Abstract

The paper examines the role of public property in economic development of the country. It looks into economic scientists' views of the 'property' category. There are innovative approaches to improvement of the efficiency of public property administration outlined, specifically: 1) identification of priority branches for privatization and branches to be left in the state ownership; 2) development of individual programs for preparation of branches for privatization and implementation of the latter; adoption of a new State Program for Privatization for 2015 and the ensuing years; 3) introduction of amendments into land legislation as to simplification of the privatization process of properties with plots of land; 4) transition to a management system of state companies through Boards of Directors, which are to comprise independent directors; 5) staffing executive managerial bodies of state companies with professional managers on a competitive basis; 6) clear split of government assets privatization and administration functions on the level of central executive authorities in the context of their optimization; 7) increase of authorized capitals of joint-stock companies owing to the cost of the land plots where they are accommodated, including those which have been privatized and corporatized; 8) optimizing the administration of state corporate rights and prevention of dilution of state corporate rights in authorized capitals of business entities; 9) revision of legislation and introduction of amendments in order to prevent the assignment of assets directly by state undertakings which can be individual privatization targets; 10) monitoring of effective administration of facilities owned by the state, increasing managers' responsibility for ineffective administration of state property; 11) development of a legal framework for reprivatization of property; 12) detailed regulation of public property administration processes