Due to the “splashes” in 2008 and 2012, the Samara region has retained a good position in terms of accumulated foreign direct investment per capita. Their volume for the period between 2005 and 2012 per capita in the Samara region amounted to $ 379,1. US per person. Thus, the share of the Samara region in total volume of attracted into Russia of foreign direct investment in 2012 increased to 0.41%.

However, that the flow of foreign direct investment in the Samara region is quite unstable, the investment varies greatly from year to year, the main “peaks” occur in periods of transactions for the sale of large industrial assets and the period of modernization of major industries. Unlike foreign direct investment, the total investment in fixed capital recovered after the crisis and amounted to 204,2 billion. Here also the largest investors are Rosneft and AVTOVAZ, the share of which in the total structure of 10.8% and 6.9%, respectively.
In contrast to the “internal” investment, foreign direct investments more susceptible to market fluctuations and recover more slowly [1, p.83].

To create a successful policy in attracting foreign direct investment it is necessary to understand which factors are primarily oriented investors when making their decisions.

Table 1 – Strengths and weaknesses of the investment climate in Samara region

For the successful development of the Samara region has developed a strategy for attracting investment to the region. The investment strategy considers the key investment priorities of the Samara region, the measures of forming a favorable investment climate, as well as the proposed plan of activities (roadmap) for implementation of the Investment strategy.

In forming the investment policy of the region identified the key priorities that define the directions of development of the region [2, p.170].

Table 2 – Key priorities guiding the development of the region

The following groups were able to identify clusters As a result of the prioritization of clusters Samara region [3, p.18].

Table 3 – Results of the prioritization of clusters Samara region

To improve the investment attractiveness of the region to develop “unique offer” to investors, which will highlight the region compared to other regions, thus attracting investors in the Samara region [4, p.107].

To this end, the current values of the factors of the Samara region for investors were added to the newly created value factors to form a “unique offer” region. These new factors will lower the administrative barriers, adequate transportation and logistics structure and modern industrial area [5, p.193].

Samara region must overcome the backlog of regionov- competitors on the level of administrative barriers and the quality of public services, as currently it has the most negative impact on attracting investors. Reducing administrative barriers will occur by reducing the number and duration of administrative procedures, improve the efficiency of government agencies and anti-corruption.

To improve the region’s investment attractiveness is necessary to solve the lack of industrial infrastructure for the expansion or creation of new industries. The solution to this problem – the creation of industrial parks in the system [6, p.150].

Industrial parks will be created with the participation of the Samara Region Government, with the involvement of private investors. The main role of the state would be to the administrative support of the construction, maintenance of communal infrastructure connecting parks and transport infrastructure development. Industrial parks will be managed by management companies, which will ensure the operation of the park, to attract investors and to provide services to residents of the parks (administration, logistics, personnel, equipment repair, wastewater treatment, etc.).

Resident companies of industrial parks will use a common engineering infrastructure – electricity, gas and heat supply, water supply, sewerage and wastewater treatment plants, etc. Existence of general infrastructure, along with the possibilities of additional benefits make it easier to attract residents, by ensuring lower production costs [7, p.8].

Industrial parks will be established in key industries. The main condition for the choice of location of the parks is the access to the labor market and easy access to transport infrastructure.

In the Samara region are invited to create a system of industrial parks, aimed at increasing the competitiveness of key clusters.

The analysis of the priority areas the location of industrial parks have been identified:

- Park of auto components suppliers it is advisable to locate in close proximity to AVTOVAZ, as well as near the plant Bosh;

- Chemical park – place in the region Novokuibyshevsk, where is concentrated the bulk of petrochemical enterprises, as well as near the city of Togliatti;

- Park “machinery and equipment” it is advisable to place in Samara in the city on the basis of the existing areas of aerospace cluster;

- Park for small and medium-sized enterprises it is expedient to place within the precincts of GO Samara in the free areas.

The next step is to improve the investment attractiveness of the region is the formation of a package of incentives for investors, taking into account the specifics of individual industries and target investors. Stimulus package is a very strong tool to attract investors who can distinguish the region from other regions of Russia. Moreover, its budget efficiency will be taken into account when developing a package of incentives. In general, you can divide the incentives for tax, financial, land and infrastructure.

When developing a package of incentives necessary to analyze the systems of rival regions, namely: identification of the main competing regions in each of the sector and the comparison with competitors for each sector. You then define the optimum system of incentives, it is necessary to determine the significance of various incentives for investors to determine the effectiveness of different sets of fiscal incentives and ultimately determine the optimal stimuli for each industry. After determining the incentive system should be its implementation, it is necessary to adjust the legal framework under the new incentives, and then use incentives designed system in marketing the region for investors.

An urgent task for the Samara Region is to promote the brand in the region as a place for investment, which will be important in attracting investors. It is necessary to pay attention not only to inform potential investors, but also to monitor their feedback, which will have a value in the long term.

For Samara region it is advisable to allocate 2 development institution: Agency for Investment and Development Corporation of Samara region. The improvement of the system to attract investment, we must remember that the functions of institutions with different business models are usually divided into different organizations.

Five key factors for the success of the Agency’s investments identified for efficient operation.

In accordance with the identified problems at the stage of diagnosis, as well as analysis of international and Russian experience, are interrelated recommendations to improve the investment climate.

The strategy for attracting investments in the Samara region can be represented as the following several subprocesses: the first context; second strategy; the third is implementation.

Авторы благодарны Российскому гуманитарному научному фонду за частичную финансовую поддерж­ку данной работы (Региональный конкурс «Волжские земли в истории и культуре России», грант № 16-12- 63003).

Along with the positive dynamics of development of industry, housing construction in a number of industries in decline. Action adverse macroeconomic and geopolitical factors led to a reduction of foreign trade turnover of the Samara region, influenced the slowdown of investment and construction sector. Relatively high inflation has led to a decline in real incomes and real wages of the population, and as a result, consumer demand.

The slowdown of the dynamics of growth of investments in fixed assets, decreased demand for exported goods and services, population consumer activity has led to the contraction of the regional economy demand.

The structure of the region’s economy is quite diversified. The largest volumes of value added in the region are produced in the manufacturing sector (estimated, accounted for 24.8% of GRP in 2015), mining (15.4%), the field of real estate transactions (10.9%), trade (10.7%), transport and communications (8.5%), construction (6%), agriculture (5.3%).

It is estimated that in 2015 the share of investments in fixed assets in the amount of 25.7% of GRP, which will perform the Presidential Decree of 07.05.2012 number 596 “On the long-term national economic policy” in terms of reaching the target value of the indicator (not less than to 25% by 2015).

At present, the development of machine-building enterprises in the Samara region, and in general in the Russian Federation inhibit a number of factors: dependence on imported parts supply, technology, low productivity, high materiale- and energy intensity of production, lack of funding (including R & D) and, as a consequence, the lack of competitiveness of domestic products in the domestic and foreign markets. In this regard, as well as the continuing decline in investment activity production index in the electrical industry, in the manufacture of machinery and equipment is expected to reach 97-98% [2, p.170].

The chemical industry is developing at a rate significantly higher than the overall dynamics of the group of manufacturing industries. In January-August 2015 increased the production of acyclic hydrocarbons (169.6%), fertilizers (113.9%), synthetic rubber (112.6%), plastics in primary forms (103.4%). Significant growth in the industry is provided by the implementation of major investment projects in the largest chemical companies, including with the participation of large petrochemical holdings.

Under the influence of the macroeconomic situation in the industry there is a decrease of orders for its products due to the continued decline in effective demand for non-ferrous metals (aluminum, copper), their products and metal constructions. So, this year at the leading enterprise ZAO “Alcoa – Samara Metallurgical Plant”, which produces more than a third of steel products in the field – a decline in industrial production caused by the decrease in the volume of orders for a press products [3, p.17].

However, at the largest enterprises of the region continues to implement investment projects aimed at the modernization and upgrade of the existing equipment, increase production capacity, improve competitiveness and expand the range of products.

JSC “TYAZHMASH” projects aimed at expanding the geography of sales of products and increase the volume of downloads: copper concentrator Almalyk MMC in Uzbekistan carried out the project “Reconstruction of the offices of crushing and grinding”, successfully completed testing equipment hydro Peshqeshit (Albania), signed a contract with CKD Blansko SMALL HYDRO (Czech Republic) for the supply of new and reconstruction of water turbines in thirteen Slovakia for up to two years. Deliveries of products for special purposes of “TYAZHMASH” carried out on the basis of contracts with the Ministry of Defense of Russia, calculated to 2016. Also, the company continues to work on the production of aggregates for the Baikonur launch complex “East”.

As a result of the implementation of “Samara Stroyfarfor” investment projects to develop the production of stoneware production was put into operation a modern production equipment, which will expand the range of products and to reach a new segment of the market. This year, the company completed the project on its own production of decorative elements (design capacity in 2015 – 500 thousand pieces of decorative tiles per year with an increase of up to 1 million units by 2018..).

Overall, in 2015 the development of the industrial complex of the region will depend on the dynamics of domestic demand mainly. Continue implementation of a package of measures to support the development of the industrial complex of the Samara region, including the development of cluster formations, industrial parks, as well as large investment projects [4, p.109].

Structure of imports of high-tech has a distinct focus – the main share of total imports (66.7%) is the import of equipment. Enterprises in the region consistently pursuing a policy of renewal of fixed assets, including the use of financial instruments of foreign investment. Such import structure is typical for developed Russian regions, which play an important role in the industrial complex of the country.

In 2015, on the development of agro-industrial complex of the Samara region by the regional and federal budgets will be spent 6.3 billion, RUR. State support measures are aimed at the realization of the import substitution policy, increasing the investment attractiveness of the industry, increase agricultural production economy, improving financial and economic condition of agricultural producers in the region, the level and quality of life in rural areas [5, p.193].

In the first half 2015 The region has 112,561 small and medium-sized enterprises, of which 6 741 – small enterprises 40 872 – microenterprises, 483 – medium-sized enterprises and 64 465 – individual entrepreneurs.

In order to support small and medium-sized businesses implementing a state program of the Samara region “Development of Enterprise, Trade and Tourism in the Samara region” for 2014 – 2019 years, and also municipal programs of support and development of small and medium-sized businesses.

By the end of the year, work will continue to provide subsidies to small and medium enterprises at the expense of regional and federalgogo budgets and will be announced new competitions for reimbursement of the cost of payments on leasing contracts; on the creation, development or modernization of production [6, p.150].

It is estimated that by the end of 2015 the number of small and medium-sized enterprises (including micro enterprises) in the Samara region will amount to 112.8 thousand, the average number of workers employed in small and medium enterprises without external part -. 300 thousand people, the turnover of small and medium enterprises – 740.2 billion, rubles.

In 2015, in the Samara region the trend of slowing down of investment activity. This is due to the fact that the investment processes in the region negatively affected by such external and internal factors, such as restricting access to external financing, the rising cost of long-term financial resources, including developers and the population, rise in imports of investment goods, the imposition of sanctions against a number of Russian companies including OAO “Oil company” Rosneft “.

In January – June 2015 on the development of economy and social sphere of the Samara region used 109 666 200 000 rubles of investments in fixed capital, or 102.8% to the corresponding period of the previous year..In January – August of this year, the investment of large organizations of the Samara region totaled 94.2% from the same period of 2014.

Major investments in the Samara region in the first half of 2015 were concentrated in the following economic activities: production of oil products (19% of total investment), manufacture of transport equipment (17.9%), mining (16.3% ), transport and communications (12.6%), energy and real estate activities (by 5.6%). The total share of these industries accounted for 77% of the total investments.

The positive dynamics of investment in fixed assets in the Samara region in the first half of this year, achieved by high growth rates in the following industries: chemical industry (176.6% compared to January – June of the previous year), manufacture of transport equipment (181.8%) including automotive (187.6%) and manufacture of aircraft and spacecraft (143.1%) and oil extraction (136.7%).

The chemical production of “Kuibyshev” implementing major investment projects for the construction of energy-efficient production of cyclohexanone and universal complete line of nitric acid, as well as projects for the construction of the production of ammonia, together with the German company Linde Group and the air separation plant with an American corporation Praxair Inc.

In the automotive industry JSC “AVTOVAZ” in the company’s development programs until 2020, invests in the development, modernization and production of new vehicles and powertrains. Actively build a plant for the production of automotive components in the territory of the special economic zone of industrial type in the municipal district of Stavropol (hereinafter – SEZ “Togliatti”). In 2015, plans to launch its own production of 4 resident of SEZ “Togliatti” – manufacturers of automotive components: Ltd. “This Automotive Rus” (Spain), LLC “High-Lex Rus” (Japan), Ltd. “Atsumitek Toyota Tsusho Rus” (Japan), Ltd. “Edsha Togliatti” (Germany).

However, the first half of 2015 to significantly reduce investment in such important economic activities, such as energy (85.8% of the level of January – June 2014), oil products (80.5%), trade (65.5 %) and agriculture (58.3%).

During the reporting period 2015, the Samara region completed the following major investment projects of private companies:

JSC “Novokuibyshevsk Oil Refinery”, a subsidiary of OJSC “NK” Rosneft “, put into operation a complex of catalytic reforming unit with continuous catalyst regeneration (CCR) capacity of 1.2 mln. Tons a year of raw material and a set of low-temperature isomerization capacity of 280 thous. Tons year on raw materials. Start complexes allowed to ensure a full transition of the enterprise to produce high-octane gasoline higher environmental class and the decommissioning of the obsolete plant;

anchor resident of the industrial park “Preobrazhenka” company “Robert Bosch Samara” completed construction of the first plant for the production of automotive components a total design capacity of 6 million different nomenclature units per year, started production.;

branch “Dairy” SAMARALAKTO “JSC” Company Unimilk “within the Danone group of companies in Russia, the reconstruction of a reception of raw milk, as well as launched a new line for the production of dairy products, drinking and thick yoghurt production capacity 54,8-60 tons products per day;

in the urban district Togliatti Luxembourgish concern Accumalux Group, together with a group of “ACOM” on the basis of “LyuksStar” company opened a new co-production of plastic components for the assembly of buildings batteries. The design capacity of the new high-tech enterprise of JSC “AKKUMALYUKS RUS” is about 2 million. Sets per year.

This year continues active construction of all necessary to place the SEZ “Togliatti” Infrastructure residents. Commissioning of the first phase of the infrastructure area of 181 hectares, started construction of the second area of 246 hectares.

Currently, 16 Russian and foreign companies acquired the status of SEZ “Togliatti” residents. Total liabilities on investments of residents is 18.8 billion rubles is planned to create about 4.3 thousand. New jobs. The first production in the SEZ “Togliatti” started in 2014. Until the end of 2015 plans to launch production of its 5 residents SEZ “Togliatti” 4 companies – automotive manufacturers, as well as the plant LLC “Praksayr Samara” (US) for filling containers of industrial and special gases.

The region is an active process of formation of modern production facilities in the form of industrial parks: in the first stage had actually set up three industrial parks ( “Preobrazhenka”, “Tolyattisintez”, “Stavropol”), and work is underway to fill their residents.

In the industrial park “Preobrazhenka” put into operation the first stage of the engineering infrastructure, carried out design work on the second phase of construction of rainwater drainage and road networks. Residents of the industrial park are OOO “Robert Bosch Samara” (Anchor resident), LLC “EDRC”, LLC “SamaraTransAvto-2000″ of DoorHan company, “Farm SKD” LLC.

In the industrial park “Chapaevsk” made a draft plan area, is preparing to host the territory of enterprises, carried out design and survey works. Started construction of the plant for the production of gypsum binder and plaster mixtures LLC “Knauf Gips Chelyabinsk” (Anchor resident) [7, p.9].

Active work on attraction of extra investments for the construction of socially significant and infrastructure through public-private partnership (hereinafter – PPP). As at 10.01.2015 at various stages of study are 55 projects proposed for implementation with the use of PPPs. By industry sector, these projects relate to the health sector – 29 projects in the field of social welfare – 3 project to the field of sport – 7 projects, tourism – 4 projects, housing and communal services – 1 project, the transport infrastructure – 10 projects in the field of industry and agriculture – 1 project. Of these, 15 are being implemented PPP projects. The total amount of extra investment of more than 9 billion rubles, will create more than 1700 new jobs.

In 2015, the increased role of the own funds of organizations as a source of financing of investment activity. In the first half of the year in the structure of investment in fixed assets, they totaled 65.3% (in January – June 2014 – 62.4%). From sources attracted the largest share was accounted for bank loans (14.6% of all investments) and loan funds to other organizations (5.3%). The budgets of all levels amounted to 4.7% of the investment, more than half of the budget – the regional budget. On investment from abroad accounted for 1.8% of investments in fixed assets.

This year, in the Samara region is expected to grow to attract investments from the federal budget. It is estimated that the volume of investment of federal spending in 2015 could be as high as 18.9 billion in the Samara region, rubles, including the financing of objects of transport, social and other infrastructure SEZ “Togliatti” is expected arrival of federal investments in the amount of 4 billion rubles on the financing of objects of the Samara region and activities within the framework of the federal targeted investment program, state and federal target programs – 7.1 billion, RUR.

Funds from the federal budget are involved for implementation in the region such major projects as the reconstruction and modernization of the international airport “Kurumoch” construction “Entrance to the city of Orenburg” the road from the highway M-5 “Ural” in the section km 96 – km 147, as well as the construction of the stadium (including proektnoizyskatelskie work) in preparation for the world Cup in 2018.

Investment costs of the regional budget in 2015 will amount to 14.9 billion, RUR. A significant amount of the regional budget in the current year will focus on the design and construction of the subway in the city district of Samara, design and construction of residential buildings in the city of Samara in the borders of the streets of Aurora, Dybenko, Revolutionary, Gagarin, design and construction of the Samara Regional Perinatal Center, Avenue reconstruction them. Kirov in Samara City District, the reconstruction of the Moscow highway in the area of ​​Kirov Avenue to station № 115 “Rosneft” in the city district of Samara, which provides access to the stadium being built for the World Cup.

In 2015, the regional budget provides funding of $ 83.4 million. Rubles, design and survey works on the creation of scientific and educational and technical innovation complex in the Kirov district of the city of Samara.

Investing activities in the Samara region in 2015 is carried out in conditions of financial and technological sanctions from the West, as well as a deterioration of the economic situation as a whole, which creates certain difficulties and risks for investors. As a result, after the relatively high investment growth, noted in the Samara region since the post-crisis in 2010, in 2015 is estimated to occur in the region’s investment activity slowdown.Investments are estimated at almost 2014 – 100.8% (in comparable prices). The total investment in fixed assets in the Samara region in 2015 will amount to 320.8 billion, rubles.

The slowdown in investment activity, the rising cost of long-term financial resources to developers and the public has a negative impact on the construction industry in the region. The volume of work performed by the activity “Construction” in the Samara region in January – amounted to 65.6 billion, rubles or 85.0% over the same period in 2014 August, 2015. It is estimated that the volume of construction in the Samara region will not reach last year’s level in 2015 (at constant prices) and was 155 billion rubles – 96.3% in 2014.

For 7 months of 2015 the profit of profitable large and medium-sized companies increased by 34% compared to the corresponding period last year and amounted to 161.2 billion, rubles.

Significant growth in profit in January-July 2015 compared to the same period of 2014 was observed in organizations, economic activities which are transport and communications (3.1 times), chemical industry (2.1 times), food production ( 164.8%), metallurgical production and production of finished metal products (160.2%), agriculture, hunting and forestry (140.7%), wholesale and retail trade (116.4%).

The decline in earnings was observed in organizations engaged in the production of rubber and plastic products (by 40.6%), transport equipment (16.7%), machinery and equipment (by 14.2%), construction (11.5 %), production and distribution of electricity, gas and water (10.6%).

In January – August 2015, retail trade turnover amounted to 377.6 billion, RUR (81.5% compared to the same period last year), including trade in food, beverages and tobacco, 181.1 billion, rubles ( 80.9%), nonfoods -196.6 billion, rubles (81.5%). In per capita retail trade turnover population Samara region took the 4th place in the PFD.

The structure of retail trade in comparison with the same period last year by 2.1 percentage points decreased the proportion of non-food items and turnover amounted to 52.1%.

As a whole for 2015, retail trade turnover is estimated at about 599 billion, RUR index of physical volume of the previous year of 82.5%.

As a result of 8 months of 2015 the positive dynamics was observed in the industrial sector only three out of ten urban districts. Continued industry growth in urban districts Chapaevsk (index of industrial production (hereinafter – STI) among the largest urban areas – 133.6%), Novokuibyshevsk (130.8%) and Zhigulevsk (106.6%).

The negative trend has changed the industrial growth in the city district Syzran (IPP – 97.4%). Continued decline in industrial production in urban districts Togliatti (94.2%) and Kinel (98.0%) due to the decrease in production output of automobiles and automotive components, as well as in gorodskomokruge Samara.

The decisive influence on the dynamics of the urban district Otradny industry (PPI – 99.2%) had negative trends in the development of processing industries, power generation and distribution, gas and water, urban district Pokhvistnevo (98.3%) – a decrease in oil production. The decline in industrial production in the urban district Oktyabrsk due to a decrease in the production of other non-metallic mineral products.

In an unstable external economic situation before the end of 2015 the growth of industrial production can be expected only in the four urban districts: in the city district of Samara PPI was 100.1% (increase in the production of vehicles and equipment, coke and petroleum products, chemical products), in the urban district Zhigulevsk – 105.0% (growth in the chemical industry and the production of electrical and optical equipment in connection with the expansion of production capacities of “Ozone” and CJSC “ACOM”), in Novokuibyshevsk city district – 125.0% (positive dynamics of development of the chemical and petrochemical industry), in the urban district Chapayevsk – 131.0% (an increase of automotive wiring harness production at the new plant ZAO “PES / SCC”).

You can not avoid the fall in industrial production in the urban district Togliatti (IPP – 92.5%) due to negative trends in the automotive industry, as well as the production of rubber and plastic products, other non-metallic mineral products, metallurgical production. In connection with a reduction in the production index in the manufacturing sector, the production and distribution of electricity, gas and water at growth in mining PPI Otradnyi urban district stood at 99.3%.

Negative dynamics in the sectors of steel production and production of finished metal products, machinery and equipment will cause a decline in industrial production in the city district Syzran to 97.5%.

Due to the decline in production of other non-metallic mineral products, spare parts for automobiles, electricity generation and distribution of STIs in the October district of the city will be 95.5%. Despite a possible increase in electricity production and distribution, gas and water, the unstable situation in enterprises automotive component industry will determine the negative trend in the city district of Kinel industry (PPI – 97.0%).The decline in the urban district Pokhvistnevo industry until the end of the year (98.0%) due to the decline in oil production.

In rural areas, the industrial production in January-August 2015 has developed rapidly in 14 of the 27 municipal districts, the highest rate – in the municipalities Krasnoarmeysky (PPI increased by 3.6 times), Bolypeglushitsky (140.4%), Pohvistnevsky (123, 8%), overcome the recession in 2014. Continue to develop dynamically Kamyshlinsky (122.7%), Alexis (120.9%), Kinel-Cherkassy (118.4%) regions. Compared to the same period in 2014 to refract the negative dynamics of the municipal districts of Volga (112.1%) and Kinel- ENGLISH (103.1%).

Do not come out of stagnation last year, municipal districts Klyavlinsky (IPP – 99.4%), Isaklinsky (97.9%), Chelno-Vershinsky (95%), Krasnoyarsk (93.1%), Bor (88.2%), Syzran (84.1%) and Bogatov- ENGLISH (83.9%).

By the end of this year, industrial production is estimated based on the positive trend in 18 of the 27 municipalities.

For six months in 2015 the positive trends observed in the sectors of dairy and beef cattle breeding in 5 municipalities (Bogatovsky, Bolshechernigovsky, Elkhovskoye, Kinel-Cherkassy, Khvorostyanskaya). The greatest increase in meat production in farms of all categories mentioned in the municipal areas of Neftegorsk (138.6%), Shentalinsky (127.1%), Alexis (125.1%), Volga (121.7%), Kinel-Cherkassy (117, 3%); milk – in municipal areas Kinel (135.3%), Bogatovsky (118.8%), Pestravsky (114.1%), Shishnsky (110.4%), Stavropol (110%).

As a result of government support measures, promotion of import substitution and enhancing business activity in the agricultural sector will continue the trend of development for major agricultural variables to the end of the year.

In the I half of 2015 was observed as the investment growth in urban districts and municipal areas. The development of urban districts of large and medium organizations was sent to investment in fixed assets by 12.1% more in comparable prices than in the corresponding period in 2014 – 65.3 billion, rubles (73% of the regional output). The volume of investments has increased in six urban districts: Samara, Tolyatti, Otradny, Kinel, Zhigulevsk and Pokhvistnevo. The implementation of major investment projects in the manufacturing sector and the electricity can save leading positions on volume of investments to per capita urban districts Novokuibyshevsk Zhigulevsk, Togliatti and Syzran. About 70% of all investment spending was directed to the development of processing industries. In structure of investments make up 65% of own funds of institutions, 35% – borrowed funds.

By the end of 2015 the volume of investment growth in fixed assets is expected in Samara (due to the implementation of investment projects and investment budget) and October (at the expense of public investment growth). A significant reduction in the volume of investment is possible in urban districts Novokuibyshevsk and Chapayevsk in connection with the completion of major investment projects and the high level of the previous year.

Against the backdrop of advancing growth of investment activity in municipalities in 2014, the increase in the volume of investment in fixed assets in the whole areas has slowed down and reached 102.8% in the I half of 2015 (24.6 billion, rubles or 27.4% of the regional output) . The positive dynamics of investment was observed in 10 of the 27 municipal districts, the most intense – in the Red Army, Kamyshlinskom, Sergius, Alexeyev, Bolyneglushitskom. In terms of investment per capita leaders were municipal districts Alexis, Bolyneglushitsky, Krasnoarmeysky, Koshkinsky, Kinel. Retains the basic directions of investments in mining, transport and communications. The regional structure of investments accounted for 83.8% of own funds, 16.2% – borrowed funds.

Until the end of 2015 as a whole is expected to stabilize areas of trends in investment while maintaining the differentiation between the territories.

Авторы благодарны Российскому гуманитарному научному фонду за частичную финансовую поддерж­ку данной работы (Региональный конкурс «Волжские земли в истории и культуре России», грант № 16-12- 63003).

The greatest revenue has “Togliatti”, then in terms of revenue leader “Kuibyshevazot” and “PROMSINTEZ” takes place in the lower rating training of volumes on the implementation. If we talk about the relative performance of the activities of these companies are as follows [1, c.390].
Revenue largest sales volume of enterprise – “Togliattiazot” showed significant growth rates over the period 2013-2014, it increased to 28.5%, for 2014-2015 – by 30.6% due to growth in sales volumes. It should be noted that most of the revenue the company receives from the sale of products in foreign markets – 74.6%. The greatest revenue growth for the period 2014-2015, showed “KuibyshevAzot ‘revenue growth from sales of the Company amounted to 35.8%. At the same time this company revenue growth of volumes was secured both by internal and by external market.
The smallest increase in revenue indicator showed “PROMSINTEZ”. Its sales revenue increased – for years 2013-2014 – 419 thousand rubles.. or 0.02%, for the years 2014-2015 – to 534 692 thousand rubles.. or by 26.2%. The reason for revenue growth sales growth.
Thus, from the above analysis, we can conclude that in spite of the highest absolute volume of revenue from sales of products, the leader of the relative increase in revenue is a “KuybyvshevAzot”.
Consider other factors that characterize the activities of other parties Samara petrochemical industry. One such indicator is the cost of the petrochemical industry.
Cost of “TogliattiAzot ‘sales increased at a slower pace compared with revenues, the simple cost was in 2013-2014 years, and 14.3% in 2014-2015 to 13.1%.
The relative growth rate “KuibyshevAzot” cost in 2014-2015 amounted to 16%. The rate of growth “PROMSINTEZ” cost in the years 2013-2014 amounted to 0.9%, and in 2014-2015 to 29.3%. Thus, “PROMSINTEZ” is the leader in terms of growth of production costs which also turned out to be higher than the revenue growth, what to say about the extensive nature of the enterprise development.
The most efficient company in terms of leadership in growth ratio of cost and revenue is “TogliattiAzot” [2, c.235].
Let us analyze the dynamics of such an important component of the company’s expenses as the fixed costs that are not directly related to the volume of production and can significantly negative impact on the financial activities of enterprises hozyaystvennnoy petrochemical industry.
The greatest amount of administrative expenses in absolute value at “Togliatti”, and the amount of administrative expenses “KuibyshevAzot” and “PROMSINTEZ” is at a comparable level.
With regard to relative values, the largest increase of administrative expenses for the period from 2014-2015 year is “TogliattiAzot” with the figure was 28.3%. The growth of administrative expenses “KuibyshevAzot” and “PROMSINTEZ” is insignificant in this period and is less than 4%.
Thus, the company which carries out the least efficient management of fixed costs is the “TogliattiAzot”. This makes it necessary to carry out continuous monitoring of constant expenses of the enterprise in order to reduce the volume of fixed costs and creating barriers to their continued growth [3, 25].
It should be noted that the share of fixed costs in the enterprise revenue has not changed and remained the same 4.8%.

For the final picture of the dynamics changes of absolute indicators of enterprises of the Samara region will assess indicators profit before tax EBIT.
The analysis showed that the greatest amount of profit before taxation at “Togliatti” at least “PROMSINTEZ” and “KuibyshevAzot” occupies the second place in terms of the profits of all enterprises of petrochemical industry.
It should be noted that the profit “TogliattiAzot” constantly growing steadily, that of “PROMSINTEZ” and “KuibyshevAzot” showed mixed trends – in 2014 there was a falling index compared with 2013 year.
For “TolyattiAzota” profit before tax for the years 2013-2014 has increased by 62.1% and 44.9% for the period 2014-2015. Relative earnings growth “KuibyshevAzot” were negative for the period of 2013-2014 years, while for the period from 2014-2015, income increased by 106.5% in relative terms. Similar dynamics is observed in “PROMSINTEZ” growth in profit before tax of the enterprise have been negative in 2013-2014 and in 2014-2015 the profit growth rate was more than 150%.
A comparative assessment of other indicators reflecting the efficiency of petrochemical plants of the Samara region [4, c.150].
The evaluation can conclude the following – all indicators of profitability leads “TogliattiAzot”, “Kuibyshev” is in second place and “PROMSINTEZ” ranked third.
It should be noted a constant growth rate of profitability throughout the period analyzed from companies TogliattiAzot “and” Kuibyshev “.
It should also be noted that the dynamics of changes in the values ​​of assets profitability for enterprises, “Kuibyshev” and “Togliatti” to the end of the analyzed period increased: from 8.9% to 11.3% in “KuibyshevAzot”; from 22.4% to 32.4% at “Togliatti”. Asset growth profitability on net profit is due to the excess of the growth rate of net profit enterprises on the growth rate of assets. The indicator of profitability “PROMSINTEZ” assets in 2014 decreased (from 2.2% to 0.9%) due to lower net income increased due to growth in net profit, amounting to 1.8% in 2015.
The analysis suggests the following conclusions.
The highest value for the Samara Region has a “TogliattiAzot”, the second highest value is “KuibyshevAzot” of greatest interest to the valuation effect possible invaluable Russian stock market.
In general, the dynamics of indicators reflecting financial and economic activity is positive, the revenue and profit of the petrochemical industry of the Samara region are rising, profits are also growing enterprises [5, c.480].
Despite the successful financial and economic activities of enterprises individual crises of the Samara region observed the petrochemical industry, such as the increase of fixed costs, the decline of profits before tax, which makes it necessary to address those factors when assessing the value of these companies.
Carry out assessment “KuibyshevAzot ‘value with methodology for determining the price of the company use the data of the first chapter of the work. The analysis of the data based on the results of financial and economic activity of the enterprise has revealed a significant increase in indicators such as revenue, net income and profitability of business enterprises.
Therefore, evaluation of all options of the enterprise value of the most effective is to use the income approach, which allows to objectively determine this figure as the present value of future income [6, c.5].
As part of this assessment methodology using the discounted cash flow method, as the application of this method will pinpoint
Before using this technique the company’s valuation is necessary to predict future revenue stream in a certain period, in this case three years.
The average annual growth in revenue as a percentage of 25.5%.

In order to implement forecasting total costs, the analysis of the composition and size of business costs, based on data for the year 2005-2015, as well as define their share in the company’s revenue. The analysis showed that the specific proportion of the costs of revenue was 83.49%.

Analyze the costs “KuibyshevAzot” reflected in the line “Selling expenses” under this heading reflects the paid wages, including accrued, lease payments, expenses related to the cost of labor, taking into account charges, expenses related to the amortization of the equipment, costs associated with payment services to other organizations [ 7, c.178]. According to estimates, the average share of commercial expenses relative to revenue for the 2013-2015 years. It amounted to 9.2%.

Let us analyze the “KuibyshevAzot” expenses, provided that the proportion of production costs and commercial expenses in the forecast and terminal period will remain unchanged.

Make calculation of cash flow will hold subject to the following conditions:
- An indicator of the income tax rate is 20%;
- The share of costs in revenue of 83.49%, the share of commercial spending in revenues of 9.2%;
- Interest expense and interest income will remain at the level of the average for 2014 and 2015 year.
The average value of interest income for 2014 and 2015 will be (498,806 + 230,850) = 2 364 828 thousand rubles..
The average value of interest payable for 2014 and 2015 will be (1,260,635 + 889,855): 2 = 1075245 thousand rubles..
Assume that the other expenses of the company’s net profit is not provided, and the cash flow in this case is identical to the net profit of the enterprise.
Also, for calculating the value of the cash flow necessary to determine the discount rate, which indicates the amount of income that investors expect on their investments. To determine its value is necessary to determine the risk-free rate of return for risk-free investments in the territory of the Russian Federation.
As the risk-free rate of return, you can use the value of zero-coupon yield, the calculation of which the Moscow Interbank Currency Exchange on the basis of the results of trading on the OFZ technique developed in conjunction with the Bank of Russia. BFL is a debt instrument which produces the RF Ministry of Finance and which also has the highest credit rating among the liabilities that are traded on the Russian financial market. On 19.10.2016 the value of the zero-coupon risk free rate of return is 8.89%. With this in mind, you can take the value of zero-coupon risk free rate of return for the entry level for the calculation of the discount rate [8, c.13].
The indicator reflects the size of the discount rate of profit, which need to provide investors with investment. The calculation of the discount rate to be applied for the purpose of cash flow discounted by the method of cumulative construction.
In order to use this method, you must determine the risk-free rate, for which we take the value of zero-coupon risk free rate of return amounting to 8.89%. Given that this obligation applies to the territory of Russia in rubles and foreign currency risk of the country have already been priced in the rate of return.
To calculate the discount rate we use the value of the beta coefficient for the chemical industry information, which can be obtained on the basis of site Damodoran line. This ratio is 1.17.
Also, for the calculation of the discount rate will take into account the quality of the administrative board of the enterprise, the company’s value, the quality of the organizational structure of the company, the level of diversification of production and product areas, customer base, profitability and predictability of operations. For the purpose of calculating the discount rates also take into account the specific risks associated with the company [9, c.25].

Given that the costs to depreciation costs and other expenses from net income “KuibyshevAzot” does not provide cash flow corresponds to net profit “KuibyshevAzot”.
Summing up the rate of return, taking into account, the beta coefficient, as well as the elements forming the discount rate, we get a discount rate, which is 13.3%.
Define the value “KuibyshevAzot” in the post-forecast period using the model of Gordon. Cash flow in the post-forecast period – 4 374 060 000 rubles, the discount rate -.. 26.3%, long-term growth rate – 25.5%.
FV = 374.06 4 (1 + 0.255) / (0.263 – 0.255) = 686 180 660 000 rubles..
Residual value “KuibyshevAzot” is 686 RUB 180,660,000..
Enterprise value consists of the present value of cash flows and the present value in the post-forecast period. To calculate the present value of the discounted cash flows applicable procedure.Thus, the value of the company determined using the discounted cash flow methodology within the income approach, it is 281 032 290 000 rubles..
For comparison, “KuibyshevAzot” balance sheet total amounts to RUB 47 962 200 000.. Thus, we obtained the company’s value based on a discounted cash flow methodology for more than 6 times higher than the currency of the balance of the organization.
Compare the resulting figure to the value of the company in the financial market. According to the quarterly report for the 2nd quarter of 2016 the market capitalization of “KuibyshevAzot” is 20 225 million. Rubles. Thus, it is obvious that the company has significant future potential for development and growth in the market capitalization of the company.
Carried out in this manner assessment “Togliatti” value allowed to reveal that the value of the company determined using the discounted cash flow methodology within the income approach is
459 200, 28 mln. Rub., While the book value of RUR 78 369 130 000.. For “Promsiteza” corresponding figures were 6 670 980 000 rubles.. and 1 111 830 000 rubles.. respectively.
Thus, on the basis of the assessment it can be concluded ranking of petrochemical companies of the Samara region on their value. In the first place the cost is the company “TogliattiAzot”, the second “Kuibyshev” and the third “PROMSINTEZ”. Let us analyze the pricing factors petrochemical company.

Factors affecting the growth of prices include indicators such as net profit, revenue, the amount of dividends, the value of cash flow, the size of the company balance sheet total, the value of the net assets, as well as other indicators. Determination of a particular set of parameters is dependent on the available information, the impact of these factors, indicators on economic activity of the company, as well as the choice of the evaluator.
When choosing only one indicator of the pricing formed by the regression model relates to the one-factor model.
In order to create a model depending on the value of the organization in accordance with the market conditions on a number of indicators of economic activities of the organization applies the methodology of correlation and regression analysis. If further research for productive variable will take the value of the target firm market.
Regression model to calculate the value of the evaluated companies construct, analyzed on the basis of the available information on similar companies in the industry dependent on the market value of the different pricing performance of companies (cost factors). Correlation analysis as a technique makes it possible to determine the highest bond strength and bond strength indicator (strong, weak), the nature of communication – direct or reverse. The data obtained from the correlation analysis of the correlation coefficient is expressed by index R, which is a value between -1 and +1 and can be used for further planning algorithm parameter calculate regression equations.
Communication Indicator between the two measures is strong enough, if the exponent of the absolute value of the correlation is greater than 0.7 and a weak, if not more than 0.4. If the correlation coefficient index value is zero, the link between the two measures is absent. It should be noted that an objective assessment of the correlation is only possible when using a regression model that uses only a linear dependence [10, c.165].
In order to generate the regression model applied value of the market capitalization of companies analogues according on the results at the end of 2016, according to the Moscow Interbank Currency Exchange, as well as the financial statements of companies whose list obtained by sampling according to “Interfax” – disclosure server.
The dependence of the price of such values ​​in revenue performance, profits and assets. An analysis of selected data to carry out with the help of an Excel spreadsheet.
Assessment and analysis of correlation coefficients with respect to each of the factors taken into account. From the analysis shows that the income has the greatest impact on business profits. In this case the correlation coefficient is equal to 0.99. It should be noted, and high dependence on the price of the enterprise total assets of the business (0.97) and the relationship of earnings and assets (0.94). To form the base model using the relationship between the market value of the company and profit.

We form the necessary equation regression models analyzed. As a result of analysis on the basis of Excel «regression» table packet is received the following table the values of a coefficients a and b.

Based on this analysis, for the petrochemical industry can generate the regression equation of the following form:
Y = 13,2x – 2259520
Thus, the analysis leads to the conclusion that in order to increase the value of the petrochemical industry is necessary to recommend measures which aimed at the growth of the net profit of the enterprise.

Статья подготовлена в рамках работы над исследовательским проектом «К 50-летию ВАЗа: Влияние автомобилизации на социально-экономическое развитие Поволжья», поддержанным грантом Российского гуманитарного научного фонда № 16-12-63003 по результатам регионального конкурса «Волжские земли в истории и культуре России – 2016, Самарская область».

Figure 1 – The structure of the passenger car sales in 2015

Despite this, the financial results of the company leaves much to be desired. So by the end of 2013 a loss of PJSC “AVTOVAZ” has made 3497 mln. Rub., While in 2014 the loss amounted to 5 658 mln. Rub. [1, c.83]. At the same time other manufacturer of domestic cars of JSC “Sollers” received during this period profit of $ 1 786 million. Rubles. and 2 997 million. rubles. respectively. Thus indicators of PJSC “AVTOVAZ” reversed on the background of the success of other companies.

In this regard, a relevant assessment of the financial and economic activity of PJSC “AVTOVAZ” to identify the causes of the situation [2, c.193].

To do this, we carry out the cost-benefit analysis of PJSC “AVTOVAZ”.

Evaluation of the company’s profitability is one of the most important stages of the evaluation.

Especially it is important for the PJSC “AVTOVAZ” experiencing significant financial instability.

Carry out cost-benefit analysis of PJSC “AVTVOAZ” on the basis of public statements.

Carry out an assessment of indicators of profitability of sold products, which characterizes the size of the profits of the enterprise on the ruble investment. Below is the calculation of this index for different periods.

The indicator of profitability of sales in 2011: 3106: 174 846 * 100 = 17.4%.

The indicator of profitability of sales for the year 2012: 211: 145 372 * 100 = 0.145%.

The indicator of profitability of sales for the year 2013: 6899: 175 152 100 * = – 3.93%.

The indicator of profitability of sales for the year 2014: -25 411: 189 370 * 100 = -13.42%.

As can be seen from the above calculations, the most important indicator of the profitability of sales of PJSC “AVTOVAZ” reached in 2011.

Then we spend the calculation of this indicator as a return on assets characterizing the amount of net profit, which falls on a unit of value.

Index return on fixed assets for 2011.: 3106: 58251 * 100 = 5.3321%.

Index return on fixed assets for 2012.: 211: 48877 * 100 = 0.4317%.

Index return on assets for the year 2013: (6899): 56586 * 100 = -12.19206%

Index return on assets for the year 2014: (25 0411) / 78874 * 100 = -32.217%.

As in the previous record, 2011 is more cost-effective in 2013 and 2014 rate reached negative result.

Next, we calculate the index of profitability of the staff, which characterizes the efficiency of work of employees in the establishment of the enterprise. In 2011 this figure amounted to 3 355 106/74 * 100 = 4.17726%. In 2012: 052 211/66 * 100 = 0.31945%. In 2013godu: -6 728 899/66 * 100 = -10.33899% and for the year 2015: (-25,411) / 53 000 * 100 = -479.453%.

From the conducted analysis shows that the profitability of personnel decreased during the period under review. What also characterizes the company negatively.

Return on assets ratio characterizes the profits derived by an enterprise from each ruble advanced to the formation of assets. Below are the values ​​of this indicator.

2011: 3 846 106/132 * 100 = 2.33%;

2012: 211/144 121 * 100 = 0.14%;

2013: (- 6 899) / 149 942 * 100 = -4.6%;

2014: (- 25,411) / 169,254 * 100 = -50.56.

This indicator is also negative, which negatively characterizes the economic activity of the enterprise.

Return on equity characterizes the presence of profit per invested by the owners of the company (shareholders) of the capital.

2011: 3 385 106/32 * 100 = 9.59%;

2012: 211/32 707 * 100 = 0.064%;

2013: (- 6 899) / 25 808 * 100 = -26.73%;

2014: (-25411) / 397 * 100 = -6400.75%.

During the reporting period, there are significant changes in 2013. The return on own index reached negative values, and in 2014 continued to decline.

To assess the efficiency of use of circulating assets will assess their profitability. This indicator shows the profitability of current assets, that is, shows how much profit brings one unit of current assets of the company. In 2011 this figure amounted to: 3106/44890 * 100 = 6.91914%. In 2012: 211/48660 * 100 = 0.43362%. The value of this indicator for the year 2013: -6899 / 45364 * 100 = -15.20809%, and for 2014god: -25411 / 50256 * 100 = -50.563%.

As can be seen from the above calculations of return on current assets also declined, reaching negative values.

Assessing the profitability of current assets, turn to the estimation of such indicator as the profitability of non-current assets. This indicator measures the effectiveness of non-current assets. In 2011, this figure is as follows: 3106/87956 * 100 = 3.53131%, in 2012 its value was: 211/95461 * 100 = 0.22103%. In 2013, the index value was: -6899 / 104578 * 100 = -6.597%, in 2014: -25411 / 118998 * 100 = -21.354%.

During the reporting period, there are significant changes in 2013 there is a negative value, and in 2014, the index continued to decrease further.

In order to assess the profitability of investments PJSC “AvtoVAZ” will assess the ROI of society. This indicator shows the profitability of the enterprise using equity and debt [3, c.149].

This figure was for 2011: 3106/132846 * 100% = 2.33%, for the year 2012: 211/144121 * 100 = 0.15%. In 2013 and 2014 the figure was: -6899 / 1499412 * 100% = -4.62%, in 2014: 25411/397 * 100% = 6,400%.

From the above analysis, it is clear that during the period the return on investment decreased, which is a negative trend.

The results of the analysis show that the highest profitability was achieved PJSC “AvtoVAZ” in 2011, after a decrease in margins which indicates the negative dynamics in the financial and economic activity of the enterprise.

Carry out an assessment of profitability of costs to society. In 2011, the figure was 3 654 476/154 * 100 = 2.25%. For 2012 the value of the indicator has decreased and amounted to 2 820 736/164 * 100 = 1.66%. The value of the index for 2013 and 2014 amounted to 060 -7 975/165 = -4.83% and -26 = 499/192 349 -13.77%.

This indicator shows the return on the cost of production and shows how much the company make a profit from each ruble spent on production and sales. This indicator is also negative, which negatively characterizes the economic activity of the enterprise [4, c.7].

It should be noted that profitability is one of the most important indicators, which is used in the analysis and assessment of financial condition. Profitability ratios, provide a complete reflection of the situation.

The results of the analysis lead to the conclusion that the economic activity of PJSC “AVTOVAZ” a decrease in almost all enterprise profitability, and by 2013, many of the indicators have reached a negative value. The smallest value of the indicators have reached in 2014.

Let us analyze the dynamics of profit “AVTOVAZ” PJSC for the period of 2011-2014 using, as the interim financial statements and annual. It is necessary for a comprehensive assessment of the enterprise.

Table 1 – Analysis of the dynamics of the profit of PJSC “AVTOVAZ”. For 2011-2014

In 2013, there is a significant decrease in the gross profit rate for the following year began to grow. This is a positive indicator for the enterprise. Profit (loss) from sales for the period under review reached a negative value. This negative trend is negative for the company.

This trend is due to many factors. Both external and internal.

it can be concluded on the basis of the above analysis that there is a significant decrease in profit in 2013 and then in 2014. In this period, almost all indicators reflecting the profitability and efficiency of PJSC “AVTOVAZ” reached the minimum, in this period, the value that is a negative trend for the enterprise.

Let us examine the main causes of the current situation, as reflected in the statements of PJSC “AVTOVAZ”.

First, the decline in demand in the Russian market, including because of the situation caused by the sharp deterioration in the macro and micro-economic factors and soaring rates of world currencies.

Secondly, it is the failure of the schedule originally planned to increase production capacity for car production.

Third, it is the growth of the cost of the components caused by the increase in the value of major currencies, which made payments for supplied at PJSC “AVTOVAZ” components.

It can be concluded that many factors affect the profits of PJSC “AVTOVAZ”. To fully identify their conduct factorial analysis is necessary.

Factor analysis – a method used to study the interrelated values ​​of indicators.

With the help of factor analysis can assess the financial and operating activities of the enterprise. On this basis, identify the strengths and weaknesses of the company and based on them to give a reasonable program for the advancement and improvement of the enterprise. Factor analysis is one way to reduce the level of an indicator – the allocation of the entire structure precisely the factors that directly affect the change in the dependent variable.

The most important factor is profit and cost analysis, which allows to identify the factors that affect the operation of the enterprise sometimes negative factors can lead to positive trends, the growth indicators, such as production costs, and thus on the overall performance of the enterprise. And vice versa. That is a particular burden on the index no. The impact of each factor needs to be considered in the context of the enterprise. take into account the important characteristics of the enterprise, take into account whether the company stable.

Also, factor analysis allows to identify concrete and effective measures to improve these indicators and thus the profitability of the whole, and calculate the economic effect of the introduction of these measures.

Factor analysis helps to find the cost of this indicator to determine the implementation of the plan on his level, to determine the degree of influence of factors on its growth, and on this basis, to assess the activities of the enterprise for use of the opportunities and to find ways to reduce the cost of production. On this basis, identify measures for the modernization and improvement of various indicators.

Energy, materials, or labor, must be considered in the context of their impact on the production cost for this and needs factor analysis.

The influence factors on the level change unit cost study using this factor model, according to the formula:

Ci = Fi / Qi + Vi, (1)

where: Ci – unit cost of i-type products;

Fi – fixed costs for the i-th product;

Qi – the volume of production of i-th product;

Vi- variable costs for the i-th product.

The analysis of factors affecting the profits of the enterprise in 2014.

The analysis revealed that in the profits of the enterprise affected by the following factors.

The decline in production had a negative impact on the amount of profits, the negative impact amounted to 16 531.98 million rubles.

The impact factor changes the structure of the products also have a negative impact on the amount of profits. The size of the negative impact of 2 967.02 million rubles.

The increase in average selling prices has increased the volume of received now arrived at 1218 million rubles.

One of the factors that negatively impacted the net profit of the company was the increase in cost of sales reduced revenues of the enterprise profits by 243 mln. Rub. It should be noted that the cost of goods, works or services is one of the most important indicators of economic efficiency of production. The cost includes all key operating side of business, accumulated results of the use of production resources. The level of production costs, unit costs per unit of product will depend financial results, the rate of reproduction and the financial condition of the enterprise [5, c.72].

The cost of commodity products include all expenses of the enterprise for production and sale of commodity products in the context of calculation of expenditure.

The cost price is an indicator that describes the cost-effectiveness of the organization, it is only on this basis can identify factors and reserves and reasonably implement measures at the lowest cost.

Статья подготовлена в рамках работы над исследовательским проектом «К 50-летию ВАЗа: Влияние автомобилизации на социально-экономическое развитие Поволжья», поддержанным грантом Российского гуманитарного научного фонда № 16-12-63003 по результатам регионального конкурса «Волжские земли в истории и культуре России – 2016, Самарская область».