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and 1 and 50 and 200 Machine building and metal process 39% 27% 15% 19% 100% ing Construction ma 42% 28% 20% 10% 100% terials Chemistry and 58% 16% 8% 18% 100% petrochemistry Light industry 58% 20% 15% 7% 100% Forest, woodwork and timber, pulp 59% 20% 16% 5% 100% and paper indus tries Food industry 81% 15% 4% 0% 100% Samples average 54% 22% 14% 11% 100% Now we are going to discuss the possible consequences in the re gional aspect. Russian regions are very unequal in their levels of socio economic development, and the trends of this development are multi directional. In particular, in the first half year of 2002, in Moscow and St. Petersburg the proportion of loss making enterprises in the total number of enterprises was 27% and 28%, respectively, whereas, for example, in the Republic of Buriatia 55%, and in Tambov Oblast 66%. Also, one cannot overlook the high level of economic concentra tion in some Russian regions, which results in a situation when the re gional budgets tax revenues become critically dependent upon the re sults of the activity of only a few very large enterprises, and in this con nection one may already speak not only of the company town forming, but also of the subject forming character of certain enterprises. Thus, An empirical base for the analysis was formed by the results of a survey of the enter prises of processing industries, conducred in April May of 2000. The poll among industrial enterprises was conducted by GfK and ordered by NERA (UK) and the Bureau for Economic Analysis.

mass scale application of bankruptcy procedures would result in an increased territory wise non uniformity of Russias development.

Third. The existing budget constraints (imposed by the State) in re spect to enterprises are non uniform and non transparent145, which cre ates unequal conditions in terms of competition. Without applying bank ruptcy procedures to all indebted enterprises, the State could, nevertheless, set truly operative criteria for selecting appropriate ob jects for bankruptcy. Had this happened, the States behavior would have become understandable for economic subjects and created the conditions for systematic, consistent pressure on debtors. But, in fact, in the absence of practically applicable criteria for bankruptcy pro cedures being initiated on the States initiative, the institute of insol vency in its hands, instead of being an instrument for pushing inefficient enterprises from the market and enforcing financial discipline, have been turned into a factor responsible for the growth of investment risks in the economy and higher probability of the interference of represen tatives of state agencies with the activity of private businesses.

Fourth. In the Russian economy, there have been accumulated nu merous non operating enterprises, which maintain only a formal exis tence146. Some of them are fly by night firms, and some abandoned firms. According to the MTL, as of 1 October 2002, there were about 3.25 million organizations in the tax register, and about 1.3 million of them had not submitted tax reports, while about 260,000 had submitted zero balance sheets. After a campaign aimed at reregistering juridical persons147, as of 1 January 2003, only 1.6 million organizations had en tered their data in the Unified State Register of juridical persons.

The 2nd Law on bankruptcy, due to a broadened interpretation of its articles concerning absent debtors, provided the MTL with a sufficiently Simachiov Yu. Masshtaby i formy gosudarstvennoi podderhzki promyshlennykh predpriiatii, biudzhetnye ogranicheniia na mikrourovne, vliianiie na reformirovaniie biznesa (Scope and forms of state support to industrial enterprises, budget constraints at the microlevel, influence on business reforming). ASPE Seriia nauchnykh dokladov (Series of scientific reports). M.: Trovant, 2002.

According to the MTLs datra, as of October 1, 2002, a total of 3.25 million organiza tions were in the tax register, and approximately 1.3 million of them had not submitted tax reports, while about 260 thousand had submitted zero balance sheets.

In accordance with the Law On State registration of juridical persons and individual entrepreneurs.

effective instrument for the judicial liquidation of such companies. It is not accidental that in the recently adopted 3rd Law on bankruptcy the possibilities for applying bankruptcy procedures to absent debtors have been restricted148.

Fifth. Recent years have been characterized by dynamically on going integration processes in industry, involving not only large, but also medium sized businesses. Thus, within the already mentioned study, it was demonstrated149 that in terms of both growth dynamics and the average stake in enterprises capital owned by outsiders, the first and second places are occupied by other industrial enterprises: almost 30% of the samples enterprises, by the year 2000, had maintained or further increased the degree of their dependence on other enterprises in their charter capital, and this degree, on the average, was very high.

The following fact is noteworthy: at 22% of the samples enterprises (Category 3), the average stake in their capital owned by other indus trial enterprises grew from 6.5% to 44,5%, or, in fact, to the initial level of Category 1.

The same study established that greater participation in capital by other industrial enterprises was associated with the appointment of ex ternal hired directors and ousting of CEOs from the board of direc tors, that represented, in effect, a hostile takeover. Naturally, such processes entailed various corporate conflicts (protection of CEOs from owners, including new ones, struggle for dominating control among different shareholders, etc.).

Against this background, two beneficial goals were simultaneously being achieved at the legislative level: within the framework of the Law on joint stock companies, the provisions designed to protect share holders interests (first of all, those of minority shareholders) were strengthened, while within the framework of the law on bankruptcy, the rights of small creditors were defended. The first limited the opportuni ties for hostile takeovers and strengthened the control over CEOs activity, while the second ensured easy initiation of bankruptcy proce However, this restriction is augmented by a rather vague stipulation to the effect that bankruptcy procedures be applied to absent debtors only when appropriate funds are available in the budget.

Project of the Bureau for Economic Analysis Napravleniia i faktory restrukturizatsii promyshlennykh predpriiatii (Areas and factors of restructuring industrial enterpreises), this aspect was studied by B. V. Kuznetsov.

dures. This combination gave rise to additional demand, on the part of various parties involved, for bankruptcy procedures as an instrument for implementing practical tasks in the sphere of corporate governance.

Table Changes in the degrees of participation in enterprises capital on the part of other industrial enterprises Samples distribu Participation at Participation as of Category of en tion by categories, moment of privati beginning of year terprises as percentage of zation, as average 2000, as average total number percentage percentage 0 no present or past participation by 62 0.0 0.other industrial enterprises 1 no changes in degree of participa 7 43.8 43.tion by other enter prises 2 participation by other enterprises 9 29.2 13.decreased 3 participation by other enterprises 22 6.5 44.increased Sixth. The inadequately developed executive infrastructure had a very negative impact on the opportunities for applying the norms on bankruptcy. This can be said of the low traffic capacity of arbitrage courts, the lack of the necessary number of qualified bankruptcy com missioners, and the excessive workload imposed on the staff of the FSFRB. In addition, we may also mention the very low level of practical application of the norms that determine the responsibility for abuses in the sphere of bankruptcy. For example, the norms established by the Law on bankruptcy have stipulated that a bankruptcy commissioner must repay the losses suffered by the debtor and the creditors, if he has violated existing legislation; however, we do not know any instances when actual court decisions were adopted to the effect that such losses be repaid.

4.2. The financial aspects of the activity of large industrial enterprises in the context of their potential insolvency The list of large, economically or socially relevant organizations for the year 2000 consisted of 1714 organizations, their total number of employees being more than 7 million. Among these, there were state owned organizations and 151 organizations with a more than 50% States share in their charter capital. The States stake in 217 or ganizations was between 25% and 50%. As for the other organizations on this list, the States share in their charter capital was less than 25%, or was altogether absent.

According to the FSFRBs analysis150 involving 1529 organizations with the total number of employees of 7,233 thousand, one may make an estimation as to the financial status of large and superlarge industrial enterprises. The trend toward a gradual improvement of the situation in respect to the enterprises mutual settlements notwithstanding, one may, nevertheless, conclude that the number of potential bankrupts is still high, especially in machine building and metal processing indus tries.

Table Solvency of large industrial enterprises by industry (according to the FSFRBs data) Average solvency index concerning current liabilities, by month Industries as of as of as of 01.01.2000 01.07.2000 01.10.Machine building and metal 8.8 7.3 7.processing Chemistry and petrochemistry 6.2 5.4 4.Metallurgy (ferrous and non 5.8 4.9 4.ferrous) Forest and woodwork and 3.8 3.7 3.timber industries All organizations 7.5 6.5 6. FSFRB. Analiticheskii obzor finansovogo sostoiianiia krupnykh, ekonomicheski ili sot sialno znachimykh organizatsii, podlezhashchikh obiazatelnomu monitoringu so storonu FSFO (An analytical overview of the financial status of large, economically or socially im portant organizations which are subject to mandatory monitoring by the FSFRB of Russia.

October 2000).

It seems important also that attention be paid to the substantial variations of the averaged solvency index throughout the Okrugs and to the absence of any significant trends for the improvement of this index.

Moreover, in the Far East Federal Okrug the solvency of largest enter prises began to worsen toward the end of the year 2000.

Table Estimated solvency of large industrial enterprises, throughout Federal Okrugs (according to the FSFRBs data) Average solvency index concerning current liabilities, by month Federal Okrugs as of as of as of 01.01.2000 01.07.2000 01.10.Central 7.2 6.3 6.North West 5.8 4.7 4.South 6.4 5.6 5.Siberian 10.9 9.0 8.Volga 6.1 5.8 5.Urals 7.7 7.0 6.Far east 11.2 8.7 9.All organizations 7.5 6.5 6.As for superlarge enterprises, the distribution of their debts by the main creditor categories is rather specific: as seen by the samples av erage, only 15% in the total arrears of payments is constituted by man datory payments, 28% by payments to banks, and the main bulk 53% by payments to suppliers or other organizations.

In terms of liquidity, the samples enterprises do not fair too badly on the average, each rouble of debt corresponds to 1.07 roubles of current assets; however, the financial stability of the samples enter prises is very low: for example, at machine building enterprises, 99% of the current assets were formed by loaned funds.

On the whole, judging by the results of 9 months of the year 2000, 84% of the analyzed samples enterprises had stale debts for more than 3 months. Given that the stale debt threshold established for the initia tion of bankruptcy procedures is not high (especially as compared to the enterprises scopes of business), it can be assumed that petitions in bankruptcy could have been filed in respect to every 17 out of 20 sam ples enterprises. It should be noted in respect to this sample that while 43% of the enterprises of the forest industry complex were solvent, the same indices in metallurgy and petrochemical industry amounted to approximately 30%, and in machine building to only 15%.

Table Estimation of enterprises financial stability (according to the FSFRBs data) Average index of enterprises own stake in current assets, % Industries as of as of as of 01.01.2000 01.07.2000 01.10.Machine building and metal 1% 4% 1% processing Metallurgy (ferrous and non 8% 1% 7% ferrous) Chemistry and petrochemis 5% 5% 7% try Forest and woodwork and 21% 13% 13% timber industries All organizations 1% 1% 0,3% 4.3. The main trends in applying bankruptcy procedures during 1998During the past four years, the number of bankruptcy cases have been steadily growing151. Especially impressive are the figures relating to the last two years: if in 2000 there were about 19,000 accepted peti tions in bankruptcy, in 2001 their number grew to about 48,000, and in 2002 there were already more than 94,000 accepted petitions. As a re sult, while as of 1 January 2001 the proceedings in bankruptcy were going on in approximately 24 cases, as of 1 January 2002 the number of cases was already about 53,000, and as of 1 January 2003 more than 102,000.

It should be noted that despite the external evidence of a dramati cally growing number of bankruptcy cases, it has little relation to the The estimations presented in this and the following sections are mainly based on the authors computations, using the arbitrage statictical data of 19982003. (Vestnik Vysshego Arbitrazhnogo suda Rossiiskoi Federatsii. 1999 No. 3; 2000 No. 3; 2001 No. 4;

2002 No. 4; 2003 No. 4; 2004 No. 4), the data of the FSFRB, as well as those published in the report Preduprezhdeniie bankrotstva: analiz statisticheskikh dannykh za 2003 god (Prevention of bankruptcy: an analysis of statistical data of the year 2003.

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