1The paper examines Industry 4.0, which is a world-leading concept of industrial development, involving the use of a wide range of advanced digital technologies and total automation of production. From a methodological perspective, the author considers digitalisation of production in three aspects: application of digital technologies in traditional industry; rapid development of the digital sector of the economy; emergence of new opportunities for human development. Adopting such an approach the research systematises technological changes and economic models critical to the industrial development. By performing a bibliographical search the author outlines the modern concepts of digital production development. The paper carries out an assessment of economy digitalisation in Russia and its regions on the basis of statistical and information materials published domestically and internationally. The author identifies the risks for the domestic industry, associated with its probable lag in technological development, and proposes potential ways to neutralise them. JEL classification: O33, O38Keywords: Industry 4.0; digitalisation; industry; digital economy; technological development. IntroductionT he main global industrial development concept is a phenomenon called Industry 4.0 to which the terms "industrial Internet of things" and "digital production" are directly related. Industry 4.0 involves end-to-end digitalisation of technological and business processes and their comprehensive integration into digital ecosystem. There are a number of interrelated, not yet well-established concepts: "digitalisation", "digital economy", and "digital production". Despite the fact that in the initial understanding, digitalisation means replacement of analog data collection and processing systems with digital ones, in the modern sense, it refers to application of a wide range of advanced digital technologies (computers, networks, and software) and total automation of production and business processes in the economy, as well as mass application of digital technologies in the social sphere. Integrity of the phenomena known as the digital economy and importance of global trends for domestic industry necessitate a search for new scientific approaches to assess and systematize digitalisation, to manage risks and threats, and to develop measures for their mitigation. The abovementioned ideas predetermined the objectives and tasks of this study. Research methodologyFrom our perspective, digitalisation of productions manifests itself in three important trends: application of digital technologies in legacy industries; rapid growth of industries and companies associated with the production of software, electronic components, data storage, processing, and transmission, e-commerce, creation of web services; the emergence of new opportunities for human development, including knowledge sharing, occupational skills training, etc.

The study of the transformation of the industrial complex and industrial products markets, due to its complexity, involves the use of tools that can adequately simulate elaborate systems of interconnections. The paper aims at developing an agent-based model of digital transformation of the regional industrial complex. The research methodology relies on regional economics, game and contract theories, the network approach, as well as the concepts of new industrialisation and the fourth industrial revolution. The author uses simulation modelling to study the individual behaviour of agents. As one of its outcomes, the article provides a methodological rationale for modelling industrial development processes by simulating the behaviour of interacting agents. The structural elements of the proposed model include an interaction environment, four classes of agents with individual parameters, strategies and rules of behaviour, a complex of external stimulating factors and a set of indicators of a phased digital transformation of an industrial complex. The model development algorithm consists of three parts: setting the initial state; determining the specific number of model runs corresponding to the time horizon of calculations; making final calculations and visually presenting simulation outcomes. The author proposes one of the possible methods to formalise behaviour rules of heterogeneous agents that includes the choice of the digitalisation strategy and operational decision-making. The results of the study can offer support for the practical implementation of the simulation model within a specific computer environment and lay the foundations for the control system of a region’s industry digitalisation.

The Russian manufacturing sector is concentrated in regions considered as potential centres of technological development, productivity growth and long-term export opportunities. Realization of this potential requires the timely implementation of effective support measures. Using relevant statistics, the study aims to analyse how budget subsidies affect the dynamic and structural aspects of the development of Russian industrial regions. The research methodology is based on assessing the total budgetary cost of government support and correlating it with regional industrial indicators. To this end, data from the Treasury of Russia, statistical indicators, industry databases and target indicators were examined. The study revealed that government subsidies not always positively affect the industry target parameters, even distorting market mechanisms. In general, the implementation of state programmes in Russia has led to an increase in export volumes, costs for innovative activities and labour productivity with stable employment in industry. However, in industrial regions, an increase in the share of the manufacturing sector does not cause an increase in economic growth. In addition, fixed capital investment in the manufacturing sector is lower in these regions. A sharp increase in the number of high performance employees due to the implementation of support measures was observed in Russia and individual industrial regions. In terms of innovative activity, the number of patent applications in industrial regions is significantly lower than the national average. The efficiency of industry support measures in the Russian Federation can be re-evaluated based on the obtained results. Future research will focus on further detailing the budgetary cost of government support and assessing its long-term results.

Technological and organisational opportunities provided by digitalisation to the society and economy can help improve the efficiency of industry and advance the development of industrial regions. The study aims to assess the digitalisation level and rate of industrial regions in comparison with the av-erage Russian level. For this purpose, structural and dynamic analysis, as well as the method of grouping of various indicators from the official Russian statistics in the field of ICT were applied. It was hypothe-sised and confirmed that digital technologies are used more intensively in industrial regions. In terms of the use of basic information technologies, the values are higher by 1-7 %. Organisations in industrial re-gions are 3 % more likely to use global networks to interact with counterparts. There are also more en-terprises (by 4 %) that have implemented automated data exchange with partners. Industrial regions have been using special design, production management and product lifecycle software 15 % more often since 2018. However, a hypothesis of a larger-scale implementation of advanced digital technologies in indus-trial regions has not been unequivocally confirmed. The values are higher only for indicators of the use of industrial robots (by 25 %), artificial intelligence technologies (by 12.4 %), digital platforms (by 3.4 %), geo-information systems (by 4.7 %), the Internet of Things (by 4.3 %). The findings can be used to develop digi-talisation strategies at the regional and federal levels. Variability of the regulatory framework for collecting statistics and underdeveloped terminology in the field of digital technologies can be considered as limita-tions to the application of the results. Further research may focus on building econometric and other models for implementing digitalisation in regions.

Аннотация. Реальный сектор отечественной экономики в условиях недоступности долгосрочных фи-нансовых ресурсов не получает возможности активизировать инвестиционную деятельность. Структу-ра источников инвестиций показывает определяющее значение в этом процессе банковской системы и бюджетного финансирования. Масштабные цели отечественной экономики, потребности новой инду-стриализации предполагают не только реализацию крупных инвестиционных проектов, но и использо-вание новых подходов к денежно-кредитной политике, совершенствование базовых и комплементарных институтов финансирования реального сектора экономики. Мы считаем, что развитие именно компле-ментарных, т. е. дополняющих институтов, способно существенно повысить результативность инвести-ционного развития. В статье в качестве такого рода институтов рассмотрены региональные банковские структуры и институты финансирования небанковского характера. Методический аппарат исследования составили институциональный анализ, структурный и динамический анализ данных Банка России, регио-нальной статистики. Определено, что экономика России нуждается в расширении системы региональных институтов поддержки реального сектора экономики, в частности сети региональных банков и государ-ственных структур. Их преимущества заключаются в способности учитывать специфику регионального бизнеса, проявлять знание клиентуры, гибкость, оперативность в принятии решений, индивидуальный подход, способность к установлению партнерских отношений, нейтрализации недостатков государст-венных институтов федерального уровня. Вместе с тем подтверждено, что в России происходит сокра-щение региональной банковской сети из-за ужесточения вводимых в действие нормативов и искажения условий конкуренции со стороны крупных банков. Выявлены эффекты низкой активности в сфере кре-дитования малого и среднего бизнеса, связанные с ограничением капитализации региональных банков, низкими темпами накопления капитала, ограниченностью доступа на рынок межбанковского кредитова-ния и к системе рефинансирования ЦБ РФ. Определен комплементарный характер и дополняющая роль складывающейся системы государственных институтов финансирования реального сектора экономики. Отмечено, что на данный момент эти институты не обладают значительными ресурсами, слабо скоор-динированы и не имеют строгой системы показателей оценки их эффективности. Роль формирующейся в ряде промышленных регионов региональной инфраструктуры поддержки бизнеса оценена на основе данных Свердловской области как традиционного индустриального региона РФ. Ключевые слова: комплементарные институты; региональные банки; инвестиции; институты развития; инстру-менты поддержки; промышленная политика Для цитирования: Коровин Г. Б., Крохина Е. А. Комплементарные институты финансирования региональной экономики // Финансы: теория и практика.