1.Investment and investment activities enterprises.
2. Classification of investments.
3.Indicators of the effectiveness of the investment activity of the enterprise.
4.Innovations and innovative activity of the enterprise.
1. Capital is one of economic resources(factors of production) . It includes the means of production - machines, equipment, tools, vehicles of the enterprise, buildings, structures, transmission devices, raw materials, stocks of goods and semi-finished products at various stages of production ( physical capital), as well as the knowledge and skills of the personnel of the enterprise, obtained through education and the acquisition of practical experience ( human capital ).The process of accumulating and adding capital to an enterprise is called investment.
Investments- all types of values invested in objects of entrepreneurial and other types of activity in order to obtain profit (income) or achieve a positive social effect. can be used as investable assets cash, bank deposits, shares, shares and other securities, loans, any property and property rights, intellectual property.
Investment activities represents an investment (investment) and a set of practical actions for the implementation of investments.
Subjects of investment activity– individuals and legal entities, the state, foreign entrepreneurs and organizations involved in investment activities as investors, customers and contractors, suppliers, contractors, financial intermediaries, etc.
Objects of investment activity- areas of investment resources (newly created and modernized fixed assets, working capital, securities, targeted cash deposits, scientific and technical products and other property, property rights and intellectual property).
2. The classification of investments can be carried out according to various criteria.
1. According to the object of investments, they distinguish
1.1. Real (capital-forming) investments- investments in tangible and intangible assets, giving an increase in the cost of capital. These include: capital investments, innovative investments, investments in human capital. The composition of capital investments includes: the cost of construction and installation works; the cost of purchasing machinery and equipment; costs for design and survey activities; cost of capital works.
1.2. financial investments- investments in various financial assets that give the investor income, but do not increase the total amount of capital in the economy.
2. According to the purpose of investment and acquired control, allocate
2.1. Direct investments- investments in the authorized capital of an economic entity in order to generate income and rights to participate in the management of this entity.
2.2. Portfolio investment– investments in financial and non-financial assets in the process of forming an investment portfolio. Investment portfolio - a specially formed set of investment objects designed to achieve investment goals: high growth rates of capital or income, minimization of investment risks, ensuring sufficient liquidity of investment objects.
3. According to the nature of participation of subjects in investment, investments can be direct (direct) and indirect (indirect, realized through financial intermediaries).
4. According to the period of investment, investments are divided into short-term and long-term.
5. On a territorial basis, internal and external (foreign) investments are distinguished.
6. According to the forms of ownership, private, state and municipal, mixed, foreign and joint investments are distinguished.
Investment financing sources divided into internal and external. Internal sources are the company’s own funds (profit, depreciation, etc.), external sources are borrowed funds (credits and loans, budget investments, equipment leasing) and attracted funds (issue of securities, foreign investments, funds of individual developers, etc.)
Investment Methods– self-financing, corporatization, lending, leasing, seleng, etc.
2. Investment policy of the enterprise- a set of management decisions that determine the purpose, main directions and volumes of investments.
Investment project– a system of organizational, legal and settlement and financial documents necessary for the implementation of investment activities.
Project Analysis– analysis of the profitability of the project based on a comparison of the costs of its implementation and the benefits that will be received from it. Includes technical, commercial, institutional, social, environmental, financial, economic analysis.
The main indicators of the effectiveness of the investment project are its financial (commercial), budgetary and economic efficiency, taking into account the consequences of the project for its direct participants, for the budget and economy of the country (region).
Indicators of commercial efficiency of projects:
1. Net present value(NPV, NPV) is the difference between the amounts of cash flow reduced to the present value (results minus costs) for the entire period of the project implementation and the amounts of investments for the same period.
3. Payback period (period) - the minimum time interval from which investments and other costs of the project are covered by the total results of its implementation.
4. Internal rate of return (IRR, IRR or i vn) - the interest rate at which the value of the reduced cash flow will be equal to the reduced amount of invested funds.
| , | (12.3) |
The project is effective if NPV> 0, R.I.> 1, IRR not less than the required rate of return on capital required by the investor.
Before evaluating the effectiveness of the project, its social significance is determined by experts, i.e. the possibility of its positive impact not only on the activities of its direct participants, but also on other economic entities, the population, the economy of the region. Large-scale, national economic and global projects are considered socially significant.
Further, the evaluation of the investment project is carried out in two stages: 1) the performance indicators of the project as a whole are calculated; 2) an assessment of the effectiveness of investments is carried out for each individual project participant.
3. Innovation is a complex process of creating, disseminating and using innovations (products, technologies, knowledge, management methods) to meet changing human needs.
Life cycle of innovation- the period of time from the birth of an idea, the creation and dissemination of an innovation to its use. These life cycle stages form the innovation process.
Innovative activity of the enterprise- a system of measures to use its scientific, scientific, technical and intellectual potential in order to obtain a new or improved product (service), a new method of their production to meet the demand and needs of society for innovation.
Enterprise innovation policy- an integral part of its general economic policy, which determines the goals of innovation and the means to achieve them, depending on the scientific and technical potential of the company, its market goals and competitive position. Distinguish between the innovation policy of "technological push", demand orientation, social orientation, transformation of the economic structure.
Innovation strategies of firms can be divided into two classes:
- defensive strategies (responding to demand, imitation of other people's innovations, waiting);
- offensive strategies (active R&D, aggressive marketing, "mergers and acquisitions").
Technical preparation of production- a complex of consistently linked design, technological, production and economic work on the creation, development and implementation of new equipment and technology. Includes design and technological preparation of production. In order to effectively organize work on the technical preparation of production, a Unified system of technical preparation of production (USTPP), the components of which are unified systems design (ESKD) and technological documentation (ESTD).
To increase profits at the enterprise, it is necessary to improve its investment activities. The following activities are expected to take place:
Improving investment activities through equipment leasing;
As a result of the implementation of measures to improve the technology of repairing brewing equipment, the introduction of new equipment, the labor intensity of work is reduced, which makes it possible to increase labor productivity, increase revenue from the sale of works and reduce current costs.
An indispensable condition for increasing the efficiency of managerial work is an optimal information technology that is flexible, mobile and adaptable to external influences.
In order for the renewal of fixed production assets to occur cyclically (every 5-10 years), it is necessary to solve the problem of organizing the investment process - to compress it in time. This means that the development of the project, construction, development of production facilities at full design capacity must be carried out in strictly regulated terms.
Directions for improving the innovative activity of the enterprise
With regard to innovation, a clear line needs to be drawn between what principles are needed to create an effective innovative product, and what principles should not be used.
The principles necessary to create an effective innovative product:
Purposeful systematic innovation activity requires continuous analysis of the possibilities of the above sources of innovation;
Innovation must meet the needs, desires, habits of the people who will use it;
Innovation should be simple and have a clear purpose.
To innovate more efficiently with little money and a small number of people, limited risk. Otherwise, there is almost always not enough time and money for the many refinements that the innovation needs.
An effective innovation should be aimed at leadership in a limited market, in its niche. Otherwise, it will create a situation where competitors will get ahead of you.
Principles, the use of which negatively affects the creation of an innovative product:
The complexity of the design of an innovative product - there are problems during operation;
Incorrectly planned stage of creating an innovative product;
Innovation - changes in the economy, industry, society, in the behavior of buyers, manufacturers, workers. www.barmashova.ruTherefore, it should always focus on the market, be guided by its needs.
In order for an enterprise to innovate, it must have a structure and attitude that would help create an atmosphere of entrepreneurship and perceive the new as an opportunity. In doing so, a number of important points must be taken into account.
The main organizational principle for innovation is to create a team of the best workers released from the current job.
All attempts to turn an existing division into a carrier of an innovative project end in failure. This conclusion applies to both large and small businesses. The fact is that maintaining production in working condition is already a big task for the people involved in this. Therefore, they practically do not have time to create a new one. The existing subdivisions, in whatever area they operate, are basically only capable of expanding and modernizing production.
Entrepreneurial and innovative activities do not have to be carried out on a permanent basis, especially in small enterprises where such a setting is impossible. It is necessary to appoint an employee personally responsible for the success of innovations. He should be responsible for the timely identification and replacement of obsolete products, equipment, technologies, for a comprehensive analysis of production and economic activities (X-ray of the business), for the development of innovative measures. The employee responsible for innovation should be a person with sufficient authority in the enterprise.
It is necessary to protect the innovation unit from unbearable loads. Investments in the development of innovations should not be included in the regular return on investment analysis until new products (services) are established in the market.
The profit from the implementation of an innovative project differs significantly from the profit received for the release of debugged products. Over a long period of time, innovative undertakings may produce neither profit nor growth, but only consume resources. Then the innovation must grow rapidly for a long time and return the funds invested in its development by at least 5-10 times, otherwise it can be considered as unsuccessful. Innovation starts small, but its results must be large-scale.
The enterprise should be managed in such a way that it creates an atmosphere of perception of the new not as a threat, but as an opportunity. Resistance to change is rooted in fear of the unknown. Every employee must realize that innovation is the best remedy maintain and strengthen your business. It is necessary to understand that innovations are a guarantee of employment and well-being of each employee. The organization of innovation activity on the basis of these principles will allow the enterprise to move forward and succeed.
Thus, to improve the innovative activity of an enterprise, the following steps are necessary:
Implementation of a system of continuous improvements;
Improving the system of incentives and motivation in order to encourage innovation (innovations);
Overcoming the resistance of employees to innovations (innovations);
Modification of the system for collecting internal and external marketing information;
Improvement of strategic management at the enterprise, regulation of procedures for the development, review, approval, implementation and monitoring of innovative projects.
According to the chairman of the board of directors of the General Electric company, Jack Welchi, whom Fortune magazine called the best manager of the 20th century: “Business is a simple oven: you have to produce cheaper, faster and better than anyone, and for this you need to increase the productivity and efficiency of business management and innovate as much as possible.” This statement once again confirms the decisive role of innovation and the resulting innovations in the development of economic systems. However, it should be noted that increased productivity and business manageability will also be the result of innovative transformations.
The areas of innovative activity are understood as innovative projects aimed at both the development and mastering of new products and technologies. At the same time, it is advisable to comparative analysis the profitability of each of the areas of innovation, i.e. it is necessary to determine the likely increase in profits for each area of innovation and choose the one that will provide the greatest performance.
Carrying out such work for domestic enterprises is especially important, since most of them are in crisis conditions and have limited financial resources that can be used to improve innovation activities, and many of which are faced with the need to choose the most optimal ways of development through innovative transformations. In this case, comparing the profitability of alternative directions for improving innovation activity is the most important tool for substantiating decisions in the innovation field.
One of the most effective ways to introduce a new product to the market is advertising.
Coverage of a wide audience;
The possibility of a complex impact on the viewer (sound, image, movement and other means);
Targeting makes it possible to more accurately target your advertisement to the right audience, selecting it by geographic location (placement on regional channels or broadcasts), interests (placement in thematic programs), time of day.
Interview with the head or employee of the company;
Informative article about the company.
Various types of transport (buses, trolleybuses, fixed-route taxis, metro) in any city are used by up to 90% of the population. IN major cities a large number of visitors are added to them. The advertising possibilities of various vehicles are very wide.
The Internet today is the most rapidly developing sector of the domestic economy. And the most revolutionary event can be called the conquest of previously undeveloped advertising spaces by the Internet. Banners are still the main advertising field on the Internet. These are graphic or animated rectangles with bright drawings with enticing content that serve as a link to go to the advertised resource and are posted throughout the Web. They are best placed immediately after opening the site, when you want to quickly inform yourself.
The next element of advertising on the Internet can be special direct links, including announcements or the most interesting excerpts from the content of sites. This type of advertising is best for information and news sites, and attracts the most big number visitors, subject to the publication of links on related sites.
An advertising function can be performed by creating a mailing list (with the publication of announcements and links) and participating in various reviews and forums. Thus, you actively advertise your resource among the general public.
Partnership is a really powerful tool for promotion on the Internet.
As for taking part in exhibitions and conferences, this type of advertising is the most effective in finding new customers.
The following effect is expected from participation in the exhibition:
Improving the image of the company
Attraction of new clients;
Increasing the company's profit in the coming period.
Enterprise investments are long-term investments of capital in various areas of its activity in order to make a profit and also to achieve a different economic effect. Enterprise investments can be classified according to the following main features. In terms of investment: real construction of new enterprises, expansion of existing enterprises, reconstruction of the technical re-equipment of existing production; modernization of functioning productions; re-profiling of the enterprise; acquisition of intangible assets etc.
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Section 10
Lecture No. 16
10.1. Economic essence and classification of investments
The development of production and improvement of its efficiency requires the constant attraction of free funds, primarily financial resources, i.e. investment.
Enterprise investmentthese are long-term investments of capital in various areas of its activity in order to make a profit, as well as to achieve a different economic effect. Enterprise investments can be classified according to the following main features.
- By areas of investment:
real (construction of new enterprises, expansion of existing enterprises, reconstruction, technical re-equipment of existing production; modernization of functioning production; re-profiling of an enterprise; acquisition of intangible assets, i.e. investing in the purchase of licenses, patents, know-how; expansion of inventories of tangible current assets, etc. .P.);
financial (acquisition of bonds, shares and other securities; placement of temporarily free funds on deposits, etc.).
- In relation to the enterprise investor:
internal (investment in the development of the enterprise itself);
external (investment in the assets of other enterprises).
- By investment period:
short-term (up to one year);
long-term (more than one year).
- By income level:
highly profitable;
average income;
low-income;
unprofitable.
- By degree of risk:
risk-free;
low-risk;
medium-risk;
high-risk.
- By type of ownership:
private;
corporate;
state (municipal);
mixed.
Investments in a market economy as a process of investing capital in any form are inextricably linked with the receipt of income or some kind of effect. Thus, the essence of investment contains a combination of two aspects of investment activity: the cost of resources and the receipt of results. If the cost of resources, i.e. investments do not lead to the desired result, then they become useless.
10.2. Investment sources
The main sources of investment resources are domestic sources (individuals and legal entities, as well as the state) and foreign sources (foreign states, foreign citizens, as well as legal entities of other countries: enterprises, firms, companies).
Domestic sources of investment, in turn, are divided into own and borrowed (Fig. 10.1.).
The most reliable sources of investment are their own internal sources, which include profit remaining at the disposal of the enterprise, depreciation, additional issue of shares of the enterprise and their sale on the stock market. Own external sources of investment resources are not so reliable and, as a rule, are small in volume.
Rice. 10.1. Main sources and types of investment resources.
Borrowed investment resources (bank loans, loans, government targeted and preferential loans, leasing), used by almost every enterprise, are a necessary way to finance investment activities. This is due to the fact that the investor's enterprise often lacks its own investment resources for the implementation of large investment programs and projects.
An important role in determining the sources of investment and their structure is played by the activities of the state. Through financial and monetary policy, it directs investment activity in the required direction either stimulates it or hinders it.
10.3. Organization of investment activities at the enterprise
In practice, the process of implementing investments in an enterprise is carried out in the form of investment activities. In accordance with the federal law "On investment activity in the Russian Federation"investment activitiesrepresents an investment and implementation of practical actions in order to make a profit or achieve another beneficial effect.
Investment activity consists of two main stages:
formation of investment resources;
investment of investment resources in specific investment objects.
The movement of investments from the beginning of the formation of investment resources to the receipt of income and return on invested funds is calledinvestment cycle.
Any enterprise, in order to start investment activity, must solve the following tasks:
determine investment goals;
develop an investment policy;
develop an investment project;
justify the developed investment project;
to determine in what ratio own and borrowed funds will be used;
determine the risks of future investment;
evaluate the effectiveness of the developed investment policy.
Investment policyenterprise is a set of techniques, methods, decisions that determine the feasibility and efficiency of the use of resources in the process of implementing the enterprise strategy. There are three types of investment policy: conservative, compromise and aggressive. All these types of investment policy allow enterprises to carry out the development of an investment project.
Investment projectthis is a set of documents confirming the economic feasibility of investing money in real objects.
Thus, the investment activity of an enterprise is a process of substantiating and implementing the most effective forms of capital investment aimed at expanding the economic potential of an enterprise.
10.4. Capital investments
Capital investmentsis an integral part of investments, which are the costs directed to the creation and reproduction of fixed assets.
The composition of capital investments includes: the cost of construction and installation works; the cost of acquiring fixed assets (machines, machines, equipment); costs for research and development (R&D), design and survey work, etc.; investment in labor resources; other costs.
The most important areas for the use of capital investments are as follows:
New construction;
expansion of existing enterprises through the commissioning of additional workshops and production facilities;
reconstruction, i.e. partial or complete reorganization of production without the construction of new or expansion of existing workshops;
technical re-equipment of an existing enterprise, i.е. raising the technical level of individual production sites and units through the introduction of new equipment and technology, mechanization and automation, and equipment modernization.
The choice by an enterprise of one or another direction of capital investments depends on the goals that it pursues when making investments.
Lecture No. 17
Topic: Innovative and investment activities of the enterprise
10.5. The concept and classification of innovations
The entire history of human development is a continuous process of improving production activities, increasing socio-economic efficiency, achieved through the development and application of various innovations.
In the process of formation and development of market relations in our country, the development and implementation of various innovations becomes the most important prerequisite for the survival of any enterprise in the face of fierce competition.
The main product on the innovation market is the result of scientific and scientific and technical research, which is a product of intellectual activity, which is subject to copyright and other rights. Suppliers of the innovation market are scientific organizations, academic and industry research institutes, higher educational establishments, research divisions of enterprises, venture organizations.
The term "innovation" was first introduced into scientific circulation by the Austrian scientist J.A. Schumpeter at the beginning of the twentieth century, and means innovation, i.e. the outcome of an innovation process. Innovation usually represents the result scientific research or developments in any area of human knowledge.
There are two main types of innovation: product innovation and process innovation (Fig. 10.2.).
Rice. 10.2. Classification of innovations.
Product innovations are aimed at creating new types of products (basic) or a significant improvement in consumer properties and improving the quality of mastered types of products (improving). Process innovations are associated with the development of new forms and methods of organizing production in the production of new products (labor technologies, organization, production management).
Thus, in relation to an industrial enterprise, innovation should be understood as the development, introduction into production, introduction to the market of a new or improved product, or a new more effective way receiving them.
10.6. Innovative activity of the enterprise
Innovative activity of the enterpriseis a field of activity that is aimed at the practical use of scientific, scientific and technical results and intellectual potential in order to update the productive forces, obtain new or improve manufactured products, methods of their production.
The main motives for the development of innovative activity at the enterprise are the following:
the desire to expand markets for goods and services;
the need to increase the competitiveness of products and the enterprise as a whole;
real opportunities to increase the profit of the enterprise.
In the process of its innovative activity, the enterprise formsinnovative program, which is a set of investment projects and activities planned for implementation, agreed on resources, executors and the timing of their implementation.
The innovative activity of an enterprise is a complex multi-stage process. The process of organizing innovation activity at an enterprise consists of the following enlarged stages:
search for new ideas that contribute to the effective achievement of the company's goals;
selection and preliminary estimate innovations necessary for the implementation of selected ideas, i.e. implementation of innovative marketing research;
formation of a business plan for the implementation of an innovative project;
implementation of an innovative project;
launch of an innovative project into production and management.
The organization of innovative activity at the enterprise is determined by the level of state support. The essence of the strategy of active state intervention in the innovation process is the recognition by the state of scientific, scientific, technical and innovative activities as the main and determining component of economic growth. national economy, as well as the need to enshrine mechanisms in the legislation to stimulate the development of innovative processes. These mechanisms include:
creating conditions conducive to increasing innovation activity;
allocation of public resources to generate initial demand for innovation;
creation of infrastructure for the innovation sphere;
providing favorable conditions for the acquisition of foreign licenses and patents.
10.7. Life cycle of innovation
The innovation life cycle is a set of interrelated processes and stages of innovation creation.
Life cycle of innovationthis is the period of time from the birth of an idea to the removal of an innovative product from production. A generalized scheme of the innovation life cycle is shown in fig. 10.3. Innovation in its life cycle goes through a number of stages, including:
the origin, accompanied by the implementation of the necessary amount of research and development work, the development and creation of an experimental batch of innovation;
growth (industrial development with the simultaneous entry of the product to the market);
maturity (stage of serial or mass production and increase in sales volume);
market saturation (maximum production and maximum sales);
decline (curtailment of production and withdrawal of the product from the market).
The stage of the birth of innovation is the most time-consuming and complex. Here, the volume of expenses for the development of production and the release of an experimental batch of a new product is large. At this stage, the technology is developed and improved, the regulations of the production process are worked out.
The growth stage is characterized by a slow and extended in time increase in output.
The stage of maturity is distinguished by a rapid increase in production, a significant increase in the utilization of production capacities, a well-functioning technological process and organization of production.
The stage of market saturation is characterized by a steady pace of the largest volumes of output and the maximum possible utilization of production capacities.
The decline stage is associated with a drop in capacity utilization, curtailment of production this product and a sharp decline in inventories.
Rice. 10.3. Scheme of the life cycle of innovations.
10.8. Venture organizations
The innovation process must be considered as a probabilistic system, since various unfavorable situations are possible during its implementation, i.e. risk situations may arise.
The financial costs of carrying out technical measures, the time gap between the introduction of innovations and obtaining a useful result, as well as the likelihood of losses from innovations, lead to the need to assess the risk of innovative solutions.
Allocate external and internal risks of innovation.
External risks include:
partnership stability risk;
banking risk;
risk of stable supply;
the risk of changes in tax policy;
risk of changes in budget allocations;
contracting partnership risk;
market risk;
the risk of reduced demand;
the risk of oversupply;
the risk of rising inflation and other risks.
TO internal risks include:
the risk of failure of the planned programs;
risk of funding cuts;
risk of insufficient scientific and technical potential;
risk of erroneous economic forecasts and other risks.
To implement an innovative project associated with a significant risk,venture organizations.
Venture capital organizations are busy developing scientific ideas and turning them into new technologies and products. The initiators of such an enterprise are most often a small group of people - talented engineers, inventors, scientists, innovative managers who want to devote themselves to developing a promising idea and at the same time work without the restrictions that are inevitable in the laboratories of large firms, subject to rigid programs and centralized plans in their activities. This method of organizing research makes it possible to maximize the potential of scientific personnel, which in this case are freed from the influence of bureaucracy. Risky enterprises a kind of protection of talents from losses at the starting points of the innovation process, when the novelty of a scientific or technical idea interferes with its perception by the administrative heads of the company.
The advantages of venture organizations: flexibility, mobility, the ability to reorient mobilely, change search directions, quickly capture and test new ideas. The desire for profit, the pressure of the market and competition, a specific task, tight deadlines force developers to act efficiently and quickly, and intensify the research process.
Large organizations, having expensive equipment and stable positions in the market, are not very willing to go for the technological restructuring of production and various kinds of experiments. It is much more profitable for them to finance small innovative firms and, if the latter succeed, move along the path they have beaten.
It is estimated that venture (risk) capital invested in the implementation of projects is completely lost in 15%, in 25% it causes losses, in 30% it gives a very modest profit. However, in the remaining 30% of cases, the success achieved and the profit received at the same time make it possible to cover the invested funds by 30-200 times.
Questions for self-study:
- Risks and effectiveness of venture entrepreneurship.
Main sources of investment resources
Borrowed
private
Direct investments
Target loans
Portfolio
investments
Internal
sources
Profit,
available
enterprises
Depreciation
Foreign
Domestic
External
sources
Capital
investors
Issue and
sale of shares
State and municipal budget funds allocated on a gratuitous basis
royalty free financial
help
Bank loans
State targeted and concessional loans
Commodity
(commercial) loans
Leasing
Organization
Improvement product
Basic grocery
Process
Grocery
Labor technology
Control
Innovation
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Concepts and definitions
Investments- all types of property (except for goods intended for personal consumption), including financial leasing items from the moment the leasing agreement is concluded, as well as rights to them invested by an investor in the authorized capital of a legal entity or an increase in fixed assets used for entrepreneurial activity;
In a professional sense investments- these are investments primarily in the material part of the business (purchase and installation of equipment, machinery, raw materials, construction of buildings, etc.).
Investments- these are all types of property and intellectual values invested in objects of entrepreneurial and other types of activity, as a result of which profit (income) is formed or a social effect is achieved.
"Capital investments" and "investments".
What is the difference?
Under capital investments is understood as a set of costs that are realized in the form of long-term capital investments in the sectors of the national economy (production assets).
This definition, and indeed the term "capital investment" itself, applies to a greater extent to a planned, ie, socialist, economy.
In the market economy, towards which we are now moving, under investments refers to long-term investment in various industries and spheres of the economy, infrastructure, social programs, environmental protection both within the country and abroad, in order to develop the production sector, entrepreneurship, and make a profit.
8.1. Classification of investments.
According to the form of ownership, investments are divided into:
- state- financed from the state budget, local budgets, state-owned enterprises. A feature of public investment is that it is far from always possible to unambiguously pose the question here - investing for the sake of obtaining additional profit. Here the situation occurs when the ultimate goal of investing is a benefit that is very difficult to express in financial terms. These are investment projects aimed at protecting environment or improvements environmental situation, increasing the defense capability of the state, raising the level of education, medical care, etc.
- private- means of the population (individual investors), commercial structures, collective enterprises. This also includes the funds of former state enterprises and now joint-stock companies. The peculiarity of these investments is their sole purpose - to make a profit from investing funds. It is these investments that make up the largest share in the investment structure of the capitalist states, and most of the time of our course is devoted to them.
- foreign- borrowed and credit resources of international investment institutions, foreign corporations and firms, joint ventures. There is one basic rule for foreign investments - the more of them, the better for the state and its citizens, provided that they are used rationally. Therefore, the task of attracting foreign investment should be one of the priorities of state policy, especially in the context of an economic crisis.
Depending on the timing of development, investments are divided into:
Long-term (more than 3 years);
Medium-term (from 1 to 3 years);
Short term (less than a year).
According to the areas of investment (more precisely, according to the degree of risk), investments are risky (venture), direct, portfolio, “annuity”.
Venture Capital- investments invested in new areas of activity associated with high risk. It is invested in unrelated projects in the hope of a quick return on investment. Basically, such capital is invested in financing small innovative firms in the field of new technologies. Venture capital combines various forms of capital investment: loan, equity, entrepreneurial. He acts as an intermediary in the establishment of start-up capital for knowledge-intensive firms, called "venture".
Direct investments- investments in the authorized capital of the company in order to generate income and obtain rights to manage the company.
Portfolio investment- acquisition of securities and other assets (portfolio formation). Briefcase- a set of various investment values brought together that serve to achieve a specific investment goal of the investor. May include: stocks, bonds, savings and deposit certificates of collateral, insurance policies and etc.
Portfolio investment, as a rule, is carried out by a passive investor, acquiring a small share (share) of the company in the hope of receiving, albeit small, but stable income. Such an investor usually does not seek to manage the company, its financial condition is of interest to him only at the time of payment of dividends.
Annuity - a personal investment that generates income for the contributor after a certain period of time, usually after retirement. Basically it is an investment in Insurance companies and pension funds.
The next sign of classification is according to the forms of investment.
Compensation Fund- it is, in fact, depreciation deductions. The compensation fund is the funds in the accounts of the enterprise that are invested in maintaining existing and developing new production resources. That is, the source of the formation of these funds is one - the income of the enterprise. The only feature of depreciation charges is that they relate to the costs of the enterprise at the time of calculating net profit. Then it turns out that the development of production is carried out from net profit, and maintenance from depreciation.
Gross investments characterize the total amount of funds allocated for reproduction: new construction, reconstruction and expansion, technical re-equipment, as well as maintenance of existing capacities.
Pure investments in this context are investments in newly created production assets and a renewed production apparatus. They are less than gross by the amount of funds allocated from the compensation fund in the form of depreciation deductions for full restoration. The funds invested from the compensation and renovation funds ultimately characterize the ratio between simple and expanded reproduction.
Classification of investments.
In economics, the principal classifying sign of the division of investments into forms is considered to be allocation of financial and real investments. Separation of the innovative form of investment and intellectual investment from the total volume in some cases is conditional, since intellectual investments are mostly innovations.
Financial investments are investments in various financial instruments: stock (investment) securities, special (target) bank deposits, deposits, shares, etc.
Real investments are investments in tangible assets (production assets: fixed and current) and intangible assets (patents, licenses, know-how, technical, scientific, practical, instructional, technological, design estimates and other documentation).
innovative the form of investment (investment in innovation) is mainly investment in intangible assets that ensure the development of scientific and technical progress and successful counteraction to competitors in the commodity markets.
In industrialized countries with high level Techniques and technologies of innovation in their content and composition are approaching real investments. However, in some periods it is necessary to invest in maintaining technically backward low-productive industries and industries.
intellectual investments are investments in the creative potential of society, intellectual property objects arising from copyright, invention and patent law, industrial designs and utility models. For the most part, in their content and directions, intellectual investments are at the same time innovations.
Based on the sources of funding, there are:
Investor's own funds;
Borrowed (government loan, loans from commercial banks and other financial and credit institutions);
Raised funds (funds of other investors and depositors).
8.3.
Investment activity almost always begins from investment markets, since savings and current income are usually not enough for a potential investor to form initial capital.
There are many classifications of markets, the most developed classifications of financial markets, however, a single circuit diagram does not exist. In a simplified sense, the financial capital investment market is a place where citizens and organizations who want to borrow money meet those who have extra money.
In addition, the investor always seeks to attract borrowed (equity) capital to the business in order to reduce risk and share the risk of responsibility
Classification of investment markets
A potential investor studies the investment market conditions.
Real asset market(sometimes the term is used: tangible or physical assets) offers investment goods and services: real estate, building plots (mortgage market); equipment, building materials, survey, design, construction, installation, commissioning and other works, works and services (contract market); new technologies, licenses, patents for inventions and discoveries, experience, knowledge, know-how, engineering services (market of intellectual values). This market also sells labor power as an investment product, i.e. the ability to work for hire is sold.
Classification of investment markets
Market of financial assets It is subdivided into the money market (the securities market - debt obligations with maturities of less than one year), the capital market (long-term securities and corporate shares) and the credit market (debt obligations on long-term loans).
Primary capital market- trading in new securities. Secondary- trading between investors in previously issued and outstanding securities.
stock exchanges are secondary capital markets, as they are listed on the securities already in circulation. Corporation, whose shares are traded on the stock exchange, does not participate in transactions on the secondary market and, accordingly, does not receive any income from such sales. There are secondary markets for various other types of loans and other financial assets.
8.4. State regulation of investments
1. The purpose of state investment support are the creation of a favorable investment climate for the development of the economy and the stimulation of investments in the creation of new, expansion and renewal of existing industries using modern technologies, advanced training of Kazakhstani personnel, as well as environmental protection.
State support for investments is to provide investment preferences. Investment preferences- targeted benefits provided in accordance with the legislation of the Republic of Kazakhstan to legal entities of the Republic of Kazakhstan implementing an investment project;
In accordance with this Law, the following investment preferences are provided by concluding a contract with the authorized body:
1) investment tax preferences;
2) exemption from taxation customs duties;
3) state in-kind grants.
1. Investment tax preferences are granted for a period determined in each individual case, depending on the types of activities and volumes of investments in fixed assets.
2. The start date for the application of investment tax preferences is established in the contract in accordance with the Tax Code of the Republic of Kazakhstan.
3. In relation to the activities carried out by a legal entity, to which a special tax regime, as well as activities under contracts for subsoil use, investment tax preferences are not provided.
4. Investment tax preferences are not provided in respect of fixed assets provided to a legal entity of the Republic of Kazakhstan in the form of a state in-kind grant.
Exemption from customs duties
1. Exemption from customs duties is provided for the import of equipment and components for it, imported for the implementation of an investment project.
2. Exemption from customs duties is granted for the duration of the contract, but not more than 5 years from the date of registration of the contract.
3. Notification of the decision taken in accordance with paragraph 2 of this article shall be sent by the authorized body within five working days to the authorized state body on customs affairs.
State in-kind grants
1. State in-kind grants, in the manner prescribed by this Law, are provided by the authorized body in agreement with the relevant state bodies in the field of state property and land management for temporary free use or on the right of temporary free land use with subsequent free transfer to ownership or land use in case fulfillment of investment obligations in accordance with the contract.
The basis for the gratuitous transfer of the provided state in-kind grant into ownership or land use is the decision of the authorized body. The decision of the authorized body is made on the basis of the results of the audit conducted by it in accordance with subparagraph 3) of paragraph 2 of Article 21-1 of this Law.
2. The following can be transferred as state in-kind grants:
Land plots, buildings, structures, machinery and equipment, computers, measuring and control instruments and devices, vehicles (except for cars), production and household equipment.
3. Evaluation of state in-kind grants is carried out at their market value in the manner prescribed by the legislation of the Republic of Kazakhstan.
4. The maximum amount of the state in-kind grant is no more than thirty percent of the volume of investments in fixed assets of a legal entity of the Republic of Kazakhstan.
If the estimated value of the requested state in-kind grant exceeds the specified maximum amount, entity The Republic of Kazakhstan has the right to receive the requested property with payment of the difference between its estimated value and the maximum size of the state in-kind grant.
8.5. Subjects of investment activity
There are two main types among them:
- financial and credit institutions;
- functional participants of investment activity.
In every state with a market economy, there is an extensive network of financial, investment and credit institutions that are subjects of investment activity.
banking institutions in the investment sphere, along with the traditional functions of credit and settlement and cash services, deposit operations must also be performed by new ones. The functions of banks are significantly expanding through the service of business activities. The interaction of banks with other participants in the investment process consists in a constant and rigorous analysis of the investment market and the provision of information and consulting services to the subjects of investment activity on issues of their effective capital. This will allow banks to use their clients' resources more efficiently and increase their profitability.
Along with financing the investments of their clients, banks can independently or on the basis of equity participation carry out investment activities, financing various production or social facilities, and receive further profit from their operation.
Bank operations are reduced to the following actions:
Credit and settlement and cash services, deposit operations;
Analysis of the investment market and provision of information and consulting services to its clients;
Direct investment activity;
Investment insurance;
Performing the functions of depositories;
Execution of trust operations;
New types of operations in servicing objects of investment activity.
Scheme of the financial and credit system
Investment funds and investment companies.
Investment fund. is a legal entity established in the form of a joint-stock company, the exclusive activity of which is joint investment.
The investment fund issues shares and invests the funds mobilized in this way from small investors in other securities that generate income in the form of interest and increase their market value.
Investment company is a securities trader who, among other activities, can raise funds for joint investment by issuing securities and placing them.
Thus, there is much in common in the activities of investment funds and companies: both of them attract resources by issuing securities and place the attracted resources in other securities.
Insurance companies. These institutions play a huge role in the investment process, providing investors with insurance coverage from various risks. The insurance contracts concluded with them are the basis for the financial support of investment projects: corporatization of capital, obtaining borrowed and attracted funds for investment.
pension funds. In developed countries with market relations, pension funds are created by private and public corporations, firms and enterprises to pay pensions and benefits to workers and employees.
Leasing companies carry out long-term lease of machines, equipment, vehicles, production facilities. The company purchases equipment and provides it to the investor for several years on a loan. After the expiration of the leasing period, the property can be redeemed by the lessee (investor) at the residual value.
Functional participants in the investment process
The organization of a serious investment process at various stages of investment development (remember the stages of the life cycle of an investment project) is impossible without the involvement of specialized enterprises engaged in the performance of one or another type of work.
Developer company- a legal entity that assumes the functions of the full implementation of the invested capital.
Real estate firms These are real estate brokerage firms. Realtors work on a commission basis under contracts with real estate sellers.
In developed countries, real estate firms unite in associations. The first task of these associations is to consult their members. The main one is the creation of a unified information network about real estate.
Engineering consulting firms- these are firms that develop various kinds of documentation on a contractual basis: information, scientific and technical, design estimates, etc.
They accumulate data banks on the conditions for the placement of certain objects, industry, territorial and interregional levels of competition, standards, specifications production of construction and installation works, on regional levels of prices for investment goods, publish this information in periodically published directories.
Such firms, depending on their specialization, can have wide portfolios of standard projects that meet the levels of world standards.
An engineering firm, commissioned by an individual investor, performs a feasibility study of the project, develops a business plan, can monitor the project, author and technical supervision during its implementation, organize and conduct tenders.
One of the possible activities of such firms is industrial espionage, which makes it much easier to achieve the desired results than through independent research.
Construction companies carry out the whole range of work on the investment project: design and survey, construction, installation, commissioning and hand over the finished object to the investor on a turnkey basis. The market offers their services also relatively small firms who specialize in certain types of repair, construction and installation work.
The structure of these firms resembles a truncated pyramid, at the base of which there are many small specialized firms performing unique or rare types of work. At the top of the pyramid are large universal construction firms that provide the bulk of construction work.
Before entering into contractual relationship with any participant in the investment project, the investor will definitely use the services of an audit firm.
Audit firms perform in the investment process the functions of checking the financial and economic activities of both the investor himself and his other partners. Auditors evaluate the assets and liabilities of the company's balance sheets, calculate balance sheet liquidity indicators, evaluate the investment qualities of securities, and assess the capital of the investor and his shareholders.
Enterprise development factors: extensive and intensive
There are two ways of enterprise development: extensive and intensive.
Extensive development path- a way to increase production volumes due to quantitative factors of economic growth: additional involvement of labor, expansion of sown areas, increase in the extraction of raw materials, construction of new facilities. The possibilities of an extensive development path are always limited by the availability of natural and labor resources.
Intensive development path- a way to increase production volumes due to qualitative factors of economic growth: the use of progressive (resource-saving) equipment and technology, scientific achievements, scientific and technical information; professional development of employees.
Innovation - the end result of innovative activity, realized in the form of a new or improved product sold on the market, a new or improved technological process used in practice.
The concepts of "innovation", "innovation" are often identified, although there are differences between them.
Innovation is understood as a new order, a new method, an invention, a new phenomenon. The phrase "innovation" literally means the process of using innovation. From the moment it is accepted for distribution, an innovation acquires a new quality and becomes an innovation (innovation). The period of time between the appearance of an innovation and its implementation into an innovation (innovation) is called the innovation lag.
The concept of innovation as an economic category was introduced into scientific circulation by the Austrian economist J. Schumpeter. He first considered the issues of new combinations of production factors and identified five changes in development, i.e. innovation issues:
Use of new equipment, technological processes or new market support for production;
Introduction of products with new properties;
Use of new raw materials;
Changes in the organization of production and its logistics;
Emergence of new markets.
In accordance with international standards innovation is defined as the end result of an innovative activity that is embodied in the form of a new or improved product introduced to the market, a new or improved technological process used in practice, or a new approach to social services.
The motto of innovation - "new and different" - characterizes the diversity of this concept. So, innovation in the service sector is an innovation in the service itself, in its production, provision and consumption, and the behavior of employees. Innovations are not always based on inventions and discoveries. There are innovations that are based on ideas.
Innovation does not have to be technical or something material in general. Few technical innovations can rival the impact of the idea of hire-purchase. Using this idea literally transforms the economy. Innovation is a new value for the consumer, it must meet the needs and desires of consumers.
Thus, the indispensable properties of innovation are their novelty, industrial applicability (economic feasibility), and it must necessarily meet the needs of consumers.
Systematic innovation consists in a purposeful organized search for changes and in a systematic analysis of the opportunities that these changes can give for the successful operation of the enterprise.
All the variety of innovations can be classified according to a number of criteria.
1. According to the degree of novelty:
radical (basic) innovations that implement discoveries, major inventions and become the basis for the formation of new generations and directions for the development of technology and technology;
Improvement innovations realizing average inventions;
Modification innovations aimed at partial improvement of obsolete generations of equipment and technology, organization of production.
2. According to the object of application:
Product innovations focused on the production and use of new products (services) or new materials, semi-finished products, components;
Technological innovations aimed at the creation and application of new technology;
Process innovations focused on the creation and operation of new organizational structures both within the firm and at the interfirm level;
Complex innovations, which are a combination of various innovations.
3. By the scope of application:
industry;
Intersectoral;
Regional;
Within the enterprise (firm).
4. For reasons of occurrence:
reactive (adaptive) innovations that ensure the survival of the firm, as a reaction to innovations carried out by competitors;
Strategic innovations are innovations, the implementation of which is proactive in order to obtain competitive advantages in the future.
5. By efficiency:
economic growth.
The experience of developed countries shows that fundamental transformations in the field of productive forces in the era of scientific and technological revolution, the rapid succession of its waves, and, consequently, new combinations of production factors, the widespread introduction of innovations have become the norm of modern economic life. And if the innovative approach plays an increasing role in developed countries, then in modern Russia, in the context of the transition to a market economy and the need to get out of a deep crisis, this role is especially great.
45. Investments: concept, composition, classification.
Investments.
The concept of investment.
IN federal law"On investment activities in the Russian Federation, carried out in the form of capital investments" dated February 25, 1999 No. 39-FZ gives the following definition of investments: "... investments - cash, securities, other property, including property rights, other rights having a monetary value, invested in objects, entrepreneurial and (or) other activities in order to make a profit and (or) achieve another beneficial effect.
There are different approaches to the definition of the concept of "investment". This is due to the specifics of specific stages of the country's historical and economic development.
IN Soviet economy the term was not used, the concept of "capital investments" was used. It was introduced after the 80s. from foreign literature and 2 identical concepts "investments" and "capital investments" are considered.
The economic essence of investments was determined by 2 approaches: the cost method (cost reproduction, where production is in the 1st place) and the resource method (financial funds for investment). Both methods had the following disadvantages:
1. static;
2. allocation of the 1st of any element (either separately costs or separately resources);
3. priority of a separate stage of the turnover of funds (either separately production or the financial side).
In Western economic literature, all concepts of "investment" have in common the receipt of income by the investor.
There are also 2 aspects of investment:
1. resources for the purpose of accumulating income;
2. investment (use) of resources that provide capital growth.
Investments - funds, targeted bank deposits, shares, shares and other securities, as well as technologies, machinery, equipment, licenses, trademarks and other property, and property rights, as well as intellectual values that are invested in the objects of the enterprise. and other types of activities for the purpose of making a profit (income) and achieving a positive social or other type of effect (FZ "On investment activities in the Russian Federation, carried out in the form of capital investments" No. 22 of 02.01.2000).
Investments- (invests - from English - investments) - these are all types of property and intellectual values invested by legal entities and individuals in business objects and other activities in order to generate income and achieve a positive social effect.
Investment is a process of interaction between 2 or more parties.
IN contemporary literature it is customary to consider this process of using material, labor, financial resources for the purpose of profitable allocation of capital; as a result of the placement of capital, accumulations are formed that precede investments and are their source 1 .
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