State capital investments in the authorized capital of organizations

The article considers the system of state capital investments as the most important instrument of state economic policy aimed at the formation, development and modernization of infrastructure and production facilities. Special attention is paid to budget investments in the form of contributions to the authorized capital of organizations with state participation, which are used to implement large-scale investment projects, increase the sustainability of strategically important enterprises and stimulate sectoral development. The author reveals the goals, subjects and objects, as well as key areas of budget financing of public capital investments, including subsidies, targeted investment programs and forms of support for publicly-owned companies. Based on the analysis of data from the state information system “Electronic Budget”, the dynamics, structure and trends in the allocation of budget allocations for the recapitalization of organizations in the period 2018-2024 are considered. The study demonstrates the uneven investments in individual organizations, such as JSC Russian Railways, JSC DOM.RF, JSC Rosselkhoznadzor and PJSC Bank PSB, and substantiates the reasons for their reduction or termination. It is concluded that it is necessary to increase the targeting and transparency of expenditures, strengthen control over the effectiveness of the use of public funds, as well as introduce flexible forms of investment incentives, taking into account changing socio-economic conditions.