I am looking for an investment project. Investments in production: advantages and disadvantages Investments in production are

Investments in the Russian economy have worried economists, businessmen, and statesmen for two and a half decades. Macroeconomic indicators are not in favor of the prosperous state of development of key industries of industrial production. What to do if investments in production cannot lead the economy to the trend of dynamic and progressive development? Are the prerequisites ripe for a qualitatively new step forward?

Conceptual environment of object orientation

The entire volume of the concept of "investment" is covered by its two forms: real investments and portfolio (financial) investments. Their goal is to make a profit or achieve other effects. This is clearly indicated by law No. 39-FZ of February 25, 1999. Real investments, by their fact, must ensure the increment of the added product in the form of new capital, which increases the welfare of society. Financial investments do not have this property.

Real investments consist of investments in fixed capital and intangible assets. Together they form the bulk of non-current assets. Non-current and current assets are two basic components of the life system of any organization. This system can be simplistically divided into operating and investment activities. Capital investments are made in any area of the national economy. Imagine a few examples of such areas:

the science;
education;
healthcare;
national security agencies;
branches of material production.

The entire national economic complex is an object of real investment. The national product and added value arise in the largest area of this device - in the sphere of material production. According to the OKONH classifier, it includes many industries. We will limit ourselves to a few examples of industries from a rather large list.

Agriculture.
Forestry.
Fish farm.
Transport and communication.
Construction.
Industry.
Information and computing service.

All of these sectors are related to manufacturing, so we will focus on them in considering investments in the manufacturing sector. Thus, productive investment implies capital investment in industries responsible for the material production of goods and services. The real subsystem of the economy is divided in the terminology of planned management into the sphere of production of means of production (group A) and the sphere of production of means of consumption (group B). This division is difficult to avoid in the modern interpretation, since in the article we are more interested in group A.

Introductory analytics of investments in the manufacturing sector

The last two years are characterized by events that are connected with the response of our country to the historic challenge of regaining the sovereignty of the nation. The subtlety of the situation lies in the fact that, with the complexities of the moment, not to roll back to the boundaries of a totalitarian domestic and foreign policy position. At the same time, it is extremely important to restore the country's geopolitical role and economic independence. There is a restructuring of many processes, including the revival of the military-industrial complex and the fundamental foundations of an independent economy without losing ties in the global world order.

In my practice, I have not seen reengineering or restructuring without a temporary dip in turnover and without stalling development stages. The same is happening in the national economy. Investment in production as an urgent task does not leave the information channels of the media and is constantly heard in the government. The country needs improvement in this matter. What is the picture of the dynamics of investment in fixed assets?

Financiers have this rule: in order to set a task and solve it, you first need to start counting and collecting statistics on the current state of affairs. Therefore, the basis of information should be taken from Rosstat. It should be recognized that the department has significantly increased its professionalism in recent years. Sources are in the public domain, and analytical sections are deeply echeloned and practically do not require further development.

Dynamics of Increment Indices of Investments in Fixed Capital of Russia

For the third year, there has been a negative trend in investments in fixed assets both in general and in the manufacturing sector. Source of information - Rosstat (Investments in Russia. 2015: Stat.sb. / Rosstat. - M., I58 2015. - 190 p.), As well as local reports of the department. For analysis, we are more interested in investments in the production of high value added products, such as the production of vehicles, ships, aircraft, machinery and equipment. Let the charts and tables "speak" for themselves. The following is a series of analytical selections, with brief summary comments in the next section.

Index of the physical volume of investments in machinery, equipment, vehicles carried out during reconstruction and modernization by type of economic activity in the Russian Federation

The share of machinery, equipment in the total volume of fixed assets by sectors of the economy, incl. related to high, medium and low degree of manufacturability in the Russian Federation

Commissioning of fixed assets per 1 ruble of investments for the main types of economic activity in average annual prices, kopecks

Local conclusions and alternative understandings

Industrial investment in the high value added industry declined in 2014 and continues to fall. Of particular concern are the production of electronic components and equipment (volume index - 57.3%), the production of cars and trailers (about 30% fall), the production of machinery and equipment (87.6%). It should be noted that the structure of investments in production has not changed significantly in recent years. The share of high-tech fixed assets increased slightly only in construction and agriculture. For all fixed assets, manufacturability increased by 2.5% over six years.

Investments in production, as observations show, fall significantly in the second year after the start of the crisis wave. This trend was observed in 1999 and 2010. We are expecting a further decline in the past 2015 and in the first half of 2016. By the end of 2015, the export-oriented industries breathed a sigh of relief. The weak exchange rate of the ruble has benefited. According to Mikhail Matovnikov (Expert Ural magazine No. 5 (674), 2016), companies that have managed to invest competently during the inter-crisis pause are now increasing exports and profits. A new basis is being formed for the resumption of the investment process. Below is a diagram of a comparison of financial results in the industry of the last two crisis peaks.

Comparative analysis of the dynamics of the financial results of the corporate sector at the crisis peaks of 2008-2009 and 2014-2015

Until now, we have analyzed the relative values of indicators characterizing productive investments. Turning to the absolute values of investment dynamics, I note the intention to take longer time periods for analysis and look for realistic data comparability. In this regard, the discounting method can help, but in the conditions of the instability of the Russian economy, it is unrealistic to apply a single settlement rate.

In the article about, I suggested applying my own discount rate (r2) for each year. It is based on the assessment of alternative investments of funds by investors who wish to invest in production with a market-based rate of return. These rates are higher than those applied by Rosstat, but are closer to real business practice.

Dynamics of the expert discount rate for a comparative analysis of OS efficiency

Using my own methodology, I obtained analytical slices of absolute and relative investment values, bringing them to the value of money in the "0" period. I bring to your attention a series of diagrams on the subject of analyzing the dynamics of investment in production in Russia.

Dynamics of investments in fixed capital per capita of the Russian Federation in the given values, thousand rubles

Dynamics of direct investments in the Russian Federation, million US dollars.

One of the ways to get a stable income is to invest in various industries for its development. The current economic situation makes the most attractive those projects whose payback period is not too long.

The essence of investing in the development of production involves making a profit through the sale of manufactured products by the consumer, which then turns into a cash equivalent. The profit of the enterprise and investors depends on the implementation period. If investment proposals are aimed at a product that is in high demand, then this circumstance causes a high turnover of capital, which is a guarantee of obtaining a stable high income.

Important! Before making a decision to invest money in any area of production, you need to carefully study the situation of demand for manufactured products, the amount of investor's profit depends on this!

Investing in production includes two ways:

Full investment. It assumes that one investor invests in the project. With a well-chosen tactics of doing business, all the profits received will go to one investor. The level of profit in this case can be quite high. It should be borne in mind that both the risks and the full responsibility for this type of investment will also be at a high level.

Full investment is used for investing in enterprises engaged in the manufacture of clothing, footwear, food, furniture utensils. Information about private investors is available on the websites of investment companies.

Important! The full investment method is not very popular precisely because of the high risks. Therefore, it is used by experienced investors who are able to build the right investment strategy, who understand the field of production chosen for investment, and are ready for the loss of invested funds as a result of an unsuccessful outcome of cases.

The use of the second type of investment helps to reduce possible risks - mutual or equity, where the risk is shared between all participants in the transaction.

Mutual (equity) investment is a collective way of investing. With this method of investing funds, the full responsibility is distributed among all participants in the investment project. Share investments are also invested in a certain area of production. The method is used when the main investor does not have enough money to invest in production activities or he wants to share possible risks, given that the profit will also be divided among all project participants, in accordance with the size of the share of invested funds.

Important! Share investment with the participation of large industrial investment funds involves the investment of capital in all areas of industry and production (metallurgical, food, light and heavy, and its other areas).

Investment in various areas has a huge impact on the volume of national production. The venture IT-sphere is especially popular - it is the investment of funds in innovative developments, new technologies that are used in production to improve the operation of machine tools and other mechanisms.

Such investments are characterized by a high degree of risk and low liquidity, but in the future you can bring huge profits - modernized industrial equipment makes it possible to improve the quality of products and increase their volume, which, in case of high demand, will pay back the costs and bring profit to the investor.

The growing popularity of crypto business is also an interesting direction for investors in 2018, especially investing in the production of cryptocurrency (mining). If you want to invest in this business, you need to take into account that such a new direction has both a high level of profit and a high degree of risk and is a practically unregulated area of the IT services market.

Investing money in the clothing and footwear industry helps to launch the production of comfortable shoes and fashionable clothes of a domestic manufacturer, to search for new design solutions in these areas. If the volume of gross output of such enterprises will expand, the volume of profit from its sale will also increase.

According to officials' forecasts, Russia's GDP in 2018 will maintain a positive trend. It is impossible to ignore the fact that accounting for the growth of labor productivity and an increase in the number of investments in industrial production act as a key factor in improving the economic situation in the country.

What does investment in production imply?

Investing in this area implies that the investor has large capital. Investments are aimed at increasing the volume of fixed capital, which includes:

Material and technical base. Investments help to reduce the costs of the enterprise for the purchase of industrial equipment and production equipment;
Financial assets - cash and securities - stocks and bonds, enterprise certificates, shares. The investor receives the benefit from such investments after their sale or in the form of profit from dividends;
Intangible assets. Intangible investments are used in the form of rights to innovative developments and know-how.

Video revealing the advantages of investing in production:

This section reflects the requests of potential investors considering the possibility participation in an investment project on the territory of the Moscow region.

you can get busy search for investment projects by posting the corresponding request in free form in our base of investment projects.

Entrepreneurs who are ready to offer their investment project for consideration will be able to find your request by keywords.

You can also get acquainted with the already proposed for implementation investment projects in the Moscow region by going to the section "I propose an investment project".

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For a business that has existed for more than 2 years and has a stable turnover, we offer loans from private investors through investment platforms. Loan terms - up to 12 months, approximate rate, taking into account the commission of the platforms - 32-35% per year. The loan amount is comparable to the monthly turnover (up to 10 million rubles), with equipment pledged, the amount can be increased. For medium-sized businesses, unsecured loans can be issued through factoring, overdraft, bonded loans (the amounts are limited only by the financial capabilities of your company). We work throughout Russia, except for the Caucasus, Crimea and the Far East.

Large-scale modernization of production, development of the agro-industrial complex (pig complexes, poultry farms, cattle complexes, RAS), obtaining the latest equipment and technologies of the 21st century, expanding capacities, purchasing equipment, building multi-storey buildings, new workshops or entire turnkey plants (from 5 million euros ).

The investment project itself can be considered as the main collateral for the loan.

We work on the territory of Russia and the CIS (except Ukraine).

Investments and loans in real sector projects

We consider projects from the real sector: production, energy, agriculture, construction of transport and logistics complexes, and others.

Interesting projects from 0.1 to 1.5 billion rubles, mostly. We can consider larger ones.

Profitability of the project from 20% per annum in rubles and above.

We provide assistance in attracting financing for business projects in the field of oil refining.
Funding from $100M - $20B+
Investment project term: 5-15 years, depending on the investment program.
Yield >25% (IRR).
For the purposes of cleanliness and openness of business, projects are accepted for consideration of financing issues, preferably an existing business, at least three years on the market, without mixing investments from several financial institutions. We also take on the functions of Project consulting & Credit broker & Financial provider. Financing of Start-Up projects is possible.

We invite initiators of large investment projects (manufacturing, high technology, pharmaceuticals, ecology, energy....) on the basis of existing enterprises that need their financing, to strategic cooperation!
Loans up to 10 years from one of the largest Russian banks.
To start interaction:
-financial model, business plan. It is desirable to have third-party income to repay the loan (not necessary. Each project is individual, there are no special conditions)

We are also ready to arrange loans secured by commercial facilities with a working rental business
The bank analyzes the financial flows generated by commercial real estate. 30-40% discount on bail.
Loan terms - up to 10 years. Rate 11-12.5% (currently)

Considered amounts from 300,000,000 rubles

Terms of cooperation in personal correspondence with interested parties.

Please email your inquiries first: [email protected]

Projects of any activities are accepted for consideration, incl. financing of long-term commercial transactions.
Loan for a period of 5-10 years, at 4% per annum, a moratorium on interest payments and loans for 12-24 months
The organizational period is 2-3 months, we provide consulting support on a paid basis.
Details when contacting the client.

Our company "Capital Plus" offers direct investments and preferential loans for business.
Among our partners are leading Russian and foreign investment companies, AAA-rated funds.

Basic terms of financing:
Projects from the real sector of the economy are considered.
Collateral - the investor's entry into the share capital for a period of 3 to 5 years. Exit from projects is carried out by selling a share to a strategic partner (initiator) or through an IPO.
Having a profitable and financially stable business with growth potential, a strong management team, and a transparent ownership structure. The company is at the stage of "Development" or "Expansion". The minimum transaction amount is 300 million rubles.

For start-ups and enterprises with small turnover, investment loans are possible, subject to the participation of the initiator or his financial partner in the project, with his own funds in the amount of at least 20% of the project cost.
The loan term is up to 10 years or more, the moratorium on payments of the loan body is 1-1.5 years. The minimum amount is 100 million rubles. All industries and segments are considered.
We also provide preferential leasing financing. Within the framework of the state subsidy - significant discounts on the advance payment + manufacturer's discount.

For small businesses and individuals, we offer loans secured by any real estate (residential and commercial), as well as vehicles, special equipment, including those secured by purchased real estate and equipment. Loan amount - from 2 to 30 million rubles.

1. Investments from 1 million to 50 million;
2. Rate from 25%;
3. Deposit - 80% (flexible point - depends on the project);
4. Loan term - up to 12 months.
Thus, we finance an existing business that needs money to expand, carry out state. contracts, closing the cash gap. The body and interest on the loan are returned at the end of the term. 50% of the check is financed by the money of the IDEA + fund, the remaining 50% is attracted from private investors on the RIClub site.
Website: http://riclub.ru/
We are in the social networks and messengers:
Instagram: https://www.instagram.com/russianinvestorsclub/
Facebook: https://www.facebook.com/RuInvestClub/
Telegram: https://t.me/RIClub

Investments And Loans Offer 3% Per Year.
We offer online Investments & Loans for individuals and companies in need from 20,000 euros to 200 million euros at a low interest rate of 3% per annum.
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(all regions) Contact:
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During a crisis, scenarios of people's behavior change: consumers are looking for new solutions and pay attention to the product that was not in demand before. Instead of iPhones, they buy budget mobile devices, exotic desserts are replaced with environmentally friendly products. Always profitable real estate is going through a "black" streak, and expensive restaurants are losing ground to fast food.

The list of business ideas in which it is profitable for an investor to invest is also undergoing changes. If agriculture, alternative energy, and education were not previously among the top profitable startups, today a niche occupied on time can bring pleasant dividends in the future.

Traditionally, the best answer to the question of where to invest money to make it work is to distribute assets evenly in several directions. Instead of spending millions of rubles on dubious financial projects that promise 300-500% profit in the next month, you should take a closer look at those types of businesses that are just gaining momentum. Among them, you will certainly find a "golden egg", which will become the foundation of the financial well-being of the investor.

Nuances of investing in Russia

Investing in Russia has a number of features that should be taken into account when deciding where to invest money:

a huge territory makes it possible to scale a successful idea from the central regions to remote regions;
business goes international - national borders are expanding for those market players who accept European standards and rules for product certification;
the growth of profitability indicators in agriculture led to the emergence of private farms of various specializations and opened the way for the production of building structures for agricultural purposes.

This is interesting! In the Moscow region, with the support of the Ministry of Economic Development of Russia, the Consortium of Innovation Clusters began its work. Its task is to involve the scientific potential in the economic life of the country, to ensure cooperation between business, science and government agencies. In 2016, 11 clusters were selected from the Arkhangelsk and Smolensk regions, Udmurtia, Nizhny Novgorod and other regions. Biotechnology, biomedicine, pharmaceuticals, mechanical engineering, electronics, and the creation of new composite materials are recognized as promising. The development program until 2020 provides for attracting investment in innovative projects and creating favorable conditions for business in selected regions.

Read also: Government to small businesses: what financial assistance to expect in 2017

1. Agriculture

The policy of import substitution has led the state to pay attention to agriculture and has offered a number of benefits that can make business on products and their processing profitable. The imposition of sanctions also contributed to the revival of agriculture: the creation of simple farms, eco-farms, the cultivation of organic vegetables and fruits, and the construction of eco-tourism facilities.

Starting a livestock farm is considered the most profitable investment. According to experts, the meat market is not saturated, the need for pork is 500-700 thousand tons, the annual increase in production is 10%. Modern equipment for a pig farm will cost 20-30 million rubles, but for those who dare to invest in this business, the investment will pay off in 12-18 months. The production of equipment for pig-breeding complexes, boxes and hangars for raising pigs is also profitable. Now they are mainly bought abroad.

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Course work

in the discipline "Macroeconomics"

topic: "Investment in production"

INTRODUCTION

In itself, production is one of the most attractive areas for doing business, and, accordingly, for investing. This attractiveness is determined by the unique position of production in relation to the end consumer.

At the same time, investments in production also have an increased risk, due to the special specifics of the subject. A multivariate analysis of such investments includes the study and forecasting of the final product market, the logistics of production (supply of raw materials, materials, energy carriers), the actions and capabilities of competitors, the general tax, administrative, psychological, organizational and other climate in which production will operate. , and so on.

Relevance of the topic. Investments and production are closely interconnected: investments in fixed capital determine the dynamics of production, while the decline in production limits investment opportunities. Therefore, production is an attractive investment area.

The purpose of this work is to study investment in production. The achievement of the goal will be facilitated by the consistent solution of the following series of tasks:

v consider the nature, types and sources of investment;

v consider the volume and structure of investments in Russia;

v consider the problems of investing in Russian production.

The topic of investment in production is devoted to the works of many domestic and foreign authors, such as Keynes J.M., Hayek F., Friedman M., Pigou A.S., Shagas N.L., Fisher P., Sukhareva O.S., Ryakhovsky D.I., Rozhkova S., Ivanov M.E., Podshivalenko G.P., Drigo M.F., Denikaeva R.N., Gretchenko A.A. and other authors.

Chapter 1

1.1 Essence and types of investments

The foreign literature presents a great deal of experience in studying investment activity as a process of "using money to get a lot of money, and to generate income or achieve capital gains, or both." Some authors distinguish between the process of "investing capital" and the "investment process" on the basis that the former means the purchase of financial assets, and the latter the acquisition of capital goods.

From the point of view of economic theory, investments are part of the total expenditures aimed at new means of production, replenishment of inventories, part of GDP not consumed in the current period, but aimed at creating new capital.

Investments (Law "On investment activities carried out in the form of capital investments") - funds having a monetary value invested in business or other activities in order to achieve profit or other beneficial effect.

Production investments - investments directed to new construction, reconstruction, expansion and technical re-equipment of existing enterprises.

Investments include: consumer investment; investment in business (economic investment); investments in securities (financial investments).

Consumer investment, strictly speaking, is not an investment. This concept means the purchase of durable goods or real estate (cars, houses, household appliances, etc.). Such an investment is, in fact, saving money, not investing it.

Investment in business is a real economic investment, which has the main motive for profit and means the acquisition of production assets for these purposes. Economic investment is any investment in real assets associated with the production of goods and services for profit at "normal" risk.

Financial investment (portfolio investment) means the acquisition of assets in the form of securities for profit at the "normal" risk for this type of investment. Unlike economic investment, financial investment does not imply the mandatory creation of new production capacities and control over their use, therefore, the financial investor relies on others to manage real assets. The process of financial investment means a simple transfer of rights: the investor transfers his rights to money and in return acquires rights to future income in the form of a security.

In addition to these main types of investments, there are also so-called intellectual investments, which involve the purchase of patents, licenses, know-how, training and retraining of personnel.

Investment, in accordance with the definition of J. M. Keynes, is represented by the part of income for a given period that was not used for consumption, while the level of investment is determined by the ratio between the expected marginal income from assets and the marginal cost of production (that is, the marginal efficiency of capital). John. M. Keynes defines the marginal efficiency of capital as the ratio of the expected profit from a given type of additional (marginal) investment to the price of investment goods.

The marginal efficiency of capital, according to Keynes, is the smallest return on additional (marginal) capital investment that is acceptable to the investor. The marginal efficiency of capital is a function of the amount of investment. The greater the investment, the lower the marginal efficiency of capital, i.e. efficiency of additional (marginal) investments. In the limiting case, investors may accept a return on investment equal to the prevailing interest rate in financial markets.

In the Keynesian concept, effective demand, acting through the propensity to consume and the growth of new investment, sets the maximum possible level of economic activity.

J.M. Keynes considered the level of investment to be the main factor determining the level of income, and the absence of a regulatory mechanism through the interest rate was the main feature of the underemployment equilibrium he described. In the Keynesian concept, the equality of savings and investment is achieved by changing the level of aggregate income, not the interest rate. J.M. Keynes foresaw the ever-increasing role of the state in this area and believed that incentives to invest tend to be reduced.

Until the late 1980s, the scope of the term “investment” in Russian scientific literature included translations of works by foreign authors and studies of the capitalist economy. The concept of "investment activity" was associated with capital investments, covering the movement of value in the course of the reproduction of fixed assets from the mobilization of funds to their reimbursement, and the system of corresponding relations. At the same time, two approaches to understanding the investment process were proposed: costly and resource-based. The emphasis on the cost side of investments narrowed the space for their movement. With the resource approach, the consistent transformation of funds under the influence of investors' targets into a product of investment activity was ignored.

When looking at this problem from modern positions in the structure of the investment process, one can single out, first of all, investment resources. Regardless of the acquired form, in their economic essence, they represent income accumulated for the purpose of accumulation.

The investment process can be interpreted in a broad and narrow sense. In a broad sense, this is a process associated with investing in investment objects in order to generate income (or a positive social effect). In a narrow sense, this is the process of converting investment resources into investments. This process consists of two stages, the first of which includes the actual investment (investment of funds), and the second stage involves the payback of the costs incurred and the receipt of income (costs and returns).

It is correct to define investments as objects of property and other rights that have a monetary value, intended (separate) for making into any object of economic activity that does not have an illegal nature in order to obtain profit, income or a positive social effect.

The forms of investment can be different: investments in the expansion or reconstruction of production, in activities that improve the quality of products and services, in the education of personnel and the conduct of scientific research. In other words, investments are economic resources that increase the real capital of society, including, in addition to technical capital, its forms such as human and natural capital.

Depending on the subject, investment categories are distinguished: public investment and private investment.

According to the sources of financing, investments are divided into internal and external. Domestic sources of financing are made up of savings, i.e. that part of personal or social income from current production that is not spent on current consumption. They come in two forms: voluntary and forced savings.

Investments differ in the degree of risk. Risk is understood as the possibility that the absolute or relative value of the return on an investment will be less than expected. The wider the spread of absolute or relative values of profit on invested funds, the greater the risk, and vice versa. Low-risk investments are considered a safe means of obtaining a certain income, while high-risk investments, on the contrary, are considered speculative.

In terms of duration, investments are divided into short-term and long-term. Short-term investments are usually understood as capital investments for a period of not more than one year (for example, short-term deposits, purchase of short-term savings certificates, etc.), and long-term investments are capital investments for a period of more than one year.

According to the objects of capital investment: real, financial, innovative.

Real - invested in objects that exist in a material form, as a rule, production facilities.

Innovative - investments in new developments.

Financial - investments in various types of financial assets (freely traded on the stock exchange - securities).

Based on the characteristics of the subject, investments are divided according to nationality, territorial distribution, form of ownership.

So, investments are long-term investments of capital with the aim of generating income. Thus, investments are understood as those economic resources that are directed to increase the real capital of society, that is, to expand or modernize the production apparatus. This may be due to the acquisition of new machines, buildings, vehicles, as well as the construction of roads, bridges and other engineering structures.

1.2 Sources of investment

investment production profit credit

Investments, especially real (capital-forming) investments, can be made both at the expense of internal (national) and external (foreign) sources. Both sources of investment play a significant role in enhancing the attraction of capital and the development of the country's economy.

Initially, consider domestic sources of investment. On a national scale, the overall level of savings depends on the level of savings of the population, organizations and the government. Thus, the population can set aside certain funds for the future, companies can reinvest part of the profits received from their activities, and the government can accumulate funds by exceeding budget revenues over expenditures. At the same time, the volume of savings directly affects the volume of investments in the country, since part of the funds is directed to consumption, and the rest - to investments.

Based on this, the following main internal sources of investment can be distinguished:

A) Profit. Businesses and organizations often use profits as a source of investment. Part of the profits they receive is directed to business development, expansion of production and the introduction of new technologies. Obviously, those enterprises and organizations that do not allocate funds for these purposes eventually become uncompetitive.

Enterprises sometimes try to make up for the lack of financial resources, including for business development, by raising prices for their products. However, it should be borne in mind that an increase in prices for their products causes a reduction in demand for them, which leads to problems with the sale of products, and, as a result, to a decline in production.

b) Bbank loan. Bank lending in many developed countries is one of the main sources of investment. At the same time, long-term lending plays a special role, since in this case the burden on the borrower is low and the company has time to “promote” the business. However, the role of bank lending as a source of investment depends on the development of the banking system and economic stability in the country. There is no doubt that the instability in the country leads to the reluctance of banks to issue long-term loans and finance investment projects.

In general, bank lending contributes to a gradual increase in production and, as a result, the overall recovery of the country's economy.

V) Issue of securities. The issue of securities is gradually becoming a source of investment in Russia. At the same time, in developed countries, it is the issue of securities that is one of the main sources of financing investment projects.

In order to raise funds, enterprises can issue both shares and bonds. At the same time, as a rule, any legal entities and individuals with free cash can act as buyers of securities. In this case, they act as investors, providing their own funds in exchange for the company's securities.

G) Bbudget financing. Currently, Russia is experiencing a surplus in the state budget. Due to this, it is possible to implement a part of investment projects at the expense of centralized sources of financing. At the same time, both non-repayable budget financing of nationally significant projects and lending to potentially profitable projects can be used.

State investments are usually directed to the implementation of a limited number of regional programs, the creation of particularly effective structural facilities, the maintenance of federal infrastructure, etc. At the current stage of development of the Russian economy, the priority areas in terms of budget financing are the stimulation of industrial development and the maintenance of scientific and production potential.

e) Amortization charges. Depreciation deductions are aimed at restoring the means of production that wear out in the process of being used in the production of goods. However, in Russia, depreciation deductions are currently depreciating due to inflation, which significantly reduces their role as sources of investment.

The financial resources received by the national economy from domestic sources of investment are not always sufficient for the successful economic development of the country. This is especially true for countries with developing or transitional economies. In this regard, it is necessary to separately consider external sources of investment, i.e. sources of foreign investment, namely:

A) Direct foreign investments. Under direct investment, it is customary to understand capital investments in real assets (production) in other countries, in the management of which the investor participates. Investments can be considered direct if a foreign investor owns at least 25% of the company's shares, or their controlling stake, the value of which can vary widely depending on the distribution of shares among shareholders.

The leading investors are economically developed countries, primarily the United States, but over the past 20 years their share in the total amount of foreign direct investment has decreased from 55% to 44%, while the share of Western European countries and Japan has increased (respectively from 37% to 44% and from 1% to 10%).

By making direct investments, a foreign investor can create an enterprise, a branch or representative office wholly owned by him, create a joint venture, become a co-owner of an already existing and normally functioning enterprise, etc. At the same time, he always seeks to participate in or independently manage this company.

It should be noted that foreign direct investment is also a way to improve the technical level of Russian enterprises, since foreign investors not only invest in the organization of production, but also often introduce modern technologies at these enterprises. Moreover, in world practice, investment is mainly concentrated in the manufacturing industry, and within it - in science-intensive and high-tech industries. In some cases, enterprises with foreign investment receive direct access to the international market.

Attracting foreign direct investment should have access to many areas of the national economy, but there should also be some sectoral restrictions (state monopolies, etc.). Examples of such industries are industries associated with the direct exploitation of national natural resources (for example, oil and gas industries), as well as industrial infrastructure (power grids, roads, pipelines, etc.). Such restrictions are enshrined in the laws of many developed countries, in particular the United States. In these industries, it is expedient to use alternative forms of attracting foreign capital to direct investment.

b) Pportfolio foreign investment. Portfolio foreign investments are usually called investments in securities of foreign enterprises and organizations. It is also possible to invest in securities of a foreign state.

A distinctive feature of portfolio investment is the motives of investors. Thus, a portfolio investor is not interested in managing the company whose securities he has acquired. Its purpose is to receive income from the ownership of securities (dividends, interest, the difference between the purchase and sale prices, etc.).

Intermediaries in foreign portfolio investments are mainly investment banks, through which investors gain access to the national market of another country.

The securities in which foreign investors invest are mainly shares and bonds of Russian enterprises. At the same time, the securities of large Russian enterprises are of the greatest interest, while the share of portfolio investments in small and medium-sized Russian enterprises is quite low. This is due to the high risks of investing in such companies, which makes it difficult for them to attract foreign investment.

V) ANDforeign loans. International organizations (International Monetary Fund, etc.) and large foreign banks (European Bank for Reconstruction and Development, Deutsche Bank, etc.) usually act as creditors. Medium-term and long-term loans can be provided to industrial and commercial corporations, enterprises, banks, financial companies, as well as directly to the state.

In recent years, such a form of long-term financing as project financing has often been used on the international market. It consists in providing large loans for specific industrial projects of enterprises. Thus, this form of long-term lending approaches direct investment.

So, Russia needs to make every effort to attract all kinds of foreign investment, as they ultimately contribute to the future increase in the production capacity of the economy.

In this chapter, the essence, types and sources of investment were considered.

Chapter 2. Investments in Russia

2.1 Volume and structure of investments in Russia

The effectiveness of the use of investments depends on their structure. The structure of investments is understood as their composition by type and direction of use, as well as their share in the total volume of investments.

There are technological, reproductive, sectoral, territorial structure, according to sources of financing and types of ownership.

For example, sectoral structure means the distribution and ratio of capital investments by industry and economy. This indicates the degree of balance and proportionality in the development of industries, as well as the development of industries that ensure the acceleration of scientific and technological progress in the country.

The technological structure of real investments gives an idea of the composition of the costs of construction and installation works, the purchase of machinery, equipment, tools, and other capital costs. The reproduction structure of capital investments characterizes the distribution and ratio of investments according to the forms of reproduction of fixed production assets, shows the share of capital investments directed to the reconstruction, technical re-equipment of existing enterprises, new construction, and modernization of production.

An important role is also played by the structure of capital investments by forms of ownership, which refers to the distribution and ratio of capital investments in the context of forms of ownership: state, municipal, mixed, foreign, etc.

The territorial structure of capital investments is understood as their distribution and correlation across territories, regions, regions of the country.

Analysis of the structure of investments is of great importance, as it allows you to identify trends in the use of investments and develop an effective investment policy.

For a long time, investment in fixed assets in Russia was characterized by negative growth rates. Moreover, no other macroeconomic indicator had such depressive dynamics both in terms of the duration of the recession (since 1991) and its depth; against 59.5% in terms of GDP and 49.8% in terms of industrial production).

1999 was the first year since the beginning of the reforms, which resulted in an increase in investment in fixed assets by 4.5% compared to the previous year. In 2000, this trend developed; in the first quarter, the growth compared to the corresponding period in 1999 amounted to over 13 percent. In January-June 2001, the volume of investments in fixed assets from all sources of financing amounted to 564.3 billion rubles, up 4.2%. more than in the corresponding period of 2001. In the first half of 2001, the positive dynamics of the growth of capital-forming investments continued, but the growth rates of investments in fixed capital decreased somewhat compared to the corresponding period of 2000 .

An analysis of the sources of investment in fixed capital shows that the revival of investment activity is mainly due to the dynamics of two components: the beginning growth of investments at the expense of the own funds of enterprises and organizations and the resumption of growth in foreign direct investment in the Russian economy, while other important investment components continue to decline.

In January-April 2005, investments in fixed assets from all sources of financing amounted to 721.2 billion rubles. with an increase by 9.8% relative to January-April of the previous year (in January-April 2004 - by 12.7%). After a "pause" at the beginning of the year, investment activity is gradually recovering. The growth rate of investments in fixed assets in April 2005 was 11%.

According to Rosstat data for January-March 2005, the accumulated foreign capital in the Russian economy at the end of March 2005 amounted to $85.1 billion, up 49.1% year-on-year. The largest share in the accumulated foreign capital accounted for other investments made on a repayable basis (credits from international financial organizations, trade credits, etc.) - 53.6% (at the end of March 2004 - 54.5%), the share of direct investments was 44.5% ( 43.0%), portfolio - 1.9% (2.5%) .

In 2005, Russia received 53.65 billion dollars of foreign investment. The leaders were Luxembourg (13.8 billion dollars), the Netherlands (8.9 billion), Great Britain (8.6 billion), Cyprus (5.1 billion) and Germany (3 billion).

According to the Russian Ministry of Finance, net capital inflow into the country in 2007 amounted to $80 billion. At the same time, the Ministry of Finance significantly exceeded its initial forecast (about $40 billion), calculated based on data on capital inflows for the previous year 2006, when this figure reached $41 billion.

The lending rates offered by banks are incomparable with the level of profitability of investment projects. For example, interest rates on loans granted to organizations and enterprises in rubles for a period of 1 to 3 years are currently over 30% per annum.

One of the ways to attract investment resources and, above all, private capital, in the absence of liquid collateral for loan capital, is the issue and sale of part of the shares to interested investors. However, this method of attracting financial resources, essentially free, has not yet found its practical application.

Investment activity in infrastructure sectors is one of the indicators of growth potential, since activities in this sector of the economy are mainly focused on solving long-term problems. An alarming moment in the dynamics of investments in transport in the 1st quarter of 2009 was the reduction in investments in the development of railway transport by 38.4% compared to the same period of the previous year. The absolute decline in investment had a very negative impact on the associated production of capital goods. With a decrease in orders from Russian Railways in January-May 2009, the production of mainline diesel locomotives decreased by 16.7% compared to the same period of the previous year, freight cars - by 56.1%, passenger cars - by 26.0%. At the same time, the dynamics of investment in transport was supported by an increase in funding for priority projects for the development of pipeline transport. Investments in pipeline transport increased by 1.47 times as compared to the 1st quarter of 2008, and their share in the structure of investments in fixed assets in the economy as a whole increased by 4.9 percentage points. up to 13.3%. It should be noted that the successful implementation of programs for the development of pipeline transport closely correlates with the dynamics of the development of associated industries of the metallurgical and machine-building complexes. Maintaining demand for certain types of products determined the lower depth of the decline in investment in metallurgical production (98.7% against the 1st quarter of 2008) relative to the dynamics of investment in the economy and manufacturing. Against the backdrop of continued demand for trade services in 2006-2008. and the 1st quarter of 2009, there was a redistribution of investments by types of activity against the background of the expansion of the material and technical base of retail trade and trade in motor vehicles. Investments in retail trade increased by 11.8% compared to January-March 2008, while investments in motor vehicle trade remained at the same level .

Changes in the structure of investment in fixed capital by type of economic activity in industry were determined by a moderate decline in manufacturing (97.8% against Q1 2008) and positive dynamics in the production and distribution of electricity, gas and water (100.6%). The decline in investment activity in mining in the first quarter of 2009 was deeper and amounted to 9.3% compared to the same period of the previous year. Despite the decrease in investments in fixed assets in the extraction of fuel and energy minerals by 12.2% compared to the 1st quarter of 2008, their share in the structure of investments in fixed assets in the industry as a whole remained approximately at the level of the same period of the previous year and amounted to 40% . With the low efficiency of investment activity in recent years and the formation of unfavorable trends in the reproduction of the mineral resource base and the commissioning of new deposits, the intensification of the decline in investment determines additional restrictions on overcoming the negative consequences of the crisis. The situation is aggravated by the fact that, given the prevailing conjuncture of world prices for fuel and energy minerals, the profitability of their production in the first quarter of 2009 decreased to 18.9% against 32.8% in the same period of the previous year, and the return on assets, respectively, to 2 .2% versus 4.3%.

Among the industries with the deepest decline in investment activity are chemical production (65.7% compared to January-March 2008), food production (77.6%), leather and footwear production (77.7%), textile production (87 .6%) and wood processing and wood products manufacturing (88.9%). An analysis of the dynamics and structure of investment shows that the Russian economy is characterized by a low share of investment in engineering. The share of investments in industries producing capital goods in the 1st quarter of 2009 was 2.5% and decreased by 0.4 percentage points. compared to the same period of the previous year. The change in the share of investments in mechanical engineering was mainly determined by the reduction in investments in the production of vehicles by 21.1% compared to the 1st quarter of 2008 and in the production of machinery and equipment - by 2.0%. With the current age, technological and reproductive structure of fixed capital, low rates of investment in machine-building industries remain a factor that hinders the pace of development of industries for the production of final and intermediate goods.

So, in a situation of a sharp drop in output and the existing structure of domestic production of investment goods, imports remain one of the main sources of renewal of fixed capital, reconstruction and modernization of production. Even during the acute phase of the crisis, investments in the purchase of imported equipment and machinery maintained a positive trend, which made it possible to mitigate the negative impact of a sharp curtailment of the production of machinery, equipment and vehicles.

2.2 Problems of investing in Russian production

The transformational transformations that took place in Russia had an impact on all aspects of the investment process, its dynamic and structural characteristics.

In a market economy, the totality of political, socio-economic, financial, socio-cultural, organizational, legal and geographical factors inherent in a particular country that attract or repel investors is commonly called its investment climate.

Unfortunately, Russia still lacks its own system for assessing the investment climate of the country and its individual regions. Foreign investors are guided by the assessments of numerous consulting firms that regularly monitor the investment climate in many countries of the world, including Russia.

However, assessments of the investment climate in Russia, given by foreign experts at their regular meetings held outside the Russian Federation and without the participation of Russian experts, seem to be of little reliability, and possibly biased.

Attracting foreign investment into the Russian economy is a vital means of addressing the investment "hunger" in the country. However, in order for foreign investors to make such investments, very serious changes in the investment climate are necessary. It is necessary to take a number of cardinal measures aimed at creating in the country both general conditions for the development of civilized market relations, and specific ones related directly to solving the problem of attracting foreign investment. Among the measures of a general nature, the following should be mentioned as priorities:

Achievement of national agreement between various power structures, social groups, political parties and other public organizations regarding the priority of solving the national problem of Russia's exit from the economic crisis;

Accelerating the work of the State Duma on general economic and criminal legislation aimed at creating a civilized non-criminal market in the country;

Achieving success in the fight against crime;

Slowing down inflation by all measures known in world practice, with the exception of non-payment of wages to workers;

Revision of tax legislation in the direction of its simplification and stimulation of production;

Mobilization of free funds of enterprises and the population for investment needs by increasing interest rates on deposits and contributions;

Introduction in the construction of a system of payment for objects for the final construction products;

Launching the bankruptcy mechanism provided for by law;

Providing tax incentives to banks, domestic and foreign investors making long-term investments in order to fully compensate them for losses from slow capital turnover compared to other areas of their activity.

The most attractive sectors for foreign capital are the financial sector, commercial activities to ensure the market, and the fuel industry. The top six industries that are most heavily invested by foreign companies are food processing, mechanical engineering and metalworking, trade and catering.

The structure of foreign investment requires a greater differentiation of countries - the main investors, which will help reduce economic dependence in obtaining additional sources of savings both from one country taken separately and from a small number of countries. The sectoral structure predetermines the need to increase foreign investments in the branches of material production. The regional structure of foreign investments is deformed and is characterized by very insignificant investments of foreign investments in the main part of the regions of the Russian Federation.

Today, the volume of the world market for products manufactured using nanotechnologies is estimated at about $250 billion, and by 2015 this figure will be, according to various estimates, from two to three trillion dollars, such a market is comparable to the energy market.

But Russia is still at the very beginning of the path, there are new materials and technologies that can revolutionize the scientific and industrial spheres, but there are no competitive technologies for their in-line production. The state has prepared the world's largest state investment program in the field of nanotechnology. Financing of nanotechnologies until 2015 will amount to 318 billion rubles.

The main recipient of budget injections will be the state corporation Rosnano. The authorities supported the proposal of the corporation to issue bonds of the state corporation in the amount of up to 182 billion rubles. In addition, Rosnano will receive additional funds from Sberbank: the issue of opening credit lines for the corporation and its project companies in the amount of up to 45 billion rubles is being considered.

According to Dmitry Medvedev, the volume of sales of the Russian nanoindustry should reach 900 billion rubles by 2015, a quarter of sales, according to the president's plan, will be exported. The task of the state is to maximize the interest of both large and medium businesses, and small businesses, as well as to encourage entrepreneurs to invest in nanotechnologies. In addition to money, there is another problem: personnel. The shortage of personnel is a very serious barrier for Russia to seriously engage in nanotechnology.

Russia is still losing in the innovation race. To solve this problem, it is necessary to correctly formulate and find the best ways to solve them.

One of them is that society as a whole should form an innovative order, which is not available from the Russian economy. Such an order can be considered formed only when it is supported by appropriate financial resources. In a market economy, it is impossible to work without money. Money plays the role of the main indicator that establishes the area of effective activity. However, many of our innovation-oriented enterprises today simply do not have the financial resources for this. According to statistics, half of Russian companies in the manufacturing industries do not spend money on R&D at all, and only 20% of enterprises among them spend more than 1 million rubles a year. On average, 0.5% of the revenue of domestic enterprises goes to innovation, in the world's leading companies this share ranges from 7 to 12%. The innovative potential of the Russian economy has not yet been secured.

Russian innovations are now being introduced at our enterprises, in most cases not new developments, but equipment, technologies and materials that have long been used in other countries. Of course, such innovations are also progress in our economy, but at the same time they are a programmed lag.

So, the main reason for the insignificant volume of foreign investment in the Russian economy, as mentioned, is the insufficiently favorable investment climate, and therefore state intervention is necessary to build a favorable investment climate.

And also the problem of the attractiveness of innovative investment is to a certain extent characteristic of the economies of countries engaged in innovative activities. However, in some countries it has been successfully resolved, a mechanism for optimal management of these processes has been created, in others, including Russia, the most innovative projects, which subsequently turn out to be breakthrough and promising, are less interesting for investors.

In this chapter, the volume and structure of investments in Russia were considered, as well as the problems of investing in Russian production.

CONCLUSION

The global crisis has swept through the Russian economy, crossing out the achievements of recent years of unbridled growth. Many construction projects have been frozen, due to the lack of demand for products, plants and factories are shutting down, unemployment is growing, and the decline in industrial production in individual sectors is measured by tens of percent. However, despite any global cataclysms, life goes on.

A good leading indicator of the state of the economy is investment activity in the country. Since the state and business are ready to invest in the development of funds that will pay off only after many years. The history of the 20th century shows that it is capital investments that become the engine that, in a difficult time of recession, gives impetus to the development of industry, creates new jobs and fills local and federal budgets.

In our country, the state is the largest investor. Under the influence of the crisis, almost all companies with state participation, to one degree or another, were forced to cut development plans.

The crisis could not put an end to investment activity in our country, although it seemed to do everything possible for this. As a result, a unique situation has developed in many sectors of the economy, which allows them to take new positions in the market at minimal cost. And those companies that still have financial opportunities for development should hurry to take advantage of this favorable moment.

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