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Diversification of Aerospace corporations

Sobolev L.B. Moscow Aviation Institute (State University of Aerospace Technology), Moscow, Russian Federation ( sobolevLB@yandex.ru )

Kuprin I.L. Moscow Aviation Institute (State University of Aerospace Technology), Moscow, Russian Federation ( tenoz@mail.ru )

Journal: Economic Analysis: Theory and Practice, #9, 2015

Importance The article includes a comparative analysis of diversification processes in aerospace corporations of the EU and Russia. It shows that EU corporations, as a rule, specialize in one of civil aircraft engineering sectors (the core business), have the combat air force division and a hi-tech business. This structure provides for economic stability of such corporations in the global highly competitive aviation market, growth of labor productivity and stock value. Furthermore, the governments of European States, despite the availability of serious American competitors, support competition, first of all, in the combat air force sector, ensuring the economy of budget resources of their countries. We propose to make use of this experience for structural reforms of the United Aircraft Corporation (UAC).
     Objectives The objective of the study is to increase the economic efficiency of the UAC.
     Methods We performed a comparative analysis of leading corporations' activity of the EU and Russia that are engaged in development and manufacture of aviation equipment.
     Results The analysis demonstrated that Western aerospace corporations, owing to competition and well-considered diversification provide a stable growth of economic indicators (total revenue, shareholder value, product modernization).
     Conclusions and Relevance We conclude that in conditions of tough competition in the global aircraft engineering market, it is necessary to refuse monopolization of Russian aircraft engineering, maintain internal competition, apply more serious approaches to diversification of aviation holdings, and to increase the transparency of the aviation business. Comparing the UАC with European aerospace corporations, it becomes obvious that the UАC has fulfilled its function as a collector of aviation assets, and, in its current role of the Russian monopolist, can hardly become competitive in the global aviation markets in the coming decade. We suggest creating two or three competing companies instead of the monopolist UАC. The core business of these companies should include manufacture of civil aircraft that are in demand in the domestic market, the combat air force division, and one highly profitable business, if possible.


Diversification of Aerospace corporations

Sobolev L.B. Moscow Aviation Institute (State University of Aerospace Technology), Moscow, Russian Federation ( sobolevLB@yandex.ru )

Kuprin I.L. Moscow Aviation Institute (State University of Aerospace Technology), Moscow, Russian Federation ( tenoz@mail.ru )

Journal: Digest Finance, #2, 2015

Importance The article includes a comparative analysis of diversification processes in aerospace corporations of the EU and Russia. It shows that EU corporations, as a rule, specialize in one of civil aircraft engineering sectors (the core business), have the combat air force division and a hi-tech business. This structure provides for economic stability of such corporations in the global highly competitive aviation market, growth of labor productivity and stock value. Furthermore, the governments of European States, despite the availability of serious American competitors, support competition, first of all, in the combat air force sector, ensuring the economy of budget resources of their countries. We propose to make use of this experience for structural reforms of the United Aircraft Corporation (UAC).
     Objectives The objective of the study is to increase the economic efficiency of the UAC.
     Methods We performed a comparative analysis of leading corporations' activity of the EU and Russia that are engaged in development and manufacture of aviation equipment.
     Results The analysis demonstrated that Western aerospace corporations, owing to competition and well-considered diversification provide a stable growth of economic indicators (total revenue, shareholder value, product modernization).
     Conclusions and Relevance We conclude that in conditions of tough competition in the global aircraft engineering market, it is necessary to refuse monopolization of Russian aircraft engineering, maintain internal competition, apply more serious approaches to diversification of aviation holdings, and to increase the transparency of the aviation business. Comparing the UАC with European aerospace corporations, it becomes obvious that the UАC has fulfilled its function as a collector of aviation assets, and, in its current role of the Russian monopolist, can hardly become competitive in the global aviation markets in the coming decade. We suggest creating two or three competing companies instead of the monopolist UАC. The core business of these companies should include manufacture of civil aircraft that are in demand in the domestic market, the combat air force division, and one highly profitable business, if possible.


Enhancing the efficiency of State corporations of military-industrial complex

Sobolev L.B. Moscow Aviation Institute - National Research University, Moscow, Russian Federation ( sobolevLB@yandex.ru )

Kuprin I.L. Moscow Aviation Institute - National Research University, Moscow, Russian Federation ( tenoz@mail.ru )

Journal: National Interests: Priorities and Security, #35, 2014

The article describes the comparative analysis of economic indicators of the leading corporations in the missile area of the United States and Russia on the basis of the information available in the public domain. For a comparison, the authors selected the largest American company in this area: Raytheon from the United States and the European company MBDA. From the Russian side, they singled out Open Joint Stock Companies "Almaz-Antei" and "Corporation "Tactical Missiles Corporation". The authors of the study performed the main task to find the ways to enhance the economic efficiency of the State enterprises of the military-industrial complex of the Russian Federation. The methodology and tools of the research are based on collating and comparative evaluation of the activities of the leading corporations of Russia and NATO countries involved in the development and production of missile technology. These corporations provide their countries' military capabilities and compete with each other on the international arms market. The analysis revealed that the Russian missile corporation's labor productivity (output per worker) is significantly inferior to the same indicator of the Western corporations that forbids paying workers a decent salary and hampers measures to ensure prestige of work in this field. The authors draw the conclusion that in conditions of a rigid competition in the area of the missile weaponry, the Russian corporations need to significantly reduce internal and transaction costs (including measures to reduce the number of employees of all levels and enhance their skills), as well as they have to use extensive the diversification of businesses in the high-tech field. The experience, which is gained by the foreign missile production and aerospace firms in the area of diversification, confirms that the diversification of corporations of the military-industrial complex should be based on the use of their achievements in the research and development, unique equipment, highly qualified staff, which can ensure achieving of the sustainable positions in new markets. The authors point out that the level of the applied technologies and knowledge-intensive products are essential. The companies, which possess the high research intensity level of products, find themselves in more confident state while they apply the diversification. They have greater prospects for the development of dual-use technologies. Thus, those companies that use the diversification of production appropriately identify the core competencies of their corporation, and explore the possibility to apply them in the development of high-tech products.


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