The relationship between finance and the real economy which has been the subject of centuries old debates, gained renewed prominence with the relative and unprecedented growth of the financial sector over the last few decades. Finance has changed not only in terms of its size compared to other sectors, but also in terms of the nature of its products, and how it affects outcomes in the real economy. This has become known as financialisation. Research in other places has shown that the financial sector has grown at the expense of the real economy, as it has negatively impacted real investment. This occurred against the backdrop of non-financial corporations (NFCs) diverting more of their surpluses to the financial sector in the form of financial payout and financial investment. This research project studies the relationship between financialisation and the real economy in South Africa. Using aggregated data of all listed firms (with the exception of financial companies) on the Johannesburg Stock Exchange between 1971 and 2012 the impact of financialisation on real investment is empirically tested. Two channels in the form of financial payout (dividend and interest payments) and financial income (dividend and interest income) through which funds flow between the real economy and finance are analysed. We find that increased financial activity by NFCs may have a negative impact on real capital investment. Financial income presents more robust results than financial payout which may be an indication that the crowding out effect is a serious problem in South Africa.

Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе рассмотрены аспекты инвестиционной деятельности, общая характеристика инвестиционных проектов и влияние реальных инвестиций на деятельность предприятий. Во второй главе проанализированы отрасль черной металлургии и влияние инвестиционной деятельности на финансовое состояние коммерческого предприятия. В третьей главе произведена оценка финансовой и инвестиционной деятельности предприятий черной металлургии после завершения сделок по слиянию и поглощению. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, a list of references and applications. The first chapter deals with aspects of investment activity, general characteristics of investment projects and the impact of real investment on the activities of enterprises. The second chapter analyzes the ferrous metallurgy industry and the impact of investment activity on the financial condition of a commercial enterprise. In the third chapter, an assessment was made of the financial and investment activities of ferrous metallurgy enterprises after the completion of mergers and acquisitions. In conclusion, the main conclusions are formed.