Who is the subject of investment. Subjects of investment activity. Private investor. Grouping by type of activity
In accordance with the Law on investment activity in the Russian Federation, carried out in the form capital investments, investment activity is the investment and implementation of practical actions in order to make a profit and (or) achieve another beneficial effect. Investment activity in the form of capital investments is an investment in fixed assets (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 .
The subjects of investment activity are:
- investors;
- building contractors;
- contractors;
- users of capital investment objects;
- other persons.
Quite often, an organization combines the functions of several participants in the construction process - an investor, developer, customer or contractor.
Relations between the subjects of investment activity are carried out on the basis of an agreement and (or) a state contract concluded between them in accordance with Russian law.
Investor - a person who has the necessary amount free funds or attracting as a source of funding borrowed funds citizens or legal entities, including credit organizations, - finances construction.
As for the customer-builder (it is this definition that is usually applied to the participant in the investment process that provides the construction process), then some regulations give the concept and use the term "developer", others - "customer", and still others - "customer-developer". Thus, in accordance with Article 1 of the Town Planning Code of the Russian Federation, a developer is an individual or legal entity that provides on its property land plot construction, reconstruction, overhaul of facilities capital construction, as well as the performance of engineering surveys, preparation project documentation for their construction, reconstruction, overhaul.
The customer-developer concludes a general contract for the construction of an object with a contractor or assumes the functions characteristic of a general contractor - maintenance of the construction site, supply, coordination of implementation construction works on site, etc.
The construction process is gradual, and at each stage the customer is assigned the appropriate role and functions. Here are the main functions of customers for the construction of facilities:
During the preparation of construction, the customer performs the functions of developing the territory and allocating a land plot.
When performing its functions, the customer also exercises control and supervision over the progress of construction. The customer may in some cases entrust the performance of its functions of control and supervision over the construction of an engineering organization (engineer) by concluding an appropriate agreement with it in accordance with Article 749 of the Civil Code of the Russian Federation. Such an organization will be a technical customer. In order to qualify the functions of a technical customer, when concluding such an agreement, the parties can use the Regulations on the technical supervision of the customer over the construction of buildings and structures in Moscow (approved by order of the Mayor of Moscow dated July 13, 1998 N 715-RM). The technical customer, performing the functions of control and supervision over construction, does not, in particular, have the right to dispose of the financial and other resources of the customer-builder and keep records of capital costs and sources of financing.
The functions of the customer also include financing the construction and accounting for the production capital costs. The contracting authority, on the terms specified in the agreement concluded with the investor, disposes of the investor's financial and material resources allocated for the construction of the facility and bears material and other liability provided for by the current legislation or the agreement for the timely targeted and reasonable use of financial and other material resources and property; compliance with the quality of work performed and the deadlines for putting the construction object into operation; fulfillment of obligations under contracts with other participants in the construction of the facility; fulfillment of the cost estimate approved by the investor for the operation of the customer; ensuring secrecy (confidentiality) and taking the necessary measures to protect commercial and official information from disclosure.
Contractors - physical and legal entities who perform construction, installation, repair work under a work contract and (or) a state contract concluded with customers in accordance with the Civil Code of the Russian Federation. In the implementation of capital construction, the general contracting system is widely used: the customer enters into an agreement with one construction organization- a general contractor who engages specialized organizations on the basis of subcontracts to perform individual work packages.
Users of capital investment objects - individuals and legal entities for which the specified objects are created.
In practice, when creating and reconstructing real estate, there are subjects of the investment process that are not listed above. This practice, as a rule, follows from the rule-making of the subjects of the federation.
Subjects investments are recipients- enterprises, organizations using investments. The subjects of investment activity are investors, customers, performers of work, users of objects of investment activity, as well as suppliers, legal entities (banking, insurance, intermediary organizations, investment exchanges) 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.
The main subject of investment activity - investor- invests its own, borrowed or borrowed funds in the form of investments and ensures their intended use. Investors can be:
- bodies empowered to administer the state and municipal property or property rights;
- Russian individuals and legal entities, business associations and other legal entities;
- foreign individuals and legal entities, states and international organizations.
Subjects of investment activity have the right to combine the functions of two or more participants. Pooling of funds by investors for joint investment is allowed.
Investors can act as depositors, customers, creditors, buyers, as well as perform the functions of any other participant in investment activities.
The market economy considers organizations (enterprises) and individual individuals as economic entities. The state and organizations act as legal entities in various organizational and legal forms. Economic entities have in their ownership, economic management or operational management certain economic objects, property complexes, capital.
Objects investments can be:
- under construction, reconstructed or expanded enterprises, buildings, structures (fixed assets) intended for the production of new products and services;
- complexes of objects under construction or reconstructed, oriented towards the solution of one task (program). In this case, the object of investment is understood as a program of the federal, regional or other level;
- production of new products (services) on existing production facilities within existing industries and organizations;
- development of new products;
- introduction of new technology into existing production.
The objects of investment activity are newly created and modernized funds and working capital in all branches and spheres of the national economy Russian Federation, securities, targeted cash deposits, scientific and technical products, other objects of property, as well as property rights and intellectual property rights.
Topic: The concept of investment. Purpose, objects and subjects.
Investment activity is inherent in any enterprise to one degree or another. The concept of an investment decision is impossible without taking into account the following factors:
1. types of investments
2. cost of the investment project
3. limited financial resources eligible for investment
5. the risk associated with the adoption of a particular decision
Investments – long-term investments capital in industry Agriculture, transport and other branches of economic activity, both within the country and abroad, for the purpose of making a profit.
Investments- cash, securities, other property, including property rights, other rights having a monetary value, invested in objects of entrepreneurial activity in order to make a profit and (and) achieve another positive effect (social).
Purpose of investment:
1. making a profit
2.Achieve a positive effect
Investment objects:
1. securities
2. scientific and technical products
3.property rights and intellectual property rights
4. fixed assets
5. targeted cash deposits
Subjects of investments:
1. Investors
2. users of objects of investment activity
3. legal entities
4. citizens of the Russian Federation
5. foreign individuals and legal entities
Investment classification:
1. On a natural-material basis
A. material
B. intangible or intellectual
B. Finance
2. By appointment
A. direct investment
B. housing construction
B. Inventory
D. Portfolio investment
3.By funding sources
A. own
B. borrowed
4. For the intended purpose
A. strictly-purposed
B. loose
5. By timing
A. short-term
B. medium-term
B. Long-term
6. Depending on the subject of investment activity
BUT. state- budget funds that are directed to areas with long-term capital turnover ( scientific activity, military industry, social programs)
B. private- funds from own sources directed to those branches of economic activity where it is possible to quickly extract the greatest profit.
AT. From international organizations - from European Bank reconstruction and development, etc.
Conclusion: thus the concept of investment is broader than capital investment.
Capital investments- investments in fixed assets intended for the reproduction of fixed assets (long-term).
Capital investments of enterprises are the costs of:
1. construction and installation work in the construction of buildings and structures
2. purchase, installation and adjustment of machines and equipment
3. design and survey work
5. training and retraining of personnel
6. withdrawal costs land plots in connection with the construction
Investment activities- represents an investment and a set of practical actions for the implementation of investments in the enterprise.
Topic: structure and significance of capital investments .
Capital investments- represent the use of GNP by society for the reproduction of fixed assets.
In form, they act as a set of costs for the creation of new, as well as technical re-equipment, reconstruction and expansion of existing funds for production and reproduction purposes.
The value of capital investments:
Capital investments play an important role in the economy of the country and any enterprise.
Capital investments are the basis for directions in the development of the society's economy, namely:
1. The systematic management of the main production assets in the enterprise
2. accelerating scientific and technological progress
3. Creation of the necessary raw material base of the industry
4. construction, development of health care, higher and secondary schools
5. solution to the problem of unemployment
Thus, capital investments are needed primarily to improve the country's economy, solve many social problems and, above all, to raise the living standards of the population.
Classification of capital investments:
Capital investments are divided into the following groups:
1. On the use of capital investments
A. production - investments Money and other funds for the development of the enterprise.
B. non-production - investment of funds for the development of the social sphere.
2. According to the forms of reproduction of fixed assets
A. new construction
B. reconstruction and technical re-equipment of an existing enterprise
B. Expansion of an existing business
D. Equipment upgrade
D. acquisition of fixed assets
3. by funding sources
A. centralized - from higher authorities
B. decentralized - within the enterprise
Structure of capital investments:
The efficiency of the use of capital investments depends largely on their structure. There are the following types of structure of capital investments:
1. technological- understands the composition of the costs for the construction of an object and their share in the total accounting cost (construction and installation works, equipment, tools, inventory). The study of the technological structure of capital investments indicates an increase in the share of machinery and equipment in estimated cost capital investments.
2.reproductive- distribution and ratio in the total estimated cost according to the forms of reproduction of fixed assets, that is, the share of capital investments in the total amount of capital investments for new construction, reconstruction, acquisition, etc. is calculated.
3. branch- distribution and correlation of capital investments by branches of industry and the national economy as a whole (coal, gas, transport, communications, trade, etc.).
4.territorial- distribution and ratio in the total set of capital investments for individual economic regions, regions, territories, republics of the Russian Federation. The territorial structure lies in the fact that it allows you to get an economic and social effect.
Chapter 1 - general provisions(basic concepts)
Investments (see above)
Investment activities (see above)
Investment project- substantiation of economic feasibility, volume and timing of capital investments, including the necessary design and estimate documentation, as well as a description of the practical steps to implement the investment (business plan).
Payback period of the investment project:
The period from the date of commencement of financing of the investment project until the day when the difference between the amount net profit with depreciation charges and the volume of investment costs acquires a positive value.
Subjects of investment activity:
The subjects are:
1. investors
2.customers
3. performers of work (contractors)
4. users of capital investment objects
5. suppliers
6. banking, insurance, intermediary organizations and other participants.
Subjects of investment activity- individuals and legal entities, including foreign ones, as well as international and government organizations that carry out investment activities.
Investors- individuals and legal entities created on the basis of a joint activity agreement and not having the status of a legal entity, associations of legal entities ( government bodies, local governments, as well as foreign business entities, that is, foreign investors).
Customers– 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 or other activities of the subjects of the investment project. Investors can be customers. The customer, who is not an investor, is vested with the rights to use and dispose of capital investments for a period in accordance with the contract. And investors make capital investments in the territory of the Russian Federation using their own and borrowed funds.
Contractors- these are individuals and legal entities that perform work under a work contract or a state or municipal contract, which is concluded by customers in accordance with the Civil Code of the Russian Federation. Contractors are required to have a license to carry out certain types of activities that are subject to licensing in accordance with federal law.
Users of objects of investment activity- individuals and legal entities, including foreign ones, as well as state bodies, local governments, foreign states, international associations and organizations for which these objects are created. Investors can be users of the capital investment object.
Objects of investment activity
1.newly created and modernized fixed assets and working capital.
2. securities (shares, bonds)
3. targeted cash deposits
4. scientific and technical products
5. property rights and intellectual property rights
Note: the objects of capital investment are fixed assets, funds.
Legal and economic fundamentals investment activity carried out in the form of capital investments.
Investor Rights :
1. implementation of investment activities in the form of capital investments
The subjects of investment activity carried out in the form of capital investments include:
1) investors(individuals and legal entities created on the basis of a joint activity agreement, and associations of legal entities that do not have the status of a legal entity, state bodies, local governments, foreign investors).
Legal entities include: business partnerships and companies; joint-stock companies; production cooperatives; state and municipal unitary enterprises; non-profit organizations.
Investors make capital investments in the territory of the Russian Federation using their own and (or) borrowed funds in accordance with the legislation of the Russian Federation. Among the investors - legal entities stand out:
- businesses and organizations independent investors;
– institutional investors(financial institutions, various financial and investment funds, social organizations). Their difference is that the capital they invest is previously accumulated from other investors (individuals and legal entities);
2) customers– individuals and legal entities authorized by investors that carry out the implementation of investment projects. They do not interfere in the entrepreneurial and (or) other activities of the subjects of investment activity, unless otherwise provided by the agreement between them. The customer can also be investors.
The customer, who is not an investor, is vested with the rights to own, use and dispose of capital investments for the period and within the limits of authority established by the agreement and (or) government contract in accordance with the legislation of the Russian Federation;
3) contractors- individuals and legal entities that perform work under a work contract and (or) a state contract concluded with customers 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;
4) users of capital investment objects– individuals and legal entities, including foreign ones, as well as state bodies, local self-government bodies, foreign states, international associations and organizations for which these objects are created. Investors can be users of capital investment objects.
Relations between the subjects of investment activity are carried out on the basis of an agreement and (or) a state contract concluded between them in accordance with the Civil Code of the Russian Federation.
- Subject and course system
- Entrepreneurial activity as a subject legal regulation
- The ratio of the concepts of "entrepreneurial activity", " economic activity”, “economic activity”, “commercial activity”
- Forms and types of entrepreneurial activity
- The concept of business law and its place in the structure Russian law
- Principles of business law
- Basic principles of business law
- Business Law Methods
- Legal relations arising in the field of entrepreneurial activity
- Entrepreneurial activity as a subject legal regulation
- Sources of business law
- The concept and types of sources of business law
- Entrepreneurial legislation and the main directions for its improvement
- Business law system
- Business practices as a source of business law
- Application of norms international law
- Role judicial practice in the legal regulation of relations in the field of entrepreneurial activity
- The concept and types of sources of business law
- Legal status of individual business entities
- Business entities: concept and types
- Individual form of entrepreneurship
- Legal capacity individual entrepreneur
- Licensing of an individual form of entrepreneurship
- Collective forms of entrepreneurship
- General partnerships
- Faith partnership
- Limited liability companies (LLC)
- Joint stock companies(AO)
- Production cooperatives (PC)
- State and municipal unitary enterprises
- Small business entities
- Business associations
- Holdings classification
- Ways to create holdings. Participation system
- Business associations
- Financial and industrial groups
- Other forms of business associations
- Non-Profit Organizations as business entities
- Creation and termination of activities of business entities
- The procedure and methods for creating business entities
- State registration business entities
- Reorganization of subjects of collective entrepreneurship
- Liquidation of subjects of collective entrepreneurship
- Insolvency (bankruptcy) of business entities
- The concept, criteria and signs of insolvency (bankruptcy)
- Bankruptcy Criteria
- Signs of bankruptcy
- Legal status of participants in legal relations of insolvency (bankruptcy)
- Legal status of the creditor
- Legal status of the arbitration manager
- Court of Arbitration as a participant in legal insolvency (bankruptcy) relations
- Insolvency (bankruptcy) procedures
- observation. The concept of observation. Neutrality of the procedure
- financial recovery
- External control. Goals and grounds for the introduction of external management
- Bankruptcy proceedings
- world agreement. World deal in bankruptcy and lawsuits
- The concept, criteria and signs of insolvency (bankruptcy)
- Legal regime of property of business entities
- The concept and types of property of business entities
- Legal Forms ownership of property by business entities
- Legal regime of certain types of property
- Legal regime of funds
- Legal regime valuable papers
- Legal regime of profit
- Privatization of state and municipal property
- The concept and main goals of privatization
- Privatization legislation
- Subjects and objects of privatization legal relations
- Procedure and methods of privatization
- The mechanism of state regulation of entrepreneurial activity
- State regulation entrepreneurial activity: concept, types, grounds and limits
- Methods, means and forms of state regulation of entrepreneurial activity
- State control for business activities
- State regulation of functional types of economic activity
- Antimonopoly regulation of entrepreneurial activity
- Subjects of competition
- Antitrust Law
- The concept and types of monopolies
- Monopolistic activity of subjects of competition
- Antimonopoly authorities
- Sanctions for violating antitrust laws
- Technical regulation
- Technical regulations
- Standardization
- Compliance confirmations
- State control (supervision) over compliance with the requirements technical regulations
- State regulation of pricing
- Pricing as a type of economic and legal activity
- Legislation on chains and pricing and the main directions for its improvement
- Public Law Regime for Pricing
- State regulation of innovation activity
- Sources of legal regulation of innovation activity
- Subjects and objects of innovation activity
- Public law regime for the implementation of innovative activities
- State regulation of investment activity
- Subjects of investment activity
- Objects of investment activity
- Public law regime for investment activities
- Features of certain forms of foreign investors' activities in the territory of the Russian Federation
- State regulation foreign economic activity
- Sources of legal regulation of foreign economic activity
- Subjects and objects of foreign economic activity
- Public law regime of foreign economic activity
- Antimonopoly regulation of entrepreneurial activity
- State regulation of sectoral types of entrepreneurial activity
- State regulation banking
- Concept and structure banking system Russian Federation
- Sources of legal regulation of banking activities
- Legal status of credit banking organizations
- Public Law Regime of Banking Activities
- State regulation of exchange activities
- Sources of legal regulation of exchange activities
- Subjects of exchange activity
- Public law regime for the implementation of exchange activities
- State regulation of insurance activities
- Sources of legal regulation of insurance activities
- Subjects of insurance activities (insurance business) and participants in insurance relations
- Objects of insurance
- Public Law Regime for Carrying out Insurance Activities
- State regulation of professional entrepreneurial activity in the securities market
- Sources of legal regulation of professional entrepreneurial activity in the securities market
- Subjects of professional entrepreneurial activity in the securities market
- Public law regime for the implementation of professional entrepreneurial activities in the securities market
- State regulation of audit activity
- Types of audit
- Sources of legal regulation of audit activity
- Subjects of audit
- Public law regime for the implementation of audit activities
- State regulation appraisal activities
- Sources of legal regulation of valuation activities
- Subjects and objects of valuation activities
- Public law regime of valuation activities
- State regulation banking
- Entrepreneurial contract
- Entrepreneurial agreement: concept, types and scope
- Features of the procedure for concluding a business contract
- Features of changing and terminating a business contract
- Execution of a business contract: concept, principles
- Business Responsibility
- The concept, types and grounds for the application of liability
- Penalty: concept, types and procedure for collection
- Losses: concept, types and recovery procedure
Subjects of investment activity
Let's start with the fact that you should pay attention to the relationship between the concepts of "subject of investment activity", "subject of entrepreneurial activity", "subject of economic activity". These concepts intersect, but they cannot be considered as a genus and species.
In any case, not every subject of investment activity is a business entity. Likewise, one can hardly consider a natural person participating in investment process, an economic entity (except in the broadest sense).
The term "subjects of investment activity" is used in two federal laws: Law on investment activity and Law on investment activity carried out in the form of capital investments. This concept is not used in the Law on Foreign Investments, however, what has been said does not mean that it has no place in the legislation on foreign investments. After all, it is clear that, along with foreign investors, there are customers, contractors, users of investment activities, etc.
In accordance with Art. 4 of the Law on investment activity carried out in the form of capital investments, the subjects of investment activity are investors, customers, contractors, users of capital investment objects and other persons. As you can see, the list of subjects of investment activity is open.
The law on investment activity (clause 1, article 2) includes suppliers, legal entities (banking, insurance and intermediary organizations, investment exchanges) and other participants in the investment process as subjects of investment activity.
Now let us dwell in more detail on the characteristics of individual subjects of investment activity. In this series, the investor is the most striking and colorful figure, which determines, in fact, the content of the investment process and investment legal relations in general.
Investors- subjects of investment activities that invest their own, borrowed or attracted funds in the form of investments and ensure their intended use (clause 3, article 2 of the Law on investment activities). It is further noted that the following can act as investors: bodies authorized to manage state and municipal property or property rights; citizens, enterprises, business associations and other legal entities; foreign individuals and legal entities, states and international organizations.
It is impossible not to notice that the Law names state authorities and local self-government bodies as investors, which, according to Russian legislation do not have the legal capacity necessary to participate in investment legal relations. It is more correct to consider as such not the relevant bodies, but public formations. In addition, business associations (FIGs, holdings) are also not endowed with the status of a legal entity, and therefore, from the point of view of Civil Code they cannot be independent participants in the turnover.
Another issue is the legal status of a foreign investor. By virtue of Art. 2 of the Law on Foreign Investments, foreign investors are:
- a foreign legal entity whose civil legal capacity is determined in accordance with the legislation of the state in which it is established and which is entitled, in accordance with the legislation of the said state, to invest in the territory of the Russian Federation;
- a foreign organization that is not a legal entity, whose civil legal capacity is determined in accordance with the legislation of the state in which it is established, and which is entitled, in accordance with the legislation of the said state, to make investments in the territory of the Russian Federation;
- a foreign citizen whose civil legal capacity and legal capacity are determined in accordance with the legislation of the state of his citizenship and who is entitled, in accordance with the legislation of the said state, to invest in the territory of the Russian Federation;
- a stateless person who permanently resides outside the Russian Federation, whose civil legal capacity and legal capacity are determined in accordance with the legislation of the state of his permanent residence and who is entitled, in accordance with the legislation of the said state, to invest in the territory of the Russian Federation;
- an international organization that is entitled, in accordance with an international treaty of the Russian Federation, to invest in the territory of the Russian Federation;
- foreign states in accordance with the procedure determined by federal laws.
Thus, with regard to foreign investment Russian law allows for the possibility of participating in investment activities as an investor of an organization without the status of a legal entity. The main requirement is that, in accordance with the legislation of a foreign state, this organization has the right to invest in the territory of the Russian Federation.
In the literature, the question of legal regime activities of foreign investors on the territory of the Russian Federation. According to some scholars, foreign investors should be treated equally with the activities of national investors. According to another group of scientists, the most favored nation treatment should be determined for foreign investors.
An analysis of international treaties with the participation of the Russian Federation on the promotion and mutual protection of investments shows that such treaties, as a rule, provide for the most favored nation treatment for foreign investors. In this regard, we will express our opinion on this issue.
It is necessary to bring together the regimes of legal regulation of foreign and national investment including benefits. We agree with the view that benefits should be established with the aim of distinguishing legal status foreign investors and other foreign legal and individuals. If a foreign person invests in Russian economy, then Russian law should be more favorable to him than to other foreigners.
Investors can act as contributors, customers, creditors, buyers, as well as perform the functions of any other participant in investment activities (clause 3, article 2 of the Law on investment activities, clause 6 of article 4 of the Law on investment activities carried out in the form of capital investments ). Moreover, this rule applies not only to investors, but also to other subjects of investment activity (customers, performers, etc.).
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 entrepreneurial and (or) other economic activity other subjects of investment activity, unless otherwise provided by the agreement between them. Investors can be customers (clause 3, article 4 of the Law on investment activities carried out in the form of capital investments).
The customer, who is not an investor, is vested with the rights to own, use and dispose of capital investments for the period and within the limits of authority established by the agreement and (or) state contract in accordance with the law. However said funds do not become the property of the customer.
Contractors- individuals and legal entities that perform work under a work contract and (or) a state or municipal contract concluded with customers. Contractors are required to have a license to carry out those types of activities that are subject to licensing in accordance with federal law.
In construction contracts (Article 740 of the Civil Code), the functions of the general contractor are performed by commercial organization responsible to the customer for the construction of the facility as a whole. In turn, the general contractor has the right to engage subcontracting construction, installation and specialized organizations to perform certain types of work or construct individual construction projects.
Users- individuals and legal entities, including foreign ones, as well as state bodies, local self-government bodies, foreign states, international associations and organizations for which these objects are created. In the investment process, a separate user figure appears only when the investor provides certain person rights to use the object.
It is possible to combine the investor and the user in one person (clause 5, article 2 of the Law on investment activities; article 4 of the Law on investment activities carried out in the form of capital investments). If the user of the object of investment activity is not an investor, the relationship between him and the investor is determined by the agreement (decision) on investment.