What methods (methods) are used to assess the value of a business? How does a business assessment work by example and what goals are pursued? What documents are needed to assess the business of an enterprise?

Hello everyone who visited our resource! In touch Denis Kuderin - an expert and one of the authors of the popular magazine "HeatherBober".

In today's post, we will talk about what a business valuation is and why it is needed. The material will be of interest to present and future entrepreneurs, directors and managers of commercial companies and all those who are close to business and financial topics.

Those who read the article to the end will receive a guaranteed bonus - an overview of the best Russian companies specializing in business valuation, plus advice on choosing a reliable and competent appraiser.

1. What is a business valuation and when may it be needed?

Any business - whether it is a plastic cup business or an automobile industry - strives to develop and expand its sphere of influence. However, it is impossible to correctly assess your prospects without a comprehensive analysis of the current state of affairs.

It is the business valuation that gives the owners and managers of operating commercial enterprises a real picture of the company's assets and its potential.

When does a business need an appraisal:

• sale of the entire enterprise or its shares in the form of shares;
• lease of an operating business;
• development of new investment directions with the aim of expanding and developing the company;
• revaluation of funds;
• reorganization of the company - merger, separation of individual objects into independent structures;
• liquidation of a company as a result of bankruptcy or termination of activities;
• issue or sale of shares;
• optimization of production and economic activities;
• changing the format of the company;
• change of leadership;
• transfer of assets as collateral;
• transfer of shares of the enterprise to the authorized capital of a large holding;
• insurance company.

As you can see, there are many situations in which a business needs a professional assessment. But the main goal of such a procedure is always the same - a competent analysis of the financial efficiency of an enterprise as a means of making a profit.

When initiating business appraisal activities, stakeholders want to know what income is or will be generated in the future by a particular commercial structure. Sometimes the task of assessment is even more specific - to answer the questions: to develop or sell a company, liquidate it or try to reorganize, whether to attract new investors?

The value of a business is an indicator of its success and effectiveness. The market price of a company consists of its assets and liabilities, the value of personnel, competitive advantages, profitability indicators for the entire period of its existence or a specific time period.

Small business owners and individual entrepreneurs the question may arise - is it possible to evaluate the company independently? Alas, the answer is no. The business category is complex and multifaceted. You can get a rough estimate, but it is unlikely to be objective.

And one more important nuance - the data obtained independently does not have an official status. They cannot be considered as full-fledged arguments and will not be accepted, for example, in court or as.

2. What are the goals pursued by business valuation - 5 main goals

So, let's consider the main tasks that are solved during the business assessment procedure.

Goal 1. Improving the efficiency of enterprise management

Effective and competent enterprise management is an indispensable condition for success. The financial status of the company is characterized by indicators of stability, profitability and sustainability.

This assessment is needed mainly for internal use. The procedure identifies surplus assets that slow down production and underestimated industries that can generate profits in the future. It is clear that the former should be eliminated, the latter should be developed.

Example

In the course of a business assessment in a trading company, it turned out that the use of rented warehouses for storing products is 20-25% cheaper than servicing and maintaining their own premises on the balance sheet.

The firm decides to sell its warehouses and henceforth use only rented space. Cost savings and optimization of production processes are evident.

Goal 2. Purchase and sale of shares in the stock market

The company's management decides to sell its shares for stock market... To make an economically viable decision, you need to evaluate the property and correctly calculate the share that is invested in securities.

Selling shares is the main way of doing business. You can sell a company in whole and in parts. Obviously, the cost of a controlling stake will always be higher than the price of individual shares.

At the same time, the valuation is important for both shareholders and buyers. It is also desirable that the appraiser not only name the market price of the package, but also analyze the prospects for the development of the business as a whole.

Goal 3. Making an investment decision

Such an assessment is carried out at the request of a specific investor who wants to invest his funds in operating enterprise... Investment value is the potential ability of the invested funds to generate income.

The appraiser finds out the most objective market value of the project from the point of view of the investment perspective. It takes into account, for example, the prospects for the development of the industry in a particular region, the direction of financial flows in this area, the general economic situation in the country.

More information - in the article "".

Goal 4. Enterprise restructuring

The main goal of the owner ordering an appraisal during the restructuring of the company is to choose the most optimal approach to the processes of changing the structure of the company.

Restructuring is usually carried out with the aim of improving the efficiency of the business. There are several types of restructuring - mergers, acquisitions, separation of independent elements. Evaluation helps to carry out these procedures with minimal financial costs.

With the complete liquidation of the object, the assessment is needed mainly for making decisions on the return of debts and the sale of property at free tenders.

In the process of restructuring is often required to carry out, the current assets and liabilities of the company, complete.

Goal 5. Development of an enterprise development plan

Development of a development strategy is impossible without assessing the current status of the company. Knowing the real value of assets, the level of profitability and the current balance, you will rely on objective information when drawing up a business plan.

In the table, the assessment goals and features are presented in a visual form:

№	Assessment objectives	Peculiarities
1	Improving management efficiency	Results are applied for internal use
2	Purchase and sale of shares	Valuation is important for both sellers and buyers
3	Making an investment decision	The object is assessed in terms of investment attractiveness
4	Business restructuring	Evaluation allows you to change the structure taking into account maximum efficiency
5	Development plan development	Evaluation allows you to draw up a competent business plan

Method 3. Estimated by industry peers

It uses data on the purchase or sale of enterprises similar in profile and volume of production. The method is logical and understandable, but it is necessary to take into account the specifics of the evaluated company and specific economic realities.

The main advantage of this method is that the evaluator is guided by factual data, not abstraction, and takes into account the objective situation in the sales market.

There are also disadvantages - the comparative approach does not always affect the prospects for business development and uses averaged indicators of industry peers.

Method 4. Cash Flow Forecast Valuation

The assessment is carried out taking into account the long-term prospects of the company. Specialists need to find out what profit a particular business will bring in the future, whether the investment in the company is profitable, when the investment will pay off, in what directions the money will move.

4. How to assess the value of an enterprise's business - step-by-step instructions for beginners

So, we have already found out that only professionals can competently evaluate a business. Now consider concrete steps to be taken by business owners.

Step 1. Choosing an appraisal company

The choice of an appraiser is a responsible and important stage of the procedure. The final result completely depends on it.

Professionals are distinguished by the following features:

• solid experience in the market;
• use of up-to-date technologies and techniques, modern software;
• availability of a functional and convenient Internet resource;
• a list of well-known partners who have already used the services of the company.

The specialists who will conduct the assessment themselves must have permits and insurance of their professional liability.

Step 2. We provide the necessary documentation

The appraisal firm will certainly explain in detail what documents are required to be provided, but if you put together the package in advance, it will save time and immediately set the appraiser on a business wave.

Clients will need:

• company title documents;
• company charter;
• registration certificate;
• list of real estate, property, securities;
• accounting and tax reports;
• list of subsidiaries, if any;
• certificates of debt on loans (if there are debts).

The package is supplemented depending on the goals and characteristics of the procedure.

Step 3. We agree on a business valuation model with the contractor

Usually, the customer knows for what purpose he is conducting the assessment, but not always in the know which method is better to apply. During the preliminary conversation, the expert and the client jointly develop an action plan, determine the assessment methods and agree on the timing of its implementation.

Step 4. We are waiting for the results of industry market research by experts

To begin with, appraisers need to analyze the situation in the industry segment of the market, find out the current prices, trends and prospects for the development of the area under study.

Step 5. We monitor the analysis of business risks

Risk analysis is a necessary stage in business assessment. The information obtained in the course of such an analysis is necessarily used in the preparation of the report.

Step 6. We control the determination of the development potential of the enterprise

Professional appraisers always take into account the prospects for business development, but it is desirable for clients to control this stage of the study and be aware of the results obtained. It is always good to know what potential your business has.

Step 7. We receive a report on the work done

The final stage of the procedure is the preparation of the final report. The finished document is broken down into separate positions and contains not only bare numbers, but also analytical conclusions. The report, certified by signatures and seals, has official force in resolving property disputes and in court proceedings.

How to conduct an assessment as competently and safely as possible for your company? The best option is to involve independent lawyers as consultants at all stages. This can be done using the services of the website Pravoved. The specialists of this portal work remotely and are available around the clock.

Most of the consultations on the site are free. However, if you need more in-depth assistance, services are paid for, but the fee is set by the customer.

5. Professional assistance in business appraisal - overview of TOP-3 appraisal companies

Don't have the time, desire or opportunity to look for an appraiser on your own? No problem - take advantage of our expert review. The three best Russian appraisers include the most reliable, competent and proven companies. Read, compare, choose.

It does not matter for what purpose you are assessing - purchase and sale, secured loans, management improvement, reorganization - KSP Group specialists will carry out the procedure professionally, promptly and in accordance with all the rules.

The company has been operating on the market for over 20 years, has about 1000 regular customers, is well versed in realities Russian business, advises customers free of charge. Among the firm's permanent partners are well-known companies, small and medium-sized businesses.

The organization has membership in the Self-Regulatory Organization of the ROO ( Russian society appraisers) and liability insurance for 5 million rubles.

The company was founded in 2002. The company guarantees prompt work (business appraisal period is 5 days) and offers reasonable prices (40,000 for the standard appraisal procedure). In its methods, the organization adheres to the principles of "Ethical Business" - transparency, honesty, openness, compliance with the terms of the contract, responsibility.

The staff of "Yurdis" - 20 professional appraisers, members of the largest Russian SRO. Each of the specialists has liability insurance in the amount of 10 million rubles, diplomas and certificates confirming high qualifications. Among the well-known clients of the company are Gazprombank, Sberbank, Svyazbank, the Military Mortgage Organization Center.

3) Atlas Grade

The company has been doing business in the appraisal market since 2001. Works with material and intangible assets, develops and predicts ideal schemes for increasing income, cooperates with enterprises in all regions of the Russian Federation.

The list of advantages includes the reference accuracy of estimates, competent legal design of reports, a clear understanding of the goals and objectives of customers. The firm is accredited in commercial and state banks RF, uses an expanded methodological base in his work, applies his own technological and scientific developments.

And a few more tips on choosing the right appraiser.

Reputable firms have a well-designed and flawlessly functioning website. Through the Internet resource of such companies, you can get free consultations, order services, talk with managers and support service representatives.

Conversely, one-day firms may not have a web portal at all, or they may be designed as a cheap one-page site. No additional information, analytical articles, interactive features.

Tip 2. Refuse to cooperate with broad-based companies

Organizations that position themselves as universal firms do not always have the appropriate level of competence.

In the English-Russian banking encyclopedic dictionary B.G. Fedorov, an investment bank is defined as a bank specializing in organizing the issue, guaranteeing placement and trading in securities; also advising clients on various financial issues; however, it is focused mainly on the wholesale financial markets (for the US conditions) or as a non-clearing bank specializing in medium and long-term investments in small and medium-sized companies (for the UK conditions).

It should be noted that in different countries terminological systems that differ from each other have developed. So, in the UK, the term investmenttrust (company) is more appropriate to the essence of an investment bank, rather than the term investmentbank, the closest thing to the American understanding is such a phenomenon as an investment banking house.

From the above definitions, as well as from many other definitions, the following features can be distinguished that are characteristic of those commercial organizations that will be referred to as investment banks:

• It is a large universal commercial organization combining most of the acceptable types of activities in the securities market and in other financial markets;
• Main activity - attraction financial resources by means of securities;
• · Conducting transactions, primarily in the wholesale financial markets;
• The priority is given to medium and long-term investments;
• · The basis of the portfolio is securities, while the majority of investment banks are mostly focused on non-government securities.

All other institutions of the securities market are guided by the performance of certain specialized operations. At the same time, they cannot afford investment banking.

It should be noted that fundraising activities are usually described as investment banking. The simplest definition of an investment bank would be as follows: an investment bank is a financial institution engaged in investment banking (investment banking).

However, this definition will not be entirely accurate. It implicitly implies the specialization of this institution in investment banking... But the fact is that it is impossible to specialize only in investment banking, because its implementation is possible only within the framework of a truly universal institution, in which all other types of investment bank activities are sufficiently developed. Activities to attract financial resources are impossible without well-organized and developed work in other areas, typical of an investment bank. It can be said that all other activities of an investment bank create the basis for the development of investment banking within this bank. In addition, investment banking is not only the most prestigious area in the work of an investment bank, but also the most profitable. Therefore, all large companies and companies in the securities market seek to obtain projects to attract financial resources, i.e. strive to grow into an investment bank.

Moreover, the term investmentbanking is often understood in a narrow sense, namely as the activity of managing consortia of underwriters, i.e. become almost synonymous with the term underwriting. The term investmentbanking itself appeared in England in the middle of the 19th century. (in the USA - at the end of the 19th century) - after banks began to completely buy out new issues of securities for their subsequent sale to end investors on their own behalf.

It is the activity of attracting financial resources for its clients through the placement of their securities that is the main defining the company as an investment bank. At the same time, the implementation of this activity presupposes the presence of many other types of activity, which together form the universality of the investment bank.

Institutions have appeared today that actually show the tendency to transform into an investment bank and declare themselves precisely as investment banks, and characterize their activities as investment banking. However, as a rule, the phrase “investment bank” does not appear in the corporate name of such institutions. The fact is that in the text of the Law "On Banks and Banking Activities" such a definition of the term "bank" is given, from which it follows that any bank is a commercial bank and, therefore, must have a license to carry out banking operations... Therefore, the use of the word "bank" in the corporate name of an institution, which is essentially an investment bank, should be recognized as irrational at the present time.

In Russia, in the absence of a legislative description of an investment bank, those enterprises that developed into structures corresponding in characteristics to the concept of an investment bank, for the most part, had an investment company license. However, in addition to those operations that are in accordance with Russian regulations belonged to the sphere of activity of an investment company, an investment bank usually performs functions characteristic of other specialized market participants. An investment company and an investment bank can also be opposed in terms of their work with the funds of the population. Investment companies in Russia were not eligible in accordance with regulatory documents to attract funds from individuals, but due to their small size, they tried to attract funds from the population through various clever schemes. Investment banks, by contrast, in countries with developed markets do not have legal prohibitions on working with private funds, but refuse such activities by virtue of economic reasons... In addition, in Russia there is an opinion about an investment company as an institution, the main activity of which is the conduct of dealer operations.

An investment bank at its most general outline similar to a commercial bank. Both of them attract funds from small investors and place them among large consumers of financial resources. In other words, banks are a link between end investors and end users of financial resources. But a commercial bank allocates resources by concluding credit agreements with borrowers, and an investment bank buys securities from various issuers. In addition, the term "commercial" refers to the short-term nature of financing (the initial meaning is trade operations, which are characterized by a relatively short time interval during which there is a need for financial resources), and the term "investment" refers to a longer-term financing associated with as a rule, with the renewal of the fixed capital.

In this article, we will look at what investment banking is, its main goals, as well as the types and forms of investment.

Investment activities banks is carried out in order to generate profit, maintain an adequate level of liquidity, as well as to diversify assets. It implies purposeful work on education and capital growth.

At the same time, banks provide significant support to the development of topical projects and innovative technologies around the world. That is why the role of banks in the development of investment activities is important. Bank investments bring benefits to all participants, banks - in the form of additional profit, and enterprises - in the form of a source of growth.

Types of investments

Bank investments are investments for a certain, usually long, period in various instruments:

• Government securities.
• Statutory funds of organizations.
• Securities of corporate issuers.
• Advanced developments.
• Precious metals (see).
• Subjects of intellectual activity.
• Other objects of investment that generate income.

In the narrow sense, banking investments consist in investing resources, both their own and attracted, in securities.

In addition to investing in the development of other enterprises, financing innovation objects, creating a portfolio of securities, banks invest in improving own business, including the opening of branches, the development of advanced technologies, new products and services.

Income

The main thing in the process of managing the investment activities of banks is to extract the maximum income, which includes:

• the difference between the cost of selling and buying;
• dividends or other payments;
• the amount of commissions for the implementation of investment services.

Sources of

An increase or decrease in the investment activity of banks depends on the availability of the necessary financial resources.

Sources of investment can be:

• profit;
• involved funds;
• loans;
• other monetary resources, for example, received from the budget.

Investment forms

The main forms of investment are real and financial:

• In the first case, there is a buyout of working production assets.
• In the second case, funds are invested in shares, authorized capital of enterprises.

Despite the fact that statistics on investment activities of banks are usually not disclosed to a wide audience, it is known that financial investments most often they are based on transactions of purchase and sale of securities. To create an effective portfolio, it is necessary to identify resources, spend preparatory work search for optimal investment objects, develop a strategy and development program.

Aims and objectives of banks in the field of investment

Investment banking is aimed at solving a number of problems:

• Portfolio diversification. Balancing credit risk.
• Ensuring the stability of the financial position by obtaining new sources of income from securities.
• Maintaining bank liquidity... Securities can be not only resold profitably, but also pledged to attract real Money.
• Improving asset quality through investments in highly liquid securities.
• Providing protection from external factors, including unfavorable changes in the geopolitical position, changes in legislation.

Investment banking policy

The investment policy of a bank means a set of actions to develop and implement the most effective investment management strategy.

The planning of investment activities by banks is carried out to obtain the following results:

• balanced investment in direct and portfolio investments;
• compliance with an acceptable level of risks;
• maintaining liquidity indicators;
• increasing profits.

IMPORTANT! When working on an investment policy, it is necessary to identify the range of securities that are optimal for investing capital and creating a balanced portfolio in terms of maturity.

Planning activities in the field of investments is based on an analysis of possible ways of distributing finance and determining the most appropriate options that allow you to get the highest profitability. For high-quality investment planning, a comprehensive assessment of the bank's investment activities and the availability of reliable information are required.

In the process of developing strategic and tactical decisions, it is necessary to take into account:

• existing block of shares and other securities;
• calculations of return on investment;
• objective data from reliable sources;
• analysis of expended resources and final results from investment objects;
• the impact on the financial condition of the bank of certain investment projects;
• economic development trends;
• developed plan financial activities jar.

The main criteria for planning investments are profit and level of risk, as well as diversification of assets and regulation of liquidity. There are different methods of portfolio management, one of which is a stepwise approach to redeeming securities. This method makes it possible to reinvest funds (see) received from investments in securities or their sale.

Bank investment services

Banks implement not only their own investment policy, but also act as intermediaries: agents or commission agents. They help clients to generate additional profit without diverting their own funds.

The main investment banking services include:

• Dealer and brokerage services.
• Emission mediation.
• Trust operations.
• Investment credit services.

Assistance to clients is carried out in the form of consulting, finding sources of funding, assessing the project, determining attractive tools... The price for the provided service depends on its type and the policy of a particular bank.

Investors are provided detailed instructions with clarifying photos, appropriate training is provided for self-management of assets. For a detailed introduction, watch the video in this article.

As already mentioned, statistics on the investment activities of banks are not published, therefore, as an acquaintance with the activities of the bank, one can use the data of rating agencies and specialized companies, which provide general financial information.

The investment policy of commercial banks involves the formation of a system of target guidelines for investment activities, the choice of the most effective ways their achievements. In the organizational aspect, it acts as a set of measures for the organization and management of investment activities, the direction to ensure optimal volumes and the structure of investment assets, the growth of their profitability at an acceptable level of risk. The most important interrelated elements of investment policy are tactical and strategic processes of management of the bank's investment activities.

An investment strategy is understood as the definition of long-term goals of investment activities and ways to achieve them. Its subsequent detailing is carried out in the course of tactical management of investment assets, including the development of operational goals for short-term periods and means of their implementation. The development of an investment strategy is, therefore, the starting point of the investment management process. The formation of investment tactics takes place within the specified areas of the investment strategy and is focused on their implementation in the current period.

It provides for the determination of the scope and composition of specific investment investments, development of measures for their implementation, and, if necessary, drawing up a model for making managerial decisions on exiting an investment project and specific mechanisms for implementing these decisions.

Banks buying certain types of securities strive to achieve certain goals, the main ones of which are:

• - investment safety;
• - return on investment;
• - investment growth;
• - liquidity of investments.

Investment safety is understood as the invulnerability of investments from various shocks in the stock market, the stability of income and liquidity. Safety is always achieved at the expense of profitability and investment growth. The optimal combination of security and profitability is achieved by careful selection and constant revision of the investment portfolio.

The main principles of effective investment banking are:

• - firstly, the bank must have professional and experienced specialists who make up and manage the portfolio of securities. The result of the bank's activity is critically dependent on the efficiency of investment decisions;
• - secondly, the more efficiently banks operate, the more they manage to distribute their investments among various types of stock values, i.e. diversify investments. It is advisable to limit the investment by types of securities, sectors of the economy, regions, maturity, etc.
• - thirdly, investments must be highly liquid, so that they can be quickly transferred into instruments that, due to changes in market conditions, become more profitable, as well as so that the bank can quickly get back the funds invested by it.

Investment portfolio commercial bank usually consists of a variety of securities issued by the federal government, municipalities and large corporations.

There are two main professional approaches to assess the feasibility of acquiring certain securities; most large commercial banks conduct both fundamental and technical analysis.

Fundamental analysis covers the study of the activities of industries and companies, analysis financial condition company, management and competitiveness. It consists of industry analysis and company analysis. In a sectoral analysis, the bank identifies the sectors that are of greatest interest to it, and then the leading companies are established in these sectors, and among them the company is selected, the shares of which are advisable to purchase.

Technical experts are based on the study of exchange (or over-the-counter) statistics; analyze changes in supply and demand, movement of stock prices, volumes, trends and structure of stock markets on the basis of charts and graphs, predict the possible impact of the market situation on the supply and demand of securities. The analysis of companies is divided into quantitative and qualitative.

Qualitative analysis is an analysis of the effectiveness of company management; quantitative - studies of various kinds of relative indicators obtained by comparing individual articles financial report companies.

Comparisons are made with similar enterprises and industry average data of the main absolute indicators of its activities (sales volume, gross and net profit), the study of changes and profitability of sales and return on equity, in net income per share and the amount of dividend paid on shares. Investment securities bring income to commercial banks in the form of interest income, commissions for the provision of investment services and market value gains.

World experience has not developed an unambiguous approach to the problem of using own funds banks when purchasing shares of other legal entities: in some countries, the participation of banks in the capital of other structures is not limited (Germany), in some it is strictly prohibited (USA, Canada). The Bank of Russia has chosen an intermediate option for regulating this area - the Central Bank of the Russian Federation can control the bank's operation, but has no power to interfere with the activities of other economic entities that are not credit institutions, and, therefore, is unable to determine the degree of commercial risk.

The main risks when investing are associated with the possibility of: · loss of all or a certain part of the invested funds; · Depreciation of funds invested in securities when inflation rises; · Failure to pay in full or in part the expected income on invested funds; · Delays in receiving income; · The emergence of problems with the re-registration of ownership of the purchased securities.

After determining the investment objectives and the types of securities to buy, banks choose a portfolio management strategy. According to the methods of conducting operations, strategies are divided into active and passive.

All active strategies are based on forecasting the situation in various sectors of the financial market and active use banking specialists forecasts for adjusting the securities portfolio. Passive strategies use less forecast for the future. A popular approach in such management methods is indexing, i.e. Securities for the portfolio are selected on the basis that the return on investment must correspond to a certain index and have an even distribution of investments between issues of different maturities. At the same time, long-term securities provide the bank with a higher income, and short-term securities provide liquidity. A real portfolio strategy combines elements of both active and passive management.

The most important reason for the significant growth in banks' investment in securities: a relatively high level of income on them, lower risk and high liquidity compared to lending operations.

The most important characteristic of the forms and types of banking investments is their assessment from the standpoint of the combined investment criterion, the so-called magic triangle "profitability-risk-liquidity", which reflects the contradictory nature of investment goals and requirements for investment values.

Banks work mainly not on their own, but on borrowed and borrowed resources, so they cannot risk their clients' funds by investing them in large investment projects, if this is not secured by appropriate guarantees. In this regard, when developing their investment policy, commercial banks should always proceed from real assessments of risk, economic efficiency, financial attractiveness of investment projects, the optimal combination of short-, medium- and long-term investments. At the same time, the existing investment system is not only internal affairs the bank itself. In accordance with the basic principles of banking regulation, an integral part of any supervision system is an independent review of the policy, operational activities of the bank and the procedures applied in it related to the issuance of loans and investment of capital, as well as the current management of credit and investment portfolios.

Consequently, commercial banks must clearly work out and formalize the most important activities related to the organization and management of investment activities. Essentially, it is about developing and implementing sound investment policies. The development of a bank's investment policy is a rather complicated process due to the following circumstances. First of all, due to the duration of the investment activity, it must be carried out on the basis of careful prospective analysis, predicting external conditions (state macroeconomic environment and the investment climate, the conjuncture of the investment market and its individual segments, the specifics of taxation and state regulation banking activity) and internal conditions (volume and structure of the market resource base, stage of its life cycle, development goals and objectives, relative profitability of various assets, taking into account risk and liquidity factors, etc.), the probabilistic nature of which makes it difficult to form an investment policy.

In addition, the determination of the main directions of investment activity is associated with large-scale problems of research and assessment of alternative options for investment solutions, the development of an optimal model from the standpoint of profitability, liquidity and risk. investment development... The development of investment policy is significantly complicated by the variability of the external environment of banks' activities, which determines the need for periodic adjustments to investment policy, taking into account projected changes and developing a system of rapid response. Therefore, the formation of the investment policy of banks is fraught with significant difficulties even in a steadily developing economy.

A prerequisite for the formation of an investment policy is the general business policy of the bank's development, the main goals of which are priority in the development of strategic goals of investment activities. An important building block of the overall economic policy, investment policy is a factor in ensuring the effective development of the bank.

The main goal of the bank's investment activities can be formulated as an increase in the income of investment activities with an acceptable level of investment risk. In addition to the general goal, the development of an investment policy in accordance with the economic development strategy chosen by the bank provides for taking into account specific goals, which are:

• - ensuring the safety of banking resources;
• - expansion of the resource base;
• - diversification of investments, the implementation of which reduces the overall risk of banking activities and leads to an increase in the financial stability of the bank;
• - maintaining liquidity;
• - expanding the bank's sphere of influence by entering new markets;
• - increasing the circle of clients and increasing the impact on their activities by participating in investment projects, in the creation and development of enterprises, the purchase of securities, shares, shares of participation in authorized capital enterprises.

Determining the best ways to implement the strategic goals of investment activities involves the development of the main directions of the investment policy and the establishment of principles for the formation of sources of investment financing. In accordance with these criteria, the following areas of investment policy can be distinguished:

• - investing in order to generate income in the form of interest, dividends, payments from profit;
• - investment with the aim of generating income in the form of capital gains as a result of an increase in the market value of investment assets;
• - investment with the aim of obtaining income, the components of which are both current income and capital gains.

Focusing on one of the above areas is a key link in the formation of an investment policy, which determines the composition of investment objects, the source of income, the level of acceptable risk and approaches to the analysis of investments.

When the investment policy is oriented towards capital growth, the stability of the increase in the market value of investment assets is highlighted, and their profitability is considered only one of the factors that determine the value of assets.

The policy aimed at capital growth is associated with investing in investment objects that are characterized by an increased degree of risk due to the possibility of depreciation of their value. The growth of the market value of investment objects can occur both as a result of improving their investment qualities and short-term fluctuations in the market situation. At the same time, the role of the speculative component is growing.

The peculiarities of this type of investment policy determine the strengthening of the role of promising aspects of analysis in comparison with retrospective and current analysis in making investment decisions.

The choice of the considered direction as a priority is typical for an aggressive investment policy, the purpose of which is to achieve high efficiency of each investment operation, to maximize income in the form of the difference between the price and acquisition of an asset and its subsequent value with a limited investment period.

In the practice of banking, the directions of investment policy can be combined in various forms, allowing, as a rule, to enhance the advantages and smooth out the disadvantages. A variant of this combination is a moderate investment policy, in which the preference turns out to be a sufficient amount of income in the form of both current payments and capital gains with an investment period not limited by a rigid framework and moderate risk.

The development of an investment policy involves not only the choice of investment directions, but also taking into account a number of restrictions associated with the need to ensure a balance of investment investments of a commercial bank. Objectives and restrictions are established by legislative and regulatory acts of the monetary authorities, as well as the governing bodies of banks.

central bank Russian Federation regulates the investment activities of commercial banks, defining priority investment objects and limiting risks by establishing a number of economic standards (use of bank resources for purchasing shares, issuing loans, reserves for depreciation of securities, bad loans), differentiated risk assessments for investments in various types of assets.

The organization of the investment policy in the bank involves the development of internal guidelines that fix the basic principles and provisions of the investment policy. The experience of banking practice testifies to the advisability of formulating an investment policy in the form of an investment program.

Reflecting the investment goals, the investment program determines the main directions of investments and sources of their financing, mechanisms for making and implementing investment decisions, the most important characteristics of investment assets: profitability, liquidity and risk, their ratio when forming the optimal structure of investment investments.

The boundary of the acceptable risk is the weighted average cost of attracting investment resources. Having established the preferred forms of income in the process of developing the main directions of investment, the investor determines the share of each form in the total income from investment investments.

Investment management provides for the analysis of the structure of assets to bring them in line with the structure of investment resources and ensure the required level of liquidity. The liquidity of investment assets should be coupled with the nature of the liabilities that are the source of their financing.

INTRODUCTION

CHAPTER 1. ECONOMIC BASIS OF INVESTMENT ACTIVITIES OF COMMERCIAL BANKS

CHAPTER 2. REVIEW OF INVESTMENT ACTIVITIES OF RUSSIAN COMMERCIAL BANKS

2.1 Problems of investment activity by Russian banks

CONCLUSION

ANNEXES

BIBLIOGRAPHY

INTRODUCTION

The investment activity of commercial banks is of strategic importance not only for a specific element of the banking sector, but also for the country as a whole. The solution to the problem of increasing the efficiency of investment activities by commercial banks is associated with economic growth, an increase in the living standard of the population, ensuring social and economic stability and economic security... A rational investment policy will also ensure the effective development of the commercial bank itself. That is why consideration of the topic "Investment activity of commercial banks" is relevant today, in the context of the increasing role of the banking sector.

The object of this course work is the activities of a commercial bank.

The subject of the research is the investment activity of a commercial bank.

The aim of the work is to identify the problems of investment activities by Russian commercial banks and ways to overcome them.

To achieve this goal, it will be necessary to solve the following tasks:

Explore theoretical basis investment activities of commercial banks

Consider the forms and principles of investment activities, as well as features of the investment policy of a commercial bank

Describe the ways and prospects for the development of this area of ​​activity of the banking sector

Consider the practical aspects of the investment activity of a particular commercial bank (using the example of OJSC "Alfa-Bank")

Identify the problems of investment activities by Russian commercial banks

On the basis of the identified tendency and principles of development of investment activities of CB Alfa-Bank, propose the most effective ways of carrying out investment activities of other Russian banks.

In the course of writing the coursework, research methods were used: the method of analyzing economic literature devoted to the theoretical and methodological foundations of the study of investment activities of commercial banks, methods of economic analysis, synthesis, comparison method.

The first chapter of the study is devoted to the theoretical foundations of the investment activities of commercial banks, the second provides an overview and analysis of the investment activities of Russian commercial banks. The third chapter of the work examines the implementation of investment activities by specific commercial banks - OJSC "Alfa-Bank".

CHAPTER 1. ECONOMIC BASIS OF INVESTMENT

ACTIVITIES OF COMMERCIAL BANKS

1.1. The essence of the investment activity of a commercial bank

Today the banking system is one of the most important and integral structures of a market economy, in which commercial banks play a basic role.

Commercial banks act primarily as specific credit institutions, which, on the one hand, temporarily attract available funds farms, on the other hand, satisfy various financial needs of enterprises, organizations and the population at the expense of these borrowed funds.

The activities of a commercial bank are determined by the following functions:

Accumulation (attraction) of funds;

Placement of funds (investment function);

Settlement and cash services.

The economic basis of the bank's operations for the accumulation and placement of credit resources is the movement of funds as an objective process that affects the formation and use of the loaned value. By organizing this process, a commercial bank acts as a commercial enterprise that provides profitable premises for accumulated credit resources.

Thus, the functions of a commercial bank are closely interconnected, that is, the implementation of the accumulation of funds by the bank presupposes the further performance of the investment function. The instrument for the implementation of the latter is investment activity.

Analyzing the essence of the investment activity of a commercial bank, let us turn to the consideration of some concepts that determine the theoretical basis of this issue.

The term "investment" in foreign practice means, as a rule, funds invested in securities for a long time. Based on this approach, the investment activity of banks is viewed as a business providing two types of services. One of them is increasing cash flow by issuing or placing securities on their primary market. Another is the organization of a virtual meeting of buyers and sellers of existing securities at secondary market, that is, the function of brokers or dealers. But this point of view is one-sided and does not consider the entire range of areas of investment activities of banks.

In the domestic economy, the term "investment" appeared relatively recently. Previously, the concept of "gross capital investment" was used, meaning a one-time total cost of reproduction of fixed assets. Investment is a broader concept than capital investment.

Modern domestic economists define investments as long-term capital investments in their own country or abroad in enterprises of various industries, entrepreneurial projects, socio-economic programs, and innovative projects. At the same time, it is emphasized that investments give a return after a considerable period of time after investment. Based on this definition, investment activity is an investment of funds, investment, or the aggregate activity of investing money and other values ​​in projects, as well as ensuring the return on investment.

But it is important to note that investments are understood both as all areas of placing the resources of a commercial bank, and as operations for placing funds for a certain period in order to generate income. In the first case, investments include the entire range of active operations of a commercial bank, in the second - its urgent component.

Bank investments have their own economic content. Investment activity in the microeconomic aspect - from the point of view of a bank as an economic entity - can be viewed as an activity in which it acts as an investor, investing its resources for a period in the creation or acquisition of real and purchase of financial assets to generate direct and indirect income.

At the same time, the investment activity of banks has another aspect associated with the implementation of their macroeconomic role as financial intermediaries. In this capacity, banks help meet the investment needs of business entities. The demand for them in a market economy arises in monetary form. In addition, banks provide an opportunity to turn savings and savings into investments.

The implementation of investment activities by banks is expressed in investment process.

The investment process is defined as a sequence of stages, actions, procedures and operations for the implementation of investment activities. The specific course of the investment process is determined by the investment object and types of investment (real or financial investments).

Since the investment process is associated with long-term investments of economic resources to create and receive benefits in the future, the essence of these investments is to transform the investor's own and borrowed funds into assets that, when used, will create new value.

It is customary to distinguish three main stages in the investment process.

Preparatory stage- the stage of making an investment decision is determined by the following set of phases, replacing each other:

Formation of the investment goal;

The directions of investment are determined;

Selection of specific objects, preparation and conclusion investment agreement, which defines the rights and obligations of the participants in relation to the amount of invested funds, the timing and procedure for investments, as well as the interaction of the parties in the implementation of the investment process, the procedure for using the investment object, ownership relations for the created investment object, the distribution of future income from the operation of the object.

The second stage of the investment process is the implementation of investments, practical actions for their implementation, invested in legal form by concluding various agreements. They can be documents related to the transfer of property; contracts aimed at the performance of work or the provision of services; licensing or other civil law agreements. This stage ends with the creation of an investment object.

The third (operational) stage is associated with the use of the created object of investment activity. At this stage, the production of goods, the execution of work, the provision of services is organized, a system of marketing and sales of a new product arises. In addition, investment costs are compensated, and income from the sale of investments is generated. It is this stage that coincides with the payback period of the investment.

Thus, investment activities credit institutions has a dual nature. Considered from the point of view of an economic entity - a bank, it is aimed at increasing its income. The effect of investment activity in the macroeconomic aspect is to achieve an increase in social capital.

The basis of the fundamentalism of the investment activity of commercial banks is the interpretation of the indicators of economic indicators. An indicator is understood as an observable and measurable characteristic of the object under study, which makes it possible to judge its other characteristics that are inaccessible to direct research.

Indicators of investment activity include:

The volume of investment resources of commercial banks;

The index of the real value of investment resources;

Bank investment volume;

The share of investments in the total assets of banks;

Structural indicators of bank investments by objects of their application;

Indicators of the effectiveness of the investment activities of banks, in particular, the increase in assets and the increase in profits based on the volume of investments;

Indicators of alternative return on investment in the manufacturing sector versus capital investment in profitable financial assets.

It should be noted that from the standpoint of economic development, the investment activities of banks include investments that contribute to the receipt of income not only at the bank level, but also at the level of society as a whole (in contrast to those forms of investment activities that, ensuring an increase in the income of a particular bank, are associated with the redistribution social income). Consequently, from the point of view of macroeconomics, the criterion for classifying it as investment activity is the productive orientation of the bank's investments.

1.2. Forms and principles of investment activities of commercial banks

The need to intensify the participation of banks in the investment process arises from the interdependence of the successful development of the banking system and the economy as a whole. On the one hand, commercial banks are interested in a stable economic environment, which is a prerequisite for their activities, and on the other - the stability of economic development largely depends on the degree of reliability of the banking system, its effective functioning. At the same time, since the interests of an individual bank as commercial education focused on obtaining maximum profit with an acceptable level of risk, the participation of credit institutions in investing in the economy occurs only if there are favorable conditions.

According to Belikov A.V., the main directions of banks' participation in the investment process can be defined as:

Banks mobilization of funds for investment purposes;

Providing investment loans;

Investments in securities, shares, equity participation (both at the expense of the bank and on behalf of the client).

These areas are closely related to each other. By mobilizing capital, savings of the population, and other free funds, banks form their resources for the purpose of their profitable use. The volume and structure of operations to accumulate funds are the main factors influencing the condition of banks' credit and investment portfolios, the possibilities of their investment activities.

The classification of the forms of investment activity of commercial banks in the economic literature is somewhat different from the generally accepted one, which is determined by the peculiarities of the investment activity of commercial banks. Bank investments can be divided into the following groups:

In accordance with the object of investment, it is logical to distinguish investments in real economic assets (real investments) and investments in financial assets (financial investments). Bank investments can also be differentiated by more private objects: investments in investment loans, time deposits, shares and equity participation, in securities, real estate, precious metals and stones, collectibles, property and intellectual rights, etc .;

Depending on the purpose of investments, bank investments can be direct, aimed at ensuring the direct management of the investment object, and portfolio investments, which do not pursue the goals of direct management of the investment object, but are carried out with the expectation of receiving income in the form of a stream of interest and dividends or due to an increase in the market value of assets;

According to the purpose of investments, one can distinguish investments in the creation and development of enterprises and organizations and investments that are not associated with the participation of banks in economic activities;

According to the sources of funds for investment, the bank's own investments are distinguished, made at its own expense (dealer operations), and client investments, carried out by the bank at the expense and on behalf of its clients (brokerage operations);

In terms of investment terms, investments can be short-term (up to one year), medium-term (up to three years) and long-term (over three years).

Investments of commercial banks are also classified by types of risks, regions, industries and other characteristics.

The most important characteristic of the forms and types of bank investments is their assessment from the standpoint of the combined investment criterion, the so-called “profitability-risk-liquidity” triangle, which reflects the contradictory nature of investment goals and requirements for investment values.

There is a stable relationship between profitability, liquidity and risk as the investment qualities of investment objects, which appear averaged over a significant amount of data. They are expressed in the fact that, as a rule, with an increase in profitability, liquidity decreases and the risk of investments increases. This indicates that, in principle, there are no investment values ​​that meet all the criteria at the same time as much as possible. At the same time, in practice, paradoxical variants of compounds may arise in any object of all investment qualities.

The choice of the optimal forms of investment by commercial banks in these conditions, taking into account various factors affecting their activities, presupposes the development and implementation of an investment policy.

1.3. Investment policy of commercial banks

The economic interests of banks, arising from the essence of these institutions as commercial structures, are to ensure the profitability of their operations while maintaining their liquidity and reliability. Banks work mainly not with their own, but with borrowed and borrowed resources, so they cannot risk their clients' funds by investing them in large investment projects, if this is not secured by appropriate guarantees.

In this regard, when developing an investment policy, commercial banks should always proceed from real assessments of risk, economic efficiency, financial attractiveness of investment projects, and an optimal combination of short-, medium- and long-term investments. At the same time, the existing investment system is not only an internal affair of the bank itself. In accordance with the basic principles of banking regulation, an integral part of any supervisory system is an independent review of the policy, operational activities of the bank and its procedures related to the issuance of loans and investment of capital, as well as the current management of credit and investment portfolios.

In general, investment policy is understood as a system of measures aimed at establishing the structure and scale of investments, directions of their use and sources of receipt in the spheres and sectors of the economy.

When forming an investment policy, a bank must take into account a number of objective and subjective factors:

Macroeconomic: the general state of the country's economy, monetary policy The Central Bank, the financial policy of the Government;

Sectoral and regional: the state of the economy in the regions and industries served by the bank; the composition of clients, their need for a loan; the presence of competing banks;

Intrabank: the value of the bank's own funds (capital), the structure of liabilities, the ability and experience of personnel.

For the successful development of an investment policy by a commercial bank, its employees must constantly monitor the macroeconomic situation in the country and forecast the main indicators of the investment market development. This is the most difficult stage of the work, requiring extensive information. Assessment of investment market indicators includes three stages:

Formation of a list of primary observable indicators reflecting the investment climate and the current state of the investment market;

Analysis of the current conjuncture of the investment market;

Study of forthcoming changes in factors and conditions affecting the development of the investment market, and the development of a forecast of this development.

Let's reveal in more detail the content of each of these stages.

The formation of the list of primary observable indicators is carried out in the process of creating a monitoring system for the investment market. It can be built in the following sections:

The main indicators that determine the macroeconomic development of the investment market as a whole;

Key indicators of market development capital investments;

Main indicators of the development of the market for privatization objects;

Key indicators of the development of the real estate market;

Main indicators of the stock market development;

The main indicators of the development of the money market.

Each of the listed monitoring sections includes a number of primary informative indicators that allow, depending on the goals of analysis and planning of investment activities, to develop any system of subsequent analytical indicators.

The information base for monitoring the formed primary indicators of the study of the investment market is the published statistical data and materials of the current observation of its individual segments. According to the complete system of observable indicators, the monitoring of the investment market provides for the fixation of individual indicators once a quarter (in connection with the quarterly deadlines for the submission and publication of statistical reports). For the most important indicators, monitoring is carried out on a monthly basis (based on the results of current observation and summarized monthly statistical reports).

The analysis of the current conjuncture of the investment market is based on a system of analytical indicators that characterize this market as a whole and individual segments that make up it. The list of such analytical indicators is determined by the bank taking into account the goals and directions of its investment activities. On the basis of the primary indicators included in the monitoring of the investment market, indicators of dynamics, indices, ratio and elasticity coefficients are built (the possible number of analytical indicators of market research is an order of magnitude higher than informative ones).

When analyzing the conjuncture of the investment market and its individual segments, it is important to identify its general dynamics, as well as the relationship with the phases of economic development of the country as a whole, since the most significant changes in the situation occur when individual phases of the cyclical development of the economy change. The economy, with varying frequency, goes through four phases, which together make up one economic cycle: crisis, depression, recovery and recovery.

The study of forthcoming changes in factors and conditions affecting the development of the investment market, and the development of a forecast of this development, completes the process of macroeconomic study of the market. The information base for such a study is various state programs for the development of certain sectors of the economy. A special role in predictive studies related to the development of the investment market in Russia is played by following conditions and factors in the coming period:

The projected dynamics of gross domestic product, national income and industrial output;

Change in the share of national income spent on accumulation;

Development of privatization processes;

The change tax regulation investment and other types of entrepreneurial activity;

Changes in the discount rate of the Central Bank and the conditions for obtaining short-term and long-term loans;

Stock market development.

A macroeconomic study of the development of the investment market serves as the basis for further assessment and forecasting of the investment attractiveness of sectors of the economy and individual regions, which is a necessary factor for determining the investment policy of the bank.

CHAPTER 2. ANALYSIS OF INVESTMENT ACTIVITIES OF RUSSIAN COMMERCIAL BANKS

2.1. Problems of investment activities

The problems of the participation of Russian banks in the investment process are largely related to the specifics of the formation of the banking sector in our country. This gives rise to the need to analyze the participation of banks in investing in the economy, both from the point of view of assessing their investment opportunities, and from the point of view of forms of bank investment, in conjunction with the process of formation of the domestic banking system.

In the process of carrying out market reforms in the Russian economy, the centralized banking system was replaced by a two-tier one with a large layer of non-state banks. The peculiarities of the formation of the Russian banking system are characterized by the following features: the minimum terms of its creation and the inflationary basis for the reproduction of banking capital.

According to research in the banking sector, at the initial stage of the formation of the domestic banking system, there was a rapid quantitative growth credit institutions... In 1988-1991 their number increased mainly due to the fragmentation of the former state specialized banks, and capital was replenished through an overflow budget funds... In the 1990s. the formation of new banks has slowed down. At the same time, the scale and rate of liquidation of ineffective credit institutions increased. This indicated the completion of the extensive stage of formation banking infrastructure and transition to a new stage of development. The process of outflow from the financial market of small and medium-sized banks has accelerated, which is associated both with the operation of market mechanisms of competition and concentration, and with the policy of the Bank of Russia to consolidate banks and increase equity capital.

The 1998 financial crisis caused a sharp deterioration in the liquidity and solvency of a significant part of banks. The share of financially stable banks in the total number of operating credit institutions in the first 9 months of that year fell sharply from 66 to 56.2%, and the share of assets of financially stable banks in total assets operating credit institutions decreased from 68.3% to 29.1%.

In such a situation, financial stability was preserved by those banks whose share of investments in production exceeded investments in speculative operations. Basically, these banks turned out to be small and medium regional banks that focused on the gradual attraction of clientele and slow, evolutionary, high-quality growth. At the same time, the share of small and medium-sized banks in the total assets of the banking system was insignificant: due to their low financial capacity, they were objectively unable to carry out large-scale investment activities, although many medium and small banks had better capital adequacy indicators than large ones.

The most important task for the next period was to overcome the most acute forms of the banking crisis. Favorable macroeconomic conditions, the efforts of the Bank of Russia and the Government aimed at restructuring the banking system have improved the situation in the banking sector. In March 1999, a turning point was outlined in her condition, characterizing the beginning of the transition from an unstable situation to relative stabilization.

However, even at present, the financial resources of the Russian banking system are clearly insufficient for effective support the real sector, meeting the needs of all sectors of the economy - in particular, industry, which (in contrast to the banking system, characterized by a predominance of small and medium-sized banks) is highly concentrated. At the same time, the problem is that in the current situation banks do not effectively redistribute even the investment potential available to them.

The insignificant role of banks in the Russian economy in comparison with similar indicators in other states is evidenced by the fact that the ratio of total net assets to GDP is much less than the indicators developed countries... According to experts, commercial banks currently hold about 600 billion rubles in accounts with the Central Bank. ...

Nevertheless, it is possible to note a tendency of growth of indicators characterizing certain areas of investment activity of Russian commercial banks (see APPENDIX 1,2,3).

As a result of the growing disproportions between the development of the real and financial sectors of the economy, prerequisites were formed not to involve, but, on the contrary, to oust banking capital from the real sphere. The existing dependence of banks on the short money market with the deteriorating financial position of enterprises and organizations in the real sector of the economy led to the accumulation of crisis potential. At the same time, an interconnection was formed between the crisis processes in the real and banking sectors of the economy. The deterioration of the financial position of non-financial enterprises and the corresponding shrinkage of funds in their bank accounts led to a decrease in the resource base of commercial banks and their investments in production. With a decrease in the volume of bank investments and loans, there was a further decline in the solvency of enterprises, which caused an increase in investment and credit risks. In turn, the growth of risks was the most important factor discouraging the investment activity of banks, since with an increase in risks, the contradiction between the intensification of investment and the task of maintaining the financial stability of banks increased, and the gap between interest rates increased (with an increase in the risk premium included in the interest rate) and profitability of production.

A radical transformation of the nature of the relationship between banks and production is the most important condition not only for the recovery of the economy, but also for the strengthening of the banking sector itself. Therefore, the strategic direction of restructuring the banking system should be effective interaction with the real sector of the economy.

In the new situation, the opportunities for "quick earning" of money through financial speculation have significantly diminished. This encourages banks to look for opportunities to effectively place their funds. At the same time, the decline interest rates on bank loans, with an increase in the average industry profitability of social production, it contributes to an increase in the availability of borrowed money for the real sector of the economy.

The bulk of banks' credit investments fall on short-term loans. The share of long-term loans in the total volume of loan investments remains extremely low.

The main factors hindering the activation of banking investment in production are:

High level of risk of investments in the real sector of the economy;

The short-term nature of the existing resource base of banks;

The lack of formation of the market for effective investment projects.

Traditional credit risks increase in Russian conditions due to a number of economic and legal features... Among them, firstly, the general state of the Russian economy, which, despite some improvement, is characterized by the financial instability of a number of enterprises, unqualified management, etc. rights to clients' property. In these circumstances, there is a significant concentration of credit risks with a limited number of borrowers.

The next risk factor is the discrepancy between the short-term liabilities of Russian banks and investment needs, as a result of which investment lending threatens the bank's liquidity. Calculation of the ratio of funds attracted and placed by banks indicates that the most balanced from the standpoint of resource provision are short-term investments... As the terms of investments increase, the gap between their volumes and the sources of their financing increases up to five times in terms of funds invested for a period of more than three years.

While many commercial banks are involved in short-term lending to one degree or another, the provision of investment loans and financing of investment projects are the sphere of activity of certain categories of banks, which, due to their specifics, are able to reduce investment risks. These categories of banks include:

Banks belonging to the financial and industrial group. Participation in FIGs allows them to make long-term investments, set lower interest rates (since in this case the bank's interest is overridden by the interests of the association as a whole) to control the risks of loan defaults;

Corporate banks, formed on a sectoral basis and serving the relevant industries;

Banks participating in projects international institutions(World Bank, EBRD, etc.), the interest rate policy of which is regulated by the relevant agreements;

Large banks that have formed a reliable client base, making production investments, subject to receiving a block of shares that ensures control over the effectiveness of the use of allocated funds, as well as expanding the zone of influence.

In this case, project financing in international practice is understood as the financing of investment projects, characterized by a special method of ensuring the return on investments, which is based on the investment qualities of the project itself, the income that the newly created or reconstructed enterprise will receive in the future. A specific project financing mechanism includes an analysis of the technical and economic characteristics of an investment project and an assessment of the associated risks. And the base for the return on investment is the project income remaining after all costs have been covered. The stages of the project cycle in the bank are:

Pre-selection of projects;

Assessment of project investments;

Negotiation;

Acceptance of the project for financing;

Control over the implementation of the project;

Retrospective analysis.

Usually banks are not involved in the development of the project. They can assist in the preparation of a package of documents. However, in cases where banks participate in the capital of a project company or provide financial advice when they perform the functions of a consulting company, they can also take over the development of the project.

At the same time, in the real conditions of the Russian economy, in which the securities market has recently been characterized by the predominance of speculative investments and high volatility, the priority importance of credit forms of meeting investment demand will remain for a long time. Therefore, when determining the role of banks in the investment process, one should take into account the dual nature of their activities.

In essence, the market for investment projects has not been formed either. The proposed projects are not well developed. Banks are forced to independently deal with the entire range of work associated with project financing

From the point of view of providing loans, the most attractive for banks are stable industries with fast capital turnover, which are very few today. Hence the increased credit risks. Unfortunately, the need for borrowed funds from Russian enterprises has recently arisen not in connection with the expansion of production and the need to finance growth. working capital, but due to financial difficulties as a result of non-payments. At present, forced mutual financing of industries has become widespread. All branches of production were clearly divided into net creditors and net borrowers (in terms of the balance mutual offset accounts receivable and accounts payable). Net creditors - construction, fuel industry, electricity, transport; net borrowers - all others (mechanical engineering, Agriculture, chemical, metallurgical and other industries).

There are at least three reasons for this situation:

Low economic efficiency the second sector (net borrowers) associated with overcapacity after falling demand for products;

The enterprises of the first sector (net creditors), mainly natural monopolies, dictate inflated prices;

A radical change in the ratio of prices for products of various industries during the 1990s.

All of the above circumstances are mainly related to transition period in the Russian economy, when the market mechanism finally began to operate. Relative prices (price ratios between various types of goods and services) have changed radically, which, in essence, is inevitable and useful for the formation of optimal proportions at the macroeconomic level. However, there are always specific industry-specific features that affect the process of bank lending, namely:

Features of the production and commercial cycle of industry enterprises;

Sectoral structure of prime cost (costs).

Profitable enterprises with a fast capital turnover, a short production period, and a steady flow of proceeds from the sale of products are, from the point of view of banks, the most attractive for lending. Such properties are possessed, first of all, by wholesale and retail trade or production organizations that produce consumer (especially food) products, that is, goods with low price elasticity of demand. Export-oriented raw materials industries, which are favored by the external economic situation and high world prices for their products, are also attractive to banks.

Sectoral differences in the structure of the cost price may also consist in the increased risks of banks in lending, especially in the context of general economic instability in the country. The fact is that Bank loan has a dual impact on the activities of enterprises. On the one hand, it increases the power of financial leverage: borrowed funds make the company work for its financial result, while increasing the return on equity, which is assessed positively.

On the other hand, a bank loan simultaneously increases the strength of the operational (economic) leverage of the enterprise, which is determined by the dynamics of the profit indicator when the amount of incoming proceeds changes, which is evaluated negatively. Companies that have a high share of fixed costs in production costs that do not depend on changes in production volume (depreciation, rent, fixed part of the wage bill), in the event of a drop in sales, lose profits faster than companies whose share of fixed costs is small. Interest for a bank loan in an amount equal to the refinancing rate plus 3% is charged to the organization's costs, increasing their constant part. Interest in excess of the specified limit is charged to the financial result, reducing the company's profit. Thus, enterprises with a high proportion of fixed costs in production costs are more susceptible to unfavorable changes in market conditions. This should be taken into account by banks when lending.

In addition to the above-mentioned ways to reduce the credit risk of banks (diversification of the loan portfolio, preliminary analysis of the creditworthiness and solvency of the borrower, the use of methods to ensure loan repayment - collateral, sureties, guarantees, insurance), banks also create a reserve to cover possible losses on loans.

Credit risks are assessed by banks for all loans and all customer debt equated to a loan, both in Russian rubles and in foreign currency, namely:

For all loans provided, including interbank loans (deposits);

For promissory notes purchased by the bank;

For amounts not collected under bank guarantees;

For operations carried out in accordance with a financing agreement on assignment monetary claim(factoring).

Reducing credit risk is one of the most important tasks of managing the bank's loan portfolio.

2.2. Prospects for the development of investment activities of Russian commercial banks

The banking sector in the Russian Federation operates on market principles. As evidenced by the results of the assessment financial sector Russian Federation, carried out by the mission of the International Monetary Fund and the World Bank in 2002-2003, a number of components of regulatory regulation of banking activities comply with, or are as close as possible to internationally recognized approaches.

After the financial and economic crisis of 1998, the banking sector is developing against the background of a generally positive macroeconomic situation in the country, due, among other things, to favorable conditions for foreign trade. The production of goods and services is growing, real income population, investment activity is increasing.

The dynamics of the main parameters characterizing the state of the banking sector in 2002-2004 testifies to the consolidation of the trend in the development of the banking sector. The assets and capital of credit institutions are growing rapidly, and their resource base is expanding, especially by attracting funds from the population. The growing confidence in banks on the part of creditors and depositors is one of the most important signs of the Russian banking sector during this period.

The activities of credit institutions are more focused on needs real economy... The stable trend of growth of credit investments remains; according to the reports of credit institutions, the quality of their credit portfolios remains generally satisfactory. There is a certain development of competition in the banking services market, especially for deposits of individuals. As a result, the share Savings bank Of the Russian Federation (Sberbank of Russia) in the deposits attracted by the banking sector from individuals has a downward trend.

Are rising financial results activities of credit institutions. In 2004, the banking sector's profit amounted to 177.9 billion rubles, in 2003 and 2002 - 128.4 billion rubles, respectively. and 93 billion rubles.

At the same time, the development potential of the banking sector has not been exhausted. The Government of the Russian Federation and the Bank of Russia proceed from the assumption that the banking sector can and should play a more significant role in the economy.

Internal obstacles include underdeveloped management systems, a weak level of business planning, an unsatisfactory level of management in some banks, their focus on providing dubious services and conducting unfair commercial practices, and the fictitious nature of a significant part of the capital of individual banks.

External constraints include high risks lending, unresolved a number of key problems of collateral legislation, limited resource capabilities of banks, primarily a shortage of medium-term and long-term liabilities, insufficiently high level of confidence in banks on the part of the population.

In addition, the Russian economy in general and the banking sector in particular have a relatively low investment attractiveness, as evidenced by the dynamics of investments, and in relation to the banking sector - and the declining share of foreign capital.

The administrative burden imposed on banks in connection with the diversion of resources to perform functions that are not typical for them remains significant. The procedure for capital consolidation (mergers and acquisitions of credit institutions) has been unnecessarily complicated. The issue of submitting reports by banks only in electronic form has not been resolved.

Along with the listed factors, there are methodological problems such as the need for further development of the refinancing system, including by expanding the range of liquidity management tools.

The main problems of the implementation of investment activities by commercial banks are high capital intensity and long payback periods of infrastructure projects, lack of transparency legal framework that provide protection for long-term investments, in particular concession laws. No clear practice tax incentives for investors who invest in capital-intensive and long-term projects. There is no systematic approach to investments, investments are fragmented. But according to the opinion of leading experts in the banking sector, this problem can be solved. To do this, at the state level, it is necessary to determine the priorities of investment activities, stimulate the flow of funds through the provision of benefits and the creation of free economic zones, taking into account the negative experience of the 90s.

Analyzing the structure of investments of Russian credit institutions in securities over the past three years, one can clearly trace the growth trend of indicators: in comparison with 2005, in 2006 the volume of this type of investment has doubled, by 93.00%. Moreover, the share of the volume of investments in rubles increased in% of the total volume compared to 2005 (73.80%) and reached 83.20% at the beginning of 2007, which indicates an increase in stability Russian currency... The share of the trade portfolio in this structure of investments is the largest - 63.30% or in absolute terms 1096.80 billion rubles, which is 590.70 billion rubles. more than in 2005. (see APPENDIX 1)

A typical situation also develops when Russian credit institutions make investments in debt obligations. Moreover, the main share in this case is made by the debt obligations of the Russian Federation: about 47.5% at the beginning of 2006, and 40.1% at the beginning of 2007.

The structure of investments of credit institutions in shares is characterized by the predominance of investments in such types as shares of residents, excluding credit institutions (55.9% of the total 2006). (see APPENDIX 3).

Thus, one of the most important tasks of the banking sector is to increase the efficiency of the activities carried out by the banking sector to accumulate funds of the population and organizations and their transformation into loans and investments.

2.3. Ways to improve the efficiency of investment activities of commercial banks

The interest rate policy of commercial banks, which should be structured in such a way that the provision of investment loans is profitable for both the bank and the borrower, plays a significant role in increasing the efficiency of the existing system of channeling credit resources into production. Important and promising areas of lending in need of development are syndicated and mortgage loans in the manufacturing sector.

The use by banks of such a credit instrument for financing investments as leasing remains very limited. Meanwhile, leasing could become one of the most important tools for mobilizing investment resources and intensifying investment activities, act as a means of strengthening the links between bank capital and production in an environment when the limited liquidity of enterprises impedes the large-scale development of production, and banks are faced with the need to diversify risks and areas of investment to improve their reliability. For banks, leasing operations could be an attractive form of asset allocation. In this case, the bank can act as both a direct lessor and a party financing a leasing transaction.

Currently, leasing operations are carried out by only a few, mainly large, banks. At large banks a significant part of the specialized leasing companies that exist today are functioning. Despite a certain increase in leasing operations, the share of leasing in the total investment of banks is less than 1%.

The scale and form of investment activities of commercial banks, such as investments in securities and shares of enterprises, are also insignificant. The share of banks' investments in corporate securities in the total volume of assets does not exceed 5%.

In the structure of banks' investments in shares of non-financial enterprises and organizations (other shares), speculative investments account for a high proportion. At the same time, in recent years there has been a decrease in the share of speculative investments and a corresponding increase in the share of shares purchased for investment.

When investing in shares of credit institutions (both residents and non-residents), banks mainly pursue investment goals. The share of shares purchased for investment in total investments ranges from 85 to 90%. The participation of banks in subsidiaries and affiliates is growing. This reflects, first of all, the growth of bank investments in the development of the financial business proper, the strengthening of the trend towards the integration of financial structures. This trend can be traced in the processes of mergers and acquisitions of credit institutions, the merger of small and medium-sized banks with larger ones as branches, the growth of mutual participation of banks in each other's capital, the conclusion of cartel agreements, the creation of banking consortia and holdings.

The need to ensure stability and pool efforts in a difficult economic situation was an important, but not the only factor in strengthening the interaction of financial structures. Solving the problems of prospective asset allocation while reducing the possibilities of using speculative financial instruments determines the choice of reliable and most controlled investment methods, which are investment in financial business... At the same time, the integration of financial structures is one of the most important prerequisites for making investments in the real sector of the economy, since it will not be possible to provide large-scale investment in production on the basis of low-power banks even if the most favorable conditions are created.

It should be noted that in domestic practice, in essence, there are no mechanisms to stimulate the development of industrial investments of commercial banks. Russia does not use such generally accepted by world standards tools as preferential order reserve of attracted funds, special conditions for refinancing commercial banks for real investment projects. With the lack of economic conditions that make it possible to attract the bulk of commercial banks to participate in the investment process, only a few banks make production investments, the aggregate volumes of which are incomparable not only with the needs of the economy, but also with cash. investment potential banking system.

The creation of a system of incentives and investment insurance is of great importance in increasing the investment activity of the banking system. One of the conditions for banks to provide long-term loans for investment projects with high credit and investment risks the production sphere is the availability of state guarantees. Among the measures contributing to an increase in industrial investments of commercial banks, one can also include the differentiation of economic standards depending on the share of their investments in the real sector of the economy and preferential taxation.

The revision of the previous regulatory system in accordance with the declared priorities of economic policy involves changing the forms and methods of influencing the banking sector, restructuring the banking system, taking into account the tasks of implementing the investment functions of banks in the economy. The restructured banking system must meet the requirements of high reliability, manageability and investment orientation, guarantee the required level of supply of credit resources at interest rates available for the production sector.

CHAPTER 3. Analysis of investment activities of OJSC "Alfa-Bank"

3.1. General characteristics of OJSC "Alfa-Bank"

Alfa-Bank was founded in 1990. Alfa-Bank is universal bank performing all the main types of banking operations on the financial services market, including servicing private and corporate clients, investment banking, trade finance and asset management.

Alfa-Bank is one of the largest banks in Russia in terms of assets and equity capital. According to the audited financial statements(IFRS) for 2006, the assets of the Alfa-Bank group, which includes OJSC Alfa-Bank, subsidiary banks and financial companies, amounted to 15.2 billion US dollars, total capital - 1.3 billion US dollars, loan portfolio net of reserves - US $ 9.5 billion. Net profit according to the results for 2006 it amounted to 190.3 million US dollars (according to the results of 2005 - 180.6 million).

Alfa-Bank serves over 45 thousand corporate clients and over 2.4 million individuals. Lending is one of the most important products offered by the Bank to corporate clients. Alfa-Bank's lending activities include trade lending, working capital and capital investment lending, trade and project financing. Among the Bank's clients there are large enterprises, while the main borrowers are medium-sized enterprises. Alfa-Bank is diversifying its loan portfolio, consistently reducing its concentration.

The strategic direction of Alfa-Bank's activity is the retail business. Today more than 30 branches of Alfa-Bank have been opened in Moscow. In 2004, the Bank entered the consumer lending market.

Alfa-Bank's investment business is developing successfully. The bank effectively operates in the capital markets, securities with fixed income, foreign exchange and money markets, in the field of operations with derivatives. The Bank steadily maintains its position as one of the leading operators and market makers in the external market for sovereign Russian bonds and debt instruments of the Russian corporate sector.

Alfa-Bank has created an extensive branch network. 229 branches and branches of the bank were opened in Moscow, regions of Russia and abroad, including subsidiary banks in Kazakhstan and the Netherlands and a financial subsidiary in the United States.

Alfa-Bank is one of the few Russian banks where an international audit has been carried out since 1993 (PriceWaterhouseCoopers).

Alfa-Bank has received many awards over the years of its work, including in 2005 the Bank was recognized by Global Finance magazine as "The best provider of services in the field of foreign exchange transactions" in Russia. Also, Alfa-Bank twice - in 2004-2005 - received the international award The Operational Risk Achievement Award "For the implementation of the best operational risk management system in a company operating in emerging markets", which is an unprecedented case in international practice.

3.2. Characteristics of the investment activity of OJSC "Alfa-Bank"

Alfa-Bank is one of the leading investment banks in Russia. Traditionally, business successfully developed in 2000 in the corporate finance market, where Alfa-Bank conducts all types of operations included in the arsenal of world banks. Basically, these are mergers - acquisitions, company restructuring and, to a lesser extent, transactions to attract financing. The client base is consistently growing, and the professional level of employees is also growing, without which further development is impossible.

Several significant deals were carried out in the area of ​​mergers and acquisitions. Thanks to one of them, the merger of the Novosibirsk city telephone network and Electrosvyaz Novosibirsk region, Alfa-Bank received the right to become a financial advisor on the merger of regional telecom operators in Siberia and the Far East.

As for the stock market, last year Alfa-Bank, despite the unsatisfactory state of the Russian stock market, strengthened its position, as evidenced by the following:

The base of Russian clients was significantly increased and the range of services provided to clients in the corporate securities market was expanded;

The Bank is one of the leading companies in the corporate securities market;

One of the leading companies in terms of turnover in the Russian trading system(RTS);

The Bank is represented on all leading exchanges, in all trading systems and on all brokerage floors that trade in Russian securities;

Representatives of Alfa-Bank are members of the Boards of Directors of NAUFOR, PAUFOR, Moscow Stock Exchange and other committees regulating trade relations and the development of the Russian corporate securities market;

The bank was one of the first to develop and at the end of 2000 launched a modern fully functional system for trading securities over the Internet (Alfa-Direct).

At the end of last year and at the beginning of this year, subsidiaries of the Bank were opened in London and New York. Alfa Securities received an SFA license to organize securities transactions in the UK and other European countries. This is the first time since the August 1998 crisis that a Russian financial institution has received such a sign of confidence from Western regulators. This is another key factor in the development of our business and cooperation with international partners.

In the fixed income securities market, the Bank confidently takes the 1st – 2nd place. This business is very effective and has a great future in Russia.

Alfa-Bank's branches act as conductors of Alfa-Bank's investment policy in the regions. In many of them in reporting year there were deputy managers for investment activities.

This year, the Bank's Investment Block faces three strategic objectives. The first of them is the development of the client business. First of all, in the work on the stock markets. Thanks to a highly professional team of specialists, the Bank intends to expand its presence, both in Russian and foreign markets. At the same time, expanding our presence in foreign markets is a priority. In addition, work with Russian clients through the Alfa-Direct system will be further developed.

In the field of corporate finance, one of the main tasks is to build up the client base, create a system of new investments on the basis of regional branches.

The third task is to develop an algorithm for "investment" interaction between branches and the Central Office. Ideally, this is the interaction of the deputy manager for investment issues, a professional account manager, and a professional team from the center that is involved in specific investment deals. This is the only way to build flows investment business in the regions.

Analyzing the investment activity of OJSC "Alfa-Bank", one can distinguish four directions in which it is carried out:

Corporate finance;

Work on the stock market;

Work in the foreign exchange and financial markets;

Operations in the fixed income securities markets.

Let's take a closer look at each direction:

In recent years, the Bank has managed to significantly strengthen its market position in the area of ​​corporate finance. According to the results of the rating conducted by the agency financial information Skate Press, in 2000, Alfa-Bank confidently took the 3rd - 4th place in terms of the volume of transactions in the field of corporate finance among Russian and international investment banks operating in Russia.

The main activity of the Corporate Finance Department (MCF) today is providing Russian and foreign clients with the services of a financial advisor on mergers and acquisitions.

In 2000, UKF was able to successfully use the advantages of Alfa-Bank as a universal financial institution, providing both traditional commercial bank services and investment banking services. An innovation for the Russian market was the transaction, when Alfa-Bank, acting as financial advisor on the acquisition of the business, at the same time provided financing for the transaction. The successful interaction of the UKF with the divisions of the commercial bank made it possible to effectively use all the resources of the universal financial institution.

The Bank's services in this market are used by such large companies as:

Tyumen Oil Company, which ranks third in Russia in terms of proven reserves and fifth in terms of production;

Svyazinvest, a holding company that controls almost all regional telecom operators, as well as long-distance and international operator Rostelecom;

Golden Telecom, owned by the American company Global TeleSystems, and is one of the largest players in the alternative communication services market in Russia and Ukraine. Golden Telecom has a holding structure and controls TeleRoss (traditional telephony, data transmission), GTS-BTS (the largest alternative operator in Ukraine), and also owns a 50% stake in the largest Russian alternative communications operator Sovintel;

Wimm-Bill-Dann, the leader of the Russian juice and dairy products market. The company has 9 dairy factories and a distribution network covering the whole of Russia.

In the future, UKF plans to focus on large-scale M&A deals for both Russian and foreign investors. It is also planned to participate as a financial advisor in private placements and IPOs for promising Russian companies, provided that the situation on the international capital markets is favorable.

Alfa-Bank remains one of the leaders among Russian brokers, actively participating in the Russian Trading System (RTS), MICEX, and the ADR market. Having assembled an international team of highly qualified sales specialists and a strong group of analysts, having created an extensive network of branches throughout the country and abroad, the Bank has a strong potential to serve clients both in Russia and abroad. The stock market is focused on assisting clients and providing investors with a wide range of innovative products and services. Over the past five years, the volume of client business has grown steadily, as has the Bank's share on the RTS.

The Russian market is still characterized by high volatility and sharp fluctuations in liquidity. Investors view Russia as one of the most dynamic and, despite all the problems, attractive emerging markets.

On the stock market, Alfa-Bank is represented by the Markets and Equities Department (URA), which specializes in five areas: stock trading, international stock sales, sales to Russian clients, analytical research and operations with securities on the Internet.

Unlike most other spheres of the Bank's activity, foreigners are the main clients of the bank and the main competitors on the stock market. URiA also works with Russian clients - individuals, corporate clients and regional brokers - through the Sales Department to Russian Clients and through the new securities trading system on the Internet. Another goal of the bank is to prepare relevant analytical publications aimed at increasing sales. Clients will work with us if they can rely on our analytical and research knowledge, our understanding of the Russian market.

In June 2000, the Bank opened a subsidiary in London, Alfa Securities, licensed by the Securities and Futures Authority Ltd. (SFA). Thanks to accreditation, Alfa Securities obtained the right to organize transactions with securities and implement projects in the field of corporate finance - not only in the UK, but also in all countries of the European Union. For the first time since the August 1998 crisis, Russian finance company received an SFA license. Alfa Securities will become international center trading in shares and will facilitate mergers and acquisitions. In the work of Alfa Securities, the depth of market analysis will be combined with Western professionalism.

In early 2001, a representative office of the Bank was opened in New York. Alfa Capital Markets provides brokerage and investment services, focusing primarily on portfolio investments and advising corporate clients on direct investments in Russia. The Bank's New York subsidiary is regulated by the National Association of Securities Dealers and NASD.

In 2008, the Russian stock market, to all appearances, will continue to be characterized by high volatility and, at the same time, will remain attractive to investors. Alfa-Bank will continue to actively promote its domestic and international stock markets, providing its clients with a wide range of services.

During the reporting year, Alfa-Bank strengthened its leading positions in all sectors of the Russian financial markets and maintained high profitability indicators. In 2000, the growth of trade turnover in the domestic foreign exchange market continued. This was due to an increase in the volume of both client operations and the Bank's own operations in the interbank market and the MICEX. The bank is constantly increasing its market share in foreign exchange and deposit operations... The share of the Russian ruble / dollar market covered by the Bank is up to 12-15%.

The total daily turnover in ruble / dollar transactions increased by more than 1.5 times (from $ 90 million in January to $ 150 million in December). Also, more than 1.5 times increased client turnover for the purchase / sale of US dollars during the single trading session of the MICEX (from 7 million dollars in January to 10 million in December).

The volume of operations of correspondent banks was constantly increasing. The attraction of new banks was largely due to favorable conversion terms provided by the Bank to its customers, narrowing spreads, extending the operating day to 15-00, and improving settlement conditions. This became possible due to the fact that in 2000 Alfa-Bank strengthened its position as one of the market makers of the domestic foreign exchange market. The bank's position in the CIS currency market has strengthened, new clients have appeared, using accounts in limited convertible currencies to pay for contracts through Alfa-Bank. The volume of transactions in restricted convertible currencies (OCV) increased. The bank is confidently in the list of leaders of the OKW market, occupying a market share of 20%, providing a full range of services this market to their clients and correspondent banks. Alfa-Bank's active work in this market segment was noted by the Central Bank of the Russian Federation, which included our Bank among the five main operators of the OKW market to determine the Central Bank's exchange rate for the currencies of the CIS countries. Operations in the currencies of the CIS countries, qualified consultations, and the provision of market quotations made it possible to attract banks from the CIS countries for settlement services to Alfa-Bank.

Thanks to the active policy of the Bank, a flexible approach to the needs of the client, the offer different types services, we managed to achieve an increase in the client base of both legal entities and correspondent banks. Accordingly, the volume of transactions increased and the Bank's position in the interbank lending market strengthened. The average daily volume of attracted resources almost doubled, up to 900-1000 million rubles, which was a consequence of both the growth of trust of counterparties and an increase in their number. Thanks to clear planning, the current liquidity of the Bank has always remained at a high level. New forms of work with clients are actively used - legal entities- such as work on the lines and short interbank loans for the largest clients.

The infrastructure of the Ural Federal District was raised to a new level: the entire regulatory base of operations was revised, relations with the Treasury and the Commercial Bank were optimized. UVFO was the first in the Bank to successfully master two systems at the first stage of Omega.

In recent years, Alfa-Bank has managed not only to maintain, but also to strengthen its leading positions in the fixed income securities market. For 2006, the profit plan was exceeded more than 2 times, the profitability of the Bank's own portfolio exceeded the corresponding indices in all market segments. Thanks to active marketing, about 100 new clients began to conduct trade operations with Alfa-Bank across the entire range of offered instruments. In the reporting year, the foundation was laid for introducing new products to the market, including derivatives, repo transactions, structured products, bills, etc.

3.3. Analysis of financial statements on investment activities of OJSC "Alfa-Bank"

According to the financial statements of OJSC Alfa-Bank, profit in 2007 reached the level of 6,486,807,000.00 rubles, which is 40% more than the level of the previous year (see APPENDIX 4). This is primarily due to the fact that the bank's investment policy is based on effective principles and methods of its implementation.

The total transaction volume of the Markets and Equities Authority exceeded $ 50.0 billion, more than double the results of the previous year. The number of active clients has grown significantly, especially among Russian investors. With an overall increase in the trading volume and the number of players, the Bank maintained its share of the market turnover on the MICEX at 6.0%.

2006 was a transitional year for the Russian capital markets, both in terms of the total capitalization of companies and the number of transactions. Total IPO volume Russian firms exceeded USD 18.0 billion, including the largest public offering of shares of the state oil company Rosneft in Russian history, which raised USD 10.7 billion.

Alfa-Bank took part in this transaction as a bookrunner, and also took part in several other large placements, including the IPO of OGC-5, a generating asset of the Russian energy giant RAO UES of Russia.

In addition, the Bank acted as a senior co-manager during the IPO of Varyag Resources on the Stockholm Stock Exchange.

In 2006, Alfa-Bank held the position of one of the leading operators and market makers in the external market for sovereign Russian bonds and debt instruments of the Russian corporate sector. The share of the client business remained high in the total volume of transactions. At the same time, the market saw a redistribution of volumes from the segment of trading in sovereign foreign currency bonds and corporate Eurobonds to the segment of trading in ruble corporate bonds and foreign currency credit notes (CLNs and LPNs), where Alfa-Bank is simultaneously the organizer and market maker for many issues.

In 2006, Alfa-Bank actively traded within its own portfolio in debt obligations of foreign countries, mainly countries with emerging market economies. The Bank's clients were also provided with services for entering the debt markets of these countries, as well as the bond markets of the US Treasury and the G8 countries.

In the reporting year, Alfa-Bank significantly increased the volume of transactions in the domestic ruble bond market. The total turnover of the Bank in the market of these instruments in 2006 was 1.5 times higher than in 2005 and reached 5.2 billion US dollars. The Bank retained its leading positions in terms of the turnover of corporate and sub-federal bonds on the MICEX; there was a steady growth in the Bank's income from both its own and client operations.

The Bank conducts its own operations and provides brokerage services to clients in all sectors of the ruble bond market (government, municipal, corporate).

Throughout the entire existence of the market for ruble-denominated debt securities, Alfa-Bank has maintained a leading position among the organizers of bond loans for Russian companies. In 2006, Alfa-Bank took part in the organization and placement of 29 bonded loans for a total amount of about 61.0 billion rubles, which is 1.8 times higher than the same indicator in 2005. Among the issues organized by the Bank - the largest corporate issue of ruble bonds in 2006 - the issue of JSC “MOESK” for 6.0 billion rubles.

Currently, Alfa-Bank offers its clients comprehensive services for organizing ruble bond issues, including consultations on the structure of the loan, preparation of issue documents, analytical support of the issue, organization of marketing events, formation of a syndicate of underwriters, placement of the issue and organization of the secondary market.

Many clients choose Alfa-Bank as an organizer of their bonded loans again, which confirms the high quality of the range of services provided by the Bank in this area. This also testifies to the professionalism of the team involved in organizing and placing the ruble bond issues.

During the initial offering, the Bank strives to ensure the widest possible distribution of the issue. As the organizer of the issue, Alfa-Bank maintains quotations with a narrow spread, which ensures high liquidity of bond issues.

In the reporting year, Alfa-Bank significantly increased the volume of transactions in the domestic and foreign derivatives markets. This growth became possible due to a significant expansion of the range of instruments and services, especially in the field of futures contracts for shares of Russian companies.

The dynamics of the Russian derivatives market was very positive.

The regulations made it possible to gain access to futures and options for new categories of market participants. In 2006, stock options were in high demand, while client interest in currency options fell. The business focused on the securities market has transformed into a business of complexly structured products.

New clients in the derivatives market include Russian mutual funds and investment companies that carry out trust management capital of wealthy clients. The number of foreign partners who signed with the ISDA Bank and other documents required for further business expansion also increased.

The Bank's Derivatives Division has structured the procedure for issuing bonds secured by payment orders. This is the first time such a program of a Russian private bank has received an investment rating of debt obligations. The issue turned out to be innovative not only in Russia; it was highly appreciated by Credit magazine as one of the most difficult transactions in this class of instruments in the world.

In 2006, the Bank issued bonds twice under this program. The volume of total borrowings exceeded USD 900.0 million. Among the investors who bought bonds are the largest Western pension funds... For some of them, these securities became their debut on the Russian stock market. Due to strong investor interest, the volume of the second issue of these bonds turned out to be the largest ever issued in the world in this class of products, not insured by monoline. This underlines the reputation of the program not only for Alfa-Bank, but for the entire Russian market as a whole.

In 2006, the Derivatives Division began projects to securitize the Bank's assets.

Today Alfa-Bank is the leader in the foreign exchange markets (USD / Russian ruble), including both the interbank market and the MICEX. The bank works on behalf of its clients, as well as on its own behalf. The total turnover of foreign exchange transactions in rubles and US dollars in 2006 amounted to about 300 billion US dollars, which is approximately 5.0% of the Russian foreign exchange market.

In 2006, Alfa-Bank constantly increased the number of trading operations in the international foreign exchange market. Their total volume reached US $ 1.3 billion, or 15.0% of the market share as of December 31, 2006.

In 2006, Alfa-Bank became a leader in the foreign exchange markets of the Baltic States and the CIS. The economic integration of Russia, Kazakhstan and Belarus has made it possible to increase the turnover and profitability of operations with national currencies Belarus and Kazakhstan.

Among Russian participants foreign exchange markets Alfa-Bank continues to maintain its leading position. The cumulative daily turnover remains high and at the end of 2006 reached almost US $ 2 billion. The volume of ruble transactions in the ruble interbank market is almost 15.0% of the total turnover in this sector.

Euromoney magazine named Alfa-Bank the best provider of services in the field of foreign exchange transactions in Russia in 2006 in its review of foreign exchange transactions for 2006. Alfa-Bank, according to the Moscow International Currency Association, entered the top ten banks in the Best FOREX Desk 2006 and Best Forward Desk 2006 nominations.

3.4. Principles of investment policy of CB "Alfa-Bank" as the basis for increasing the efficiency of investments of Russian commercial banks

According to the analysis of the activities of OJSC Alfa-Bank, the most effective areas of investment are corporate financing, investments in shares, work in various financial markets. But the guarantee of the bank's efficiency in this direction is also ensured by the need to create a clear mechanism for interaction between the branch network and the "center".

An important component of investment is not only work with corporate clients, but also work with individuals - the population, whose lending is an effective tool for financial investments.

One of the areas of investment by commercial banks is work with small businesses. Today it is this sector that needs to increase the volume of investments. The most promising in this aspect are industrial enterprises. In addition, the development of small business in our country in recent years has been influenced by the activities of public authorities that give preference to this sector.

Investments of banking institutions in the foreign market are also quite promising. In this regard, it is also relevant to consider options for a corporate merger.

Further update Russian legislation, will allow banking institutions to expand their opportunities in the implementation of investment activities. But still, the main problem today is the instability of the Russian economy, in comparison with the European one, which is a determining factor in drawing up an investment strategy.

When considering the most effective methods investment policy of Alfa-Bank, it is necessary to take into account the fact that this commercial bank has colossal financial resources, has a high potential and a wide network of branches - the most important channel for the distribution of services and products.

Adopting the positive experience of Alfa-Bank's investment policy presupposes the creation of the most convenient infrastructure for clients to use the opportunity to invest funds. For example, such a system at Alfa-Bank is the Alfa-Direct Internet system, which allows full-fledged securities trading via the Internet.

To develop an investment policy for any commercial bank, it is necessary to analyze financial and markets and other objects of investment of financial resources. The activity of OJSC "Alfa-Bank" is based on these principles, which ensures the steady growth of the most important financial indicators.

Consequently, commercial banks must clearly work out and formalize the most important activities related to the organization and management of investment activities. Essentially, it is about developing and implementing sound investment policies.

CONCLUSION

This study examines and clarifies the essence, economic nature, specificity and forms of banking investments, reveals ways to enhance the investment activities of commercial banks. The theoretical foundations of the investment activity of commercial banks are studied, the problems of its implementation are revealed, the ways and prospects of development are characterized. On the basis of the studied material characterizing the practical side of the investment policy of OJSC "Alba-Bank", its most effective principles were identified, the application of which would contribute to increasing the efficiency of investment in the banking sector.

The practical side of the investment activity of commercial banks is considered on the example of OJSC "Alfa-Bank". V term paper the indicators characterizing the investment activity of this banking institution are presented, the structure and dynamics of profit for recent periods are analyzed.

The value of the investment activity of a commercial bank is especially high today, in the face of an increase in the growth rate of the banking sector in our country.

Bank investments have their own economic content. Investment activity in the microeconomic aspect - from the point of view of a bank as an economic entity - can be viewed as an activity in the process of which it acts as an investor, investing its resources for a period of time in the creation or acquisition of real and purchase of financial assets to generate direct and indirect income.

At the same time, the investment activity of banks has another aspect associated with the implementation of their macroeconomic role as financial intermediaries.

Based on the studied theoretical material, opinions of leading experts banking, the work presents the concept of investment activity, which most objectively reflects its economic essence. Thus, investment activity is an investment of funds, investment, or the aggregate activity of investing money and other values ​​in projects, as well as ensuring the return on investment.

According to the principles of the investment policy of OJSC Alfa-Bank, which can be used as the basis for the development of an investment policy strategy for any commercial bank, the following can be distinguished: the need to increase and develop a client base, expand the bank's branch network, develop a mechanism for interaction between them and the Central Branch. This requires strict control and constant analysis of investment activities carried out in various areas. The solution to this issue involves changes in the organizational structure of the bank, by creating separate divisions, whose activities will be aimed at regulating investment policy in each area: corporate financing, work in the stock market, in foreign exchange and financial markets, in the securities market with fixed income.

Annex 1

Table 1 Structure of investments of credit institutions in securities (excluding promissory notes)

1.01.05		1.01.06		1.01.07		1.07.07		1.09.07
billion	VC	billion	VC	billion	VC	billion	VC	billion	VC
rub.	the bottom line	rub.	the bottom line	rub.	the bottom line	rub.	the bottom line	rub.	the bottom line
Investment volume - total	893,5	100,0	1329,3	100,0	1732,1	100,0	2469,2	100,0	2501,5	100,0
- in rubles	659,8	73,8	1003,0	75,5	1441,6	83,2	2121,8	85,9	2189,3	87,5
- in foreign currency	233,7	26,2	326,3	24,5	290,5	16,8	347,4	14,1	312,2	12,5
Including:
trading portfolio	506,1	56,6	706,9	53,2	1096,8	63,3	1534,0	62,1	1680,7	67,2
- in rubles	472,6	52,9	698,5	52,5	1086,6	62,7	1522,9	61,7	1647,2	65,9
- in foreign currency	33,5	3,7	8,4	0,6	10,2	0,6	11,1	0,5	33,5	1,3
investment portfolio	367,7	41,2	557,5	41,9	555,4	32,1	818,4	33,1	702,9	28,1
- in rubles	180,4	20,2	265,9	20,0	303,6	17,5	513,9	20,8	457,6	18,3
- in foreign currency	187,3	21,0	291,6	21,9	251,8	14,5	304,6	12,3	245,3	9,8
controlling portfolio	19,6	2,2	64,9	4,9	79,8	4,6	116,6	4,7	117,7	4,7
- in rubles	6,7	0,7	38,6	2,9	51,2	3,0	84,9	3,4	84,3	3,4
- in foreign currency	12,9	1,4	26,2	2,0	28,5	1,6	31,7	1,3	33,4	1,3

Diagram 1

Dynamics of investments of credit institutions in securities (excluding promissory notes)

APPENDIX 2

Table 2 Structure of investments of credit institutions in debt obligations

1.01.05		1.01.06		1.01.07		1.07.07		1.09.07
billion	VC	billion	VC	billion	VC	billion	VC	billion	VC
rub.	the bottom line	rub.	the bottom line	rub.	the bottom line	rub.	the bottom line	rub.	the bottom line
Investment volume - total	752,6	100,0	1036,6	100,0	1341,2	100,0	1824,0	100,0	1835,0	100,0
- in rubles	533,5	70,9	745,7	71,9	1090,5	81,3	1566,3	85,9	1581,6	86,2
- in foreign currency	219,0	29,1	290,8	28,1	250,7	18,7	257,7	14,1	253,3	13,8
including:
debt obligations of the Russian Federation	435,6	57,9	492,0	47,5	537,2	40,1	615,6	33,7	629,8	34,3
- in rubles	299,7	39,8	364,4	35,2	436,9	32,6	520,1	28,5	527,0	28,7
- in foreign currency	135,9	18,1	127,6	12,3	100,4	7,5	95,5	5,2	102,8	5,6
debt obligations of the Central Bank of the Russian Federation	352,3	19,3	341,0	18,6
- in rubles	352,3	19,3	341,0	18,6
- in foreign currency	0,0	0,0	0,0	0,0
debt obligations of the constituent entities of the Russian Federation and	79,1	10,5	88,2	8,5	100,4	7,5	117,2	6,4	109,4	6,0
local government
- in rubles	79,1	10,5	88,2	8,5	100,4	7,5	117,2	6,4	109,4	6,0
- in foreign currency	0,0	0,0	0,0	0,0	0,0	0,0	0,0	0,0	0,0	0,0
debt obligations of credit	23,4	3,1	30,7	3,0	49,2	3,7	63,0	3,5	63,6	3,5
resident organizations
- in rubles	23,4	3,1	30,6	2,9	49,1	3,7	63,0	3,5	63,6	3,5
- in foreign currency	0,0	0,0	0,1	0,0	0,1	0,0	0,0	0,0	0,0	0,0
	108,0	14,3	221,5	21,4	402,3	30,0	358,7	19,7	374,4	20,4
residents
- in rubles	107,4	14,3	220,8	21,3	402,0	30,0	358,5	19,7	374,3	20,4
- in foreign currency	0,6	0,1	0,7	0,1	0,3	0,0	0,2	0,0	0,1	0,0
debt obligations of foreign	19,4	2,6	66,1	6,4	58,7	4,4	60,7	3,3	40,0	2,2
states
- in rubles	0,0	0,0	0,0	0,0	0,0	0,0	0,0	0,0	0,0	0,0
- in foreign currency	19,4	2,6	66,1	6,4	58,7	4,4	60,7	3,3	40,0	2,2
debt obligations of banks	23,6	3,1	36,1	3,5	35,3	2,6	35,4	1,9	36,5	2,0
non-residents
- in rubles	0,0	0,0	4,4	0,4	11,1	0,8	11,1	0,6	11,6	0,6
- in foreign currency	23,6	3,1	31,8	3,1	24,3	1,8	24,4	1,3	24,9	1,4
other debt obligations	36,2	4,8	61,3	5,9	67,8	5,1	78,8	4,3	92,4	5,0
non-residents
- in rubles	0,0	0,0	0,0	0,0	1,9	0,1	2,6	0,1	9,5	0,5
- in foreign currency	36,2	4,8	61,3	5,9	65,9	4,9	76,2	4,2	82,9	4,5
debt obligations under contracts with	26,1	3,5	38,5	3,7	89,8	6,7	141,9	7,8	145,3	7,9
selling back
- in rubles	24,0	3,2	37,2	3,6	88,9	6,6	141,4	7,7	145,0	7,9
- in foreign currency	2,2	0,3	1,3	0,1	0,8	0,1	0,6	0,0	0,2	0,0
debt obligations under loan agreements	1,1	0,1	2,0	0,2	0,3	0,0	0,3	0,0	2,3	0,1
- in rubles	0,0	0,0	0,1	0,0	0,0	0,0	0,0	0,0	0,0	0,0
- in foreign currency	1,1	0,1	1,9	0,2	0,3	0,0	0,3	0,0	2,3	0,1
overdue debt	0,0	0,0	0,1	0,0	0,2	0,0	0,2	0,0	0,2	0,0
- in rubles	0,0	0,0	0,0	0,0	0,2	0,0	0,1	0,0	0,1	0,0
- in foreign currency	0,0	0,0	0,0	0,0	0,0	0,0	0,0	0,0	0,0	0,0

Diagram 2

Dynamics of investments of credit institutions in debt obligations

APPENDIX 3

Table 3 Structure of investments of credit institutions in shares

1.01.05		1.01.06		1.01.07		1.07.07		1.09.07
billion	VC	billion	VC	billion	VC	billion	VC	billion	VC
rub.	the bottom line	rub.	the bottom line	rub.	the bottom line	rub.	the bottom line	rub.	the bottom line
Investment volume - total	121,3	100,0	227,9	100,0	311,2	100,0	528,6	100,0	548,8	100,0
Including:
- shares of resident credit institutions	3,0	2,5	2,5	1,1	3,7	1,2.	8,1	1,5	7,5	1,4
of which unquoted	1,2	1,0	0,9	0,4	1,1	0,4	0,9	" 0,2	1,0	0,2
- other shares of residents	92,1	76,0	115,6	50,7	173,9	55,9	288,2	54,5	274,3	50,0
of which unquoted	36,7	30,3	32,5	14,3	43,9	14,1	109,5	20,7	102,0	18,6
- shares of non-resident banks	0,3	0,2	0,5	0,2	0,6	0,2	3,0	0,6	2,8	0,5
of which unquoted	0,3	0,2	0,5	0,2	0,6	0,2	1,3	0,3	1,2	0,2
- other shares of non-residents	0,7	0,6	8,4	3,7	6,5	2,1	52,0	9,8	18,9	3,4
of which unquoted	0,0	0,0	5,8	2,6	5,4	1,7	51,0	9,7	17,8	3,3
- under agreements with reverse sale	21,9	18,1	100,8	44,2	126,2	40,5	177,0	33,5	245,0	44,6
- under loan agreements	3,2	2,6	0,1	0,0	0,3	0,1	0,3	0,1	0,3	0,1

Table 4 Key financial indicators of OJSC "Alfa-Bank" on the consolidated balance sheets as of 01.01.2007, 01.01.2006, 01.01.2005.

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