Влияние государственной поддержки на финансовую эффективность малых и средних предприятий

Экономическая политика. 2025. Т. 20. № 3. С. 62–95.

Naidenova I. N., Paklina S., Parshakov P., Teplykh G., Чередникова Е. И.

This article elucidates the impact that various forms of government support have on the financial efficiency of small and medium-size enterprises (SMEs) in Russia. The empirical literature on this topic is inadequate to date even though the SME sector is extremely important for the socioeconomic development of Russia. Seven key types of this government support are examined, including initiatives in finance, credits and loans, education, consulting, information, innovation, and property issues. The sample studied employs data on 165,000 Russian SMEs from 2019 to 2022. Performance indicators such as return on equity, return on assets, and employee count are utilized
to analyze the effects of government support. The analysis relies on the difference-in-differences method applied to a panel data model which is responsive to effects on individual companies and also on a dynamic model. This study finds that financial, informational, and, to a lesser extent, consulting support have a positive effect on profitability that begins in the year following assistance; the impact of the other four types is much less obvious. The negligible impact of some kinds of support may mean that they are focused on particular aspects of a company’s activities and will have an economic effect only indirectly and over a longer term. These results deepen understanding of ways to provide stimulus to SMEs in the short term and thus enable the managers and owners of the companies themselves to understand the main types of government support that, on average, facilitate rapid growth in business efficiency. The results also suggest the following economic policy recommendations: optimizing the support structure, developing information platforms, expanding non-financial support instruments, reducing bureaucratic barriers, and implementing a comprehensive system for monitoring and evaluating support outcomes.

Keywords: корпоративные финансы, субсидии, corporate finance, subsidies, business incentives, стимулирование бизнеса