Igonina L.L.Financial University under Government of Russian Federation, Krasnodar Branch, Krasnodar, Krasnodar Krai, Russian Federation LLIgonina@fa.ru
Importance Sustainable development of the Russian economy requires to overcome a recession in investing activity as seen in the recent years. Considering geopolitical tensions and restricted access to resources of international stock markets, internal sources of finance for economic development become more important, thus inducing researches into financial capabilities of investment processes in the Russian economy. Objectives The research presents a structural and dynamic analysis of financial capabilities of the investment process in the Russian economy, identifies the volume of, and trends in principal sources of finance for purposes of investment in capital stock of domestic enterprises. Methods Relying upon methods of dynamic, structural, situational and comparative analysis, I examined the financial capabilities of the investment process in the Russian economy and its trends in terms of its constituents. Results The research unveils the specifics of the investment recession seen for the recent years, and identifies the recent trends as corporate equity becomes more important as a source of financing for investment programs, financial investment increasingly replace non-financial one, direct investment in foreign economies grows, financial market resources decrease, and funds of superior organizations and budgets shrink. Conclusions and Relevance The findings allow determining internal sources of finance for purposes of economic development, conditions for activating possible drivers of investment growth. The findings can be used as the theoretical and methodological framework to devise a strategic program for incrementing financial capabilities of the investment process in the Russian economy.
Keywords: financial capabilities, investment process, source of finance, investment in capital
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