Role of the state in financial mechanism of development of industrial companies

Abstract

The purpose of the article is to study the key elements of state industrial policy from the positions of their influence on the financial mechanism of industrial companies. The authors offer a hypothesis that progressive development of industrial complex in the modern conditions is impossible without active state interference with these processes. The financial mechanism of development of industrial companies is presented as a system of external and internal elements, which contains the tools of formation, usage, and distribution of financial resources, aimed at provision of effective functioning of the real sector of economy. At that, state regulation in the sphere of industrial production is presented as conscientious influence of the state on industry for the purpose of provision of high effectiveness and social direction of its development. The measures of state influence on the financial mechanism of development of industry depending on the project scale and phases of products’ life cycle are distinguished. Interconnections between interest rates and the state of the industrial sector of economy are determined. A conclusion is made on the necessity for transition to monetary policy, which envisages simultaneous achievement of the whole totality of goals for provision of sustainable development of the country’s economy, manageability of inflation, increase of investments’ inflow, and systemic management of interest rates and other tools that influence the financial mechanism of industrial companies’ development.