The stock market in the structure of sources of financing the Russian economy

Subject. This article analyzes the structure of sources of financing the real sector of the Russian economy and the role of the stock market in this structure. Objectives. The article aims to assess the stock market as a source of financing the real sector of the Russian economy. Methods. For the study, I used the systems approach, structural, infographic, and comparative analyses. Results. The article describes the structure of market sources of financial resources of companies in the real sector and reveals the main shortcomings of the bond market as a source of financing. The article emphasizes that the structure of sources of financing of fixed capital, which has developed in Russia, although it corresponds to the patterns characteristic of most countries, is fraught with the risk of procyclicality of companies' investment activity. Relevance. The results of the study can be used by the Government of the Russian Federation and the Bank of Russia in solving the problem of expanding the participation of stock market mechanisms in financing economic development.