomerate, the merging organizations do not have technological or target unity with the main field of activity of the integrating organization. Profiling production in such associations takes on a vague outline or disappears altogether.

There are three types of conglomerate merger:

1) merger with product line expansion- a combination of non-competing products that have similar distribution channels and / or production process;

2) merger with market expansion– acquiring additional distribution channels, such as supermarkets, in areas not previously served;

3) pure conglomerate merger- does not imply any commonality of products and technology of its production.

It is possible to integrate combined type especially when merging large transnational corporations. A striking example is the acquisition in 2005 by the American corporation Procter & Gamble for $57 billion of Gilette, a manufacturer of razors of the same name, Duracell batteries, Oral-B toothpaste and household electrical appliances under the Braun trademark. As a result, a largest company consumer sector in the world with an annual income of more than 60 billion dollars, which allowed her to overtake the Anglo-Dutch company Unilever and take first place in the global consumer goods industry.

By uniting in an integration structure, its participants get the opportunity to coexist more flexibly within its framework, simultaneously solving common tasks and problems. IN modern conditions the emergence of such formations revives the market situation, gives a real effect in the form of a return on invested funds and realizes the main goal - obtaining additional profit by increasing the efficiency of activities.

At the same time, integration will be successful only if the organization being bought has a unique patented technology or famous brand that are difficult for competitors to copy. It doesn't make sense to buy new business, if the company-buyer cannot receive excess profits for at least a few years. In addition, new markets will develop successfully only if the new product has clear advantages over existing or similar products that may appear in the near future.

Vertical integration should be dictated solely by vital necessity. This strategy is too expensive, long-term, complex, risky, it is quite difficult to "return" it. Sometimes vertical integration is necessary, but quite often organizations choose to over-integrate. There are two reasons for this: firstly, integration decisions are often made on dubious grounds, and secondly, managers forget that there are many other strategies that can become more acceptable in terms of costs and economic benefits. Such unsound decisions give other, more far-sighted strategists the opportunity to learn from the mistakes of others.

The typology of the main forms of integration associations used in world practice is shown in fig. 13.3.

Rice. 13.3. The main forms of integration associations

Association is a contractual voluntary association of legal and individuals, created for the purpose of constant coordination of activities and the achievement of a common economic, scientific, cultural or any other non-commercial goal. trade association- a structure for the exchange of information between companies in a particular industry and lobbying common interests in government and legislature. If, by decision of the members of the association, business activities are entrusted, such an association must be transformed into economical society.

An association favorably differs from a concern and a corporation by a small degree of centralization, from a consortium by the breadth of the fields of activity of the organizations that are part of it.

Management in the association can be carried out both by a specially created body and by the main legal entity in agreement with its members. At the same time, the established governing body of the association becomes an informing and coordinating center. It ensures that the activities are coordinated certain types and areas of work. Association members retain legal independence and may combine their activities in it with participation in other associations and business associations.

Within the framework of associations, their members coordinate the implementation of certain common tasks or jointly perform some of the non-core functions. The limited ties between the members of the association makes it impossible to have mutual property liability for the financial debts of the members and the association as a whole. In addition, the association has no right to interfere in the production and commercial activities of one of its members.

The most characteristic features of the coordination activities and functions of the association, which do not contradict the antimonopoly law, may be the following:

providing participants legal advice, assistance in the implementation of exports, lending, training and retraining of personnel;

information search and provision of association members with materials on modern technical developments, industrial standards and statistics;

providing association members with market information;

search for new markets finished products, as well as areas of logistics;

coordination of joint research and development;

support of the interests of the members of the association in state institutions.

Due to the fact that the association is created as a contractual association and is not a business entity, it cannot carry out entrepreneurial activities and receive direct income. In addition, the functions and powers of the association exclude the possibility of restricting competition among the founders and other market participants. The features of such a form of association as an association include:

a soft form of integration of organizations in terms of mandatory subordination and centralization;

it is possible to centralize individual functions, mainly of an informational nature;

the association is not liable for the obligations of its members;

members of the association bear subsidiary liability for its obligations in the amount and in the manner prescribed by the constituent documents;

members of the association retain economic independence and the rights of a legal entity;

members of the association can use its services free of charge.

These features of the association, as well as its functions of coordinating the activities of participants, providing services to other enterprises and organizations - industrial, commercial, informational - contribute to the unification of efforts to establish economic ties, production cooperation. Such activities encourage the creation and development of closer interaction between enterprises and organizations of the association, to deep and perfect integration. As a consequence, this leads to the necessity and expediency of a joint economic concentration of efforts to achieve a common commercial goal. Therefore, associative activity can be considered as a prerequisite for the transition to the creation of complex types of business associations.

Corporation- a contractual association of enterprises and organizations created on the basis of combining industrial, scientific and commercial interests, with the delegation of certain powers of centralized regulation of the activities of each of its participants. That is, in a corporation, centralization of functions is possible, which is determined by their list in the contract. The purpose of creating a corporation is to consolidate the production and economic activities of the organization, to coordinate efforts in solving complex technical, financial, socio-economic problems, to protect common interests, to cooperate in the production of products, etc.

The corporation is distinguished by the degree of centralization of individual functions. The delegation of individual powers for their centralized execution in a corporation is opposed to complete centralization. Thus, the performance of one function by a corporation provides for non-participation and non-interference in other areas of production and commercial activities its members.

Enterprises and organizations that are part of the corporation retain the rights of a legal entity, complete financial independence and production and economic independence. They have the right to return delegated powers in the manner stipulated by the constituent documents, voluntarily withdraw from the corporation, have other rights enshrined in law or founding agreement.

The corporation enjoys economic rights and the rights of a legal entity, has an independent balance sheet, accounts in banking and credit institutions, a seal, etc. It has its own property received from the participants, bears independent property liability for its obligations. Enterprises are not liable for the obligations of corporations, and the corporation is not liable for the obligations of its participants, unless otherwise provided by the constituent documents.

Corporation funds are formed from entrance and membership fees of its participants, trust funds and funds pooled by corporation members to finance joint activities. The profit received is used to create corporation funds: a reserve fund, a production development fund, social development and others - for further use and achievement of the general goals of the company.

The activity of the corporation is based on the principles of voluntary entry and unhindered exit from it, the equality of its members, self-financing, publicity and completeness of information. The goals and directions of activity, as well as the powers of the corporation as a whole and its center are established by the memorandum of association. At the same time, two kinds of functions are defined: production and commercial activities and management of the affairs of the corporation within the limits of the powers granted. The corporation has full production and economic independence and can carry out any types of economic and commercial activities that are not prohibited by law.

Consortia- these are temporary voluntary statutory associations of industrial and banking capital to achieve common purpose having the form of a legal entity. The consortium is created on the basis of a temporary agreement of the participants to pool resources and efforts in order to finance large targeted programs and specific projects of innovative, scientific, technical and investment nature. After completing these tasks, the consortium is liquidated or transferred to another type of association. Thus, consortiums do not provide for a high degree of centralization and concentration of management. Consortiums, like associations, are more characterized by coordinating than subsidiary relations of participants. Consortium features:

the organization of the consortium is formalized by agreement; the organizational and legal form of the consortium in the form of a legal entity may be a joint-stock company or other types of business companies;

the purpose of creating consortiums is to unite efforts for the implementation of a specific project, as a rule, in the field of core activity; implementation of scientific projects, including international ones; joint implementation of large financial transactions for the placement of loans, shares;

organizations can simultaneously be members of several consortiums;

the organizations of the consortium fully retain their economic and legal independence, with the exception of that part of the activity that is related to the achievement of the goals of the consortium;

as a rule, consortium members do not form any complex organizational structures; management is carried out by a small apparatus (for example, the board of directors of a consortium).

Consortiums are created for high-quality execution of urgent and expensive orders and projects that require the consolidation of efforts and capabilities of scientific, technical, manufacturing, service and financial companies that are able to jointly solve a specific problem. Most often, consortiums are created for the joint development of useful natural resources. For example, a consortium of oil companies consisting of British Petroleum, Shell, Amco, Chevron, Turkish Petroleum, together with the state oil company Azerbaijan and Russian AT Lukoil are developing oil fields Azeri and Chirag on the shelf of the Caspian Sea.

Consortiums can be created by banks, manufacturing companies, scientific centers, government agencies to improve the technical and commercial competitiveness of participants. They can be closed And open. In a closed consortium, the customer company negotiates a contract separately with each participant. When creating an open consortium, all its participants are subordinate to the leader and bear joint and several liability for the obligations of the consortium within the limits of their equity participation.

The leader of the consortium coordinates the joint activities of the participants and receives deductions from the members for this. The customer concludes a contract only with the leader who is personally responsible for the implementation of the project. The leader represents the interests of the consortium before the customer and third parties, but acts within the limits of the powers granted. Responsibility for obligations is borne by the members of the consortium in the amount of their parts in the total volume of supplies and services. Within the framework of the consortium, various liability options are possible, for example, joint and several, shared. Each member of the consortium provides financing for its part of the work and assumes the commercial and technical risks associated with the fulfillment of its part of the obligations.

hallmark this form of integration of companies becomes their internationalization. Modern consortiums are characterized by multinational representation. A classic example is the Western European consortium Airbus Industry, which controls about 30% of the civil jet market. These are the leading aircraft manufacturing companies in England, Germany, Spain and France. If at the first stage of the consortium's functioning financing came from loans from the governments of the participating countries, then, starting from the A-321 model, the development of new aircraft is fully financed from its own funds and commercial loans. IN Lately A new type of consortia has emerged, where individual states act as participants, for example, INTELSAT - the International Consortium of Satellite Communications.

In world practice, the following types of consortiums are most often encountered:

bank- a group of banks temporarily organized by the largest bank - the leader of the consortium for the joint implementation of credit, guarantee and other banking operations in order to expand the scope of activities or enter new markets;

financial- a temporary union of several banks in order to carry out large financial transactions, for example, placing large loans;

guaranteed– an agreement between several companies various kinds activities that distribute among themselves the risk taken and ensure its gradual compensation; guarantor - a banking group headed by a leading bank guarantees a loan;

subscription– guarantees the implementation of the loan, the placement of securities;

export- a foreign trade association created with the aim of facilitating the export operations of its member organizations.

Concerns represent the most widespread and developed form of company integration in the world. This is a form of sectoral, and more often, intersectoral independent organizations, connected systems equity, financial ties, community of interest agreements, patent-licensing agreements, close industrial cooperation. A concern is a statutory association of industrial enterprises, scientific organizations, transport, banks, trade, etc. on the basis of complete financial dependence on one or a group of enterprises.

Concerns are characterized by the centralization of a significant part of production and economic functions and the implementation of a single policy by all its participants. The consequence of this is that it is endowed with a wide range of powers to implement production activities, creation of centralized financial funds, new business entities in the interests of the group's participants.

A feature of the concern is a centralized organizational structure with rigid ties of participants who coordinately carry out their main activities. By the founding documents, a concern may prohibit its members from participating in the work of other concerns, with the exception of associations. A rigid system of relations leads to the agreement between the members of the concern of additional property liability for the obligations of the association as a whole. The high degree of centralization makes it necessary to create a separate administrative apparatus. In addition, the concern may centralize any management functions, if it is provided for by the articles of association.

The concern is a single production and economic complex, the participants of which are closely interconnected by a technological and cooperative community. They transfer much more powers to the concern than associations and corporations, they centralize the implementation of the main areas of activity (with the exception of investment, scientific, foreign economic, etc.). The members of the concern give it the right to relations with government authorities, logistics, sales of finished products, etc.

The main features of the concerns are:

a fairly rigid form of integration of companies (with the exception of trusts);

in most cases, this is an association of a production nature;

within the framework of the concern, financial and economic management, scientific and technical policy, pricing, use of production capacity, personnel policy;

the parent company of the concern is most often organized in the form of holding company or on the basis of the interaction of dominant and dependent societies;

in the group, enterprises nominally remain independent legal entities as joint stock or other business companies, but in fact they are subordinate to a single economic manager.

Depending on the nature of integration ties between companies, the following types of concerns are distinguished:

vertical- a concern that unites enterprises of different industries connected by a sequence technological process production of the finished product (for example, mining, metallurgical, machine-building);

horizontal- unites enterprises of the same industry that produce the same type of products or perform the same production operations.

The group's activities may cover one sub-sector or sector of the economy; or it may include enterprises from one or more industries. Only a few large concerns cover the entire industry (for example, in Germany, the Siemens concern completely controls the electrical industry). The most common industries on the basis of which concerns are created are engineering, black and non-ferrous metallurgy, chemical industry.

From the point of view of the system of participation in capital, there are two types of concerns:

concern of subordination– is created in the form of parent and subsidiaries to combine production in accordance with the technological chain;

concern coordination- consists of sister companies when the companies included in it carry out a mutual exchange of shares. So, all members of the concern influence the policy they implement and at the same time remain under the same leadership. This type of concern is created with the aim of integrating such activities as the implementation of a unified financial or scientific policy, the coordinated development of an organization, personnel policy, etc.

Trust is an integration association in which organizations are combined into a single production complex and lose their legal, industrial and commercial independence, and their activities are managed from a single center. The profit of the trust is distributed in accordance with the equity participation of each participant. This form of integration was widespread in the Soviet Union.

The features of the activities of trusts include:

the ability to combine any areas of economic activity;

production homogeneity of activity, specialization in one or more homogeneous types of products or services;

within the limits of the trust, enterprises lose their legal, economic, production and commercial independence;

all enterprises united in a trust are subordinate to one parent company, which manages the production and distribution of products;

it is the most rigid form of integration of organizations.

The form of trusts is the most suitable for the organization of combined production, that is, the unification in one company of enterprises of different branches of industry, constituting either successive stages in the processing of raw materials, or playing an auxiliary role for each other. In the case of inter-industry associations, trusts may be combines.

Cartel- contractual association of enterprises of the same industry for the implementation of various areas of joint commercial activity. A cartel agreement may provide for price agreements, market features, production and sales volumes, assortment and nomenclature, patent exchange, terms of employment, etc.

A cartel agreement may not always be formalized in writing. In practice, in most cases, cartel agreements exist secretly, in the form of secret articles of a certain agreement or verbally "gentleman's agreements". Firms that have entered into cartel agreements retain their legal independence. Cartels have certain specific characteristics:

the contractual nature of the association;

the purpose of the agreement is an agreement between a group of producers to eliminate competition between them and obtain monopoly profits;

joint activity in the sale of products is associated to a certain extent with its production;

there is a system of sanctions against violators of the agreement.

In most countries (for example, in the USA), antitrust laws prohibit cartel agreements, excluding certain industries, for example, Agriculture. As a rule, legislation prohibits cartels associated with price fixing, limiting production, market division, that is, concerted actions to limit competition. However, the ban can be lifted in certain types of cartels:

when the market share is insignificant and does not exceed 5% of the product's production;

the existence of a cartel is permitted subject to the development of a new market;

cartels are allowed to exist that benefit the country's economy, for example, contribute to scientific and technological progress.

In the most developed countries Western Europe cartels are divided into "desirable" and "harmful". In world practice, the following types are also distinguished:

money cartel– establishment of unified prices along with equal terms of delivery and payment;

price cartel- setting the selling price of the goods;

manufacturing cartel- setting the volume of production (quotas);

crisis cartel- is used when demand and sales of products are reduced to limit competition;

purchasing cartel- a monopoly agreement between cartel enterprises on the purchase of raw materials, materials, goods of a certain type, grade, etc. in order to reduce purchase prices;

quota cartel- allocation of a quota for the sale of products to a certain participant in accordance with the capacity of the enterprise;

territorial cartel- providing each participant with a certain sales territory, excluding mutual competition;

patent cartel- determination of the direction of joint use (non-use) of a technical invention.

The effectiveness of the cartel is determined by the participation in this form of integration of enterprises and companies founded by the manufacturer of products, and their agreement with the policy of the cartel as a whole.

Syndicate provides for the unification of homogeneous industrial enterprises selling their products through a joint sales office. At the same time, this office is organized in the form of a trading company (joint-stock company, limited liability company, etc.), which then concludes an agreement with the syndicate participants on the same conditions for the sale of its products. The features of this form of integration are as follows:

restriction of members of the syndicate in independent commercial activities while maintaining other functions;

centralization of sales of finished products allows you to limit internal competition between syndicate members;

the ability to organize, on the basis of the existing sales structure, the purchase of raw materials and supplies for syndicate members;

according to an agreement with partners, the marketing body may sell not all, but only part of the products of the syndicate participants.

In modern conditions, the syndicate, as a form of industry profile restrictions, is exhausting its significance, being replaced by more complex and flexible forms. The syndicate form is more common in mass-produced industries.

1. Financial and industrial group

2. Corporation

3. Transnational corporation

4. Holding

5. Consortium

6. Conglomerate

7. Joint venture

8. Cartel

9. Syndicate

Changes in the organization and methods of functioning of enterprises as business entities are due to the processes of privatization of property and shifts in the management system, as a result of which economic management separated from the administrative department, and control over the implementation of basic functions was transferred from government agencies to the management of enterprises.

New forms of integration of business entities are being approved:

a) by entering enterprises into vertical structures (corporate groups), reorganized from industry structures or created anew;

b) based on the formation of horizontal formations.

Both in the first and in the second cases, the necessary coordination and organizational and financial interaction are ensured, efficient systems technological development, sustainable market strategy, resource support of corporate financial institutions.

Below we consider the main forms of integration of enterprises that are developing in modern conditions.

1. FINANCIAL AND INDUSTRIAL GROUP

Modern financial-industrial groups (FIGs) are diversified multifunctional structures formed as a result of combining the capitals of enterprises, financial and investment institutions, as well as other organizations in order to maximize profits, improve the efficiency of production and financial operations, enhance competitiveness in the domestic and foreign markets, technological and cooperative ties, the growth of the economic potential of the entire group as a whole and each of its members individually.

The development of FIGs in the current conditions is becoming a promising way to form modern large-scale production.

characteristic feature At the present stage of development of FIGs is their diversified focus, which allows them to respond flexibly and promptly to unexpected changes in an increasingly complex market environment.

The choice of the nature of FIG activities, the degree of its universalization is predetermined economic feasibility, on the one hand, and the degree of development of market relations in the country, on the other.

FPG is created in several ways:

1. Voluntary pooling of capitals of individual participants and establishment joint-stock company, which is a newly created organizational structure, with all the economic and legal powers and the corresponding legal and economic responsibility.

2. Voluntary transfer of blocks of shares by the participants of the FIG being created to the management of one of the group participants, as a rule, a bank or a financial and credit institution.

3. Acquisition by one of the participants of the group of blocks of shares in other enterprises, companies, organizations that
as a result, they become members of FIGs.

4. The acquisition is not always voluntary and may be organically linked to the processes of mergers and acquisitions of some companies by others.

FIG international type is a structure consisting of a parent company and offices, branches, subsidiaries in other countries. The higher the degree of internationalization of the capital of FIGs, the greater the number of foreign branches it has in the structure of its organization, other things being equal. It is characteristic that not only the production units of FIGs, but also the financial units of the groups are moved abroad, which contributes to the acceleration of financial transactions by the troupe as a whole, allows the use of local market conditions with the maximum effect (changes in currency ratios in various countries, inflation rates, tax incentives, etc.).

FIGs have a number of advantages over other market entities in the economic and financially:

There is a strengthening of the technological chain from the extraction of raw materials to the release of final products, the integration of production is increasing;

Diversification of activities gives greater stability and competitiveness in the market environment;

Real prerequisites and opportunities are being created for the restructuring of production;

There are prospects for the accumulation of significant capital to achieve the set production and financial goals;

There are real opportunities to maneuver financial resources both within the FIG itself and outside it, expanding the scope of activities and spheres of influence;

There is a redistribution of capital between various departments FIG in accordance with the strategic choice of the group;

Increasing the group's financial strength financial stability and the ability to make the best use of the capital advanced.

The organizational structure of FIGs is characterized by decentralization of management, while at the same time increasing the efficiency of organizational structures of individual units included in the group, a clear distribution of powers and responsibilities, and reliable mechanisms for making coordinated management decisions. Due to the inclusion of research and development departments in the structure of FIGs, and, consequently, their approach to the direct consumer, the time for introducing scientific and technical developments into production is reduced. Thanks to the presence of a single marketing service gaps in the supply chain are being eliminated, which contributes to a faster turnover of capital.

Among the areas of activity that contribute to the revival of the investment process, the following are called upon to play an important role:

Formation within the FIG investment companies created on the principle of direct financing, i.e. under equity securities;

Creation of venture funds at the expense of all participants in FIGs, whose task is to finance the most risky investment projects;

Widespread use of the mechanism for creating joint, dependent and subsidiaries in order to organic compound financial resources, not all, but only interested and directly related to the specific activities of the members of the FIG.

FIGs are natural partners of the federal executive power in the development and implementation of the strategic line. They also increase the macroeconomic controllability of production, and bring stability to international economic cooperation.

2. CORPORATION

In the practice of countries with developed market economies, a corporation is the most common form of management organization. large-scale production. This is an organization or union of organizations created to protect any interests and privileges of the participants and forming an independent legal entity. The fundamentals of corporate law establish the right of a corporation to act as a legal entity, regardless of its owners. The corporation can sign contracts on its own behalf, take loans, issue loans, etc., and individual shareholders do not bear any responsibility for its actions. The legally independent existence of a corporation is necessary for the company to function normally in the presence of a huge number of individual shareholders.

A modern corporation is, as a rule, a parent company with a whole network of subsidiaries, branches, branches, agencies and other business entities that have different legal status and varying degrees of economic and operational independence. Therefore, the forms and methods of managing it are of fundamental importance for the activities of a corporation.

Shareholders do not directly manage the company. Instead, they delegate such power to the president ( to CEO), but at the same time influence its decisions in various ways and mainly through their right to vote.

Corporate ownership shares are usually also voting shares. Shareholders elect a board of directors that oversees operations executive body.

One of the most important features of most corporations
is the fact that their shares can be freely bought and sold on the market.

Corporations contribute to solving two fundamental problems market economy:

1. Raising capital for large investments.

2. Diversification and distribution of risk.

In modern conditions, the defining trend in the management of corporations is the use of both traditional, linear-functional and other structures, as well as modern forms that provide for the transition from centralized management to decentralized management systems. The main features of this process are: the organization of departments in companies by types of products; the introduction of group top managers to coordinate the production and economic activities of several departments or companies; subordination of functional bodies to the top corporate management.

The decentralization of the corporate management structure is based on the separation of the general corporate level from the production and economic level. Responsibility for the results of production and economic activities, for the competitiveness of products is assigned to the department management apparatus. Opportunities are being created for senior management to engage in long-term forecasts, expanding external contacts, and organizing the activities of the board of directors.

Within the corporation, rights and responsibilities are shared between different bodies governing marketing, technical development, supply, production and distribution.

The strengthening of primary production and economic links, the establishment of decentralization limits in corporations are largely explained by the need to reduce production costs and overhead costs. Increasing influence top management guidance contributes to more stringent financial control and close connection organizational structure management with the process of corporate planning of production and economic activities.

In world practice, various types of integration of firms have developed, differing depending on the goals of cooperation, the nature of economic relations between their participants, the degree of independence of the enterprises included in the association. These are strategic alliances, consortiums, cartels, syndicates, pools, associations, conglomerates, trusts, concerns, industrial holdings, financial and industrial groups, etc.

The economic dictionary defines integration as the unification of economic entities, the deepening of their interaction, the development of ties between them. Economic integration takes place both at the level of economies of entire countries, and between enterprises, firms, companies, corporations. It manifests itself both in the expansion and deepening of production and technical ties, the sharing of resources, the pooling of capital, and in the creation of favorable conditions for each other to implement economic activity removing mutual barriers.

The purpose of integration is to combine resources (financial, industrial, raw materials, intellectual) commercial organizations to improve the efficiency of entrepreneurial activity, the competitiveness of the participants in the association.

Integration Association- a structure formed by establishing civil law relations for the purpose of making a profit, coordinating activities to obtain it or for other purposes, consisting of two or more economic entities (who had and retained the status of legal entities) that own property, with the establishment organizational relations between them, the definition of the governing body (which may be a body established by them or one of the participants) and giving it the right to influence decision-making by virtue of predominant participation, on the basis of a contract or by virtue of other grounds.

Vertical integration- the process of formation (creation) of vertically integrated firms - firms that include more than one stage of production of the final product (including, in addition to the stages of production, also the sale of the final product to intermediaries or end consumers).

The length of vertical integration is determined by the number of links in the production and marketing of the final product, united (owned) or controlled by one firm.

The width of vertical integration is determined by the number of firms of one (each) link in the entire chain of production and marketing of final products, united (owned) or controlled by one firm-initiator of integration.

The degree of vertical integration is determined by how much control the integration proponent has over the integrated firms. Sometimes this degree is also called the degree of stability of vertical integration.

Horizontal Integration- this is the integration of enterprises located at the same stages of production, at the same link in the trade chain, operating and competing in the same market segment, in the same industry and specializing in the production of the same or similar products or the provision of the same or similar services.

To characterize the features of horizontal integration, it is necessary to note its role in the economy. Most economists note the contradictory nature this process. On the one hand, horizontal integration provides a number of advantages:

1. The merger could result in the most progressive management and technical expertise being channeled into underexploited funds.

2. The merger could lead to economies of scale, which can help reduce costs, improve product quality and boost productivity.

3. A merger can enable an entrepreneur to sell his firm to someone who is already familiar with this type of production and will therefore be in a better position and pay the highest price. perspective bargain sale encourages entrepreneurs to start new firms, stimulating competition, facilitating both market entry and exit.

4. Integration helps companies overcome the difficulties of the period of economic transformation.

5. In some cases, horizontal integration allows you to combine economies of scale and size and thereby reduce the average cost of production. Typically, these types of horizontal associations are socially beneficial as well.

On the other hand, horizontal integration contradicts the essence of a market economy:

1. Mergers of direct competitors can lead to the acquisition of significant market power by one of the economic entities, increasing the likelihood that other economic entities will openly or secretly coordinate their decisions in the field of pricing or volume of products.

2. The problem is that the large-scale development of integrated enterprises can lead to the concentration of economic and political power in a limited number of centers of influence, thereby preventing the entry of new firms into the markets.

3. These enterprises may be less adapted to rapid changes in the external environment than independent small and medium-sized enterprises.

As a rule, horizontal integration is applied when the industry is not concentrated. In this case, it leads to a reduction in the average cost of production and is socially beneficial.

In the case when the industry is highly concentrated, then horizontal integration is effective under the following conditions:

1. Provided that large foreign companies operate in the sectoral market.

2. If new technology needs to be mastered, it is expected high efficiency activities of the new structure.

3. Provided that one of the companies that is part of this new structure is experiencing serious financial difficulties.

At the present stage of development of market relations in the economy of our country, there is a restructuring of industrial production, the purpose of which is to create competitive enterprises integrated into the world economy.

Under these conditions, enterprises of various organizational and legal forms can combine their efforts on a temporary or permanent basis to achieve their goals. This process of combining efforts or integration of enterprises takes various forms, in particular, cooperation or concentration.

Enterprise Integration(vertical or horizontal) provides for such a way of combining their efforts, in which the market mechanism of relationships is replaced by on-farm transactions. Integration means that the stages of production and distribution are coordinated based on the capabilities of the hierarchical system, that is, internal operations and regulations.

Cooperation as an organizationally formalized voluntary association of enterprises provides for the adoption of joint decisions to achieve certain goals, without creating common body management. Usually this process is carried out on a contractual basis without loss of economic and legal independence by enterprises.

Integration of enterprises on the basis of concentration is carried out on the basis of centralization and concentration of their economic resources or capital. This process is associated with the refusal of enterprises, partially or completely, of their financial and economic independence in favor of another enterprise or a new management body being created.

Association of enterprises on the basis of cooperation can be temporary or permanent in the form of various organizational forms (cartels, syndicates, pools and holdings).

A cartel is a form of an association of entrepreneurs based on a cartel agreement, which establishes binding conditions for all participants regarding production volumes, the formation of prices for goods and services, the exchange of patents, the share of quotas in sales markets, etc. As a rule, the cartel includes enterprises one industry. Cartel participants retain legal and economic independence and carry out their activities in accordance with the cartel agreement.

One of the varieties of the cartel are syndicates representing a combination enterprises with a centralized sales or supply function. At the same time, the syndicate members lose their commercial independence, while retaining their legal and industrial independence. This form is quite actively spreading in Ukraine at the beginning of the 3rd millennium by foreign firms.

By concentrating a certain type of product in a single marketing agency, the syndicate is able to regulate the terms of sale on the market. With the concentration of supply functions, the enterprises that are part of the syndicate save on production costs through bulk purchases of raw materials, materials and components.

Another type of cartel pooling is the pool, which has become widespread in the area of project implementation. Participants were coming to mutually beneficial agreements on the form of transfer of patents and licenses. Profit is distributed in accordance with the quota determined when joining the pool.

In a market economy, holding companies are becoming more common.

Holding - joint-stock company, which owns a controlling stake in legally independent enterprises to exercise control over their operations, but, as a rule, does not take an active part in their management.

Based on the principle of concentration, such associations as syndicates, trusts, concerns and other varieties are formed.

The trust is an example of the closest association of enterprises. The enterprises that are part of it lose their legal and economic independence and turn into subdivisions of the trust. Trusts can unite enterprises of one or more industries. The merger of enterprises into a trust can occur either through the inclusion of one enterprise into another, or through the formation of a new enterprise.

A widespread organizational form of enterprise integration is a concern. The concern is a horizontal, vertical or diversified association of enterprises that retain their legal independence, but financial control and certain functions of the supply, production and marketing of the enterprise are taken under a single management.

To create a concern, serious preparatory work is required. It is based on the ability to show the advantages that the enterprises that will be part of the concern will have. In this context, five directions can be distinguished in the system of the motivational mechanism in favor of creating a concern, among which are: scientific and technical, production, organizational, financial and social. The content is given in Table. 1.1.

Options for creating a concern and the relationship between enterprises in its composition may be different. Thus, in a concern based on subordination, one of the enterprises owns a controlling stake and dominates on the basis of capital ownership over other enterprises. These are the so-called concerns with parent enterprises at the head. There are concerns based on the principles of equality of enterprises, which are integrated under common management.

The main condition for the effective functioning of concerns is the creation of an adaptive mechanism for internal economic regulation of the relations between participants in order to effectively realize the capabilities of all participants.

At the present stage of economic transformations in Ukraine, many enterprises are part of the financial and industrial group (FIG). In these economic structures accumulated integrated opportunities of financial, industrial and commercial capital. FIGs can largely contribute to the stabilization of the economy in our country.

Table 1.1. Directions of motivation for the integration of enterprises

	Areas of activity of the group's motivational mechanism
Scientific and technical	Industrial	Organizational	Financial	Social

1. Priority use of scientific and technical products of the concern: incl. patents, licenses, know-how.	1. Ability to centralize the functions of technical equipment (special equipment, special equipment, etc.) 2. Provision of industrial assistance (necessary special goods, resources, etc.).	1. Reasonable centralization and decentralization of activities. 2 Centralized information service. 3. Application of the principles of economic partnership. 4. Unified balance of science and production.	1. Accumulation on the central account of deductions for joint activities and assistance in scientific, industrial and social development.	1. Development of a unified social base of the concern (sanatorium, medical diagnostic complexes, etc.).
				2. High rates and volumes of construction of housing and social facilities for each enterprise.
2 . Priority provision of consulting and intellectual assistance to manufacturers on personal and other developments.	3. Increase in capital investments in technical re-equipment and reorganization and modernization. 4. Increasing the qualification level of personnel by organizing their training in the conditions of the concern.		2. Internal tax, credit benefits. 3. The introduction of various forms of ownership to increase the interest in labor (rent, shares). 4. Introduction of progressive forms of organization and remuneration of labor (contract system). 5. Introduction of a self-crediting system based on the commercial bank of the concern. 6. Receiving dividends from personal contributions to the development of production.	3. A comprehensive protection program in the context of market transformations. 4. Internal labor exchange of the concern (professional reserve, development of other professions, formation of new professions, etc.)

The most important prerequisites for the creation of FIGs are shown in fig. 1.3.

Rice. 1.3. V

Financial-industrial groups are created not only on the basis of technologically and cooperatively related enterprises, but also on the basis of the diversification of the activities of industrial enterprises.

FPG members are considered to be legal entities that have signed an agreement on the creation of a financial and industrial group, and the central company of the FPG established by them, or the main and subsidiaries that form the financial and industrial group.

Among the participants in FIGs, there must be organizations operating in the production of goods and services, as well as banks or other credit organizations.

FIG participants may include investment institutions, non-state pension and other funds, insurance organizations, whose participation is due to their role in ensuring the investment process in the financial and industrial group.

FIGs, among the participants of which there are legal entities under the jurisdiction of the member states of the Commonwealth of Independent States, having separate divisions on the territory of these states or making capital investments on their territory, are registered as transnational financial and industrial groups.

For such FIGs, national treatment is established by intergovernmental agreements on the basis of reciprocity.

The supreme governing body of the FIG is the Board of Governors, which includes representatives of all its participants.

Depending on the degree of perfection state regulation activities of FIGs, they can bring significant benefits to enterprises and the national economy, but they can also be a means of robbing the country and taking funds out of the taxable zone.

In the last decades of the last century, with the appearance of signs of globalization of the world economy, such as the intensification of cross-border movement of factors of production, the location of production in other countries, the standardization of forms of international economic relations various forms of the integration process are becoming more widespread.

have become widespread in various forms joint ventures, the number of various associations has increased, such a form of equal association of enterprises as a consortium has become familiar. So, for example, in the 90s. in the USA there were more than 80 thousand associations. The most common type of associations - industry. There are also cross-industry associations, engineering firms, leasing companies, risk capital, etc. American Association electronic industry unites more than 1000 firms - manufacturers of radio-electronic products; membership fees are over $30 million. The American Radio Electronics Association brings together more than 3,000 American firms.

Associations are engaged in staff development, development of standards for industry products, holding conferences and industrial exhibitions, researching the remuneration system, monitor compliance ethical standards V business practice, lobbying for the development of exports, liberalization of tax politicians, development of foreign and domestic trade, etc.

Integration forms in different countries have their own national characteristics. A common feature of various national integration forms is the protection of the national producer and national interests by introducing means of indirect protectionism, stimulating exports, abolishing quantitative restrictions on exports in various countries, etc.

In addition, integration processes contribute to the exchange of intellectual achievements, the development of scientific research, the unification of the efforts of scientific and educational organizations and industrial enterprises to achieve competitive advantage and so on. Integration processes cover various areas activities, various organizational forms production, both interfirm and interstate cooperation. They have become an integral part of the economic mechanism of the national economy of different states, which can significantly affect the efficiency of enterprises and the standard of living of the people. The technology of integration processes is developing dynamically and requires a qualified approach to its use of benefits and neutralization of the negative impact on the economy of domestic enterprises and the economy of Ukraine as a whole.