Korelsky, V. F. Fish, fishermen and fish industry in Russia / V. F. Korelsky. - Bremen : Krebs, [1993?]-.

coordinate and ensure the financing of the R and D research and development work in the regions, coordinate the foreign economic activity of fish industrial enterprises of all forms of property, work out a coordinated financial and marketing policy both on the domestic and on foreign markets. Upon weakening of the vertical management structures, both the state and the enterprises suffer certain economic losses. The causes are the changed relationships between the directorate of “Sevryba” and the enterprises and between the enterprises which were discussed in the first chapter. Therefore we shall analyze here only some of them. First, the control of the exploitation of fish supplies in the Barents Sea has become weaker. The supplies are used irrationally both as concerns the users and the time intervals as well as the volumes. The status of the “Sevryba” directorate does not allow it to protect the interests of the state since it is maintained by the enterprises. Second, the experience of privatization carried out in other countries shows that large enterprises the character of whose activity presupposes some risk (and the fishing enterprises of this kind) remain the state property for a long time and the state organ functioning in the basin can coordinate their activity most effectively. Third, even when huge profits are forecast, fishing enterprises can finance the reproduction processes at the expense of their own sources only if they use for these purposes no less than half of their means and further only if new fishboats are built at the home shipyards. Any variant requires hard currency, and in large amounts, when shipboats are built abroad. Will the state support joint-stock (private) enterprises? There is no answer to this question in our legislation today. Thus, since the fish industry is characterized by a high level of concentration of production, a high cost of capital assets, a relatively loy/ level of profitability, and fishing is also connected with some kind of risk, it is necessary, in my opinion, to combine the formation of joint-stock companies with the state participation if we are going to take into account the social importance of the fish industry. This can be realized by the formation of mixed or holding companies* with state retaining the controlling block of shares for a long time. The restrictions imposed lately on the transformation of enterprises into holding companies are connected, on the one hand, with the reanimation (under the guise of a creation of new forms) of the former bureaucratic structures and, on the other hand, with the absence of requisite legal acts, * In our country i holding company is understood to be a joint-stock company whose assets are constituted predominantly by the shares of other (affiliated) joint-stock companies. As a rule, a holding company possesses the controlling block of shares of these enterprises which allows it to coordinate their forces and to work out a strategy directed at maximisation of profits and the achievements of other purposes. Holding companies are formed with the consent of the State Committee of the Russian Federation for antimonopolic policy and the support of new economic structures and its territorial organs. It is prohibited to form holding companies which would lead to the monopolisation of some kinds of production (works) or services. A holding company is a legal person, has a name, a registered trade mark, a stamp with its name and a trade mark. A company acquires the rights of a legal person beginning with the moment of its state registration. 1 1 4