The value of investment activity for the development of the organization. Investments and their role in the activities of the enterprise The role of investments in the activities of the enterprise

Introduction

1. Direct investments, their composition and structure

1.1 Investment as an element of industrial relations

1.2 Classification of investments

1.3 The essence of direct investment

2. Sources of financing for direct investment

2.1 Financing private equity

2.2 The role of leasing in financing capital investments

3. Features of investment policy at the present stage of economic development

Estimated part. Option 6, estimate 2.1

Conclusion

Bibliography

Applications

INTRODUCTION

The term "investment" began to be used in domestic economic literature since the 80s. Under the conditions of the administrative system of economic management, the main concept of investment activity was capital investments. The main approaches to the analysis of the essence of capital investments - costly and resource - characterized capital investments only from one side: from the point of view of the costs of reproducing fixed assets or resources expended for these purposes. In Western economic literature, investments have traditionally been treated as any investment of capital with the aim of increasing it in the future. The development of a market approach to understanding investments led to the consideration of investments in the unity of resources, investments and the return on invested funds, as well as the inclusion of any investments that generate income (effect) in the composition of investment objects.

In the legal aspect, investments are defined as cash, securities, other property, including property rights, other rights having a monetary value, invested in objects of entrepreneurial and / or other activities in order to make a profit and / or achieve another beneficial effect.

The relevance of this topic is beyond doubt - the instruments and objectives of investing have changed significantly: over the past decades, investing on an international scale has increased dramatically, securities such as swaps and derivative mortgages have become more popular, and investors are now paying more attention to investment styles, new management methods have emerged investments. Investments, internal and external, are a complex multi-stage mechanism that can greatly increase the economic potential of the state, so the success achieved in this area will largely determine the development of Russia as a whole.

The subject of the research is investment activity. The object of the study is the financing of the reproduction of fixed assets.

The purpose of this course work is to study the process of financing the reproduction of fixed assets as one of the main types of capital investments of an enterprise in the context of long-term investment.

To achieve this goal, in each part of this work, certain tasks were set:

To study the concept of direct investments, their composition and structure, as well as sources of financing.

To characterize the basic concepts, tasks and principles of the investment activity of the enterprise.

Analyze the role of investment in industrial relations and in a market economy.

The achievement of the final results of the work led to the use of such scientific methods and research methods as: economic-statistical, monographic and calculation-constructive methods; statistical methods; a method for interpreting empirical results and designing parameters for optimizing the process of managing the financial and economic activities of an enterprise.

The theoretical basis of this work was the works of domestic scientists-economists V.V. Kovaleva, G.V. Savitskaya, E.S. Stoyanova and others. The information base of the work was the development of domestic and foreign scientists in the field of enterprise finance. Also, when performing the work, the regulatory legal acts of the Russian Federation, textbooks and manuals on the finances of the organization, financial management, anti-crisis management, economic analysis, monographs and scientific articles in periodicals, as well as data obtained in the course of independent economic research were used.

1. DIRECT INVESTMENTS, THEIR COMPOSITION AND STRUCTURE

1.1 Investment as an element of industrial relations

The concept of "investment" is traditionally one of the key concepts in the economic science of Western Europe and the USA. In Russia, this concept has become widely used relatively recently - since the beginning of the 90s. Therefore, at present, no general approaches to its interpretation have been developed. The existing investment terminology is not rigidly standardized. The most fundamental disagreements take place on the question of whether investments are considered property or whether specific activities are understood as investments.

In the Russian Federation, the interpretation of investments as property is based on the law "On investment activity in the RSFSR". It defines investments as: "...cash, targeted bank deposits, shares, shares and other securities, technologies, machinery, equipment, licenses, including trademarks, loans, any other property or property rights, intellectual values ​​invested in objects of entrepreneurial and other types of activity in order to make a profit (income) and achieve a positive social effect.

A kind of concretization of this point of view is the identification of the term "investment" with that used in domestic science and practice before the reforms of the 90s of the XX century. the concept of capital investment. They were understood as "a set of costs of material, labor and monetary resources directed to the expanded reproduction of fixed assets of the sectors of the national economy" .

Among supporters of the interpretation of investment as an activity, in turn, there are three approaches. Within the framework of the first of them, investments are understood as “investment in securities”. So, V. Edronova and A. Mizikovsky write: “The process of placing money in shares, bonds, other securities, as well as equity participation in other enterprises is called a financial investment or investment.” Within the second direction of interpretation of investments as activities, investments are understood as “expenditures for increasing or maintaining fixed capital”, which consists of “buildings, equipment, structures and other elements with a long service life used in the production process. Fixed capital also includes housing and inventory. Proponents of this approach are P. Samuelson, D. Starik.

The third approach to the definition of investment as an activity synthesizes the provisions of the first and second. Investments are defined in the Economic Encyclopedia as "long-term investment in industry, agriculture, transport and other sectors of the national economy at home and abroad for the purpose of making a profit." Within the framework of this approach, investment is generally understood as any activity related to the investment of funds, and carried out with the aim of making a profit (D. Stone, K. Hitching, P. Sorokin).

Thus, at present in economic science there are two approaches to the interpretation of the concept of "investment". The first approach is property. Within its framework, investments are understood as: 1) income-generating property; 2) property allocated for the reproduction of production assets (only fixed assets or also circulating assets). The second approach is active. Within its framework, investments are interpreted as: 1) investment (action) of funds in financial assets; 2) investment (action) of funds in real assets; 3) investment (action) of funds in any assets.

None of these approaches is fully adequate to the concept under study and reflects only certain aspects of such a complex concept as investment.

The term "investment" is a foreign language, therefore, when analyzing its essence and content, first of all, you need to find out its exact meaning. The word "investment" comes from the Latin "investio" - "dress", "clothe". In the Dictionary of the Russian Language, the meaning of the term "investment" is defined as follows: "Investment, Investment, Invest - Invest (invest) (capital) in any enterprise". That is, investments should be defined as a type of material activity. The elements of investment as an activity are the subject, object, motive, subject, goal.

Subjects of investment, in accordance with the law "On investment activity in the RSFSR" are the Russian Federation, constituent entities of the Russian Federation, municipalities, Russian legal entities of any organizational and legal forms, including foreign legal entities with foreign participation, as well as associations of legal entities, international organizations, individuals (both residents and non-residents). A special role among legal entities-subjects of investment activity is played by institutional investors (investment funds and banks, mutual funds, as well as insurance companies and pension funds). These entities can carry out investment activities as its participants, which are investors, customers, contractors, users of investment activities, suppliers, banking, insurance, intermediary organizations (leasing companies), exchanges.

The object of investment, in the first approximation, can be called reproduction relations. Reproduction is understood as "... the social process of production, considered in constant connection and a continuous stream of its renewal." Reproduction relations thus act as production relations, including the phases of production, distribution, exchange and consumption, i.e. reproduction is a repetition of the process of social production. At the same time, investments include only a part of reproduction, some of its elements.

The economic essence of investments lies in the fact that they ensure the reproduction of economic growth factors, being an integral part of reproduction relations. It is possible to single out a special category - investment relations, as an integral part of reproduction relations, ensuring the renewal of economic growth factors. At the same time, the relations of reproduction of economic growth factors and investment relations are not completely identical. The reproduction of working capital is not included in investment relations. Therefore, an increase in inventory cannot be considered an investment. Such an increase can be achieved either by increasing the degree of exploitation of existing fixed assets, or by establishing and further exploiting new production assets. The investment will be only the acquisition of these funds, while their operation and the increase in inventory is a current (main) activity. The latter reveals reproduction relations, but not investment relations.

The subject of investment includes: money (as capital); securities; rights of claim not constituted by securities; shares in the authorized capital of legal entities; main production assets: land and nature management facilities; infrastructure facilities: knowledge (as well as skills) and information. Thus, the objects of investment are directly elements of economic growth factors. Partially, this is capital in monetary, commodity and productive form (money; securities; rights of claim not constituted by securities; shares in the authorized capital of legal entities; fixed production assets, land). At the same time, some of the objects of investment are not forms of manifestation of capital - land, natural resources, infrastructure, knowledge and information. The acquisition or creation of investment objects can be financed from sources, which include: own funds of legal entities and the population, borrowed funds and budget funds, In turn, attracted (through the placement of shares) and borrowed (through obtaining a loan, including a bond) may be funds of enterprises, budgetary funds and funds of the population.

Forms of investments carried out with an active-activity motive are construction, reconstruction, expansion, modernization, as well as the acquisition, including leasing, of economic complexes and their individual elements, the acquisition of land and nature management facilities for production purposes, the costs of training and retraining workers investments made by employers, investments in industrial, agricultural, construction technologies, licenses, know-how, purchase of securities of enterprises in these industries, contribution and purchase of a share (share) in the authorized capital of legal entities operating in these industries. All other investments are made with an inactive activity motive, regardless of form, incl. investments in the development of science and education, the creation of infrastructure. As a rule, they are carried out by the state, creating the prerequisites for the development of social production.

For business entities, the purpose of investment is mainly profit. For the state, along with this goal of investment, there is another one - providing conditions for reproduction, incl. formation of positive social effects.

In general, the structure of investments is presented in Appendix 1 (Scheme 1).

1.2 Classification of investments

The variety of investment relations involves several classifications of investments. The following classifications are distinguished.

one). Classification based on the nationality of the money capital used for investment. Within its framework, three types of investments are distinguished: internal (carried out at the expense of resident investors, or directly from public funds); foreign (the source of which is the funds of foreign investors); mixed (financed jointly by resident and non-resident investors, including with the participation of the state).

2). Classification according to the source of investment financing. Depending on the source of financing and the form of ownership established for assets acquired as a result of investments, the following are distinguished: state investments, municipal investments, private investments, mixed investments.

3). Classification by term of investments. Depending on the term of investments in economic science and economic practice, there are: short-term investments (with a implementation period of up to 1 year), medium-term investments (from 1 year to 3 years), long-term investments (more than three years).

four). Classifications on the subject of investments. On the subject of investment should be divided into three types: real, financial and intellectual. Real investments - investments in real assets for production and non-production purposes. Financial investments are investments in financial assets. Intellectual investments make up the third group in this classification. They reveal a group of relations associated with the implementation of production relations in the process of reproduction of intellectual potential.

5). Classification by elements of reproduction. Within the framework of this classification, investments are distinguished: in industrial capital (their subspecies are investments in industry, construction, agriculture), in trading capital (in trade), in loan capital, in financial capital, in infrastructure (including in the development of the transport industry). ), into the labor force, into science.

6). The classification of investments in relation to the process of material production includes two types: production, non-production.

Production investments are investments in assets used directly by the investor in material production (means of production, intangible assets), as well as in the professional knowledge, skills and abilities of employees (carried out by employers) and, to a certain extent, the costs of developing fundamental and applied science and production infrastructure, (implemented by the state).

Investors, in this case, are entities operating in the field of material production, as well as the state. The forms of industrial investments are: construction, reconstruction, expansion, modernization, as well as the acquisition, including through leasing, of economic complexes and their individual elements; acquisition of land and nature management facilities for production purposes; creation of industrial infrastructure; contribution of a share (share) to the authorized capital of a legal entity carrying out activities in the field of material production; the costs of non-training and retraining of workers made by employers; investments in technologies, licenses, know-how; contributions to trust funds for the development of science and technology; government spending on the development of fundamental and applied science and education; expenses for joint scientific developments.

Non-productive investments - investments in financial assets, in social facilities, including housing construction, as well as knowledge and information (carried out by citizens). The forms of non-productive investments are: the acquisition of land and nature management objects for non-productive purposes: the acquisition of elements of production assets by a leasing company for the purpose of their further transfer under leasing; creation of social infrastructure, including housing construction; making a deposit; purchase of securities; purchase of a share (share) in the authorized capital of a legal entity; granting a loan; population spending on education.

7). Classification of investments according to their role in the direct provision of reproduction. In accordance with this criterion, two types are distinguished: investments that directly ensure the reproduction of economic growth factors - direct investments; investments that indirectly (by forming funding sources) contribute to the reproduction process are subjective investments.

8. The investment of the organization is carried out throughout its entire life cycle. Analysis of trends in investment activity at individual stages of the life cycle allows you to evaluate the effectiveness of investment decisions and choose a future investment strategy. For this, the classification of investments proposed by a number of economists according to the nature of the activities carried out can be used:

Net investments made at the beginning of the life cycle of an organization during its formation;

Reinvestment - funds received as a result of the sale of products (works, services) are again directed to the reproduction of fixed assets, raising the technical level of the enterprise and developing new products and new markets;

Gross investment applied as the sum of net investment and reinvestment.

1.3 The essence of direct investment

Classification of investments on the basis of the object of investment not only shows the scope of investment activity (clause 1.2. of work), but also determines the method of analysis for choosing the best investment solution. As discussed above, according to participation in the investment process, investments are divided into direct and indirect.

Direct investments include investments made by legal entities and individuals that own organizations or have the right to participate in their management. They are divided into contributions to the authorized capital and the acquisition of long-term securities.

Direct investments are real and intellectual investments. Financial investments are subjective. Subjective investments that directly serve as a source of direct investment financing include investments in the form of acquiring securities in the primary market (except for state and municipal securities), providing a loan, contributing a share (share) in the authorized capital of a legal entity, and purchasing equipment by a leasing company. Subjective investments, which are a potential source of direct investment financing, are: the acquisition of corporate securities in the secondary market for government securities, depositing funds, acquiring a share (share) in the authorized capital of a legal entity.

Real investments - investments in real assets for production and non-production purposes. The objects of real investments are production and non-production fixed assets, except for intangible assets: industrial buildings, structures, structures, equipment, elements of production and non-production infrastructure, land, nature management facilities.

As a result of the implementation of real investments, conditions are created for the reproduction of the main activity of investors, which may be associated with the extraction of profit (production activity) and its redistribution (trading, banking, intermediary activities). The forms in which real investments are made are: construction, reconstruction, expansion, modernization, purchase of economic complexes and their individual elements, creation of industrial and social infrastructure, obtaining equipment on leasing, acquisition of land and nature management facilities.

Real investments are divided into gross and net. Gross investment is the sum of depreciation and net investment. Depreciation provides a simple, and net real investment - an expanded reproduction of fixed assets. Net real investment across society can only be financed from profits.

The subjects of real investments are the Russian Federation, subjects of the Russian Federation, municipalities, legal entities, individuals. The peculiarity of the subject composition of real investments is that institutional investors, as well as other credit institutions, practically do not carry out them (except for investments in their buildings, electronic computers, etc.). Investments in the development of production (including infrastructure) and social infrastructure are carried out by the state, municipalities, enterprises in the sphere of material production, and individuals. Own funds of economic entities (profit and depreciation) can act as sources of financing for real investments; budget funds (for state and municipal unitary and state-owned enterprises, as well as for enterprises that have received a budget loan); involved funds; borrowed funds (all types of credit, including overdue accounts payable).

Financial investments are investments in financial assets (objects of financial investments), which include primary and derivative securities; bank deposits and deposits in other financial institutions; rights of claim (debt obligations) arising from the provision of loans; equipment acquired by a leasing company for the purpose of transfer under a financial lease agreement; shares (shares) in authorized capitals.

The subjects of financial investments are the state, municipalities (both those and others - represented by authorized bodies), legal entities and individuals, international organizations. The main role among them is played by credit organizations, incl. institutional investors. Other legal entities, as a rule, make financial investments haphazardly, mainly for the purpose of inflationary protection of temporarily free funds with their subsequent reinvestment in real investment objects. This is the peculiarity of the subject composition of financial investments. The subjects of financial investments are guided by an inactive activity motive of participation in the redistribution of profits created in the sphere of material production. Exceptions are persons acquiring shares, as well as shares and shares in the authorized capital. They get the opportunity to participate in the management of a legal entity, in fact, to engage in profit-making relationships (an active-activity motive).

The forms in which financial investments are made are the purchase of securities, the contribution / acquisition of shares (shares) in the authorized capital of legal entities, the contribution of funds to the deposit of commercial banks and other financial institutions, the provision of loans, the acquisition of real assets by a leasing company for the purpose of further leasing them.

For the implementation of financial investments, as a rule, the following sources are used: own funds of legal entities, budgetary funds, funds of the population. The exception is the so-called institutional investors (investment banks and funds, pension funds, insurance companies), as well as commercial banks. Investment banks and financial investment funds use borrowed funds, while commercial banks, insurance companies and pension funds use borrowed funds.

Intellectual investments make up the third group in this classification. They reveal a group of relations associated with the implementation of production relations in the process of reproduction of intellectual potential. The objects of intellectual investment are intangible assets (licenses, technologies, know-how), professional knowledge (skills, skills) and information acquired by individuals. The subjects of intellectual investments are the state, municipalities, legal entities and individuals. The state and municipalities, through intellectual investments, develop the education system, fundamental and applied science. Legal entities invest in the training of skilled workers and the acquisition of R&D and basic science products, which is necessary to maintain competitiveness and maximize profits. Individuals invest in obtaining professional knowledge, skills and abilities. The forms of intellectual investment are the costs of training personnel, investments in technology, licenses, know-how, the costs of joint scientific developments, contributions to trust funds for the development of science and technology, government spending on the development of science and education, and the costs of the population for education. The sources of intellectual investments are the own funds of enterprises and organizations, budgetary funds, funds of the population.

2. SOURCES OF FINANCING OF DIRECT INVESTMENT

2.1 Financing private equity

The reproduction of fixed capital in enterprises can be carried out through direct investment, by transferring fixed capital objects by the founders as contributions to the authorized capital, with gratuitous transfer by legal entities and individuals. The main method of expanded reproduction of fixed capital is direct investment (capital investment), which is the cost of creating new fixed capital objects, expansion, reconstruction and technical re-equipment of existing fixed capital objects. The ratio of costs in these areas is called the reproductive structure of direct investment.

New construction includes the costs of constructing facilities at new sites. The expansion is the construction of the second and subsequent stages of the organization, additional production complexes and industries, the construction of new or expansion of existing workshops of the main purpose.

Reconstruction is a complete or partial re-equipment and reorganization of an organization without the construction of new and expansion of existing workshops for the main production purpose, auxiliary services. As a result of the reconstruction, an increase in the volume of production based on a new, more modern technology, an expansion of the range or an increase in the quality of products, and an improvement in their competitiveness in the market are achieved. Reconstruction can also be carried out in order to change the profile of the enterprise and organize the production of new products on existing production facilities.

Technical re-equipment is a set of measures (without expanding production areas) to improve the technical level of individual production sites, units, installations through the introduction of new equipment and technology, mechanization and automation of production processes, modernization and replacement of obsolete and worn-out equipment with new, more productive; improvement of the organization and structure of production.

Work on the construction of facilities and structures is carried out either directly by economic organizations that make capital investments (economic method of construction), or by special construction and installation organizations under contracts with customers (contract method of construction).

Financing of direct investments is the procedure for providing funds, the system of spending and monitoring the targeted and effective use of them. Currently, direct investment is financed through:

Own financial resources and on-farm reserves;

Borrowed funds;

Attracted funds received from the issue of securities, share and other contributions of legal entities and individuals;

Cash received in the order of redistribution from the centralized investment funds of concerns, associations;

Funds from off-budget funds;

Allocations from the budgets of various levels provided on a non-refundable basis;

funds from foreign investors.

Since public investment is a means of achieving strategic economic goals in society, and commercial investment is a type of business, it becomes an important task to find a balanced and optimal combination of state and commercial interests in investment activities for all participants in the process. The main source of direct investment in fixed assets continues to be the own funds of organizations (60-70%, and for individual enterprises and 100%).

The organization's own financial resources include the initial contributions of the founders at the time of its formation and part of the funds received as a result of economic activity.

Own sources of financing direct investment are divided into two groups - sources generated from the performance of work in an economic way, and sources obtained from the results of the organization's core activities.

1) Sources generated from the performance of work in an economic way include: mobilization (immobilization) of internal resources, profit from capital works, savings from reducing the cost of construction and installation works, savings from reducing equipment prices, other sources.

a) Mobilization (immobilization) of internal resources. To carry out construction and installation work in an economic way, the organization must provide its own construction unit with a certain amount of working capital. Working capital is needed by customer organizations for the formation of stocks of non-credited equipment requiring installation, covering the costs of stocking structures, parts, basic, auxiliary and other materials, work in progress construction and installation works and minimal balances of cash resources. Consequently, customers need working capital to cover the costs that they carry out directly and to organize the production of work performed in an economic way. These working capital are formed at the expense of financial resources allocated for this construction, and are called current assets. In cases where the production program increases, the plans provide for immobilization, i.e. the use of a certain amount to increase working capital in construction. If the program is reduced, then mobilization is planned, i.e. use of released working capital to finance capital investments.

When determining the amount of working capital that can be used in construction, the state of settlements between customers and contractors for the work performed and with suppliers is taken into account. In this way, the customer's accounts payable (ie, how much he owes contractors and suppliers) and his receivables (the amounts due to the customer) are established. The total mutual debt changes with a decrease or increase in the construction program.

To calculate the amount of mobilization (immobilization) (± M) of internal resources in construction, the following formula is used:

± M \u003d (O1 - O2) - (K1 - K2)

where O1 is the expected actual availability of construction current assets at the beginning of the year; O2 - planned need for working capital for the horses of the planning period; K1 - the expected actual accounts payable of the construction site at the beginning of the planned year; K2 - sustainable accounts payable at the end of the planning period.

A positive result of the calculation means the mobilization of internal resources. This reduces the need for construction in financial resources in the planned year and allows you to take this amount into account as one of the sources of financing capital investments. This amount is reflected in the revenue part of the financial plan of the enterprise under the item "Mobilization of internal resources in construction". If, as a result of the calculations, a result with a minus sign is obtained, then this amount is called immobilization. There is a planned increase in the developer's need for working capital due to the expansion of capital investments in the planned year compared to the reporting year. This amount increases the organization's expenses for capital investments and is reflected in the expenditure part of the financial plan under the item "Increase in working capital in construction".

b) Profit from capital works carried out by economic means is planned in the amount of 8% of the estimated cost or 7.41% of the total estimated cost of construction and installation works.

c) Savings from reducing the cost of construction and installation works are set as a percentage of the estimated cost of work or on the basis of a plan of organizational and technical measures.

d) Savings from lower equipment prices are determined by direct calculation based on their emerging dynamics.

e) Other sources include income from associated mining (ore, coal, gravel, etc.) that are at the disposal of the customer; depreciation deductions for construction equipment when performing work in an economic way.

2). Own sources received as a result of the main activity of the organization include depreciation and profit from the main activity.

a) In own funds, the largest share is occupied by depreciation deductions. Depreciation is, in monetary terms, the depreciation of fixed assets in the course of their productive functioning or the process of transferring the value of depreciating fixed assets to the product produced with their help. Depreciation is charged in accordance with the depreciation rate and based on the useful life of the depreciable property.

b) Profit from the main activity serves as an important source of financing of real investments of organizations (enterprises). The amount of profit intended to finance investments in fixed capital is determined when it is distributed in the financial plan. With a lack of own sources of financing investments, organizations use external borrowings.

Borrowed funds include long-term bank loans. The source of financing the reproduction of fixed assets are also borrowed funds from other organizations. Organizations may also be granted loans by individual investors (individuals). Recently, such a source of borrowed funds as loans from the federal and regional budgets to finance fast-payback commercial projects has become widespread. These loans are placed on a competitive basis.

The next source of financing for real investments is borrowed funds. Issuance of securities - bonds, bills - and their placement on the financial market. Leasing is the provision of property to a tenant for a fee for temporary use for business purposes. Leasing allows organizations to reduce the level of equity in the sources of investment financing.

Appropriations from the budgets of various levels include funds from the federal and regional budgets, from sectoral and intersectoral off-budget funds that are allocated to finance federal, regional or sectoral targeted programs.

Attracting foreign investment ensures the development of international economic relations and the development of advanced scientific and technological achievements. The main form of participation of foreign capital in the form of direct investment continues to be the creation of enterprises with foreign investment in Russia. However, the volume of attracted investments is still small. The main problems in the process of their development are: determining the share of Russian investors in the authorized capital of established organizations and in the distribution of profits, as well as the actual market valuation of buildings, structures, equipment and land invested as the Russian part of the authorized capital of commercial organizations with foreign investments.

2.2 The role of leasing in financing capital investments

Leasing is a type of investment activity for the acquisition of property and its transfer on the basis of a leasing agreement to individuals or legal entities for a certain fee, for a certain period and on certain conditions stipulated by the agreement, with the right to redeem the property by the lessee.

The owner of the property, transferring it for a certain period for temporary use, receives it back within the established period, and receives a commission for the service provided. Leasing is a commodity loan to fixed assets, in form it is similar to investment financing. The difference between them lies in the fact that in investment financing the client takes out a loan and purchases the equipment himself, and the ownership of this equipment belongs to him. When concluding a leasing agreement, the client receives only the right to use this equipment under certain conditions and the opportunity to buy it at the end of the agreement.

Consequently, leasing has a broad, complex economic basis and simultaneously retains the essential properties of a credit transaction, investment and rental activities.

In the Russian Federation, organizations (enterprises) and other property complexes, buildings, structures, equipment, vehicles and other movable and immovable property that can be used for business activities can be the object of leasing. The object of leasing cannot be land plots and other natural objects, as well as property that is prohibited by federal laws for free circulation or for which a special circulation procedure has been established.

The subjects of leasing are:

Lessee - a legal entity engaged in entrepreneurial activity, or a citizen registered as an individual entrepreneur;

Lessor - a legal entity engaged in leasing activities, i.e. leasing under a contract of sale of property specially acquired for this purpose, or a citizen also registered as an individual entrepreneur;

The seller of leasing property is a manufacturer of machinery and equipment or another legal entity, or an individual entrepreneur.

The main advantages of leasing are as follows .

For the leasing company:

Leasing equipment is a security for the transaction: the leasing company retains the rights of the owner of the property for the entire period of the leasing agreement;

Funds are used purposefully, equipment is purchased directly from the supplier; the lessee is unable to use the funds for other purposes;

Favorable tax regime, the possibility of accelerated depreciation of movable property; attribution of interest on the loan to the cost (within the established restrictions);

The lessor is partially exempted from paying customs duties and taxes in respect of products temporarily imported into the territory of the Russian Federation, which are the object of international leasing.

Lessee days:

Leasing is available - the decision to carry out a leasing transaction is based to a greater extent on the ability of the lessee to generate a sufficient amount of cash to pay lease payments and to a lesser extent depends on the company's credit history;

No additional collateral is required, ownership of the asset is retained by the lessor;

Small volumes of leasing transactions. It is unprofitable for the bank to engage in small transactions (for example, a loan of $ 5,000 for the supply of a mini-bakery) due to the high cost of processing a loan, and leasing companies deal with such transactions;

Leased property does not have to be paid in advance. The transaction is fully financed by the lessor, and the lessee does not incur large one-time costs and can release additional funds for production and economic development;

The lessee's balance sheet does not worsen, accounts payable do not increase when the leased property is accounted for on the lessor's balance sheet;

Flexible rental schedules to suit production cycles and cash flows. The leasing company, when calculating leasing payments, must take into account the financial condition of the lessee;

Favorable tax regime - allocation of leasing payments in full to the cost of production for the manufacturing organization;

An additional channel for the sale of manufactured products. This is especially valuable if the equipment has a high degree of obsolescence, such as computers, and is relatively expensive;

A means of active marketing, a tool for market expansion and suppression of competitors;

Feedback from consumers. The manufacturer receives prompt feedback on the quality, reliability of the product, its compliance with the latest technology, its competitiveness in relation to analogues from other manufacturers, and ensures the rapid and efficient dissemination of information about new types of products;

Possibility to speed up the pace of product renewal with the help of rent. Industrial companies can accelerate the change of models.

It is necessary to note the interests of the state. The wide development of leasing within the framework of industrial production allows:

Increase the volume of industrial production, thereby ensuring sufficient supply for existing demand;

To increase the penetration of new equipment and technology into production. The creation of competitive production will allow the state to be equal in relation to developed countries;

To improve the sectoral structure of production. The correct redistribution of emphasis in industrial production will make it possible to rationally use the raw materials, human and financial resources that the country has;

Reduce imports of finished products that can and should be produced within the national economy.

Given that the leasing business is a special area of ​​business activity, with the active introduction of leasing, due to its inherent capabilities, it can become a powerful impetus for the technical re-equipment of production, the restructuring of the Russian economy, and the saturation of the market with high-quality goods.

In addition, from an economic point of view, leasing serves as a means of selling products, developing production, introducing scientific and technical progress, creating new jobs, so the state is interested in encouraging and expanding leasing operations. Today, leasing is one of the main financial instruments that make it possible to make large-scale capital investments in the development of the material and technical base of any production.

3. FEATURES OF INVESTMENT POLICY AT THE PRESENT STAGE OF ECONOMIC DEVELOPMENT

Under administrative management, the investment policy of organizations (enterprises) was an integral part of the general investment policy of the state and was not considered separately. Decisions on investments in the form of capital investments in fixed assets were made centrally, depending on the planned targets for the volume and structure of output. At the stage of transition of domestic production to the market, which coincided with the rapid post-industrial development of the world economy, organizations faced the problem of survival in the face of risk and uncertainty. The efforts of enterprises to improve the organization of production, aimed at reducing costs and improving product quality, turned out to be insufficient for effective development in modern conditions. The pace of scientific and technological progress, changes in the social sphere, and other external factors often nullify measures to improve production. This requires the development of new approaches to production management, the need to form and use strategic management technologies that can provide flexible adaptability of business entities to constantly changing environmental conditions.

The implementation of strategic management is carried out by developing an activity mechanism that leads to the achievement of the set goal in the most efficient way in the face of uncertainty in the external environment. This means that the basis of strategic management is the correct choice of the organization (enterprise) development goal for the future. In addition, strategic management involves the careful development of tools to achieve the goal. And this requires a comprehensive coverage of all aspects of the activity from marketing research and supply to the delivery of products to consumers and after-sales service. One of the central places in this mechanism is occupied by investment activity, since in the post-industrial era one of the most important groups of factors of external influence on the organization is innovation. Regardless of the type of innovation, as a rule, require significant financial investments. Under these conditions, a comprehensive development of an investment policy is required to ensure the solution of innovative and other strategic tasks.

The level of development of the investment policy of the organization depends on the features of the investment policy of the state, therefore, its formation is influenced by factors that constrain the investment activity of the Russian economy. These include: a relatively high level of inflation; a fairly high level of taxes; incomplete financing of state investment programs; low efficiency of investment investments; lack of own funds for organizations to renew their fixed capital and difficulties in obtaining commercial loans due to their unstable financial situation and high interest rates; high investment risk.

The content of the investment policy of the organization is to determine the volume, structure and directions of use of investments to achieve a beneficial effect. Thus, for the development and implementation of the investment policy of the organization, a constant analysis of its internal and external environment is necessary to form the need for investment; search for their sources; development and implementation of investment proposals. Key factors to consider when developing investment policy include:

Compliance of investment proposals with the legislation of the Russian Federation;

The effectiveness of investment proposals, including economic, environmental, informational, social and other effects;

Possibility of using state support;

Probability of attracting foreign investment;

Features, current and prospective state of the market for products and services;

The current financial and economic condition of the organization;

Technical, technological and organizational level of the organization;

Conditions for investing in the capital market;

Possibility and conditions of property leasing;

Conditions of insurance of investment risks.

The main goal of the investment policy of the organization is the most efficient investment of capital. Depending on the conditions of the enterprise, two directions can be used: capital-forming investments and investments in portfolio investments. The development of an investment policy is individual for each organization and is determined by a number of factors:

The dynamics of supply and demand in the market for products manufactured by the organization, the quality and price of these products and substitute products;

Features of the overall strategy of the organization;

The financial and economic position of the organization, in particular the ratio of own and borrowed funds;

The technical level of production in the organization;

Financial conditions for investing in the capital market;

Opportunity to receive state support;

The rate of profit from the implementation of investment projects;

Terms of insurance and obtaining guarantees against non-commercial risks;

The state of the stock market.

The state and features of the development of the domestic industry, as well as the insufficient development of the stock market determine the priority of capital-forming investments in the investment policy of the organization. However, this does not mean abandoning portfolio investment. Therefore, the process of developing the investment policy of an organization (enterprise) is reduced to the formation of a total investment portfolio, which includes both capital-forming investments and portfolio ones. Both directions of the investment policy of the organization have their own implementation features. The initial base in the process of developing a general production strategy for the organization and areas of investment is a market analysis, which is carried out according to the following positions:

Competitive enterprises are identified;

The geographical boundaries of the sale of the organization's products together with other competing organizations, as well as the regions of the exclusive position of the organization and its competitors are determined;

The territorial structure of sales of the organization and competitors is revealed;

Studies are being carried out regarding products-analogues and substitutes;

The total volume of sales of products by the organization is estimated;

The dynamics of consumer demand is predicted for the period of development, refinement and adjustment of strategies and investment policy;

The growth prospects of the organization are determined;

The competitiveness of the organization's products is assessed;

The possibilities of increasing the competitiveness of the organization's products and expanding its sales market in the process of implementing investment policy are identified.

The results of market analysis allow you to choose the direction of capital-forming and portfolio investments. The generality of the information used to adjust and reorient the organization's strategy and the formation of its investment policy make it possible to evaluate their relationship.

CONCLUSION

The essence of investments is realized in the fact that they act as a set of production relations that cover the process of reproduction, incl. reproduction of capital, its types in all spheres and links in the manifestation of a market economy. In the process of investing, money is exchanged for other investment items. There is a transformation of money capital, which at the same time "dresses" in another form (with the exception of investments in the form of depositing funds and providing a loan, when money capital does not change its form of manifestation). The process of acquiring the relevant items constitutes the content of investment as an activity.

Users of investment activity objects are participants in investment activity for whom this or that object of this activity is created. The division of investment activity participants into investors, customers, performers and users of investment activity objects, etc. implies the existence and implementation of certain relations between them, which are the object of investment.

The classification of investments makes it possible to evaluate their structure. Traditionally, they analyze the production structure of investments, the reproductive, technological and territorial structures of capital investments. Assessment of the investment structure is one of the tools for monitoring the implementation of the investment process in the organization (at the enterprise).

Investment activity is an investment and practical action in order to make a profit or achieve another beneficial effect. The complexity of its implementation is determined by the fact that the investment of funds and the receipt of income are separated in time. In addition, the amount of income is probabilistic, depending on the influence of many factors.

The main approaches to the analysis of the essence of capital investments - costly and resource - characterized capital investments only from one side: from the point of view of the costs of reproducing fixed assets or resources expended for these purposes. In Western economic literature, investments have traditionally been treated as any investment of capital with the aim of increasing it in the future. The development of a market approach to understanding investments led to the consideration of investments in the unity of resources, investments and the return on invested funds, as well as the inclusion of any investments that generate income (effect) in the composition of investment objects.

The role of investments in the economy is manifested in their impact on economic growth, production and employment, structural shifts, and the development of industries and sectors of the economy.

In Russia, the total investment in 2006 is estimated at 210-230 trillion. rubles or, respectively, the rate of 82-83% by 2005. In 2007, according to experts' forecasts, the volume of investments will amount to 310-380 trillion. rubles, that is, the process of investment activity is approaching stabilization and a possible increase in investment. According to the first option, the investment growth rate will be 104%, and according to the least favorable option - 97% of the 2005 level.

It is planned to invest 170-200 trillion rubles in production facilities. rubles (70% are investments of enterprises), in terms of capital investments in the development of the non-productive sphere, growth is forecast for 2007 compared to the level of 2005 by 105-101%. At the same time, the trend towards an increase in their share to 45-47% of the total volume of capital investments for the development of the economy will continue. Significant changes are taking place in the structure of sources of financial capital investments, and the share of funds from the non-state sector of the economy is increasing.

However, in solving the problems of stabilizing the economic situation, the main role still remains with state investments. So, in a number of important areas, the state is forced to act as the initiator of the investment process:

Support effective directions for future development in the industrial sector, maintain support for the agro-industrial complex, invest in ensuring the safety of the functioning of technical systems;

Support and develop the social sphere, ensuring the implementation of decisions made on the arrangement of military personnel, the elimination of the consequences of environmental disasters, and other areas of social development;

Complete the construction of facilities that could not be sold or privatized due to their incompleteness.

The Government of the Russian Federation has taken important steps to improve the investment climate for domestic and foreign investors. Among them are a decrease in inflation rates, tax benefits for the profits of commercial organizations with foreign investments; exemption from value added tax and special tax on imported technological equipment and spare parts for it, as well as the provision of concessional loans in foreign currency received from foreign banks and credit institutions.

The current legislative acts in the field of tax policy provide a number of tax benefits for enterprises and organizations in terms of financing capital construction. An optimal level of taxes, tariffs and benefits is being formed, comparable to the investment conditions prevailing in Russia's competitor countries in the investment capital market.

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ATTACHMENT 1

Scheme 1. Elements of investment activity.

Russian Federation		Active and active direct participation in the extraction of profit		Reproduction Relations of Economic Growth Factors		Shares in authorized capitals of legal entities
Subjects of the Russian Federation						Rights of claim from depositing funds and granting loans		Other positive social effects
Municipalities						Infrastructure facilities
Legal entities		Inactive-active participation in the redistribution of profits				Knowledge and information
International organizations						Fixed assets
Individuals						Land and objects of nature management
						Securities

Zimin I.A. Real investments - M .: "Tandem", 2000. - P.20

Vakhrin P.I. Investments. Textbook. - M .: "Dashkov and K", 2004. - S. 103

Finance of organizations (enterprises): Textbook / ed. N.V. Kolchina. - M.: UNITI-DANA, 2006. - S. 163

Zarembo Y. On the comparison of the economic efficiency of investments// Construction Economics, 2002 No. 3, pp. 16-27

Finance of organizations (enterprises): Textbook / ed. N.V. Kolchina. - M.: UNITI-DANA, 2006. - S. 164

Vakhrin P.I. Investments. Textbook. - M .: "Dashkov and K", 2004. - P. 14

Finance of organizations (enterprises): Textbook / ed. N.V. Kolchina. - M.: UNITI-DANA, 2006. - S. 143

Finance of organizations (enterprises): Textbook / ed. N.V. Kolchina. - M.: UNITI-DANA, 2006. - S. 144

Finance of organizations (enterprises): Textbook / ed. N.V. Kolchina. - M.: UNITI-DANA, 2006. - S. 146

The term "investment" comes from the Latin word investire - to clothe. Within the framework of a centrally planned economy, it was not used, and it was always about capital investments, i.e. on the costs allocated for the reproduction of fixed assets, their increase and improvement. Investments meant a long-term investment of capital in various sectors of the economy, in other words, investments were identified with capital investments. With the beginning of market reforms in our country, the point of view on the content of the category "investment" has changed, which is reflected in the legislation.

One of the most difficult tasks facing any normally operating enterprise is the profitable investment of money and other resources in order to obtain maximum income. Such an investment of funds by the enterprise in the production and financial spheres, as well as in the sphere of circulation, is called investment activity.

Investments are understood as a set of costs realized in the form of a purposeful investment of capital for a certain period in various industries and sectors of the economy, in objects of entrepreneurial and other types of activity in order to obtain profit (income) and achieve both individual goals of investors and a positive social effect.

The most important and essential features of investments are:

• - making investments by persons (investors) who have their own goals, which do not always coincide with the general economic benefit;
• - the potential ability of investments to generate income;
• - a certain period of investment (always individual);
• - purposeful nature of capital investment in investment objects and instruments;
• - the use of different investment resources, characterized by demand, supply and price, in the process of investment;
• - presence of capital investment risk.

Investments can be classified according to various criteria: depending on the content of the invested resources, according to investors and objects of investment activity, forms of ownership, the nature of the enterprise's participation in the investment process, the investment period.

Depending on the:

• - the content of economic resources invested in the development of the enterprise, allocate: cash, property, property rights, land use rights and other values;
• - investors and forms of ownership are distinguished: investments of legal entities and individuals (including foreign ones);
• - states, international organizations, which corresponds to private, state and joint forms of ownership. Private investments characterize the investments of individuals and business organizations of non-state forms of ownership (including foreign ones). Public investment is the investment of funds from state enterprises, as well as from the state budget of its various levels and state budget funds. Joint investments are investments of domestic and foreign investors in the creation of joint ventures;
• - object of investment activity: real estate (fixed assets), working capital, securities (shares, bonds, bank deposits, etc.), property rights to industrial and intellectual property;
• - the nature of the participation of the enterprise in the investment process distinguish direct and indirect investments. With direct investment, the investor is directly involved in the choice of the object of capital investment. In the second case, this is done by a financial intermediary or an investment fund. Indirect investments are associated with the acquisition of securities.

According to the Investment Code of the Republic of Belarus, investments are understood as any property, including cash, securities, equipment and results of intellectual activity, owned by the investor on the basis of ownership or other proprietary rights, and property rights invested by the investor in objects of investment activity in order to make a profit ( income) and (or) achievement of another significant result.

Investment activities are understood as the actions of an investor to invest in the production of products (works, services) or their other use to obtain profit (income) and (or) achieve another significant result.

An investor is a person (legal entities and individuals, foreign organizations that are not legal entities, the state represented by authorized bodies and its administrative-territorial units represented by authorized bodies) carrying out investment activities. Investments and innovations in the sphere of material production are interdependent. The development and production of new products, the use of new equipment and technology become real only if they can be financed.

Real (direct) investments - any investment of funds in real assets associated with the production of goods and services for profit. These are investments aimed at increasing both the fixed assets of the enterprise, both for production and non-production purposes, and current assets. Real investments are realized through new construction, expansion, technical re-equipment or reconstruction of existing enterprises.

In modern economic conditions, this form of investment for many enterprises is the only direction of investment activity. Real investments allow enterprises to develop new product markets and ensure a constant increase in their market value.

Depending on the tasks that the enterprise sets for itself in the process of investing, all possible real investments are reduced to the following main groups:

• - mandatory investments (or investments to satisfy the requirements of government authorities) are investments that are necessary in order for the enterprise to continue its activities. This group includes investments, the purpose of which is to organize the environmental safety of the company's activities or improve the working conditions of employees of enterprises to a level that meets regulatory requirements, etc.;
• - investments in improving the efficiency of the enterprise. Their goal is, first of all, to create conditions for reducing the company's costs by updating equipment, improving the technologies used, and improving labor organizations and management. The implementation of these investments is necessary for the enterprise in order to withstand the competition;
• - investments in the expansion of production. Their goal is to increase the volume of output of goods for previously formed markets within the framework of existing industries;
• - investments in the creation of new industries. As a result of such investments, completely new enterprises are created that will produce goods that were not previously produced by the enterprise or provide a new type of service.

Investments can be both short-term and long-term, short-term - if the investment period is not more than 1 year, long-term - if the payback period is more than 1 year. Gross investment - this is the total amount of invested funds in a certain period, aimed at new construction, the acquisition of capital goods and the growth of inventories. Net investment - the amount of gross investment, reduced by the amount of depreciation in a certain period.

According to the nature of participation, direct and indirect investments are distinguished. Direct - carried out with the direct participation of the investor in the selection of investment projects and investment. Indirect - with the indirect participation of the investor by other persons.

By type of ownership:

• - Private
• - State
• - Foreign
• - Joint
• - By region:
• - Investments within the country
• - Investments abroad

At present, the use of own funds as a source of investment is available only to relatively large, stable enterprises, and there are not many of them. As a rule, these are monopoly enterprises with a stable or expanding sales market. Depreciation as a source of investment, even in conditions of revaluation of fixed assets, does not play a significant role. And due to the fact that recently the rate of inflation has been steadily increasing, their role is decreasing even more.

A relatively new source of financing is profit from non-core activities, especially for enterprises that emerged at the beginning of perestroika in the form of cooperatives or small enterprises whose main activity is related to production (often science-intensive products). Such enterprises are trying to earn money through trading and intermediary activities to expand their core activities. However, most of these enterprises are liquidated in one way or another, the remaining ones either completely switch to commercial activities, or continue to be most often engaged in trade, including foreign trade. An example of a non-core activity is the stock exchange, which, being unable to cover its expenses with a fee from transactions (since the turnover on exchange transactions with securities is small), receives its main income from business schools and seminars.

Naturally, with a lack of own funds, the main attention of enterprises is focused on the possibility of attracting external investors and investment resources. Here, for each enterprise, the problem of attracting foreign investors and, first of all, the development of investment projects becomes relevant.

Investment sources:

• -state;
• - commercial;
• - domestic;
• -foreign (state and private);

Involved funds

Own funds

Depreciation

• - from the main activity;
• - from non-core activities

Share

Participation in production

Joint venture or production

Equity participation:

• - open placement of shares on the securities market;
• - private placement of shares

Economic essence of investments

In domestic economic literature until the 80s. the term investment was not used. The basic concept of investment activity was capital investments (costs for the reproduction of fixed assets, their increase and improvement).

Investments were interpreted as a long-term investment in industry, agriculture, transport and other sectors of the national economy. In subsequent years, the term became more widespread in scientific circulation and began to be used in regulatory documents.

In 1981 under investments understand investments not only in fixed assets, but also in the growth of working capital.

General civil and economic legislation (Civil Code of the Russian Federation, Tax Code of the Russian Federation, Labor Code of the Russian Federation)

Special investment legislation governing the procedure for attracting domestic and foreign investment (at the federal and regional levels)

In the most general form, investments are understood as investments of capital with the aim of increasing it.

Investments (Article 1 of the Federal Law No. 39)

Signs of investment:

1. Investments are the object of economic management, both at the macro and micro levels.

2. Investments are the object of market relations - Investment market

3. Implementation of investments by persons (investors) who have their own goals that do not always coincide with the overall economic benefit

4. Potential investment opportunity to generate income

5. A certain period of investment; always individual.

6. Targeted nature (economic/non-economic) of capital investment in objects and investment instruments.

7. Use of various investment resources (own, borrowed).

8. Investments as an object of ownership and disposal

9. Investment as an object of time preference

10. Investments as a carrier of a risk factor

11. Investments as a carrier of the liquidity factor

The role of investments and investment activity in ensuring the effective functioning of the enterprise.

Investments (Article 1 of the Federal Law No. 39)- these are cash, securities, other property, including property rights, other rights having a monetary value, invested in objects of entrepreneurial and (or) other activities for the purpose of making a profit and (or) achieving another beneficial effect.

1. The main source of formation of production potential

2. The main mechanism for implementing the strategic goals of the economic development of the enterprise (the highest goal of activity now is not profit maximization, but maximization of the company's market value).

3. Investments are the most important condition for ensuring the growth of the market value of the enterprise

4. Investments are a tool for implementing investment policy.

5. Investments are the main mechanism for ensuring simple (for the amount of depreciation) and extended (more) reproduction of fixed assets and intangible assets

6. The main mechanism for optimizing the structure of assets.

7. The main factor in the formation of a long-term capital structure

8. One of the mechanisms for solving the problems of social development of personnel

Investment activity (Article 1 of the Federal Law) is an investment and implementation of practical actions in order to make a profit and (or) achieve another beneficial effect

Portfolio options: risk, return, liquidity.

Activities: main (operational), financial, investment.

Features of investment activity:

1. It is the main form of ensuring the growth of the operating activities of the enterprise and in relation to its goals and objectives is of a subordinate nature

2. The forms and methods of ID are much less dependent on the industry characteristics of the enterprise than the operating activity, that is, there is practically no industry segmentation in the investment market.

3. Investment volumes are characterized by significant unevenness over certain periods (it is necessary to accumulate financial resources in advance, internal prerequisites, external investment climate)

4. Investment profit, as well as other forms of investment effect in the course of his investment activity, is usually formed with a lag. There are 3 options:

A. consistent flow of capital investment and profit making processes

B. parallel flow

B. Intermittent leakage

5. ID forms a special independent type of cash flows of the enterprise, which differ significantly in certain periods of time in their direction

I 0 , I 3 - Investment costs from the operation of the project

CF 1 , CF 2 , CF 3 , CF 4 - Investment profit from the operation of the project

6. The ID of the enterprise is inherent in specific types of risk, which are united by the concept of investment risk. Catastrophic risk is possible in the ID process

7. The most important measure of the amount of ID is the indicator of its net investment.

Net Investment = Gross Investment - Depreciation

If CI > 0 - the enterprise is growing

CI \u003d 0 - stagnation

CHI< 0 -предприятие проедает свой капитал

Any property (including money), as well as property rights, become investments when the owner or user of this property (property rights) invests them in any object in order to make a profit and achieve a beneficial effect, that is, it carries out investment activities .

Investment activity is an investment, or investment, which consists in the implementation of practical actions in order to make a profit or achieve another beneficial effect. Investment in the creation and reproduction of fixed assets is carried out in the form of capital investments.

The decisive factors for the activation of investment activity are: a radical improvement in the investment climate, stability and predictability of the conditions for managing investors, restoring their confidence and motivation to invest in the real sector of the economy.

Important ways to intensify investment activity should be the following:

• - improvement of legislation regulating investment activities, elimination of contradictions between various laws, acceleration of the preparation of a package of regulatory legal acts that provides for specific mechanisms for the implementation of the federal law "On Amendments and Additions to the Federal Law "On Investment Activities in the Russian Federation Carried out in the Form of Capital Investments" ;
• - ensuring the stability and transparency of property relations, creating a legal basis for the unconditional execution of contracts and mutual observance of obligations by the subjects of the investment market, increasing responsibility for violation of the rights of investors;
• - creation of an effective mechanism for protecting the rights and interests of the investor;
• - formation of effective investment insurance mechanisms (insurance of property interests of investors, insurance of loans for long-term investments, insurance of securities);
• - ensuring an adequate information system in the investment market, regulating the composition and structure of disclosed information of a financial and non-financial nature, developing rules for disclosing information, as well as procedures to ensure access to information;
• - state support for priority investment projects.

The currently existing approaches to the definition of the concepts of "investment" and "investment" can be divided into two groups: "theoretical" and "generally accepted". From a theoretical (macroeconomic) point of view, investment should be understood only as real investment, that is, the acquisition of new capital goods (machines, machines, buildings, equipment, etc.). Only these costs are taken into account as investment costs when calculating the gross domestic product and are an integral part of aggregate demand. In the "generally accepted" sense, investments are any (more often - cash) funds invested in any objects (not just real capital) with the aim of obtaining profit (income) or other positive effect in the future.

In January 2000, Federal Law No. 22-FZ “On Amendments and Additions to the Federal Law of the Russian Federation “On Investment Activities in the Russian Federation Carried out in the Form of Capital Investments” was put into effect. and guarantees to foreign investors against unfavorable changes in tax legislation for the payback period of the priority investment project. At the same time, a priority investment project is understood as an investment project, the total volume of capital investments in which is at least 1 billion rubles (at least the equivalent amount in foreign currency at the exchange rate of the Central Bank of the Russian Federation on the date of entry into force of the Federal Law "On Foreign Investments in the Russian Federation"), or an investment project in which the minimum share (contribution) of foreign investors in the authorized (share) capital of a commercial organization with foreign investments is not less than 100 million rubles (not less than the equivalent amount in foreign currency at the rate of the Central Bank of the Russian Federation date of entry into force of the Federal Law "On Foreign Investments in the Russian Federation") included in the list approved by the Government of the Russian Federation. investment project management

In accordance with the Law, new legislation changing the amounts of import customs duties, federal taxes and other obligatory payments to the federal budget or federal state extra-budgetary funds (except for pension funds) and leading to an increase in the total tax burden, compared with the conditions that were in effect on the day the financing of the priority investment project began.

In the future, the focus is on investments in real assets, that is, capital investments. Their regulation is carried out by the law "On investment activity in the Russian Federation, carried out in the form of capital investments" (No. 39-FZ, adopted by the State Duma on July 15, 1998, entered into force on March 4, 1999, hereinafter the Law "On investment activity ..." ).

According to this law, capital investments are investments in fixed capital (fixed assets), including the costs of new construction, expansion, reconstruction and technical re-equipment of existing enterprises, the purchase of machinery, equipment, tools, inventory, design and survey work and other costs. As follows from this definition, only investments in fixed assets can be classified as capital investments, i.e. funds with a useful life of more than one year.

Objects of capital investments. According to the Law “On Investment Activity...”, these include various types of newly created and (or) modernized property that are in private, state, municipal and other forms of ownership, with exceptions established by federal laws.

Subjects of investment activity. The Law “On Investment Activity...” distinguishes four main subjects of investment activity:

• - investors;
• - customers;
• - contractors;
• - users of capital investment objects.

Rice. 2.1

Investors make capital investments using their own and (or) borrowed funds. Investors can be:

• - individuals;
• - legal entities;
• - associations of legal entities created on the basis of a joint activity agreement and not having the status of a legal entity;
• - state bodies;
• - local self-government bodies;
• - foreign business entities (foreign investors).

Customers are individuals and legal entities authorized by investors who carry out the implementation of investment projects. At the same time, they do not interfere in the entrepreneurial and (or) other activities of other subjects of investment activity, unless otherwise provided by an agreement between them. Investors can be customers.

Contractors - individuals or legal entities that perform work under a work contract and (or) a state contract concluded in accordance with the Civil Code of the Russian Federation. Contractors are required to have a license to carry out those types of activities that are subject to licensing in accordance with federal law.

Users of capital investment objects - individuals and legal entities, including foreign ones, as well as state bodies, local governments, foreign states, international associations and organizations for which capital investment objects are created. Investors can be users of capital investment objects.

Introduction

1.3 Sources of investment activity

2.2 Own funding sources

2.3 Investment lending

Chapter 3. Main Directions for Improving the Efficiency of Investment Activities

Conclusion

List of used sources and literature

Attachment 1

Annex 2

Introduction

The relevance of the topic is due to the fact that the implementation of investments is the most important condition for the implementation of strategic and tactical tasks of development and effective operation of the enterprise.

The practical significance of the topic is due to the fact that the practical implementation of investments is provided by the investment activity of the enterprise, which is one of the types of its economic activity and the most important form of realization of its economic interests.

The purpose of the work is to correctly reveal the topic of the course work "Investment activity of the enterprise".

To achieve this goal, the author considered it necessary to consider the general concepts of investment, the efficiency of using investments in the activities of an enterprise, as well as the main directions for improving the efficiency of investment activity.

The work consists of an introduction, three chapters, a conclusion, a list of sources and literature used, applications.

The introduction substantiates the relevance of the topic, practical significance, the purpose of this work, its content, as well as what was the methodological basis for writing the term paper and the chronological framework.

The first chapter discusses the general characteristics of investments. The main goal of the investment policy is to transfer the economy to the investment path of development with a subsequent reduction in the cost of investment growth in the production potential and an increase in investments in the intensification of the involved fixed assets.

The second chapter discusses the analysis of the effectiveness of the use of investments in the activities of the enterprise. From a financial and economic point of view, investing can be defined as the long-term investment of resources in order to create and receive profits in the future.

The third chapter discusses the main directions of improving the efficiency of investment activity, that is, the strategic goals of the investment activity of the enterprise.

In conclusion, brief conclusions are given on the investment activity of the enterprise. Investments that do not bring income or give income below a certain level should be reduced to the minimum necessary for the life support of the enterprise.

The methodological basis for writing a term paper was the work of domestic and foreign economists, which considered the study of the investment behavior of economic entities, a systematic study of the foundations of investment behavior and its modeling.

The chronological framework of the research is the 19th-21st centuries, and this is due to the fact that the first attempts to study investment behavior were made in the 19th century by the English economist N.W. Senior, who put forward the theory of impact, which made it possible to formulate the foundations of the motivation system for real investments.

Chapter 1. General characteristics of investments

1.1 Concept, essence of investments and their classification

The development of the national economy is inextricably linked with the activation of investment activities of enterprises and organizations. The National Security Concept of the Russian Federation notes that one of the most significant threats in the economic sphere is the decline in investment, innovation activity and scientific and technical potential. The crisis of the Russian economy in the 1990s had a negative impact on both macroeconomic indicators and investment activity.

Investments are cash, securities, other property, including property rights, other rights having a monetary value, invested in objects of entrepreneurial and (or) other activities in order to make a profit and (or) achieve another beneficial effect.

Thus, investments come in monetary (cash, securities), tangible (real estate, machinery, equipment, other property) and intangible forms (property and other rights).

Investment activities are carried out by making investments and taking practical actions in order to make a profit and (or) achieve another beneficial effect.

Enterprises and organizations, carrying out investment activities, are faced with the problem of determining the most profitable areas for investing. The development of current and prospective directions of investment investments is carried out in the process of developing the investment policy of the enterprise.

In turn, investments are divided into real (in non-financial assets) and financial; capital-forming and portfolio.

Investments in non-financial assets are investments in fixed assets, intangible assets, in the growth of inventories. Other non-financial assets.

Financial - long-term and short-term investments in various financial instruments in order to generate income.

Capital-forming investments (capital investments) are investments in fixed capital (fixed assets), including the costs of new construction, expansion, reconstruction and technical re-equipment of existing enterprises, the purchase of machinery, equipment, tools, inventory, design and survey work and other costs .

Portfolio refers to investments in long-term securities (stocks, bonds, bills and others).

1.2 Basic principles of investment policy

Investments are long-term capital investments aimed at providing the enterprise with factors of production (real investments) or at acquiring securities (portfolio investments). For an enterprise, real investments are of primary importance, while portfolio investments are of a complementary, auxiliary nature. The main directions of the investment policy of the enterprise are shown in Figure 1.

The lower level of the rectangles in Figure 1, which characterizes the directions of real investments, is located in such a way that, from left to right, the risk of investments decreases, but their profitability also falls at the same time. The reason is that the risk is associated with the possibility of not receiving a return on today's capital investments due to the rejection of the results of the investments of the markets. The greatest risk of rejection occurs when new products are introduced to the market; the risk is less if the supply of an existing product simply grows; even less risk if the rationalization of production reduces the cost of production in the same volume of the product already accepted by the market; there is absolutely no risk in case of replacing worn-out equipment with a similar one.

At the same time, the higher the return on investment, the greater the novelty, a large set of new consumer properties the product has. And this takes place when investing in new means of production that create new products (services).

The same situation is typical for portfolio investments (Appendix 1).

The figure shows that the return on investment grows with risk, but the ability to return capital investments (liquidity), on the contrary, decreases. Different securities, and 5 types are presented here (according to fairly typical laws in force in developed countries), have different levels of investment return guarantees for investors.

For businesses that are not speculative in the securities market, the standard goals of investing in securities are to accumulate funds before making real investments, to accumulate funds (with interest or dividends) for quarterly tax payments, and the like.

An enterprise usually has several options for financing capital investments. They are not mutually exclusive, and in practice are often used simultaneously. The main sources of capital investment financing are presented in Appendix 2.

The need for funding is determined by direct calculation of the costs of a particular investment project. If we are talking about the construction of a new workshop (enterprise), then the costs of design and survey work, construction and installation work, the purchase of technological equipment, machines, mechanisms, tools, training of personnel and the current further are calculated.

The costs incurred must bring in the future income in the form of proceeds from the sale of products. Comparing the expected income with investments, it is possible to assess how appropriate they are. Not all investments are profitable. Expedient investments have a different degree of profitability, since the return on the ruble of investments is not the same.

The capital investment budget of an enterprise is always limited, therefore, among the appropriate ones, it is necessary to choose the most effective investments. For these purposes, many methods have been developed, the main of which are presented in Figure 2.

Rice. 2. Methods for evaluating the effectiveness of investments

On the left side of Figure 2, there is a group of methods that take into account the time concept of the value of money, that is, taking into account that money works and generates income, loses value due to inflation, and so on. This group is called methods based on discount estimates. They are the most accurate and have been widely used since the 70s of the last century. The names of the methods, their Russian abbreviation are given in the rectangles, and the international ones are in parentheses. For example, NPV (NPV - net present value), IR (PI - profitability index), GNI (IRR - internal rate of return).

In the right rectangles are the names of methods based on accounting estimates: POI (PP - payback period), KEI (ARR - average rate of return), efficiency (DCR - debt cover ratio). Historically, they appeared much earlier than the first group of methods, they are less accurate, but simpler, more economically transparent and closely related to indicators widely used in accounting and economic planning. Therefore, methods based on accounting estimates are widely used today.

We will not consider the detailed ones here, because of their importance for the practical activities of the enterprise, they will be studied in detail in the future in the course of special disciplines (economic evaluation of investments, innovation management, project management, and others).

In addition to investments that increase the capital of investors and therefore have economic efficiency, there are economic investments that are unprofitable for enterprises, but necessary, since enterprises are forced to satisfy certain requirements of state or municipal governments that protect public interests. These are, as a rule, requirements for new environmental or safety standards.

For firms, the sources of investment activity can be:

the investor's own financial resources and on-farm reserves, which include the initial contributions of the founders at the time of the organization of the company and part of the funds received as a result of economic activity, that is, from profit, depreciation, funds paid by insurance bodies in the form of compensation for losses from accidents , natural disasters and the like;

borrowed funds of the investor, which are a bank loan, investment tax credit, budget loan and other funds;

attracted financial resources of the investor, funds received from the sale of shares, shares and other contributions of legal entities and employees of the company;

funds received in the order of redistribution from centralized investment funds, concerns, associations and other associations of enterprises;

investment appropriations from the state budgets of the Russian Federation, republics and other subjects of the Federation within the Russian Federation, local budgets and relevant off-budget funds. These funds are allocated mainly to finance federal, regional or sectoral targeted programs. Grant funding from these sources actually turns them into a source of own funds;

funds of foreign investors provided in the form of financial or other participation in the authorized capital of joint ventures, as well as in the form of direct investments in cash from international organizations and financial institutions, states, enterprises of various forms of ownership, individuals. Attracting foreign investment ensures the development of international economic relations and the introduction of advanced scientific and technological achievements.

Depending on what sources of financing a company attracts to finance its investment activities, there are three main forms of investment financing:

Self-financing is the financing of investment activities entirely at the expense of own financial resources generated from internal sources. This form of financing is usually used in the implementation of short-term investment projects with a low rate of return.

Credit financing is used, as a rule, in the process of implementing short-term investment projects with a high rate of return on investment. The peculiarity of borrowed capital is that it must be returned on predetermined conditions, while the lender does not claim to participate in the income from the sale of investments.

Equity financing or mixed financing is a combination of several sources of financing. This is the most common form of financing investment activities, it can be used in the implementation of various investment projects.

When choosing sources of financing for investment activities, the issue should be decided by the company, taking into account many factors: the cost of capital raised, the efficiency of return on it, the ratio of equity and debt capital, which determines the level of financial independence of the company, the risk arising from the use of a particular source of financing, as well as economic the interests of investors.

External sources include: allocations from the state budget of various funds to support entrepreneurship on a non-refundable basis; foreign investment; various forms of borrowed funds on a repayable basis.

Internal sources of investment. Traditionally, capital investments in Russia were financed mainly from domestic sources. It can be assumed that in the future they will also play a decisive role, despite the intensification of attracting foreign capital. The main factor affecting the state of internal opportunities for financing capital investments is financial and economic instability. Inflation devalues ​​the savings of enterprises and the population, which significantly reduces their investment opportunities. However, the lack of domestic investment potential can be considered relative.

Chapter 2. Analysis of the effectiveness of the use of investments in the activities of the enterprise

2.1 Investment support for production

Investment activity is an investment (investment) and a set of practical actions for the implementation of investments.

The subjects of investment activity are investors, customers, contractors, users of objects of investment activity, as well as suppliers, legal entities (banking, insurance and intermediary organizations, investment funds) and other participants in the investment process. The subjects of investment activity can be individuals and legal entities, including foreign ones, as well as states and international organizations. Investors invest their own, borrowed and borrowed funds in the form of investments and ensure their intended use.

Customers can be investors, as well as any other individuals and legal entities authorized by the investor to implement the investment project, without interfering in the entrepreneurial or other activities of other participants in the investment process, unless otherwise provided by the agreement (contract) between them. If the customer is not an investor, he is vested with the rights to own, use and dispose of investments for the period and within the limits of authority established by the agreement.

The users of investment activity objects can be investors, as well as other individuals and legal entities, state and municipal authorities, foreign states and international organizations for which an investment activity object is being created. If the user of the object of investment activity is not an investor, the relationship between them and the investor is determined by the agreement (decision) on investment. Subjects of investment activity have the right to combine the functions of two or more participants.

The objects of investment activity in the Russian Federation are:

newly created and modernized fixed assets, and working capital in all sectors of the national economy;

securities (shares, bonds and others);

targeted cash deposits;

scientific and technical products and other objects of property;

property rights and intellectual property rights.

Similar objects include foreign investments, if they do not contradict the legislation of the Russian Federation. Foreign investors have the right to invest in Russia by:

equity participation in enterprises created jointly with legal entities and individuals of the Russian Federation;

creation of enterprises wholly owned by foreign investors, as well as branches of foreign legal entities;

acquisition of enterprises, buildings, structures, shares in enterprises, shares, shares, bonds and other securities, as well as other property that, under Russian law, may belong to foreign investors;

acquisition of rights to use land and other natural resources;

granting loans, credits, property and other property rights.

The law prohibits investing in objects, the creation and use of which do not meet the requirements of environmental, sanitary and hygienic and other standards established by the legislation in force on the territory of the Russian Federation, or damage the legally protected rights and interests of citizens, legal entities or the state.

Subjects of investment activity operate in the investment sphere, where the practical implementation of investments is carried out. The investment sector includes:

the sphere of capital construction, where investments are made in the fixed and circulating production assets of industries. This area combines the activities of customers-investors, contractors, designers, equipment suppliers, citizens in individual and cooperative housing construction and other subjects of investment activity;

innovation sphere, where scientific and technical products and intellectual potential are realized;

the sphere of circulation of financial capital (cash, loan and financial obligations in various forms).

All investors have equal rights to carry out investment activities. The investor independently determines the volumes, directions, sizes and effectiveness of investments. He, at his discretion, attracts on a contractual, mainly competitive, basis (including through tenders for a contract) legal entities and individuals necessary for him to implement investments. An investor who is not a user of objects of investment activity has the right to control their intended use. And to exercise in relations with the user of such objects other rights provided for by the agreement. The investor is granted the right to own, use and dispose of the objects and results of investments, including trading and reinvestment. An investor may transfer under an agreement (contract) his rights to investments, their results to legal entities and individuals, state and municipal bodies.

Participants in investment activities performing the relevant types of work must have a license or certificate for the right to carry out such activities. The list of works subject to licensing, the procedure for issuing licenses and certificates are established by the Government of the Russian Federation.

The main legal document regulating the production, business and other relationships of the subjects of investment activity is an agreement (contract) between them. The conclusion of contracts, the choice of partners, the determination of the obligations of any other conditions of economic relations are the exclusive competence of the subjects of investment activity. The terms of agreements (contracts) concluded between the subjects of investment activity remain in force for the entire period of their validity. In cases where, after their conclusion, the legislation in force on the territory of the Russian Federation establishes conditions that worsen the position of partners, agreements (contracts) may be changed.

Incomplete objects of investment activity are the shared property of the subjects of the investment process until the moment of acceptance and payment by the investor (customer) of the work and services performed. If the investor (customer) refuses to further invest in the project, he is obliged to compensate the costs of its other participants, unless otherwise provided by the agreement (contract).

The state guarantees the stability of the rights of subjects of investment activity. In cases of adoption of legislative acts, the provisions of which restrict the rights of subjects of investment activity, the relevant provisions of these acts cannot be put into effect earlier than one year from the date of their publication, and in cases of adoption by state bodies of acts that violate the legitimate rights and interests of investors and other participants in investment activity , losses, including lost profits, caused by the subjects of investment activity as a result of the adoption of such acts, are reimbursed to them by these bodies by decision of a court or arbitration court. The legislation in force on the territory of the Russian Federation guarantees the protection of investments, including foreign ones, regardless of the form of ownership. Investments cannot be nationalized or requisitioned free of charge, nor can they be subject to measures equal to those indicated in terms of consequences. The application of such measures is possible only with full compensation to the investor for all losses caused by the alienation of invested property, including lost profits, and only on the basis of legislative acts of the Russian Federation and the constituent entities also, lease rights in cases of their withdrawal are reimbursed by investors, with the exception of amounts used or lost as a result of the actions of the investors themselves. Investments in the territory of the Russian Federation in some cases are subject to compulsory insurance, which is a guarantee of their preservation.

The difficulty of investment activity in the Russian Federation is exacerbated, in addition to inflation, by a significant increase in disproportions in the investment sphere (practical collapse of a single building complex).

The avalanche-like growth of deformations in the investment sphere is largely caused by unsuccessful attempts to introduce certain elements of market relations without developing an integrated approach to solving investment problems.

The implementation of investments (making investment decisions) in modern conditions is determined by enterprises, taking into account such factors as inflation and the expectation of rising prices for production resources. In order to level (reduce) the pressure of the inflationary factor, investments are made mainly in movable and immovable property (inventory, imported equipment, purchase of buildings and structures), in financial assets and consumer goods, in the authorized capital of joint and joint-stock companies.

In conditions of high inflation rates, the choice of such investment objects is determined by their ability to retain value and the possibility of obtaining the projected profit (income) mainly through fluctuations in the difference in prices or rates of securities.

Thus, the disorganization of investors as a result of inflationary distortion of market prices for material and technical resources (which contributes to barter exchange) has led to the depreciation of their own monetary savings, to an increase in the rush demand for resources, supported by the credit expansion of commercial banks.

Profit - the main form of net income of the enterprise, expressing the value of the surplus product. Its value acts as a part of the cash proceeds, which is the difference between the selling price of products (works, services) and its full cost. Profit is a general indicator of the results of the commercial activities of the enterprise. After paying taxes and other payments from profits to the budget, the company has a net profit. Part of it can be directed to capital investments of an industrial and social nature. This part of the profit can be used for investments as part of an accumulation fund or other fund of a similar purpose created at the enterprise.

The second major source of financing for investments in enterprises is depreciation. The accumulation of cost depreciation at the enterprise occurs systematically (monthly), while the main production assets do not require compensation in kind after each cycle of reproduction. As a result, free cash is formed (by including depreciation deductions in production costs), which can be directed to expand the reproduction of the fixed capital of enterprises. In addition, new facilities are put into operation every year, for which depreciation is charged according to the established norms (% of the book value). However, such objects do not require compensation before the expiration of the standard service life. The need to update fixed assets, caused by the competition of commodity producers, forces enterprises to accelerate the write-off of equipment in order to form accumulation for their subsequent investment in innovation.

Accelerated depreciation as an economic incentive for investment is carried out in two ways.

The first is that the standard service life is artificially reduced and the depreciation rates increase accordingly. This method of accelerated depreciation has been used in our country since January 1, 1991, when enterprises were allowed to increase the approved depreciation rates for specific inventory items, but not more than 2 times. Depreciation deductions accrued by the accelerated method are used by enterprises independently to replace physically and morally obsolete equipment with new, more productive ones. Due to the high depreciation deductions, the amount of taxable profit is reduced, and consequently, the amount of tax. In order to stimulate the renewal of equipment, small enterprises, along with the use of the accelerated depreciation method, are allowed to write off in the first year of its operation to the cost of production additionally as depreciation deductions up to 50% of the initial cost of active fixed assets with a service life of more than 3 years.

The second method of accelerated depreciation is that, without reducing the standard life of fixed capital established by the state, individual firms are allowed to make depreciation deductions in increased amounts for a number of years, but with a decrease in them in subsequent years.

2.3 Investment lending

A loan expresses the economic relations between the borrower and the lender that arise in connection with the movement of money on the terms of repayment and compensation. An important element of credit regulation is the loan interest. Currently, investors attract loans to those areas of business activity that give a quick effect (in the form of profit or income). Practice shows that for enterprises that are able to repeatedly increase output (or enterprises for whose products the effective demand is sufficiently stable, which makes it possible to seriously regulate prices), attracting loans for their own development is much more profitable than attracting funds with the payment of a share of profits.

The objects of bank lending for capital investments of legal entities and individuals may be the costs of:

construction, expansion, reconstruction and technical,

re-equipment of industrial and non-industrial facilities;

acquisition of movable and immovable property (machines, equipment, vehicles, buildings and structures);

formation of joint ventures;

creation of scientific and technical products, intellectual values ​​and other objects of property;

implementation of environmental protection measures.

The basis of credit relations of legal entities and individuals with the bank is a loan agreement. This document, as a rule, provides for the following conditions: the amounts of loans issued, the terms and procedure for their use and repayment, interest rates and other payments for a loan, forms of security for obligations (pledge, guarantee agreement, suretyship agreement, insurance agreement), a list of documents, represented by 6anky. Specific terms and frequency of repayment of a long-term loan issued to legal entities are established by agreement between the bank and the borrower based on cost recovery, solvency and financial condition of the borrower, credit risk, the need to accelerate the turnover of credit resources.

The issuance of a long-term loan for industrial and non-industrial purposes is carried out when the borrower submits the following documents confirming his creditworthiness and the possibility of lending to the event:

charter (decision) on the establishment of the enterprise;

balance sheet of the enterprise as of the last reporting date, certified by the tax inspectorate;

feasibility study (calculation reflecting the economic efficiency and payback of construction costs);

other documents confirming the financial condition and creditworthiness of the enterprise.

The Bank monitors the progress of credited activities. If the borrower fails to fulfill its obligations, the bank has the right to apply economic sanctions provided for by the loan agreement.

Chapter 3. Main Directions for Improving the Efficiency of Investment Activities

The strategic goals of the investment activity of an enterprise are the predictive parameters of the state of its investment activity described in a formalized form, which make it possible to manage it in the long term and evaluate its results.

1. Classification of the strategic goals of the investment activity of the enterprise:

According to the expected effect:

economic goals - ensure the receipt of investment income or other economic results;

non-economic goals - provide a solution to social problems, improve the image of the enterprise, environmental safety, and the like.

2. By areas of investment activity:

the goals of real investment are determined by the sectoral and regional orientation of real investment;

goals of financial investment - prospects for acquiring controlling stakes in other enterprises, parameters for forming a portfolio of financial investments;

the goals of the formation of investment resources - the pace of formation of their own investment resources, the structure of the generated resources and their cost.

3. By objects of strategic management:

enterprise goals - defining in the system of strategic goals;

the goals of individual strategic business zones - ensure the effective operation of strategic objects in the structure of the enterprise;

the goals of individual strategic economic centers - provide investment support for the formation and development of "responsibility centers".

4. According to the direction of investment activity:

internal goals - determine the directions for the development of internal investments of the enterprise (development of production activities, solving social problems of the team, etc.);

external goals - directions and expected results of external investments of the enterprise (domestic and foreign).

5. By priority value:

the main goal is to maximize the welfare of the owners of the enterprise;

main goals - ensure the implementation of the main goal;

auxiliary targets - all other targets.

6. By the nature of the impact on the result:

direct goals - directly related to the final results of investment activity (main goal, a number of main goals);

supporting goals - ensure the implementation of direct strategic goals (use of new technologies, improvement of the organizational structure of management, and others).

7. According to the direction of the reproductive process:

development goals - aimed at ensuring the growth of assets or equity of the enterprise;

renovation goals - ensure the timely replacement of depreciable fixed assets and intangible assets within the framework of their simple reproduction.

The main requirements for the formation of the strategic goals of the investment activity of the enterprise:

1. Subordination of the main goal of investment activity - maximizing the welfare of the owners of the enterprise;

2. Orientation to a high result of investment activity, ensuring the fullest use of investment potential;

3. Reality - restriction according to the criterion of real achievability, taking into account environmental factors and internal potential;

4. Measurability - expression in specific quantitative indicators;

5. Unambiguity of interpretation - the sameness and clarity of perception by all managers and performers;

6. Scientific validity - taking into account objective economic laws, using modern methodological apparatus, establishing a system of interconnections between individual goals;

7. Flexibility - the ability to adjust the system and individual strategic goals when changing environmental factors or parameters of the internal potential.

Stages of formation of strategic goals of the investment activity of the enterprise:

1. Analysis of trends in the main indicators of investment activity in order to identify patterns and features in the development of investment activity parameters and determine the degree of influence of external and internal factors on them. With a stable state of the investment environment, the analysis is carried out in two to three years; in conditions of its instability, it should correspond to the strategic perspective.

2. Formulation of the main strategic goal of the investment activity of the enterprise. The main goal is specified in a certain indicator and is quantified (for example, to ensure a 3-fold increase in equity over 3 years due to the reconstruction of production).

3. Determination of desirable and possible trends in investment activity indicators that ensure the achievement of the main goal. The main parameters of the investment activity of the enterprise, which ensure the implementation of the main goal, are revealed. It is determined which of them can be obtained due to favorable conditions of the external and internal environment.

4. Determination of undesirable, but possible trends in the results of investment activities that impede the achievement of the main goal. Identification of the adverse impact of individual external and internal factors on the implementation of the main goal of investment activity in order to develop measures to neutralize them.

5. Accounting for objective limitations in achieving the desired parameters of the enterprise's strategic investment position. These restrictions include:

enterprise size;

possible volume of investment resources;

stage of the enterprise life cycle.

6. Formation of a system of main strategic goals of investment activity, ensuring the achievement of its main goal. These goals include:

growth rate of investment in the development of the enterprise;

minimum acceptable return on investment;

maximum permissible level of investment risk;

the structure of the invested capital of the enterprise, etc.

7. Formation of a system of supporting goals included in the investment strategy of the enterprise. These goals can be set to:

the level of sectoral diversification of investments;

level of regional diversification of investments;

ratio of volumes of external and internal investments;

limiting level of liquidity of investment objects;

marginal level of the weighted average cost of investment resources and more.

8. Building a "tree of goals" of the enterprise's investment strategy. This will allow linking the main, main and supporting goals of the enterprise's investment strategy, taking into account their priority and ranking significance.

On the basis of the system of goals of the investment strategy of the enterprise, strategic directions of its investment activity are developed. At the same time, the following tasks are solved: determining the ratio of various forms of investment, determining the sectoral and regional orientation of investment activity.

Factors determining the ratio of investment forms:

1. Functional orientation of the enterprise. Institutional investors carry out investment activities mainly in the securities market, so the main form of their long-term investment activity will be investing in stocks, bonds, savings certificates and the like, the so-called financial investments. For industrial enterprises, investments in the form of capital investments, purchases of real estate, etc., the so-called real investments, will be the predominant form of investment.

2. Stage of the life cycle of the enterprise. At the stages of "childhood", "youth", "early maturity" real investments prevail, only at the stage of "final maturity" the enterprise can increase the share of financial investments.

3. The size of the enterprise. The investment activity of small and medium-sized industrial enterprises is carried out mainly in the form of real investments, since they do not have free resources for financial investment. Large enterprises have access to external sources of financing, which allows them to make financial investments in large volumes.

4. The nature of strategic changes in production activities. In modern literature, two characteristics of strategic changes in the production activity of an enterprise are distinguished - gradual and intermittent changes. Gradual strategic changes are associated with relatively minor changes in production activities over periods. In this case, the investment resources generated by the enterprise are consumed, as a rule, for real investment. Discontinuous strategic changes are characterized by abrupt significant deviations of the volume of production activity from the traditional trend. At the same time, enterprises accumulate a significant amount of temporarily unused investment resources that can be used for financial investment.

5. The predicted interest rate in the financial market determines the ratio of the share of real and financial investment of the enterprise. In real investing, an increase in the interest rate increases the cost of investment resources and reduces their volume. In financial investment, with an increase in the interest rate, the rate of net profit on financial instruments increases, causing an increase in the volume of financial investments.

6. Projected rate of inflation. The projected increase in inflation rates increases the share of real investment, since prices for real investment objects, as a rule, increase in proportion to inflation. In this case, the volume of financial investment will decrease, since inflation depreciates not only the amount of expected investment profit, but also the value of the financial instruments themselves.

Determining the sectoral orientation of the investment activity of an enterprise is the most difficult task in developing an investment strategy and is solved in several stages. At the first stage, the expediency of sectoral concentration or diversification of investment activities is investigated. The industry concentration strategy associated with a high level of investment risk can be used at the first stages of the life cycle of an enterprise. As the need for products (services, works) of consumers is met, it is necessary to move to a strategy of sectoral diversification of investment activities.

At the second stage, the expediency of various forms of sectoral diversification of investment activities within certain industries, for example, in construction and the building materials industry, in agriculture and the food industry, etc., is studied. This allows you to significantly reduce investment risks. The main drawback of this strategy is that related industries have the same industry life cycle, which increases investment risk in certain periods (periods of recession).

At the third stage, the expediency of various forms of diversification of investment activity within the framework of unrelated industries is explored. Due to the choice of industries with different stages of the life cycle, the level of investment risks is significantly reduced.

Determination of the regional orientation of the investment activity of the enterprise is associated with two main conditions.

Enterprise size. Small and medium-sized enterprises operate within the same region. For them, the possibilities of regional diversification of investment activities are limited by the insufficient volume of investment resources and the complexity of managing investment and economic activities.

The duration of the enterprise. At the first stages of the life cycle, economic and investment activities are carried out, as a rule, within the same region. As the company develops, it can expand its activities to a number of regions.

Parameters for assessing the effectiveness of the investment strategy of the enterprise:

Consistency of the investment strategy with the overall development strategy of the enterprise.

Consistency of the investment strategy of the enterprise with the factors of the external investment environment.

Consistency of the investment strategy of the enterprise with its internal potential.

Internal balance of the investment strategy: consistency of goals and target strategic standards; compliance of goals and standards with the content of the investment policy; consistency of investment strategy measures in areas and periods.

The feasibility of the investment strategy: the adequacy of investment resources, the manufacturability of investment projects, the availability of the necessary financial instruments on the stock market, and the like.

Economic efficiency of investment strategy implementation.

Conclusion

Investments are understood as the funds of the state, enterprises and individuals directed to the creation, renewal of fixed assets, the reconstruction and technical re-equipment of enterprises, as well as the acquisition of shares, bonds and other securities and assets.

"Investment" is a broader concept than capital investments. They cover the so-called real investments (capital investments) and portfolio (financial) investments. Investments play a very important role in the economy of any state. They are the basis for:

extended reproductive process;

acceleration of scientific and technical progress (technical re-equipment and reconstruction of existing enterprises, renewal of fixed production assets, introduction of new equipment and technology);

improving product quality and ensuring its competitiveness, updating the range and range of products;

reducing the costs of production and sales of products, increasing the volume of products and profits from its sale.

Investing is the process of replenishing or adding capital funds. This is the inflow of new capital in a given year. Capital funds "wear out" in production. Inventories of materials and semi-finished products are reduced and used during the production process, and machines age physically or morally and must be replaced.

Firms invest because new capital allows them to increase their profits. When investing, a firm must decide whether, over a given time period, the increase in profits brought by the investment will be greater than the value of the costs. The opportunity cost of investing a certain amount of dollars will be the market interest on capital, taken from the amount of funds needed to acquire new capital.

Most investments made by firms are long-term. A typical firm's capital increase will continue for many years. Capital investments differ in their time horizon. The useful life of a capital asset is the number of years it will take for the firm to generate revenue or reduce costs.

The effectiveness of the development of the country's economy, its individual regions, industries and new forms of ownership largely depends on the nature of the investment policy, its focus on the most complete and rational use of all types of resources. The main goal of modern investment policy is to transfer the economy to an intensive path of development with a subsequent reduction in the costs of extensive growth of production potential and an increase in investments in the intensification of the use of fixed production assets already involved.

Making a decision on the basis of a thorough economic justification on the feasibility of investing in the development of production is an important, but not the final moment in the effective use of capital investments, since capital construction is ahead, that is, the implementation of the selected project.

The design and direct construction of an object, that is, capital construction, most significantly affect the efficiency of the use of capital investments.

Improving the efficiency of capital investments in capital construction at an enterprise can be achieved by developing a good project and reducing design time; reduction of construction time; wide use, where possible and appropriate, of good standard designs that have justified themselves in practice, etc.

The choice of certain directions and ways to improve the efficiency of capital investments (investments) depends on the specifics of the enterprise and specific conditions.

Investment planning should be preceded by a deep analysis of their economic justification, taking into account risk and inflationary processes.

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Attachment 1

Dependence on risk and liquidity (payment guarantee) for different securities: 1 - bonds secured by collateral; 2 - bonds not secured by collateral; 3 - preferred shares; 4 - ordinary shares; 5 - options

Annex 2

Investment financing sources