Investment capital management system: requirements to formation and specificity of functioning in Russian companies

The article presents the author’s vision of the investment capital management system of companies, including two subsystems - its attraction and use. The elements, emerging relationships and key indicators of each subsystem are presented. The economic added value formed on the basis of key indicators of this system and reflecting the dynamics of business value is defined as a target indicator of the functioning of the entire system. The proposed provisions are recommended for use both in the formation of capital management systems of organizations and in assessing their effectiveness. Attention to the processes of investment capital management in modern domestic conditions is updated, when high rates and restrictions on the volume of attracted capital coexist with problems of operational efficiency caused by economic sanctions and the inflation factor. The example of PAO Severstal shows how, in the above conditions, a domestic company manages investment capital by making compromise decisions and adjusting tactical target guidelines, which often conflict with the provisions adopted in global management practice when striving to achieve a strategic goal - growth in business value. An assessment is given of the adopted strategic plans for the company’s development, forecasts are made and proposals are made to adjust decisions in the investment capital management system, which are aimed at improving the value of economic added value in the long term. It is shown that in the foreseeable future, there is no reason to expect an increase in the company’s value. A breakthrough in the current trends can only occur with the restoration of a free capital market, the lifting of economic sanctions, the use of budgetary funds to support the civil, primarily manufacturing, sector of the economy