Пандемийные ограничения позади: обзор изменений основных показателей хозяйственной деятельности предприятий. Часть 2. Инвестиционная деятельность компаний и изменения в структуре производства

Abstract

The article considers several aspects of the investment activity of enterprises (the involvement of enterprises in investment activities, the effectiveness of investments, the payback period, the availability of investment loans, production and technological innovations and changes in the structure of output). The main goal is to compare various characteristics of the investment behavior of enterprises during the period of COVID restrictions with the situation before their introduction and immediately after their removal. Contrary to trendy expectations, COVID restrictions did not collapse the investment activity of the enterprises. At the first stage of the pandemic, it stabilized, and then began to growth. COVID had a smaller negative effect on the investment activity of industrial enterprises than the crises of 1998-1999, 2008-2009 and 2014-2015. During the period of restrictions, the effectiveness of investments turned out to be worse than at previous highs, but in general it corresponded to the level of long-term averages. Manufacturers traditionally face great difficulties in obtaining investment loans. In this regard, the isolation of enterprises from the banking sector was increasing during the COVID period, but this negative trend had been formed long before COVID.