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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">finance</journal-id><journal-title-group><journal-title xml:lang="ru">Финансы: теория и практика/Finance: Theory and Practice</journal-title><trans-title-group xml:lang="en"><trans-title>Finance: Theory and Practice</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2587-5671</issn><issn pub-type="epub">2587-7089</issn><publisher><publisher-name>Financial University under The Government of Russian Federation</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.26794/2587-5671-2026-30-3-155-167</article-id><article-id custom-type="elpub" pub-id-type="custom">finance-4408</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>МЕЖДУНАРОДНЫЕ ФИНАНСЫ</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>INTERNATIONAL FINANCE</subject></subj-group></article-categories><title-group><article-title>Прямые иностранные инвестиции в Российской Федерации: как сделать их более эффективными для страны?</article-title><trans-title-group xml:lang="en"><trans-title>Foreign Direct Investment in Russia: How Can It Be Made More Effective for the Country?</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-1243-5349</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Смирнов</surname><given-names>В. Д.</given-names></name><name name-style="western" xml:lang="en"><surname>Smirnov</surname><given-names>V. D.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Владимир Дмитриевич Смирнов — кандидат экономических наук, доцент кафедры мировой экономики и мировых финансов факультета международных экономических отношений</p><p>Москва,</p></bio><bio xml:lang="en"><p>Vladimir D. Smirnov — Cand. Sci. (Econ.), Assoc. Prof., Department of World Economy and World Finance, Faculty of International Economic Relations</p><p>Moscow</p></bio><email xlink:type="simple">vdsmirnov@fa.ru</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Финансовый университет при Правительстве Российской Федерации</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Financial University under the Government of the Russian Federation</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2026</year></pub-date><pub-date pub-type="epub"><day>06</day><month>06</month><year>2026</year></pub-date><volume>30</volume><issue>3</issue><fpage>155</fpage><lpage>167</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Смирнов В.Д., 2026</copyright-statement><copyright-year>2026</copyright-year><copyright-holder xml:lang="ru">Смирнов В.Д.</copyright-holder><copyright-holder xml:lang="en">Smirnov V.D.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://financetp.fa.ru/jour/article/view/4408">https://financetp.fa.ru/jour/article/view/4408</self-uri><abstract><p>Предмет исследования — финансовые аспекты международной производственной кооперации. Цель работы — определить причины мотивации иностранных компаний вести производственную деятельность в РФ и разработать предложения по повышению ее экономической эффективности для страны. Методологическую основу исследования составили теории международной экономической кооперации, эмпирико-статический и качественный анализ. В результате исследования установлено, что среди стран с переходной экономикой государства с крупными платежеспособными рынками, такие как Китай и Россия, особенно привлекательны для прямых иностранных инвестиций (ПИИ). Транснациональные корпорации (ТНК) используют в ПИИ более современные, чем имеющиеся в таких странах, технологии. Норма и масса прибыли при производстве продукции в них, как правило, выше, чем при экспорте в данную страну такого же товара его производителем. В статье сделан вывод, что указанные обстоятельства могут преобладать над стремлением ТНК сохранить контроль над привносимыми технологиями, если власти принимающей ПИИ страны настаивают на партнерстве в создаваемом ТНК предприятии с местной компанией соответствующего профиля. Условием такого партнерства должно являться обязательство ТНК передать местной компании применяемую в производстве технологию с правом ее самостоятельного использования и дальнейшего совершенствования. Хотя ранее в РФ не было такого требования к деятельности иностранных компаний, в исследовании приводятся аргументы в пользу того, что иностранные ТНК с высокой вероятностью признают такой обмен приемлемым и выгодным для себя. Установление условия для иностранных ТНК осуществлять производственную деятельность в РФ только в партнерстве с местным бизнесом позволит российским компаниям быстрее осваивать новые для них технологии, что будет способствовать повышению эффективности российской экономики, а общество получит более качественные и востребованные товары, созданные с участием местного капитала.</p></abstract><trans-abstract xml:lang="en"><p>The subject of this study is the financial aspects of international industrial cooperation. The aim of the work is to identify the motivations of foreign companies to engage in production activities in the Russian Federation and develop proposals to improve its economic efficiency. The research methodology includes the use of theories of international economic cooperation, as well as empirical-statistical and qualitative analysis. The study found that countries with large and solvent markets, such as China and Russia, are attractive to foreign direct investment (FDI). Multinational enterprises (MNEs)operating in these countries often use more advanced production technologies than they would in other countries. As a result, the rate and amount of profit from producing goods in these countries is typically higher than exporting the same goods from the manufacturing country. The paper argues that these circumstances may override MNEs’ desire to maintain control over imported technologies if the authorities of the FDI host country insist on partnership with a local company in the enterprise established by the MNE. A condition of such partnership should be the obligation of the MNE to transfer its technology used in production to the local company, with the right for the latter to freely use and further develop it. Although such a requirement did not exist for foreign companies in the Russian Federation previously, the study suggests that foreign MNEs are likely to consider this exchange acceptable and beneficial. Establishing a condition for foreign MNEs to carry out production activities in the Russian Federation in partnership with local businesses would allow Russian companies to more quickly adopt new technologies. This would contribute to enhancing the efficiency of the Russian economy. Additionally, society would benefit from higher-quality products that are created with the participation of local capital, meeting the demands of consumers.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>совместное предприятие</kwd><kwd>передача технологий</kwd><kwd>развитие экономики</kwd><kwd>максимизация прибыли</kwd><kwd>компромисс между ТНК и принимающей ПИИ страной</kwd></kwd-group><kwd-group xml:lang="en"><kwd>joint venture</kwd><kwd>technology transfer</kwd><kwd>economic development</kwd><kwd>profit maximization</kwd><kwd>compromise between MNEs and FDI host country</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Смирнов В. Д. В поиске эффективного решения управления инфляцией. Современная конкуренция. 2025;19(1):122-140. DOI: 10.37791/2687-0657-2025-19-1-122-140</mixed-citation><mixed-citation xml:lang="en">Smirnov V. D. 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