Investments come in various forms. In order to systematize the analysis and planning of investments, they can be grouped according to certain classification criteria.

Real and financial investments

Real investments act as a set of investments in real economic assets: material resources, intangible assets. The most important component of real investments are investments made in the form of capital investments. Financial investments include investments in various financial assets - securities, shares and equity participations, bank deposits and so on.

Direct and portfolio investment

Direct investments act as investments in the authorized capital of enterprises (firms, companies) in order to establish direct control and management of the investment object. They are aimed at expanding the sphere of influence, securing future financial interests, and not just generating income. Portfolio investments are funds invested in economic assets for the purpose of generating income (in the form of an increase in the market value of investment objects, dividends, interest, and other cash payments) and diversifying risks.

Investment classification:

According to the investment period, short-term (up to a year), medium-term (1-3) and long-term (over 3 years) investments are distinguished.

According to the forms of ownership of investment resources, private funds of private investors are distinguished, state (state authority, as well as other state forms of ownership), foreign (investments of funds foreign citizens, firms, organizations, states) and joint (mixed) investments (domestic and foreign economic entities).

On a regional basis, investments are distinguished between within the country and abroad (investment objects located outside the territorial boundaries of a given country).

Based on sectoral characteristics, investments are distinguished in various sectors of the economy: industry, Agriculture, construction, transport and communications, trade and catering etc.

According to risks, there are aggressive (high degree of risk, high profitability, low liquidity), moderate (average degree of risk with sufficient profitability and liquidity of investments) and conservative investments (reduced risk, profitability and liquidity). This classification is closely related to the identification of the appropriate types of investors. The importance of clarifying the role of investments in the reproduction process determines the introduction of such a classification criterion as the sphere of investment, according to which production and non-production investments can be distinguished. Determining value for economic system have productive investments that ensure the reproduction and growth of individual and social capital.

Direct investments	Portfolio investment
Direct investment involves the direct, direct participation of the investor in investing capital in a specific investment object, be it the acquisition of real assets, or the investment of capital in the authorized capital of an organization. The objects of direct investment are, as a rule, equipment, buildings, and know-how.	Indirect (mediated) investments involve the investment of investor capital in investment objects through financial intermediaries (institutional investors) through the acquisition of various financial instruments. The objects of portfolio investment, as a rule, are various securities, bank deposits, and foreign currency.
Direct investors are companies and entrepreneurs who invest in the acquisition of equipment, buildings, know-how in order to organize production and make a profit from such direct investments. Although in joint stock companies there is no such division into portfolio and direct investors. There are minority shareholders and majority shareholders. Large, medium, small.	A portfolio investor is a person or institution that purchases a financial instrument for its investment portfolio, that is, a certain set of investment instruments. Portfolio formation is associated with the tasks of risk diversification across different financial assets. Therefore, an investor who purchases a small block of shares or securities of an enterprise is not a direct, that is, a strategic investor, but is a portfolio investor.
Direct investments can also be made at the expense of financial (portfolio)	Briefcases - they can’t
Through the secondary market valuable papers cannot be implemented	They can be carried out through the secondary securities market, but cannot turn into direct ones, since they go only to the owners of shares, and not to the enterprise. Yes, but not related to direct ones in any way
When forming Authorized capital There is a relationship between direct and portfolio. Portfolios ultimately turn into direct ones. Often real investment cannot be carried out without issuing shares, i.e. without financial investments. Financial investments are an essential part of planning direct, real investments.

From the foregoing, we can conclude that financial investments are a link in the transformation of savings into real investments and serve as one of the most important channels through which savings enter production, and at the same time they can act as a relatively independent form of investment.

54. The role of scientific and technological progress in the development of the world economy.
STP is a continuous process of discovering new knowledge and applying it in social production, allowing for a new combination of existing resources in the interests of increasing the production of high-quality final products at the lowest cost. In a broad sense, scientific and technological progress refers to the creation and implementation of new equipment, technologies and materials, as well as the use of progressive methods of organizing and managing production.

There are two main forms of NTP:

1. Evolutionary, involving the gradual improvement of equipment and technologies; economic growth is achieved through quantitative indicators;

2. Revolutionary (scientific and technical - scientific and technological progress), manifested in a qualitative update of equipment and technologies, a sharp increase in labor productivity; economic growth is achieved through qualitative changes.

As evidenced by the practice of developing scientific and technical potential, sources of R&D financing play an important role: where the share of private investment averages 60% or more, a positive trend in the growth of investments in R&D and their high efficiency remains. This trend is characteristic of almost all OECD member countries: an increase in private investment against the background of a decrease in the share of investment from the state budget. So in the United States, private investment accounts for more than 60%, budgetary investment accounts for an average of 20–25%, and the rest comes from charitable foundations and grants. According to experts, the effectiveness of the US innovation system lies in clearly formulated national-scale objectives, a high degree of protection intellectual property within the framework of state innovation policy (stimulating active patenting), a large share (~ 50%) of venture capital in the total amount of R&D funding, close ties between TNCs and universities. The American model in the field of R&D practically extends to all OECD countries, where, in addition to the United States, the leading EU countries occupy a stable position (Table 23).

At the same time, at the turn of the XX/XXI centuries. and in the development of the 2000s. The share of the group of developing countries is noticeably increasing, especially in the Asia-Pacific region. Here the leading role belongs to the PRC. The share of R&D expenditures in China's GDP is constantly growing: the period from 1996 to 2009. costs increased 3 times from 0.6% to 1.7%, respectively. The shift towards increasing R&D spending in China, along with government policy, is due to investments by TNCs in their foreign subsidiaries, which is explained by the increasing professional level of China's scientific personnel and their relatively low cost compared to developed countries.

As for Russia, the scientific and technical sphere here is noticeably inferior to developed countries in terms of the scale and intensity of innovation. Russia accounts for just over 1% of global spending on science, although research organizations employ more than 6% of the world's scientific workers. Financing scientific research is carried out mainly by the state (more than 60%), while the share of the domestic business sector does not exceed 15%. Russia spends less on science than Japan by 8–9 times, Germany by 4 times, and the USA by more than 20 times. The reduction in internal costs for science is accompanied by a reduction in the number of scientific organizations (primarily industry ones) and the number of workers employed in them.

Investments are different. Whether you invest in enterprises, business, real estate or PAMM accounts, every time you set yourself certain goals. Among the main categories of investment, a distinction is made between direct and portfolio investments. So, let's figure out what the difference is between them.

Direct investment – ​​business control

You invested in the development and operation of a particular enterprise and in return received a share in the authorized capital, say, 20% - depending on the amount you invested. Now you can directly influence the decisions made by the owners, that is, take part in the management of the company, especially if you have a controlling stake in your hands. In this case, you can send your person to the board of directors. This is direct investment.

In other words, direct investment is an investment in the production of a product or its marketing, in which the investor receives at least a 10% share in the authorized capital of the company.

Direct investment assumes that you are strongly interested in the successful development of the company. Therefore, owners have the right to count not only on financial assistance from the investor, but also on his knowledge, experience and connections. A direct investor becomes an equal partner of business owners.

Company owners attract direct investment, as a rule, when they see opportunities for further active development of the enterprise, but their own cash is not enough for this. At the same time, attracting direct investment is beneficial for them because, having received the necessary funds for the development of the enterprise and investing them, for example, in the purchase of necessary equipment and the development of a dealer network, they retain control over the company.

Investors who invest money in a business most often at the idea stage are called. And they got this name for a reason, since at this stage getting funds from investors in the classical sense of the word is a fantastic idea. They tend to pour money into companies with already well-established workflows.

When deciding to invest money in a particular business, an investor considers and analyzes many factors:

• Prospects for the company's development, its competitive advantages.
• Ownership structure, organization of all business processes.
• Experience and professionalism of management, level of corporate culture.
• Relations with authorities, in particular the absence of conflicts with tax authorities.

Direct investments are:

• Outgoing - when citizens of a given state invest money in enterprises abroad.
• Incoming – funds are raised from foreign investors.

Direct investors can be both individual companies and individuals who have enough funds to invest in business development. You can make direct investments directly or through funds of the same name - Private Equity Fund (direct investment fund). As a rule, these are long-term investments, the profit from which can be realized only after several years. To protect themselves, funds, as a rule, distribute accumulated funds to several companies at once.

There are both universal funds that invest money in enterprises from a variety of sectors of the economy, and specialized ones, the purpose of which is to invest in companies only in a certain field, for example, information technology.

How does a refund and profit take place?

• Your share is bought out by the owners of the company themselves, who are already firmly on their feet and see great prospects for the future activities of their enterprise.
• A strategic investor comes to the company and acquires your share in the authorized capital.
• Entering the company on the stock exchange and conducting an IPO.

Portfolio investments - passively receive profit

Portfolio investing is, as the name suggests, a portfolio of securities that you own. It can contain shares and bonds of a wide variety of companies. At the same time, you act as a passive investor and have absolutely no intention of taking any part in the life of this or that enterprise.

Firstly, because you have a very insignificant stake in your hands, and secondly, you did not initially have such an intention. Your main goal is to generate income, and how the company’s owners will provide it is of little concern to you.

This is the main difference between direct and portfolio investments - in the first case you take an active part in the life of the company, and in the second you do not

Most often, portfolio investment is preferred by small investors whose goal is to preserve and increase their existing capital.

Unlike direct investing, portfolio investing is most often aimed at making a profit in the short or medium term. And the main advantage of portfolio investing is that your funds are diversified, distributed among many sources of profit. Therefore, the risks of losing all your money in the event of unfavorable developments are minimal. Moreover, if something goes wrong, it will not be difficult to get rid of the assets by selling them.

Direct and portfolio investments– types of investments in the development of an enterprise or company.

Under direct investments It is generally accepted to understand investments in the capital of a corporation to make a profit and obtain the right to participate in the management of its activities. They provide for a long-term relationship between partners and control over the business organization.

Portfolio investment– investing capital in shares of foreign companies without acquiring a controlling stake, etc. The goal is to receive increased income on capital at the expense of tax benefits, changes in exchange rates, stock quotes, and so on. Portfolio investing is rarely long-term; it is often spontaneous and unpredictable.

The main difference between direct investment and portfolio investment is that with direct investment, the company can count on all kinds of support from the investor: financing for the development of the enterprise, assistance in strategic administration, etc. As for portfolio investment, here investors do not have the opportunity to manage the enterprise and make decisions related to with his work.

As an example of direct investment, we can consider an investor who purchases equipment for the production of pasta in order to subsequently produce and sell this product. If we are talking about an investor who buys Gazprom shares, but does not intend to take part in the management of the enterprise, and expects to receive income in accordance with the number of shares purchased, then this investor is a portfolio investor. It is worth noting that direct investment is much more profitable than a portfolio one.

54 Question Stages of portfolio investment

Investment portfolio- a set of real or financial investments. In a narrow sense, this is a collection of securities of different types, different periods of validity and varying degrees of liquidity, owned by one investor and managed as a single whole:

First stage includes identifying investment goals that can achieve them. The goals of portfolio investment can be very different: -receiving income; -liquidity support; -balancing of assets and liabilities; - fulfillment of future obligations; -redistribution of property; -participation in managing the activities of a particular entity; - saving accumulated funds, etc.

Essence second stage(analysis or assessment of assets) is to identify and study the characteristics of those of them that most contribute to the achievement of the goals pursued.

Third stage(portfolio formation) includes the selection of specific assets for investment, as well as the optimal distribution of invested capital between them in appropriate proportions. The formation of an investment portfolio is based on a number of fundamental principles, the most significant of which are: - compliance of the portfolio type with the set investment goals; - compliance with the acceptable level of risk; - ensuring controllability, etc.

Fourth stage(selection and implementation of an adequate portfolio management strategy) is closely related to investment goals. Portfolio strategies used when investing in financial assets can be divided into active, passive and mixed. Active Strategies involve searching for undervalued instruments and frequent restructuring of the portfolio in accordance with changes in market conditions. The implementation of active strategies requires costs associated with ongoing analysis and monitoring of the market, as well as with purchase/sale transactions during portfolio restructuring. Passive Strategies require a minimum of information and, accordingly, low costs. Mixed strategies, as the name suggests, combine elements of active and passive control. In this case, passive strategies are used to manage the “core”, or main part, of the portfolio, and active ones - the remaining part (usually the risky one).

The final stage involves periodically assessing the performance of a portfolio both in relation to the returns received and in relation to the associated risk.

Foreign direct investment has become the material basis for the globalization of business activity, the spread of multinational firms and corresponding changes in the structure of the modern world economy.

Foreign direct investment (FD) - these are long-term investments abroad in material or financial assets with the aim of obtaining business income (profit), which provide a foreign investor control over objects in which capital is invested.

Control over investment objects is the main characteristic feature

PP, which distinguishes them from another type of international investment - portfolio investment. The share of foreign participation in the capital of a company, which determines its status as an enterprise with foreign direct investment and ensures the right to control it, in different countries ah is different: in the USA, a foreign investor must have at least 10% of the company's ownership, in the UK and France - at least 20%, in Germany - 25%, in Australia and Canada - at least 50%, according to IMF standards this share should be no more than less than 25% of capital.

In international practice, there are three groups of direct foreign investors: subjects:

- private investors-entrepreneurs - focused on fast receipt profits, invest primarily in small and medium-sized enterprises with more high degree risk, but easier to control compared to large companies, give preference to investments in non-monetary form (equipment, technology), the creation of new enterprises rather than the acquisition of existing ones;

- transnational corporations - international companies, which include the parent company, its subsidiaries and associated enterprises abroad, are large long-term investors who, in order to maximize profits, seek to obtain new markets for their products, gain access to resources, invest (like entrepreneurial investors), mainly in non-monetary form;

- institutional investors - financial intermediaries (banks, investment and Insurance companies, international financial institutions - European Bank reconstruction and development, International Finance Corporation), which raise funds mainly through the sale of shares, make medium-term investments (5-7 years), buying large blocks of shares in companies; Unlike private investors and TNCs, in addition to maximizing profits, institutional investors may have other goals - restructuring enterprises, accelerating transformation processes in the economies of recipient countries.

Foreign direct investment is usually made to production assets foreign enterprises: the capital exporter organizes or expands production on the territory of the country receiving capital. Unlike flow indicators of the periodic ebb and flow of foreign capital, foreign investment reflects the accumulation and use of assets by economic entities of different countries in national economy of a certain country for a certain period, therefore refer to stock indicators. their amount can grow regardless of whether new capital is imported or not.

In the System of National Accounts, foreign direct investment includes:

- initial investment of own capital abroad - acquisition or merger of companies, creation of joint ventures, branches, subsidiaries and associate companies1, acquisition of more than 10% of the company’s shares;

- reinvestment - part of the income of the investment object is not distributed or transferred to the direct investor, but is reinvested in its development;

- intra-corporate capital transfers in the form of loans, subsidies and loans between the direct investor and branches, subsidiaries and associated companies.

The nature, intensity and effectiveness of investment processes depend on investment climate, formed in the recipient state.

climate - this is a set of political, economic, social and legal factors that determine the conditions for implementation, efficiency and degree of risk of business activity, and, consequently, the degree of attractiveness of the national economy for foreign investors.

climate define several groups factors:

- socio-political situation and its prospects (political stability, continuity of political power, degree of government intervention in the economy, pragmatism public policy, efficiency of the state apparatus, tendency to nationalize foreign property, traditions of observing international agreements, corruption of government officials and the like);

- economic situation and its prospects (general state of the economy, rate of economic growth, market infrastructure, customs regime and labor use regime, exchange rate stability national currency, fiscal burden, interest rate, level and dynamics of inflation, etc.);

- foreign economic activity and its prospects (the state of the balance of payments, the degree of inclusion of the country in world economy and integration processes, protection and regulation of the activities of enterprises with foreign capital participation - providing state guarantees, insurance of foreign investments, settlement of investment disputes, etc.).

World practice shows that PPs have many benefits compared to other forms of economic cooperation. In particular, the import of direct entrepreneurial capital allows the host country to increase production capacity, create additional jobs, increase employment and income in the national economy, attract new technologies, advanced management and marketing methods. Increasing production and employment, creating new ones, incl. joint ventures, expands the taxpayer base and increases budget revenues of the recipient country. Emergency situations stimulate competition, in particular by undermining the positions of local monopolies, reducing prices and improving the quality of products that replace imports and obsolete locally produced products. Unlike foreign loans, emergency situations do not become a burden of external debt, but, on the contrary, contribute to its repayment. Examples of the positive consequences of NN in the world economy include the post-war revival of the German economy based on the Marshall Plan, the technological breakthrough of Taiwan and South Korea, reviving the economic growth of the post-socialist countries of Central and Eastern Europe.

At the same time, AI also carries a number of potential threats for a certain territory or the state as a whole. These include the economic and political dependence of the recipient country on the donor country, the displacement of national producers and suppliers of resources from the market, the displacement of national producers from the most profitable industries, the location of environmentally harmful industries on the territory of the host country, the consolidation of an irrational (mainly raw materials) structure of the economy and things like that. However, global experience shows that, in general, the benefits of AI far outweigh the negative consequences associated with them.

This conclusion is confirmed by the scale of the GS in the global economy. In 2010, the global volume of accumulated imported AI reached 19 trillion. dollars exported by AI - 24 trillion. dollars True, the annual volumes of AI have decreased under the influence of the global financial and economic crisis. In particular, the influx of AI in 2010 was 15% below the pre-crisis average and almost 37% below the peak in 2007. Despite the predicted recovery, in 2012 there was a decrease in AI volumes by 18% to 1.3 trillion. dollars. In the future, experts predict a gradual restoration of the positive dynamics of AI: in 2013 to 1.45 trillion. dollars, 2014 - up to 1.6 trillion. dollars, in 2015 - 1.8 trillion. dollars. However, UNCTAD experts note that there are still significant risks for such a growth scenario. At least AI flows are still lagging behind the global industrial production and global trade, which have recovered to pre-crisis levels and are growing.

More than half of the total volume of AI currently occurs in developing countries. This is due to higher rates of economic growth, primarily in large developing countries(China, India, Brazil), and the markets available in them with constantly growing effective demand. When choosing an investment direction, international investors consider the most important factors: the development of transport and infrastructure (63%), the state of the telecommunications infrastructure (62%) and the transparency of the political, legal and regulatory environment (62%). The top three in terms of investment attractiveness in 2012 included the USA ($168 billion), China ($121 billion), Hong Kong ($75 billion). Russia took 9th place with a volume of $51 billion. Main countries -investors in 2012 were the USA - about 329 billion dollars, Japan - 123 billion dollars, China and Hong Kong - 84 billion dollars each.

AI is of particular importance for countries with transitional economies that lack financial resources for modernization and acceleration economic development, incl. and for Ukraine.

In accordance with the regulatory legal acts of Ukraine, foreign direct investment can be carried out in the following forms:

Creation of joint ventures with varying shares of foreign participation or acquisition of shares of existing enterprises;

Creation of enterprises wholly owned by foreign capital, or acquisition of existing enterprises by a foreign investor;

Purchase of real estate or movable property by direct receipt or in the form of securities (stocks, bonds, etc.);

Acquisition of land use rights and use natural resources on the territory of the country;

Cooperation with foreign partners on the basis of an agreement with national entities economic activity without creation legal entity(agreements on industrial cooperation, joint production of certain products, etc.).

As of January 1, 2013, the accumulated volume of PP in the Ukrainian economy amounted to 72.8 billion dollars, per person - 1.6 thousand dollars. In 2011, PP receipts in Ukraine amounted to 7.2 billion. dollars, in 2102 increased to 7.83 billion dollars. Despite the gradual increase in the volume of emergency situations in Ukraine, its investment attractiveness remains relatively low. The country's investment climate (low GDP growth rates, inflation, corruption, delays at customs, delays in VAT refunds, etc.) does not attract investors. According to the European Business Association (EBA), the level of investor confidence in the Ukrainian market in 2011 dropped to a record low.

Over the past 5 years, the main investors in terms of the number of projects in Ukraine were the USA, Germany, Russia and France, and in terms of investment volumes - the EU countries and Russia. The areas of emergency in Ukraine are structurally significantly different from other countries in Central and Eastern Europe. If 50% of the region’s PP is carried out in production, 25% falls on professional services and software, then in Ukraine PP is dominated by the financial sector (28.5% in 2012), 17.3% of foreign investors’ funds are concentrated in metallurgy, 14.2% - in real estate transactions, rental, engineering and services to entrepreneurs, 7% in retail trade. To attract large volumes of private equity, Ukraine must improve fiscal stability, especially in such areas as investment and protection of property rights, development financial markets and business deregulation. Investors expect more transparency investment activities in Ukraine, in particular, reducing corruption, bureaucracy, pressure from tax and other regulatory authorities.

Along with foreign direct investment, a significant part of international capital flows moves in the form of portfolio investment.

International Portfolio Investments - is an investment of capital in foreign securities that does not give the investor the right to real control over the investment object.

These investments are often called “passive”, in contrast to the “active” direct investments of foreign investors. A portfolio investor does not seek to manage the activities of the enterprise in which funds are invested, but only claims to receive income in accordance with the acquired share of the portfolio of the investment object, which in international practice usually does not exceed 10%. Unlike direct foreign investment, which cover both financial and non-financial assets, portfolio investments include only financial assets. Portfolio investments are characterized by higher liquidity, volatility and sensitivity to financial market conditions. They are not tied to specific economic sectors, industries or firms. Compared to them, foreign direct investment is more sustainable, since it is focused on long-term goals and long-term control over the investment object in a certain area of ​​the economy.

The determining factor for the movement of international flows of portfolio investment is motive for diversifying the asset portfolio. Portfolio theory assumes that economic entities They are not risk averse, so they try not only to maximize the return on their assets, but also at the same time reduce the risk of maintaining them. In particular, the risk of owning stocks or bonds is associated with the possibility of bankruptcy of the company that issued them, significant fluctuations in their market price, and the likelihood of receiving lower than expected income. In an effort to maximize income and minimize risks, investors evaluate their ratio for each asset and form investment portfolio.

An international investment portfolio may include:

- stock securities without a specified circulation period, certifying the owner’s membership and equity participation in the authorized capital joint stock company, his right to participate in management, to receive part of the profit in the form of a dividend, to participate in the distribution of property in the event of liquidation of the joint-stock company;

- debt securities, which include bonds, promissory notes, promissory notes, treasury bills, bank certificates of deposit, bankers' acceptances, financial derivatives2.

The benefits of portfolio investment Compared to PPs, they include their higher liquidity and high mobility, due to both higher liquidity and the simplicity of the purchase and sale procedure, the ability to protect money from inflation and obtain speculative income. Disadvantages of portfolio investment consider high level risk (exception - government bonds), which applies not only to income, but also to the entire invested capital; lower level of profitability (the dividend on the most profitable common shares per unit of invested capital is only 40-50% of the profitability of the private enterprise); the absence in most cases of the opportunity to influence the level of profitability of securities and their market value; a potential threat of destabilization of financial markets and the economy as a whole through the speculative nature of their movement.

In the general flow of international capital, the volumes of portfolio investment are large volumes of foreign direct investment. The annual volume of portfolio investments in 2010 amounted to 47-49 trillion. dollars, which exceeds the amount accumulated since the end of the 19th century. imported and exported PP. The rapid growth of portfolio investments is explained by the fact that, on the one hand, their organization and placement abroad is increasingly carried out by institutions that do not have significant financial resources and extensive information about the state of the global securities market (trust and insurance companies, pension funds, banks and others financial institutions), and on the other hand, by the fact that portfolio investments are often used not so much as an additional source of profit, but rather to penetrate highly monopolized industries, large and major corporations.

Over 90% of international portfolio investments are carried out between developed countries, which is due to the presence of developed financial markets with infrastructure that allows them to quickly service powerful capital flows, established traditions and guarantees that participants in their markets will fulfill their financial obligations, stability and transparency of tax legislation, and low political risks. . Portfolio investments from countries that are developing are characterized by instability and are predominantly a form of legal and illegal "capital flight" - spontaneous unregulated movement of them abroad for the purpose of reliable and profitable investment, avoiding expropriation, taxation, losses from capital inflation, characteristic of states in a state of economic and (or) political crisis.