Mortgage potential and the military pension system

Abstract

Relevance. The quality of capital management, taking into account the transformation of the external and internal conjuncture of Russia's development as a systemic phenomenon of the market economy, must evolve, showing flexibility in decision-making. State capital in Russia, playing a key role in the placement of assets, sets the trend in the capital market. However, many experts consider this role of the state as negative, suppressing the ability of entrepreneurs to take advantage of new, interesting macroeconomic opportunities, due to the centralization of cash flow and the distribution of liquidity in relation to system-forming enterprises that suppress the competitive environment. Hypothesis. The Military Pension System (PSV), along with other institutional funds, can ensure the decentralization of state capital through the introduction of elements of corporate governance, including with the participation, for example, of a board of independent directors. The scientific novelty of the research results lies in the need to create and integrate PSV into the investment and industrial processes of the economy. The author considers at the initial stage of the pension system reform the possibility of implementing this initiative by integrating the PSV into the housing construction sector and related sectors of the economy. The research is based on the analytical method and the method of synthesis, generalization of the results of practices of countries with developed economies. Results: the step-by-step capitalization of the PSV will allow for a smooth transition from the implementation of a system of financing capital-intensive industries with conservative financial risks to the possibility of investing in medium and small businesses, including educational and social projects, thereby ensuring the transformation of monetary capital into human capital, with increased risks, but also corresponding profitability. Such a transition is based on long-term planning of the development of funds not only as an element of corporate governance, but also as an integral part of the vision of their future by military personnel, taking into account the chosen region for permanent residence.