Each enterprise in the process of its formation and development must determine how much equity must be put into circulation. The expediency of attracting one or another financial source must be compared with the indicators of profitability of investments of this type and the cost of this source. The need of the enterprise for its own and borrowed funds is an object of planning, respectively, the decision on this issue has a direct impact on the financial condition and the possibility of survival of the enterprise.

The production and economic activities of the enterprise are the main source of profit. It is determined by the charter of the enterprise, associated with the production and sale of products (goods, works and services) and is accompanied by constant investment in inventory, fixed assets and other assets that ensure the continuity of the production process.

However, in the course of its activities, the enterprise makes investments not only material, but also in financial assets who are not directly involved in the production process. Financial assets include investments of the enterprise in the authorized capital of other enterprises, as well as government and corporate securities acquired by the enterprise in the financial market.

By acquiring certain financial assets, an enterprise can solve different problems. Yes, putting available funds into share or debt securities, the company receives income from the ownership of the latter and ensures the effective use of free financial resources. Taking part in the formation of the authorized capital of other business entities (subsidiaries and associated firms), the company provides control over them and strengthens its competitive position in the market for the relevant products. By purchasing highly liquid securities, it ensures an adequate level of liquidity, effectively uses temporarily free cash and partially compensates for the costs of financing working capital. By formalizing the debtor's debt with a promissory note agreement, the company reduces the level of risk during operations

Financial investments are divided into:

Strategic;

Portfolio.

Strategic financial investment should help to implement the strategic goals of the enterprise development, such as expanding the sphere of influence, sectoral or regional diversification of operations, increasing market share by “capturing” competing enterprises, acquiring enterprises that are part of the vertical technological chain of production. Therefore, the main factor affecting the value of the project for such an investor is to receive additional benefits for its main activity. Therefore, strategic investors are mainly enterprises from related industries.

Portfolio financial investments are made with the aim of making a profit or neutralizing inflation as a result of the effective placement of temporarily free cash. Investment instruments in this case are profitable types of monetary instruments or profitable types of stock instruments. This type of investment is becoming more promising as the domestic stock market develops.

There are also several types of financial investments, namely:

Buying shares. The profitability of this type of investment is higher compared to others, but the risks are more significant.

Purchase of bonds. The advantage of this financial instrument is high reliability, the disadvantage is low profitability. The level of risk depends on the level of expected return. Issuers - large companies and the state.

Investing in shares investment funds(mutual funds). In such funds, the capital is managed by professionals, so the risks are minimized, and the level of return is one of the highest.

In addition, you can invest capital in options, precious metals and futures.

The structure of the financial investment market can be defined as follows:

stock market. Here there is a trade in shares of various enterprises;

credit market. It purchases such securities as government and corporate bonds, other types of debt obligations;

currency market. Here you can buy options to buy currency, trade on the FOREX market, etc.

Financial investment is carried out by the enterprise in the following main forms (Fig. 1.2.1):

Rice. 1.2.1 Main forms of financial investment.

1. Capital investment in authorized funds of joint ventures. This form financial investment has the closest connection with the operations of the enterprise. It ensures the strengthening of strategic economic ties with suppliers of raw materials and materials (with participation in their authorized capital); development of its production infrastructure (when investing in transport and other similar enterprises); expansion of sales opportunities for products or penetration into other regional markets (by investing in the authorized capital of trade enterprises); various forms of industry and product diversification of operating activities and other strategic directions for the development of the enterprise. In terms of its content, this form of financial investment largely replaces real investment, while being less capital-intensive and more efficient. The priority goal of this form of investment is not so much to obtain a high investment profit (although its minimum required level should be provided), but to establish forms of financial influence on enterprises to ensure the stable formation of their operating profit.

2. Investment of capital in profitable types of monetary instruments. This form of financial investment is aimed primarily at the effective use of temporarily free cash assets of the enterprise. The main type of monetary investment instruments is a deposit in commercial banks. As a rule, this form is used for short-term investment of capital and its main purpose is to generate investment profits.

3. Investment of capital in profitable types of stock instruments. This form of financial investment is the most massive and promising. It is characterized by investment in different kinds securities freely traded on the stock market (the so-called "marketable securities"). The use of this form of financial investment is associated with a wide choice of alternative investment solutions, both in terms of investment instruments and its terms; a higher level of state regulation and protection of investments; developed infrastructure of the stock market; the availability of promptly provided information on the state and conjuncture of the stock market in the context of its individual segments and other factors. The main purpose of this form of financial investment is also the generation of investment profit, although in some cases it can be used to establish forms of financial influence on individual companies in solving strategic problems (by acquiring a controlling or sufficient weighty stake).

In order for an enterprise to be able to make financial investments, the necessary free financial resources that do not need to be used in production and economic activities, as well as the presence of a developed financial market where you can purchase highly liquid and reliable financial assets.

Most domestic enterprises not only do not have free financial resources for financial investments, but also experience a constant lack of funding sources to maintain the volume of production activities at the proper level. Therefore, if an enterprise makes financial investments, they are mainly intended to support the activities of individual business entities that play or will play a significant role in ensuring the life and competitiveness of this enterprise.

An obstacle for an enterprise to conduct transactions with financial assets is also an insufficient level of development of the domestic stock market and limited opportunities for conducting financial transactions in the international market. Domestic enterprises practically do not have the opportunity to invest in liquid and reliable securities, and therefore cannot receive a stable interest or dividend income. Nor can they maintain an adequate level of liquidity by investing in highly liquid, risk-free government securities. The need to maintain an insurance reserve on the current account, and not in liquid securities, does not allow you to effectively manage cash and negatively affects the results of financial and financial economic activity enterprises.

Unlike enterprises that operate in a developed financial market, domestic enterprises do not have the ability to effectively manage financial risks using derivative financial instruments - futures, options, forwards and swaps. One of the few ways to reduce entrepreneurial risks with the help of financial instruments is the use of bills of exchange in economic circulation to formalize the supply of products, raw materials and materials on a deferred payment basis.

The investment process through the eyes of the head of the company or the project manager - two different points of view. The director, in addition to the reproduction of fixed assets and the development of the company, focuses on operating activities. There are always many problems in the current production. The project manager, being a full-time specialist, is completely immersed in projects. Real investment is enough for him common topic over business interests. It is useful for each of our heroes to sometimes expand the angle of view and focus on the subject area of ​​fixed capital investment.

Composition of capital investments in the real sector

Real and financial investments together make up the total amount of investments from the perspective of investment objects. The difference is that financial investments involve investments in a variety of financial assets, which by themselves do not increase capital in the economy. Real investments, on the contrary, provide an increment of capital capacity. At the same time, we must not forget that we are talking not only about the business environment, but about national economy generally. It includes many institutions in addition to business, including state and municipal areas of activity.

Real investment involves investment in material and intangible assets. Intangible assets (IA) should be understood as such non-current assets who do not have material carrier, carry value for the organization that can bring benefits in its future activities. Intangible assets must be formally assigned to the organization. Examples of NMA are:

• rights to trademarks, service marks;
• copyright for software and databases;
• patent rights;
• licenses.

What forms of investments in tangible assets can be classified as real investments? Most of them relate to investments in non-current assets. key view outside current assets- fixed assets (OS), otherwise referred to as fixed production assets (OPF). Material investments include the following.

1. Acquisition of business entities as property complexes.
2. New capital construction.
3. Re-profiling of production.
4. Reconstruction and modernization of OPF facilities.
5. Expenses for preparation for the construction of fixed assets.
6. OS acquisition.
7. Equipment for investment objects.
8. Acquisition working capital necessary for the implementation of investment projects.
9. Formation of stocks of working capital necessary to start the operational phase of projects.

Scheme of the main forms of real investment

Above is a diagram of the main forms of investment in tangible and intangible non-current assets. In business practice and in the literature, for convenience, synonymous formulations of real investments are often used. Real investments are also called:

• investments in fixed assets;
• capital investments;
• direct or immediate investment.

The last wording is not disputable, since it implies that the investment of capital is made by the investor with his direct participation in the choice of the subject and object of investment. The subject can be, among other things, a block of shares and a share in the authorized capital of the company. However, if participation in the business is considered as a project involving the creation of a new property complex, such investments are also considered real.

Classification of real investments

As noted above, real investments have various forms and belong to different social institutions. It's hard enough to keep things in focus state building and devices, so I suggest focusing on the business area for ease of understanding. Enterprises use capital investments and the purchase of intangible assets to solve urgent problems:

• regular renewal of the OPF park;
• expanded reproduction of fixed assets;
• acquisition of non-property rights related to income;
• increment of production capacities;
• construction of industrial buildings and structures;
• developmental and innovative developments;
• territorial development of the company;
• development of social infrastructure and housing and communal services, which is on the balance sheet of the enterprise.

Depending on what types of investments are included in the company's investment program, the appropriate sources of funds and forms of project activities for implementation in the coming period are determined. Therefore, real investments are necessarily subject to classification, which is included in investment policy and serves as the basis for making managerial decisions. Main hallmark attachment objects. Other features and classes are summarized in the following table below.

Classification signs and types of real investments in the enterprise

Let us turn our attention to the technological structure of real investments. Below is a summary table of indicators and a diagram of the technological structure of capital investments in the Russian Federation in the period from 1990 to 2014. As follows from the analysis, the share of construction and installation works for 24 years has increased from 44% to a value slightly less than 60%. At the same time, the share of purchasing new equipment, tools and inventory decreased from 38% to 23.4%, which undoubtedly indicates a negative trend, as it demonstrates a decrease in the volume of fixed assets reproduction.

Diagram of the dynamics of the technological structure of investments in fixed assets

The indicators of the specific weights of expenditures on re-equipment and reconstruction, on the one hand, and on new construction and expansion of operating enterprises, on the other, allow us to draw interesting conclusions. These indicators in the aggregate are called the reproductive structure of capital investments. In this case, the first block of values ​​refers to the parameters of the intensive development of the enterprise, and the second - extensive.

Real investment in the form of new capital construction prevail. Construction objects are built on the basis of a standard or individually developed project. The completed construction cycle is completed by the state acceptance with the commissioning of the facility. Each new object has a balance holder - a new legal entity or a professional operator of maintenance services.

Methodology for assessing real investments

There are several approaches to assessing investments in the real sector. The first of them involves methods of valuation of investment objects. All of them, one way or another, solve the problem of balancing the value orientations of the current owner of the company and the attracted investor. The forms and methods of evaluation differ depending on the types of objects, which are divided into the following types.

1. Real estate.
2. Cars and equipment.
3. Inventory and finished products.
4. Objects of intellectual property.
5. Registered property rights.
6. Costs incurred in R&D, organizational development, etc.
7. Business reputation of the enterprise.
8. The company as a property complex as a whole.

The appraised value of an investment object is divided into the so-called value in use and value in exchange. The first type of value has a subjective meaning and assumes that the object will not be sold in the future on the free market. On the contrary, the value in exchange comes from the possibility of realizing the investment object on competitive market based on real supply and demand. In this case, further use of the object is allowed, alternative to the existing one. In practice, the following methods for evaluating objects of real investment are used:

• property or costly;
• market or analogue;
• profitable.

Real investments are specific in that the income method is preferred. However, market information is not always available. Therefore, it is not possible to do without the use of a costly approach. It performs an element-by-element evaluation, then all estimated values summed up, and a certain pessimistic assessment of the object is formed. The analog (market) approach is also called comparative. When such investment transactions are made often enough, it is possible to compare the cost of such transactions by analogy.

Real investments are subject to evaluation not only by the value of the object, but also by the economy. The key criterion for success is the economic efficiency of investments. Methods for evaluating the effectiveness of capital investments are implemented through costly and profitable methods. In the planned economy of our country cost approach was the main one. It is described in the article about. Therefore, we focus our attention on the profitable method.

Income methods for evaluating efficiency

The Russian economy is often referred to as "non-stationary" due to the impossibility of stabilizing the macroeconomic situation, the permanent multifactorial nature and instability of the processes taking place in it. Real investment in Russian conditions are so specific that, in relation to them, the reception of Western methods should be applied with extreme caution, since in developed countries economic conditions are generally stationary. Therefore, not all evaluation methods World Bank and UNIDO are applicable to us.

The income approach methods are based on the Guidelines for evaluating the effectiveness of investment projects, approved on June 21, 1999, No. VK 477. The assessment methodology is made with a number of assumptions that make it possible to significantly simplify calculations. Below are some of them.

1. The life cycle of an investment project should be broken down into steps of one year duration.
2. The value reduction principle should be applied cash flows(inflows and outflows) by the end of the corresponding step. Forecasts of outflows and inflows of money are subject to price deflation in relation to the zero step.
3. The discount rate is considered conditionally unchanged throughout the entire period of the project.
4. For the purposes of the calculation, it is proposed to abstract from taking into account the risk and uncertainties of the project, that is, the future scenario is assumed to be certain.
5. Industry, age characteristics and other specific conditions of the organization are not taken into account.

Below is the composition of traditional indicators in the methodology for evaluating the effectiveness of real investments.

The composition of the indicators of the methodology for assessing real investments

Evaluation of the effectiveness of capital-forming investments makes it possible to justify and select satisfactory options for investing funds for the purpose of their increment. What evaluation results can be considered acceptable for positive decision about starting an investment? Real investments as a result of their execution should provide the following conditions.

1. Return to the investor of invested capital, regardless of the form and type of investment.
2. The return on capital investments allows you to achieve the planned profit arising from operating activities and in connection with investments.
3. The payback period of the investment is within the expected duration.

Thanks to the consideration of the issue of real investments, we were able to see their place in a number of other investment events. Real sector economy is a vast space and type of human activity in which all the benefits of society are created. "Battlefields" are being reproduced, where powers and companies compete. Therefore, this issue cannot be ignored. Although not all investments in fixed capital require a project approach, the share of projects in them is constantly growing. This means that both the PM and the business leader will benefit from a true holistic view.

Investments - ϶ᴛᴏ investing the capital of the subject in something to increase subsequently ϲʙᴏ their income.

A necessary link in the process will be the replacement of worn-out fixed assets with new ones. At the same time, the expansion of production can be carried out only through new investments aimed not only at creating new production capacities, but also at improving old equipment or technologies. It is ϶ᴛᴏ that constitutes economic sense investment.

Investments are considered as a process that reflects the movement of value, and as an economic category - economic relations associated with the movement of value invested in fixed assets.

The totality of costs - ϶ᴛᴏ long-term investment of capital in various areas of the economy, is realized in the form of a purposeful investment of capital for a certain period in various industries and spheres of the economy, as well as in objects of entrepreneurial and other types of activity to generate income. As such, the definition of "investment" means the investment of capital in sectors of the economy, not only in the enterprise, but also within the country and abroad.

Investments - ϶ᴛᴏ saving money for tomorrow, ɥᴛᴏ to be able to get more in the future. It is important to note that one of the parts of the investment is consumer goods, they are deposited in the stock (investments to increase stocks)

But the resources that are directed to the expansion of production (acquisition of buildings, machines and structures) - ϶ᴛᴏ is another part of the investment.

Classification and types of investments

Investments are divided into:

1. intellectual - aimed at training and retraining of specialists in courses, transfer of experience, licenses and innovations, joint scientific developments;
2. capital-forming - the cost of overhaul, acquisition of land plots;
3. direct - investments made by legal entities and individuals who have the right to participate in the management of the enterprise and who fully own the enterprise or control at least 10% of the shares or share capital of the enterprise;
4. portfolio - not giving the right to investors to influence the work of firms and companies investing in long-term securities, the purchase of shares;
5. real - long-term investments funds in the sector of material production;
6. financial - debt obligations of the state;
7. hoarding - the so-called investments made with the aim of accumulating treasures. It is worth noting that they include investments in gold, silver, other precious metals, precious stones and products from them, as well as collectibles. A common specific feature of these investments will be the absence of current income on them.

Profit from such investments can be received by the investor only due to the growth in the value of the investment objects themselves, that is, due to the difference between the purchase and sale prices.

For a long time in our country, the hoarding type of investment was practically the only possible form of investment, and until now, for many investors, it remains the main way to store and accumulate capital.

Investment features will be:

1. making investments by investors who have their own goals;
2. the ability of investments to generate income;
3. purposeful nature of capital investment in objects and investment instruments;
4. a certain period of investment;
5. the use of different investment resources, characterized in the process of implementation by demand, supply and price.

According to the nature of the formation of investments in modern macroeconomics, it is customary to distinguish between autonomous and induced investments.

The formation of new capital, regardless of the rate of interest or the level of national income, is called autonomous investment.

The emergence of autonomous investments is associated with external factors - innovations (innovations), mainly related to technical progress. A certain role in this emergence is played by the expansion of foreign markets, population growth, as well as coups and wars.

An example of autonomous investment is the investment of public or public organizations. It is worth noting that they are associated with the construction of military and civil structures, roads, etc.

The formation of new capital as a result of an increase in the level consumer spending falls under induced investment.

The first impetus to economic growth is given by autonomous investments, causing a multiplier effect, and already being the result of increased income, induced investments lead to its future growth.

It would be wrong to associate the growth of national income only with productive investment.

Despite the fact that they directly determine the increase in production capacity and output, it should still be noted that ϶ᴛᴏt growth is also significantly, albeit indirectly, affected by investments in the sphere of intangible production, and the global trend is essentially that their importance in the further increase economic potential increases.

Funds intended for investment are mainly in the form of Money.

There are costs associated with fixed assets, which are clearly divided into categories ᴏᴛʜᴏϲᴙ belonging to either capital costs or ordinary production costs.

Capital costs usually include:

1. additions: new fixed assets that increase production capacity without replacing existing equipment;
2. renewal or replacement of equipment purchased to replace the same property, plant and equipment of approximately the same capacity;
3. improvement or modernization of capital expenditures, leading to the actual replacement or change of fixed assets.

Production costs include: maintenance and repair, depreciation, insurance, taxes, property.

Investments are made through lending, direct cash outlays, and the purchase of securities.

From a financial point of view, the goal of the capital investment analysis will be to avoid unnecessary capital expenditures through advanced planning and budgeting of capital expenditures. It is worth saying that for ϶ᴛᴏgo it is necessary: ​​constant updating of the means of production, identifying the need to replace or improve equipment.

Don't wait, even if it can work for a few more years, the final wear and tear of fixed assets can be dangerous.

It is extremely important to have funds in order to finance capital expenditures without jeopardizing long-term financial plans enterprises.

Investment resources - ϶ᴛᴏ all produced means of production. All types of tools, machines, equipment, factory, warehouse, vehicles and distribution network used in the production of goods and services and their delivery to the final consumer.

Investment goods (means of production) are different from consumer goods. The latter satisfy the needs directly, while the former do it indirectly, providing the production of consumer goods.

When referring to money that can be used to purchase machinery, equipment, and other means of production, managers often speak of "money capital." Real capital - ϶ᴛᴏ economic resource, money or financial capital, machinery, equipment, buildings and other production facilities. In fact, investments represent the capital with the help of which wealth is multiplied.

Investments are classified:

1. in terms of investments:
   1. real;
   2. financial;
2. by investment period:
   1. short-term;
   2. medium-term;
   3. long-term;
3. for the purpose of investment:
   1. straight;
   2. portfolio;
4. in terms of investments:
   1. production;
   2. non-production;
5. by forms of ownership of investment resources:
   1. private;
   2. state;
   3. foreign;
   4. mixed;
6. by region:
   1. inside the country;
   2. abroad;
7. by risk:
   1. aggressive;
   2. moderate;
   3. conservative.

According to the terms of investments, there are short, medium and long term investment.

For short-term investments, investment of funds for a period of up to one year is typical.

Under the medium-term investments understand the investment of funds for a period of one to three years, and long-term investments are invested for three or more.

According to the forms of ownership, private, state, foreign and joint (mixed) investments are distinguished. Private (non-state) investments are understood as the investments of private investors: citizens and enterprises do not state form property.

Public investments - ϶ᴛᴏ public investments carried out by authorities and management, as well as enterprises of the state form of ownership.

It is worth noting that they are carried out by central and local authorities and administration at the expense of budgets, off-budget funds and borrowed funds.

Capital investments are included in the main investments foreign citizens, firms, organizations, states.

Own (mixed) investments are understood as investments made by domestic and foreign economic entities.

On a regional basis, investments are distinguished within the country and abroad.

Domestic (national) investment includes the investment of funds within the country.

Investments abroad ( foreign investment) are understood as investments of funds abroad by non-residents (both legal entities and individuals) in objects and financial instruments another state.

Joint investments are carried out jointly by the subjects of the country and foreign states.

On the basis of industry, investments are distinguished in various sectors of the economy, such as: industry (fuel, energy, chemical, petrochemical, food, light, woodworking and pulp and paper, ferrous and non-ferrous metallurgy, mechanical engineering and metalworking, etc.), Agriculture, construction, transport and communication, wholesale and retail, catering, etc.

Investments made in the form of capital investments are divided into gross and net.

Do not forget that gross investments are directed to maintaining and increasing fixed capital (fixed assets) and stocks. It is worth noting that they are made up of depreciation, which is the investment resources necessary to compensate for the depreciation of fixed assets, their repair, restoration to the previous level that preceded production use, and from net investment, i.e. capital investment in order to increase fixed assets by construction of buildings and structures, production and installation of new, additional equipment, renovation and improvement of existing production facilities.

At the micro level, investment plays a very important role. It should be noted that they are necessary to ensure normal functioning enterprise, stable financial condition and increase the profit of the business entity.

A significant part of the investments is directed to the socio-cultural sphere, to the branches of science, culture, education, healthcare, physical culture and sports, informatics, and security environment, for the construction of new facilities in these industries, the improvement of the equipment and technologies used in them, the implementation of innovations. There are investments in people and human capital. This is an investment primarily in education and health care, in the creation of funds that ensure the development and spiritual improvement of the individual, strengthening people's health, and prolonging life.

The effectiveness of the use of investments largely depends on their structure.

The structure of investments is understood as their composition by types, by direction of use, by sources of financing, etc.

Profitability is the key structure-forming criterion that determines the priority of investments.

Non-state sources of investment are aimed at profitable industries with a fast capital turnover. With ϶ᴛᴏm, the sectors of the economy with low profitability of invested funds remain not fully invested.

Overinvestment leads to inflation, while underinvestment leads to deflation.

These extremes economic policy regulated by an effective strategy in the field of taxes, public spending, monetary and fiscal activities carried out by the government.

In the system of reproduction, regardless of its social form, investments play the most important role in the renewal and increase production resources and, consequently, in ensuring certain rates of economic growth.

In the representation of social reproduction as a system of production, exchange and consumption, investments relate to the first stage of production and constitute the material basis for its development.

Real and financial investments

Financial investments - ϶ᴛᴏ purchase of securities, and real investments - capital investments in industry, agriculture, construction, education, etc.

With real investment, the main condition for achieving the intended goals is the use of ϲᴏᴏᴛʙᴇᴛϲᴛʙ non-current assets for the production of products and their subsequent sale.

This includes the use of the organizational and technical structures of a newly formed business to withdraw profits in the course of the statutory activities of an enterprise created with the attraction of investments.

Financial investment is the investment of capital in various financial investment instruments, mainly securities, in order to achieve the set goals of both a strategic and tactical nature.

Investing in financial assets is carried out in the process investment activity enterprise, which includes setting investment goals, developing and implementing investment program.

The investment program involves the selection of effective financial investment instruments, the formation and maintenance of a portfolio of financial instruments balanced by certain parameters.

Setting investment goals will be the first and determining all subsequent stages of the financial investment process. Financial investments are divided into strategic and portfolio.

Strategic financial investments should help implement the strategic goals of the enterprise development, such as expanding the sphere of influence, sectoral or regional diversification of operations, increasing market share by “capturing” competing enterprises, acquiring enterprises that are part of the vertical technological chain of production.

Therefore, the main factor influencing the value of the project for such an investor will be the receipt of additional benefits for its main activity. Material published on http: // site
Therefore, strategic investors are mainly enterprises from related industries. Portfolio financial investments are carried out with the aim of making a profit or neutralizing inflation as a result of the effective placement of temporarily free funds.

Investment instruments in this case will be profitable types of monetary instruments or profitable types of stock instruments.

The latter type of investment is becoming more and more promising as the domestic stock market develops.

From a financial manager in this case, a good knowledge of the composition of the stock market and its instruments is required. Investments are included in financial investments:

1. into shares, bonds, other securities issued both by private enterprises and by the state, local authorities;
2. in foreign currencies;
3. in bank deposits;
4. in the objects of hoarding.

Financial investments are exclusively partially directed to increase real capital, most of them are unproductive investment of capital.

IN market economy the structure of financial investments is dominated by private investments. Public investment is an important instrument of deficit financing (the use of government borrowing to cover budget deficits)

Investing in securities can be individual and collective. Individual investment - ϶ᴛᴏ the acquisition of government or corporate securities at the initial placement or on the secondary market, on the stock exchange or over the counter market.

Collective investment is characterized by the acquisition of shares or shares investment companies or funds.

Investing in securities offers investors the greatest opportunities and the greatest diversity.

This applies to all types of transactions carried out in transactions with securities, as well as the types of securities themselves.

All over the world, this type of investment is considered the most affordable.

Investing in foreign currencies is one of the most simple species investment.

It is very popular among investors, especially in a stable economy and low inflation.

There are the following main ways of investing in foreign currency:

1. acquisition cash currency on the currency exchange;
2. conclusion futures contract on one of the currency exchanges;
3. opening a bank account in foreign currency;
4. cash purchase foreign exchange at banks and exchange offices.

The absolute advantages of investing in bank deposits will be the simplicity and accessibility of this form of investment, especially for individual investors.

Financial investments, acting as a relatively independent form of investment, at the same time will also be a connecting link on the path of converting capital into real investment.

Since joint-stock companies become the main organizational and legal form of enterprises, the development and expansion of production of which is carried out using borrowed and borrowed funds (issue of debt and business securities), financial investments form one of the channels for capital inflow into real production.

When establishing and organizing joint-stock company, in the case of an increase in its authorized capital, first there is an issue of new shares, after which real investments follow. Based on the above, we come to the conclusion that financial investments play an important role in the investment process.

Real investments turn out to be impossible without financial investments, and financial investments receive their logical conclusion in the implementation of real investments.

Real investments include investments:

1. in fixed capital;
2. in inventories;
3. into intangible assets.

At the same time, investments in fixed capital include capital investments and investments in real estate.

Capital investments are made in the form of investment of financial and material and technical resources in the creation of the reproduction of fixed assets through new construction, expansion, reconstruction, technical re-equipment, as well as maintaining the capacities of existing production.

In ϲᴏᴏᴛʙᴇᴛϲᴛʙii with the classification accepted in the world, real estate means land, as well as everything that is above and below the surface of the earth, including all objects attached to it, regardless of whether they are of natural origin or created by human hands.

Influenced scientific and technological progress in the formation of the material and technical base of production, the role of scientific research, qualifications, knowledge and experience of employees.

Therefore, in modern conditions the costs of science, education, training and retraining of personnel, and so on, in fact, will be productive and in some cases are included in the concept of real investment.

Hence, in the composition of real investments, the third element stands out - investments in intangible assets.

They include: the right to use land plots, natural resources, patents, licenses, know-how, software products, monopoly rights, privileges (including licenses for certain types of activities), organizational costs, trademarks, trademarks, research and development, design and survey work, etc.

Short and long term investments

Long-term investments are invested for a period of three or more years, short-term investments for a period of one year or more. Efficient Management in all areas of the company's activities ensures successful development in conditions of reasonable competition. This also directly relates to the complex process of long-term investment.

As you know, the correct and rapid implementation of measures in the ϶ᴛᴏth area allows the enterprise not only not to lose the main advantages in the fight against competitors for retaining the sales market for their goods, but also to improve production technologies, and therefore ensures further efficient functioning and profit growth.

Within the framework of a single strategic plan, developed in order to ensure the implementation of the general concept, all major management functions are carried out.

Meaning strategic planning cannot be overestimated. The management of such areas of activity as production, marketing, investment requires consistency with the overall goal (general concept of development) facing the enterprise.

Allocation of resources, relations with the external environment (knowledge of the market), organizational structure and coordination of the work of various departments in one direction allows the enterprise to achieve its goals and make the best use of available funds.

The choice of ways of investment development within the framework of a single strategic plan will not be an easy task. Achieving the set goals is associated with the development and implementation of special strategies.

A long-term investment strategy would be one of them. This is a rather complicated process, since many internal and external factors affect the financial and economic condition of the enterprise in different ways.

Evaluation of the effectiveness of capital investments requires the solution of a number of different problems. But the choice of a long-term investment strategy can only be made after thorough research is carried out to ensure the adoption of the optimal variant of management decisions. Such an approach at the first stage of strategic planning forces a broader and more versatile look at the use of various analytical techniques and models that justify the adoption of a specific strategic direction.

Increasingly popular in Lately acquires the construction of models that contribute to the assessment of the prospects for the investment development of enterprises.

Modeling allows managers to select the most characteristic features, structural and functional parameters of the control object, as well as highlight its main relationships with the external and internal environment of the enterprise.

The main tasks of modeling in the field of financial and investment activities will be the selection of options for management decisions, forecasting priority areas development and identification of reserves to improve the efficiency of the enterprise as a whole.

The use of various kinds of matrices, the construction and analysis of models of the initial factors of systems has gained wide popularity in long-term investment.

The production and economic potential means the presence of fixed assets and technologies that meet the current level of technical development, a sufficient amount of own working capital, highly qualified management and production personnel, as well as a sufficient amount of own financial resources and the possibility of free access to borrowed funds.

Three indicators are distinguished, on the basis of which the investment strategy: the production and economic potential of the enterprise, the attractiveness of the market and the characteristics of the quality of the product (works, services) Let's note that each of them will be a complex indicator.

It should be said that each specific situation involves a certain line of behavior in long-term investment. If we evaluate them according to common features, such as the volume of investments, types of reproduction of fixed assets, time of investment, degree of acceptable risk, and some others, then it is proposed to distinguish five possible strategies for long-term investment:

1. aggressive development (active growth);
2. moderate growth;
3. improvement at a constant level of growth;
4. curbing recession and developing new products;
5. active conversion or liquidation. A moderate growth strategy allows businesses to

somewhat reduce the pace of its development and growth of production volumes. Note that now it is not required to significantly increase the ϲʙᴏth production potential in a relatively short time. If this market has already been formed, then the enterprise should traditionally invest in the progressive expansion of its activities, as well as allocate funds to increase its competitive advantage, in particular, to improve the quality characteristics of its products, to the service sector, which will also benefit the competition.

What is real and financial investment? What investments are real investments? What are the forms of gross investment?

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Statistics show - 60% the richest people the planets have earned their millions thanks to successful investment. If an entrepreneur does not invest in new projects and directions, he will face stagnation and regression. It is eaten by competitors and ignored by consumers. His business is rotting away.

The investment theory says: if you didn't buy, you sold. This means that if you do not invest in business development today, you will lose it tomorrow. The most promising financial instrument for entrepreneurs is real investment. I will talk about them in a new article.

Those who have read to the end are waiting for an overview of the most reliable companies in Russia that assist in real investment, plus tips on how to avoid the main risks when investing.

Go ahead, friends!

1. What is real investment

The company's free money that collects dust in bank accounts is lost profits.

First, they are eaten up by inflation, which in Russia averages 12-15% per year. Secondly, an enterprise that does not invest in its own development is doomed to an inevitable lag behind more efficient and enterprising competitors.

Conclusion: finances need to be invested. The most profitable direction of such investments is real investment.

The economic concept of “real investment” does not mean that there are “unreal” investments. A simple scientific classification according to the objects of the premises of funds divides contributions into real and financial. Financial investments are investments in securities for the purpose of their subsequent sale.

- investment of funds in assets directly related to the production of goods and services for subsequent profit. Real deposits aimed at increasing the company's fixed assets, as well as their reorganization, restructuring and modernization.

Typical example

The Russian Potato company, which produces chips, wants to increase the volume of production of its main products. For this purpose, the company purchases new generation equipment from Germany, which will increase the annual number of units by 5-10 times.

This is a direct (it is real) investment in production, which - subject to a competent marketing plan and the presence of market prospects - guarantees the company an increase in profits.

Real investments are carried out by enterprises of large, medium, sometimes small businesses, state organizations, less often investment funds. Private investors almost do not make such investments. Not because they don't want to, it's just that the amount of investment is too large for one person.

Real investments involve operations with millions and billions of dollars, aimed at extracting corresponding profits in the long term.

There are many forms of real investment:

• purchase of integral property complexes - factories, factories, workshops, agricultural farms;
• construction of new facilities;
• opening of branches, regional offices, subsidiaries;
• reconstruction with the aim of a radical transformation of production based on innovative technological developments;
• modernization of an existing enterprise - a radical renewal of the production assets of an enterprise;
• investments in intangible assets - promising start-ups, new brands, inventions and patents;
• acquisition of a new business;
• purchase of deposits for the extraction of natural resources;
• investment in research and development.

Since investments are always associated with risk, investments are possible only after a comprehensive study and consideration of all factors that may affect future profits.

How are real investments different from financial investments?

Compared to financial investments, real investments by definition have a higher return and resistance to market fluctuations. Stocks and bonds bring in a good scenario of 15-25% profit per year, and real production facilities pay off by 100% or even more.

Therefore, the risks of such investments are lower, since the money is invested mainly in material instruments. The same equipment or construction objects can always be sold. However, in comparison with securities, the liquidity of such objects will, of course, be lower.

Another difference between direct investments and financial investments is that the former are real investments in the country's economy, creating gross product. Ultimately, such investments lead to an improvement in the well-being of the population, an increase in the number of jobs and other positive effects.

For this reason, the state promotes real investments and welcomes them in every possible way. A real investor is an owner who has come for a long time: to work and develop production. A financial investor is, in fact, a stock speculator who makes money on fluctuations in the securities market. Financial investments do not produce anything and do not directly benefit the economy.

Henry Ford said: “Old people always advise to be frugal and save money. As for me, until the age of 40 I did not save a cent by investing all available funds in the development of my business.

From what sources can real investments be financed - 3 main sources

Where to get money for all these economically viable and, of course, necessary and useful things?

There are 3 types of investment sources.

1) Own funds

The company's working finances are formed from profits and depreciation of fixed assets. The money that does not go to pay salaries to employees, tax deductions, maintenance of production and other urgent needs is invested in the development and growth of production.

Such economic law. Free money must create other money. It's like in physics - the body, while it is moving, cannot fall.

2) Borrowed sources

Not enough own funds - loans are attracted. Banks are willing to give large loans to enterprises to expand and modernize existing businesses.

And if the attitude towards start-ups and novice entrepreneurs among financial institutions is rather wary than benevolent, then operating enterprises credit organizations almost always give the green light.

3. How to manage real investments - 7 main steps

Real investment management is science combined with experience, sober calculation, forecasting and intuition of a businessman. Decisions to invest company assets are rarely made by the head of the company alone, even if he is Henry Ford.

To raise funds, it is necessary to justify the need for investment, develop a phased plan, and constantly monitor the project.

Stage 1. Funding Analysis

The evaluation of an investment undertaking involves a preliminary study of market conditions and other economic parameters. It is impossible, for example, to start producing a new category of goods without studying the demand market for it.

Example

Construction company in full swing economic crisis decides to expand production and opens new divisions in several cities in central Russia. The company builds apartments of improved planning and corresponding cost.

Meanwhile, no one is in a hurry to acquire the erected objects due to the decrease in financial resources from average buyers. Investments "hang" for an indefinite time, when they pay off, no one knows.

Stage 2. Definition of forms of financing

Each market participant independently determines the instruments and forms of investment. For large production facilities the main directions are expansion and construction of new facilities.

For enterprises that occupy a local business niche, the most optimal option is the modernization and / or automation of production in order to reduce costs.

Stage 3. Clarification of the full volume of real investments

Money, as you know, loves an account. Investments especially. All reputable enterprises have financial departments that deal with economic calculations.

If there is no such department in the company, it is worth inviting third-party consultants from a reputable consulting firm. There is a detailed article on our website about what it is.

Stage 4. Selection of specific investment projects

Investment projects are selected depending on the purpose of investments and the specifics of the company's activities. Each direction has its own economic expediency, their terms of implementation and payback.

An investment project is not an abstraction.

This is a document that must indicate the following indicators:

• the purpose and timing of the investment;
• main idea of ​​the project;
• options;
• the amount of resources required for implementation;
• calculation of performance indicators.

The development of the project is entrusted to people with experience and relevant education.

Stage 5. Evaluation of the effectiveness of projects

Help to evaluate the effectiveness guidelines and computational technologies operated by professional specialists.

The investment costs and resources necessary for their implementation, as well as the amount and timing of the planned profit, are taken into account. Based on them, a performance indicator is derived.

Stage 6. Formation of a real investment program

The next stage is the development of a specific real investment program. It is necessary to draw up a step-by-step algorithm for the implementation of an investment project and estimate the costs at each stage.

Stage 7. Control over the implementation of the investment program

Competent monitoring of the investment program is the basis of success. Real investments, unlike financial ones, require the investor to be directly involved in the process. This is no longer passive income, but quite active.

It takes time to manage a project. Responsible person you will have to negotiate, control the implementation of the project on the ground, make sure that the money is not stolen. It won't be boring - it's not bank deposits and not investing in stocks.

In addition, in the process of fulfilling investment tasks, it is necessary to manage the work of personnel - after all, new equipment and new facilities will be assembled by people, not mechanisms.

4. Professional assistance in real investment - an overview of the TOP-3 companies providing services

If the company's management is unable to manage investment projects on their own, they can delegate the task to professional performers.

There are firms that will help you manage free funds competently and with guaranteed profits.

Our expert review presents the most competent investment profile firms. These companies work with private and corporate investors and in without fail insure customer deposits.

1) Investment Project

Financial analytical center Invest Project has been operating in the investment market since 2010. During this time, the company has been able to achieve the status of Russia's leading institution in the field of finance and lending. Profitability on key investments of the project is up to 70% per annum. The minimum investment amount is 50,000 rubles. This means that the company can use the services individual entrepreneurs And individuals with little initial capital.

Interest on income is calculated monthly. The main areas of investment are construction, transport, agriculture, tourism and trading services. Employees of the company will help clients to form investment portfolio and help you get a loan.

2) FMC

The company specializes in financial investments. The company's field of activity is consulting and real help citizens and legal entities on issues of beneficial cash investments. FMC clients are always aware of what they can earn right now. The proceeds from the proceeds are successfully moving on - placed in real instruments- production, business expansion.

The main area of ​​interest of the company is direct investment in real estate. E3 Investment is a professional investment operator in construction and finished objects for beginners and experienced investors. For 7 years of work, the company has already helped its clients earn more than 150 million rubles.

Each asset is protected by three types of insurance. Users are available free consultations on the most profitable and safe investment of financial assets.

5. What are the risks of real investment projects - an overview of the main risks

Real investments are associated with many risks that cannot be ignored at the stage of developing an investment plan.

Knowing the main risks, you will be able to control them.

1) Financial risk

This type is associated with a shortage of investment resources needed to translate the project into reality, untimely receipt of money from borrowed sources, increased costs at the implementation stage.

How to avoid: calculate the amount of investment accurate to the ruble.

2) Risk of insolvency

The level of liquidity of current assets tends to decrease. As a result, in investment project there is an imbalance in time between positive and negative financial flows.

First, let's find out what is hidden behind the concept forms of investment .

The form of investment is various ways and methods of realizing the free capital of a company or an individual.

There are a great many of these ways and methods, but all of them are equally accessible to both individuals and legal entities.

Forms of investment and their differences

Differ in the following features.

If we consider investing in terms of timing and time, then the following forms are distinguished:

• (up to 1 year)
• (over 1 year)

If we share forms of investment by investment objects, we can distinguish:

• financial investments (securities)
• investing in various types of monetary instruments
• real or direct investment (investment in production)
• investment in authorized capital other companies.

When investing financially, the object of your investments will be securities traded on the stock markets. The purpose of buying securities is either to obtain additional net profit or setting financial control over the owner company security, by acquiring controlling stake shares.

Investing in monetary instruments As a rule, it is aimed not at making a profit, but at preserving temporarily free funds of the investor and is of a short-term nature. In the current realities, the most common monetary instrument is bank deposit. It allows you to save and sometimes increase your temporarily free funds.

Real or allow organizations to enter new markets for their own products, modernize their own production and increase the capitalization of their company as a whole.

There are the following forms of real investment

• mandatory investments are made in order to ensure environmental standards in production, as well as to ensure the proper level of working conditions for workers. Such investments are regulated by the state
• in the development of production: improving the organization of labor, technological and technical improvement of equipment. All this is aimed at reducing production costs and the total cost of products, services, etc.
• to the expansion of production. main goal such investments is an increase in the volume of products and the level of profits, respectively
• in the construction and creation of new branches of production. In such branches, new types are produced finished products, new types of services are being implemented, etc. All this strengthens financial position companies and conquer new sales markets, as well as increase the number of potential consumers

Consider the objects of real investments:

• takeover of another organization by purchasing a controlling or full stake. This form of investment requires a large number funds and leads to growth total capitalization both organizations, and also has a number of advantages in the form of complementary technologies, in increasing the number of types of manufactured products, in reducing prices for raw materials and materials, in the convenience of selling finished products, etc.
• modernization and repair of the equipment available to the enterprise. This is done in order to increase production volumes, improve the quality of products, etc.
• creation and launch of new construction as a separate legal entity with a complete, ready-made production cycle, in order to diversify the main activity.

When carrying out investment activities to maintain the competitiveness of the enterprise, many organizations use forms of financial investment in order to diversify its core business.

Sources, as a rule, are temporarily free financial and monetary resources of the organization.

Forms of financial investment:

• capital investments in the statutory fund joint venture. This allows the organization to establish strategic relationships with suppliers of materials and raw materials, which in turn has a beneficial effect on its own operations.
• in the authorized capital of enterprises engaged in the sale of goods, allows you to develop new markets
• into profitable monetary instruments. This form allows you to receive income from temporarily free funds and use them as efficiently as possible.
• in financial instruments or investing in stock market. This form of investment is the most large-scale, has flexibility in the choice of instruments and terms of investments.

  Also this form of financial investment is able to solve some strategic tasks by financially injecting into a third-party organization.